1 Exhibit 1 SBC Communications Inc. 9,000,000 DECSSM (Debt Exchangeable for Common Stock SM)* 7 3/4% Exchangeable Notes Due March 15, 2001 (Subject to Exchange into American Depositary Shares, each representing twenty Series L Shares, without par...Underwriting Agreement • March 31st, 1997 • SBC Communications Inc • Telephone communications (no radiotelephone) • New York
