<SEC-DOCUMENT>0001051512-15-000012.txt : 20150226
<SEC-HEADER>0001051512-15-000012.hdr.sgml : 20150226
<ACCEPTANCE-DATETIME>20150226112336
ACCESSION NUMBER:		0001051512-15-000012
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150226
DATE AS OF CHANGE:		20150226
EFFECTIVENESS DATE:		20150226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEPHONE & DATA SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001051512
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				362669023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14157
		FILM NUMBER:		15650940

	BUSINESS ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		3126301900

	MAIL ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tdsdefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>

<html>

<head>
<meta content="text/html; charset=utf-8" />




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">UNITED STATES</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">SECURITIES AND
  EXCHANGE COMMISSION</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Washington, D.C.
  20549</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:18.75pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:18.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:18.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:14.0pt;">SCHEDULE
  14A</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:18.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:14.0pt;">&#160;&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Proxy Statement
  Pursuant to Section 14(a) of</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">the Securities
  Exchange Act of 1934 (Amendment
  No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=7 width=93% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Filed by the Registrant </font><font color=black face=Wingdings style="font-size:9.0pt;">x&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=7 width=93% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Filed by a Party other than the Registrant </font><font color=black face=Wingdings style="font-size:10.0pt;">&#168;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=7 width=93% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Check the appropriate box:</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Confidential, for Use of the Commission Only (as permitted by
  Rule 14a-6(e)(2))</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Definitive Additional Materials</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">x</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Soliciting Material Pursuant to &#167;240.14a-12</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Telephone and Data
  Systems, Inc.</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(Name of Registrant
  as Specified In Its Charter)</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=6 width=86% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(Name of Person(s)
  Filing Proxy Statement, If other than the Registrant) </font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=7 width=93% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Payment of Filing Fee (Check the appropriate box):</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">x</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Fee computed on table below per Exchange Act Rules 14a 6(i)(1)
  and 0-11.</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(1)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Title of each class of securities to which transaction applies:</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(2)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Aggregate number of securities to which transaction applies:</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:30.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:30.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:30.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(3)</font></p>
  </td>
 <td colspan=4 valign=top width=75% style="background:white;border:none;height:30.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Per unit price or other underlying value of transaction computed
  pursuant to Exchange Act Rule 0 11 (set forth the amount on which the filing
  fee is calculated and state how it was determined):</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:30.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(4)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Proposed maximum aggregate value of transaction:</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(5)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=6 valign=top width=89% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Fee paid previously with preliminary materials.</font></p>
  </td>
 </tr>
<tr style="height:39.75pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:39.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;border:none;height:39.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:10.0pt;">&#168;</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:39.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Check box if any part of the fee is offset as provided by
  Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
  fee was paid previously. Identify the previous filing by registration
  statement number, or the Form or Schedule and the date of its filing.</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:39.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(1)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(2)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Form, Schedule or Registration Statement No.:</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(3)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=bottom width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td width=4% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(4)</font></p>
  </td>
 <td colspan=5 valign=top width=82% style="background:white;border:none;height:24.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
 </tr>
</table></div>






<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:.2pt;">&nbsp;</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">EXPLANATORY NOTE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
purpose of this Schedule 14A is to file the transcript of the Telephone and
Data Systems, Inc. (&#8220;TDS&#8221;) 2014 earnings conference call on February 25, 2015,
for use on and after February 26, 2015.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">IMPORTANT
INFORMATION: TDS and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the solicitation
of proxies from the shareholders of TDS in connection with the TDS 2015 annual
meeting of shareholders. Information regarding TDS directors and executive
officers, and other persons who may also be deemed to be participants, and
their respective interests in TDS by security holdings or otherwise is set
forth in TDS&#8217; proxy statement relating to its 2014 annual meeting, including
schedules, as filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on
April 18, 2014, which may be obtained free of charge at the SEC&#8217;s website at
www.sec.gov and TDS&#8217; website at www.tdsinc.com. There has been no material
change to such directors, executive officers or other participants or their
interests since that time, except to the extent noted in TDS&#8217; filings with the
SEC since that time. In addition, the class of other employees of TDS that may
be employed in the solicitation of proxies include employees in investor
relations and communications who report to the Vice President &#8211; Corporate
Relations and Corporate Secretary of TDS. The nature of their employment in
such solicitations will be preparing communications (which will be filed with
the SEC as required under Regulation 14A), responding to questions from
shareholders and requesting shareholders to return proxies to TDS. Additional
information concerning participants that may be soliciting proxies on behalf of
the TDS board of directors and their respective interests in TDS by security
holdings or otherwise will be included in the proxy statement filed by TDS in
connection with its 2015 annual meeting of shareholders. The 2015 proxy
statement, other solicitation materials and other reports that TDS files with
the SEC, when available, can be obtained free of charge at the SEC&#8217;s web site at
www.sec.gov or from TDS on its website at www.tdsinc.com. TDS SHAREHOLDERS ARE
ADVISED TO READ CAREFULLY THE PROXY STATEMENT AND OTHER SOLICITATION MATERIALS
FILED BY TDS IN CONNECTION WITH THE TDS 2015 ANNUAL MEETING OF SHAREHOLDERS
WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION RELATING TO THE ELECTION OF DIRECTORS OF TDS AND
OTHER MATTERS TO BE CONSIDERED AT THE 2015 ANNUAL MEETING OF SHAREHOLDERS.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>




<p style="margin:0in;margin-bottom:10.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
registrant is filing the below written material for use on and after February 26,
2015:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Feb.
