AT&T INC. - Director's Dealing 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2010-06-15

Reporting Person: LINDNER RICHARD G (Sr. Exec. VP and CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-06-15	Employee Stock Option (right to buy) - SPDP	$25.54	A	1619	Acquired	2020-06-15	Common Stock (1619)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	121409	Direct
Common Stock	1295.232	Indirect
Common Stock	90900.8186	Indirect
Common Stock	164084	Indirect

Footnotes

F1: Options were acquired pursuant to the AT&T Stock Purchase and Deferral Plan, where two options are issued for each share purchased by a participant's contributions. Options are exercisable upon termination of employment or one year after issuance whichever is earlier.

F2: Represents number of options granted. Reporting person may purchase one share of Issuer's common stock per option.

AI assistant

AT&T INC. Director's Dealing 2010

29786_dirs_2010-06-17_33060c4f-f2cb-4717-a21e-c643599061de.zip

SEC Form 4 — Statement of Changes in Beneficial Ownership

Derivative Transactions

Holdings (Non-Derivative)

Footnotes

AI assistant

AT&T INC. — Director's Dealing 2010

29786_dirs_2010-06-17_33060c4f-f2cb-4717-a21e-c643599061de.zip

SEC Form 4 — Statement of Changes in Beneficial Ownership

Derivative Transactions

Holdings (Non-Derivative)

Footnotes

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AT&T INC. Director's Dealing 2010