LeRoy T. Carlson, Jr. President and Chief Executive Officer UBS Warburg Seventh Annual Global Telecom Conference November 11, 2002.

LeRoy T. Carlson, Jr.

President and Chief Executive Officer

UBS Warburg Seventh Annual Global Telecom Conference

November 11, 2002

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Safe HarborAll 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: the ability of USM 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 and USM with the SEC.

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Proven Track Record

Creating businesses and optimizing operating performance

Increasing value through acquisitions, trades, divestitures and investments

Capital allocation determined by disciplined valuation process

Dedicated management teams and 10,300 employees

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Eighth largest wireless service provider

Total licensed pops - 41.7 million

Serves 3.9 million customer units

Focused on exceptional customer service

Admirably low churn rate

Pervasive distribution… 3,200 points of presence

Extensive network ... 3,800+ cell sites

Ideally situated in recently acquired Chicago market

U.S. Cellular - Wireless

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Position as a regional carrier

Differentiate with exceptional customer service Network quality Broad distribution Dedicated people

Deploy CDMA 1XRTT technology

Strategically strengthen regional footprint

U.S. Cellular Strategy

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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

Chicago Market - Strengthening Our Strategic Presence

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Targeted advertising campaign

Expanded distribution

Additional salespeople

Compelling rate plans

Corporate sponsorships

Home-town positioning

Chicago 1XRTT conversion complete

Chicago Market Launch

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USM's ready to roll out in Chicago ... in time for the peak-selling holiday season.

Mayor Daley’s onboard ... as is USM’s new spokesperson …

Launch Date - Nov. 12

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Joan Cusak

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2002 Outlook - U.S. Cellular

• Net additions - 280,000 to 300,000

• Total revenues - $2.2 B

• EBITDA - $640 to $660 M

• CAPX - $720 to $740 M

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7th largest independent U.S. telco

Rural company status

714,000 access line equivalents

120 ILEC sales and service locations

118,000 Internet service accounts

189,000 LD (resale) customers

Vertical services

TDS Telecom - ILEC

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TDS Metrocom - CLEC

Facilities-based startup in S. Wisconsin, N. Illinois and S. Michigan

206,000 access line equivalents ... launched in June 1998

Targeted selling Small and medium businesses“Communication-intensive” residential

Focus on one RBOC for provisioning

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Grow and protect core ILEC businessProvide strong local presence Provide high-quality services at competitive pricesBundle products and grow vertical service penetration

Aggressively grow CLEC businessGrow into carefully chosen mid-size and suburban markets in the Midwest CLEC to leverage ILEC strengths Emphasis on facilities-based model

TDS Telecom Strategy

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2002 Outlook - TDS Telecom(Ex. MCT and TSNH)

• ILEC – Operating revenues - $620 to $630 M– EBITDA - $290 to $300 M– CAPX - $125 to $135 M

• CLEC– Operating revenues - $170 to $180 M– EDITDA - $(30) to $(35) M– CAPX - Approx. $50 to $60 M … primarily MI.

build out

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*w/o gains... w/o Aerial; as of Dec. 31, 2001

Financial Operating Performance Five-Year CAGR*

Revenues 17.12 %

EBITDA 18.01 %

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3 Qtr 2002 Operating Results

Operating Revenues ($millions)($millions)

USM $597.6 +19%Telecom $204.3 +17%

$801.9 +19%

Operating Cash Flow ($millions)($millions)USM $167.6 (1%)Telecom $ 71.8 +13%

$239.4 + 2%

USM Q3 ‘02Q3 ‘02 Q3 ‘01Q3 ‘01

Churn 1.9% 1.8%Retail ARPU $38.95 $36.06MOU 327 230

TDS Telecom Q3 ‘02Q3 ‘02 Q3 ‘01Q3 ‘01

Access line equivalents 987,500 842,700ISP customers 143,100 124,800DSL customers 18,400 6,900

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Marketable Securities• Deutsche Telekom (DTE) - 131,461,861 ordinary shares

@ $0 tax basis

• Vodafone (VOD) - 12,945,915 shares 2,700,545 shares at TDS10,245,370 shares at USM

• Rural Cellular Corporation (RCCC) - 719,396 shares348,514 shares at TDS370,882 shares at USM

• VeriSign (VRSN) - 2,490,357 shares at TDS

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Monetization Summary

DT Vodafone VeriSign

Entity TDS USM TDS

Date July/Aug. ‘02 5/16/02 5/7/02

No. Shares subj. to Prepaid Forward 45,492,172 10,245,370 2,361,333

Avg. Floor Price Per Share $11.36 $15.60 $8.82

Avg. Cap Price Per Share $13. 63 $23.68 $11.46

Amt. Advanced $501.6 M $159.9 M $18.9 M

Due at Maturity $516.9 M $159.9 M $20.8 M

Initial Discount ---- --- 9.09%

Qtly Interest Payments 90-day LIBOR 90-day LIBOR None

+ 50 BPs + 50 BPs

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Grow revenues market growth (at least 15% annually)

Return on capital WACC

Valuation/shareholder returns comparable companies

Maintain an “A-” rating

Financial Objectives

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Excellent Prospects

• Fundamentals - Full-service provider with established wireless and wireline operations

Well positioned in existing markets.

• Value Generation - Revenue growth and margin expansion

• Strong balance sheet providing competitive advantage, flexibility and staying power

• Sum-of-parts valuation ... greater than current price

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Investment Highlights

Strong Balance Sheet

Marketable Securities

Proven Strategic Model

Experienced Management Teams

Competitive Advantage

SAFETY VISIBILITY

LIQUIDITY

Forecastable Business Mix

Solid Cash Flows

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