X0303 4 2010-01-11 0000732717 AT&T INC. T 0001018982 ANDERSON REUBEN V 208 S. AKARD STREET DALLAS TX 75202 1 Common Stock 2010-01-11 4 M 0 4079.527 0 A 25019.527 D Common Stock 2010-01-11 4 D 0 205.957 28.445 D 24813.57 D Common Stock 2010-01-11 4 D 0 3873.57 27.002 D 20940 D Phantom Deferral Shares 0 2010-01-11 4 M 0 4079.527 0 D Common Stock 4079.527 16111.738 I By Benefit Plan Pursuant to the terms of the BellSouth Non-Qualified Deferred Compensation Plan for Non-Employee Directors and Certain Executives, the price of these phantom deferral shares was calculated based on the average high and low sales prices of AT&T Inc. common stock on the NYSE on January 4, 2010. Pursuant to the terms of the BellSouth Corporation Directors Compensation Deferral Plan, the price of these phantom deferral units was calculated based on the average of the high and low sales prices of AT&T common stock on the NYSE on the last trading day of each of the three calendar months preceding the distribution date. Acquired pursuant to various BellSouth Corporation director deferral plans. Each unit is converted into the equivalent value in cash of one share of AT&T common stock and distributed at the election of the reporting person. by Ann E. Meuleman, Secy., Attorney-in-fact 2010-01-13