AT&T INC. — Director's Dealing 2013

May 8, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2013-05-07

Reporting Person: Lee Lori M (Sr. Exec. VP - Home Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-07	Common Stock	M	876	$26.46	Acquired	29601	Direct
2013-05-07	Common Stock	M	1266	$23.74	Acquired	30867	Direct
2013-05-07	Common Stock	S	2142	$37.4201	Disposed	28725	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-07	Employee Stock Option (Right to Buy) - SSP	$26.46	M	876	Disposed	2014-01-31	Common Stock (876)	Direct
2013-05-07	Employee Stock Option (Right to Buy) - SSP	$23.74	M	1266	Disposed	2014-05-30	Common Stock (1266)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2328.9177	Indirect
Common Stock	14749.617	Indirect
Common Stock	13392	Indirect