25, 2015 / 9:30AM, TDS &#8211; Q4 2014 Telephone Data Earnings Conference Call</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FINAL
TRANSCRIPT</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Executives</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Jane McCahon</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Vice President, Corporate Relations and Corporate
Secretary, United States Cellular Corporation</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Douglas Shuma</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Chief Accounting Officer, United States Cellular
Corporation</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth Meyers</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - President and Chief Executive Officer, United
States Cellular Corporation</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Steven Campbell</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Chief Financial Officer and Executive Vice
President, Finance and Treasurer</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dave Wittwer</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - President and Chief Executive Officer, Telephone
and Data Systems Inc.</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Vicki Villacrez</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Vice President, Finance &amp; Chief Financial Officer,
Telephone and Data Systems Inc.</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Peter Sereda</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Vice President, Finance and Treasurer, Telephone
and Data Systems Inc.</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Analysts</font></b></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard Prentiss</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Raymond James &amp; Associates, Inc.</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Sergey Dluzhevskiy</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Gabelli &amp; Co.</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry Sine</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> - Drexel Hamilton</font></p>

<p style="margin-left:0in;margin-right:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Spencer Gantsoudes</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> &#8211; Simon Flannery</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">PRESENTATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Greetings
and welcome to the TDS and U.S. Cellular Fourth Quarter Conference Call. At
this time all participants are in a listen-only mode. A brief
question-and-answer session will follow the formal presentation. [Operator
Instructions] As a reminder this conference is being recorded.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I would
now like to turn the conference over to your Jane McCahon. Thank you. Please go
head.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Jane
McCahon</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you,
Brenda. Good morning and thanks, everyone, for joining us. I want to make you
all aware of the presentation that we prepared to accompany our comments this
morning, which you can find on the Investor Relations sections of the TDS and
U.S. Cellular websites.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">With me
today in offering prepared comments from TDS are Doug Shuma, Senior Vice
President and Corporate Controller; from U.S. Cellular, Ken Meyers, President
and Chief Executive Officer; Steve Campbell, Executive Vice President and Chief
Financial Officer; and from TDS Telecom, Dave Wittwer, President and Chief
Executive Officer; and Vicki Villacrez, Vice President Finance and Chief
Financial Officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">This
call is being simultaneously webcast on the TDS and U.S. Cellular Investor
Relations websites. Please see the websites for slides referred to on this
call, including non-GAAP and EBIT-EBITDA reconciliations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Based on
feedback we received we are now providing guidance for both operating cash flow
and adjusted EBITDA. For TDS Telecom, these are basically the same number. But
for U.S. Cellular the adjusted EBITDA measure includes significant
contributions from our partnerships and we want to continue to highlight that
for our investors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
information set forth in the presentation and discussed during this call
contains statements about expected futures events and financial results that
are forward-looking and subject to risks and uncertainties. Please review the
Safe Harbor paragraph in our press releases and the extended versions included
in our SEC filings. Shortly after we released our earnings and before this
call, TDS and U.S. Cellular filed SEC forms 8-K, including today&#8217;s press
releases, and their SEC forms 10-K.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Taking a
quick look at upcoming conferences; we&#8217;ll be presenting at the Raymond James
Conference on March 3; Morgan Stanley on March 5; and Deutsche Bank on March
10. Please let us know if you&#8217;d like any information about these events. And
please keep in mind that we have an open door policy. So if you are in the
Chicago area and would like to meet members of management the IR team will try
to accommodate you, calendars permitting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I&#8217;d like
to turn the call now over to Doug Shuma to review TDS corporate strategic
imperative. Doug?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Douglas
Shuma</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks,
Jane. Turning to slide four, we continued to execute on our capital allocation
strategy and the review of our portfolio to improve performance. During 2014,
we continued to invest in our businesses through the acquisition of cable
properties, including BendBroadband and a few small tuck-in markets. We have
also looked to divest properties that don&#8217;t meet our return objectives,
reaching agreement to divest seven very small ILECs over the year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We
returned value to our shareholders in the form of $39 million in TDS share
repurchases and another $58 million in dividends. And this morning we announced
our 41st consecutive annual dividend increase. U.S. Cellular repurchased nearly
$19 million of its shares. Our ongoing review of our portfolio assets resulted
in U.S. Cellular continuing to pursue opportunities to monetize its
non-strategic assets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
company entered into spectrum exchanges with other carriers to transfer 148
million megahertz pops of non-operating market licenses and received 46 million
megahertz pops of operating market licenses in addition to $145 million in cash
to be received. One of these transactions partially closed in December 2014 and
we expect the remainder of the transactions to close midyear. In light of the
AWS auction prices and outcome we will continue to evaluate U.S. Cellular&#8217;s
spectrum portfolio for opportunities to monetize additional non-strategic
spectrum. We also held a very successful process to sell our portfolio of
non-strategic towers for $159 million. That tower transaction closed in
January.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We&#8217;ve been
active raising money for U.S. Cellular to fund current and future spectrum
purchases, growth in EIP receivables and for general corporate purposes. We
sold $275 million of 7.25% senior notes in December 2014 and secured a $225
million bank term loan in January. As you will note we also filed a shelf
registration this morning to replenish the debt shelf back to $500 million.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Lastly, as
you&#8217;re all aware bonus depreciation was renewed late New Year, resulting in a
taxable loss for TDS and U.S. Cellular in 2014. This taxable loss will be
carried back to prior years and as a result TDS and U.S. Cellular expected to
receive cash tax refunds in the first-half of 2015. Now, I will turn the call
over to Ken Meyers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks,
Doug. Good morning. I&#8217;m excited to have this opportunity to talk with you today
about the progress we made in 2014 and our plans to build upon that momentum in
2015. If I think back one year ago there is a very different picture and I&#8217;m very
proud of the accomplishments of our organization and the people who made it
happen. It&#8217;s an honor to be part of this team. 2014 was truly a tale of two
halves.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Early in
the year, we worked furiously to stabilize our billing system and address
customer concerns. And by spring our service levels were getting back to
traditionally high standards, churn was starting to moderate, and we began to
add customers for the first time in three years. As I repeated throughout the
year, turning around our subscriber results was our top priority in 2014 and we
did just that. Not only did we add customers in both the third and the fourth
quarters but we overcame the losses in the first-half and we actually increased
our postpaid customer base for the year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
success is not attributable to any one action or strategy but a series of
actions all designed to make U.S. Cellular a more relevant, more competitive
wireless carrier in our markets. These actions included, we built our device
portfolio into our best ever, and </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_5"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">maintained the
competitiveness throughout the year introducing smartphones, tablets and other
connected devices that met the needs of our customers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In the
fourth quarter of 2013, we launched our first iPhone, albeit long after other
carriers. This year we launched the iPhone 6 at the same time as the other
large carriers. We introduced new plans and services, including equipment
installment plans which have been extremely well received by our customers. We
offered competitive pricing, delivering exceptional value to our customers, and
we continued to deploy 4G LTE, which now reaches 94% of our postpaid customers
providing an excellent network experience in our suburban and rural markets.</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">]&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Now in
2015, we need to build on those actions to continue to grow our business. On
Slide 7, you can see our priorities for this year which I&#8217;ll expand upon in
further detail on the following slides. Continuing to drive subscriber growth
remains our top priority. This is a function of increasing both gross adds and
continuing to manage downturn, and we&#8217;re having success in both. We are
attracting strong levels of new and returning customers to U.S. Cellular.
