Michael Armstrong Reflect Quotations

While our total revenue reflects the impact of the industry-wide decline in long-distance voice, we are growing revenue in Business Data and IP services and our Broadband business by nearly 14 percent,

Our results reflect a business managing through a difficult economic and industry-wide climate, ... In the face of these pressures, we remain focused on controlling costs and growing revenue in our growth businesses.

By highlighting the exceptional performance of AT&T's fast-growing wireless operations, we are confident that investors will see the value of this business, ... That unlocked value, which will be reflected in the tracking stock, will provide us with the currency to take advantage of the outstanding growth opportunities available in the wireless industry, including fixed wireless, wireless data and international expansion.

In 2000, the industry felt the impact of the long-distance decline we anticipated when we put our new strategy in place three years ago, ... Our results reflect the acceleration of that decline, but also clearly demonstrate that we are successfully scaling our growth businesses.

AT&T's strong second-quarter earnings reflect steady progress in executing our strategy. In fact, two of our growth businesses, AT&T Wireless and AT&T Solutions, grew revenue more than 40 percent each.