AT&T INC. — Director's Dealing 2016

Feb 2, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2016-01-29

Reporting Person: Di Piazza Samuel A Jr. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-29	Common Stock	M	27187.8153	—	Acquired	53977.8153	Direct
2016-01-29	Common Stock	D	27187.8153	$36.06	Disposed	26790	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-29	Deferred Stock Units	$	A	863.838	Acquired		Common Stock (863.838)	Indirect
2016-01-29	Phantom Units	$	M	27187.8153	Disposed		Common Stock (27187.8153)	Indirect

Footnotes

F1: Distribution of phantom shares pursuant to deferral plan. Upon distribution, each unit is converted into the equivalent value in cash of one share of AT&T common stock.

F2: Acquisition of deferred stock units pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan. After the reporting person ceases to be a director, each unit is paid out in cash equal to the value of one share of AT&T common stock at times elected by the director.