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

May 22, 2018

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2018-05-18

Reporting Person: Chambers Douglas W (Senior VP-Finance & CAO)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	6205	Direct
Common Shares	677	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to buy)	$35.35	2018-05-21	Common Shares (2000)		Direct
Option (Right to buy)	$26.95	2019-05-20	Common Shares (4340)		Direct
Option (Right to buy)	$26.66	2020-05-25	Common Shares (4600)		Direct
Option (Right to buy)	$29.94	2021-05-13	Common Shares (4300)		Direct
Option (Right to buy)	$20.79	2022-05-16	Common Shares (11800)		Direct
Option (Right to buy)	$22.60	2023-05-10	Common Shares (12155)		Direct
Option (Right to buy)	$26.83	2024-05-16	Common Shares (9284)		Direct
Option (Right to buy)	$29.26	2025-05-11	Common Shares (7960)		Direct
Option (Right to buy)	$29.45	2026-08-15	Common Shares (10592)		Direct
Option (Right to buy)	$27.79	2027-05-24	Common Shares (11601)		Direct
Restricted Stock Units	$	2019-05-11	Common Shares (2883)		Direct
Restricted Stock Units	$	2020-05-24	Common Shares (2724)		Direct

Footnotes

F1: Currently exercisable

F2: Restricted Stock United granted under the Long Term Incentive Plan that vest on third anniversary.