To Our Stockholders

AT&T is a company with a tradition of delivering on our promises. I'm pleased to report that in 2006, we continued that tradition. We promised to increase stockholder value, and we did. We promised to position our company for long-term growth, and we did.

The year also marked another step in a strategy to establish AT&T as the leader in nearly every industry segment. Our acquisition of BellSouth Corporation, which allowed us to consolidate ownership of Cingular Wireless, was the latest major step in executing that strategy. That acquisition secured AT&T's position as the global standard bearer in communications for many years to come.

We have arrived at this point after a series of moves that transformed our company and changed the industry. And, as owners in the business, you might ask what the new AT&T is all about.

That is a fair question, which I am pleased to answer.
The new AT&T is ...

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