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AT&T INC. Director's Dealing 2012

May 2, 2012

29786_dirs_2012-05-02_5b7e6a27-ad4a-43f1-8bab-4123797e29a1.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: 2012-04-30

Reporting Person: WATTS DONALD W (Sr. Exec. VP and Gen. Counsel)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-04-30 Common Stock A 673.3188 $32.91 Acquired 23911.7824 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 109608 Direct
Common Stock 7120.9273 Indirect

Footnotes

F1: 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.