Postpaid gross additions for the fourth quarter increased 72% over last year
and 20% sequentially.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We ran a
very successful tablet promotion which resulted in connected devices
representing 33% of postpaid gross adds in the quarter. Similar to the third
quarter almost one out of every four gross additions is a returning customer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Let me
take a few minutes to talk about some of the factors that are helping us win
over and in many cases win back customers to U.S. cellular. Early in the second
quarter we effectively launched our equipment installment plan offerings. These
plans were quickly accepted by our customers and we have continued to see
steady adoption of these plans. 37% of postpaid total devices sold to customers
in the fourth quarter were on equipment installment plans and that rate was
muted to some degree by a higher percentage of tablets sold during the quarter.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Also our
shared data plans, which we called Shared Connect, now account for 47% of our
postpaid customers, up from 35% in the third quarter. So point of reference
those plans were rolled out late in 2013 and have grown from just 5 point
percent of our postpaid customers at year end last year to 47% of our customers
by the end of 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Average
postpaid devices per account also increased sequentially from 2.36 to 2.41
devices per account. We have continued to see strong demand for these plans
reflecting the underlying trends of smartphone adoption and the addition of
connected devices. Together, they enabled strong growth in data consumption we
are experiencing across the industry. On a network front, by year end we have
rolled out 4G LTE to 94% of our postpaid customers in 86% of our cell sites.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We&#8217;ve been
very successfully migrating customers to 4G LTE. Currently 61% of our postpaid
customers have 4G capable devices and 78% of our data traffic is now on that
network. We continue to work on 4G roaming agreements, technical trials are
complete, and we&#8217;re now negotiating commercial terms. Both the recent spectrum
auction and legal maneuvering around industry level roaming issues have
elongated the process. I expect to see progress shortly on this front or will
explore other options.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Also we
and our partners were successful in acquiring AWS spectrum in the most recent
auction in the vast majority of our markets. This work will enable us to
continue to build a best-in-class network. We expect to continue to supplement
our spectrum portfolio with purchases in the secondary market as it fits.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">While the
sales team is having success building the top of the funnel, other parts of the
organization are intensely focused on serving our customers and thereby
reducing churn. While Steve will talk more about it later, the headlines are
there is a very competitive fourth quarter and our 1.6% postpaid churn rate
reflected that. We believe we can and need to drive this further in - further
lower in 2015.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Moving to
Slide 9, in order improve the margins we must not only grow our subscriber base
but we must also drive additional revenue growth. The improvement in our
smartphone portfolio has accelerated postpaid smartphone penetration now at
60%. Our Shared Connect data plans are being well received by our customers and
should allow us to capitalize on skyrocketing data consumptions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Connected
devices provide an opportunity to increase data usage and thus revenue per
account without significant subsidies. And we see opportunities to increase
high margin revenue streams through device protection plans and accessory
sales. All of these activity translating into additional data usage and
revenue, with postpaid average revenue per account up 12% and postpaid average
revenue per user still up 6% over last year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Now those
results reflect the impact of both a very competitive pricing environment and
VIP plans, which in effect move dollars out of average revenue per user. While
the year-over-year comparison is also favorably impacted by the $43 million of
rewards points we issued to customers last year, we are in fact growing our
revenue drivers and the sequential growth in both average revenue per unit and
average revenue per account is evidence of those results.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_6"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As
our guidance for 2015 implies, we believe we are now in a position to not only
grow revenues but to begin to improve margins. We still have much to accomplish
in terms of financial performance but we expect to make meaningful strides in
2015. We will continue to manage subsidies and costs across the organization
with a focus on reducing unit costs.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I think
it&#8217;s appropriate here to add a cautionary note about the pricing environment.
2014 saw an unprecedented level of pricing movements, both on devices and
service plans. We aim to continue to position our offers somewhat below our two
major competitors and not knowing actions they plan for 2015, can&#8217;t begin to
predict the moves we may need to make to protect our base and continue to
attract new subscribers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Our
current guidance reflects today&#8217;s pricing environment and changes to that
environment will no doubt impact future guidance as well as results. As I said
in my opening comments, I&#8217;m really proud of our organizations and the result
that they produced in 2014. Now, let me turn the call over to Steve Campbell.
Steve?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Steven
Campbell</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Good
morning. I&#8217;ll begin with a few comments on customer results shown on Slide 11
of the presentation. Postpaid gross additions for the fourth quarter of 2014
were 302,000 and increase of 72% from a 176,000 a year ago. This year over year
comparison benefits from last year&#8217;s depressed results which were affected by
the issues stemming from the billing system conversion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Another
relevant comparison that&#8217;s cleaner but also highlights the improvement in our
results is the sequential comparison to the third quarter of 2014, fourth
quarter gross additions increased 20%. The mix of the gross additions were 67%
handsets and 33% connected devices, primarily tablets. And as Ken said earlier,
similar to the third quarter, about 25% of gross additions in the fourth
quarter represented returning customers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Postpaid
churn for the quarter was 1.6% down from 1.9% last year. I&#8217;ll say more about
the trend in postpaid churn in a minute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Due to
both higher gross additions and improved churn we achieved postpaid net
additions of 98,000 for the quarter, a dramatic improvement from the net loss
of 71,000 postpaid customers a year ago.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In the
prepaid segment there was a net loss of 2,000 customers compared to a net loss
of 26,000 last year with the improvement, the result of lower churn. Our
postpaid subscriber results for the full year are shown further down in the
chart. Postpaid gross additions of 940,000 increased by 38% year-over-year and
net additions improved to 31,000 compared to the net loss of 217,000 customers
last year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Although
the net growth in postpaid customers for the full year admittedly is small,
it&#8217;s worth noting that 2014 is the first year since 2009 that we achieved
positive postpaid net additions for the full year. The next slide has a chart
showing the trend in the postpaid churn rate over the period beginning in
January 23 of 2013 and continuing through December 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As we&#8217;ve
been reporting over the past couple of quarters churn peaked at 2.4% in
February and has continued on a downward trend over the course of the year.
