INVESTOR AGREEMENT



                                  BY AND AMONG



                                   AT&T CORP.,



                          AT&T WIRELESS SERVICES, INC.



                                       AND



                                NTT DOCOMO, INC.



                          DATED AS OF DECEMBER 20, 2000



























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                                TABLE OF CONTENTS







                                                                            PAGE



                                    ARTICLE I



                                   DEFINITIONS



Section 1.1       Definitions..................................................1



                                   ARTICLE II



                         REPRESENTATIONS AND WARRANTIES



Section 2.1       Representations and Warranties of AT&T......................10

Section 2.2       Representations and Warranties of AT&T Wireless.............10

Section 2.3       Representations and Warranties of DoCoMo and each Designee..11



                                   ARTICLE III



                      GOVERNANCE AND STANDSTILL PROVISIONS



Section 3.1       Board of Directors..........................................11

Section 3.2       Pre-Spin-off Governance Rights..............................14

Section 3.3       Post-Spin-off Governance Rights.............................16

Section 3.4       Senior Leadership Team......................................17

Section 3.5       Management Positions........................................17

Section 3.6       Standstill Restrictions.....................................18

Section 3.7       Termination of the Standstill Restrictions..................22

Section 3.8       Voting......................................................24



                                   ARTICLE IV



                                 OTHER COVENANTS



Section 4.1       Technology Commitment.......................................25

Section 4.2       Joint Research and Development Effort.......................25

Section 4.3       Technology Default Right....................................25

Section 4.4       No Spin-off Repurchase Right................................29

Section 4.5       Reinvestment Right..........................................30

Section 4.6       Financial Statement Cooperation.............................32



                                    ARTICLE V



                           MOBILE MULTIMEDIA ALLIANCE



Section 5.1       The Mobile Multimedia Alliance and the MMS..................33

Section 5.2       Technology Evolution and Timing.............................33

Section 5.3       Contributions and Resources.................................34

Section 5.4       Advisory Committee and Senior Management....................36

Section 5.5       Business Plan...............................................36

Section 5.6       Termination.................................................37





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Section 5.7       Other Operational Cooperation...............................37



                                   ARTICLE VI



                              TRANSFER RESTRICTIONS



Section 6.1       Transfer Restrictions.......................................38



                                   ARTICLE VII



                               REGISTRATION RIGHTS



Section 7.1       Demand Registrations........................................40

Section 7.2       Piggy-Back Registration.....................................42

Section 7.3       Limitations on Demand Registrations; Termination

                    of Registration Obligation................................43

Section 7.4       Registration Procedures.....................................44

Section 7.5       Registration Expenses.......................................49

Section 7.6       Indemnification; Contribution...............................49



                                  ARTICLE VIII



                                PREEMPTIVE RIGHTS



Section 8.1       Preemptive Rights...........................................52

Section 8.2       Limitation of Preemptive Rights.............................55



                                   ARTICLE IX



                          EFFECTIVENESS AND TERMINATION



Section 9.1       Effectiveness...............................................55

Section 9.2       Termination.................................................55

Section 9.3       Partial Termination.........................................55



                                    ARTICLE X



                        NON-COMPETITION; CONFIDENTIALITY



Section 10.1      Non-Competition Restrictions................................55

Section 10.2      Definitions.................................................56

Section 10.3      Duration of and Limitations on Restrictions.................57

Section 10.4      Non-Disclosure Commitment...................................58



                                   ARTICLE XI



                                  MISCELLANEOUS



Section 11.1      Injunctive Relief...........................................60

Section 11.2      Successors and Assigns......................................60

Section 11.3      Amendments; Waiver..........................................60

Section 11.4      Notices.....................................................60

Section 11.5      Governing Law...............................................62



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Section 11.6      Arbitration.................................................62

Section 11.7      Headings....................................................64

Section 11.8      Entire Agreement............................................64

Section 11.9      Severability................................................64

Section 11.10     Submission to Jurisdiction; Waivers.........................64

Section 11.11     Waiver of Immunity..........................................65

Section 11.12     Waiver of Jury Trial........................................65

Section 11.13     Counterparts................................................65

Section 11.14     Interpretation..............................................65

Section 11.15     Anti-Dilution Adjustments...................................65

Section 11.16     Effectiveness of this Agreement.............................65

Section 11.17     No Third Party Beneficiaries................................66

Section 11.18     Substitution for AT&T Wireless..............................66



Exhibit A ..............................Cost of Carry

Exhibit B ..............................List of Separation Agreements

Schedule 3.4 ...........................Senior Leadership Team

Schedule 4.1 ...........................Top 50 U.S. BTAs

Schedule 5.3(b) ........................Mobile Multimedia Support/Contribution





                                     -iii-

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          INVESTOR AGREEMENT (this "AGREEMENT"), by and among AT&T Corp., a New

