AT&T INC. — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-04-30

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
2012-04-30	Common Stock	A	1034.54	$32.91	Acquired	42958.8656	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	29912	Direct
Common Stock	2332.0378	Indirect
Common Stock	23982	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.