Sandra L. Helton Executive Vice President and Chief Financial Officer William Blair & Company

1. Sandra L. Helton Executive Vice President and Chief Financial Officer William Blair & Company 22nd Annual Growth Stock Conference June 26, 2002

2. 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 integrate 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; 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.

3. Key Dates 1969 - Wireline 1983 - Cellular 1995 - PCS 1998, June - TDS Metrocom 5/4/00 - Aerial merger with VoiceStream 2000, Nov. - Chorus merger announced 2001, Jan. - Black Crow successful bidder 2001, May - McLeodUSA PCS acquisition announced Key Dates 5/31/01 - VSTR converts into 131.5 M DTE and $570 M pretax 9/4/01 - Chorus merger closes 2/14/02 - TDS announces agreement to acquire Telecommunication Systems of New Hampshire 5/10/02 - USM agrees to purchase Chicago MTA from PrimeCo Wireless 5/31/02 - MCT closes TDS Milestones

4. 2002 - Who We Are • TDS is a diversified telecommunications company headquartered in Chicago, IL, with wireless and telephone operations. TDS is #42 in the S&P 400 Mid-Cap Index. TDS is a member of the Russell 1000 and Russell 3000 Indexes. TDS provides high-quality telecommunications service to over 4.4 million customers in 34 states. TDS employs approximately 9,300. • U.S. Cellular Corporation operates and invests in wireless systems throughout the United States. U.S. Cellular is the nation’s eighth largest wireless telephone company in terms of customers. It is headquartered in Chicago, IL. TDS owns 82.2% of U.S. Cellular.

5. 2002 - Who We Are continued • TDS Telecom is TDS’s wholly-owned wireline subsidiary. It services 681,000 access line equivalents, nearly 115,000 ISP accounts and over 143,000 LD customers in 28 states through 110 sales and service offices serving over 900 communities. • TDS Metrocom, a fast growing CLEC subsidiary of TDS Telecom, has 164,000 access line equivalents. • The company’s website is www.teldta.com.

6. TDS Overview • Proven track record of: • Creating businesses and optimizing operating performance • Increasing value through acquisitions, trades, divestitures and investments • Dedicated management teams focusing on specific business strategy and execution

7. TDS Corporate Strategy • Provide outstanding telecommunications services to our customers and create value for our shareholders. • Maintain balance sheet strength and investment grade rating. • Be the preferred employer where we operate by offering a dynamic work environment for personal and professional growth.

8. Excellent Results - 12/31/01 • Financial Operating Performance - Five Year CAGR* Revenues 17.12 % EBITDA 18.01 % *w/o gains... w/o Aerial

9. Five Year Track RecordYear Ended December 31 *Dollars in Thousands

10. Five Year Track RecordYear Ended December 31 *Dollars in Thousands

11. TDS Q1 2002 Operating Results Operating Revenues (000) USM $478,420 + 8.8% Telecom $186,777+16.3% $665,197 +10.8% Operating Cash Flow USM $151,598 +16.8% Telecom $ 64,839 (4.1%) $216,437 + 9.6% Diluted EPS Continuing Ops (excl. gains/losses) $.61 vs $.52 +17.3% Capital Spending USM $100.1 M Telecom $ 28.3 M Return on Capital1Q ‘02200120001999 1998 USM 8.1% 7.7% 8.0% 7.0% 5.5% Telecom(ILEC only) 9.3% 9.3% 8.2% 7.0% 5.8%

12. Chicago Acquisition • Currently operates as PrimeCo • 20 megahertz PCS spectrum • Assets include spectrum plus • A CDMA based network...500 cell sites • 350,000 customers…~ $230M annual revenue • Purchase price $610M…all cash

13. PrimeCo Acquisition

14. Chicago - Acquisition Strategy • Complementary footprint • Stronger regional competitor • Elimination of Chicago roaming expense • Economies of scale - Operating, Marketing & Technology • CDMA technology • Local ownership and growth • Growth potential

15. USM Overview • Eighth largest wireless service provider • Total cellular pops 27M • Serves 3.5M customers - 13.2% Penetration • Focused on service • Pervasive distribution...Over 1,800 points of presence • Extensive network of over 3,000 cell sites • Holds the # 1 share in largest markets • Profitable and financially strong

16. USM Q1 2002 Operating Results (000s) Operating Revenues $ 478.4 +8.8 % Operating Cash Flow $ 151.6 +16.8 % Operating Cash Flow Margin @ 32.9% Diluted EPS from Operations $.51 +30.8% CAPX $100.1

17. USM Strategy • Position as a regional carrier • Differentiate through exceptional service • Network quality • 3,000 cell sites • 72% of customer base digital • Broad distribution • 500 stores and kiosks • Strong local dealer network • Customer service is key to differentiate • Changing culture • Delivered in stores and through call centers

18. USM Markets Current Operating Markets

19. USM Footprint Strategy • Regional focus works • Build off strength • Acquisitions, auctions and trades are potential vehicles for change

