TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2014

Dec 3, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2014-12-01

Reporting Person: CARLSON LEROY T (Chairman Emeritus)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-01	Common Shares	M	10000	—	Acquired	104860	Direct
2014-12-01	Common Shares	F	3000	$25.13	Disposed	101860	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-01	Restricted Stock Units	$	M	10000	Disposed		Common shares (10000)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on Dec. 1, 2014.

F2: Shares withheld to pay taxes on restricted stock units that vested on Dec. 1, 2014.