4 TH. 4 th Quarter Earnings Conference Call. AT&T Investor Update. January 26, 2016

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1 4 th Quarter Earnings Conference Call AT&T Investor Update January 26, TH 1 AT&T Proprietary (Internal Use Only) Not for use or disclosure outside the AT&T companies except under written agreement.

2 Agenda 2015 Highlights and 2016 Outlook Randall Stephenson Chairman and Chief Executive Officer Results John Stephens Senior Executive Vice President and Chief Financial Officer Q&A 2

3 Cautionary Language Concerning Forward-Looking Statements Information set forth in this presentation contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this presentation based on new information or otherwise. This presentation may contain certain non-gaap financial measures. Reconciliations between the non-gaap financial measures and the GAAP financial measures are available on the company s website at 3

4 Strategy Be the Premier Integrated Communications Company Lead In Connectivity 4G LTE GigaPower Business Fiber Lead In Integrated Solutions TV Everywhere Mobile Office Network on Demand NetBond Serve our Customers Globally AT&T Mexico Connected Car IoT Deliver Industry Leading Cost Structure Software- Defined Network Merger Synergies Spectrum Acquisitions 4

5 2015 Recap: Strong Growth While Transforming the Company Strong full-year financial results Adjusted EPS of $2.71, up nearly 6 percent Free cash flow of $15.9 billion, up 60 percent Consolidated margin expansion with record wireless EBITDA service margins $147 billion in revenues Integrated, diversified Operations Network spanning 6 continents representing 99% of the world s GDP 355 million people covered by LTE 137 million wireless customers 45 million video subscribers 1 13 million IP broadband customers Assets deliver fourth-quarter growth 2.8 million wireless net adds 214,000 U.S. satellite net adds 192,000 IP broadband net adds Double-digit growth in Strategic Business Services revenues 5 1 Includes Sky Mexico.

6 4Q15 Financial Summary $ in billions, except EPS Consolidated Revenues $34.4 $ % Adjusted EPS Free Cash Flow $0.56 $0.63 $ % 134% Fourth-quarter adjusted EPS of $0.63, up 12.5% 2015 adjusted EPS of $2.71, up 5.9% Solid margin expansion Focus on profitability and integrated services $1.3 4Q14 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 4Q15 Reported EPS ($0.77) $0.65 Adjustments: Amortization of intangibles $0.01 $0.14 Merger and integration 1 $0.05 $0.04 Asset write-off and Other 2 $0.33 $0.02 Consolidated revenues of $42.1 billion, up 22% Growth driven by DIRECTV acquisition and strong performance in strategic IP services Includes pressure from foreign exchange Free cash flow of $3.1 billion for the quarter and $15.9 billion for the year Strong cash flow, with a FCF dividend payout ratio of 64% for the year Actuarial (gain)/loss on benefit plans $0.94 ($0.22) Adjusted EPS $0.56 $ Q15 includes merger-related items for DIRECTV ($0.02) and Mexico/Other wireless ($0.02). 2 4Q15 includes employee separation and other..

7 Business Solutions: Margins Improve; Positioned to Grow Business Solutions EBITDA ($ in billions) EBITDA Margin Strategic Business Services and Business Wireline Data Revenues 1 ($ in billions) $2.6 31% $ % 4Q14 $2.8 35% 4Q14 4Q15 Strategic Services % of Wireline Business Rev. $6.2 9% 34.2% 360 bps 4Q15 $4.7 $4.7 57% 59% 4Q14 4Q15 Business Wireline Data Rev. % of Wireline Bus. Rev. Strong margin expansion as expense reductions outpace equipment revenue decline Cost discipline momentum drives 360 basis point margin improvement Strategic services capturing legacy migrations Equipment revenues impacted by lower handset and equipment sales Strategic business services continue double-digit revenue gains Up 10.3%; up 12.4% excluding FX impacts 35% of business wireline revenues Wireless service revenues grow Global leadership in IoT with 26.2 million connected devices Tablets and connected car drive subscriber growth Focus on mobile business solutions 7 1 Strategic business services include VPN, Ethernet, cloud, hosting, IP conferencing, VoIP, MIS over Ethernet, U-verse and security services.

8 Entertainment Group: Strong Satellite and IP Broadband Growth AEG Reported Revenues ($ in billions) EBITDA EBITDA Margin $ % DIRECTV Video Gross Adds Gross Adds 2015 Gross Adds $ % 4Q14 4Q15 YOY Change in Gross Adds Focused execution and DIRECTV acquisition enhance revenue and margin profile $13 billion in revenues EBITDA margins of 22.1% New content deals expand usage rights, deliver best deals in the industry 214,000 satellite TV net adds as video mix shifts to lower-cost platform Total video subscribers decline 26,000 Deliberate marketing shift IP broadband net adds of 192, k 300k 13% 10% 14% 20% TV Everywhere usage is growing Walk out watching on DIRECTV app New unlimited data + TV offer OTT and mobile integration coming soon 7% Aug Sep Oct Nov Dec 8 1 U.S. gross adds excluding Puerto Rico. 2 Includes ~20,000 business IP broadband net adds.