20. USM Recent Acquisitions

21. 2002 Outlook - USMWe connect with you. • EBITDA ... $680 to $710 M • Postpay churn ... 2% or lower • CAPX ... $620 to $640 (includes part of CDMA build-out costs of $400 - $450 M that will be spread over the years 2002 to 2004)

22. TDS Telecom Rural ILEC • 681,000 access line equivalents... 28 states • 118 ILEC sales & service locations • 78% residential... 22% commercial • 115,200 Internet service accounts • 143,100 LD resale customers • Leveraging strengths by pursuing attractive CLEC markets

23. TDS Telecom Attractive rural market focus • Less competition... high barriers to entry • Rural company status • Excellent local and regulatory relationships • Strong local presence provides high degree of customer satisfaction • Modern network upgraded to provide advanced calling and data services

24. Strong Vertical Penetration TelecomIndep • Caller ID penetration 29.1% 28.1% • Call waiting penetration 31.9% 26.7% • Voicemail penetration 13.3% 8.7% • Internet penetration 28% 24% (AOL)

25. TDS Telecom-ILEC Strategy Grow/protect core ILEC business • Provide strong local presence to ensure a high degree of customer satisfaction • Provide high quality services at competitive prices • Bundle products and grow vertical service penetration • Utilize network technology to provide a variety of advanced calling and data services: • Improve operational effectiveness • Grow through selective acquisitions ... Clustering *CHR Solutions Fall 2000 report

26. ILEC New Inititatives • TDS True Talk (resell LD) - over 143,000 customers ... fast grower…first offered Q3, ‘00 • DSL - 23 markets at 12/31/01; 44% of access lines; 3,300 customers • Network management • Data product development

27. Chorus Communications, Ltd. • Closed September 4, 2001 • Accretive to OCF from the start • Largest acquisition in TDS Telecom history • 42,500 access lines • 28,000 ISP/DSL customers • Other operations-sell,install, service business telephone/video, data networks, Internet access and LD • Complements our existing operations...talented workforce • Interests in certain wireless Wisconsin partnerships • Falls within U.S. Cellular’s wireless footprint • Purchase price $195 M plus assumed debt of $30M

30. TDS Telecom - ILECQ1 2002 Operating Results Operating Revenues $149.5 M +11.2% Operating Cash Flow $ 73.0 M + 4.0% Return on Capital 9.3 % Capital Spending $ 28.3 M

31. 2002 Outlook - TDS Telecom ILEC • Operating Revenues - $625 to $640 M • EBITDA - $300 to $310 M • CAPX - $115 to $125 M

32. TDS Metrocom • 100% on-switch • Offers communications solutions with optimal functionality, pricing and service others not currently providing • Facilities-based startup in southern Wisconsin, northern Illinois and southern Michigan • 163,800 access line equivalents since service launched in June 1998 • 8,500 DSL lines in service on 3/31/02 • Selected 3rd and 4th tier cities near Telecom ILEC • Targeted selling to businesses and high-end residential... • 52% commercial, 48% high-end residential • Focus on single RBOC regarding provisioning

34. TDS Metrocom Strategy Aggressively grow CLEC business • Grow into carefully chosen clustered markets which are mid-sized and suburban • Expand success into other markets... Illinois and Michigan • Leverage ILEC strengths for cost efficiencies and service capabilities • Build out markets in a timely, cost efficient manner • Emphasis on cost effective facilities-based model

35. TDS Telecom - CLECsQ1 2002Operating Results Operating Revenues US Link $13.2 M Metrocom $24.6 M $37.8 M +41.8% Operating Cash Flow US Link $ .8 M Metrocom $(8.9 M) $(8.1 M)

36. 2002 Outlook - TDS CLEC’s -Operating revenues - $170 to $180M - EDITDA - ($23 to $25 M) - CAPX - $70 to $80 M

37. TDS Investments • Deutsche Telekom (DTE) - 131,461,861 ordinary shares at TDS ... $0 tax basis • Vodafone (VOD) - 12,945,915 shares • 2,700,545 shares at TDS • 10,245,370 shares at USM monetized 5/16/02 • Rural Cellular Corporation (RCCC) - 719,396 shares • 348,514 shares at TDS • 370,882 shares at USM • VeriSign (VRSN) - 2,490,357 shares • 129,024 shares at TDS • 2,361,333 shares at TDS monetized 5/7/02

38. Monetization Summary VeriSignVodafone Entity TDS USM Guarantor None USM Date 5/7/02 5/16/02 No. Shares subj to Prepaid Forward 2,361,333 10,245,370 Floor Price Per Share $8.82 $15.60 Avg. Cap Price Per Share 11.47 $23.68 Amt. To be Advanced (per share) Per Share $8.02 $15.60 Total $18,926,703 $159,855,680 Loan Interest Initial Discount 9.09% 0.00% Qtly Interest Payments None 90 Day LIBOR + 50 BP’s Number Counterparties 1 4

39. Sandra L. Helton Executive Vice President and Chief Financial Officer William Blair & Company 22nd Annual Growth Stock Conference June 26, 2002