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

May 18, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-05-16

Reporting Person: SEREDA PETER L (Senior VP-Finance & Treasurer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-16	Option (Right to buy)	$20.79	A	54700	Acquired	2022-05-16	Common Shares (54700)	Direct
2012-05-16	Restricted stock units	$	A	6900	Acquired		Common Shares (6900)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.

F2: Restricted stock units award pursuant to the long term incentive plan. Stock units will become vested on December 1, 2014.