John E. RooneyPresident and CEO

Kenneth R. MeyersExecutive Vice President - Finance (CFO)

2003 Baird Growth Stock Conference

May 14, 2003

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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: 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.

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• 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

U.S. Cellular

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• Positioned as a regional carrier

• Differentiate with exceptional customer service Network quality Broad distribution Dedicated people

• Strategically strengthen regional footprint

• Deploy CDMA 1XRTT technology in all markets

U.S. Cellular Strategy

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Operating Markets - 12/31/01

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Operating Markets - 12/31/02

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• 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

USM & AWE Planned Exchange

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USM & AWE ExchangeUSM 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

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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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• 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

Chicago Acquisition - Pre-Launch

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Chicago’s Hometown Player

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• 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

Chicago Acquisition - Post-Launch

Kenneth R. MeyersExecutive Vice President -

Finance and CFO

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• $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

CDMA 1X Implementation

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• 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

CDMA Update

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Operating ResultsMarch 31, 2003

($mil)($mil)

Service revenues $ 564.6 +22

Adj. EBITDA $ 126.8 -17%

Capital spending $ 140.9

Q1 ‘03Q1 ‘03 Q1 ‘02Q1 ‘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

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Reconciliation of Additional DisclosuresMarch 31, $ Change % Change

2003 2002 2003 vs. 2002 2003 vs. 2002

(Dollars in thousands)Adjusted EBITDA (1):

Operating income (loss) as reported (6,189)$ 79,676$ (85,865)$ -107.8%Add:

Depreciation 95,872 65,977 29,895 Amortization of deferred charges and

customer lists 13,631 6,775 6,856 Loss on assets held for sale 23,500 - 23,500

Adjusted EBITDA 126,814 152,428 (25,614) -16.8%

Original Current Guidance Guidance

Service Revenues $2.40 - $2.45 billion $2.35 - $2.40 billionCapital Expenditures $600 - $630 million no changeNet Customer Additions 425,000 - 475,000 425,000 - 475,000Adjusted EBITDA (1): $695 - $720 million $670 - $695 million

Operating Income $200 - $205 millionDepreciation $420 - $435 millionAmortization of deferred charges

and customer lists $50 - $55 millionLoss on assets held for sale $0

Adjusted EBITDA $695 - $720 million $670 - $695 million

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.

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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

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• Strategic repositioning

• Improve profitability and ROC over time … post Chicago and AWE launches

USM Focus Going Forward

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• Continue delivering exceptional customer service

• Continue improving geographic footprint• Launch Omaha market… and others

• Continue deploying CDMA 1XRTT

• Commercial launch of wireless data services

USM Focus Going Forward

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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