Unlocking value for WarnerMedia, 8 AT&T and shareholders Long-term success requires continuous transformation. Opportunities in streaming media are rapidly evolving, such that maintaining a leadership position requires global scale, access to capital and a broad array of high- quality content and industry-leading talent. Recognizing these needs, AT&T is combining our WarnerMedia unit with Discovery to create a standalone global entertainment company. We expect this deal will lead to accelerated growth for both AT&T and WarnerMedia. Separating these businesses into 2 independent companies – 1 focused on broadband connectivity and the other on media – can attract investors whose interests are aligned with the respective growth and income aspects of each company. The result will be a more streamlined AT&T with better flexibility to invest in our unique position as a trusted connectivity provider. Through sharp execution and emphasis on our core connectivity business, we delivered strong financial results in 2021. Looking ahead, we’re focusing on opportunities that align with our capabilities and strengths as a leading connectivity provider. Throughout 2021, we invested in strategic growth areas such as fiber, 5G and HBO Max, while refining our operations to better grow customer relationships and enhance shareholder value. We’re squarely focused on profitability and achieved a mobility customer acquisition cost per gross add 23% lower than a year ago – reflecting our improved operating leverage and cost control activities across the business. Our transformation is about becoming a simpler, more focused business – growing customer relationships and winning over the long term as America’s best broadband connectivity provider. We continue to invest in our strengths and are working to extend our fiber footprint to 30 million locations by the end of 2025. 2021 financial results AT&T a n d Shareholders REVENUES (EX VIDEO) 6 $153.2B FREE CASH FLOW 7 $26.8B AT&T AND SHAREHOLDERS 2021 FINANCIAL RESULTS DIVIDEND PAYOUT RATIO 7 56% DIVIDENDS RETURNED TO STOCKHOLDERS $15.1B ADJUSTED EARNINGS PER SHARE 1 $3.40 (up from $3.18 in 2020) Customer growth across mobility and broadband Total U.S. Mobility Subscribers thousands 2019 2019 2019 2020 2020 2020 2021 2021 2021 165,889 182,558 201,791 U.S. Postpaid Phone Subscribers thousands AT&T Fiber Connections thousands 63,018 64,216 6 7, 26 0 3,887 4,951 5,992 Communications segment operating contribution by business unit Mobility $ millions 2019 2019 2019 2020 2020 2020 2021 2021 2021 22,321 22,372 23,312 Business Wireline $ millions Consumer Wireline $ millions 5 ,137 2,357 4,564 1,377 3,990 977 Read more: 2021 Annual Report • 2021 10-K • 2022 Proxy Statement • SASB Index 2021 financial results page 7 Network quality and reliability page 8 Climate resilience page 9 Network and data security page 10 Innovation page 11 OVERVIEW AT&T AND SHAREHOLDERS CUSTOMERS AND COMMUNITIES EMPLOYEES SUPPLIERS ENVIRONMENT GOVERNANCE GOALS SUMMARY KPI s AT&T ESG SUMMARY REPORT 2022 AT&T ESG SUMMARY REPORT 2022 6 7