AT&T Updates Stockholders, Announces Preliminary Results of 2019 Annual Meeting

AT&T
Inc.* (NYSE:T)
held its annual meeting of stockholders today. At the meeting, Chairman
and CEO Randall Stephenson said that following the successful
acquisition of Time Warner, now WarnerMedia, the company is executing
its strategy and is focused on delivering to customers a unique
combination of services that no other company can match. He said AT&T
has premium entertainment, news and sports content from iconic brands
like HBO, CNN, TNT, TBS and Warner Bros. and more than 370 million
direct consumer relationships.¹

Stephenson said he expects AT&T to lead a transformation in video. He
also expects the company’s video entertainment customers across its
current and future platforms combined to grow by the millions over the
next five years. This transformation will occur as AT&T expands video
content delivery to broadband and prepares to launch a new
video-on-demand streaming service built around WarnerMedia content,
which is expected to have millions of customers.

The company also announced preliminary votes on items voted at the
meeting. Each of the 12 nominees to the company’s board of directors
were reelected for one-year terms. Each member received at least 95% of
the shares voted. The board members are:

• Randall
  L. Stephenson
• Samuel
  A. Di Piazza, Jr.
• Richard
  W. Fisher
• Scott
  T. Ford
• Glenn
  H. Hutchins
• William
  E. Kennard
• Michael
  B. McCallister
• Beth
  E. Mooney
• Matthew
  K. Rose
• Cynthia
  B. Taylor
• Laura
  D'Andrea Tyson
• Geoffrey
  Y. Yang

Additionally, AT&T
stockholders voted to approve the following items proposed by the
board of directors:

• The appointment of Ernst & Young LLP as the company’s independent
  auditors for 2019 (97.3% of votes cast in favor).
• In an advisory vote, the compensation of AT&T’s executive officers, as
  described in the 2019 proxy statement (91.0% of votes cast in favor).
• A shareholder proposal calling for an independent board chairman was
  defeated by a large margin, with 59.5% of the votes cast against.

When final voting results are available, they will be filed with the SEC
and posted on the AT&T
Investor Relations website.

¹Represents cumulative 170 million video-capable consumer
relationships across the following services: Postpaid, prepaid and
reseller wireless; US and Latin America pay-TV, including DIRECTV NOW;
Mexico wireless; and US consumer broadband as well as 200 million unique
visitors to digital properties, including CNN.com, HBO NOW®, Otter Media
and Bleacher Report.

*About AT&T

AT&T Inc. (NYSE:T)
is a diversified, global leader in telecommunications, media and
entertainment, and technology. It executes in the market under four
operating units. WarnerMedia’s HBO, Turner and Warner Bros. divisions
are world leaders in creating premium content, operate one of the
world’s largest TV and film studios, and own a world-class library of
entertainment. AT&T Communications provides more than 100 million U.S.
consumers with entertainment and communications experiences across TV,
mobile and broadband services. Plus, it serves nearly 3 million business
customers with high-speed, highly secure connectivity and smart
solutions. AT&T Latin America provides pay-TV services across 11
countries and territories in Latin America and the Caribbean, and is the
fastest growing wireless provider in Mexico, serving consumers and
businesses. Xandr provides marketers with innovative and relevant
advertising solutions for consumers around premium video content and
digital advertising through its AppNexus platform.

AT&T products and services are provided or offered by subsidiaries and
affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
Additional information is available at about.att.com. © 2019 AT&T
Intellectual Property. All rights reserved. AT&T, the Globe logo and
other marks are trademarks and service marks of AT&T Intellectual
Property and/or AT&T affiliated companies. All other marks contained
herein are the property of their respective owners.

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 might differ materially. A discussion
of factors that may affect future results is contained in AT&T’s filings
with the Securities and Exchange Commission. AT&T disclaims any
obligation to update and revise statements contained in this news
release based on new information or otherwise.

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