$16 billion acquisition

• Combines AT&Ts national and global IP-based networks with SBCs local exchange, broadband and wireless assets
• Stock merger with a special cash dividend

• Avoids need for SBC shareholder vote per NYSE Rule 312
• As shares issued are less than 20% of SBC's outstanding

• Background through 5.20.05
• SBC assumes AT&T name

Deal terms

• Fixed exchange:0.77942 SBC share for each AT&T share

• Stock valued at $18.41 on announcement

• Special cash dividend of $1.30 per share

• Buyer (DE) / Target (NY)

• Reverse triangular merger

• Exchange of Buyer preferred for Target preferred

Announced 1.30.05

• Joint press release

• Slide presentation

• Slide presentation

• FAQs - General

• Fact sheet

• Benefits to business customers

• Benefits to consumers

• Benefits to US

Closed 11.18.05

• Form 8-K summary
• Form 15

Financial

• SBC:   Lehman / Evercore

• AT&T: CSFB / Morgan Stanley

Legal

• SBC:   Sullivan & Cromwell

• AT&T: Wachtell Lipton

Form S-4 Amendment # 3 5.20.05

• Table of contents

Form S-4 Amendment # 2 5.11.05

• Table of contents

Form S-4 Amendment # 1 4.20.05

• Table of contents

Form S-4 3.11.05

• Table of contents

No shop covenant

• Merger agreement §6.2
• Proxy statement disclosure scroll down to page 57

Break-up fee

• $560mm, plus out-of-pocket expenses
• Agreement §8.5
• Proxy statement disclosure

HSR Act

• Merger agreement §7.1(b)
• Proxy statement disclosure

Credit Suisse fairness opinion

• Proxy statement disclosure

Disclosure

• Proxy statement disclosure

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