<SEC-DOCUMENT>0000930413-15-001800.txt : 20150417
<SEC-HEADER>0000930413-15-001800.hdr.sgml : 20150417
<ACCEPTANCE-DATETIME>20150417105256
ACCESSION NUMBER:		0000930413-15-001800
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20150417
DATE AS OF CHANGE:		20150417
EFFECTIVENESS DATE:		20150417

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:		15776854

	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>c81016_defa14a.htm
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Proxy Statement Pursuant to Section 14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Filed by the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#253;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Filed by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Check the appropriate box:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#253;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>Telephone and Data Systems, Inc.<BR>
(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>(Name of Person(s) Filing Proxy
Statement, If other than the Registrant) </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#253;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Fee computed on table below per Exchange Act Rules 14a 6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="width: 91%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date Filed:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:46.81%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:50.81%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD NOWRAP><P><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>
      TELEPHONE AND DATA SYSTEMS, INC.</B><br>30 North LaSalle Street<br>Suite 4000<br>Chicago, Illinois 60602</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; ">
      <p align="right"><img src="tdsxlogo.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P></TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>PROTECT YOUR INVESTMENT!<br>VOTE THE ENCLOSED <u style="border-bottom: 0.50pt black;;">WHITE</u> PROXY CARD TODAY!</B></FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:48.81%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:48.81%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      Dear Fellow Shareholder:</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      April 17, 2015</FONT></P></TD>
  </TR>
</TABLE>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">The Board of Directors (&#147;Board&#148;) of Telephone and Data Systems, Inc. (&#147;TDS&#148;) strongly urges all holders of TDS Common Shares to <B>vote in favor of your Board&#146;s four highly qualified nominees</B> (&#147;TDS Board Nominees&#148;) for election at the Annual Meeting of
  Shareholders, to be held on Thursday, May 21, 2015. Please vote <B>TODAY</B> by telephone, Internet or by signing, dating and returning the enclosed <B>WHITE </B>proxy card in the business reply envelope provided. We urge you to <B>DISCARD ANY PROXY CARD you
  may receive from GAMCO Asset Management Inc. (&#147;GAMCO&#148;)</B>, which is seeking to replace two of your Board&#146;s nominees with its own representatives. If GAMCO delivers a proxy statement and proxy card, the color of GAMCO&#146;s proxy card will be other
  than white.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>TDS IS <u style="border-bottom: 0.50pt black;;">MAKING PROGRESS</u> IN EXECUTING ON ITS PLANS</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">TDS made progress in a number of important areas in 2014 and plans to build on that momentum in 2015. The U.S. Cellular and TDS Telecom business units are executing on their plans.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-top:1.8mm; font-size:0.2mm;">
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      U.S. Cellular began to once again drive postpaid customer growth, and increased smartphone penetration, its offerings of products and services and its 4G LTE network.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      U.S. Cellular succeeded in beginning the turnaround of its business as it attracted new customers and reduced postpaid churn steadily throughout 2014. The difficulties with the billing and operational support system implemented in 2013 have been
      addressed and the system is now providing U.S. Cellular with increased speed and flexibility in reacting to the dynamic competitive wireless environment.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      U.S. Cellular also monetized non-core assets including spectrum and cell towers providing resources for spectrum purchases and other corporate purposes.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      At TDS Telecom, fiber investments and bundling strategy have enabled TDS Telecom to achieve growth in TDS TV penetration and broadband adoption.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      TDS Telecom also acquired a second cable company, BendBroadband, to build on its cable strategy to leverage core capabilities and provide future growth and enhanced returns.</FONT></P>
    </TD>
  </TR>
</TABLE>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always; margin-bottom: -12pt">&nbsp;</p>
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>TDS HAS AN ENGAGED BOARD, TAKING DECISIVE ACTION</B></FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-top:1.8mm; font-size:0.2mm;">
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      TDS recently announced its 41st consecutive annual dividend increase, increasing the dividend rate by 5.2%, and repurchased $39 million of TDS shares in 2014.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      TDS continues to take steps to improve the effectiveness of the Board, and has an active director refreshment process.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      In 2014, TDS also implemented a more formal shareholder engagement program to hold conversations with shareholders to encourage dialogue regarding ongoing improvements and to better understand their priorities regarding corporate governance
      practices. The incumbent TDS directors are very engaged in overseeing management&#146;s activities and progress and in actively pursuing meaningful action for TDS to achieve sustainable, profitable future growth.</FONT></P>
    </TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>DESPITE THESE ACCOMPLISHMENTS, GAMCO HAS ONCE AGAIN PROPOSED<br>TWO DIRECTOR CANDIDATES WHO THE TDS BOARD BELIEVES HAVE<br>LITTLE RELEVANT EXPERIENCE</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">As it did in 2013 and 2014, GAMCO has commenced a costly and distracting proxy contest in 2015. GAMCO once again seeks to elect the same two candidates to the TDS Board in 2015 that it nominated in 2014: Philip T. Blazek and Walter M. Schenker (the
  &#147;GAMCO Candidates&#148;). TDS shareholders did not elect these candidates in 2014 and we urge shareholders not to vote for these candidates in 2015. The TDS Board believes that the GAMCO Candidates lack the experience and skill sets that would add value
  to the Board. In 2009, TDS added two persons designated by GAMCO, Clarence A. Davis and Gary L. Sugarman, to the TDS Board. These two experienced and qualified persons continue to serve on the TDS Board and have been very engaged and effective.
