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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Common Stock	A	2032.6635	$32.70	Acquired	66328.8693	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5338.7277	Indirect
Common Stock	376616	Direct
Common Stock	163302	Indirect

Footnotes

F1: Represents deferred stock units purchased by the reporting person with automatic payroll deductions and partial company matching contributions. Deferred stock units are settled only in stock on a 1-for-1 basis.