X0306 4 2018-10-31 0000732717 AT&T INC. T 0001183428 STEPHENSON RANDALL L 208 S. AKARD STREET DALLAS TX 75202 1 1 Chairman, CEO and President Common Stock 2018-10-31 5 G 0 E 239715.84 0 D 856128 I By LP Common Stock 2018-11-30 4 A 0 1959.027 31.24 A 400495.6125 I By Benefit Plan Common Stock 6357.0816 I By 401(k) Common Stock 916807 D Represents 4 separate gifts of limited partnership interests in the LP to two trusts for the benefit of the reporting person's children. Each gift represents a 7% interest in the LP. However, because the reporting person controls the general partner of the LP, the reporting person is reporting the limited partnership's ownership of the issuer securities in the aggregate. The reporting person disclaims beneficial ownership of AT&T Inc. common stock held by the LP except to the extent of his pecuniary interest therein. Shares owned by a limited partnership. The general partner of the LP is a limited liability company, of which the reporting person and his spouse are the sole members and which is managed by the reporting person. The five limited partners of the LP are the reporting person, his spouse, and three trusts. 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. /s/ Stacey S. Maris, Secy., Attorney-in-fact 2018-12-04