TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2025

Nov 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-11-18

Reporting Person: Carlson Anthony J (Trustee of TDS Voting Trust)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-18	Common Shares	G	502	—	Acquired	32123	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	71251	Indirect

Footnotes

F1: Shares acquired from gift.

F2: Reporting person is one of four trustees of a Voting Trust which separately files on Form 4 for the issuer. The shares reported are held by respective reporting person.