Although there was a small spike in December in connection with the holiday
sale period, churn for both the third and fourth quarters was 1.6%. This steady
improvement from last year&#8217;s 1.9% and this year&#8217;s peak is due to some of the
same factors that are driving the growth and gross addition as well as our
efforts to rebuild the U.S. Cellular reputation for exceptional customer
service.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">For the
past few quarters our service levels have exceeded both the pre-billing system
conversion levels and our targets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Slide 13
shows the positive trends in smartphone sales and penetration. During the
quarter, we sold 573,000 smartphones which represented 87% of total handset
sold driving overall smartphone penetration to 60% of our postpaid subscriber
base up from 51% a year ago. So at the end of the fourth quarter we still had
40% of postpaid customers with basic phones, which provides us with a good
opportunity to upgrade these customers to smartphones and drive additional data
usage revenue.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">During the
fourth quarter we also sold 106,000 connected devices. We&#8217;re seeing good
progress in the adoption of 4G technology. On the network front we completed
wave four of the deployment early in the first quarter of 2015 and are now
covering 94% of our customers. In addition, at the end of the fourth quarter
61% of our postpaid customers have 4G capable devices. This means that 61% of
our customers have devices that are capable of providing them with a high speed
4G data experience on a best-in-class network.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We believe
that the higher penetration that we&#8217;re seeing for smartphones and connected
devices, when combined with increased adoption of our Shared Connect data plans
is allowing us to capitalize on the continuing growth in data consumption. The
penetration on Shared Connect plans is now 47%, up from 35% last quarter. The
increased penetration for smartphones and connected devices and Shared Connect
plans is having a positive impact on our average revenue trends, as shown on
the next slide. Postpaid ARPU, as reported, grew by 6% year-over-year to
$56.51.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_7"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">However,
remember that ARPU for the fourth quarter of 2013 was depressed by the special
reward points bonus that we gave to customers to compensate for the billing
system issues. Normalized for that impact, ARPU is essentially flat
year-over-year. That reflects the positive impact of smartphone and data usage
being offset by the pricing pressure that we&#8217;ve seen in the industry all year, as
well as by the effects of equipment installment plans, which provide customers
with discounts on normal service plan pricing, effectively shifting some
revenue between service revenue and equipment revenue.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We
estimate that the impact of the EIP discounts on ARPU for the fourth quarter of
2014 was about $2.09. So if normalized for the impacts of both the rewards
points bonus in 2013 and EIP in 2014, ARPU increased by 3% year-over-year, and
about 2% sequentially. For postpaid, average revenue per account or ARPA were
seeing both the year-over-year growth at 12% and sequential growth of about 2%.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">This
metric is important, as it illustrates the increasing adoption of shared data
plans and the increasing number of devices per account. Also, remember that the
ARPU and ARPU metric shown here are calculated using service plan revenues, and
therefore did not reflect the monthly equipment billings to customers who are
on equipment installment plans. In the fourth quarter, these equipment billings
totaled about $34 million, and were approximately $52 million for the full
year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The next
slide in the presentation provides some summary statistics related to equipment
installment plan activity. For the quarter, EIP sales were little more than
one-third of total postpaid devices sold and resulted in about $79 million of
recognized revenue.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At
year-end, EIP unbilled accounts receivable were $188 million and EIP-related
deferred revenue and imputed interest income totaled $77 million. Bad debt
expense for the quarter, which we determined using our historical accounting
method was $5 million. And acknowledging that it is still early, we haven&#8217;t
observed any unusual non-pay activity among equipment installment plan
customers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Moving on,
total operating revenues for the fourth quarter were just over $1 billion, up
$106 million, or 12% from $903 a year ago. The increase was driven primarily by
higher equipment sales revenues, reflecting the growth in EIP sales, as I
discussed a moment ago.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Total
service revenues were $850 million, up $25 million, or 3% from last year. The
principal factor in the increase was higher retail service revenues, reflecting
higher ARPU. The inbound roaming revenue decreased $10 million, or 17%, due
primarily to lower rates and lower voice volume.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I will
note here that we didn&#8217;t see a corresponding decrease in outbound roaming
expenses, as data usage grew and resulted in $5 million year-over-year increase
in roaming expense. However, for the fourth quarter, we continued to be a net
receiver of roaming dollars. ETC revenues included in other here were
essentially flat year-over-year at $23 million, as the FCC&#8217;s phase down of
Universal Service Fund Support remains suspended.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As shown
on the next slide, the operating cash flow for the quarter was positive $69
million, up significantly from negative $64 million a year ago. The improvement
is $133 million, major contributing factors included higher service revenues of
$25 million, as I discussed a moment ago, as well as reductions in loss on
equipment and SG&amp;A expenses.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Loss on
equipment of $183 million calculated as equipment sales revenue, less cost of
equipment sold decreased $86 million, or 32%. The improvement was driven by the
impact of the installment plans, which favorably impacted revenues in the fourth
quarter.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Overall,
the average loss per device sold decreased year-over-year by 31% from $341
million to $235 million. Our upgrade rate for the quarter was 8%, down
significantly from a 11% last year. This primarily reflects the special efforts
that we made over the course of the past year to get subscribers under
contract. The percentage of in-contract customers grew from about 45% at the
end of 2013 to 75% at the end of 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SG&amp;A
expenses of $395 million were down $48 million, or 11%, primarily due to lower
sales compensation expenses, bad debt expense, and consulting expenses.
Adjusted EBITDA shown next was positive $99 million for the quarter,
significantly from negative $31 million a year ago. That&#8217;s an improvement of
$130 million year-over-year, driven by the improvement in operating cash flow.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Adjusted
EBITDA also includes our share of earnings of partnerships accounted for - by
the equity method. These earnings were $24 million for the quarter. It also
includes interest income, consisting primarily of imputed interest income
related to the equipment installment plans. The interest income of $5 million
for the fourth quarter is included in the other line in this presentation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Our
estimates for 2015 are shown on Slide 19 of the presentation, along with
comparisons to our actual results for 2014. For total operating revenues, and
remember, that this includes an equipment sales revenue, we are estimating a
range of $4.0 billion to $4.2 billion, compared to $3.9 billion for 2014. The
increase is expected to result primarily from higher equipment sales revenue.
