AT&T INC. — Director's Dealing 2016

Jul 25, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2016-07-25

Reporting Person: STEPHENS JOHN JOSEPH (Sr. Exec. VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-25	Common Stock	M	4026	$37.23	Acquired	216118	Direct
2016-07-25	Common Stock	F	3708	$43.11	Disposed	212410	Direct
2016-07-25	Common Stock	M	14589	$40.28	Acquired	226999	Direct
2016-07-25	Common Stock	F	14034	$43.11	Disposed	212965	Direct
2016-07-25	Common Stock	M	3348	$37.88	Acquired	216313	Direct
2016-07-25	Common Stock	F	3113	$43.11	Disposed	213200	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$37.23	M	4026	Disposed	2017-02-15	Common Stock (4026)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$40.28	M	14589	Disposed	2017-06-15	Common Stock (14589)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$37.88	M	3348	Disposed	2018-02-15	Common Stock (3348)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4354.8016	Indirect
Common Stock	75744.316	Indirect
Common Stock	163302	Indirect