Sandra L. Helton Executive Vice President and Chief Financial Officer William Blair & Company 22nd Annual Growth Stock Conference June 26, 2002

2 Safe Harbor All information set forth in this news release, 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 circumstances or events that may affect the ability of USM to acquire or, if it acquires, to integrate the operations of the Chicago MTA; 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; changes in the capital markets that could restrict the availability of financing; 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 TDS’s markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS with the SEC.

3 TDS Milestones Key Dates Wireline Cellular PCS 1998, June - TDS Metrocom 5/4/00 - Aerial merger with VoiceStream 2000, Nov. - Chorus merger announced 2001, Jan. - Black Crow successful bidder 2001, May - McLeodUSA PCS acquisition announced Key Dates 5/31/01 - VSTR converts into M DTE and $570 M pretax 9/4/01 - Chorus merger closes 2/14/02 - TDS announces agreement to acquire Telecommunication Systems of New Hampshire 5/10/02 - USM agrees to purchase Chicago MTA from PrimeCo Wireless 5/31/02 - MCT closes

Who We Are TDS is a diversified telecommunications company headquartered in Chicago, IL, with wireless and telephone operations. TDS is #42 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 4.4 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 Telecom is TDS’s wholly-owned wireline subsidiary. It services 681,000 access line equivalents, nearly 115,000 ISP accounts and over 143,000 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 164,000 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 and 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 Five Year Track Record Year Ended December 31 *Dollars in Thousands

10 Five Year Track Record Year Ended December 31 *Dollars in Thousands

11 TDS Q Operating Results (000) Operating Revenues (000) USM$478, % Telecom$186, % $665, % Operating Cash Flow USM$151, % Telecom$ 64,839 (4.1%) $216, % Diluted EPS Continuing Ops (excl. gains/losses)$.61 vs $ % Capital Spending USM$100.1 M Telecom$ 28.3 M Return on Capital1Q ‘ USM 8.1%7.7% 8.0%7.0%5.5% Telecom(ILEC only) 9.3%9.3%8.2%7.0%5.8%

12 Chicago Acquisition Currently operates as PrimeCo 20 megahertz PCS spectrum Assets include spectrum plus › A CDMA based network cell sites › 350,000 customers…~ $230M annual revenue Purchase price $610M…all cash

13 PrimeCo Acquisition

14 Complementary footprint Stronger regional competitor Elimination of Chicago roaming expense Economies of scale - Operating, Marketing & Technology CDMA technology Local ownership and growth Growth potential Chicago - Acquisition Strategy

15 USM Overview  Eighth largest wireless service provider  Total cellular pops 27M  Serves 3.5M customers % Penetration  Focused on service  Pervasive distribution...Over 1,800 points of presence  Extensive network of over 3,000 cell sites  Holds the # 1 share in largest markets  Profitable and financially strong

16 USM Q Operating Results (000s) Operating Revenues $ % Operating Cash Flow $ % Operating Cash Flow 32.9% Diluted EPS from Operations $ % CAPX$100.1

17 USM Strategy  Position as a regional carrier  Differentiate through exceptional service  Network quality 3,000 cell sites 72% of customer base digital  Broad distribution 500 stores and kiosks Strong local dealer network  Customer service is key to differentiate Changing culture Delivered in stores and through call centers

18 Current Operating Markets USM Markets

19  Regional focus works  Build off strength  Acquisitions, auctions and trades are potential vehicles for change USM Footprint Strategy

20 USM Recent Acquisitions

Outlook - USM We connect with you. EBITDA... $680 to $710 M Postpay churn... 2% or lower CAPX... $620 to $640 (includes part of CDMA build-out costs of $400 - $450 M that will be spread over the years 2002 to 2004)

22 TDS Telecom Rural ILEC  681,000 access line equivalents states  118 ILEC sales & service locations  78% residential... 22% commercial  115,200 Internet service accounts  143,100 LD resale customers  Leveraging strengths by pursuing attractive CLEC markets

23 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

24 Strong Vertical Penetration Telecom Indep  Caller ID penetration 29.1% 28.1%  Call waiting penetration 31.9% 26.7%  Voic penetration 13.3% 8.7%  Internet penetration 28% 24% (AOL)

25 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:  Improve operational effectiveness  Grow through selective acquisitions... Clustering *CHR Solutions Fall 2000 report

26 ILEC New Inititatives TDS True Talk (resell LD) - over 143,000 customers... fast grower…first offered Q3, ‘00 DSL - 23 markets at 12/31/01; 44% of access lines; 3,300 customers Network management Data product development

27 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

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30 TDS Telecom - ILEC Q Operating Results Operating Revenues$149.5 M +11.2% Operating Cash Flow$ 73.0 M + 4.0% Return on Capital 9.3 % Capital Spending$ 28.3 M

Outlook - TDS Telecom ILEC –Operating Revenues - $625 to $640 M –EBITDA - $300 to $310 M –CAPX - $115 to $125 M

32 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  163,800 access line equivalents since service launched in June 1998  8,500 DSL lines in service on 3/31/02  Selected 3 rd and 4 th tier cities near Telecom ILEC  Targeted selling to businesses and high-end residential...  52% commercial, 48% high-end residential  Focus on single RBOC regarding provisioning

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34 TDS Metrocom Strategy 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

35 TDS Telecom - CLECs Q Operating Results Operating Revenues US Link$13.2 M Metrocom$24.6 M $37.8 M+41.8% Operating Cash Flow US Link$.8 M Metrocom$(8.9 M) $(8.1 M)

Outlook - TDS CLEC’s - Operating revenues - $170 to $180M - EDITDA - ($23 to $25 M) - CAPX - $70 to $80 M

37 TDS Investments Deutsche Telekom (DTE) - 131,461,861 ordinary shares at TDS... $0 tax basis Vodafone (VOD) - 12,945,915 shares  2,700,545 shares at TDS  10,245,370 shares at USM monetized 5/16/02 Rural Cellular Corporation (RCCC) - 719,396 shares  348,514 shares at TDS  370,882 shares at USM VeriSign (VRSN) - 2,490,357 shares  129,024 shares at TDS  2,361,333 shares at TDS monetized 5/7/02

38 Monetization Summary VeriSign Vodafone Entity TDS USM Guarantor NoneUSM Date 5/7/02 5/16/02 No. Shares subj to Prepaid Forward 2,361,333 10,245,370 Floor Price Per Share $8.82 $15.60 Avg. Cap Price Per Share $23.68 Amt. To be Advanced (per share) Per Share $8.02 $15.60 Total $18,926,703 $159,855,680 Loan Interest Initial Discount 9.09% 0.00% Qtly Interest Payments None 90 Day LIBOR + 50 BP’s Number Counterparties 14

Sandra L. Helton Executive Vice President and Chief Financial Officer William Blair & Company 22nd Annual Growth Stock Conference June 26, 2002