AT&T Completes Sale of Japan Telecom Stake

Apr 30, 2001, 01:00 ET from AT&T Corp.

    NEW YORK, April 30 /PRNewswire/ -- AT&T Corp. (NYSE:   T) today confirmed it
 has completed the sale of the company's 10 percent stake in Japan Telecom Co.,
 Ltd. (Japan Telecom) to Vodafone Group plc. for $1.35 billion in cash, or
 approximately $21,125 per share. The net after-tax proceeds to AT&T are
 expected to be approximately $1 billion.  The proceeds will be split evenly
 between AT&T and AT&T Wireless.
     AT&T acquired the Japan Telecom stake in August 1999 for approximately
 $612 million in consideration, consisting of cash and shares of AT&T Jens
 Corporation.  AT&T decided to divest the Japan Telecom investment following
 the recently announced strategic alliance between NTT DoCoMo and AT&T
 Wireless. NTT DoCoMo acquired shares of AT&T preferred tracking stock,
 equivalent to 406 million shares of AT&T Wireless tracking stock (an
 approximate 16 percent economic interest in AT&T Wireless) for $9.8 billion on
 January 22, 2001 in connection with its strategic alliance.
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995. These
 include, but are not limited to, statements regarding the Company's plans,
 intentions and expectations. Such statements are inherently subject to a
 variety of risks and uncertainties that could cause actual results to differ
 materially from those projected. These risks include increased levels of
 competition, shortages of cellular handsets and other key equipment,
 restrictions on the Company's ability to finance its growth and other factors.
 A more extensive discussion of the risk factors that could impact these areas
 and the Company's overall business and financial performance can be found in
 the Company's reports filed with the Securities and Exchange Commission. Given
 these concerns, investors and analysts should not place undue reliance on
 forward-looking statements.
 
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SOURCE AT&T Corp.
    NEW YORK, April 30 /PRNewswire/ -- AT&T Corp. (NYSE:   T) today confirmed it
 has completed the sale of the company's 10 percent stake in Japan Telecom Co.,
 Ltd. (Japan Telecom) to Vodafone Group plc. for $1.35 billion in cash, or
 approximately $21,125 per share. The net after-tax proceeds to AT&T are
 expected to be approximately $1 billion.  The proceeds will be split evenly
 between AT&T and AT&T Wireless.
     AT&T acquired the Japan Telecom stake in August 1999 for approximately
 $612 million in consideration, consisting of cash and shares of AT&T Jens
 Corporation.  AT&T decided to divest the Japan Telecom investment following
 the recently announced strategic alliance between NTT DoCoMo and AT&T
 Wireless. NTT DoCoMo acquired shares of AT&T preferred tracking stock,
 equivalent to 406 million shares of AT&T Wireless tracking stock (an
 approximate 16 percent economic interest in AT&T Wireless) for $9.8 billion on
 January 22, 2001 in connection with its strategic alliance.
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995. These
 include, but are not limited to, statements regarding the Company's plans,
 intentions and expectations. Such statements are inherently subject to a
 variety of risks and uncertainties that could cause actual results to differ
 materially from those projected. These risks include increased levels of
 competition, shortages of cellular handsets and other key equipment,
 restrictions on the Company's ability to finance its growth and other factors.
 A more extensive discussion of the risk factors that could impact these areas
 and the Company's overall business and financial performance can be found in
 the Company's reports filed with the Securities and Exchange Commission. Given
 these concerns, investors and analysts should not place undue reliance on
 forward-looking statements.
 
     Logo:  http://www.att.com/identity/library/
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X29381397
 
 SOURCE  AT&T Corp.

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