1. Kenneth R. Meyers Executive Vice President and CFO, U.S. Cellular Sandra L. Helton Executive Vice President and CFO, TDS Lehman Brothers Worldwide Wireless and Wireline Conference June 2, 2005

2. 2 Safe Harbor Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Information discussed in today’s presentation, except historical and factual information, may represent 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 launch 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 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; the impact of local number portability; changes to access and pricing of unbundled network elements; changes in the 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 nationally accredited ratings organizations; pending and future litigation; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly service 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 by TDS and U.S. Cellular with the Securities and Exchange Commission.

3. 3 7 th largest wireless service provider; 2 nd largest regional carrier Total population - 45 million 5.1 million customers 11.5% market penetration Focused on exceptional customer experience Admirably low churn rate Pervasive distribution… 1,800 points of presence Extensive network... 4900 cell sites Well positioned in our markets U.S. Cellular as of 3/31/05

4. 4

5. 5 Postpay Churn < 2% Seven-year track record… and still strong

6. 6 Consumers Union Analysis of FCC Data - March 28, 2005 (complaints per million customers for CY2004) U.S. Cellular39 Verizon Wireless76 Alltel76 Nextel103 Sprint PCS168 T-Mobile185 Cellular One 264 AT&T / Cingular 289

7. 7 Positioned as a regional carrier Differentiate by providing an exceptional customer experience:  Network quality  Broad distribution  Dedicated people focused on the customer Utilize CDMA 1X technology in all markets Strategically strengthen regional footprint U.S. Cellular Strategy

8. 8 Q1 2005 Financial Highlights U.S. Cellular – March 31, 2005 1Q 05 1Q 05 Service revenues $ 668.8 M$619.4 M + 8% Operating income$ 36.2 M$28.3 M + 28% EBITDA$ 163.5 M$142.0 M + 15% Customer units5.1M4.5M + 13% Churn - postpay 1.5% 1.3% Retail ARPU $44.28$46.16 MOU 584 491 Cell sites 48994122

9. 9 Strengthening the 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

10. 10 Excellent fit with USM’s strategy: Strengthens regional footprint through acquisitions or trades Builds on strengths and exit other markets Built out and launched 3 markets in 2004: Oklahoma City; Lincoln, Neb. and Portland, Maine Expect to launch St. Louis market in 3Q ‘05 AWE (Cingular) Property Exchange Improved competitive position in Midwest and Northeast markets

11. 11 Divestitures Exited markets not strategic to company’s long-term success South Texas to AWE - Feb. 2004; $97 M 25 MHz licenses; 1.3 M pops, 150 cell sites and 76,000 customers High prepaid mix and heavy roaming market Alltel sale - Dec. 2004; $81 M Two 25 MHz operating markets in FL and OH Seven small investment interests in Ohio, N.C., Miss., Wis. – 268,000 pops Daytona Beach to MetroPCS - Dec. ’04; $8.5 M 20 MHz Block C license

12. 12

13. 13 Auction 58 Participated through partner Carroll Wireless Carroll Wireless highest bidder for 17 licenses with a population of 14.4 million. Licenses are in 11 states and include: Oklahoma City Portland, Maine Indianapolis All licenses complement U.S. Cellular’s existing footprint. Total bid $130M net.

14. 14

15. 15 CDMA 1X Initiative Improved voice capacity and coverage; cost-effective use of wireless spectrum Enables offering of high-speed data products Completed the 3-year project in 2004 Ahead of schedule, below planned cost Total cost to build CDMA... ≈ $300 million

16. 16 Data – easyedge SM easyedge SM Phone Download Applications (BREW TM) Applications: games, news, traffic, calendar Launched nWeb SM Nov. 2004 – enables Internet access Launched AOL ® Instant Messenger TM service March 2005 easyedge SM Picture Messaging (MMS) Take, send or receive photos easyedge SM Wireless Modem Service Wireless Internet access for laptops; e-mail; calendar Available in select areas to business customers

17. 17 Service Enhancements in 2005 easyedge SM Enabling easyedge customers to send images to non-U.S. Cellular customers “Push-to-talk service Planning to launch in 2005 for business and retail customers

18. 18 EVDO Trials Currently conducting technical trials 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 supports Plan to launch service trials in 2006

