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

May 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2014-05-16

Reporting Person: SEREDA PETER L (Senior VP-Finance & Treasurer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-16	Option (Right to buy)	$26.83	A	33927	Acquired	2024-05-16	Common Shares (33927)	Direct
2014-05-16	Restricted stock units	$	A	7527	Acquired		Common Shares (7527)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options vest on the third annual anniversary.

F2: Restricted stock units award pursuant to the long term incentive plan. Stock units will vest on the third annual anniversary.