AT&T INC. — Director's Dealing 2011

Mar 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-02-28

Reporting Person: LINDNER RICHARD G (Sr. Exec. VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-28	Common Stock	A	183.5942	$28.38	Acquired	97554.8982	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	122066	Direct
Common Stock	1466.4791	Indirect
Common Stock	164084	Indirect

Footnotes

F1: Represents shares purchased by the reporting person with automatic deductions from payroll and, to a limited extent, company matching contributions, in the form of deferred stock units settled only in stock on a 1-for-1 basis as provided for in the plan.