<SEC-DOCUMENT>0000930413-15-002227.txt : 20150501
<SEC-HEADER>0000930413-15-002227.hdr.sgml : 20150501
<ACCEPTANCE-DATETIME>20150501114516
ACCESSION NUMBER:		0000930413-15-002227
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20150501
DATE AS OF CHANGE:		20150501
EFFECTIVENESS DATE:		20150501

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:		15822795

	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>c81227_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><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:8.4mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>YOUR VOTE IS IMPORTANT<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; ">
      May 1, 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 BLUE 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.</FONT></P>
<P align="center" style="margin:4.9mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>FIRST QUARTER FINANCIAL RESULTS CONFIRM YOUR COMPANY CONTINUES TO<br>SUCCESSFULLY EXECUTE ITS STRATEGIC BUSINESS PLAN</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">TDS released financial results for the first quarter on May 1, 2015. Those results show that TDS is continuing to make progress and our U.S. Cellular and TDS Telecom business units are executing on their plans. TDS plans to continue that momentum through
  the rest of 2015. Highlights of the earnings press release and earnings call for the first quarter 2015 included the following:</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; ">
      Reported total operating revenues were $1,251.6 million for the first quarter of 2015, up 5% over the comparable period one year ago.</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; ">
      Net income attributable to TDS shareholders and related diluted earnings per share were $145.7 million and $1.33 respectively, for the first quarter of 2015, compared to $18.3 million and $0.16, respectively, in the comparable period one year ago.</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 and U.S. Cellular increased guidance for operating cash flow and adjusted EBITDA for 2015.</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 is maintaining a strong momentum from its turnaround in customer growth last year, adding postpaid customers and reducing churn.</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; ">
      More U.S. Cellular customers are adopting shared data plans and adding connected devices to those accounts, leading to increases in revenue.</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 will bring 4G LTE speeds to 98 percent of its customers in 2015, driving continued growth in smartphone penetration, connected devices, and data use.</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; ">
      TDS Telecom achieved continued success with its TDS TV service in the quarter, adding residential customers and increasing residential revenue per connection.</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&#146;s acquisition of BendBroadband has been very productive, driving increased revenues, operating cash flow and adjusted EBITDA.</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 is evaluating further cable acquisitions and focused on increasing broadband penetration and TDS TV uptake.</FONT></P>
    </TD>
  </TR>
</TABLE>

<P align="center" style="margin:4.9mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>GAMCO HAS ONCE AGAIN PROPOSED TWO DIRECTOR CANDIDATES WITH LITTLE<br>RELEVANT EXPERIENCE</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">We are disappointed that GAMCO has once again commenced a proxy contest that is costly and distracting to TDS. 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 rejected these candidates in 2014 and we urge shareholders to again not vote for these candidates in 2015. The TDS Board believes that the GAMCO Candidates lack the relevant experience and skill
  sets that would add value to the&nbsp;Board.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">Based on the information provided to TDS by GAMCO and the GAMCO Candidates and other information, the TDS Board believes that: the GAMCO Candidates have minimal experience as directors or officers of a public-company and the limited experience
  that they do have is with very small public companies; and the GAMCO Candidates have no meaningful experience in the telecommunications or other businesses in which TDS is engaged. In addition, Mr. Schenker consented to a settlement of an SEC
  enforcement proceeding in which he was required to pay a $75,000 civil penalty.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; ">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 of&nbsp;Mr. Davis, Mr. Sugarman or the other two TDS Board Nominees, George W. Off and Mitchell H. Saranow.</FONT></P>
<P align="center" style="margin:4.9mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>THE TDS BOARD NOMINEES ARE HIGHLY QUALIFIED AND ARE ACTIVELY<br>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 and skill sets compared to the TDS Board Nominees.</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:4.5mm; "><B>We urge you to support your Board&#146;s nominees for election by voting the WHITE proxy card and discarding any BLUE proxy card you may receive from GAMCO.</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></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;Significant leadership and operational experience in multiple industries,
      including technology (CEO&#151;Nestor, Inc.), accounting (CFO, COO&ndash;American
      Institute of Certified Public Accountants), manufacturing,
      media/broadcasting, agriculture</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 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></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;Substantial expertise in management, operations, accounting/finance, cost
      control, fraud investigation and internal controls, sales, M&amp;A/restructuring,
      investing</FONT></FONT></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;Originally nominated by GAMCO in 2009</FONT></FONT><br><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;TDS director since 2009</FONT></FONT><br><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;Member, TDS Audit Committee; designated financial expert</FONT></FONT></TD>
  </TR>
  <TR valign="top">
    <TD colspan="9"><P><FONT style="font-family:sans-serif; font-size:1.4mm; "><B>
&nbsp; </B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.1mm; "><B>
      George W. Off</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;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; ">&nbsp;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 colspan="9"><P><FONT style="font-family:sans-serif; font-size:1.4mm; "><B>
&nbsp; </B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.1mm; "><B>
      Mitchell H. Saranow</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;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; ">&nbsp;Independent financial advisor to companies in multiple industries</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 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; ">&nbsp;Successful business founder and innovator</FONT></FONT><br><FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;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 colspan="9"><P><FONT style="font-family:sans-serif; font-size:1.4mm; "><B>
&nbsp; </B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.1mm; "><B>
      Gary L. Sugarman</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
      <FONT style="font-size:3.1mm; ">&#149;<FONT style="font-family:sans-serif; ">&nbsp;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; ">&nbsp;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><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 BLUE 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 style="margin:2.1mm 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>
<P align="center" style="margin:3.5mm 0 0; "><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>
