AT&T INC. — Director's Dealing 2018

May 2, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2018-04-30

Reporting Person: MCCALLISTER MICHAEL B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Common Stock	A	535	$32.70	Acquired	6814	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Deferred Stock Units	$	A	7502.2125	Acquired		Common Stock (7502.2125)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25000	Indirect
Common Stock	290	Indirect

Footnotes

F1: Acquisition of shares at fair market value in lieu of retainer fees pursuant to the AT&T Inc. Non-Employee Director Stock Purchase Plan.

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.