TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2019

May 24, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2019-05-22

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-22	Option (Right to Buy)	$30.72	A	17259	Acquired	2029-05-22	Common Shares (17259)	Direct
2019-05-22	Restricted Stock Units	$	A	19732	Acquired		Common Shares (19732)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options become exercisable on May 22, 2022.

F2: Restricted stock units awarded pursuant to the Long-Term Incentive Plan. Stock units will become vested on May 22, 2022.