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

Jan 23, 2015

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2014-12-31

Reporting Person: VOTING TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-04	Common Shares	Z	551	—	Disposed	6134003	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-14	Series A Common Shares	$	Z	25451	Disposed		Common Shares (6801013)	Indirect

Footnotes

F1: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F2: The trustees of the Voting Trust are Walter CD Carlson, LeRoy T. Carlson, Jr., Letitia G. Carlson, and Prudence Carlson. The Voting Trust entered into as of June 30, 1989 expires on June 30, 2035. The Voting Trust was created to facilitate long-standing relationships among the trusts certificate holders. In addition, the trustees of the Voting Trust, from time to time, commit on behalf of certain depositors in the Voting Trust dividends which would otherwise be paid to the Voting trustees and distributed to such depositors to the purchase of shares of the Company's Series A or common stock under the dividend reinvestment plan. The shares so purchased are held for the account of the Voting trustees on behalf of such depositors and are included herein. The filing of this statement shall not be construed as an admission that any voting trustee is for the purpose of Section 16 of the Act, the beneficial owner of any equity securities covered hereby.

F3: Includes 514,339 Series A common shares acquired pursuant to a dividend reinvestment plan.

F4: Includes 346,505 Common shares acquired pursuant to a dividend reinvestment plan.

F5: Withdraw of shares by voting trust holder