GAMCO Sends Letter to Telephone and Data Systems

GAMCO Asset Management Inc. (“GAMCO”), an affiliate of GAMCO Investors, Inc. (OTCQX: GAMI), and certain other affiliates own, on behalf of their clients, approximately 4.3% of the outstanding common shares of Telephone and Data Systems, Inc. (NYSE: TDS) (the “Company” or “TDS”). Today, GAMCO sent a letter to the Company’s President and Chief Executive Officer. A copy of the letter is referenced herein.

June 1, 2023Mr. LeRoy T. Carlson, Jr.President and Chief Executive OfficerTelephone and Data Systems30 North LaSalle StreetSuite 400Chicago, IL 60602

Dear Ted,

We have been following TDS for nearly four decades.

We currently own 4.5 million shares of TDS common stock for clients.

We did not share any concerns when the Company changed the voting structure some twenty years ago.

While we were concerned about the press articles discussing the bid by a third party at over $100 a share, we have put that in the background.

We are all committed to serving the communities but in light of the increases in cost of capital, we are also committed to do it efficiently.

However, with the current collapse of the stock we need to again examine what is the appropriate allocation of capital and how to grow the intrinsic value and allow it to surface.

We are considering the probability of nominating Directors at the next Shareholder meeting.

While we have reviewed suggestions on numerous occasions in the past, we will bring these to the table again in light of the extraordinarily poor performance and the lack of focus as a result of TDS’ ownership of US Cellular and other dynamics.

It is hard to accept that this condition exists. A change in tactics has to be examined and pursued.                  

Respectfully Submitted,

MJG:tg                 Mario J. Gabelli

GAMCO Investors, Inc., through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC) and is known for its Private Market Value with a Catalyst™ style of investment.

Contact: Robert LeiningerChair, Proxy Voting Committee [phone]For further information please visitwww.gabelli.com