AT&T INC. — Director's Dealing 2012

Jul 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-07-27

Reporting Person: BLASE WILLIAM A JR (Sr. Exec. VP-Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-27	Common Stock	M	1392	$26.46	Acquired	94840	Direct
2012-07-27	Common Stock	M	683	$23.74	Acquired	95523	Direct
2012-07-27	Common Stock	S	1475	$37.16	Disposed	94048	Direct
2012-07-27	Common Stock	S	100	$37.1655	Disposed	93948	Direct
2012-07-27	Common Stock	S	500	$37.1657	Disposed	93448	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-27	Employee Stock Option (Right to Buy) - SSP	$26.46	M	1392	Disposed	2014-01-31	Common Stock (1392)	Direct
2012-07-27	Employee Stock Option (Right to Buy) - SSP	$23.74	M	683	Disposed	2014-05-30	Common Stock (683)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3902.2861	Indirect
Common Stock	29851.5903	Indirect
Common Stock	73228	Indirect