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: Butman James W (President & CEO of subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-11	Common Shares	M	11924	—	Acquired	20312	Direct
2018-05-11	Common Shares	F	3815	$26.16	Disposed	16497	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-11	Restricted Stock Units	$	M	11924	Disposed		Common Shares (11924)	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.