<SEC-DOCUMENT>0001051512-20-000062.txt : 20200806
<SEC-HEADER>0001051512-20-000062.hdr.sgml : 20200806
<ACCEPTANCE-DATETIME>20200806170925
ACCESSION NUMBER:		0001051512-20-000062
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200806
DATE AS OF CHANGE:		20200806
EFFECTIVENESS DATE:		20200806

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-241703
		FILM NUMBER:		201082685

	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>S-8
<SEQUENCE>1
<FILENAME>tdsforms-8.htm
<DESCRIPTION>S-8
<TEXT>
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<title>Document</title></head><body><div id="i8aa4abc3342248b38660021f1967475f_1"></div><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;margin-bottom:6pt;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">As filed with the Securities and Exchange Commission on August 6, 2020</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:98.000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:right;vertical-align:top;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Registration No. 333-</font></td></tr></table></div><div style="text-align:center;margin-top:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">UNITED STATES</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">WASHINGTON, D.C.  20549</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">_______________</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:14pt;font-weight:700;line-height:120%;">FORM S-8</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">REGISTRATION STATEMENT UNDER THE </font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">SECURITIES ACT OF 1933</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">_______________</font></div><div style="text-align:center;margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:15pt;font-weight:700;line-height:120%;">TELEPHONE AND DATA SYSTEMS, INC.</font></div><div style="text-align:center;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Exact name of registrant as specified in its charter)</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:38.555%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:17.583%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:37.862%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Delaware</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">36-2669023</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(State or other jurisdiction of incorporation or organization)</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">(IRS Employer Identification No.)</font></td></tr></table></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.861%;"><tr><td style="width:1.0%;"></td><td style="width:19.001%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:17.610%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:17.610%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:17.610%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.169%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">30 North LaSalle Street, Suite 4000</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Chicago, Illinois</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Address of Principal Executive Offices)</font></div></td><td colspan="3" style="display:none;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">60602</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Zip Code)</font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Telephone and Data Systems, Inc.</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">2020 Long-Term Incentive Plan</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Full title of the plan)</font></div></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="9" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;margin-top:6pt;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">LeRoy T. Carlson, Jr.</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">President and Chief Executive Officer</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Telephone and Data Systems, Inc.</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">30 North LaSalle Street, Suite 4000</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Chicago, Illinois  60602</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Name and address of agent for service)</font></div><div style="text-align:center;margin-top:6pt;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">(312) 630-1900</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(Telephone number, including</font></div><div style="text-align:center;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">area code, of agent for service)</font></div></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr></table></div><div style="margin-top:6pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,  a smaller reporting company or an emerging growth company.  See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.  (Check One)</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:16.472%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.416%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:10.222%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.416%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:16.474%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Large accelerated filer </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">&#9746;</font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Accelerated filer </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">&#9744;</font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Non-accelerated filer </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">&#9744;</font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Smaller reporting company </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">&#9744;</font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Emerging growth company </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">&#9744;</font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr></table></div><div style="margin-top:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</font></div><div><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">CALCULATION OF REGISTRATION FEE</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:16.888%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:17.166%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:19.666%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.138%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:18.142%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Title of securities<br>to be registered</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Amount to be<br>registered</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Proposed maximum<br>offering price<br>per share</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Proposed maximum<br>aggregate offering<br>price</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:700;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Amount of<br>registration fee</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Common Shares, $0.01 par value</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">5,000,000 Common Shares (1)</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">$19.71 (2)</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><div style="text-align:center;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">$98,550,000 (2)</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">$12,792 (3)</font></td></tr></table></div><div style="text-align:justify;margin-top:6pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(1)&#160;Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), the number of Common Shares registered shall include an indeterminate number of additional Common Shares that may become issuable pursuant to the anti-dilution provisions of the above-referenced Plan as a result of stock splits, stock dividends, or similar transactions.