LeRoy T. Carlson, Jr.

President and Chief Executive Officer

Morgan Stanley 7th Annual Global Communications Conference

September 10, 2002

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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 other events relating to the acquisition of Chicago 20MHz, including integration costs or problems or other factors associated with such acquisition; changes in the overall economy; changes in competition in the markets in which TDS operates; advances in telecommunications technology; changes in the telecommuni-cations 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.

Safe Harbor

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Telephone and Data Systems, Inc. U.S. Cellular (82% owned) TDS Telecom (100% owned) - ILEC TDS Metrocom (100% owned) - CLEC

Proven track record of: Creating businesses and optimizing operating performance Increasing value through acquisitions, trades, divestitures and investments

Who We Are

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Eighth largest wireless service provider

Total pops - 45 million

Serves 3.9 million customer units

Focused on service

Pervasive distribution... 3,100+ points of presence

Extensive network ... 3,600+ cell sites

Ideally situated in Chicago market with PrimeCo acquisition

U.S. Cellular

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Position as a regional carrier

Differentiate with exceptional customer service Network quality Broad distribution

Strategically strengthen regional footprint

Deploy CDMA 1XRTT technology

U.S. Cellular Strategy

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Complementary footprint… stronger regional competitor

Synergies ... operating, marketing & technology

Local ownership and experience

Proven strategy … potential for growth

Strengthening Our Midwest Presence - Chicago Market

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Rural company status

706,000 access line equivalents

118 ILEC sales and service locations

118,000 Internet service accounts

176,300 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

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

180,900 access line equivalents ... launched in June 1998

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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Deutsche Telekom (DTE)

Vodafone (VOD)

VeriSign (VRSN)

TDS Marketable Securities

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Excellent Prospects

Sound business strategies

Solid management teams

Balance sheet strength