1 LeRoy T. Carlson, Jr. President and Chief Executive Officer CSFB Media & Telecom Conference December 11, 2003

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 circumstances or events that may affect the ability of USM to acquire or, if it acquires, to start up the operations of the properties acquired in a transaction with AWE; the ability of USM to successfully manage and grow the operations of the Chicago MTA; changes in the overall economy; changes in competition in the markets in which TDS and USM operate; advances in telecommunications technology; changes brought about by the implementation of local number portability; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; changes in the capital markets that could adversely impact the availability, cost and terms of financing; an adverse change in the ratings afforded TDS and USM debt securities by nationally accredited ratings organizations; pending and future litigation; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average service revenue per unit, churn rates, roaming rates and the mix of products and services offered in TDS and USM markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS with the SEC.

TDS Wireless – U.S. Cellular (82% owned) Wireline – TDS Telecom (ILEC and CLEC) Serves 5.4 million plus customers Strong balance sheet Investment grade

Eighth largest wireless service provider Total licensed pops million Serves 4.3 million customers - 85% digital Focused on exceptional customer service 96% of customers postpay Extensive network... 4,100 cell sites Broad distribution … 2,200 distribution points Admirably low churn rate Well positioned given recently acquired Chicago market and AWE exchange U.S. Cellular Sept. 30, 2003

Positioned as a regional carrier Differentiate with exceptional customer service  Network quality  Broad distribution  Dedicated people Deploy CDMA 1XRTT technology in all markets Strategically strengthen regional footprint U.S. Cellular Strategy

Third Quarter Financial Highlights U.S. Cellular(millions) 3Q ‘033Q ‘02 Service revenues $ 628.4$ % Operating income % Net adds 66,00076,000 Churn - postpay 1.6% 2% Retail ARPU $39.57$38.95 MOU Cell sites 4,082 3,750

$444 M senior notes offering Agree to Sell South Texas to AWE Conversion of billing system in Chicago Integration of data billing platform Rollout of data product CDMA 1X overlays in Oklahoma & Missouri Exchange of properties with AWE Recent Accomplishments

Strengthening the Footprint Sale of certain South Texas markets to AT&T Wireless - November 2003 Exchange of wireless properties with AT&T Wireless – August 2003 Acquisition of Chicago market - August 2002

South Texas Sale to AWE Sell 25 MHz licenses in south Texas representing 1.3 M pops, 150 cell sites and 74,000 customers Example of strategy to exit those markets not strategic to company’s long-term success High prepaid mix and heavy roaming market Receive $95 M in cash to be used to pay down debt and other corporate working purposes Expected to close in Q1, 2004

Announced March 10, 2003 First tranche closed August 1, 2003 Excellent fit with USM’s strategy:  To strengthen its regional footprint through acquisitions or trades  To build on strengths and exit other markets Opportunity to substantially improve competitive position in Midwest and Northeast markets USM & AWE Property Exchange

Chicago Update Rapid increases in awareness Market share up year-over-year Enhancing network Heavy focus on employee training Increasing distribution points

easyedge SM Phone Service - BREW TM technology; ring tones, games, entertainment; picture transfer; breaking news easyedge SM Wireless Modem Service - Internet access for laptop or PDA; , calendars, Internet and corporate resources

CDMA Progress Ahead of schedule and below planned cost 3 years to complete ( ) Total cost to build CDMA... $385 - $410 M ≈ $265M spent in Iowa, Wisconsin, Illinois, New England and N. Missouri are converted to CDMA 1XRTT ( ~80% of all pops covered by CDMA) Remaining Midwest markets and Oklahoma to be completed in 2003 Redeploying TDMA equipment

WNP – USM Set to be a Winner Prior to November 24, 2003 Spent ≈ $50M to date Aggressive retention of existing customers Aggressive acquisition in new markets Strengths Commitment to exceptional customer service Outstanding network  Good coverage  Signal quality Competitive promotional campaigns Long-term contracts with termination fees

USM 2003 Outlook Service revenues - $ $2.4 B Net additions - 450,000 to 475,000 Depr/Amortization - $435 - $440 M Operating Income* - $180 - $200 M CAPX - $650 to $670 M Improved retail ARPU All in churn - ≈ 2% *Includes $26 M in operating expenses related to loss on assets for sale related to completed AWE exchange

7th largest independent U.S. telco Rural company status 120 ILEC service locations 721,600 access line equivalents 115,600 ISP accounts 218,600 LD (resale) customers Vertical services TDS Telecom - ILEC

