1. LeRoy T. Carlson, Jr. President and CEO Deutsche Bank 13th Annual Media/Telecom Conference June 7, 2005

2. Safe Harbor Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Information discussed in today’s presentation, except historical and factual information, may represent 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 launch the operations of the licensed areas involved in the AT&T Wireless transaction completed in August 2003; the ability of U.S. Cellular to successfully manage and grow the operations of the Chicago MTA and newly launched markets; changes in the overall economy; changes in competition in the markets in which U.S. Cellular and TDS Telecom operate; changes due to industry consolidation; advances in telecommunications technology, including Voice over Internet Protocol; the impact of local number portability; changes to access and pricing of unbundled network elements; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; an adverse change in the ratings afforded TDS and U.S. Cellular debt securities by nationally accredited ratings organizations; pending and future litigation; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly service revenue per unit, churn rates, roaming rates and the mix of products and services offered in U.S. Cellular and TDS Telecom markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS and U.S. Cellular with the Securities and Exchange Commission.

3. TDS Diversified telecommunication company with 6.3 million customers in 36 states Diversified telecommunication company with 6.3 million customers in 36 states – U.S. Cellular (82% owned) – wireless – TDS Telecom (100% owned) – wireline ILEC and CLEC operations ILEC and CLEC operations Fortune 500 company Fortune 500 company Strong balance sheet Strong balance sheet Investment grade Investment grade

6. 7th largest independent U.S. telco 7th largest independent U.S. telco Rural company status Rural company status 734,000 access line equivalents in 28 states 734,000 access line equivalents in 28 states 98,200 Internet (dial-up) accounts 98,200 Internet (dial-up) accounts 49,300 DSL – mostly residential 49,300 DSL – mostly residential 302,400 long-distance lines 302,400 long-distance lines Vertical services Vertical services TDS Telecom - ILEC

7. TDS Telecom - CLEC Principally a facilities-based company in five states …89% on-switch Principally a facilities-based company in five states …89% on-switch 438,000 access line equivalents 438,000 access line equivalents Targeted selling with emphasis on small and medium businesses Targeted selling with emphasis on small and medium businesses Deep penetration in chosen markets Deep penetration in chosen markets Provisions principally with SBC Provisions principally with SBC

8. Provide outstanding customer service Protect and grow current markets Develop and market new products and services, with strong focus on data and triple-play TDS Telecom’s Overall Strategy Repositioning into a Broadband Communications Company

9. Overall Satisfaction Index Score Lower Higher % Likely to Switch Local Carrier Higher AT&T ALLTEL BellSouth CenturyTel Cin. Bell Comcast Cox Frontier MCI Qwest SBC Sprint Talk America McLeodUSA Verizon TDS Metrocom TDS Telecom Our Competitive Advantage: Customer Satisfaction Third-Party Validation

10. Strategic Areas of Focus Market Development Market Development Market Fortification Market Fortification Public Policy Advocacy Public Policy Advocacy Process & Productivity Improvement Process & Productivity Improvement

11. Developing and Fortifying Existing Markets Trialing new technologies … Trialing new technologies … Fiber to the Premise (FTTP)Fiber to the Premise (FTTP) Voice Over IP (VOIP)Voice Over IP (VOIP) Wireless dataWireless data … toward offering robust triple-play and other new products and services … toward offering robust triple-play and other new products and services

12. DSL – A Successful Growth Driver for TDS Telecom 2004 milestone:2004 milestone: –Market share in TDS Telecom’s ILEC markets that offer DSL exceeded cable’s Fast-growing service:Fast-growing service: 20041 st Qtr. ‘05 20041 st Qtr. ‘05 ILEC DSL lines 78% 81% ILEC DSL lines 78% 81% CLEC DSL lines 44% 39% CLEC DSL lines 44% 39% Enhancing capabilitiesEnhancing capabilities –Equipping more service territories for DSL –Adding higher-speed services

13. Long Distance and Bundling Long distance another growth driver for the ILEC Long distance another growth driver for the ILEC ILEC working for greater penetration through cross-selling and big-minute plans ILEC working for greater penetration through cross-selling and big-minute plans –LD market penetration up to 51% in 1Q05 Product bundles – provides customers ability to customize their services Product bundles – provides customers ability to customize their services –“Total Talk”

14. Public Policy Advocacy Champion TDS’s position to ensure favorable regulatory treatment Champion TDS’s position to ensure favorable regulatory treatment –Telecom regulatory environment complex and convoluted –Several key issues currently under review Universal Service Fund Universal Service Fund Inter-carrier compensation Inter-carrier compensation

