Exhibit 99.5
CONSENT OF CSFB
We hereby consent to the inclusion and description of our
opinion letter dated January 30, 2005 to the Board of Directors
of AT&T Corp. included as Annex B to the Proxy
Statement-Prospectus which forms part of the Registration
Statement on Form S-4 of SBC Communications Inc. and the
references to our firm in such Proxy Statement-Prospectus under
the headings “Summary—Opinions of AT&T’s
Financial Advisors,” “The Merger—Background of
the Merger,” “The Merger—AT&T’s Reasons
for the Merger” and “The Merger—Opinions of
AT&T’s Financial Advisors.”
In giving such consent, we do not admit that we come within the
category of persons whose consent is required under
Section 7 of the Securities Act of 1933, as amended, or the
rules and regulations of the Securities and Exchange Commission
thereunder, nor do we hereby admit that we are experts with
respect to any part of such Registration Statement within the
meaning of the term “experts” as used in the
Securities Act of 1933, as amended, or the rules and regulations
of the Securities and Exchange Commission thereunder.
| CREDIT SUISSE FIRST BOSTON LLC |
New York, New York
May 11, 2005