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

Jan 26, 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 LEROY T (Director, Chairman Emeritus)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Restricted Stock Units	$	J	7200	Disposed	2013-12-02	Special Common Shares (7200)	Direct
2012-01-24	Restricted Stock Units	$	J	7200	Acquired	2013-12-02	Common Shares (7200)	Direct

Footnotes

F1: 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.

F2: Restricted stock units vest on Dec. 2, 2013.