Subsid Adjusts Exchange Rate

RNS Number:3675H
AT & T Corp (IRS)
23 July 2001


For more information, contact:

June Rochford
908-221-8165
[e-mail]

   AT&T SUBSIDIARY ADJUSTS EXCHANGE RATE ON TCI PACIFIC PREFERRED STOCK

NEW YORK - AT&T today announced that its subsidiary, TCI Pacific Communications,
Inc., has sent a notice to holders of its Class A Senior Cumulative Exchangeable
Preferred Stock ("TPACP") that informs them of the security's new exchange rate,
which was adjusted as a result of the split off of AT&T Wireless Services from
AT&T on July 9, 2001.

The following is the text of the notice:

Dear Stockholder:

TCI Pacific Communications, Inc. ("TCI Pacific") is hereby providing notice of
an adjustment in the exchange rate for the TCI Pacific Class A Senior Cumulative
Exchangeable Preferred Stock (the "Preferred Stock").  Set forth below is a
further explanation of the reason for the adjustment to the exchange rate.

On July 9, 2001, AT&T Corp, ("AT&T"), as part of the split off of AT&T Wireless
Services, Inc. ("AT&T Wireless"), paid a dividend of .3218 shares of AT&T
Wireless Common Stock to holders of AT&T Common Stock.  The distribution had a
record date of June 22, 2001.  As a result of the split off, your shares of
Preferred Stock will become exchangeable (on and after the Initial Exchange Date
of August 1, 2001, as provided in TCI Pacific's Restated Certificate of
Incorporation) into shares of AT&T Common Stock at the adjusted rate of 8.365
shares of AT&T Common Stock for each share of Preferred Stock.  The exchange
rate prior to the split off was 6.338 shares of AT&T Common Stock for each share
of Preferred Stock.

For more information concerning the adjustment to the exchange rate for the
Preferred Stock, please call [phone].


TCI Pacific Communications, Inc.