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 Straight Path Communications Inc. ("Straight Path") (NYSE MKT: <a class="ticker" href="/stock/strp#NYSE MKT">STRP</a>) 
 announced that it will sign today a definitive merger agreement under 
 which Verizon Communications Inc. ("Verizon") VZ will acquire 
 Straight Path for $184.00 per share (reflecting an enterprise value of 
 approximately $3.1 billion) in an all-stock transaction that is intended 
 to qualify as a tax-free reorganization. Concurrently therewith, Verizon 
 will pay on behalf of Straight Path a termination fee of $38 million to 
 AT&amp;T. The transaction has been approved by the boards of directors of 
 both Straight Path and Verizon.
 
 
 Straight Path also announced that it will terminate the previously 
 announced definitive agreement and plan of merger with AT&amp;T Inc. 
 ("AT&amp;T") T and Switchback Merger Sub Inc., dated as of April 9, 
 2017 (the "AT&amp;T Merger Agreement"). As previously announced, the 
 Straight Path board of directors determined, in good faith, after 
 consultation with its financial advisors and outside legal advisors, 
 that the transaction with Verizon constituted a Superior Proposal under 
 the AT&amp;T Merger Agreement. AT&amp;T informed Straight Path that after much 
 deliberation, it has determined not to make any new bids or proposals to 
 Straight Path or to propose any amendments to the AT&amp;T Merger Agreement.
 
 
 The acquisition of Straight Path for $184.00 per share in 
 Verizon stock, implies a premium of 486% to the closing price of 
 Straight Path common stock of $31.41 on January 11, 2017, the day before 
 Straight Path announced its FCC settlement and strategic alternatives 
 process, and 404% premium to the closing stock price of $36.48 on April 
 7, 2017, the business day prior to entry into the AT&amp;T Merger Agreement. 
 Stock consideration received by Straight Path stockholders will be based 
 on a variable number of Verizon common stock issued at transaction close 
 to ensure fixed consideration of $184.00 per share. The companies 
 anticipate a closing within nine months, subject to FCC review. The 
 transaction is supported by Straight Path&#39;s majority shareholder, Howard 
 Jonas, who has entered into a voting agreement with Verizon and agreed 
 to vote his Class A shares (held through a trust) in support of the 
 transaction, subject to certain limitations.
 
 
 Evercore served as exclusive financial advisor to Straight Path and 
 Weil, Gotshal &amp; Manges LLP served as company counsel on this 
 transaction. Debevoise &amp; Plimpton LLP served as counsel to Verizon on 
 this transaction.
 
 
 About Straight Path Communications Inc.
 
 
 Straight Path (NYSE MKT: <a class="ticker" href="/stock/strp#NYSE MKT">STRP</a>) holds an extensive portfolio of 39 GHz 
 and 28 GHz wireless spectrum licenses. Straight Path is developing next 
 generation wireless technology through its Straight Path Ventures 
 subsidiary. Straight Path holds licenses and conducts other business 
 related to certain patents through its Straight Path IP Group 
 subsidiary. Additional information is available on Straight Path&#39;s 
 websites.
 
 
 Corporate: <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.straightpath.com&amp;esheet=51557213&amp;newsitemid=20170511005569&amp;lan=en-US&amp;anchor=www.straightpath.com&amp;index=1&amp;md5=79ad52ffa75b68020eef59b4217bfc44" rel="nofollow" rel="nofollow">www.straightpath.com</a>.
 
 
 Spectrum: <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.straightpath39.com&amp;esheet=51557213&amp;newsitemid=20170511005569&amp;lan=en-US&amp;anchor=www.straightpath39.com&amp;index=2&amp;md5=b1be32f88246cbd9d69dd284ca447c00" rel="nofollow" rel="nofollow">www.straightpath39.com</a>.
 
 
 IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC
 
 
 Straight Path plans to file with the SEC and mail to its stockholders 
 a Proxy Statement/Prospectus in connection with the proposed 
 transaction. THE PROXY STATEMENT/PROSPECTUS WILL CONTAIN IMPORTANT 
 INFORMATION ABOUT VERIZON, STRAIGHT PATH, THE PROPOSED TRANSACTION AND 
 RELATED MATTERS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ 
 THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN THEY BECOME AVAILABLE. Investors 
 and security holders will be able to obtain free copies of the Proxy 
 Statement/Prospectus and the other documents filed with the SEC by 
 Straight Path through the web site maintained by the SEC at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=51557213&amp;newsitemid=20170511005569&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=c514d3258afd059e597f92425518c544" rel="nofollow" rel="nofollow">www.sec.gov</a>. 
 In addition, investors and security holders will be able to obtain 
 free copies of the Proxy Statement/Prospectus by phone, e-mail or 
 written request by contacting the investor relations department of 
 Straight Path at the following:
 
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 Straight Path Communications Inc.
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 Address:
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 5300 Hickory Park Dr., Suite 218
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 Glen Allen, VA 23059
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 Attention: Investor Relations
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 Phone:
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 804-433-1523
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 E-mail:
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 <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:yonatan.cantor@straightpath.com" rel="nofollow" rel="nofollow">yonatan.cantor@straightpath.com</a>
 
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 PARTICIPANTS IN THE SOLICITATION
 
 
 Straight Path and its directors and executive officers may be deemed 
 to be participants in the solicitation of proxies in respect of the 
 proposed transactions contemplated by the Verizon merger agreement. Information 
 regarding Straight Path's directors and executive officers is contained 
 in Straight Path's Form 10-K for the year ended July 31, 2016 and its 
 proxy statement dated November 22, 2016, which are filed with the SEC. 
 A more complete description will be available in the Proxy 
 Statement/Prospectus.
 
 
 Safe Harbor
 
 
 In this press release, all statements that are not purely about 
 historical facts, including, but not limited to, those in which we use 
 the words &#34;believe,&#34; &#34;anticipate,&#34; &#34;expect,&#34; &#34;plan,&#34; &#34;intend,&#34; 
 &#34;estimate, &#34;target&#34; and similar expressions, are forward-looking 
 statements within the meaning of the Private Securities Litigation 
 Reform Act of 1995. While these forward-looking statements represent our 
 current judgment of what may happen in the future, actual results may 
 differ materially from the results expressed or implied by these 
 statements due to numerous important factors, including, but not limited 
 to, those described in our Annual Report on Form 10-K for the fiscal 
 year ended July 31, 2016 and our other periodic filings with the SEC 
 (under the headings &#34;Risk Factors&#34; and &#34;Management&#39;s Discussion and 
 Analysis of Financial Condition and Results of Operations&#34;). We are 
 under no obligation, and expressly disclaim any obligation, to update 
 the forward-looking statements in this press release, whether as a 
 result of new information, future events or otherwise.
 
 
 No Offer or Solicitation
 
 
 This document does not constitute an offer to sell or the 
 solicitation of an offer to buy any securities or a solicitation of any 
 vote or approval nor shall there be any sale of securities in any 
 jurisdiction in which such offer, solicitation or sale would be unlawful 
 prior to registration or qualification under the securities laws of any 
 such jurisdiction. No offering of securities shall be made except by 
 means of a prospectus meeting the requirements of Section 10 of the 
 Securities Act of 1933, as amended.
 
 
 
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