AT&T INC. — Director's Dealing 2012

May 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-05-21

Reporting Person: Geisse Andrew M (Sr Exec VP ATT Bus & Home Sol)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-21	Common Stock	M	1334	$33.15	Acquired	31246	Direct
2012-05-21	Common Stock	F	1322	$33.66	Disposed	29924	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-21	Employee Stock Option (Right to Buy) - SSP	$33.15	M	1334	Disposed	2012-06-01	Common Stock (1334)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2332.0378	Indirect
Common Stock	42958.8656	Indirect
Common Stock	23982	Indirect