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

Jan 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-04

Reporting Person: MEYERS KENNETH R (Director, Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-04	Special Common Shares	M	4604	—	Acquired	35536.5394	Direct
2012-01-04	Special Common Shares	F	1381	$24.05	Disposed	34154.5394	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-04	Deferred Compensation	$	M	4604	Disposed		Special Common Shares (4604)	Direct

Footnotes

F1: Reporting person deferred a portion of his 2008 bonus pursuant to the TDS Long Term Incentive Plan. The deferred bonus has been invested in phantom stock now representing 4604 special common shares, including dividend reinvestment. January 4, 2012 was the payout date for the deferred bonus shares.

F2: Withholding of special common shares as settlement of taxes due in consideration for settlement of the deferred compensation payout.