15. Productivity Improvement Create efficiencies by optimizing cross- functional processes Create efficiencies by optimizing cross- functional processes –Leveraging management and process infrastructures to jointly support ILEC and CLEC operations –Pursuing cost-effective initiatives, such as innovative online purchasing system

16. TDS Metrocom - Strategy Aims to provide excellent customer serviceAims to provide excellent customer service –Consistently ranks as No. 1 or 2 in its markets –Operating on its own switches allows Metrocom to differentiate its service Focused on second and third-tier markets; emphasizing business customersFocused on second and third-tier markets; emphasizing business customers Striving for deep penetration in its marketsStriving for deep penetration in its markets –Enables the CLEC to provide high-speed data in cost-effective manner

17. Q1 2005 Financial Highlights TDS Telecom – March 31, 2005 (millions) (millions) ILEC1Q 051Q 04 Revenues$161.8$159.1 + 1.7% Revenues$161.8$159.1 + 1.7% Operating Income 40.6 48.6 - 16% Operating Income 40.6 48.6 - 16%CLEC Revenues$59.2$ 54.7 + 8% Revenues$59.2$ 54.7 + 8% Operating (loss) (1.4) (3.8)NM Operating (loss) (1.4) (3.8)NM Access Line Equivalents (thousands) ILEC734722 + 1.6% ILEC734722 + 1.6% CLEC438379 + 15.6% CLEC438379 + 15.6%

18. Continue to position itself as preferred of voice and broadband in its markets Aim for greater market share and penetration of its high-speed data services Aggressively grow TDS Metrocom’s customer base; striving for deep penetration Make continued productivity improvements Actively promote favorable public policy TDS Telecom 2005 Focus

19. 2005 Outlook - TDS Telecom (Effective February 9, 2005) ILECILEC – Operating revenues … $655 to $665 M – Dep, amort & accretion … $135 M – Operating income … $170 to $180 M – CAPX … $120 to $130 M CLECCLEC – Operating revenues … $240 to $250 M – Dep, amort & accretion … $30 M – Operating income (loss) … $(15) to $(10) M – CAPX … $30 to $35 M

20. TDS - Financial Strategies Ultimate goal: generate profitable growth and build shareholder value Ultimate goal: generate profitable growth and build shareholder value Four financial objectives toward that goal: Four financial objectives toward that goal: –10-15% compound annual revenue growth rate over five years –Return cost of capital in each business –Generate shareholder returns > comparable companies –Target A- investment-grade credit rating

21. TDS Results – 1 st Quarter 2005 Operating Revenues $928.2 +7% excl. divested markets +8% U.S. Cellular $708.4 +8% TDS Telecom $219.7 +3% Operating Cash Flow $244.3 + 7%

22. Special Common Shares Shareholders approved increase of shares to165 M; stock dividend to occur in MayShareholders approved increase of shares to165 M; stock dividend to occur in May Provides financial and strategic flexibilityProvides financial and strategic flexibility Offers TDS potential to exchange shares for 18% of USM stock TDS does not ownOffers TDS potential to exchange shares for 18% of USM stock TDS does not own

23. Financing Initiatives Took advantage of interest-rate environment: Took advantage of interest-rate environment: – Sold $430 M long-term debt at USM – Redeemed $413 M of USM debt Amended TDS’s and USM’s revolving credit facilities: Amended TDS’s and USM’s revolving credit facilities: – Extended and improved terms and costs So far in 2005: So far in 2005: – Prepaid $17.2 M of TDS medium-term notes – Issued $116 M of TDS long-term debt – Prepaid $105 M of TDS Telecom govt. loans

24. 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, network quality and competitive product offerings. –Experienced management teams Financially strong Dedicated workforce of 11,500 people

25. Reconciliation of Additional Disclosures For the quarter ended March 31, 2005 The Operating Cash Flow amounts in the tables presented above are not determined in accordance with generally accepted accounting principles (GAAP) in the United States of America. Management uses Operating Cash Flow 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. Operating Cash Flow is used as an analytical indicator of income generated to service debt and fund capital expenditures. In addition, multiples of current or projected Operating Cash Flow are used to estimate current or prospective enterprise value. Operating Cash Flow does not give effect to cash used for debt service requirements, and thus does not reflect funds available for investment or other discretionary uses. Operating Cash Flow as presented herein may not be comparable to similarly titled measures reported by other companies.

26. Reconciliation of Additional Disclosures For the quarter ended March 31, 2005 The pro-forma numbers above are non-GAAP financial measures as defined by SEC rules. Management believes they are useful measures to evaluate the company's performance excluding divested markets from both years' service revenues, but they should not be considered as alternatives to GAAP.

27. 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, network quality and competitive product offerings. –Experienced management teams Financially strong Dedicated workforce of 11,500 people