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

Jan 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-24

Reporting Person: Carlson Prudence E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Special Common Shares	J	49693.52	—	Disposed	0	Direct
2012-01-24	Common Shares	J	49693.52	—	Acquired	49693.52	Direct
2012-01-24	Special Common Shares	J	1719431.69	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	1719431.69	—	Acquired	1719431.69	Indirect
2012-01-24	Common Shares	J	11.22	—	Disposed	0	Direct
2012-01-24	Common Shares	J	11.3357	—	Acquired	49704.8557	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Series A Common Shares	$	J	179291.25	Disposed		Common or Special Common shares (179291.25)	Direct
2012-01-24	Series A Common Shares	$	J	194888.6068	Acquired		Common Shares (194888.6068)	Direct
2012-01-24	Series A Common	$	J	1720583.4	Disposed		Common or Special Common shares (1720583.5)	Indirect
2012-01-24	Series A Common Shares	$	J	1870274.581	Acquired		Common Shares (1870274.5815)	Indirect

Footnotes

F1: Series A common shares are convertible on a share for share basis.

F2: Pursuant to a reclassification exempt under Rule 16b-3 and Rule 16b-7, each Special Common Share was reclassified into one Common Share, each Common Share was reclassified into 1.087 Common Shares, and each Series A Common Share was reclassified into 1.087 Series A Common Shares, and each stock award relating to such shares was appropriately adjusted.

F3: Reporting person is one of four trustees of a voting trust which is record owner of these special common shares and which files its holdings on a Form 4. Beneficial ownership is disclaimed with respect to 33,892.39 special common shares held for the benefit of spouse and children. Includes 19,458.34 in reporting person's name and 979,769 in reporting person's Grantor Retained Annuity Trust (GRAT) both held for the benefit of the reporting person and 686,311.94887 held by family partnerships of which reporting person is a general partner.

F4: Reporting person is one of four trustees of a voting trust which is record owner of these Series A Common shares and which files its holdings on a Form 4. Beneficial ownership is disclaimed with respect to 30,805.819 Series A common shares held for the benefit of spouse and children. Includes 1,839,468.762 shares which are held by family partnerships of which reporting person is a general partner.