AT&T/Comcast Merger Nearly Done

BEDMINSTER, N.J. -- AT&T (NYSE: T - News) today notified the New York Stock Exchange (NYSE) that, conditioned on AT&T board of directors action, the record date for shareowners eligible to receive a special stock dividend reflecting the spin off of AT&T Broadband could be as early as November 7, 2002 or a later date, after all the conditions to the merger agreement among AT&T, Comcast and AT&T Broadband have been satisfied. The spin off, which could be effective as early as November 8, 2002, would immediately precede the merger of AT&T Broadband with a wholly owned subsidiary of AT&T Comcast and their shareholders will become shareholders of AT&T Comcast. The notification to the NYSE also acknowledged that, also subject to AT&T board of directors action, AT&T expects to conduct a 1 for 5 reverse stock split for AT&T common shares outstanding coincident with the spin off and merger. AT&T said that today's notification does not reflect any change in the company's expectations, and is not a result of any new information. Rather the company noted there are advance notice requirements, and AT&T is making this conditional notification now so that the company can immediately close on the merger when all conditions are satisfied. AT&T continues to expect that it will complete the merger this year, but can give no assurance that the merger will be completed on November 8, 2002 or any other specific date. AT&T Broadband Comcast Corp.