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SECURITY DESCRIPTION: Telephone and Data Systems Inc., 6.625% Senior Notes due 2045, issued in $25 denominations, redeemable at the issuer's option on or after 3/31/2010 at $25 per share plus accrued and unpaid interest, and maturing 3/31/2045. Interest distributions of 6.625% ($1.65625) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record one business day prior to the payment date while the notes remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Distributions paid by these debt securities are interest and as such are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.