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

May 18, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2017-05-16

Reporting Person: SEREDA PETER L (Sr. VP & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-16	Common Shares	M	7527	—	Acquired	7527	Direct
2017-05-16	Common Shares	F	2340	$26.90	Disposed	5187	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-16	Restricted Stock Units	$	M	7527	Disposed		Common shares (7527)	Direct

Footnotes

F1: Shares withheld to pay taxes on restricted stock units that vested on May 16, 2017.

F2: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on May 16, 2017.