AT&T INC. — Director's Dealing 2015

May 28, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2015-05-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-26	Common Stock	M	89320	$24.01	Acquired	342391	Direct
2015-05-26	Common Stock	F	73337	$34.71	Disposed	269054	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-26	Employee Stock Option (Right to Buy) - SPDP	$24.01	M	89320	Disposed	2015-06-15	Common Stock (89320)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4183.5436	Indirect
Common Stock	177008.1103	Indirect
Common Stock	856128	Indirect