CORRECTING and REPLACING AT&T To Call Three Debt Issues.

Business Editors

CORRECTION...by AT&T

BEDMINSTER, N.J.--(BUSINESS WIRE)--Sept. 22, 2003

In BW5056 issued Sept. 22, 2003: in the third bulleted item, first sentence, read it xxx CUSIP 001957BE8, issued November 8, 2002...(sted xxx issued November 8, 2003).

The corrected release reads:

AT&T TO CALL THREE DEBT ISSUES

AT&T today said it is notifying bondholders that it will call three debt issues totaling approximately $1.1 billion for early redemption on October 22, 2003. The company said it expects to use cash on hand to fund the redemptions.

Today's announcement follows an early redemption of $506 million of long-term debt the company announced last month, and is part of the company's continued effort to build financial flexibility and strengthen its balance sheet.

The debentures are:

-- CUSIP 001957AL3, issued December 5, 1991, with an interest

rate of 8.625 percent and a final maturity date of December 1,

2031. These debentures have an aggregate outstanding principle

amount of $236.2 million. AT&T will redeem the debentures at

105.28 percent of face value, plus interest accrued to the

redemption date.

-- CUSIP 001957AU3, issued March 23, 1999, with an interest rate

of 5.625 percent and a final maturity date of March 15, 2004.

These notes have an aggregate outstanding principle amount of

$409.6 million. AT&T will redeem these at a redemption price 

equal to the greater of 100 percent of the principal amount of

the notes, or the sum of the present values of the remaining

scheduled payments discounted on a semiannual basis (assuming

a 360-day year consisting of twelve 30-day months) at a rate

equal to the Treasury Rate plus 10 basis points plus, in

either case, any accrued interest.

-- CUSIP 001957BE8, issued November 8, 2002, with an interest

rate of 6.375 percent and a final maturity date of March 15,

2004. These notes have an aggregate outstanding principle

amount of $438.6 million. AT&T will redeem these at a

redemption price equal to the greater of 100 percent of the

principal amount of the notes, or the sum of the present

values of the remaining scheduled payments discounted on a

semiannual basis (assuming a 360-day year consisting of twelve

30-day months) at a rate equal to the Treasury Rate plus 10

basis points plus, in either case, any accrued interest.

Payment of principal and interest will be made upon presentation of the debentures to the trustee and paying agent for these issues, The Bank of New York. On and after the redemption date, interest on these securities shall cease to accrue.

These securities were issued in book-entry form only. The Depository Trust Company, Cedelbank and the Euroclear System act as the depositaries for these securities.

The foregoing contains "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside AT&T's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of AT&T.