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

Apr 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2016-03-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-31	Common Shares	M	52800	$20.79	Acquired	75727	Direct
2016-03-31	Common Shares	S	52800	$29.8997	Disposed	22927	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-31	Common Shares	$20.79	M	52800	Disposed	2022-05-16	Common Shares (52800)	Direct

Footnotes

F1: Granted under the Long-Term Incentive Plan.