For operating cash flow, we are estimating a range of $350 million to $450
million, compared to $338 million for 2014. Operating cash flow is expected to
grow year-over-year due to the higher revenues I just mentioned.</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_8"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Adjusted
EBITDA incorporates the income from our equity method investments and interest
income. The estimated range for this measure is $530 million to $630 million,
compared to 2014&#8217;s actual result of $480 million, and the increase here
reflects the expected improvement in operating cash flow together with higher
imputed interest income driven by EIP sales.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Capital
expenditures are expected to be about $600 million. This guidance reflects our
belief that we can continue to increase our subscriber base and smartphone and
connected device penetration to drive revenue growth and manage our costs and
expenses effectively, so as to improve our profitability and margin.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">However,
in providing these estimates, we need to add a cautionary note as Ken stated
earlier. We believe that there is a high degree of uncertainty related to the
industry pricing environment and the potential impacts on our results. Pricing
will almost certainly be a wild card for a while, along with other
uncertainties related to equipment installment plans, roaming developments, and
ETC revenues. Depending on how these factors play out, our current estimates
could be affected.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Before I
turn the call over to Dave Wittwer, I want to make just a couple of comments
about US Cellular&#8217;s balance sheet. Overall, the balance sheet is in a good
shape. At December 31, cash and equivalents totaled $212 million, and we&#8217;ve
seen an improvement in customer accounts receivable throughout the year, with
increased collections and a reduction in days sales outstanding, as we result
the billing system issues.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At the
same time, we&#8217;ve seen an offsetting increase in accounts receivable, associated
with the equipment installment plan sales. In addition to the existing cash
balance, we have about $280 million of unused borrowing capacity under our
revolving credit agreement, and in January, we entered into a new term loan
agreement that provides additional borrowing capacity of $225 million.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We believe
that these resources together with expected cash flows from operating
activities provide sufficient liquidity and financial flexibility to meet our
day-to-day operating needs for the foreseeable future. Additionally, as Doug
stated earlier, we continue to assess opportunities to monetize non-strategic
spectrum holdings.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Now, I
will turn the call over to Dave Wittwer to discuss TDS Telecom. Dave?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dave
Wittwer</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks,
Steve, and good morning, everyone. I&#8217;m happy to be here with you today. I&#8217;m
excited to share our 2014 accomplishments, and then I will outline our
strategic priorities for 2015. That said, we are working to build our customer
base through superior experiences, a local presence, and excellent service
reliability.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">On Slide
21, in our wireline business, we have continued our focus on providing
high-speed data service and related products, which has led to growth in both
broadband and IPTV connections. We are economically feasible, fiber technology
is being deployed to provide Internet speeds up to 1 gigabit per second. Our
IPTV products, called TDSTV, is an important offering that leverages our
high-speed network.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In 2014,
we continued rolling out IPTV to new markets. We have now launched TDSTV in 18
markets, enabling 134,000 service addresses, which is roughly 19% of our total
footprint. IPTV penetration increased due to strong sales in newly launched
fiber markets, which utilized a fiber billed pre-sale strategy, the rollout of
a bonded product in the IPTV copper markets and earlier than planned market
launches. We are very pleased with the success of our IPTV deployments and we
will continue to make fiber investments this year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We made
excellent progress in our broadband stimulus projects. At the end of 2014, we
had successfully completed construction in 43 of the 44 projects, deploying a
broadband network capable of reaching nearly 32,000 additional households. The
final project will be completed in 2015. We continue to see strong broadband
growth in these markets. In 2014, we continued growing our cable broadband
business with the acquisition of BendBroadband on September 1, in addition to
the acquisition of three smaller tuck-ins around our Baja markets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At the end
of December, we served a total of 267,000 cable connections. Our cable strategy
is based on our belief that it&#8217;s a natural extension of what we do providing
broadband, video, and voice services to both residential and commercial
customers allows us to leverage significant expertise within our organization.
The integration of all of our cable acquisitions is well underway and planned
synergies are being realized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In 2014,
we connected our Baja markets to our multi-gig network to enable the delivery
of more IP-based products and services to both residential and commercial
customers. We have also made capacity investments in our Baja markets in line
with our strategy to increase broadband penetration in those markets. We
believe these network investments positions us for future growth in the Cable
segment of our business.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_9"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At
the end of 2013, we integrated all of our Hosted and Managed Services companies
as OneNeck IT solutions. As a result in 2014, the sales force was able to offer
a full suite of end-to-end IT solutions, which drove HMS service revenue growth.
While we achieved a modest increase in recurring revenue streams, we have been
working to drive this growth higher and are encouraged by the growth we see in
this area. Integration efforts are ongoing, and in the long-term, we expect
this strategy will allow us to operate more efficiently contributing to better
financial performance.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Looking
ahead to 2015, Slide 22, our strategic priorities for the Wireline and Cable
segments continue to focus on owning the best pipe in the market. Depending
primarily on market density, we want to have the most competitive data
offerings. This supports our wirelines fiber strategy and in cable is on our
key acquisition criteria. We&#8217;re also focused on exceptional execution of our
business strategies.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
particular, we want to fully integrate our new BendBroadband markets. This
includes connecting BendBroadband&#8217;s fiber network to our multi-gig network, as
we did with Baja. This will enable our ability to leverage IT-based products
and services and support capabilities across our cable and wireline markets.
Also in 2015, we want our HMS segment to continue to execute the vision we have
for profitably serving the IT outsourcing needs of mid-market customers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In the
wireline, we&#8217;ll continue to deploy fiber where it strategically and
economically makes sense or our costs and demographic metrics support the
business case. In 2015, we have earmarked about a third of our capital spend to
enable high-speed broadband and video to approximately 35,000 additional
service addresses.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">For cable,
we expect to continue growing customer penetration levels while at the same
time offering existing wireline products and services in our cable markets. We
plan to offer more IP-based products and services to both residential and
commercial customers. We will continue to pursue cable acquisitions and meet
our criteria of having favorable competitive environments, attractive market
demographics, and the ability to grow broadband penetration.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">For our
HMS operations, we&#8217;ve learned it takes longer to build profitable growth than
anticipated, given the complexity of the sales model and the challenges
associated with the integration of five very different entrepreneurial
companies. That said, we are confident that we have identified a very
attractive market opportunity and are committed to the mid-market strategy we
are pursuing. At TDS Telecom, we&#8217;re very proud of the progress we&#8217;ve made
building and integrating the growth businesses that will enable us to be
successful and improve returns over time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Now, I
will turn the call over to Vicki Villacrez.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Vicki
Villacrez</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay.
Thank you, Dave. Good morning, everyone. Starting on Slide 23, TDS Telecom had
another very solid quarter, and we are very proud of our organization&#8217;s
accomplishments.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">First, we
have excellent results from our wireline segment, as expense reductions
continued, which increased operating cash flow. Second, cable revenues grew 5%,
excluding acquisition, meeting our expectations for our first full-year of
operations, and we are positioned for profitable growth. And third, on a
same-store basis, while our HMS total services revenues were flat, our
recurring hosting revenues grew 2% in the quarter.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">On a
consolidated basis, TDS Telecom&#8217;s revenues increased 4%, driven from the
BendBroadband acquisition and small tuck-in cable acquisitions. Adjusting for
the impact for these acquisitions, revenues declined $11 million, or 4%, due
primarily to lower equipment sales at HMS.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Adjusted
income before income taxes, which is essentially operating cash flow for TDS
Telecom grew 13% year-over-year, or $9 million to $75 million in the quarter,
primarily driven by cost reductions that we saw in the wireline business
coupled with the contributions from cable acquisitions. Without the effects of
these acquisitions, the business grew its adjusted income before income taxes
2%.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Looking at
wireline results on Slide 24, growth in data and IPTV on the residential side
mainly offset the decline in legacy voice services, slightly increasing our
retail revenue in the quarter. ILEC residential access lines declined only 3.6%
this quarter, which is the lowest level of decline we see in our recent years.
