AT&T Analyst & Investor Conference

Free Cash Flow Walk - 2021 to 2022 In billions $19.2 2 ~ $1 2 $1 ~ ($4) 2 ~ $1 2021 AT&T Pro '22 Higher capital 2 ($2) Lower cash interest Trans. savings Organic growth Forma Free investment* '22 and other Cash Flow* Higher working cash taxes capital savings Adjusted EBITDA* growth 2021 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 2 ~ $16 2022 includes ~$24B in Capital Investment* 2022 AT&T

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