</font></div><div style="text-align:justify;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(2)&#160;Estimated in accordance with Rules 457(c) and 457(h)(1) of the 1933 Act solely for the purpose of calculating the registration fee on the basis of the average of the high and low prices of the Common Shares of the Registrant as reported on The New York Stock Exchange on August 3, 2020.</font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(3)&#160;Calculated based on the current statutory fee of $129.80 per million.</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:98.000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-bottom:3pt double #000000;padding-left:1pt;padding-right:1pt;"></td></tr></table></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="text-align:center;"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;margin-bottom:12pt;"><font><br></font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">PART I</font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 1.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Plan Information</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.*  </font></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 2.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Registration Information and Employee Plan Annual Information</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.*</font></div><div style="text-indent:-36pt;padding-left:36pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">*</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">&#160;Information required by Part I to be contained in the Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule 428 under the 1933 Act and the Note to Part I of Form S-8.</font></div><div style="text-align:center;margin-top:6pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">PART II</font></div><div style="text-align:center;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 3.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Incorporation of Documents by Reference</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The following documents which have heretofore been filed by the Registrant with the Commission pursuant to the 1933 Act and the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), are incorporated by reference herein and shall be deemed to be a part hereof&#58;</font></div><div style="text-indent:-36pt;padding-left:72pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">1.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:28.5pt;">The description of the Registrant&#8217;s Common Shares, par value $0.01 per share (&#8220;Common Shares&#8221;), contained in the Registrant's </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/Archives/edgar/data/1051512/000110465912003716/a12-3385_18a12ba.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Registration Statement on Form 8-A&#47;A dated January 25, 2012</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">.</font></div><div style="text-indent:-36pt;padding-left:72pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">2.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:28.5pt;">The Registrant&#8217;s </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000014/tds1231201910-k.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Annual Report on Form 10-K for the year ended December 31, 2019</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, including the incorporated portions of the Registrant&#8217;s Notice of Annual Meeting and Proxy Statement dated April 8, 2020.</font></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;"><font><br></font></div><div style="text-indent:-36pt;padding-left:72pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">3.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:28.5pt;">The Registrant&#8217;s Quarterly Report on Form 10-Q for the periods ended </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000038/tds331202010q.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">March 31, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;"> and </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000059/tds630202010q.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">June 30, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">.</font></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;"><font><br></font></div><div style="text-indent:-36pt;padding-left:72pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">4.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:28.5pt;">The Registrant&#8217;s Current Reports on Form 8-K filed with the SEC on </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000004/tds8-ktermloan.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">January 9, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000008/tdsq420198-kearningsre.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">February 20,</a><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000008/tdsq420198-kearningsre.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;"> </a><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000008/tdsq420198-kearningsre.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000021/tds8-krevolvingcreditt.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">March 6, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000023/tds8-k2020annualincent.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">March 20, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000036/tdsq120208-kearningsre.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">April 30, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000043/tds-20200521.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">May 26, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000046/tds-20200601.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">June 4, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000051/tds-20200611.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">June 16, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;"> and </font><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1051512/000105151220000057/tdsq220208-kearningsre.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">August 6, 2020</a></font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, provided that any information in any Form 8-K that is not deemed to be &#8220;filed&#8221; pursuant to Item 2.02 or 7.01 shall not be incorporated by reference herein.