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: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-16	Common Shares	M	47996	—	Acquired	111228	Direct
2017-05-16	Common Shares	F	20806	$26.90	Disposed	90422	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-16	Restricted stock units	$	M	47996	Disposed		Common shares (47996)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on May 16, 2017.

F2: Includes 3768 shares owned by children. Reporting person disclaims beneficial ownership of shares owned by children.

F3: Shares withheld to pay taxes on restricted stock units that vested on May 16, 2017