The PennZone

NEW YORK - PennZone -- Ponos Industries LLC ("Purchaser") announces an amendment to its previously-announced tender offer (the "Offer") to acquire up to 14,000,000 shares of common stock (the "Shares") of AT&T Inc. for $36.00 per Share (the "Offer Price"), less dividends since September 10, 2018, such that the Offer will expire at 5:00 p.m., New York City time, on Monday, October 21, 2019, unless extended or earlier terminated (the "Expiration Date"). The Offer was previously scheduled to expire at 5:00 p.m., New York City time, on Friday, November 8, 2019. All other terms and conditions of the Offer remain unchanged.

As of 5:00 p.m., New York City time, on Friday, October 11, 2019, approximately 1,400,000 Shares had been tendered and not withdrawn from the Offer.

The Offer is subject to closing conditions set forth in the Offer to Purchase, dated September 10, 2018, including the closing price of the Shares on the NYSE on the last full trading day prior to the Expiration Date exceeding the Offer Price and Purchaser obtaining financing necessary to fund Purchaser's financial obligations arising from the Offer.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell shares or any other securities. The Offer to Purchase common stock of AT&T Inc. is only being made pursuant to the Offer to Purchase and Letter of Transmittal with respect to the Offer, as such documents may be supplemented and amended from time to time. Shareholders are urged to read these materials carefully because they contain important information, included the terms and conditions of the Offer, that shareholders should consider before making any decision regarding tendering their Shares. Shareholders can obtain a copy of the Offer to Purchase and Letter of Transmittal with respect to the Offer by contacting the information agent at (888) 422-4311 OR INFOAGENT@ponoscapital.com. Copies of materials and any documentation must not be mailed, distributed or sent in, into or from any jurisdiction where to do so would be unlawful.

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Ponos Industries LLC is a private investment company that invests in publicly traded securities whose value it expects to appreciate over a 12-month period.

Forward Looking Statements

Statements included in this press release that are not historical facts are forward-looking statements, which involve a number of risks and uncertainties and are subject to change at any time. While Purchaser may elect to update forward-looking statements in the future, Purchaser specifically disclaims any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.