AT&T Inc. Announces Early Results Of Exchange Offers And Increases Certain Maximum Tender Amounts And Overall Size Of Exchange Offers

AT&T Inc. (NYSE: T) and (“ AT&T”) today announced the early results of its private offers to (i) exchange (the “ Pool 1 Offer”) the three series of notes described in the table below (the “ Pool 1 Notes”) for a new series of AT&T’s senior notes to be due in 2042 (the “ New 2042 Notes”) and cash:

Title of Security		Issuer		Consideration Exchanged For
7.12% Debentures due 2097		BellSouth Corporation (1)		New 2042 Notes and cash
7.0% Notes due 2095		BellSouth Telecommunications, LLC (2)		New 2042 Notes and cash
6.65% Zero-to-Full Debentures due 2095		BellSouth Telecommunications, LLC (2)		New 2042 Notes and cash

(1) The 7.12% Debentures due 2097 were originally issued by BellSouth Capital Funding Corporation, which subsequently merged with and into BellSouth Corporation.

(2) BellSouth Telecommunications, LLC was formerly known as BellSouth Telecommunications, Inc.

(ii) exchange (the “ Pool 2 Offer”) the four series of notes described in the table below (the “ Pool 2 Notes”) for a new series of AT&T’s senior notes to be due in 2045 (the “ New 2045 Notes” and, together with the New 2042 Notes, the “ New Notes”) and cash:

Title of Security		Issuer		Consideration Exchanged For
7.875% Notes, due 2030		BellSouth Corporation (1)		New 2045 Notes and cash
6.875% Notes, due 2031		BellSouth Corporation		New 2045 Notes and cash
6.550% Notes, due 2034		BellSouth Corporation		New 2045 Notes and cash
6.00% Notes, due 2034		BellSouth Corporation		New 2045 Notes and cash

(1) The 7.875% Notes were originally issued by BellSouth Capital Funding Corporation, which subsequently merged with and into BellSouth Corporation.

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