</font></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;"><font><br></font></div><div style="text-indent:-36pt;padding-left:72pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">5.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:28.5pt;">All other reports filed by the Registrant pursuant to Sections 13(a) and 15(d) of the 1934 Act since December 31, 2019.</font></div><div style="text-indent:36pt;text-align:justify;margin-top:12pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">All documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the 1934 Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and made a part hereof from their respective dates of filing (such documents, and the documents enumerated above, being hereinafter referred to as &#8220;Incorporated Documents&#8221;).</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Any statement contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 5.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Interests of Named Experts and Counsel</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Certain legal matters relating to the securities registered hereby will be addressed by Sidley Austin LLP, Chicago, Illinois.  The following persons are members of Sidley Austin LLP&#58;  Walter C. D. Carlson, a trustee and beneficiary of a voting trust that controls the Registrant, the non-executive Chairman of the Board and member of the Board of Directors of the Registrant and a director of a subsidiary of the Registrant&#59; and Stephen P. Fitzell, the General Counsel and Assistant Secretary of the Registrant and the General Counsel and&#47;or Assistant Secretary of certain subsidiaries of the Registrant.  Walter C. D. Carlson does not provide legal services to the Registrant or its subsidiaries.</font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="padding-right:18pt;text-align:center;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 6.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Indemnification of Directors and Officers</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Registrant&#8217;s Restated Certificate of Incorporation contains a provision providing that no director or officer of the Registrant shall be personally liable to the Registrant or its stockholders for monetary damages for breach of fiduciary duty as a director or officer except for breach of the director&#8217;s or officer&#8217;s duty of loyalty to the Registrant or its stockholders, acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, unlawful payment of dividends, unlawful stock redemptions or repurchases and transactions from which the director or officer derived an improper personal benefit.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Restated Certificate of Incorporation also provides that the Registrant shall indemnify directors and officers of the Registrant, its consolidated subsidiaries and certain other related entities generally in the same manner and to the extent permitted by the Delaware General Corporation Law, as more specifically provided in the Restated Bylaws of the Registrant.  The Restated Bylaws provide for indemnification and permit the advancement of expenses by the Registrant generally in the same manner and to the extent permitted by the Delaware General Corporation Law, subject to compliance with certain requirements and procedures specified in the Restated Bylaws.  In general, the Restated Bylaws require that any person seeking indemnification must provide the Registrant with sufficient documentation as described in the Restated Bylaws and, if an undertaking to return advances is required, to deliver an undertaking in the form prescribed by the Registrant and provide security for such undertaking if considered necessary by the Registrant.  In addition, the Restated Bylaws specify that, except to the extent required by law, the Registrant does not intend to provide indemnification to persons under certain circumstances, such as where the person was not acting in the interests of the Registrant or was otherwise involved in a crime or tort against the Registrant.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Under the Delaware General Corporation Law, directors and officers, as well as other employees or persons, may be indemnified against judgments, fines and amounts paid in settlement in connection with specified actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation - a &#8220;derivative action&#8221;), and against expenses (including attorneys&#8217; fees) in any action (including a derivative action), if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful.  However, in the case of a derivative action, a person cannot be indemnified for expenses in respect of any matter as to which the person is adjudged to be liable to the corporation unless and to the extent a court determines that such person is fairly and reasonably entitled to indemnity for such expenses.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Delaware General Corporation Law also provides that, to the extent a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action or matter, the corporation must indemnify such party against expenses (including attorneys&#8217; fees) actually and reasonably incurred by such party in connection therewith.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Expenses incurred by a director or officer in defending any action may be paid by a Delaware corporation in advance of the final disposition of the action upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it is ultimately determined that such party is not entitled to be indemnified by the corporation.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Delaware General Corporation Law provides that the indemnification and advancement of expenses provided thereby are not exclusive of any other rights granted by bylaws, agreements or otherwise, and provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person, whether or not the corporation would have the power to indemnify such person under the Delaware General Corporation Law.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Registrant has directors&#8217; and officers&#8217; liability insurance which provides, subject to certain policy limits, deductible amounts and exclusions, coverage for all persons who have been, are or may in the future be, directors or officers of the Registrant, against amounts which such persons must pay resulting from claims against them by reason of their being such directors or officers during the policy period for certain breaches of duty, omissions or other acts done or wrongfully attempted or alleged.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.</font></div><div style="text-align:justify;margin-bottom:12pt;"><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="padding-right:18pt;text-align:center;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">3</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 8.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Exhibits</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.