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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-25	Common Stock	M	2928	$37.23	Acquired	231234	Direct
2016-07-25	Common Stock	F	2697	$43.11	Disposed	228537	Direct
2016-07-25	Common Stock	M	1678	$40.28	Acquired	230215	Direct
2016-07-25	Common Stock	F	1615	$43.11	Disposed	228600	Direct
2016-07-25	Common Stock	M	2585	$37.88	Acquired	231185	Direct
2016-07-25	Common Stock	F	2403	$43.11	Disposed	228782	Direct
2016-07-25	Common Stock	M	1982	$36.17	Acquired	230764	Direct
2016-07-25	Common Stock	F	1797	$43.11	Disposed	228967	Direct
2016-07-25	Common Stock	M	3899	$23.22	Acquired	232866	Direct
2016-07-25	Common Stock	F	2855	$43.11	Disposed	230011	Direct
2016-07-25	Common Stock	M	3153	$24.63	Acquired	233164	Direct
2016-07-25	Common Stock	F	2369	$43.11	Disposed	230795	Direct
2016-07-25	Common Stock	M	4454	$25.32	Acquired	235249	Direct
2016-07-25	Common Stock	F	3388	$43.11	Disposed	231861	Direct
2016-07-25	Common Stock	M	3155	$25.54	Acquired	235016	Direct
2016-07-25	Common Stock	F	2409	$43.11	Disposed	232607	Direct
2016-07-25	Common Stock	M	4470	$28.24	Acquired	237077	Direct
2016-07-25	Common Stock	F	3575	$43.11	Disposed	233502	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	2928	Disposed	2017-02-15	Common Stock (2928)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$40.28	M	1678	Disposed	2017-06-15	Common Stock (1678)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$37.88	M	2585	Disposed	2018-02-15	Common Stock (2585)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$36.17	M	1982	Disposed	2018-06-16	Common Stock (1982)	Direct
2016-07-25	Non-qualified Stock Option (Right to Buy)	$23.22	M	3899	Disposed	2019-02-17	Common Stock (3899)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$24.63	M	3153	Disposed	2019-06-15	Common Stock (3153)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$25.32	M	4454	Disposed	2020-02-16	Common Stock (4454)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$25.54	M	3155	Disposed	2020-06-15	Common Stock (3155)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$28.24	M	4470	Disposed	2021-02-15	Common Stock (4470)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6310.9022	Indirect
Common Stock	66856.116	Indirect
Common Stock	57528	Indirect

Footnotes

F1: Options were acquired pursuant to the AT&T Stock Purchase and Deferral Plan, where two options are issued for each share purchased by a participant's contributions. Options are exercisable upon termination of employment or one year after issuance whichever is earlier.