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

May 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2015-05-11

Reporting Person: CARLSON LEROY T (Director, Chairman Emeritus)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-11	Option (Right to Buy)	$29.26	A	11422	Acquired	2025-05-11	Common Shares (11422)	Direct
2015-05-11	Restricted Stock Units	$	A	3757	Acquired		Common Shares (3757)	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.