While Potential Lead Liabilities Create Uncertainty, We Expect AT&T Will Increase Cash Flow

We believe AT&T's strategy to invest heavily in its networks makes sense and will serve investors well over the long term. Aggressively extending fiber and 5G coverage to more locations builds on the company's core assets: its existing network and customer relationships. We don’t expect liabilities tied to lead-sheathed cables will derail AT&T’s ability to grow cash flow, but the matter does increase uncertainty somewhat.