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www.cicyber.com
AT&T,BellSouthtoMerge
CombinationWillSpeedInnovation,CompetitionandConvergence


•NaturalcombinationoftwoleadingwirelineprovidersandjointownersofCingular
speedsprogressinintegratedwireless/wirelineservices

•Substantialfinancialbenefitsforstockholdersofbothcompanies;anexpectednet
presentvalueof$18billioninsynergiesresultingfromamorethan$2billionannualrun
rateinsynergiesexpectedin2008,growingto$3billionin2010

•ExpectmergertobeaccretivetoAT&Tadjustedearningspersharein2008,double-digit
adjustedEPSgrowthineachofnextthreeyears(earningsadjustedformerger
integrationcostsandamortizationofintangibles)andsignificantgrowthinfreecash
flowafterdividendsin2007and2008

•AT&T'sboardauthorizessharerepurchaseof400millionsharesbyendof2008;buy
backofatleast$10billioninsharesovernext22monthsplanned,withthemajorityin
2007

•Mergerwillbenefitcustomersandpromotecompetition

SanAntonio,Texas,Atlanta,Georgia,March5,2006
AT&TInc.(NYSE:T)andBellSouthCorporation(NYSE:BLS)announcedtodayanagreementtomergethe
twocompanies,acombinationthatwillcreateamoreeffectiveandefficientproviderinthewireless,
broadband,video,voiceanddatamarkets.
ThemergerwillstreamlinetheownershipandoperationsofCingularWireless,whichisjointlyownedby
AT&TandBellSouth.Thenewcompanywillbemoreinnovative,nimbleandefficient,providingbenefitsto
customersbycombiningtheCingular,BellSouthandAT&Tnetworksintoasinglefullyintegratedwireless
andwirelineInternetProtocolnetworkofferingafullrangeofadvancedsolutions.
Asaresult,thecombinedcompanywillbebetterabletospeedtheconvergenceofnewandimproved
servicesforconsumersandbusinesses,andembracetheindustry'sshifttoInternetProtocol
network-basedtechnologies.
"LogicalNextStepThatCreatesSubstantialValue"
"Thismergerisalogicalnextstepthatcreatessubstantialvalueforcustomersandstockholdersofboth
AT&TandBellSouth,"saidAT&TChairmanandCEOEdwardE.WhitacreJr."Itwillbenefitcustomers
throughnewservicesandexpandedservicecapabilities.ItwillstrengthenCingularthroughunified
ownershipandasinglebrand.A