AT&T INC. — Director's Dealing 2019

May 2, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2019-04-30

Reporting Person: YANG GEOFFREY Y (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-30	Common Stock	A	1130	$30.96	Acquired	6532	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-04-30	Deferred Stock Units	$	A	7329.0958	Acquired		Common Stock (7329.0958)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	101220	Indirect
Common Stock	70257	Indirect
Common Stock	29815	Indirect
Common Stock	33558	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: Shares owned by a family limited partnership of which the reporting person and his spouse are the general partners and of which the Yang Family Trust UDT 4/11/94 is the sole limited partner.

F3: Shares owned by a limited partnership; the general partner is the reporting person's daughter and the three limited partners of the LP are trusts. The reporting person disclaims beneficial ownership of the AT&T Inc. common stock held by the LP except to the extent of his pecuniary interest therein.

F4: 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.