TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2018

May 24, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2018-05-23

Reporting Person: Butman James W (Director, President & CEO of subsidiary)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-23	Option (Right to Buy)	$25.70	A	73723	Acquired	2028-05-23	Common Shares (73723)	Direct
2018-05-23	Restricted Stock Units	$	A	18817	Acquired		Common Shares (18817)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options vest on May 23, 2021.

F2: Restricted stock units awarded pursuant to the Long-Term Incentive Plan. Stock units will become vested on May 23, 2021.