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: CARLSON LEROY T (Director, Chairman Emeritus)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-16	Option (Right to Buy)	$26.83	A	20142	Acquired	2024-05-16	Common Shares (20142)	Direct
2014-05-16	Restricted Stock Units	$	A	5561	Acquired		Common Shares (5561)	Direct

Footnotes

F1: Restricted stock unit award pursuant to the Long Term Incentive Plan. Stock units will become vested on the third annual anniversary.

F2: Granted under the 2011 Long-Term Incentive Plan. Options vest on the third annual anniversary.