Year-over-year, we added 2,200 wireline residential broadband connections,
supporting our very high ILEC residential broadband penetration of 72%. This
growth was driven by new broadband services launched in our stimulus markets,
as well as triple play sales with IPTV.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Commercial
revenues decreased 3% as managed IP sales did not keep pace with decreases that
we saw in legacy voice and data connections. Wholesale revenues increased
slightly this quarter, as the favorable results of one-time items offset
continuing decreases and regulatory recovery and declines in minutes of use.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_10"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As
a result, full wireline revenues declined less than 1% to $180 million.
However, due to cost control initiatives, cash expenses declined 6% from the
same period last year. As a result, adjusted income before income taxes
increased 10%. While we&#8217;ve been very successful on reducing costs over the past
two years, we likely cannot expect the same magnitude of costs cuts going
forward.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Turning to
Slide 25, residential broadband customers are increasingly choosing higher
speeds in our ILEC markets with 41% choosing speeds of 10 megabits or greater
and a 11% choosing speed of 25 megabits or greater, driving increases in our
average revenue per connections. We&#8217;ve been very pleased with the overall IPTV
uptake and average revenue per connection results. And as you can see on the
table on the right side, average revenue per residential connection increased
slightly, as increases from the IPTV rollout and higher speed data services
were offset by declines in our legacy voice services.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">IPTV
connections grew over 70% adding 9,600 subscribers compared to the prior year.
As Dave said earlier, we attribute a lot of our success to early take rates
from our fiber bill marketing campaigns, which encourage customers to order
service in advance as market turn up. In our previously launch fiber market we
are offering up to 300 megabits per second data speed. And our more recently
launched fiber markets, we are offering up to 1 gigabit service. 97% of our
IPTV customers are taking a triple play bundle and our churn remains very low
at roughly 0.5%.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As shown
on Slide 26, we increased connections for our commercial voice and data
communications solutions managed IP 10% year-over-year. However, declines in
legacy voice customers more than offset this growth resulting in total
commercial revenue declining $2 million or 3%.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Looking at
the cable segment on Slide 27, you can see the effects of acquisitions on the
2014 results, which include the results of Baja, BendBroadband, and all tuck-in
acquisition. 2013 results reflect only Baja. Total cable connections grew to
267,000 primarily due to acquisitions. On a same-store basis, total residential
connections grew 6%, as growth in broadband and voice were partially offset by
a decline in video connections. Excluding acquisitions, revenues grew 5%,
driven by an increase in average residential connections and expenses grew
partially due to higher programming content cost. It is our general intent to
cover higher content costs through pricing increases.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Turning to
the HMS segment on Slide 28, we continue to focus on organic growth in
reoccurring service revenues which includes co-location, cloud services,
application management and managed hosting services. Growth in these key
revenues was 2% for the quarter offsetting declines in other service revenues.
Equipment sales were down $10 million due to lower cyclical spending by
existing customers. Cash expenses reflect these lower equipment sales with cost
of goods sold decreasing $8 million. Remaining cash expenses were flat
resulting in a decrease to adjusted income before incomes taxes of $1.5
million.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Now I&#8217;d
like to walk you through our guidance for 2015 on Slide 29. We are forecasting
revenues of $1,130 million to $1,180 million compared to actual results of
$1,090 million in 2014. From an acquisition standpoint we have had - we have
incremental contribution in cable, primarily from our BendBroadband, which was
acquired on September 1, 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">From an
organic standpoint, for wireline we anticipate declines in legacy voice,
commercial and wholesale revenues to more than offset expected consumer growth
in IPTV and data. We estimate wholesale revenues will decline $13 million from
$192 million in 2014. We expect cable revenue growth in the high single-digits
and HMS recurring service revenue growth in the low double-digits. Adjusted EBITDA,
which again is essentially operating cash flow for Telecom is forecast to be
within a range of $280 million to $310 million, compared to $298 million
achieved in 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Contributions
from a full-year of cable operations and improving HMS results will help offset
pressures in the wireline segment. Capital expenditures are expected to be
approximately $220 million in 2015, compared to $208 million in 2014. Wireline
CapEx which is about two-thirds of total spend is expected to increase
slightly, as we pull forward deployments of additional fiber bills. The cable&#8217;s
capital budget includes funds increased capacity related to household growth,
success based capital and continued network upgrades.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">HMS CapEx
is lower than last year reflecting lower funds to complete the data center
build out. As a recap TDS Telecom had an outstanding quarter and full-year. We
are proud of our accomplishments and we are well on our way building on this
momentum in 2015.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I will now
turn the call back over to Jane.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Jane
McCahon</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks.
Operator, we&#8217;d like to open the call for questions now. In addition to our
speakers this morning, Peter Sereda, TDS Senior VP and Treasurer, and Jay
Ellison, EVP of Sales at U.S. Cellular are in the room for questions.</font></p>




<p style="margin:0in;margin-bottom:10.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_11"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Question-and-Answer
Session</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you.
[Operator Instructions] Our first question comes from the line of Ric Prentiss
with Raymond James. Go ahead with your questions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks,
good morning.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Hi, Rick.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">First,
appreciate the operating cash flow reporting and guidance. I think that will
help people understand and compare you to other companies, so thanks for that.
