<SEC-DOCUMENT>0001051512-15-000047.txt : 20150615
<SEC-HEADER>0001051512-15-000047.hdr.sgml : 20150615
<ACCEPTANCE-DATETIME>20150615082948
ACCESSION NUMBER:		0001051512-15-000047
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150615
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150615
DATE AS OF CHANGE:		20150615

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14157
		FILM NUMBER:		15930282

	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>8-K
<SEQUENCE>1
<FILENAME>tdsform8k.htm
<DESCRIPTION>8-K
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:18.0pt;layout-grid-mode:line;">FORM
8-K</font></b></p>

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:18.0pt;layout-grid-mode:line;">SECURITIES AND EXCHANGE
COMMISSION</font></b></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;layout-grid-mode:line;">Washington, D.C. 20549</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;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">CURRENT REPORT</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Pursuant to Section 13 or 15(d)
of</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The Securities Exchange Act of
1934</font></b></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;layout-grid-mode:line;">&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;layout-grid-mode:line;">Date of Report (Date of earliest event reported): </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">June 15, 2015</font></b></p>

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:18.0pt;layout-grid-mode:line;">TELEPHONE AND DATA SYSTEMS, INC.</font></b></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;layout-grid-mode:line;">(Exact name of registrant as specified in its charter)</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 align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.0pt;">
  <td valign=bottom width=4% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:9.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Delaware</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">001-14157</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">36-2669023</font></b></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=bottom width=4% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=30% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(State or other
  jurisdiction</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">of incorporation)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=30% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=24% style="background:white;height:25.5pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
<tr style="height:6.75pt;">
  <td valign=bottom width=4% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=30% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:6.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=3 valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">30 North LaSalle Street,
  Suite 4000, Chicago, Illinois</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">60602&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=3 valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Address of principal
  executive offices)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table></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;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">Registrant's
telephone number, including area code:&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">(312) 630-1900</font></b></p>

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

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">Not
Applicable</font></b></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;layout-grid-mode:char;">(Former
name or former address, if changed since last report)</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</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 align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:11.0pt;layout-grid-mode:char;">&#168;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:11.0pt;layout-grid-mode:char;">&#168;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">Soliciting material pursuant
  to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:11.0pt;layout-grid-mode:char;">&#168;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Wingdings style="font-size:11.0pt;layout-grid-mode:char;">&#168;</font></p>
  </td>
 <td valign=top width=93% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:10.0pt;layout-grid-mode:char;">Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</font></p>
  </td>
 </tr>
</table></div>






<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.2pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&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;">Item
8.01.&#160; Other Events. </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;">United States Cellular
Corporation (&#8220;U.S. Cellular&#8221;), a subsidiary of Telephone and Data Systems, Inc.
(&#8220;TDS&#8221;), disclosed certain information relating to its 5.5% ownership interest
in the Los Angeles SMSA Limited Partnership in a Current Report on Form 8-K
dated and filed the date hereof.&#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;">For additional information, see
such Current Report on Form 8-K, which is incorporated by reference herein.</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;"><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;">Item 9.01.&#160; Financial
Statements and Exhibits</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;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits:</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;">In accordance with the
provisions of Item 601 of Regulation S-K, any Exhibits filed or furnished
herewith are set forth on the Exhibit Index attached hereto.</font></p>




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</DIV>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;border:none;height:12.75pt;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;">SIGNATURES</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;border:none;height:12.75pt;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>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;border:none;height:12.75pt;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;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned, thereto
  duly authorized.</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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=36% style="background:white;border:none;height:12.75pt;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=52% style="background:white;border:none;height:12.75pt;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>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=2 valign=bottom width=48% style="background:white;border:none;height:12.75pt;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;">Telephone and
  Data Systems, Inc.</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=2 valign=bottom width=48% style="background:white;border:none;height:12.75pt;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;">(Registrant)</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">Date:</font></p>
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 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">June 15, 2015</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">By:</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;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;">/s/ Douglas D.
  Shuma</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">Douglas D.
  Shuma</font></p>
  </td>
 <td valign=top width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">Senior Vice
  President - Finance and Chief</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=88% style="background:white;border:none;height:12.75pt;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;">Accounting
  Officer (principal financial officer and </font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=12% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 <td valign=bottom width=36% style="background:white;border:none;height:12.75pt;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;">principal
  accounting officer)</font></p>
  </td>
 <td valign=bottom width=52% style="background:white;border:none;height:12.75pt;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;">&#160;&nbsp;</font></p>
  </td>
 </tr>
</table></div>