</font></div><div style="text-indent:36pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">The Telephone and Data Systems, Inc. 2020 Long-Term Incentive Plan is not intended to be qualified under Section 401(a) of the Internal Revenue Code.</font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:10.777%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:1.050%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:83.973%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Exhibit No.</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Description</font></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">4.1</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/Archives/edgar/data/1051512/000110465912003716/a12-3385_1ex1.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">The Registrant's Restated Certificate of Incorporation is hereby incorporated herein by reference to Exhibit 1 to the Registrant's Registration Statement on Form 8-A&#47;A filed on January 25, 2012.</a></font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">4.2</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/Archives/edgar/data/1051512/000105151219000034/tds20198-kexhibit31.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">The Registrant&#8217;s Restated Bylaws, as amended, are hereby incorporated herein by reference to Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K dated May 23, 2019.</a></font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">5</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="tdsforms-8ex5.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Opinion of Counsel</a></font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">23.1</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="tdsforms-8ex231.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Consent of Independent Registered Public Accounting Firm &#8211; PricewaterhouseCoopers LLP</a></font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">23.2</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="tdsforms-8ex232.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Consent of Independent Registered Public Accounting Firm &#8211; Ernst &#38; Young LLP</a></font></div></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">23.3</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Consent of Counsel (contained in Exhibit 5)</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">24</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Powers of Attorney (included on signature pages)</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:8pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">99.1</font></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="http://www.sec.gov/Archives/edgar/data/1051512/000105151220000027/tds2020proxy.htm#s88dbc929b81c4e85a22fbd656d0a80cb" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration: underline;-sec-extract:exhibit;">Telephone and Data Systems, Inc. 2020 Long-Term Incentive Plan effective May 21, 2020, is hereby incorporated by reference from Exhibit A to the Company&#8217;s Notice of 2020 Annual Meeting of Shareholders and 2020 Proxy Statement dated April 8, 2020.</a></font></div></td><td colspan="3" style="display:none;"></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">Item 9.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration: underline;">Undertakings</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">.</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-indent:-18pt;padding-left:54pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(a)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt;">The undersigned Registrant hereby undertakes&#58;</font></div><div style="text-indent:-18pt;padding-left:54pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(1)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt;">to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement&#58;</font></div><div style="text-indent:-18pt;padding-left:90pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(i)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.03pt;">to include any prospectus required by Section 10(a)(3) of the 1933 Act&#59;</font></div><div style="text-indent:-18pt;padding-left:90pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(ii)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:8.04pt;">to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement&#59; and</font></div><div style="text-indent:-18pt;padding-left:90pt;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(iii)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:6.05pt;">to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement&#59;</font></div><div style="padding-left:72pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;">provided, however</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference in the Registration Statement.</font></div><div style="text-indent:-18pt;padding-left:54pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(2)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt;">That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;">bona fide</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;"> offering thereof.</font></div><div style="text-indent:-18pt;padding-left:54pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(3)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt;">To remove from registration by means of a post-effective amendment any of the securities being registered hereby which remain unsold at the termination of the offering.</font></div><div style="text-indent:-18pt;padding-left:54pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(b)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt;">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the 1934 Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the 1934 Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;">bona fide</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;"> offering thereof.</font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="padding-right:18pt;text-align:center;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">4</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-indent:-18pt;padding-left:54pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">(c)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt;">Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.</font></div><div style="text-indent:36pt;text-align:justify;"><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="padding-right:18pt;text-align:center;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">5</font></div><div><font><br></font></div></div></div><div id="i8aa4abc3342248b38660021f1967475f_4"></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;margin-top:12pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">SIGNATURES</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on August 6, 2020.</font></div><div style="text-align:right;margin-bottom:12pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:41.805%;"><tr><td style="width:1.0%;"></td><td style="width:7.634%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:88.366%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">TELEPHONE AND DATA SYSTEMS, INC.