9 U.S. Wireless: Strong Subscriber Growth, Low Churn and Continued EBITDA Service Margin Expansion Total Net Adds (in thousands) Churn 809 4Q13 1,905 4Q14 2, % 1.59% 1.50% 4Q15 Branded Net Adds (in thousands) Branded Churn Net Adds and Churn (in thousands) 4Q14 4Q15 Postpaid Prepaid Phones (67) 469 Branded Net Adds Reseller (65) % 1.88% 1.72% 4Q13 4Q14 4Q15 Connected Devices 1,183 1,189 Total Net Adds 1,905 2,234 Postpaid Churn 1.22% 1.18% 2.2 million total net adds 995,000 branded net adds; including 213,000 branded phone net adds 526,000 postpaid, including 696,000 tablets and computing devices 469,000 prepaid 1.2 million connected device net adds 1 million smartphones added to base Led the industry with full-year prepaid net adds of 1.4 million Churn improvement year-over-year 1.18% postpaid churn, down 4 basis points; fullyear postpaid churn of 1.09% 1.50% total churn, down 9 basis points Cricket churn of 3.8%, a 170 basis point improvement 9

10 U.S. Wireless: Strong Subscriber Growth, Low Churn and Continued EBITDA Service Margin Expansion Wireless Trends ($ in billions) 4Q14 4Q15 Δ Total Revenue (1.0) Cash Opex (1.8) EBITDA EBITDA Margin 27.9% 33.9% 600 bps EBITDA Svc. Margin 36.7% 43.2% 650 bps Postpaid Phone ARPU + Next 1 Next Billings $ % $68.82 $ % 4.6% Record fourth-quarter wireless EBITDA service margin of 43.2% EBITDA of $6.4 billion, up nearly 16% Cost initiatives Cricket operational efficiencies Continued success of AT&T Next 81% of sales on non-subsidy pricing Record new BYOD adds and lower year-over-year handset sales impact revenues ARPU grows as AT&T Next SM penetration expands 4.6% year-over-year growth in phone-only ARPU plus Next 1 About 46% of smartphone base on Next financing plans; more than two-thirds off subsidy plans 4Q14 3Q15 4Q Postpaid phone-only ARPU plus Next subscriber installment billings.

11 International: Strong Mexico Subscriber Gains as 4G LTE Deployment Reaches 44 Million POPs 4Q15 Mexico Wireless Subscribers (in thousands) (45) 8,091 3Q15 Prepaid Net Adds 593 Postpaid Net Adds Reseller Net Adds 8,684 4Q15 International Financials ($ millions) 3Q15 4Q15 Mexico Revenues Mexico Operating Income (134) (258) LatAm Revenues 944 1,206 LatAm Operating Income 47 (1) AT&T Mexico 44 million LTE POPs covered Guadalajara and Monterrey deployed; Mexico City deployment in second quarter Rebranding launched, accelerating in first quarter Distribution expanded with nearly 1,000 new store locations DIRECTV Latin America Foreign exchange rates impact results Revenues of $1.2 billion down 28.7% 1 driven by FX Up 15% on constant currency basis Self-sustaining cash flow More than 19 million video subscribers, including Sky Mexico 11 1 Revenues compared to 4Q14 DTVLA ex-puerto Rico.

12 Consolidated Adjusted Margins EBITDA and Operating Income Margin Adjusted EBITDA ($ billions) Adjusted Operating Income Margin Fourth-Quarter Comparison Full-Year Comparison $47.1 $12.3 $ % adjusted consolidated operating income margin in the fourth quarter Continued record-setting wireless service margins Strong margin expansion in Business Solutions and Consumer Mobility; positive impact from DIRECTV transaction $ % 16.8% 4Q14 4Q % 18.8% Cost reductions and efficiencies drive margin improvement Project Agile efficiency initiatives Digital First Automation Network optimization and access costs reduction SDN transformation to drive continued cost momentum 12

13 Cash Flow Summary AT&T Cash Summary ($ in billions) 4Q Capital Investment 1 $6.8 $20.7 Free Cash Flow $3.1 $15.9 Dividends Paid $2.9 $10.2 FCF Dividend Payout Ratio Full Year: 64% Cash and Short-Term Investments $5.5 Net Debt-to-Adjusted Pro Forma EBITDA 2.31x 2015 free cash flow of $15.9 billion Capital investment 1 of nearly $21 billion; $18 billion invested in AWS spectrum Improving margins drive cash flows Laser focus on cash management Solid balance sheet $5.5 billion cash and short-term investments Net debt-to-adjusted pro forma EBITDA of 2.31x Significant return to shareowners $10.2 billion in dividends Announced 2.1% dividend increase, 32 consecutive years of dividend increases 64% payout ratio (dividend to free cash flow) 1 Includes $0.7 billion capital purchases in Mexico with favorable vendor payment terms. 13 Free cash flow is cash from operations less capital expenditures. FCF Dividend Payout ratio is dividends divided by free cash flow. Net debt is total debt less cash and cash equivalents. EBITDA is operating income before depreciation and amortization. Numbers may not foot due to rounding.

14 2016 Outlook Double-digit consolidated revenue growth Adjusted EPS growth in the mid-single digit range or better Stable consolidated margins even with ramp in Mexico investment Capital spending in the $22 billion range Free cash flow growth with dividend coverage in the 70s% 14

15 4 th Quarter Earnings Conference Call 4 TH AT&T Proprietary (Internal Use Only) Not for use or disclosure outside the AT&T companies except under written agreement.

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