TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2017

May 25, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2017-05-24

Reporting Person: SEREDA PETER L (Senior VP-Finance & Treasurer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-24	Option (Right to buy)	$27.79	A	11584	Acquired	2027-05-24	Common Shares (11584)	Direct
2017-05-24	Restricted stock units	$	A	12731	Acquired		Common Shares (12731)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options vest on May 24, 2020.

F2: Restricted stock units award pursuant to the long term incentive plan. Stock units will vest on May 24, 2020.