</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">By&#58;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; LeRoy T. Carlson, Jr.</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">LeRoy T. Carlson, Jr.</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">President and Chief Executive Officer</font></td></tr></table></div><div style="text-align:center;margin-top:12pt;margin-bottom:12pt;"><font><br></font></div><div style="text-align:center;margin-top:0.12pt;margin-bottom:0.12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">POWER OF ATTORNEY AND SIGNATURES</font></div><div style="text-indent:36pt;text-align:justify;"><font><br></font></div><div style="text-indent:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Each person whose signature appears below constitutes and appoints LeRoy T. Carlson, Jr. as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and to take such actions in, and file with, the appropriate applications, statements, consents and other documents as may be necessary or expedient to register securities of the Registrant for sale, granting unto said attorney-in-fact and agent full power and authority to do so and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all the said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </font></div><div style="text-indent:36pt;text-align:justify;"><font><br></font></div><div style="text-indent:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on August 6, 2020.</font></div><div style="text-align:justify;"><font><br></font></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%;"><tr><td style="width:1.0%;"></td><td style="width:23.277%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:72.723%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; LeRoy T. Carlson, Jr.</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director and President and Chief Executive Officer (principal executive officer)</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">LeRoy T. Carlson, Jr.</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Walter C.D. Carlson</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director and Chairman of the Board</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Walter C.D. Carlson</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; James W. 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Carlson, M.D.</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Letitia G. 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Carlson</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Prudence E. Carlson</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Clarence A. Davis</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Clarence A. Davis</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Kimberly D. Dixon</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Kimberly D. Dixon</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; George W. Off</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">George W. Off</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Christopher D. O'Leary</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Christopher D. O&#8217;Leary</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Wade Oosterman</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Wade Oosterman</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Gary L. Sugarman</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Gary L. Sugarman</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Laurent C. Therivel</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Director</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Laurent C. Therivel</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Peter L. Sereda</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Executive Vice President and Chief Financial Officer (principal financial officer)</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Peter L. Sereda</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:14pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Anita J. Kroll</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Vice President &#8211; Controller and Chief Accounting Officer (principal accounting officer)</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Anita J. Kroll</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font><br></font></div><div><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font><br></font></div></div></div></body></html>
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<title>Document</title></head><body><div id="i947e8ebc609346f2867019fe32ad68a0_31"></div><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">EXHIBIT 5</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:86.666%;"><tr><td style="width:1.0%;"></td><td style="width:33.256%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:62.744%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><img alt="sidleylogo21.jpg" src="sidleylogo21.jpg" style="height:51px;width:167px;"></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">SIDLEY AUSTIN LLP<br>ONE SOUTH DEARBORN STREET<br>CHICAGO, IL 60603<br>+1 312 853 7000<br>+1 312 853 7036</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">AMERICA </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:115%;">&#183;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;"> ASIA PACIFIC </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:700;line-height:115%;">&#183;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;"> EUROPE</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">August 6, 2020</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font><br></font></div><div><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Telephone and Data Systems, Inc.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">30 North LaSalle Street, Suite 4000</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Chicago, Illinois 60602</font></div><div><font><br></font></div><div style="text-indent:72pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Re&#58;       </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">5,000,000 Common Shares, $0.01 par value per share</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">We refer to the Registration Statement on Form S-8 (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">Registration Statement</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">&#8221;) being filed by Telephone and Data Systems, Inc., a Delaware corporation (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">Company</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">&#8221;), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">Securities Act</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">&#8221;), relating to the registration of 5,000,000 Common Shares, $0.01 par value per share (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">Registered Shares</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">&#8221;), of the Company which may be issued under the Company&#8217;s 2020 Long-Term Incentive Plan (the &#8220;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;text-decoration: underline;">Plan</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">&#8221;). </font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.  </font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">We have examined the Registration Statement, the Company&#8217;s certificate of incorporation, the Plan and the resolutions adopted by the board of directors of the Company relating to the Registration Statement and the Plan and the resolutions adopted by the stockholders of the Company relating to the Plan. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and statements of the Company and other corporate documents and instruments, and have examined such questions of law, as we have considered relevant and necessary as a basis for this opinion letter. We have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the legal capacity of all persons and the conformity with the original documents of any copies thereof submitted to us for examination. As to facts relevant to the opinions expressed herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of, certificates, letters and oral and written statements and representations of public officials and officers and other representatives of the Company.</font></div><div style="text-indent:36pt;"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Sidley Austin LLP is a limited liability partnership practicing in affiliation with other Sidley Austin partnerships</font></div><div style="text-align:center;"><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:40.972%;"><tr><td style="width:1.0%;"></td><td style="width:98.000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="height:48pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><img alt="sidleylogo21.jpg" src="sidleylogo21.jpg" style="height:51px;width:167px;"></div></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Telephone and Data Systems, Inc.<br>August 6, 2020<br>Page 2</font></td></tr></table></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">Based on the foregoing, we are of the opinion that each Registered Share that is newly issued pursuant to the Plan will be validly issued, fully paid and non-assessable when&#58; (i) the Registration Statement, as finally amended, shall have become effective under the Securities Act&#59; (ii) such Registered Share shall have been duly issued and delivered in accordance with the Plan&#59; and (iii) certificates representing such Registered Share shall have been duly executed, countersigned and registered and duly delivered to the person entitled thereto against payment of the agreed consideration therefor in an amount not less than the par value thereof or, if any Registered Share is to be issued in uncertificated form, the Company&#8217;s books shall reflect the issuance of such Registered Share to the person entitled thereto against payment of the agreed consideration therefor in an amount not less than the par value thereof, all in accordance with the Plan.</font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">This opinion letter is limited to the General Corporation Law of the State of Delaware. We express no opinion as to the laws, rules or regulations of any other jurisdiction, including, without limitation, the federal laws of the United States of America or any state securities or blue sky laws.</font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">We hereby consent to the filing of this opinion letter as an Exhibit to the Registration Statement and to all references to our Firm included in or made a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.</font></div><div><font><br></font></div><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:115%;">The following persons are members of this Firm&#58; Walter C. D. Carlson, a trustee and beneficiary of a voting trust that controls the Company, the non-executive Chairman of the board and member of the board of directors of the Company and a director of a subsidiary of the Company&#59; and Stephen P. Fitzell, the General Counsel and Assistant Secretary of the Company and the General Counsel and&#47;or Assistant Secretary of certain subsidiaries of the Company.</font></div><div style="text-align:right;"><font><br></font></div><div style="text-align:right;"><font><br></font></div><div style="text-align:right;margin-bottom:6pt;"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:28.333%;"><tr><td style="width:1.0%;"></td><td style="width:98.000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">Very truly yours,</font></td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:9pt;font-weight:400;font-family:'Helvetica',sans-serif;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; SIDLEY AUSTIN LLP</font></td></tr></table></div><div><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tdsforms-8ex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="ic4bdd8f081a24ca38ea620567567c4ba_31"></div><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">EXHIBIT 23.1</font></div><div style="text-align:center;margin-top:12pt;margin-bottom:24pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Telephone and Data Systems, Inc. of our report dated February 25, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in the 2019 Annual Report to Shareholders, which is incorporated by reference in Telephone and Data Systems, Inc.&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">&#160;</font></div><div style="margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">&#47;s&#47; PricewaterhouseCoopers LLP</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Chicago, Illinois</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">August 6, 2020</font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tdsforms-8ex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
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<title>Document</title></head><body><div id="i5b9a569dcf5b4b22a9ecba4b70dd007a_31"></div><div style="min-height:31.5pt;width:100%;"><div><font><br></font></div></div><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">EXHIBIT 23.2</font></div><div style="text-align:center;"><font><br></font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div style="text-align:center;"><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Long-Term Incentive Plan of Telephone and Data Systems, Inc. of our report dated February 25, 2020, with respect to the financial statements of Los Angeles SMSA Limited Partnership included in Telephone and Data Systems, Inc.&#8217;s Annual Report (Form 10-K) for the year ended December 31, 2019, filed with the Securities and Exchange Commission.</font></div><div><font><br></font></div><div style="margin-top:5pt;margin-bottom:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">&#47;s&#47; Ernst &#38; Young LLP</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">Orlando, FL</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%;">August 6, 2020</font></div><div style="text-align:center;"><font><br></font></div><div style="position:relative;width:100%;height:31.5pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
</TEXT>
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<TYPE>GRAPHIC
<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
