AT&T Results Presentation Deck

2022 Capital Allocation Update Capital Allocation Framework Invest for growth in 5G/Fiber - $24B in Capital Investment¹4 in '22 and 23 Reduce debt - Target net debt-to-adj.-EBITDA¹8 of 2.5x range by end of '23 Provide attractive dividend-~$8B per year Current Debt Maturities* - end of 1Q22 More than 90% of debt is fixed rate ($B) $17.5 ($14.5) 2022 $7.5 ($0.5) $11.5 ($2.5) $7 ($3.5) $10.5 ($2) $6 $7 $7 $5 2023 2024 2025 2026 2027 2028 2029 2030 Redemptions and make whole calls announced in April/May** * Excludes WarnerMedia debt, Magallanes debt, and commercial paper. ** Includes redemptions and make whole calls announced on April 11. Includes 4/1 maturity. ~$100 2031+ WarnerMedia Transaction Update Closed on April 8, 2022 Summary of Transaction: AT&T received $40.4B* in cash and WarnerMedia's retention of certain debt AT&T shareholders received 71% of WBD Improved net debt by ~$40B in April I Paid down over $10B in bank loans in April Redeemed or provided notice to redeem additional $12.5B of bonds by mid-May *subject to final adjustment © 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. 10 + See notes slide 12 AT&T

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