  On the other hand, we do not believe that the GAMCO Candidates have experience or qualifications comparable to that Mr. Davis, Mr. Sugarman or the other two TDS Board Nominees, George W. Off and Mitchell H. Saranow. The experience and qualifications
  of the TDS Board Nominees is set forth below. Based on the information in GAMCO&#146;s proxy statement, information provided to TDS by GAMCO and the GAMCO Candidates and other information, we believe that:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-top:1.8mm; font-size:0.2mm;">
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>
      The GAMCO Candidates have minimal public-company board experience. </B>The GAMCO Candidates have no experience as directors of publicly-traded companies except that Mr. Schenker was appointed as a director of a very small public company
      in December 2013. Each of the TDS Board Nominees has experience, ranging from about 6 to 18 years, as a director of TDS, which is number 504 on the list of Fortune 1000 companies, and have various other significant public company board
      experience as noted below.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>
      The GAMCO Candidates have no meaningful experience in the telecommunications or other businesses in which TDS is engaged. </B>Neither GAMCO Candidate has any experience as a director or officer of, or any operational experience with, a
      telecommunications or similar company. The GAMCO Candidates have no meaningful experience with the businesses in which TDS is engaged (wireless, wireline, cable and hosted &amp; managed services). Each of the TDS Board Candidates has experience
      with these businesses as a director of TDS ranging from about 6 to 18 years, and has various other experience set forth below.</FONT></P></TD>
  </TR>
</TABLE>
<P style="margin:2.1mm 0 0;"><hr color=#000000 noshade></P>
<p style="page-break-before: always; margin-bottom: -12pt">&nbsp;</p>
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="font-size:0.5mm; ">
  <TR valign="top">
    <TD colspan="99"><P style="margin-top:0pt; font-size:0;"></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:20.04pt;">&nbsp;</TD>
    <TD style="width:4pt;" align="right"><P style="margin:1.8mm 0 0;"><FONT style="font-size:4.5mm; ">
      &#149;</FONT></P></TD>
    <TD width="7">&nbsp;</TD>
    <TD><P style="margin:1.8mm 0 0;"><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>
      Mr. Schenker consented to a settlement of an SEC enforcement proceeding. </B>In 2007, an SEC Complaint alleged that Walter M. Schenker and related persons violated Section 5 of the Securities Act of 1933 in connection with twenty-six unregistered
      securities offerings (commonly referred to as "PIPES"), and that the &#147;defendants locked in approximately $887,000 in ill-gotten gains as a result of the violations.&#148; The SEC Litigation Release relating to the settlement of this complaint stated that &#147;without
      admitting or denying the allegations in the complaint, the defendants consented to the entry of a final judgment permanently enjoining them from future violations of Section 5 of the Securities Act and ordering them to pay a total of $1,195,060 in
      disgorgement, prejudgment interest, and civil penalties.&#148; Specifically, the final judgment ordered Mr. Schenker to pay a $75,000 civil penalty.</FONT></P>
    </TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>THE TDS BOARD BELIEVES ITS NOMINEES ARE HIGHLY QUALIFIED AND ARE ACTIVELY WORKING TO CREATE VALUE FOR ALL SHAREHOLDERS</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">The TDS Board believes that its nominees have significant and relevant business, finance and managerial expertise and qualifications, as set forth on the next page.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">TDS Board members have been very active in urging meaningful action and helping TDS pursue changes for sustainable, profitable future growth. We believe that a change in TDS Board composition risks disruption in TDS&#146; ability to effect planned changes and
  would result in a loss of valuable expertise if such persons were to be replaced by new members with no meaningful relevant business experience compared to the TDS Board Nominees.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>We urge you to support your Board&#146;s nominees for election by voting the WHITE proxy card and discarding any proxy card you may receive from GAMCO, which will be a color other than white.</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>Please vote the WHITE proxy card in favor of ALL FOUR OF your Board&#146;s nominees TODAY.</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>Thank you for your continued support.</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">Very truly yours,</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:45.83%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:45.83%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      <p align="left"><img src="c73508xlcarlson.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; ">
