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AT&T INC. Director's Dealing 2010

Feb 2, 2010

29786_dirs_2010-02-02_cce07a51-6611-4bb4-a34a-a023c6e2a8ae.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2010-01-29

Reporting Person: BUSCH AUGUST A III (Director)

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2010-01-29 Deferred Stock Units $0 A 3267.4828 Acquired Common Stock (3267.4828) Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 139754 Direct
Common Stock 3300 Indirect
Common Stock 3300 Indirect

Footnotes

F1: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2: Elizabeth Busch Trust f/b/o Elizabeth Burke (reporting person is co-trustee).

F3: Elizabeth Busch Trust f/b/o August A. Busch III (reporting person is co-trustee).

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.