AT&T Mergers and Acquisitions Presentation Deck

Financial Overview 11 Revenue (in $ billions) ● 1. 2. $15B+ of DTC revenue $39 2020PF $52 2023E Adj. EBITDA+ (in $ billions) ~60% FCF conversion $12 2020PF $14 1 2023E Includes phase-in of synergies assuming mid-2022 closing Based on trailing twelve months adjusted EBITDA assuming mid-2022 closing and excludes synergies † See note D1 on slide 17 Expected Rapid Deleveraging (Gross Leveraget) ~5x Discovery + WARNERMEDIA 2 ~3x At Closing Long-term leverage target of 2.5x - 3.0x +24 Months Discovery

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