AT&T Inc.

To:
All holders of AT&T Inc. notes listed below

AT&T Inc.

Offers to Purchase for Cash Any and All of the Outstanding Notes Listed Below

           The Offers (as defined below) will expire at 5:00 p.m., New York City time, on May 20, 2022, unless extended or earlier terminated by us (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “Expiration Date”). Notes (as defined below) may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, on May 20, 2022, unless extended or earlier terminated (such date and time with respect to an Offer, as it may be extended with respect to such Offer, the “Withdrawal Deadline”), but not thereafter, unless extended by us as described below. The Offers are being made upon the terms and subject to the conditions set forth in this offer to purchase (as it may be amended or supplemented from time to time, the “Offer to Purchase”) relating to Notes of the series listed below, with respect to one series of Certificated Notes (defined and identified below) the accompanying Letter of Transmittal (as it may be amended or supplemented from time to time, the “Letter of Transmittal”), and the accompanying notice of guaranteed delivery (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase and the Letter of Transmittal, the “Tender Offer Documents”). 

           AT&T Inc., a Delaware corporation (“AT&T,” “we,” “us” or “our”), is offering to purchase for cash in 9 separate offers, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the outstanding debt securities of the 9 series listed in the table below at prices determined by reference to the applicable Offer Yield (as defined below), plus, in each case, the applicable Accrued Coupon Payment (as defined below). We refer to the outstanding debt securities of the series listed in the table below collectively as the “Notes” and to each of the listed series of outstanding debt securities as a “series” of Notes. We refer to each offer to purchase a series of Notes as an “Offer,” and collectively as the “Offers.” The conditions to the Offers include the Maximum Purchase Condition (as defined below).

           AT&T Inc., a Delaware corporation (“AT&T,” “we,” “us” or “our”), is offering to purchase for cash in 54 separate offers, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the outstanding debt securities of the 54 series listed in the table below at prices determined by reference to the applicable Offer Yield (as defined below), plus, in each case, the applicable Accrued Coupon Payment (as defined below). We refer to the outstanding debt securities of the series listed in the table below collectively as the “Notes” and to each of the listed series of outstanding debt securities as a “series” of Notes. We refer to each offer to purchase a series of Notes as an “Offer,” and collectively as the “Offers.” The conditions to the Offers include the Maximum Purchase Condition (as defined below). 

Existing Notes Issuer CUSIP/ISIN Insert Principal Amount of Existing Notes Owned
3.500% Global Notes due 2061 AT&T Inc. 00206RKF8
3.300% Global Notes due 2052 AT&T Inc. 00206RKE1
3.100% Global Notes due 2043 AT&T Inc. 00206RKD3
3.850% Global Notes due 2060 AT&T Inc. 00206RKB7
3.650% Global Notes due 2051 AT&T Inc. 00206RKA9
3.500% Global Notes due 2041 AT&T Inc. 00206RJZ6
2.250% Global Notes due 2032 AT&T Inc. 00206RKH4
1.650% Global Notes due 2028 AT&T Inc. 00206RKG6
2.300% Global Notes due 2027 AT&T Inc. 00206RJX1
8.750% Senior Notes due 2031* New Cingular Wireless Services, Inc. 00209AAF3/U0027MAC1
8.750% Global Notes due 2031 AT&T Inc. 00206RGV8
8.750% Global Notes due 2031 AT&T Inc. 00206RGU0
7.875% Global Notes due 2030 AT&T Inc. 00206RGR7
7 1/8% Debentures due 2026* Pacific Bell Telephone Company 694032AT0
7.125% Global Notes due 2026 AT&T Inc. 00206RGH9
7.625% Global Notes due 2031* AT&T Inc. 00206RHZ8
7.700% Global Notes due 2032* AT&T Inc. 00206RJA1
7.125% Senior Notes due 2031* AT&T Mobility LLC 17248RAJ5
6.875% Global Notes due 2031* AT&T Inc. 00206RGS5
6.625% Global Notes due 2029* AT&T Inc. 00206RHY1
Thirty Year 6 3/8% Debentures due 2028* BellSouth Telecommunications, LLC 079867AW7
6.500% Global Notes due 2036* AT&T Inc. 00206RJC7
6.450% Global Notes due 2034 AT&T Inc. 78387GAM5
6.55% Global Notes due 2039 AT&T Inc. 00206RAS1
6.500% Global Notes due 2037 AT&T Inc. 00206RAD4
6.40% Global Notes due 2038 AT&T Inc. 00206RAN2
6.350% Global Notes due 2040 AT&T Inc. 00206RDE9
6.200% Global Notes due 2040* AT&T Inc. 00206RJD5
6.150% Global Notes due 2034 AT&T Inc. 78387GAQ6
6.00% Notes due 2034* BellSouth, LLC 079860AK8
6.100% Global Notes due 2040 AT&T Inc. 00206RJE3
6.250% Global Notes due 2041* AT&T Inc. 00206RJF0
6.300% Global Notes due 2038 AT&T Inc. 00206RAG7
6.000% Global Notes due 2040 AT&T Inc. 00206RDF6
6.375% Global Notes due 2041 AT&T Inc. 00206RDG4
5.350% Global Notes due 2043 AT&T Inc. 00206RJJ2
5.375% Global Notes due 2041* AT&T Inc. 00206RJG8
5.550% Global Notes due 2041 AT&T Inc. 00206RBA9
5.700% Global Notes due 2057 AT&T Inc. 00206RDT6
5.300% Global Notes due 2058 AT&T Inc. 00206RFS6/U04644CG0
5.35% Global Notes due 2040* AT&T Inc. 04650NAB0/U9475PAA6
5.650% Global Notes due 2047 AT&T Inc. 00206RCU4
5.450% Global Notes due 2047 AT&T Inc. 00206RDS8
5.150% Global Notes due 2042 AT&T Inc. 00206RDH2
4.850% Global Notes due 2045 AT&T Inc. 00206RJL7
5.250% Global Notes due 2037 AT&T Inc. 00206RDR0
4.800% Global Notes due 2044 AT&T Inc. 00206RCG5
4.900% Global Notes due 2042 AT&T Inc. 00206RJH6
5.150% Global Notes due 2050 AT&T Inc. 00206RFU1
5.150% Global Notes due 2046 AT&T Inc. 00206RHA3/00206RFM9/U04644BX4
4.65% Global Notes due 2044 AT&T Inc. 00206RJK9
4.900% Global Notes due 2037 AT&T Inc. 00206RFW7
4.850% Global Notes due 2039* AT&T Inc. 00206RHK1
4.550% Global Notes due 2049 AT&T Inc. 00206RDM1/00206RDK5
4.750% Global Notes due 2046 AT&T Inc. 00206RCQ3
4.35% Global Notes due 2045* AT&T Inc. 00206RBK7
4.500% Global Notes due 2048 AT&T Inc. 00206RDL3/00206RDJ8
4.300% Global Notes due 2042* AT&T Inc. 00206RBH4
4.500% Global Notes due 2035 AT&T Inc. 00206RCP5
4.350% Global Notes due 2029 AT&T Inc. 00206RHJ4
4.300% Global Notes due 2030 AT&T Inc. 00206RES7/00206RGQ9/U04644BC0
4.250% Global Notes due 2027 AT&T Inc. 00206RDQ2
4.100% Global Notes due 2028 AT&T Inc. 00206RGL0/00206RER9/U04644BB2
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