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: 2014-05-19

Reporting Person: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-03	Common Shares	G	6755	—	Disposed	36758	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-19	Option (Right to buy)	$26.66	A	225000	Acquired	2024-05-19	Common shares (225000)	Direct
2014-05-19	Restricted stock units	$	A	47996	Acquired		Common Shares (47996)	Direct

Footnotes

F1: Restricted stock units award pursuant to the long term incentive plan. Stock units will become vested on third anniversary.

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

F3: By gift