AT&T INC. — Director's Dealing 2015

May 4, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2015-04-30

Reporting Person: STEPHENSON RANDALL L (Director, Chairman, CEO and President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-04-30	Common Stock	A	4024.3181	$34.64	Acquired	177008.1103	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4183.5436	Indirect
Common Stock	253071	Direct
Common Stock	856128	Indirect

Footnotes

F1: Represents deferred stock units purchased by the reporting person with automatic payroll deductions and partial company matching contributions. Deferred stock units are settled only in stock on a 1-for-1 basis.