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AT&T INC. Director's Dealing 2012

May 16, 2012

29786_dirs_2012-05-16_14e51a21-7849-4812-9dc3-576ddf13d2f6.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: 2012-05-15

Reporting Person: STEPHENS JOHN JOSEPH (Sr. Exec. VP and CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-05-15 Common Stock M 6530 $33.15 Acquired 185509 Direct
2012-05-15 Common Stock F 6483 $33.53 Disposed 179026 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2012-05-15 Employee Stock Option (Right to Buy) - SSP $33.15 M 6530 Disposed 2012-06-01 Common Stock (6530) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2081.5182 Indirect
Common Stock 36306.8007 Indirect