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

May 15, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2018-05-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-11	Common Shares	M	8218	—	Acquired	13405	Direct
2018-05-11	Common Shares	F	2407	$26.16	Disposed	10998	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-11	Restricted Stock Units	$	M	8218	Disposed		Common Shares (8218)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the Long-Term Incentive Plan. Stock units became vested on May 11, 2018.

F2: Shares withheld to pay taxes on restricted stock units that vested on May 11, 2018.