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AT&T INC. Director's Dealing 2012

May 2, 2012

29786_dirs_2012-05-02_b872e56c-2044-4bb0-8027-219a01046ffe.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: 2012-04-30

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

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-04-30 Common Stock A 1115.1721 $32.91 Acquired 36306.8007 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 178979 Direct
Common Stock 2081.5182 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.