AT&T INC. — Director's Dealing 2019

May 24, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2019-05-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-23	Common Stock	M	20664	$25.32	Acquired	1208125	Direct
2019-05-23	Common Stock	F	17962	$32.28	Disposed	1190163	Direct
2019-05-23	Common Stock	M	14627	$24.63	Acquired	1204790	Direct
2019-05-23	Common Stock	F	12525	$32.28	Disposed	1192265	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-23	Employee Stock Option (Right to Buy) - SPDP	$25.32	M	20664	Disposed	2020-02-16	Common Stock (20664)	Direct
2019-05-23	Employee Stock Option (Right to Buy) - SPDP	$24.63	M	14627	Disposed	2019-06-15	Common Stock (14627)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6588.8147	Indirect
Common Stock	413400.1087	Indirect
Common Stock	856128	Indirect