AT&T INC. — Director's Dealing 2012

May 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-05-25

Reporting Person: STANKEY JOHN T (Group Pres. & Chief Strat Ofcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-25	Common Stock	M	2513	$33.15	Acquired	205487	Direct
2012-05-25	Common Stock	F	2491	$33.64	Disposed	202996	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-25	Employee Stock Option (Right to Buy) - SSP	$33.15	M	2513	Disposed	2012-06-01	Common Stock (2513)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3605.2757	Indirect
Common Stock	46430.0057	Indirect
Common Stock	211164	Indirect