      <p align="left"><img src="c73508xwcarlson.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      LeRoy T. Carlson, Jr.<br>President and Chief Executive Officer</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:4.5mm; ">
      Walter C.D. Carlson<br>Chairman of the Board of Directors</FONT></P></TD>
  </TR>
</TABLE>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always; margin-bottom: -12pt">&nbsp;</p>

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>TDS NOMINEES HAVE SIGNIFICANT BUSINESS, FINANCE AND MANAGERIAL EXPERTISE AND QUALIFICATIONS</B></FONT></P>

<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:19.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:19.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:19.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:19.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:19.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:sans-serif; font-size:2.8mm; "><B>
      Management Experience</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:sans-serif; font-size:2.8mm; "><B>
      Board<br>Experience</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:sans-serif; font-size:2.8mm; "><B>
      Business<br>Expertise</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:sans-serif; font-size:2.8mm; "><B>
      TDS<br>Board History</B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.1mm; "><B>
      Clarence A. Davis</B></FONT></P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <p><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Significant leadership and operational experience in multiple industries,
        including technology (CEO&#151;Nestor, Inc.), accounting (CFO, COO&#151;American
        Institute of Certified Public Accountants), manufacturing,
      media/broadcasting, agriculture</FONT></FONT><br>
      </p></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <p><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Current or former director of multiple boards, including Gabelli SRI Green
        Fund and GDL Fund; Nestor, Inc.; Oneida Ltd.; Pennichuck Corp.;
        Sonesta International Hotels; and BizEquity</FONT></FONT><br>
        <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Current or former member of at least six Audit Committees</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Designated financial expert</FONT></FONT></p></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <p><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Substantial expertise in management, operations, accounting/finance, cost
        control, fraud investigation and internal controls, sales, M&amp;A/restructuring,
      investing</FONT></FONT></p></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <p><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Originally nominated by GAMCO in 2009</FONT></FONT><br>
        <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> TDS director since 2009</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Member, TDS Audit Committee; designated financial expert</FONT></FONT></p>
      <p>&nbsp;</p></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT style="font-family:sans-serif; font-size:3.1mm; "><B> George W. Off</B></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Substantial executive management and operational experience for
          marketing services firm (Co-founder and CEO, Catalina Marketing
    Corporation) and multinational manufacturer (CEO, Checkpoint Systems)</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Current or former member of multiple boards, including The Retail
          Equation, Infinian Mobile Commerce &amp; Analytic Solutions, Catalina
    Marketing Corporation, Checkpoint Systems</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Significant business expertise in marketing, operations, retail customer
    analytics, retail and marketing technology</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> TDS director since 1997, identified by executive search firm</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Chair, TDS Audit Committee</FONT></FONT><br>
    <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Member, TDS Compensation Committee</FONT></FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT style="font-family:sans-serif; font-size:3.1mm; "><B> Mitchell H. Saranow</B></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Significant leadership experience in manufacturing (Founder&ndash;Fluid
          Management, SureTint Technologies), cable (Co-founder, Mid-Atlantic
          CATV), food service distribution (CFS Continental), corporate finance
          (Warburg, Paribas, Becker), and consulting (Co-CEO, Navigant Consulting)</FONT></FONT><br>
          <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Independent financial advisor to companies in multiple industries</FONT></FONT>
    </p></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Current or former member of five public boards and their audit
          committees</FONT></FONT><br>
          <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Public board experience includes Navigant Consulting, Telular
