SBC AT&T Inc.

SBC Communications Inc. (NYSE: SBC) announced today that, contingent upon the closing of its acquisition of AT&T Corp., SBC will unconditionally and irrevocably guarantee AT&T Corp.'s Euro-denominated 7.75% (original coupon 6.00%) Notes due November 21, 2006. The principal amount currently outstanding on these notes is Euro 721,229,000. Complete terms of the guarantee will be set forth in a filing with the Securities and Exchange Commission to be made next week. SBC Communications Inc. is a Fortune 50 company whose subsidiaries, operating under the SBC brand, provide a full range of voice, data, networking, e-business, directory publishing and advertising, and related services to businesses, consumers and other telecommunications providers. SBC holds a 60 percent ownership interest in Cingular Wireless, which serves more than 52 million wireless customers. SBC companies provide high-speed DSL Internet access lines to more American consumers than any other provider and are among the nation's leading providers of Internet services. SBC companies also offer satellite TV service. Additional information about SBC and SBC products and services is available at www.sbc.com. Cautionary Language Concerning Forward-Looking Statements Information set forth in this news release contains financial estimates and other 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 SBC's filings with the Securities and Exchange Commission. SBC disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.