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M/C Partners and Columbia Capital to Sell Baja Broadband to TDS Telecom

M/C Partners and Columbia Capital announced today that they have agreed to sell the assets of Baja Broadband, LLC (“Baja”) to Telephone and Data Systems, Inc. (NYSE: TDS), parent company to TDS Telecommunications Corp. (“TDS Telecom”).

Baja Broadband, which is owned and controlled by M/C Partners and Columbia, is a full-service communications company providing video, high-speed broadband and voice services to residential and commercial customers in Colorado, New Mexico, Texas and Utah.

“Baja has been a successful investment for us, and we have enjoyed a terrific working relationship with the management team,” said Gillis Cashman of M/C Partners. “We are pleased with this transaction and believe that TDS Telecom is the ideal owner of Baja going forward.”

“M/C Partners and Columbia Capital have both contributed enormously to developing Baja Broadband into a leading communications operator, and we thank them for their support,” said Peter Kahelin, CEO, Baja Broadband. “I am confident that TDS Telecom’s focus on quality, integrity and outstanding service will enhance our already strong relationships with our customers, our employees and our communities.”

RBC Capital Markets served as an advisor to M/C Partners and Columbia Capital and as the exclusive M&A advisor to Baja Broadband. Waller Capital Partners also served as an advisor to M/C Partners and Columbia Capital on the transaction. Edwards Wildman Palmer LLP served as legal counsel to Baja.

About M/C Partners

M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $1.5 billion into over 100 companies in those sectors. Companies M/C has backed include Brooks Fiber Properties, Cavalier Telephone, Corelink, Fusepoint, Attenda, ICG Communications, Legendary Pictures, PlumChoice, Lightower, MetroPCS, NuVox, AccentHealth and Zayo Group. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. M/C Partners has offices in Boston, San Francisco and London. For more information, visit www.mcpartners.com.

About Columbia Capital

Columbia Capital is a premier investment firm in wireless, broadband, media, and enterprise information technology companies. Since its formation in 1989, the firm has invested in over 130 global companies through five investment funds with aggregate capital commitments of $2.5 billion. Columbia has a strong history of forming close partnerships with its entrepreneurs and a reputation for a disciplined and patient approach to building great companies and achieving superior investment returns. The firm's sector focus allows it to consistently identify disruptive emerging companies and to recognize and build value throughout a company's lifecycle – from seed stakes of $1 million to late stage capital infusions of $50 million or more. For more information, visit www.colcap.com.

About Baja Broadband

Baja Broadband is a full-service communications company offering best-in-class residential and commercial video, high-speed internet, and voice services. Baja is committed to being the leading provider of entertainment, information, and communication services in the communities it serves. Baja owns and operates broadband networks in communities within Colorado, New Mexico, Texas and Utah. Visit bajabroadband.com for more information. Baja is currently managed by Last Mile Communications, an international management partnering and telecommunications consulting firm. Visit lastmile.net for more information.

About Telephone and Data Systems

Telephone and Data Systems, Inc. (TDS), a Fortune 500® company, provides wireless; broadband, TV and voice; and hosted and managed services to approximately 7 million customers in 36 states through its business units, U.S. Cellular, TDS Telecom and TDS Hosted & Managed Services. Founded in 1969 and headquartered in Chicago, TDS employed 12,300 people as of Dec. 31, 2012. Visit teldta.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

About TDS Telecommunications Corp.

TDS Telecommunications Corp. is the seventh largest local exchange telephone company in the U.S. Headquartered in Madison, Wis., it is a wholly owned subsidiary of Telephone and Data Systems, Inc. For 44 years, the company has been connecting people with high-speed Internet, phone, and TV entertainment services in over a hundred rural, suburban, and metropolitan communities across 32 states. Today, TDS has nearly 1 million customer connections in service and 2,900 employees. Business customers select from the latest technologies, including: VoIP (managed IP Hosted) phone service, dedicated high-speed Internet and hosted-managed services. Visit tdstelecom.com or tdsbusiness.com for more information.

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