AT&T Inc. (NYSE: T) (“AT&T”) announced today a proposed registered public offering (the “Offering”) of depositary shares, each of which represents a 1/1,000th interest in a share of its Perpetual Preferred Stock, Series A, $25,000 liquidation preference per share (equivalent to $25.00 per depositary share). The completion of the proposed offering depends upon several factors, including market and other conditions. AT&T intends to use the net proceeds of the Offering for general corporate purposes.

Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., RBC Capital Markets, LLC, J.P. Morgan Securities LLC and UBS Securities LLC are acting as Joint Book-Running Managers for the Offering.

This press release is neither an offer to sell, nor a solicitation of an offer to buy, depositary shares or any other securities, and shall not constitute an offer to sell, or a solicitation of an offer to buy, or a sale of, depositary shares, or any other securities, in any jurisdiction in which such offer, solicitation or sale is unlawful. The Offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The Offering will be made only by means of a prospectus and related preliminary prospectus supplement, which may be obtained by visiting the SEC’s website at Alternatively, you may request these documents by calling Morgan Stanley & Co., LLC at (866) 718-1649 (toll free); Wells Fargo Securities, LLC at (800) 645-3751 (toll free); BofA Securities, Inc. at (800) 294-1322 (toll free); RBC Capital Markets, LLC at (866) 375-6829 (toll free); J.P. Morgan Securities LLC at (212) 834-4533 (collect) or UBS Securities LLC at (888) 827-7275 (toll free).