4 TH. 4Q13 Earnings Conference Call January 28, AT&T Investor Update

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1 4Q13 Earnings Conference Call January 28, 2014 AT&T Investor Update 4 TH 2014 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

2 Agenda Introduction Susan Johnson Senior Vice President-Investor Relations 2013 Highlights and 2014 Outlook Randall Stephenson Chairman and Chief Executive Officer Results John Stephens Senior Executive Vice President and Chief Financial Officer Q and A 2 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 2013 Highlights Best-in-class network Balance sheet strength $25 billion invested in capital and spectrum $23 billion returned to shareowners Pension plan funded Solid Financial Performance Revenue growth, expanding wireless margins, stable adjusted consolidated margins, 8.2 percent adjusted EPS growth, strong cash generation Exceeded Project VIP Objectives Nearly 280 million 4G LTE POPs, U-verse expansion and speed upgrades, fiber to business build, GigaPower Launched New Growth Platforms NetBond cloud alliances with IBM, Microsoft, CSC and Equinix; Digital Life, connected car, mobile payments Strategic Opportunities Agreement to buy Leap, tower transaction, selling Connecticut wireline asset Improved Spectrum Position 700 MHz deal, Alltel assets, Aloha licenses, 60+ smaller transactions 4

5 2013: Year of the Network A premier network experience Highest ranked mobile network performance according to RootMetrics in more markets than any other carrier No one drops fewer calls than AT&T RootMetrics Ranks AT&T s Mobile Network Performance Highest in More Markets than Anyone Else AT&T ranked 1st or tied for 1st in combined (call, text, data) performance in 93 of 125 cities tested in the second half of 2013* LTE build nearly complete More than 5 million new U-verse broadband customer locations since VIP launch includes more than 1.5 million video locations 45 Mbps speeds to nearly two-thirds of U-verse video customer locations More than 250,000 new business customer locations reached with fiber 93 out of 125 cities 56 First 37 Tied First AT&T 68 out of 125 cities Tied First Nearest Competitor 5 out of 125 cities All Others 5 *Performance rankings of first in 56 cities and tied for first in 37 cities out of 125 total cities studied, based on second half RootMetrics RootScore report for each city in the second half of 2013 of 4 national mobile networks that rely on scores calculated from random samples. Your experiences may vary. The RootMetrics award is not an endorsement of AT&T. Visit rootmetrics.com for more details.

6 Leading the Digital Ecosystem Transformation Integrated IP network and cloud Integrated Business Solutions Enterprise Security Services Mobile Ultra-Fast Home Automation Digital Life Remote control for life Cloud Entertainment U-verse Highly Secure Ubiquitous Connected Car IP Network Machine-to- Machine Virtualized Health & Wellness Payments & Offers Isis 6 5 Video Enablement & Services

7 2013 Financial Summary 4Q Adjusted EPS $0.53 $ % Full-Year Adjusted EPS* Adj. Operating Income Margin* $2.50 $ % 18.2% 18.0% 4Q adjusted EPS of $0.53, up 20 percent year over year 8.2 percent increase for 2013 Full-year adjusted consolidated revenues up 1.9 percent Stable adjusted consolidated operating income margin Q Reported EPS $1.31 $3.39 Adjustments: Actuarial gains on benefit plan ($0.89) ($0.88) Early debt redemption costs $0.07 $0.07 Employee separation charges $0.06 $0.06 AMX sales, tax items and other ($0.02) ($0.14) Adjusted EPS $0.53 $2.50 $23 billion returned to shareowners through dividends and stock buyback 366 million shares repurchased in million shares repurchased since beginning of * Adjusted for Ad Solutions and significant one-time items.

