1. Annual Meeting of Shareholders May 8, 2003

2. LeRoy T. Carlson, Jr. President and Chief Executive Officer Telephone and Data Systems, Inc.

3. 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 start up the operations of the properties involved in the AWE transaction; 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 operates; advances in telecommunications technology; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; 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, average service revenue per unit, 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.

6. Acquisition of Chicago market closed Aug. 7, 2002 Brand launched Nov. 12, 2002 Brand positioning focuses on customer service Initial billing system conversion completed Network upgrade to 1X; built 20 new towers 44 new company & exclusive dealer locations opened Critical customer service functions transferred from 3rd party to U.S. Cellular associates Chicago Acquisition

7. Chicago’s Hometown Player

8. $400-$450 M investment over 3 years STATUS: 1X upgrade completed in Iowa, Southern & Eastern Wisconsin, and Northern Illinois Chicago CDMA upgraded to 1X Markets representing 75% of population now covered with CDMA Costs at or below original estimates No significant impact on current customers CDMA Conversion

9. Announced March 10, 2003 Expected to close Third Quarter ‘03 Excellent fit with USM’s strategy: To strengthen its regional footprint through acquisitions or trades To build on strengths and exit certain other markets Gives USM opportunity to substantially improve position in Midwest and Northeast markets USM & AWE Proposed Exchange

10. USM & AWE Exchange USM Acquires: 36 licenses … 10 & 20 MHz PCS 12.2 M incremental contiguous & 4.4 M overlap pops Minority interests in 6 USM-controlled markets $31 M cash USM Exchanges: 10 “A” block 25 MHz cellular licenses in FL & GA covering 1.5M pops 141,000 customers; 205 cell sites

12. Continue delivering exceptional customer service Continue improving USM geographic footprint Continue deploying CDMA 1XRTT Complete testing and development of additional customer-driven data services Launch wireless data services using BREW technology in TN and other selected 1XRTT markets USM Focus - 2003 and Beyond

14. Provide outstanding customer service TDS Telecom’s Overall Strategy Protect and grow current markets growth strategy - balance and sustainability; clustering

15. 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 TDS Telecom’s Growth Strategy

16. Provide outstanding customer service Protect and grow current markets TDS Telecom’s Overall Strategy Develop and market new products and services

17. Vertical Services Penetration 3/31/03 TDS Independent Telecom Tel. Cos.*  Caller ID 32.0% 29.4%  Call waiting 32.5% 31.5%  Voicemail 13.5% 8.1%  ISP 33.1% 18.1% (for AOL)  Second line 12.3%  Long distance 34.8% *Research First Dec 2002 and Merrill Lynch March 2003

18. Combating wireless substitution Cable company initiatives Telecom at a Crossroads: Positioning TDS Telecom for the Future

19. Testing a combined U.S. Cellular / TDS Metrocom product Bundling New Initiatives

20. Lead the industry in customer satisfaction Rapidly and profitably grow the CLEC operations Rapidly grow DSL and other data services in both the ILEC and CLEC markets Aggressively promote a positive regulatory environment for both ILEC and CLEC customers TDS Telecom Focus - 2003 and Beyond

21. TDS: Excellent Prospects 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

22. Sandra L. Helton Executive Vice President and Chief Financial Officer Telephone and Data Systems, Inc.

23. 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 start up the operations of the properties involved in the AWE transaction; 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 operates; advances in telecommunications technology; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; 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, average service revenue per unit, 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.

24. Reconciliation of Additional Disclosures The EBITDA amount in the table presented above is not determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Management uses 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. EBITDA is used as an analytical indicator of income generated to service debt and fund capital expenditures. In addition, multiples of current or projected EBITDA are used to estimate current or prospective enterprise value. 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. EBITDA as presented herein may not be comparable to similarly titled measures reported by other companies

25. Excellent Results - 12/31/02 Financial Operating Performance 5-Year CAGR Revenues15.9 % EBITDA14.3 %

26. Five-Year Track Record $ in Millions

27. TDS 2002 Operating Results ($millions) ($millions) Operating Revenues $2,985.4 +15.3% EBITDA$896.8 +1.2% Diluted EPS Continuing Ops (excl. gains/losses)$2.50 vs $3.24 (22.8%) Capital Expenditures US Cellular $731 M TDS Telecom $168 M

28. Q1 2003 Operating Results ($millions) ($millions) Operating Revenues $807.4 +21% Operating Income $33.9 (68%) Capital Expenditures US Cellular $140.9 M TDS Telecom $ 19.1 M

29. Monetization Generated $1.6 B through 2003 monetizations Deutsche Telekom (DTE)  131,461,861 ordinary shares  TDS position completely monetized Vodafone (VOD)  12,945,915 shares  TDS and USM positions both monetized VeriSign (VRSN)  2,525,786 shares  2,361,333 shares at TDS (monetized)  164,453 shares at TDS (sold)

30. Use of Monetization Proceeds M & A activities Capital expenditures Corporate debt reduction Dividend increase Stock repurchase program

31. Stock Repurchase 1 million share authorization previously in place Announced additional 2 million share authorization in February Q1 ‘03 repurchased 750,300 shares avg price of $39.11 ; total of $29.4 M To date repurchased 1,229,400 shares avg price of $40.55 ; total of $49.9 M

32. Grow revenues  market growth (at least 15% annually) Return on capital  WACC Valuation/shareholder returns  comparable companies Maintain strong investment-grade rating Financial Objectives

33.  Strategic positioning  Performance to plan  Continued financial strength  Maintain A- credit rating  Outstanding employees 2003 Focus

34. Annual Meeting of Shareholders May 8, 2003