AT&T INC. — Director's Dealing 2016

Feb 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2016-01-28

Reporting Person: BLASE WILLIAM A JR (Sr. Exec. VP-Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-28	Common Stock	A	32703.24	—	Acquired	248950.24	Direct
2016-01-28	Common Stock	F	13751.6752	$35.53	Disposed	235198.5648	Direct
2016-01-28	Common Stock	D	18951.5648	$35.53	Disposed	216247	Direct
2016-01-28	Common Stock	M	1806	—	Acquired	218053	Direct
2016-01-28	Common Stock	F	1806	$35.53	Disposed	216247	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-28	Restricted Stock Units (2016)	$	A	46440	Acquired		Common Stock (46440)	Direct
2016-01-28	Restricted Stock Units (2016)	$	M	1806	Disposed		Common Stock (1806)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5947.7535	Indirect
Common Stock	81324.9672	Indirect
Common Stock	63228	Indirect

Footnotes

F1: Distribution of performance shares.

F2: Each performance share is equivalent in value to a share of common stock.

F3: Mandatory tax withholding on distribution of performance shares.

F4: Represents performance shares distributed in cash, after taxes.

F5: Restricted stock units acquired pursuant to the 2011 Incentive Plan. Each unit will convert into one share of issuer's common stock. Units vest and distribute on 1/28/2020. Vesting (but not distribution) is accelerated on retirement eligibility.

F6: Mandatory tax withholding on vesting of Restricted Stock Units due to retirement eligibility.