AT&T Results Presentation Deck

Notes 1. Global HBO Max and HBO subscribers consist of domestic and international HBO Max and HBO subscribers, and exclude free trials, basic and Cinemax subscribers. Domestic HBO Max and HBO subscribers consist of U.S. accounts with access to HBO Max (including wholesale subscribers that may not have signed in) and HBO accounts, and exclude free trials and Cinemax subscribers. International HBO Max and HBO subscribers consists of non-domestic accounts with access to HBO Max (including wholesale subscribers that may not have signed in), and HBO accounts and exclude free trial, basic and Cinemax subscribers. 2. EBITDA, EBITDA Margin and adjusted operating income are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the company's Investor Relations website, investors.att.com. 3. Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. Free cash flow for the past 12 months is cash from operating activities of $40.8 billion, plus cash distributions from DIRECTV classified as investing activities ($0), minus capital expenditures $15.1 billion. Cash from operating activities were $30.7 billion for 3Q21 YTD and $10.1 billion for 4Q20). Capital expenditures were $12.7 billion for 3Q21 YTD and $2.4 billion for 4Q20. Free cash flow ($5.2 billion in 3Q21; $18.0 billion YTD) is cash from operating activities ($9.9 billion in 3Q21; $30.7 billion YTD), plus cash distributions from DIRECTV classified as investing activities ($0 in 3Q21 and YTD), minus capital expenditures ($4.7 billion in 3Q21; $12.7 billion YTD). Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. On a YTD basis, total dividends paid were $11.3 billion. 4. "Revenues excluding U.S. Video" for 3Q21 is calculated as Operating Revenues of $39.9 billion minus Video operating revenues of $2.1 billion, plus WarnerMedia sales for content and advertising of $0.3 billion that are external after close of the transaction. Further information is included in our Forms 8-K dated September 9 and October 21, 2021. 5. Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 3Q21, gross capital investment included $1.0 billion in vendor financing payments and $0 in FirstNet reimbursements. 10 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary AT&T

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