Kenneth R. Meyers Executive Vice President and CFO, U.S. Cellular LeRoy T. Carlson, Jr.

1. Kenneth R. Meyers Executive Vice President and CFO, U.S. Cellular LeRoy T. Carlson, Jr. President and CEO, TDS Lehman Brothers Worldwide Wireless and Wireline Conference May 22, 2006

2. Safe Harbor Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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, projections and assumptions, 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: Possible future restatements; 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; changes to access and pricing of unbundled network elements; changes in the state and federal 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 accredited ratings organizations; uncertainty of access to the capital markets; pending and future litigation; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly 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 with the SEC.

3. U.S. Cellularas of 3/31/06 • 6th largest wireless service provider; 2nd largest regional • Total population - 45 million • 5.6 million customers • Extensive network ... Over 5,400 cell sites • Focused on exceptional customer service • Pervasive distribution… ~2,000 points of presence • Well positioned in our markets

5. U.S. Cellular Growth Strategies • Differentiate by driving for an exceptional level of customer satisfaction: • Quality network • Dedicated people focused on the customer • Wide distribution – more focus on exclusives • Broad and competitive product offerings • Compete aggressively at the local/regional level • Strategically strengthen regional footprint

6. Postpay Churn < 2%Eight-year track record… and still strong

7. First Quarter Operating Data Three months ended March 31 2005 Actual Range of Amounts (as restated) Anticipated to be Reported in 2006 (Preliminary) Operating Revenues $ 711.1 M $830 to $845 M Operating Income $ 39.5 M $ 65 to $ 85 M ARPU $44.46$46.22 Retail net adds 123,000 122,000 Churn - postpay 1.5% 1.5% Cell sites 4,8995,438

8. Strengthening Footprint • Acquired Chicago market – 8/02 • Exchanged wireless properties with AT&T Wireless (now Cingular) – 8/03 • Sold: • Daytona Beach to MetroPCS – 12/04 • Two small markets and investment interests to Alltel – 12/04 • South Texas markets to AT&T Wireless – 2/04 • Acquired Missouri 14 market – 4/05 • Exchangedwireless properties with Alltel – 12/05 • Purchased83% of TN RSA 3 – 4/06

9. St. Louis MarketStrengthened footprint – launched 7/28/05 • Acquired 2.9 million pops in trade with AWE • Nearly 300 cell sites • Turned-on for roaming since Oct. ’04 • Same market launch strategy • Great network • Broad distribution • Aggressive advertising and marketing • Focus on customer satisfaction • Off to a good start … >80% of adds are postpaid

11. Full range of data services … BREW based Phone download services Picture messaging Wireless modem Data roaming Other new offerings Walkie-talkie or “Push-to-talk” Blackberry Smart Phone Data – easyedgeSM

12. EVDO Trials • 2005 Technical trials • 2006 Soft launch of Release O (Fall) • 2007 Release A availability • As with any new technology, U.S. Cellular wants to ensure that: • Technology is supported by value-added applications customers will want and value • Ready to fully support the new technology and any new services or applications it provides

13. USM 2006 Outlook(Revised May 10, 2006) • Service revenues … Approx. $3.2 B • Net additions … 390,000 to 450,000 • Dep, amort & accretion … $585 M • Operating Income … $230 to $290 M • CAPX … $580 to $610 M

14. USM: Excellent Prospects • Proven strategy • Financially strong • Extensive network and distribution • Terrific people • Positive momentum

15. TDS • Diversified telecommunication companywith 6.8 million customers in 36 states • U.S. Cellular (81% owned) – wireless • TDS Telecom (100% owned) – wireline • ILEC and CLEC operations • Strong balance sheet • Investment grade

17. TDS Telecom (ILEC & CLEC)Largest Equivalent Access Line States – 12/31/05

18. TDS Telecom – ILEC as of 3/31/06 • 7th largest independent • Rural company status • Modern network • Excellent regulatory relationships • Strong local presence

19. TDS Telecom - CLEC • Facilities-based in four states …92% on-switch • Selling primarily to SME • Deep penetration in chosen markets • Provisions principally with AT&T

21. TDS Telecom Strategy • Defend core markets • Be the broadband provider • Bundle aggressively • Trials

22. DSL - ILEC • 106 markets; 75,300 customers; +53% • 70% of access lines DSL enabled • Primarily consumer based • Product bundles • Offering 4 & 6 MB speeds in some markets

23. First Quarter Operating Data 3/31/05 3/31/06 ILEC Access line equivalents 734,000 742,300 + 1% DSL 49,300 75,300 +53% Long distance 302,400 327,100 + 8% CLEC Access line equivalents 438,000 454,100 + 4% DSL 31,600 38,500 +22%

24. Video Trials FTTP Trials - ILEC • Complete fiber build-out of subdivision ~4,000 homes • Combination FTTP overbuild & advanced DSL

25. Fixed Wireless Trial - CLEC • Market trial in Wisc. • Eliminates “last mile” loop from RBOC • Un-licensed spectrum • Trialing high-speed data & VOIP

26. 2006 Outlook-TDS Telecom (Effective May 10, 2006) • ILEC • Operating revenues … $660 to $675 M • Dep, amort & accretion … $135 M • Operating income … $145 to $160 M • CAPX … $105 to $125 M * • CLEC • Operating revenues … $230 to $240 M • Dep, amort & accretion … $25 M • Operating income (loss) … $(10) to $(5) M • CAPX … $15 to $25 M * ~$90 M to support ongoing operations and ~$25 M for strategic initiatives

27. Special Common Shares • Provides financial and strategic flexibility • TDS board has indicated it may at some point exchange special shares for 19% of USM that TDS does not own • Dependent on market and other conditions

28. Financially Strong

29. TDS Financial Objectives • 7-10% compound annual revenue growth (organic and M&A) over the five years 11.21% - 5 years ended 2005 • Returning at least the cost of capital • USM WACC 11-12 % • ILEC WACC ~ 9.5 % • CLEC WACC 14-16 % • Valuation/shareholder returns ≥ comparable companies • Target an A- rating

30. 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