8 Wireless Service Revenues Up 4.8 Percent Total wireless revenues up 4.5 percent Service revenues up 4.8 percent Data revenues up 16.8 percent 20 consecutive quarters of postpaid ARPU growth Wireless Data Revenues ($ in billions) LTE Smartphones % of Total Smartphones $4.9 $5.7 Wireless Service Revenues ($ in billions) Postpaid Phone ARPU growth $14.9 $ % Total Wireless Revenues ($ in billions) Equipment Revenue $18.4 $ % Total postpaid ARPU up 2.1 percent Phone-only postpaid ARPU up 3.9 percent 22% 16.8% 51% 2.5% 3.9% $2.7 $2.8 4Q12 4Q13 4Q12 4Q13 4Q12 4Q13 8

9 Record-Low Fourth-Quarter Postpaid Churn Total Subscribers (in millions) Total Churn Q % 1.43% 4Q13 Postpaid Churn 1.19% 4Q12 4Q13 Net Add Summary (in thousands) 1.11% 8 BPS 4Q13 Smartphone* Other Total Postpaid Prepaid 230 (262) (32) Reseller/Conn.Devices Total Net Adds Strength of network continues to drive lower churn Postpaid churn 1.11 percent, record 4Q low Total churn 1.43 percent, stable year over year More than half a million branded smartphone net adds* 299,000 postpaid smartphones 230,000 prepaid smartphones More than 800,000 total net adds Including 440,000 branded tablet net adds 9 * Excludes migration of AT&T feature phones

10 Smartphones Achieve a Record 93 Percent of Postpaid Phone Sales Postpaid Smartphone Devices (in millions) % of Postpaid Phone Sales % of Postpaid Phone Base % 4Q11 Smartphones on AT&T Next Next % of Smartphone Gross Adds and Upgrades 1% Jul 9% Aug 84% % 70% 4Q12 12% 11% 13% Sep Oct Nov % 77% 4Q13 More than 1.5 million 20% Dec Smartphone base up nearly 5 million in million smartphones added in 4Q Smartphones 93 percent of phone sales, 77 percent of postpaid phone base Smartphone data usage per device up more than 50 percent year over year More than 1.5 million smartphone customers have chosen AT&T Next since launch More than 1 million, or 15 percent, of smartphone gross adds and upgrades for the quarter New Value plans help drive Mobile Share adoption More than 21 million connections on Mobile Share, almost a third of postpaid base 15 percent have converted from unlimited plans 10

11 Wireless Margins Continue to Expand Wireless EBITDA Service Margin Postpaid Smartphone Sales (in millions) 41.3% 2013 EBITDA service margin 41.3 percent with record annual smartphone sales Smartphone sales of 27.3 million 38.7% 39.6% More than half of smartphones LTE capable Fourth-quarter wireless EBITDA service margin of 37.4 percent $5.9 billion in EBITDA, a 35 percent increase year over year Continued smartphone penetration Fewer upgrades; 8.6 percent of base in the quarter Impact of AT&T Next and new upgrade policy 11

12 Wireline Consumer Revenues Up 2.9 Percent Total U-verse Subscribers (in millions) U-verse Broadband Subscribers U-verse Video Subscribers Q11 Wireline U-verse Revenues ($ in billions) Consumer Revenue Growth $ % Q12 $ % Q13 $ % Exceptional U-verse gains in ,000 U-verse high speed broadband net adds in quarter, and a record 2.7 million for full year U-verse more than 60 percent of total broadband subscribers 45 Mbps to nearly two-thirds of U-verse TV customer locations U-verse TV net adds of 194,000 in the quarter, and a remarkable 924,000 for full year Record low 4Q U-verse TV churn TV Everywhere ramping channels in-home, 43 out of home Total U-verse revenues up 28 percent for the quarter U-verse revenues now 57 percent of wireline consumer revenues 12

