1. CIBC Communication and Technology Conference David A. Wittwer Executive Vice President – Staff Operations and Chief Financial Officer James W. Butman President – CLEC Business Units

2. Safe Harbor Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, 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 start up the operations of the licensed areas involved in the AT&T Wireless transaction completed in August 2003; the ability of U.S. Cellular 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 and U.S. Cellular operate; advances in telecommunications technology; changes brought about by the implementation of local number portability; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; changes in the capital markets that could adversely impact the availability, cost and terms of financing; an adverse change in the ratings afforded TDS and U.S. Cellular debt securities by nationally accredited ratings organizations; 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 and U.S. Cellular markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS with the Securities and Exchange Commission.

3. TDS Overview  Diversified telecommunication company with 5.6 million customers  U.S. Cellular (82% owned) - wireless  TDS Telecom (ILEC and CLEC) – wireline  Wireline Operations – 1969  U.S. Cellular founded – 1983  CLEC Operations commenced - 1998

4.  Fortune 500 company  S & P Mid-Cap index ….# 60  Strong balance sheet  Investment grade TDS Overview (cont.)

5. Debt Ratings... Investment Grade! * TDSUSM Moody’s Baa1Baa1 Standard & Poor’s A -A - FitchA -A - TDS debt/capital @ 3/31/04 37 % USM debt/capital @ 3/31/04 30 % * Our debt ratings are several levels above non-investment grade

8. Equivalent Access Lines Largest Concentrations at YE 2003 Lines Lines % of total % of total Wisconsin161,70022.4 Tennessee111,50015.4 Georgia55,2007.6 New Hampshire 39,0005.4 Minnesota37,6005.2 Indiana34,6004.8 Maine28,8004.0 Alabama28,7004.0

9.  7th largest independent U.S. telco  Rural company status  116 ILEC service locations  ≈ 78% residential … 22% SME TDS Telecom - ILEC

10.  722,400 access line equivalents … up 1.2 % yy  27,300 DSL customers … up 113 % yy  113,600 ISP accounts  266,300 LD (resale) lines … 43.7 % penetration  Vertical services TDS Telecom – ILEC (cont.)

11.  Provide outstanding customer service  Protect and grow current markets  Develop and market new products and services TDS Telecom’s Overall Strategy

12. Our Competitive Advantage: Customer Satisfaction Third-Party Validation %Likely to Switch Local Carrier Avg = 20% Lower Higher Third-Party 2003 Customer Satisfaction Survey Results (Avg = 100) Higher Qwest ALLTEL AT&T BellSouth CenturyTel CinBell Frontier/Citizens AT&T Broadband McLeod MCI WorldCom SBC Verizon Sprint TDS Cox Talk America

13. Strategic Focus  Market Development  Grow in CLUSTERS through combination of acquisition, build-out variations and new technologies  Market Fortification  Proactively address wireless substitution  Increase market share, penetration and profitability of high-speed data product line and profitability of high-speed data product line  Develop new products and services  Grow CLEC within its existing markets

14. Strategic Focus (cont.)  Public Policy Advocacy  Champion TDS’s position to ensure favorable regulatory treatment favorable regulatory treatment  Process & Productivity Improvement  Create efficiencies by optimizing cross- functional processes functional processes  CLEC leverages ILEC infrastructure

15. ILEC Current Issues  Revenue growth drivers  Data services  Long distance penetration  New services leveraging high-speed connection  Changing Technology  (Voice over IP) – VOIP  Fixed Wireless  (Fiber to the premise) - FTTP  Regulatory  (Wireless Number Portability) - WNP

16. 1 st Quarter 2003 Financial Highlights TDS Telecom – March 31, 2004 ILEC 1 st Qtr ‘04 (millions) 1 st Qtr ‘03 (millions) Revenues Revenues$159.1$159.6 (0.3) % (0.3) % Operating Expenses 110.5 110.5114.2 (3.2) % (3.2) % Operating Income Operating Income 48.6 48.6 45.4 45.4 +7.1 % +7.1 % Capital Spending $17.6 $ 15.4

17. 2004 Outlook - TDS Telecom ILEC  Operating revenues … $640 to $650 M  Dep. & Amortization … $135 M  Operating income … $170 to $180 M  CAPX … ≈ $105 M

18. CIBC Communication and Technology Conference James W. Butman President – CLEC Business Units TDS Telecom CLEC Operations

20. CLEC Operations  Principally a facilities-based company in five states …85% on-switch  378,800 access line equivalents  Targeted selling  SME 63 % Residential 37 %  Sales force driven

21. 1st Quarter 2003 Financial Highlights TDS Telecom – March 31, 2004 CLEC 1st Qtr ’04 (millions) 1st Qtr ’03 (millions) Revenues $ 54.7 $ 52.4 +4.0 % Operating Expenses 49.5 49.8 49.8 (.6) % Dep. & Amortization 9.08.0 +12.2 % Operating (loss) (3.8)(5.4) +30.0 % Capital Spending 6.53.7 Access Line Equivalents (thousands) CLEC378.8303.9+25.0%

22. CLEC Current Issues  Revenue growth drivers  SME  High speed data  Bundling  Deeper penetration of existing markets  Changing technology  VOIP  Fixed Wireless  FTTP  Regulatory

23. 2004 Outlook - TDS Telecom CLEC  Operating revenues … $250 to $260 M  Dep. and Amortization … $40 M  Operating income (loss) … $(30) to $(20) M  CAPX … ≈ $45 M

24. Reconciliation of Additional Disclosures For the quarter ended March 31, 2004 The Operating Cash Flow amounts in the tables presented above are not determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Management uses Operating Cash Flow 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. Operating Cash Flow is used as an analytical indicator of income generated to service debt and fund capital expenditures. In addition, multiples of current or projected Operating Cash Flow are used to estimate current or prospective enterprise value. Operating Cash Flow does not give effect to cash used for debt service requirements, and thus does not reflect funds available for investment or other discretionary uses. Operating Cash Flow as presented herein may not be comparable to similarly titled measures reported by other companies.

25. 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  Dedicated workforce of 10,700 people  Financially strong