TFONY Telefonos de Mexico ADS Each Representing 20 Series A Shares (MM)

US Court Approves Telmex as Purchaser of the Assets of AT&T Latin America WASHINGTON, Nov. 4 /PRNewswire/ -- AT&T Latin America Corp. (ATTL.PK) announced that the United States Bankruptcy Court for the Southern District of Florida approved the sale to Telefonos de Mexico, S.A. de C.V. ("Telmex"), (BMV: TELMEX) (LATIBEX: XTMXL) , of AT&T Latin America's operating businesses, located in Argentina, Brazil, Chile, Colombia and Peru. The transaction is subject to the receipt of regulatory and other governmental approvals, as well as, other customary conditions to closing. AT&T Latin America expects that the transaction will close in early 2004. During this final stage of the sales process and the closing of the operation, ATTLA will continue focusing on meeting customer commitments, as well as ensuring the operational and financial objectives are met. About TELMEX TELMEX is Mexico's leading telecommunication company, with 15.4 million lines in service, 2.2 million lines for data transmission and 1.4 million Internet access accounts. TELMEX offers telecommunication services through a digital fiber optic network with an extension of over 74 thousand kilometers. TELMEX and its subsidiaries are offering a wide range of communication, data and video transmission and Internet access services, as well as integral telecommunication services for its corporate clients. You can find more information on TELMEX at http://www.telmex.com/. About AT&T Latin America AT&T Latin America Corp., headquartered in Washington, D.C., is a facilities-based provider of integrated business communications services in five countries: Argentina, Brazil, Chile, Colombia and Peru. The Company offers data, Internet, voice, video-conferencing and e-business services. http://www.attla.com/. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This press release includes "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance. The statements involve known and unknown risks and uncertainties, many of which are outside of AT&T Latin America's control that may cause its actual results or outcomes to materially differ from such statements. The risks and uncertainties include but are not limited to the risks associated with negotiating a comprehensive restructuring of its debt, including the debt of its subsidiaries not included in the Chapter 11 proceeding; AT&T Latin America's ability to develop, prosecute, confirm and consummate a plan of reorganization with respect to the Chapter 11 case; AT&T Latin America's ability to obtain court approval with respect to motions in the Chapter 11 proceeding it prosecutes from time to time; AT&T Latin America's ability to fund its business plan and/or to raise additional financing on acceptable terms and conditions; its ability to retain customers; changes in economic and political conditions in the countries in which it operates; currency fluctuations; inaccurate forecasts of customer or market demand; changes in AT&T Corp.'s approach to customers and its commercial relationships with the Company; changes in communications technology and/or the pricing of competitive products and services; highly competitive market conditions; changes in or developments under laws, regulations and licensing requirements in the countries in which AT&T Latin America operates; volatility of its stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-looking statements contained in this press release. These statements are made as of the date of this press release, and AT&T Latin America undertakes no obligation to update or revise them, whether as a result of new information, future events or otherwise. DATASOURCE: AT&T Latin America Corp. CONTACT: Cesar Amaro, +011-562-241-4818, ; or Catherine Castro, +1-202-689-6336, , both of AT&T Latin America Corp. Web site: http://www.attla.com/ http://www.telmex.com/

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