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

Jan 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-03

Reporting Person: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-03	Special Common Shares	G	4268	—	Disposed	72099.93	Direct
2012-01-11	Special Common Shares	G	66713	—	Disposed	5386.93	Direct
2012-01-11	Special Common Shares	G	66713	—	Acquired	73157.25	Indirect
2012-01-11	Common Shares	G	4642	—	Disposed	153.45	Direct
2012-01-11	Common Shares	G	4642	—	Acquired	5800.01	Indirect
2012-01-11	Special Common Shares	G	6052	—	Disposed	67105.25	Indirect
2012-01-11	Common Shares	G	1042	—	Disposed	4758.01	Indirect
2012-01-18	Special Common Shares	G	66713	—	Disposed	392.25	Indirect
2012-01-18	Common Shares	G	4642	—	Disposed	116.01	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-11	Series A Common Shares	$	G	5500	Disposed		Common or Special Common shares (5500)	Direct
2012-01-11	Series A Common Shares	$	G	5500	Acquired		Common or Special Common Shares (5500)	Indirect
2012-01-11	Series A Common Shares	$	G	5010	Disposed		Common and Special Common Shares (5010)	Indirect
2012-01-18	Series A Common Shares	$	G	5500	Disposed		Common or Special Common Shares (5500)	Indirect

Footnotes

F1: By gift

F2: Series A Common Shares are convertible, on a share-for-share basis, into common or special common shares.

F3: Includes 3768 shares owned by children. Reporting person disclaims beneficial ownerhip of shares owned by children.

F4: Shares gifted to a trust, the trustee of which is a third party and the beneficiaries of which include descendents of the reporting person and his spouse.