1. President and Chief Executive Officer
LeRoy T. Carlson, Jr.
President and Chief Executive Officer
Morgan Stanley 7th Annual Global Communications Conference
September 10, 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 circumstances or other events relating to the acquisition of Chicago 20MHz, including integration costs or problems or other factors associated with such acquisition; changes in the overall economy; changes in competition in the markets in which TDS operates; advances in telecommunications technology; changes in the telecommuni-cations 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.

4. Who We Are U.S. Cellular (82% owned) TDS Telecom (100% owned) - ILEC
Telephone and Data Systems, Inc.
U.S. Cellular (82% owned)
TDS Telecom (100% owned) - ILEC
TDS Metrocom (100% owned) - CLEC
Proven track record of:
Creating businesses and optimizing operating performance
Increasing value through acquisitions, trades, divestitures and investments
~6% customers digital as of ‘Q2, 2002

5. U.S. Cellular Eighth largest wireless service provider
Total pops - 45 million
Serves 3.9 million customer units
Focused on service
Pervasive distribution... 3,100+ points of presence
Extensive network ... 3,600+ cell sites
Ideally situated in Chicago market with PrimeCo acquisition

6. U.S. Cellular Strategy Differentiate with exceptional customer service
Position as a regional carrier
Differentiate with exceptional customer service
Network quality
Broad distribution
Strategically strengthen regional footprint
Deploy CDMA 1XRTT technology
~6% customers digital as of ‘Q2, 2002

7. Strengthening Our Midwest Presence - Chicago Market
Complementary footprint… stronger regional competitor
Synergies ... operating, marketing & technology
Local ownership and experience
Proven strategy … potential for growth

8. TDS Telecom - ILEC Rural company status
706,000 access line equivalents
118 ILEC sales and service locations
118,000 Internet service accounts
176,300 LD (resale) customers
Vertical services

9. TDS Metrocom - CLEC
Facilities-based startup in S. Wisconsin, N. Illinois and S. Michigan
Targeted selling
Small and medium businesses
“Telephone-intensive” residential
180,900 access line equivalents ... launched in June 1998
Focus on one RBOC for provisioning

10. TDS Telecom Strategy Grow and protect core ILEC business
Provide strong local presence
Provide high-quality services at competitive prices
Bundle products and grow vertical service penetration
Aggressively grow CLEC business
Grow into carefully chosen mid-size and suburban markets in the Midwest
CLEC to leverage ILEC strengths
Emphasis on facilities-based model

11. TDS Marketable Securities
Deutsche Telekom (DTE)
Vodafone (VOD)
VeriSign (VRSN)

12. Excellent Prospects Sound business strategies Solid management teams
Balance sheet strength