|Up to the Maximum Tender Amount of the Outstanding Notes Listed Below|
|Title of Security||CUSIP Number||Principal Amount Outstanding||Acceptance Priority Level||Fixed Spread (Basis Points)||U.S. Treasury Reference Security||Bloomberg Reference Page||Early Tender Premium (1)||Principal Amount Tendered at Early Tender Date||Percent Tendered of Amount Outstanding|
|5.20% Notes due 2016||079860AL6||$400,000,000||1||+55||0.625% due10/15/16||PX1||$30||$100,708,000||25.18%|
|5.625% Global Notes due 2016||78387GAL7||$1,250,000,000||2||+35||0.625% due10/15/16||PX1||$30||$400,525,000||32.04%|
|6.500% Global Notes due 2037||00206RAD4||$1,981,282,000||3||+185||2.875% due5/15/43||PX1||$30||$826,712,000||41.73%|
|6.300% Global Notes due 2038||00206RAG7||$2,750,000,000||4||+185||2.875% due5/15/43||PX1||$30||$931,512,000||33.87%|
|6.55% Global Notes due 2039||00206RAS1||$2,250,000,000||5||+185||2.875% due5/15/43||PX1||$30||$811,701,000||36.08%|
|6.450% Global Notes due 2034||78387GAM5||$491,219,000||6||+160||2.875% due5/15/43||PX1||$30||$84,854,000||17.27%|
|6.40% Global Notes due 2038||00206RAN2||$445,620,000||7||+180||2.875% due5/15/43||PX1||$30||$131,845,000||29.59%|
|6.150% Global Notes due 2034||78387GAQ6||$586,254,000||8||+160||2.875% due5/15/43||PX1||$30||$93,807,000||16.00%|
|7.125% Debentures due 2026||694032AT0||$625,000,000||9||+200||2.500% due8/15/23||PX1||$30||$93,453,000||14.95%|
(1) Per $1,000 principal amount of Notes. The Total Consideration for Notes validly tendered at or prior to the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the Early Tender Premium.All Notes validly tendered and not validly withdrawn in the Maximum Tender Offers having a higher acceptance priority level will be accepted for purchase before any tendered Notes having a lower acceptance priority level are accepted for purchase. Notes of the series in the lowest acceptance priority level accepted for purchase in accordance with the terms and conditions of the Maximum Tender Offers will be subject to proration so that AT&T will only accept for purchase Notes up to a combined aggregate principal amount of $3,285,117,000. Accordingly, as described in the Tender Offer Documents, as amended hereby, Notes with Acceptance Priority Levels 8 and 9 are not expected to be accepted for purchase pursuant to the Maximum Tender Offers, based upon the aggregate principal amount of Notes with Acceptance Priority Levels 1 through 7 validly tendered and not withdrawn on or before the Early Tender Date. The “ Total Consideration” was determined in the manner described in the Tender Offer Documents at 2:00 p.m., New York City time, on November 19, 2013. Holders of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date are eligible to receive the Total Consideration for any such Notes accepted for Purchase. Holders of Notes who validly tender their Notes after the Early Tender Date but at or prior to the Maximum Tender Expiration Date will be eligible only to receive an amount equal to the Total Consideration less the “Early Tender Premium” set forth in the table above (the “ Tender Offer Consideration”) for any such Notes accepted for purchase. Holders will also receive accrued and unpaid interest on Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the date AT&T makes payment in same-day funds for such Notes, which date is anticipated to be December 5, 2013. Information Relating to the Maximum Tender Offers Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the lead dealer managers for the Maximum Tender Offers. Holders with questions regarding the Maximum Tender Offers may contact Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-4811 (collect). Global Bondholder Services Corporation is the tender and information agent for the Maximum Tender Offers and can be contacted at (866) 873-7700 (toll-free) or (212) 430-3774 (collect).
None of AT&T or its affiliates, their respective boards of directors, the dealer managers, the tender and information agent or the applicable trustee with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to any of the Maximum Tender Offers, and neither AT&T nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Notes. The full details of the Maximum Tender Offers for the Notes, including complete instructions on how to tender Notes, are included in the Tender Offer Documents. Holders are strongly encouraged to read carefully the Tender Offer Documents, including materials filed with the Securities and Exchange Commission and incorporated by reference therein, because they contain important information. Holders may obtain a copy of the Tender Offer Documents, free of charge, from Global Bondholder Services Corporation, the tender and information agent in connection with the Maximum Tender Offers, by calling toll-free at (866) 873-7700 (bankers and brokers can call collect at (212) 430-3774). Holders are urged to carefully read these materials prior to making any decisions with respect to the Maximum Tender Offers. FORWARD-LOOKING STATEMENTS Information set forth in this news release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission and in the offering memorandum related to the Tender Offers. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.