<SEC-DOCUMENT>0001051512-19-000012.txt : 20190308
<SEC-HEADER>0001051512-19-000012.hdr.sgml : 20190308
<ACCEPTANCE-DATETIME>20190308125846
ACCESSION NUMBER:		0001051512-19-000012
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190308
DATE AS OF CHANGE:		20190308
EFFECTIVENESS DATE:		20190308

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:		19668454

	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>tds2018annualreportvideotr.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<div><a name="s4F36A14DCB0CE45881D02ACEA4E4BA32"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:5%;"></td><td style="width:4%;"></td><td style="width:4%;"></td><td style="width:87%;"></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">UNITED STATES</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">Washington, D.C. 20549</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">SCHEDULE 14A</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Proxy Statement Pursuant to Section 14(a) of</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">the Securities Exchange Act of 1934 (Amendment No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Filed by the Registrant [x]</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Filed by a Party other than the Registrant [ ]</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Check the appropriate box:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Preliminary Proxy Statement</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Definitive Proxy Statement</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Definitive Additional Materials</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[x]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Soliciting Material Pursuant to &#167;240.14a-12</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">Telephone and Data Systems, Inc.</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">(Name of Registrant as Specified In Its Charter)</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">(Name of Person(s) Filing Proxy Statement, If other than the Registrant)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Payment of Filing Fee (Check the appropriate box):</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[x]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">No fee required.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Fee computed on table below per Exchange Act Rules 14a 6(i)(1) and 0-11.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">(1)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Title of each class of securities to which transaction applies:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">(2)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Aggregate number of securities to which transaction applies:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">(3)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">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></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">(4)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Proposed maximum aggregate value of transaction:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">(5)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Total fee paid:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Fee paid previously with preliminary materials.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">[ ]</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">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. 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style="font-family:Helvetica,sans-serif;font-size:9pt;">Date Filed:</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:13px;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">EXPLANATORY NOTE</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We have created a video to accompany our 2018 annual report that provides more information about our progress in 2018 and plans for 2019.&#160;&#160;The&#160;attached&#160;is a transcript of the video available at tdsinc.com/investor-relations. &#160;&#160;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;font-weight:bold;">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 2019 annual meeting of shareholders. Information regarding TDS directors and executive officers, and other persons who may also be deemed to be participants, and their respective interests in TDS by security holdings or otherwise is set forth in TDS&#8217; proxy statement relating to its 2018 annual meeting, including schedules, as filed with the Securities and Exchange Commission (SEC) on April 11, 2018, which may be obtained free of charge at the SEC&#8217;s website at www.sec.gov and TDS&#8217; website at www.tdsinc.com. There has been no material change to such directors, executive officers or other participants or their interests since that time, except to the extent noted in TDS&#8217; filings with the SEC since that time. In addition, the class of other employees of TDS that may be employed in the solicitation of proxies include employees in investor relations and communications who report to the Senior Vice President - Corporate Relations and Corporate Secretary of TDS. The nature of their employment in such solicitations will be preparing communications (which will be filed with the SEC as required under Regulation 14A), responding to questions from shareholders and requesting shareholders to return proxies to TDS. Additional information concerning participants that may be soliciting proxies on behalf of the TDS board of directors and their respective interests in TDS by security holdings or otherwise will be included in the proxy statement filed by TDS in connection with its 2019 annual meeting of shareholders. The 2019 proxy statement, other solicitation materials and other reports that TDS files with the SEC, when available, can be obtained free of charge at the SEC&#8217;s web site at www.sec.gov or from TDS on its website at www.tdsinc.com. TDS SHAREHOLDERS ARE ADVISED TO READ CAREFULLY THE PROXY STATEMENT AND OTHER SOLICITATION MATERIALS FILED BY TDS IN CONNECTION WITH THE TDS 2019 ANNUAL MEETING OF SHAREHOLDERS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE ELECTION OF DIRECTORS OF TDS AND OTHER MATTERS TO BE CONSIDERED AT THE 2019 ANNUAL MEETING OF SHAREHOLDERS.</font></div><div style="line-height:120%;padding-bottom:13px;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;text-decoration:underline;">TDS 2018 Annual Report Video Script</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Hi, I&#8217;m Ted Carlson, President and CEO of TDS. I&#8217;m excited to share our plans for 2019 that build on our successes in 2018. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">With 50 successful years in business, we continue to focus on implementing our core beliefs and operating philosophies. We are investing in the TDS Family of Businesses to bring our customers high-quality leading-edge wireless and broadband technology that positions the company for long-term sustainability and growth. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">During 2018, at U.S. Cellular, we expanded our customer base while also increasing revenues and profitability. We reduced costs throughout the organization, while effectively investing for our future. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We will build on this momentum to execute on four key objectives for 2019. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">First, we will continue to strengthen and grow our loyal wireless customer base by creating more personalized and simplified experiences through digital enhancements to our retail environment, including easy switching processes for new customers. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">U.S. Cellular will capture new and emerging revenue opportunities by optimizing our device portfolio to ensure access to emerging categories like wearables, connected home devices, and innovative IoT business solutions. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We plan to increase revenues by also acquiring new customers through investing in expansion of some of our markets. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We are working to improve our network to meet evolving needs by making continuous investments in network technologies like new 5G and VoLTE.  </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">While providing for increasing data usage growth, U.S. Cellular is working to expand margins through broad ranging cost management initiatives. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We are exercising expense discipline in seeking every opportunity to improve effectiveness and efficiency, and we are managing the costs of our network investments. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">In 2018, TDS Telecom accomplished our strategic priorities with good success, generating strong increases in wireline broadband connections. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">TDS Telecom&#8217;s strategic imperatives for 2019 are increasing fiber deployment and broadband penetration, launching new customer-focused offerings, and meeting our increased data speed obligations under the Alternative Connect America Cost Model (A-CAM). </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We are focused on fiber expansion, growing our fiber footprint in and out of our current ILEC territory. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">In addition to fiber expansion, TDS Telecom plans to launch new offerings such as Cloud TV to improve our customers&#8217; experiences. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We have achieved steady growth in residential cable connections with eleven consecutive quarters of rapid broadband connection growth. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We continue to evaluate potential cable acquisitions in markets that have attractive demographics and little to no fiber competition. &#160;</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">At our hosted and managed IT services business, OneNeck IT Solutions, our strategic goals are to grow recurring service revenues and to further customize and standardize our processes across our portfolio of offerings. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Our primary objective at TDS is to successfully meet the needs of our growing customer base, thereby creating long-term value for all of our stakeholders. We maintain a financially sound foundation so that all our businesses can take advantage of growth opportunities to enhance their competitive positions. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">We continue to return value to our shareholders primarily through our cash dividends, which have increased every year for the past 45 years.  </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">The TDS Family of Businesses is building on the momentum of our progress in 2018 to implement our strategic imperatives in 2019. I am confident that TDS is well positioned for long-term sustainability and growth. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">Thank you. </font></div><div style="line-height:120%;padding-bottom:13px;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Helvetica,sans-serif;font-size:9pt;">&#160;</font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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