          Corporation, North American Scientific, Lawson Products</FONT></FONT><br>
    <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Designated financial expert</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Successful business founder and innovator</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Substantial expertise in strategic planning, operations, accounting,
    budgeting, financial reporting and controls, acquisitions, investing, legal</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> TDS director since 2004</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> TDS Nominating and Governance Committee</FONT></FONT><br>
    <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Member, TDS Audit Committee, designated financial expert</FONT></FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT style="font-family:sans-serif; font-size:3.1mm; "><B> Gary L. Sugarman</B></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> More than 25 years of management experience, including traditional
        telcos (Co-founder and CEO, Mid-Maine Communications; various
        operating roles at Rochester Telephone Company, now known as
        Frontier), network infrastructure providers (Exec. Chairman, Veroxity
        Technology Partners), financial technology (Exec. Chairman,
        FXecosystem), and technology venture funds and banks (Founder,
    Richfield Capital Partners/Richfield Associates)</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Current board member of OTELCO and LICT. Former member of multiple
          telecommunications and technology boards, including PrairieWave
          Communications, Veroxity Technology Partners, Interlakes Cable, and
    FXecosystem</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Significant business expertise in many aspects of the telecommunications
    industry, including M&amp;A, operations, infrastructure, finance and investing</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Originally nominated by GAMCO in 2009</FONT></FONT><br>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> TDS director since 2009</FONT></FONT><br>
    <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; "> Member, TDS Compensation Committee</FONT></FONT></TD>
  </TR>
</TABLE>
<p></p>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always; margin-bottom: -12pt">&nbsp;</p>

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>IMPORTANT</B></FONT></P>
<P style="text-indent:8.4mm; margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">Your vote is important. No matter how many shares you own, we urge you to please vote FOR the election of ALL FOUR OF the nominees nominated by the TDS Board and FOR proposals 2 and 3. In addition to voting by mail, telephone and internet
  voting is available. Simply follow the instructions on the enclosed <B>WHITE </B>proxy card.</FONT></P>
<P style="text-indent:8.4mm; margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">In addition, we ask that you do not return any proxy card you may receive from GAMCO.</FONT></P>
<P style="margin:8.4mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.5mm; ">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 participants that may be soliciting proxies on behalf of the TDS Board and their respective interests in TDS by security holdings or otherwise is set forth in TDS&#146;s definitive proxy statement relating to its 2015 annual meeting, as filed with the Securities and Exchange Commission ( &#147;SEC&#148;) on April 17, 2015. The 2015 proxy statement,
  other solicitation material and other reports that TDS files with the SEC, when available, can be obtained free of charge at the SEC&#146;s web site at <u style="border-bottom: 0.50pt black;;">www.sec.gov</u> or from TDS as provided on its website at <u style="border-bottom: 0.50pt black;;">www.tdsinc.com</u>. TDS SHAREHOLDERS ARE ADVISED TO READ CAREFULLY THE PROXY STATEMENT AND OTHER
  SOLICITATION MATERIAL FILED BY TDS IN CONNECTION WITH THE TDS 2015 ANNUAL MEETING OF SHAREHOLDERS BEFORE MAKING ANY VOTING DECISION BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE ELECTION OF DIRECTORS OF TDS.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always; margin-bottom: -12pt">&nbsp;</p>
<PAGE>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; "><DIV style="border:solid 1pt black; margin-bottom:-6pt;"></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:Times, serif; font-size:4.5mm; "><B>If you have questions or need assistance voting your shares please contact</B></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><p align="center"><img src="mackenziexkxlogo.jpg" style="margin:4.9204mm 0 0 0; border:   ;"></p></FONT><P align="center"><FONT style="font-family:Times, serif; font-size:4.5mm; ">105 Madison Avenue<br>New York, New York 10016</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B><u style="border-bottom: 0.50pt black;;">TDS@mackenziepartners.com</u></B><br>Call Collect: (212) 929-5500<br>or<B><I><br>Toll-Free (800) 322-2885<br>Fax: (212) 929-0308</I></B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B><I></div></I></B></FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
