TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2016-05-10

Reporting Person: McCahon Jane W (SVP Corp Relations & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Shares	M	2530	—	Acquired	4530	Direct
2016-05-10	Common Shares	F	786	$28.04	Disposed	3744	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Restricted Stock Units	$	M	2530	Disposed		Common shares (2530)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on May 10, 2016.

F2: Shares withheld to pay taxes on restricted stock units that vested on May 10, 2016.