With the right execution and oversight, AT&T's businesses can generate significant value. AT&T's TSR has underperformed across all relevant benchmarks and timeframes for more than 10 years, with the exception of a small catch-up over the last year following the Company's 27% share price decline in 2018 and coinciding with Elliott's large purchases of stock. On top of these existing issues, the Company is now a major player in many new verticals where its long history and legacy have little bearing, and it finds itself battling competitors on multiple new fronts - its traditional telecom competitors as well as new challengers in newly acquired businesses. Twitter Inc. and activist hedge fund Elliott Management Corp. have agreed to a truce that will shake up the social-media company’s board but leave Chief Executive Jack Dorsey in … AT&T rightfully praised Time Warner's leadership and cited its creative talent as one of the primary reasons to pursue the transaction: "The big part of the value of this transaction is Time Warner's outstanding leadership team," and "they are going to be very critical to the success of this business going forward." Departments of Defense and Health and Human Services have been awarding multi-million dollar contracts to a number of medical device suppliers to increase production and develop solutions for the high demand for … The fund also said it was seeking seats on AT&T’s board. Click the following link to view Current AT&T Portfolio: https://activatingatt.com/image10. The letter can be downloaded at ActivatingATT.com. However, while AT&T is well positioned, success in 5G will require meaningful investment and improved execution; anything less and AT&T risks missing this opportunity and falling behind again. Some examples help illustrate this underperformance: The primary consequence of these setbacks and others has been a consistent ceding of market share. We are confident in the value opportunity for shareholders and stakeholders alike; believe the Plan is readily actionable today; and look forward to working with management and the Board in order to make this opportunity a reality. As mentioned above, much of the damage to shareholder and business value at AT&T has occurred due to its capital allocation decisions. The Board of Directors As a result, AT&T's valuation multiples relative to its own history, relative to the S&P 500 and relative to Verizon are as low as they have been in many years: Click the following link to view NTM P/E - Last Ten Years: https://activatingatt.com/image11. Unfortunately for shareholders and the millions of current and former employees who own shares in AT&T as part of their remuneration or pension, this underperformance has been both profound and persistent. Several of these larger assets are no longer complementary with the Company's future strategic direction, and AT&T must determine whether there is a financially and strategically attractive path to divesting them. The appearance by Elliott already had the markets thinking RPM could be a potential acquisition target. Elliott Management and Bluescape Energy partners want to overhaul Sempra Energy's board and conduct a strategic review of the utility and energy company. In addition to unlocking higher returns on advertising, he has spent considerable time and money to create HBO Max. Beyond just delivering a higher stock price for its shareholders, both institutional and employee, we believe a more focused and efficient AT&T can deliver far-reaching benefits to other stakeholder groups as well. In addition to Mr. Plepler, the company lost David Levy, who resigned as president of Turner Broadcasting, the division that includes TBS and TNT, and Kevin Tsujihara, who ran the Warner Bros. studio group before stepping down in March after accusations that he tried to get television and film roles for a woman with whom he had a sexual relationship. While some of the gap in AT&T's profitability may be more difficult to address, our conversations and diligence have identified a material amount of cost differential that can be.

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