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

Jan 17, 2012

31096_dirs_2012-01-17_6ee99d1f-b6f9-4079-a082-740aa5e45605.zip

Director's Dealing

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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: Carlson Prudence E (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-10-25 Special Common Shares J 4603 Disposed 1719431.69 Indirect
2011-10-25 Special Common Shares J 4603 Acquired 1719431.69 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common Shares 11.22 Direct
Special Common Shares 49693.52 Direct

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Series A Common Shares $ Common or Special Common Shares (179291.25) 179291.25 Direct
Series A Common $ Common or Special Common Shares (1720583.5) 1720583.5 Indirect

Footnotes

F1: 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.

F2: 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 28,340.23 Series A common shares held for the benefit of spouse and children. Includes 1,692,243.28 shares which are held by family partnerships of which reporting person is a general partner.

F3: On Oct 25, the reporting person transferred voting trust certificates representing 4603 special common shares from reporting person's GRAT to reporting person individually. The reporting person previously reported all securities held in her name and through a GRAT. Accordingly, the transfer of voting trust certificates did not result in any change in the number of securities reported as beneficially owned by the reporting person.

F4: Series A Common shares are convertible on a share for share basis into common.