TDS Metrocom - CLEC Facilities-based startup in S. Wisconsin, N. Illinois and S. Michigan … 100% on-switch 260,200 access line equivalents... launched in January 1998 Targeted selling  Small and medium businesses … 56%  “Communication-intensive” residential … 44% Focus on one RBOC for provisioning

US Link - CLEC Third largest CLEC in MN:  86,300 local and local/LD lines  12,100 Internet accounts Targeted selling - small and medium-sized businesses Local service provided through combination of owned and leased facilities – 28.5% on-switch  Migrating to facilities-based model EBITDA positive; minimal CAPX

Strategic Initiatives Market Development  Grow through a combination of acquisition, build-out variations and new technologies in CLUSTERS Market Fortification  Proactively address wireless substitution  Increase the market share, penetration and profitability of our HSD product line  Develop new products and services  Grow CLEC within its existing markets

Strategic Initiatives (cont.) Public Policy Advocacy  Champion TDS’s position to ensure favorable regulatory treatment Process & Productivity Improvement  Create efficiencies by optimizing cross- functional processes

28 Bundling DISH Network TDS Accelerator… better Internet download performance New Initiatives

Third Quarter Financial Highlights TDS Telecom (millions) ILEC3Q’033Q’02 Revenues$164.7$ % Operating Income % CLEC Revenues$ 53.5$ % Operating (loss) (8.3) (14.3) +42% Access Line Equivalents (thousands) ILEC % CLEC %

2003 Outlook - TDS Telecom ILEC  Operating revenues - $635 to $645 M  Depr/amortization - $135 M  Operating income - $170 to $180 M  CAPX - approx. $130 M CLEC  Operating revenues - $210 to $220 M  Depr/Amortization - $35  Operating income (loss) - $(35) to $(25) M  CAPX - approx. $30 M

Grow revenues  market growth ( % annually) Return on capital  WACC Valuation/shareholder returns  comparable companies Maintain strong investment-grade rating TDS Financial Objectives

Debt Ratings... Investment Grade! * TDSUSM Moody’s Investment ServiceBaa1Baa1 Standard & Poor’s A-A- FitchA-A- TDS debt/equity at 9/30/ % USM debt/equity at 9/30/ % * Our debt ratings are several levels above non-investment grade

Monetization Generated $1.6 B through monetizations  Deutsche Telekom (DTE)  Vodafone (VOD)  VeriSign (VRSN)

Stock Repurchase 1 million share authorization previously in place Announced additional 2 million share authorization in February YTD Sept. 30: repurchased 1,378,900 shares  avg price of $40.95 ; total of $56.5 M

TDS: Excellent Prospects U.S. Cellular & TDS Telecom are strong companies Full-service provider with strong, established wireless and wireline operations Strong business units  Well positioned in existing markets  Proven business strategies focused on customer satisfaction and network quality  Strong, experienced management teams Dedicated workforce of 11,000 people Financially strong

Reconciliation of Additional Disclosures The Adjusted EBITDA measurements provided above is the sum of operating income (loss), depreciation, amortization of deferred charges and customer lists and loss on assets held for sale. Adjusted EBITDA is not presented as an alternative measure of operating results or cash flows from operations as determined in accordance with accounting principles accepted in the United States of America. Management uses Adjusted EBITDA to evaluate the operating performance of its business, and it is a measure of performance used by some investors, security analysts and others to make informed investment decisions. Adjusted EBITDA is used as an analytical indicator of income generated to service debt and fund capital expenditures.In addition, multiples of current or projected Adjusted EBITDA are used to estimate current or prospective enterprise value. Adjusted EBITDA does not give effect to cash used for debt service requirements, and thus does not reflect funds available for investment or other discretionary uses. Adjusted EBITDA as presented herein may not be comparable to similarly titled measures reported by other companies. (dollars in thousands) Quarter ended Sept. 30, 2003 U.S. CellularILECCLECTotal Operating Cash Flow: Operating income (loss) as reported$ 97,03146,780(8,292)$ 135,519 Add: Depr. and Amortization102,16432,0598,545142,768 (Gain) on assets held for sale(1,442)--- (1,442) Operating cash flow$197,753$78,839$253$276,845 Quarter ended Sept. 30, 2002 Operating Cash Flow: Operating income (loss) as reported$ 62,697$ 45,848$ (14,335)$ 94,210 Add: Depr. and Amortization102,87632,9077,426143,209 (Gain) on assets held for sale--- Operating cash flow$ 165,573$ 78,755$ (6,909)$ 237,419 TDS Telecom

37 LeRoy T. Carlson, Jr. President and Chief Executive Officer CSFB Media & Telecom Conference December 11, 2003