York corporation ("AT&T"), AT&T Wireless Services, Inc., a Delaware corporation

and a wholly-owned subsidiary of AT&T ("AT&T WIRELESS"), and NTT DoCoMo, Inc., a

company incorporated under the laws of Japan ("DOCOMO"), dated as of December

20, 2000, but effective and binding upon the parties only as specified in

Section 11.16.



                              W I T N E S S E T H:



          WHEREAS, AT&T, AT&T Wireless and DoCoMo have entered into a Letter

Agreement, dated November 30, 2000 (including the Term Sheet and other schedules

and attachments thereto, the "LETTER AGREEMENT"), that sets forth the agreements

among the parties for an investment by DoCoMo in the Wireless Group and, after

the Spin-off, in AT&T Wireless, and a related mobile multimedia alliance;



          WHEREAS, AT&T, AT&T Wireless and DoCoMo are entering into a Securities

Purchase Agreement, dated as of the date hereof (as it may be amended from time

to time, the "PURCHASE AGREEMENT"), pursuant to which, among other things,

DoCoMo will purchase 812,511.778 shares of New Tracking Stock (as defined in the

Purchase Agreement) and Warrants to purchase an additional 83,496.546 shares of

New Tracking Stock, which will be converted, in connection with the Spin-off,

into shares of Current Wireless Tracking Stock, which shares of Current Wireless

Tracking Stock will then immediately be exchanged for shares of AT&T Wireless

Common Stock, and Warrants to purchase shares of AT&T Wireless Common Stock

(collectively, the "INVESTMENT");



          WHEREAS, the Letter Agreement contemplates that the agreements

contained therein would be superseded by definitive agreements, including (1)

the Purchase Agreement, (2) a Warrant Agreement and (3) this Agreement; and



          WHEREAS, AT&T, AT&T Wireless and DoCoMo desire to establish in this

Agreement certain terms and conditions concerning the Investment and the

Alliance, and related provisions concerning DoCoMo's relationship with AT&T and

AT&T Wireless following the Closing.



          NOW, THEREFORE, in consideration of the mutual covenants and

agreements set forth herein and for other good and valuable consideration,

receipt and sufficiency of which is hereby acknowledged, the parties hereto

hereby agree as follows:



                                    ARTICLE I



                                   DEFINITIONS



          Section 1.1 DEFINITIONS. In addition to other terms defined elsewhere

in this Agreement, as used in this Agreement, the following terms

shall have the meanings ascribed to them below:



          "ACQUIRED SPINCO SHARES" shall have the meaning assigned in Section

4.5.





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          "ACQUIRED SPINCO WARRANTS" shall have the meaning assigned in Section

4.5.



          "ADDITIONAL SECURITIES" shall have the meaning assigned in Section

8.1(a).



          "ADVISORY COMMITTEE" shall have the meaning assigned in Section

5.4(b).



          "AFFILIATE" shall mean a Person that directly, or indirectly through

one or more intermediaries, controls, or is controlled by, or is under common

control with, a specified Person; PROVIDED, HOWEVER, that for so long as At Home

Corporation, a Delaware corporation or Liberty Media Corporation, a Delaware

corporation, and each other corporation constituting part of the Liberty Media

Group as defined in AT&T's certificate of incorporation, and their successors

and assigns ("AT HOME" and "LIBERTY Media," respectively) has any public

stockholders (directly, or through a tracking stock or similar concept), At Home

or Liberty Media, as the case may be, and any Affiliates or Subsidiaries of

Liberty Media, At Home or any of their respective Subsidiaries shall not be

treated as or deemed to be Affiliates of AT&T or of any of AT&T's Subsidiaries

or Affiliates for purposes hereof. For the purposes of this definition,

"CONTROL," (including, with correlative meanings, the terms "controlling",

"controlled by" and "under common control with"), as applied to any Person,

means the possession, directly or indirectly, of the power to direct or cause

the direction of the management and policies of that Person, whether through the

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