TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2012

Dec 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-12-15

Reporting Person: SEREDA PETER L (Sr. VP & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-15	Common Shares	M	4600	—	Acquired	17469	Direct
2012-12-15	Common Shares	F	1446	$22.11	Disposed	16023	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-15	Restricted Stock Units	$	M	4600	Disposed		Common shares (4600)	Direct

Footnotes

F1: Shares withheld to pay taxes on restricted stock units that vested on Dec. 15, 2012.

F2: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on Dec. 15, 2012.