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Jane McCahon

Senior Vice President - Corporate Relations

Phone: 312.592.5379
jane.mccahon@tdsinc.com
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2012 Share Consolidation and Reclassification

On January 13, 2012, TDS shareholders voted to reclassify each TDS Special Common Share as one Common Share, through an amendment to the TDS Reinstated Certificate of Incorporation. The TDS Special Common Shares ceased trading as of 5:01 p.m. Eastern time on January 24, 2012. As part of the amendment, TDS shareholders also voted to reclassify each Common Share as 1.087 Common Shares, and each Series A Common Share as 1.087 Series A Common Shares. The TDS Board of Directors believed this reclassification ratio best reflected the long-term relative trading ratio of the Common Shares versus the Special Common Shares, and recognized the fact that the Common Shares had generally traded at a premium to the Special Common Shares since the creation of the Special Common Shares in 2005.

Based on a review of the historical average premium, the TDS Board determined that the holders of Common Shares should receive 8.7% additional shares as compared to the holders of Special Common Shares in the Share Consolidation. In addition, because the Series A Common Shares are convertible into Common Shares on a one-for-one basis, the TDS Board determined that the holders of Series A Common Shares should receive 8.7% additional shares as compared to the holders of Special Common Shares in the Share Consolidation.

The goals of the Share Consolidation were to simplify TDS' capital structure, benefit shareholders by improving liquidity and visibility, and give TDS greater financial flexibility.

History of TDS Special Common Shares

In February 2005, the TDS Board of Directors approved a stock dividend of TDS Special Common Shares-one Special Common share for each Common or Series A Common share. At that time, the authorized number of Special Common Shares was 20 million. In part to effect the stock dividend, TDS proposed increasing the number of authorized Special Common Shares to 165 million, which required shareholder approval. TDS shareholders approved the proposal at a special shareholder meeting on April 11, 2005. TDS issued a stock dividend of Special Common Shares on May 13, 2005 to shareholders of record as of April 29, 2005. The Special Common Shares traded on the New York Stock Exchange under the ticker symbol TDS.S.

For additional information and background regarding the 2012 Share Consolidation and Special Common Shares, please see the materials below.

Proxy statements and other materials related to the TDS Special Common Shares and 2012 Share Consolidation and Reclassification

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Stock Quote: NYSE

Latest Stock Quote (twenty minute delay)
Price Change Volume Intraday High 52 Week High
TDSUSM 29.37 +0.39(+1.35%) 325,867 29.53 32.98
Intraday Low 52 Week Low Today's Open Previous Close
28.81 24.12 28.81 28.98
Aug 23, 2017 04:02 PM

Stock Quote: NYSE

Latest Stock Quote (twenty minute delay)
Price Change Volume Intraday High 52 Week High
TDSUSM 38.87 +0.49(+1.28%) 78,734 38.89 46.01
Intraday Low 52 Week Low Today's Open Previous Close
38.21 33.30 38.21 38.38
Aug 23, 2017 04:02 PM
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