TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2013

Dec 4, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2013-12-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-02	Common Shares	M	2900	—	Acquired	7740.9	Direct
2013-12-02	Common Shares	F	938	$27.23	Disposed	6802.9	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-12-02	Restricted Stock Units	$	M	2900	Disposed		Common Shares (2900)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on Dec. 2, 2013.

F2: Shares withheld to pay taxes on restricted stock units that vested on Dec. 2, 2013.