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

Jan 20, 2012

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2011-12-31

Reporting Person: Hanley Joseph R (VP-Technology Planning Service)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	897.086	Direct
Special Common Shares	6676.203	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to buy)	$38.00	2016-06-19	Special Common Shares (10669)	10669	Direct
Option (Right to buy)	$59.45	2017-07-02	Special Common Shares (14448)	14448	Direct
Option (Right to buy)	$35.35	2018-08-26	Special Common Shares (19000)	19000	Direct
Option (Rigft to buy)	$26.95	2019-05-21	Special Common Shares (24400)	24400	Direct
Option (Rigft to buy)	$26.66	2020-05-25	Special Common Shares (22800)	22800	Direct
Option (Right to buy)	$29.94	2021-05-13	Special Common Shares (21000)	21000	Direct
Restricted Stock Units	$		Special Common Shares (3000)	3000	Direct
Restricted Stock Units	$		Special Common Shares (2900)	2900	Direct

Footnotes

F1: Granted under the 2004 Long-Term Incentive Plan. Options vest over a 3 year period with one-third vesting on Aug. 26, 2009, one-third vesting on Aug. 26, 2010 and one-third vesting on Aug. 25, 2011.

F2: Granted under the 2004 Long Term Incentive Plan. Option vests 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.

F3: Restricted stock unit award pursuant to Long Term incentive plan. Stock units will become vested on Dec. 15, 2012.

F4: Restricted stock unit award pursuant to Long Term incentive plan. Stock units will become vested on Dec. 2, 2013.