19. 19 USM 2005 Outlook (Revised March 18, 2005) Service revenues … +/- $2.9 B Net additions … 475,000 to 525,000 Dep, amort & accretion … $530 M Operating Income … $180 to $220 M CAPX … $570 to $610 M

20. 20 USM: Excellent Prospects Proven strategy Financially strong Extensive network and distribution Terrific people; dynamic organization Positive momentum

21. 21 TDS Diversified telecommunication company with 6.3 million customers in 36 states U.S. Cellular (82% owned) – wireless TDS Telecom (100% owned) – wireline ILEC and CLEC operations Fortune 500 company Strong balance sheet Investment grade

22. 22 Five-Year Track Record Year Ended December 31 $ in Millions 12/31/04 - Five Year CAGR Revenues11.9% EBITDA 6.6%

23. 23

24. 24 7th largest independent U.S. telco Rural company status 734,000 access line equivalents in 28 states 98,200 Internet (dial-up) accounts 49,300 DSL – mostly residential 302,400 long-distance lines Vertical services TDS Telecom - ILEC

25. 25 TDS Telecom - CLEC Principally a facilities-based company in five states …89% on-switch 438,000 access line equivalents Targeted selling with emphasis on small and medium businesses Deep penetration in chosen markets Provisions principally with SBC

26. 26 Q1 2005 Financial Highlights TDS Telecom – March 31, 2005 (millions) ILEC1Q 051Q 05 Revenues$161.8$159.1 + 1.7% Operating Income 40.6 48.6 - 16% CLEC Revenues$59.2$ 54.7 + 8% Operating (loss) (1.4) (3.8)NM Access Line Equivalents (thousands) ILEC734722 + 1.6% CLEC438379 + 15.6%

27. 27 Provide outstanding customer service Be the preferred broadband provider in its markets Protect and grow current markets Develop and market new products and services, with strong focus on data and triple-play TDS Telecom’s Overall Strategy Repositioning as a Broadband Communications Company

28. 28 Overall Satisfaction Index Score Lower Higher % Likely to Switch Local Carrier Higher AT&T ALLTEL BellSouth CenturyTel Cin. Bell Comcast Cox Frontier MCI Qwest SBC Sprint Talk America McLeodUSA Verizon TDS Metrocom TDS Telecom Our Competitive Advantage: Customer Satisfaction Third-Party Validation

29. 29 Fortifying and Developing Existing Markets Trialing new technologies … Fiber to the Premise (FTTP) Voice Over IP (VOIP) Wireless data … toward offering robust triple-play and other new products and services

30. 30 DSL Facts - ILEC 81 markets, 49,300 customers, fast growth DSL lines – up 81% YOY 2005 to 2004 Market share exceeded cable in late 2004 Primarily consumer based Product bundles: DISH satellite / DSL; long distance / DSL, etc. DSL modems Wi-Fi enabled

31. 31 Long Distance and Bundling Long distance another growth driver for the ILEC ILEC working for greater penetration through cross-selling and big-minute plans LD market penetration up to 51% in 1Q05 Product bundles – provides customers ability to customize their services “Total Talk”

32. 32 2005 Outlook - TDS Telecom (Effective February 9, 2005) ILEC Operating revenues … $655 to $665 M Dep, amort & accretion … $135 M Operating income … $170 to $180 M CAPX … $120 to $130 M CLEC Operating revenues … $240 to $250 M Dep, amort & accretion … $30 M Operating income (loss) … $(15) to $(10) M CAPX … $30 to $35 M

33. 33 Special Common Shares Shareholders approved increase of shares to165 M; stock dividend to occur in May Provides financial and strategic flexibility Offers TDS potential to exchange shares for 18% of USM stock TDS does not own

34. 34 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

35. 35 Reconciliation of Additional Disclosures For the quarter ended March 31, 2005 The Operating Cash Flow amounts in the tables presented above are not determined in accordance with generally accepted accounting principles (GAAP) in the United States of America. 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.

36. 36 U.S. Cellular Reconciliation of Service Revenues For the quarter ended March 31, 2005 The pro-forma numbers above are non-GAAP financial measures as defined by SEC rules. Management believes they are useful measures to evaluate the company's performance excluding divested markets from both years' service revenues, but they should not be considered as alternatives to GAAP.

37. 37 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