AT&T Investor Day Presentation Deck

C-band auction purchase financing AT&T Estimated Payments¹ $0.6B 2020 $23.0B 2021 AT&T gross spend of $27.4B $1.0B 2022 $1.05/ MHz-pop $0.3B 2023 $2.5B 1. Includes accelerated payment and relocation cost estimates 48 AT&T Investor & Analyst Day / March 12, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary 2024 $27.4B Total Near-nationwide footprint of ~80 MHz 2021 Financing Sources Cash YE2020 Bank Term Loan Commercial paper issuance Total $9.7B $14.7B $6.1B >$30B AT&T

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