1. " ?AlvinLeung TechStratFin.com Alvin[at]TechStratFin[dot]com CopyrightTechStratFin.comVersion0.5July29,2009

2. CopyrightTechStratFin.com 3. iPhonesUnitSalestoDate(000's) iPhone3G iPhone3Gsreleasedintroduced iPhone launched 6,892 5,208 4,363 3,793 2,315 1,703 1,119717270 Q207 Q307 Q407 Q108Q208Q308 Q408 Q109 Q209Todatemorethan26MiPhoneshavebeensoldworldwide. CopyrightTechStratFin.com Source:AppleSEClings 4. %ofiPhonesActivatedonAT&T iPhoneiPhone3Gs iPhone3Glaunchedintroducedreleased72%54%51%51%50%42%43%43% 43%Q207 Q307Q407 Q108Q208 Q308Q408Q109Q209%ofiPhonesactivatedonAT&TthisquarterDespiteitsavailabilityin88countries,AT&TscontinuestobethepredominantnetworkhomeforiPhones;~40%ofalliPhonessoldareactivatedonAT&T CopyrightTechStratFin.comSource:AppleSEClings;AT&Tearningspressreleases 5. CopyrightTechStratFin.com 6. AT&TWirelessRevenues&OperatingIncome sinceiPhonesLaunch($blns) $13.2 $12.0 $12.6 $12.9 $12.9$10.9 $11.4 $11.8 $10.4$3.3 $3.2$3.0$3.1 $2.4 $2.7$2.0 $1.9$1.6Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 OperatingIncomeSinceiPhoneslaunch,AT&Thasgrown wirelessrevenuesandoperatingincome,up27%and100%respectively CopyrightTechStratFin.com Source:AT&TInvestorRelations 7. NewCustomersaddedsinceiPhonelaunch(000's,Q207Q109,excludingM&A) AT&T fromiPhoneVerizonTMobile Sprint 5,000 2,5000 2,500 5,0007,500 10,000 12,500 15,000 andhasledthe4MajorUSWirelessNetworksinOrganicallyAcquiringNewCustomers Source:AT&T,Verizon,Tmobile,SprintrespectiveInvestorRelations CopyrightTechStratFin.com 8. AT&TNetNewCustomersAddedBreakdownofAT&TNetNew(000's,Q207Q209) SubscribersbyDevice iPhone3G 3,000 released360(est.) 2,500 2,000 34276012% 58 160 960 (est.) 36% 1,500320 (est.)52% 61% (est.) 1,000 640 840500 0 Q308 Q408 Q109 Q209fromiPhone fromOtherfromiPhoneInpast12months,iPhonehasbecometheprimarydriverofnewcustomeracquisitionforAT&T.Lastquarter,61%ofallnewAT&TcustomerspurchasediPhones.CopyrightTechStratFin.com Source:AT&TInvestorRelations 9. ChangeinAT&TSubscriberBasesince iPhoneLaunch(000s,Q107Q209)80,000 14%ofAT&T customers 75,000 areiPhone Users 70,000 65,000 60,000 55,000 50,000Customersas NewfromNewfromNewfrom Convertedto Customersasof07Q1M&AOther iPhoneiPhone of09Q2 14%ofallAT&TWirelesscustomersarenowiPhoneusers CopyrightTechStratFin.comSource:AT&TInvestorRelations 10. NewIntegratedDevicesGrowthinMobileData addedonAT&TNetworkServiceRevenues ($mlns) (Q207Q209)4,000iPhone $1,224 $1,224estimated1to3,000 (est.)(est.)haveadded$1.2Bindata OtheriPhoneservicerevenuesDevices 62% $1,070 perquarter 38%2,000 1,000$1,456 0 Data fromfrom Data Revenues OtheriPhone RevenuesatQ207devices atQ209iPhonehasledthesalesofintegrateddevicesatAT&TcontributingtogrowthinDataServiceRevenues.However,analysissuggestsdataARPUisloweroniPhonedueto aggressivelypricediPhoneDataserviceplans Source:AT&TInvestorRelations 1.Assumesincremental$40/mthinData+Textservicerevenue/iPhone CopyrightTechStratFin.com 11. CopyrightTechStratFin.com 12. CopyrightTechStratFin.com