Ken, obviously big change from a year ago this time when we were talking. There
was no guidance a year ago. Things were pretty uncertain. A lot of things were
unplugged. As you pointed out, two halves really improving, as we look at the
turnaround, you emphasized stay focused on the subscribers, but you&#8217;re also
very interested in margin expansion. That&#8217;s where I want to probe.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Looks like
the guidance is suggesting total margin, which being operating cash flow
divided by total revenues, kind of going from the 8% range, maybe to the high
single-digit, low double-digit. What&#8217;s your thought about being able to achieve
that? And what level could you get it back? What&#8217;s achievable for regional
operator, given the competitive dynamics?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Boy, I
like the way that you ended the question, given the competitive dynamics,
right. I mean, yes, as we look at this year - no, the guidance that we put out
there, that&#8217;s what we think we can achieve, right? That&#8217;s the key to it. And
it&#8217;s - yes, better part of almost 20% increase in operating cash flow
year-over-year. Going forward beyond that, I think there is work we can do
around unit cost that can help expand margins. The key is going to be the
pricing environment. That&#8217;s one that I&#8217;d like to see a little more stability to
and get a little more clarity before I could start throwing numbers out there,
Rick.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. The
spectrum you guys got in the AWS-3 auction, you were able to get some spectrum
in some of your operating markets. Can you update us about the next auction,
the broadcast incentive auction, what are you hearing about the reserve, the
timing, potential funding? It&#8217;s obviously a lot of work. Chairman is out I
think kind of beating the bushes was the broadcasters. What are you hearing on
the broadcast auction?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I am
hearing, I&#8217;d say optimism from some circles that we are going to see this is in
2016, before administration potentially changes, and everybody that tells me
that, there&#8217;s another person on the other side saying, boy, this thing is going
to be unbelievably complex. You still have the lawsuit out there, and therefore
it&#8217;s not going to happen and if I listen to both of them, we&#8217;re flipping a coin
at this point as to whether or not it happens in 2016. There&#8217;s an equal chance
that it does or doesn&#8217;t.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">And how
about the reserve talk, is it clearly ledger over - T-Mobile made some comments
the other day, talking about the importance of that. I think you guys have
gotten some nods that way too. But what are you hearing about the reserve?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We think
it&#8217;s absolutely critical. I think that until the current auction results are
fully digested by the FCC, I don&#8217;t think, we are going to get a lot of guidance
one way or another. I think they&#8217;re going to sit back look at what happened
here, what worked, and what didn&#8217;t work and that will influence where they come
out on those matters. I don&#8217;t have any insight at all, that they&#8217;re leading one
way another at this point in time.</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_12"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. And
then final question is there&#8217;s been a lot of speculation with Sprint and
T-Mobile about - and even DISH on their call about non-traditional companies. I
think the illusion is to Google, some other tech companies, cable companies
being interested in wireless. As a person with a lot of cellular frequency and
probably better coverage, particularly with 4G LTE in small market, rural
markets, than Sprint or T-Mobile, have you had any discussions with
non-traditionals about MVNO relationships? What are your thoughts about that?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Well, we
continued to talk to everybody in the industry, whether it&#8217;d be about expanding
roaming opportunities, expanding resale opportunities, looking at different
distribution models. Last year we did - we were pretty excited going into the
year about the potential for RadioShack and by the time we got to the end of
the year, Radio Shack wasn&#8217;t the potential that we thought it was. So we&#8217;re
constantly exploring different opportunities. There is nothing on the table
right now that&#8217;s going to dramatically change how we think about 2015, but we
are engaged on all fronts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Richard
Prentiss</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Great.
Thanks and good luck with the continued turnaround.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks,
Ric.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you.
And our next question comes from the line of Sergey Dluzhevskiy with Gabelli
&amp; Co. Please proceed with your question.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Sergey
Dluzhevskiy</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Good
morning, guys. Couple questions on the wireless side, if I may. On the AWS3
auction, obviously your partner, as a company that you&#8217;re invested in won over
100 licenses and your net bid is about $338 million. Could you share with us
what your strategy was for the auction at the high level, whether you
accomplished your main objectives and how you plan to use the spectrum in your
network road map over the next few years, at what point do you think it&#8217;s going
to become usable?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So, the
exact plans will be forthcoming from our partner. At this point in time, it&#8217;s
premature to talk exactly what that looks like. But they worked with us going
in and identified an objective of trying to get spectrum across the whole
footprint. I think over 90% of the markets that we operate in, we wound up with
them, getting a five-by-five license to add more spectrum in our markets. That
are combined with other licenses that are already owned or invested in.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">It will
allow us to be, I think in a pretty good position, we think about carrier
aggregation and what type of speeds that we can get out of that. There are some
markets where we were capacity constrained, and this will give us an
opportunity to potentially deal with some </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_13"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">of those
issues too. Timeline around this one, again, there isn&#8217;t equipment right now
that works at these bands and everything else, we&#8217;re probably, my guess is
talking at least about a year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Sergey
Dluzhevskiy</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. And
another question I guess on the tower side. So obviously, you agreed to sell
non-strategic towers and Verizon after that agreed to leave rights of the tower
to American tower, upfront payment of about a $5 billion. I was just wondering
whether the Verizon transaction has made any impact on your view of how you
look at the remaining tower portfolio, do you still consider it as a core asset
that you have to own, and I guess what are your thought process on the towers
on the remaining towers that you have going into 2015?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So I know
that, Peter Sereda, as a Treasurer talk a little bit how we think about the
deal, but at the core. As we move from into LTE and LTE de volte, there is some
chance of continued network modifications that need to be done. And having the
ability to control those towers to make those modifications is still a critical
enablement of our strategy, which is all around network quality. So, while Pete
can talk about financing, we still think - I still think, it is a core asset.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Peter
Sereda</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So,
Sergey, it&#8217;s Peter. After the auction that we conducted on the smaller tower
portfolio, which was very successful, so we found the same thing that Verizon
found and that earlier on AT&amp;T found when they sold towers that it&#8217;s a good
market to be in. But it&#8217;s important to recognize what we sold earlier this year
was a true asset sale as opposed to, if you were to sell the entire portfolio,
that would be a sale leaseback. It would be a form of financing, that&#8217;s the way
we view it.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">And we
would be comparing that - in addition to the points that Ken mentioned about
the necessity to be able to control the space on the tower. We&#8217;d compare that
form of financing to any other financing that we would do, like a bond deal or
bank financing or anything else. So something that we look at, but we have no
current plans to do anything on that side.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Sergey
Dluzhevskiy</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. And
in the terms of churn, I think you mentioned a few items and obviously churn
reduction is one of your goals for 2015. Could you be more specific on your
strategy to reduce churn, which steps are you taking, which steps you think are
working already in the first few months of 2015?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_14"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I&#8217;m
not going to talk about 2015. But what I&#8217;ll tell you is that if you look back
last year and go back to the end of 2013, only about 43% of our customers were
under a contract, whether it has been actual service contract or EIP financing
agreement. And through the year, we had implemented many different programs in
order to move that, and we ended the year with over 75% of our customers now
under some form of agreement with us. And I think that starts - that reduces
some of the risk around the customer base, begin with that.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Secondly,
continuing to execute on our customer satisfaction strategy, right, and making
sure that we are delivering the right experience in our stores and in our
customer service, interactions with customers, it is another big driver. A lot
of what happens with churn isn&#8217;t the result of something that happened last
month. It&#8217;s something that has happened earlier in the relationship that has
alienated that customer and now you get to see it some months down the road. So
some of the operational changes that we&#8217;ve made over the last year, I think
position us well.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Sergey
Dluzhevskiy</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay.
