LeRoy T. Carlson, Jr. President and Chief Executive Officer Raymond James 23rd Annual Institutional Investors Conference March 3-6, 2002

2 Safe Harbor All information set forth in this presentation, except historical and factual information, represents forward-looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: changes in the overall economy; changes in competition in the markets in which TDS operates; advances in telecommunications technology; changes in the telecommunications regulatory environment; changes in the value of investments; pending and future litigation; acquisitions/divestitures of properties and or licenses; changes in customer growth rates, penetration rates, churn rates, roaming rates and the mix of products and services offered in our markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS with the Securities and Exchange Commission (“SEC”).

3 TDS Milestones Key Dates Wireline Cellular PCS 1998, June - TDS Metrocom 5/4/00 - Aerial merger with VoiceStream Chorus merger (pending Q3) 2001, Jan. - Black Crow successful bidder Key Dates McLeodUSA PCS acquisition (pending Q2, Q4) 5/31/01 - VSTR converts into 131,461,861 DTE and $570 million pretax 9/4/01 - Chorus Merger closes 11/16/01 - TDS announces agreement to acquire MCT, Telecom

Who We Are TDS is a diversified telecommunications company headquartered in Chicago, IL, with wireless and telephone operations. TDS is #19 in the S&P 400 Mid-Cap Index. TDS is a member of the Russell 1000 and Russell 3000 Indexes. TDS provides high-quality telecommunications service to over 4.3 million customers in 34 states. TDS employs approximately 9,300. U.S. Cellular Corporation operates and invests in wireless systems throughout the United States. U.S. Cellular is the nation’s eighth largest wireless telephone company in terms of customers. It is headquartered in Chicago, IL. TDS owns 82.2% of U.S. Cellular.

Who We Are continued TDS Telecommunications Corporation is TDS’s wholly-owned telephone subsidiary. It services 678,300 access line equivalents, nearly 118,000 ISP accounts and over 125,000 LD customers in 28 states through 110 sales and service offices serving over 900 communities. TDS Metrocom, a fast growing CLEC subsidiary of TDS Telecom, has over 139,000 access line equivalents. The company’s website is

6 Proven track record of:  Creating businesses and optimizing operating performance  Increasing value through acquisitions, trades, divestitures and investments  Dedicated management teams focusing on specific business strategy and execution TDS Overview

7 TDS Corporate Strategy Provide outstanding telecommunications services to our customers which in turn will create value for our shareholders. Maintain balance sheet strength and investment grade rating. Be the preferred employer where we operate by offering a dynamic work environment for personal and professional growth.

8 *w/o gains... w/o Aerial Excellent Results - 12/31/01 Financial Operating Performance - Five Year CAGR* Revenues17.12 % EBITDA18.01 %

9 TDS Operating Revenues Year Ended December 31 *Dollars in Thousands

10 TDS Operating Cash Flow Year Ended December 31 *Dollars in Thousands

11 TDS 2001 Operating Results (000) Operating Revenues (000) USM$1,894, % Telecom $693, % $2,588, % Operating Cash Flow USM$617, % Telecom$268, % $886, % Diluted EPS Continuing Ops (excl. gains/losses)$2.86 vs $ % Capital Spending USM$503M Telecom$197M Return on Capital USM7.7% 8.0%7.0%5.5% Telecom(ILEC only)9.3%8.2%7.0%5.8%

12 TDS Investments Deutsche Telekom (DTE) - 131,461,861 ordinary shares at TDS... $0 tax cost Vodafone (VOD) - 12,945,915 shares  2,700,545 shares at TDS  10,245,370 shares at USM Rural Cellular Corporation (RCCC) - 719,396 shares  348,514 shares at TDS  370,882 shares at USM VeriSign (VRSN) - 2,444,735 shares  2,444,735 shares at TDS

13 TDS Telecom  Attractive rural market focus  Less competition... high barriers to entry  Rural company status  Excellent local and regulatory relationships  Strong local presence provides high degree of customer satisfaction  Modern network upgraded to provide advanced calling and data services

14 TDS Telecom - CLEC  TDS Metrocom  100% on-switch  Offers communications solutions with optimal functionality, pricing and service others not currently providing  Facilities-based startup in southern Wisconsin, northern Illinois and southern Michigan  139,300 access line equivalents since service launched in June 1998  6,800 DSL lines in service on 12/31/01  Selected 3 rd and 4 th tier cities near Telecom ILEC  Targeted selling to businesses and high-end residential... 55% commercial, 45% high-end residential  Focus on single RBOC regarding provisioning

15

16 TDS Telecom ILEC Strategy  Grow/protect core ILEC business  Provide strong local presence to ensure a high degree of customer satisfaction  Provide high quality services at competitive prices  Bundle products and grow vertical service penetration  Utilize network technology to provide a variety of advanced calling and data services:  Caller ID penetration 28.1% vs. avg 28.1%*  Call waiting penetration 31.9% vs avg. 26.7%*  Voic penetration 13.2% vs avg. 8.7%*  Improve operational effectiveness  Grow through selective acquisitions... Clustering *CHR Solutions Fall 2000 report

17 Chorus Communications, Ltd. Closed September 4, 2001 Accretive to OCF from the start Largest acquisition in TDS Telecom history –42,500 access lines –28,000 ISP/DSL customers Other operations-sell,install, service business telephone/video, data networks, Internet access and LD Complements our existing operations...talented workforce Interests in certain wireless Wisconsin partnerships Falls within U.S. Cellular’s wireless footprint Purchase price $195 M plus assumed debt of $30M

18

19

20 TDS Telecom CLEC Strategy 2 Aggressively grow CLEC business  Grow into carefully chosen clustered markets which are mid-sized and suburban  Expand success into other markets... Illinois and Michigan  Leverage ILEC strengths for cost efficiencies and service capabilities  Build out markets in a timely, cost efficient manner  Emphasis on cost effective facilities-based model

21 ILEC New Inititatives TDS True Talk (resell LD) - over 125,000 customers... fast grower…first offered Q3, ‘00 DSL - 23 markets at 12/31/01; 44% of access lines; 2,200 customers Web hosting services to complement ISP business TDS Network Manager - monitoring/mgmt of IT networks Data product development

22 TDS Telecom - ILEC 2001 Operating Results Operating Revenues$576.8 M +9.0% Operating Cash Flow$293.7 M +10.0% Return on Capital9.3%8.2%7. 0% Capital Spending$99.8 M$93.4 M$99.2 M

23 TDS Telecom - CLECs 2001 Operating Results Operating Revenues US Link$50.7 M Metrocom$68.2 M $118.9 M+40.2% Operating Cash Flow US Link$ 3.8 M Metrocom$(29.2 M) $(25.4 M) Capital Spending$ 97 M ($93 M... Metrocom)

Outlook - TDS Telecom ILEC –Operating Revenues - $625 to $640 M –EBITDA - $300 to $310 M –CAPX - $115 to $125 M CLEC –Operating revenues - $170 to $180M –EDITDA - ($23 to $25 M) –CAPX - Approx. $55 to $65 M

LeRoy T. Carlson, Jr. President and Chief Executive Officer Raymond James 23rd Annual Institutional Investors Conference March 3-6, 2002