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AT&T MERGER WITH TCI COMPLETED

NEW YORK-AT&T and Tele-Communications Inc. announced the completion of their merger,
making TCI AT&T’s newest business unit-AT&T Broadband & Internet Services. The unit will continue to be
headquartered in the Denver area, and will be responsible for the company’s cable ventures as well as its ownership
interest in the At Home Corp.

Leo J. Hindery Jr., president of TCI, will assume his new role as chief executive
officer of AT&T Broadband & Internet Services and will report directly to AT&T’s chairman and CEO, C. Michael
Armstrong, said the companies.

The merger will be accomplished through an exchange of stock to TCI
shareholders, who will receive .77 of a share of AT&T common stock for each share of TCI Group Series A common
stock and .85 of a share of AT&T common stock for each share of TCI Group Series B stock.

AT&T said as a result
of this merger, it anticipates being able to offer any-distance, wireline communication services to approximately two-
thirds of U.S. households during the next four to five years.

Also announced in conjunction with the AT&T/TCI
merger, Liberty Media Group merged with the TCI Ventures Group.

According to news reports, a shareholder
lawsuit was filed last last week to try to delay the combination of Liberty Media and TCI Ventures Group.

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