Thank you.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Your next
question comes from the line of Barry Sine with Drexel Hamilton. Please go
ahead with your questions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry
Sine</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Good
morning, folks. Wanted to delve in a little bit more in terms of the
competitive environment in your markets, specifically on the postpaid business.
Who are you seeing out there, how is that different than we can think about the
national environment? I believe if I&#8217;m not mistaken you have a bit less
prevalence of T-Mobile in your market, Sprint&#8217;s advertising now is going after
AT&amp;T and Verizon with cut your bill in half, so perhaps that doesn&#8217;t impact
you. How did that unfold during 4Q and what is that looking like in the market
right now?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay,
Barry, thanks for the good question. It&#8217;s - you&#8217;re right. We have less T-Mobile
direct competition than in the largest markets. And we&#8217;ve got more Sprint
competition than T-Mobile, but not anywhere near the two guys we really compete
with, which is Verizon and AT&amp;T. And so what would plays out in our market
is really the secondary impact, it&#8217;s when Verizon or AT&amp;T have to do
something to respond to the Sprint or T-Mobile offers that we feel it most
directly.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">And the
second thing that happens in our markets is, what I call, kind of, look, the
secondary impact of market preparation. I mean, the advertisement that plays in
the major markets, the national advertising plays everywhere, right. So
customers have awareness of offerings that may not be viable in our market, but
they may move, right. We&#8217;ll see somebody leave for price and then come back for
coverage. No matter what else happens, something at half price that only works
half the time isn&#8217;t a viable product in the areas that we serve.</font></p>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_15"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So we&#8217;ll
see some churn related to it, but that&#8217;s what we&#8217;ve been talking about now is
the return rate that we&#8217;re seeing where a large number of customers that we may
have lost in the past either to do service price or handset selection are now
coming back.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry
Sine</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So on
churn and on returning customers, related to that, could you talk about what
you are seeing in your port-ins and how that might have changed and what you
are seeing in the port-outs to the extent that you still have churn where those
customers are going and why?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So number
one, typically what we will see in port-in and port-out is biggest, meaning you
lose to the biggest, you get them from the biggest. It&#8217;s kind of a market share
game. They&#8217;re coming back for the coverage and the service that we&#8217;ve had, now
though we lost them in the past, so we didn&#8217;t have the right devices in our
portfolio or because of the billing challenges that we had in the past, so not
a big difference in terms of where they&#8217;re coming from or going to.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry
Sine</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. Next
area, I&#8217;ve seen a lot of advertising certainly as I browse around the web in
terms of your 4G LTE, the fixed wireless routers. Is that trivia or is that
something that you&#8217;re really pushing? Are you going after in some of your more
rural markets perhaps the existing dial-up or DSL market?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We
actually have been pretty successful with both a home phone program, where it&#8217;s
a wireless phone that is really stationary in the house that was probably the
more successful. It&#8217;s been out in the market longer. The fixed data plans,
they&#8217;re taking off. They aren&#8217;t as big and part of it has to do with just the
early stage of our LTE rollout. But I think it&#8217;s an opportunity for the right
customer growth, but not for everybody, because video is still going to be a
big challenge trying to put a lot of video over the wireless.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry Sine</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Last
question, could you please provide us an update on your spectrum position in
light of the closing of the AWS auction?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_16"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Kenneth
Meyers</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">So, I
think we talked about it, I think we&#8217;re pretty good position on average across
all our markets. There are a few that will be looking at opportunities in the
secondary market but we wound up getting some through our - with our partner
something like about a five-by-five license in 100 - over 90% of all the
markets that we operate in and that plus the other spectrum we have I think
positions us well as we think about carrier aggregation going forward.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Barry
Sine</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you
very much.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Jane
McCahon</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thanks.
Operator, we have time for one more question, please.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Certainly.
Your next question comes from the line of Simon Flannery with Morgan Stanley.
Please go ahead with your question.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Spencer
Gantsoudes</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Hi, it&#8217;s
Spencer for Simon. Thanks for taking the questions. Just two if I may. First,
just shifting to TDS your, I guess, adjusted EBIT margin in the cable segment I
think they were 24% or so higher than we&#8217;ve seen previously. Is that the right
level moving forward and could you talk about some of the synergies you&#8217;re
seeing there? And then quickly, it is on broadband, some of the competing
offers you&#8217;re seeing in the marketplace, any meaningful changes? And then the
subs you&#8217;re losing, are they mostly coming from the lower speed tiers or is it
relatively mixed?</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Vicki
Villacrez</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Okay. So,
hi, Simon - Spencer, this is Vicki. I&#8217;ll take the cable margin question first.
Yes, you are seeing, we had a great quarter, we had 24% margin in the fourth
quarter. As I look forward in 2015 on a combined basis we expect to improve
that. We expect that to be around 27%, 28% margin. And from a long-term
perspective our strategy is to continue to grow that long-term.</font></p>




<p style="margin:0in;margin-bottom:10.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_17"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dave
Wittwer</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Yes. I
think - this is Dave. On the competitive side, it depends. If you look at it
from an ILEC perspective or our cable perspective, most of the cable competitors
compete by increasing the speed for the same price. There certainly is a
segment of customers who are much - are very value-oriented, and quite frankly
today a lot of the applications haven&#8217;t been developed yet, where customers can
fully utilize the higher speeds. I think as you go forward and additional
devices are deployed, additional applications are deployed, customers will see
that as less of a value proposition, but more of a minimum need, per se. So it
varies a lot, obviously there&#8217;s always economic challenges for some customers.
They know how important broadband is, they&#8217;d love to have higher speeds, but
it&#8217;s just not an option for them.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Spencer
Gantsoudes</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Well,
thank you. I&#8217;d now like to turn the floor back over to management.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Jane
McCahon</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">I would
like to thank you all for your time this morning and we look forward to
following-up with you or seeing you out on the road in the next couple weeks.
Thank you.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Thank you,
ladies and gentlemen. This does conclude today&#8217;s teleconference. You may
disconnect your lines at this time. And thank you for your participation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>




<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div></BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
