AT&T Chairman Randall Stephenson Joins PGA Tour Board

December 9, 2011

The PGA Tour Policy Board announced that Randall L. Stephenson, order Chairman, price Chief Executive Officer and President of AT&T, Inc., will become a member of the Board effective January 1, 2012.

Stephenson will serve as one of the Policy Board’s four Independent Directors, joining Chairman Victor Ganzi, former President and Chief Executive Officer of Hearst Corporation; John McCoy, former Chairman and CEO, Bank One Corp.; and Ken Thompson, former President and CEO, Wachovia.

PGA Tour Commissioner Tim Finchem, said: “I have had a great working relationship with Randall over the past several years and consider him a wonderful choice by the Policy Board as an Independent Director. He has been very supportive of a number of initiatives by the PGA Tour and is recognized as one of the world’s most outstanding business leaders. Randall will be a true asset to the Board and the PGA Tour.”

Stephenson was appointed as AT&T’s Chairman, CEO and President in 2007. He previously served as the company’s Chief Operating Officer from 2004 to 2007 and as Senior Executive Vice President and Chief Financial Officer from 2001 to 2004.

“I am honored to join the PGA Tour Policy Board,” Stephenson said. “I have great respect for the PGA Tour and its members and look forward to working with the other Board members to serve in the best interests of the PGA Tour, Champions Tour and Nationwide Tour.”

AT&T has been title sponsor of the AT&T Pebble Beach National Pro-Am since 1986 and has sponsored the AT&T National since its inception in 2007.

“We are delighted that Randall has agreed to become the newest member of the PGA Tour Policy Board,” Ganzi said. “He has tremendous business acumen and has intimate knowledge of the PGA Tour through AT&T’s sponsorship of the Pebble Beach Pro-Am and the AT&T National. We are fortunate to have an outstanding collection of business leaders and players on the Policy Board to serve the organization and its members, and Randall will be a most welcome addition.”

Stephenson is replacing Edward E. Whitacre, Jr. on the PGA Tour Policy Board. Whitacre, Chairman Emeritus of AT&T Inc., is retiring from the Board after having served since January 1, 2008.