AT&T Analyst & Investor Conference

Free Cash Flow Walk - 2022 to 2023 2023 Adj. EBITDA* organic growth drivers: • Mobility growth from growing subscriber base, strong ARPU, higher MVNO volumes and roaming recovery . Consumer Wireline growth with accelerating broadband revenue growth from Fiber ⚫ Business Wireline exiting with growth in higher margin SMB connectivity solutions offsetting legacy pressures ~$1.5B in incremental transformation savings ~$2B in cash interest and other working capital savings Expect 2023 to be peak capital intensity* Free cash flow* is defined as cash from operations and cash distributions from DIRECTV (classified as investing activities) minus capital expenditures and cash paid for vendor financing. *See appendix for further information on Non-GAAP measures and Pro Forma results. © 2022 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T

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