This document is about AT&T Inc. requesting an exemption from the U.S. Department of Labor for a proposed in-kind contribution of 320 million Series A Cumulative Perpetual Preferred Membership Interests of AT&T Mobility II LLC to the SBC Master Pension Trust, which holds assets of two U.S. defined benefit pension plans maintained by AT&T Inc. and its affiliates. The exemption would allow the transaction and the holding and disposition of the preferred interests by the trust.