Business: AT&T Inc. 5.00% Depositary Shares each representing a 1/1000 interest in a share of the Cumulative Perpetual Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/12/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.00% per annum ($1.25 per annum or $0.3125 per quarter) will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-30 of the prospectus for further information). <p> This security is possibly subject to an early call within 90 days of a rating agency event at $25.50 plus accrued and unpaid interest (see prospectus for further information). <p> This security was rated as Ba1 by Moody’s and BB+ by S&P at the date of its IPO. This security was rated as BBB by Fitch Ratings Co. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.