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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-25	Common Stock	M	15102	$37.23	Acquired	441623	Direct
2016-07-25	Common Stock	F	13907	$43.11	Disposed	427716	Direct
2016-07-25	Common Stock	M	98764	$40.28	Acquired	526480	Direct
2016-07-25	Common Stock	F	95001	$43.11	Disposed	431479	Direct
2016-07-25	Common Stock	M	14720	$37.88	Acquired	446199	Direct
2016-07-25	Common Stock	F	13684	$43.11	Disposed	432515	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	15102	Disposed	2017-02-15	Common Stock (15102)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$40.28	M	98764	Disposed	2017-06-15	Common Stock (98764)	Direct
2016-07-25	Employee Stock Option (Right to Buy) - SPDP	$37.88	M	14720	Disposed	2018-02-15	Common Stock (14720)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4869.304	Indirect
Common Stock	360381.8605	Indirect
Common Stock	856128	Indirect