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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;border:none;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <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;">EXHIBIT INDEX</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=11% style="background:white;border:none;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=8% style="background:white;border:none;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=81% style="background:white;border:none;height:12.75pt;padding:0in 5.75pt 0in 5.75pt;">
  <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>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;border:none;height:12.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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 following exhibits are filed or
  furnished herewith as noted below.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=11% style="background:white;border:none;height:12.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=8% style="background:white;border:none;height:12.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=81% style="background:white;border:none;height:12.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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>
 </tr>
<tr style="height:26.25pt;">
  <td valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:26.25pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Exhibit</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">No.</font></b></p>
  </td>
 <td valign=bottom width=8% style="background:white;border:none;height:26.25pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=81% style="background:white;border:none;border-bottom:solid black 1.0pt;height:26.25pt;padding:0in 5.75pt 0in 5.75pt;">
  <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;">Description</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=bottom width=11% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&#160;&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=8% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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=81% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <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>
 </tr>
<tr style="height:15.0pt;">
  <td valign=top width=11% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">99.1&nbsp;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:11.0pt;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=81% style="background:white;border:none;height:15.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Private
  Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement</font></p>
  </td>
 </tr>
</table></div>



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


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=#0066CC face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
99.1</font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:18.0pt;">&#160; &nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">PRIVATE SECURITIES LITIGATION REFORM&nbsp;ACT OF 1995</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">This
Form&nbsp;8-K and/or press release attached to this Form&nbsp;8-K contain
statements that are not based on historical facts and represent forward-looking
statements, as this term is defined in the Private Securities Litigation Reform
Act of 1995.&nbsp; All statements, other than statements of historical facts,
that address activities, events or developments that TDS intends, expects,
projects, believes, estimates, plans or anticipates will or may occur in the
future are forward-looking statements.&nbsp; The words &#8220;believes,&#8221;
&#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;intends,&#8221; &#8220;projects&#8221; and
similar expressions are intended to identify these forward-looking statements,
but are not the exclusive means of identifying them. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause actual results, events or developments to be significantly
different from any future results, events or developments expressed or implied
by such forward-looking statements.&nbsp; Such risks, uncertainties and other
factors include those set forth below, as more fully described under &#8220;Risk
Factors&#8221; in the most recent filing of TDS&#8217; Form&nbsp;10-K, as updated by any
TDS Form&nbsp;10-Q filed subsequent to such Form&nbsp;10-K.&nbsp; However, such
factors are not necessarily all of the important factors that could cause
actual results, performance or achievements to differ materially from those
expressed in, or implied by, the forward-looking statements contained in this
document.&nbsp; Other unknown or unpredictable factors also could have material
adverse effects on future results, performance or achievements.&nbsp; TDS
undertakes no obligation to update publicly any forward-looking statements
whether as a result of new information, future events or otherwise.&nbsp; You
should carefully consider the Risk Factors in the most recent filing of TDS&#8217;
Form&nbsp;10-K, as updated by any TDS Form&nbsp;10-Q filed subsequent to such
Form&nbsp;10-K, the following factors and other information contained in, or
incorporated by reference into, this Form&nbsp;8-K and/or press release
attached to this Form&nbsp;8-K to understand the material risks relating to
TDS&#8217; business.</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-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Intense competition in the markets in which
TDS operates could adversely affect TDS&#8217; revenues or increase its costs to
compete.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A failure by TDS to successfully
execute its business strategy (including planned acquisitions, divestitures and
exchanges) or allocate resources or capital could have an adverse effect on
TDS&#8217; business, financial condition or results of operations.</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS offers customers the option to
purchase certain devices under installment contracts, which creates certain
risks and uncertainties which could have an adverse impact on TDS' financial
condition or results of operations.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Changes in roaming practices or other
factors could cause TDS&#8217; roaming revenues to decline from current levels and/or
impact TDS&#8217; ability to service its customers in geographic areas where TDS does
not have its own network, which could have an adverse effect on TDS&#8217; business,
financial condition or results of operations. </font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A failure by TDS to obtain access to
adequate radio spectrum to meet current or anticipated future needs and/or to
accurately predict future needs for radio spectrum could have an adverse effect
on TDS&#8217; business, financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">To the extent conducted by the Federal
Communications Commission (&#8220;FCC&#8221;), TDS is likely to participate in FCC auctions
of additional spectrum in the future as an applicant or as a noncontrolling
partner in another auction applicant and, during certain periods, will be
subject to the FCC&#8217;s anti-collusion rules, which could have an adverse effect
on TDS.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Changes in the regulatory environment
or a failure by TDS to timely or fully comply with any applicable regulatory
requirements could adversely affect TDS&#8217; business, financial condition or
results of operations.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">An inability to attract people of
outstanding potential, to develop their potential through education and
assignments, and to retain them by keeping them engaged, challenged and
properly rewarded could have an adverse effect on TDS' business, financial
condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS&#8217; assets are concentrated primarily
in the U.S. telecommunications industry. As a result, its results of operations
may fluctuate based on factors related primarily to conditions in this
industry.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS&#8217; lower scale relative to larger
competitors could adversely affect its business, financial condition or results
of operations.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Changes in various business factors
could have an adverse effect on TDS&#8217; business, financial condition or results
of operations. </font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Advances or changes in
technology could render certain technologies used by TDS obsolete, could put
TDS at a competitive disadvantage, could reduce TDS&#8217; revenues or could increase
its costs of doing business.</font></i></p>


