AT&T Results Presentation Deck

9 4Q20 Warner Media Segment $ in billions EBITDA WarnerMedia $9.5 $3.0 31.8% 4Q19 REVENUES EBITDA MARGIN $1.8 $8.6 $205M 4Q19 $2.7 31.8% 4Q20 Latin America $1.5 HBO Max investment supports strong subscriber growth Total HBO Max/HBO U.S. subscribers top 41 million ~$800M investment in 4Q20; more than $2B in 2020 $95M 4Q20 ● 4Q20 Latin America Segment $ in billions REVENUES EBITDA Theatrical/TV impacted by COVID; subscription and advertising were resilient ($1.6B) estimated revenue impact from COVID from lower Theatrical and TV revenues Subscription revenues up 8% with HBO Max driving organic growth Advertising revenues up 7% with higher political and news; partially offset by sports ● ● ● Subscriber trends improved as year progressed; financial results reflect FX impacts Mexico wireless net additions of 529K ● ● Vrio video subscriber net additions of 49K FX revenue impact of ~($225M) and EBITDA impact of ~($48M) © 2021 AT&T Intellectual Property.

View entire presentation