TDS Announces Plan to Reclassify Special Common Shares into Common Shares Without Changing Voting Control

Telephone and Data Systems, Inc. TDS today announced that its Board of Directors has unanimously approved several amendments to the TDS certificate of incorporation that it believes will provide significant advantages to TDS and its shareholders. The amendments include a share consolidation amendment, to reclassify its Common Shares and Special Common Shares into a single class of publicly-traded Common Shares on a one-for-one basis, and a vote amendment, which will set the Series A Common Shares voting rights at current levels. Both amendments are subject to shareholder approval as discussed below and both must be approved for either to be effective.