13 Strategic Business Services Revenues Accelerate AT&T Business Services (ABS) Strategic Business Services Revenues ($ in billions) Strategic Business Services as % of Total ABS Revenues $1.9 $ % 4Q % 4Q12 ABS Virtual Private Network VPN Ports In-Service VPN Revenue Growth 8.3% 4Q12 4.7% 8.5% 1Q13 2Q13 3Q13 $2.2 Up 17.4% YOY 25.4% 4Q % 10.3% 4Q13 Customers migrating to IP and wireless Strategic business services revenues up 17.4 percent, now more than 25 percent of ABS revenues 78,000 business IP broadband gains Total ABS revenue down 3.4 percent, service revenue down 2.4 percent Cloud gathering momentum Leading cloud provider with more than an Exabyte of virtualized storage Serving world s largest companies with cloud-based solutions Successful launch of Netbond aligned with other top cloud providers VPN market share leader Best 4Q VPN net adds in four years Security and IP applications driving VPN demand 13 Strategic business services are the next-generation capabilities that lead AT&T s most advanced solutions VPNs, Ethernet, cloud, hosting, IP conferencing, VoIP, MIS over Ethernet, U-verse and security services.

14 Consolidated and Wireline Margin Summary Operating Income Margin Consolidated (*Adjusted) Wireline 18.2% 12.2% % 10.7% 2013 Reported Consolidated Operating Margin 10.2% 23.7% Adjusted consolidated margins stable Wireless margin expansion helps offset Project VIP-related pressure Wireline margin pressured by higher success-based costs Record annual U-verse net adds and business-related success-based costs Trailing operating costs and higher depreciation expense with Project VIP investment pressure Project Agile expected to streamline processes and cut costs 14 * Excludes significant one-time items.

15 Strong Cash Flow and Return to Shareowners 4Q13 AT&T Cash Summary ($ in billions) 4Q Cash From Operations $7.9 $34.8 Capital Expenditures $5.5 $21.2 Free Cash Flow $2.5 $13.6 Cash from Asset Monetization $5.9 $ 7.0 Net-Debt-to-adjusted EBITDA 1.73 Dividends Paid $2.4 $9.7 Shares Repurchased $1.9 $13.0 Total Returned to Shareowners $4.3 $22.7 Strong cash flow Strong cash from operations due to revenue growth and cost initiatives Solid free cash flow even with pressure from Project VIP expenditures and popularity of AT&T Next Opportunistic asset monetization Tower deal, AMX shares, real estate Announced Connecticut wireline sale Strong cash position with improved leverage Outstanding return to shareowners Nearly $23 billion in 2013, both dividends and share buybacks More than $45 billion in last two years 30 consecutive years of dividend increases 15 Free cash flow is cash from operations less capital expenditures. 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.

16 2013 Accomplishments Delivered on financial guidance Upper single-digit EPS growth Continuing strength in wireless service and consumer revenues Stable consolidated margins with wireless margin expansion Capex in $21 billion range Project VIP exceeding objectives: network, speed upgrades and capital structure Solid consolidated revenue growth Strong cash generation Opportunistic debt management, net-debt-to-adjusted EBITDA at 1.8x or lower Share buybacks 16

17 Business Transformation Project VIP Network Transformation LTE, U-verse expansion, FTTB Video-first network Virtualized and software-defined network Product/Revenue Transformation Project Agile People and Processes Transformation Transitioning all products by 2020 IP Mobile Cloud Effortless customer interaction Digital first Cost savings from simplification of processes and platforms 17

18 2014 Outlook on Track with Project VIP Plan Conservative assumptions Continued slow U.S. economic growth Excludes any impact from future buyback Excludes impact of Leap acquisition Continued revenue and EPS growth Consolidated revenue growth in the 2 to 3 percent range; adjusted EPS growth in mid-single digits Stable consolidated margins Continued improvement in wireless margins; Project VIP pressure in wireline Capex in $21 billion range Peak Project VIP spend plus investments in Agile, Alltel and GigaPower Free cash flow in $11 billion range and continued asset monetization Single A rating, pension plan funded, solid cash position 18

19 4Q13 Earnings Conference Call January 28, 2014 AT&T Investor Update 4 TH 2014 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

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