AT&T INC. — Director's Dealing 2012

Feb 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-02-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-07	Common Stock	M	15000	$24.44	Acquired	105638	Direct
2012-02-07	Common Stock	S	15000	$29.99	Disposed	90638	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-07	Employee Stock Option (Right to Buy) - 01 IP	$24.44	M	15000	Disposed	2013-01-31	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3560.7622	Indirect
Common Stock	30471.4904	Indirect
Common Stock	73228	Indirect

Footnotes

F1: The price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.99 to $29.99013. The reporting person undertakes to provide upon request by the SEC, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.