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


</DIV>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Complexities associated with deploying
new technologies present substantial risk.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS is subject to numerous surcharges
and fees from federal, state and local governments, and the applicability and
the amount of these fees are subject to great uncertainty.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Performance under device purchase
agreements could have a material adverse impact on TDS' business, financial
condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Changes in TDS&#8217; enterprise value,
changes in the market supply or demand for wireless licenses, wireline or cable
markets or IT service providers, adverse developments in the businesses or the
industries in which TDS is involved and/or other factors could require TDS to
recognize impairments in the carrying value of its licenses, goodwill,
franchise rights and/or physical assets.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Costs, integration problems or other
factors associated with acquisitions, divestitures or exchanges of properties
or licenses and/or expansion of TDS&#8217; businesses could have an adverse effect on
TDS&#8217; business, financial condition or results of operations.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS&#8217; investments in unproven
technologies may not produce the benefits that TDS expects.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A failure by TDS to complete
significant network construction and systems implementation activities as part
of its plans to improve the quality, coverage, capabilities and capacity of its
networks and support systems could have an adverse effect on its operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Difficulties involving third parties
with which TDS does business, including changes in TDS&#8217; relationships with or
financial or operational difficulties of key suppliers or independent agents
and third party national retailers who market TDS&#8217; services, could adversely
affect TDS&#8217; business, financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS has significant investments in
entities that it does not control. Losses in the value of such investments
could have an adverse effect on TDS&#8217; financial condition or results of
operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A failure by TDS to maintain flexible
and capable telecommunication networks or information technology, or a material
disruption thereof, could have an adverse effect on TDS&#8217; business, financial
condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Cyber-attacks or other breaches of
network or information technology security could have an adverse effect on TDS'
business, financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The market price of TDS&#8217; Common Shares
is subject to fluctuations due to a variety of factors.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Changes in facts or circumstances,
including new or additional information, could require TDS to record charges in
excess of amounts accrued in the financial statements, which could have an
adverse effect on TDS&#8217; business, financial condition or results of operations.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Disruption in credit or other
financial markets, a deterioration of U.S. or global economic conditions or
other events could, among other things, impede TDS&#8217; access to or increase the
cost of financing its operating and investment activities and/or result in
reduced revenues and lower operating income and cash flows, which would have an
adverse effect on TDS&#8217; business, financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Uncertainty of TDS&#8217; ability to access
capital, deterioration in the capital markets, other changes in market
conditions, changes in TDS&#8217; credit ratings or other factors could limit or
restrict the availability of financing on terms and prices acceptable to TDS,
which could require TDS to reduce its construction, development or acquisition
programs.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Settlements, judgments, restraints on
its current or future manner of doing business and/or legal costs resulting
from pending and future litigation could have an adverse effect on TDS&#8217;
business, financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The possible development of
adverse precedent in litigation or conclusions in professional studies to the
effect that radio frequency emissions from wireless devices and/or cell sites
cause harmful health consequences, including cancer or tumors, or may interfere
with various electronic medical devices such as pacemakers, could have an
adverse effect on TDS&#8217; wireless business, financial condition or results of
operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>


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


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<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Claims of infringement of intellectual property and
proprietary rights of others, primarily involving patent infringement claims,
could prevent TDS from using necessary technology to provide products or
services or subject TDS to expensive intellectual property litigation or
monetary penalties, which could have an adverse effect on TDS&#8217; business,
financial condition or results of operations.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Certain matters, such as control by
the TDS Voting Trust and provisions in the TDS Restated Certificate of
Incorporation, may serve to discourage or make more difficult a change in
control of TDS.</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any of the foregoing events or other
events could cause revenues, earnings, capital expenditures and/or any other
financial or statistical information to vary from TDS&#8217; forward-looking
estimates by a material amount.</font></i></p>

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

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TDS undertakes no
obligation to update publicly any forward-looking statements whether as a
result of new information, future events or otherwise. Readers should evaluate
any statements in light of these important factors. </font></p>

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