John E. Rooney President and CEO Kenneth R. Meyers Executive Vice President - Finance (CFO)

1. John E. Rooney President and CEO Kenneth R. Meyers Executive Vice President - Finance (CFO) 2003 Baird Growth Stock Conference May 14, 2003

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 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.

3. U.S. Cellular • Eighth largest wireless service provider • Total licensed pops - 42 million • Serves 4.2 million customers • Focused on exceptional customer service • Admirably low churn rate • 95% of customers on contract • Pervasive distribution… 2,300 points of presence • Extensive network ... 4,000 cell sites • Well positioned given recently acquired Chicago market and planned AWE exchange

4. U.S. Cellular Strategy • Positioned as a regional carrier • Differentiate with exceptional customer service • Network quality • Broad distribution • Dedicated people • Strategically strengthen regionalfootprint • Deploy CDMA 1XRTT technology in all markets

5. Operating Markets - 12/31/01

6. Operating Markets - 12/31/02

7. USM & AWE Planned Exchange • 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 other markets • Gives USM opportunity to substantially improve position in Midwest and Northeast markets

9. 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

10. Chicago Market - Strengthening Our Strategic Presence • Complementary footprint… stronger regional competitor • Chicago is dominant city in the Midwest • Proven strategy … potential for growth • Local ownership and experience • Synergies ... operating, marketing & technology

11. Chicago Acquisition - Pre-Launch • Acquisition closed Aug. 7, 2002; launched Nov. 12 • Network upgrade to 1X; built 20 new towers • Initial billing system conversion completed bylaunch date • 44 new company & exclusive dealer locations • Critical customer-service functions transferredfrom 3rd party to U.S. Cellular associates • Brand positioning focused on customer service

12. Chicago’s Hometown Player

13. Chicago Acquisition - Post-Launch • Excellent results • Positive customer awareness • Excellent customer base growth • PrimeCo customer migration … 85% on contract • Drivers of launch’s success: • Capitalization on our Midwest footprint success • Focus on customer service • Rapid deployment of CDMA 1X in our Midwestern markets • Aggressive advertising and marketing effort... U.S. Cellular Field - Chicago White Sox

14. Kenneth R. Meyers Executive Vice President - Finance and CFO

15. CDMA 1X Implementation • $400-$450 M investment over 3 years • Benefit to customer… now and in future • Original plan: overlay 1XRTT in Iowa • Excellent progress to date… ahead of schedule

16. CDMA Update • Current Status: • 1X upgrade complete 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 negative impact on current customers • 2003: New England, Oklahoma and Missouri • 2004: Complete overlay of entire network

17. Operating Results March 31, 2003 ($mil) Service revenues $ 564.6 +22 Adj. EBITDA $ 126.8 -17% Capital spending $ 140.9 Q1 ‘03 Q1 ‘02 Churn - postpay 1.6% 1.9% Retail ARPU $37.05 $35.79 MOU 377 237 CPGA $358 $362 Cell sites 3,987 3,049

18. Reconciliation of Additional Disclosures The Adjusted EBITDA measurements provided above is the sum of operating income (loss), depreciation, amortization of deferred charges and customer lists and loss on assets held for sale. Adjusted EBITDA is not presented as an alternative measure of operating results or cash flows from operations as determined in accordance with accounting principles accepted in the United States of America. Management uses Adjusted 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. Adjusted EBITDA is used as an analytical indicator of income generated to service debt and fund capital expenditures.In addition, multiples of current or projected Adjusted EBITDA are used to estimate current or prospective enterprise value. Adjusted 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. Adjusted EBITDA as presented herein may not be comparable to similarly titled measures reported by other companies.

19. 2003 Outlook • Service revenues - $2.35 - $2.4 B • Net additions - 425,000 to 475,000 • Adj. EBITDA - $670 to $695 M • CAPX - $600 to $630 M* • ARPU - relatively flat • Churn - approx. 2% *subject to revision post-AWE exchange

20. USM Focus Going Forward • Strategic repositioning • Improve profitability and ROC over time … post Chicago and AWE launches

21. USM Focus Going Forward • Continue delivering exceptional customer service • Continue improving geographic footprint • Launch Omaha market… and others • Continue deploying CDMA 1XRTT • Commercial launch of wireless data services

22. Excellent Prospects • Financially strong, viable company with proven strategy • 4.2 million customers • No. 1 market share in our 6 traditional markets; making substantial progress in Chicago • Terrific people; dynamic organization • Extensive network • Well along with migration to CDMA 1X • Positive momentum