Telephone and Data Systems, Inc. Annual Meeting of Shareholders May 23, 2002

LeRoy T. Carlson President and Chief Executive Office Annual Meeting May 23, 2002

3 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; 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”).

4 Chicago Acquisition Current Operates As PrimeCo 20 Megahertz PCS Spectrum Covering Assets Include Spectrum Plus › A CDMA Based Network With 500 Cell Sites › 350,000 Customers Generating Approximately $230 Million of Annual Revenue Purchase Price $610 Million

5 Home Plate Acquisition

6 Complementary Footprint Stronger Regional Competitor Elimination of Chicago Roaming Expense Economies of Scale - Operating, Marketing &Technology Similar CDMA Technology Local Ownership And Growth Potential For Growth Chicago - Acquisition Strategy

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11 Dynamic Organization Virtual Business Office TDS True Talk DSL Commitment to Customer Satisfaction

Sandra L. Helton Executive Vice President and Chief Financial Officer Annual Meeting May 23, 2002

13 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; 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”).

14 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 $ % CAPX/Depreciation USM$503,334/ 237,346 Telecom$196,817/ 141,010 Return on Capital USM *7.7%8.0%7.0%5.5% Telecom(ILEC only)9.3%8.2%7.0%5.8% * Computed with license costs

15 TDS 1Q ‘02 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 $ % CAPX/Depreciation USM$100.1 M / 65,977 Telecom$28.3 M / 38,591 Return on Capital1Q ‘ USM * 8.1%7.7%8.0%7.0%5.5% Telecom(ILEC only** 8.3%9.3%8.2%7.0%5.8% * Computed with license costs. **In 2002, the company changed method of calculating ROC to include the dilutive effect of acquisitions.

16 Debt Ratings... Investment Grade! TDSUSM Moody’s Investment ServiceA3A3 Standard & Poor’s A-A- FitchA-A- TDS debt to CAP at 3/31/02…35.22% Peer group debt to CAP at 12/31/01 : AT= 41%, CTL= 57%

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

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

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

20 Chicago Tribunes Quote “Focus on customer service and community involvement is a hall mark of TDS. That commitment is a large reason why TDS prospered at a time when much of the telecom industry struggles.”

21 Percentage Comparative Returns TDS, USM, AT, CTL, S&P 500 (1/1/01 - 4/30/02) %’s

Telephone and Data Systems, Inc. Annual Meeting of Shareholders May 23, 2002