TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2015

May 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2015-05-18

Reporting Person: Wittwer David A (Director, President of a subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-18	Common Shares	M	100000	$20.79	Acquired	122927	Direct
2015-05-18	Common Shares	S	100000	$30.1573	Disposed	22927	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-18	Common Shares	$20.79	M	100000	Disposed	2022-05-16	Common Shares (100000)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.