AT&T INC. — Director's Dealing 2015

Jan 29, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2015-01-27

Reporting Person: WATTS DONALD W (Sr. Exec. VP and Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-27	Common Stock	M	59086	—	Acquired	281517	Direct
2015-01-27	Common Stock	F	18957	$32.81	Disposed	262560	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-27	Restricted Stock Units	$	M	59086	Disposed		Common Stock (59086)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9134.8712	Indirect
Common Stock	45386.2238	Indirect

Footnotes

F1: Restricted stock units convert into common stock on a one-for-one basis.

F2: Mandatory tax withholding on distribution of Restricted Stock Units.

F3: Units vest and/or distribute on 01/27/2015.