LeRoy T. Carlson, Jr.

President and Chief Executive Officer

Credit Suisse First Boston’s Global

Telecommunications Conference

March 4-6, 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: 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; 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 our 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 (“SEC”).

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TDS Milestones

Key Dates

1969 - Wireline

1983 - Cellular

1995 - PCS

1998, June - TDS Metrocom

5/4/00 - Aerial merger with VoiceStream

2000 - Chorus merger (pending Q3)

2001, Jan. - Black Crow successful bidder

Key Dates

2001 - McLeodUSA PCS acquisition (pending Q2, Q4)

5/31/01 - VSTR converts into 131,461,861 DTE and $570 million pretax

9/4/01 - Chorus Merger closes

11/16/01 - TDS announces agreement to acquire MCT, Telecom

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2002 - Who We Are

•TDS is a diversified telecommunications company headquartered in Chicago, IL, with wireless and telephone operations. TDS is #19 in the S&P 400 Mid-Cap Index. TDS is a member of the Russell 1000 and Russell 3000 Indexes. TDS provides high-quality telecommunications service to over 4.3 million customers in 34 states. TDS employs approximately 9,300.

•U.S. Cellular Corporation operates and invests in wireless systems throughout the United States. U.S. Cellular is the nation’s eighth largest wireless telephone company in terms of customers. It is headquartered in Chicago, IL. TDS owns 82.2% of U.S. Cellular.

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2002 - Who We Are continued

•TDS Telecommunications Corporation is TDS’s wholly-owned telephone subsidiary. It services 678,300 access line equivalents, nearly 118,000 ISP accounts and over 125,000 LD customers in 28 states through 110 sales and service offices serving over 900 communities.

•TDS Metrocom, a fast growing CLEC subsidiary of TDS Telecom, has over 139,000 access line equivalents.

•The company’s website is www.teldta.com.

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•Proven track record of:

Creating businesses and optimizing operating performance

Increasing value through acquisitions, trades, divestitures and investments

Dedicated management teams focusing on specific business strategy and execution

TDS Overview

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TDS Corporate Strategy

• Provide outstanding telecommunications services to our customers which in turn will create value for our shareholders.

• Maintain balance sheet strength and investment grade rating.

• Be the preferred employer where we operate by offering a dynamic work environment for personal and professional growth.

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*w/o gains... w/o Aerial

Excellent Results - 12/31/01

• Financial Operating Performance - Five Year CAGR*

Revenues 17.12 %

EBITDA 18.01 %

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TDS Operating RevenuesYear Ended December 31

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

1995 1996 1997 1998 1999 2000 2001

Operating Revenues*

*Dollars in Thousands

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TDS Operating Cash FlowYear Ended December 31

$0

$100,000

$200,000$300,000

$400,000

$500,000

$600,000

$700,000

$800,000$900,000

1995 1996 1997 1998 1999 2000 2001

Operating Cash Flow*

*Dollars in Thousands

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TDS 2001 Operating ResultsOperating Revenues (000)(000)

USM $1,894,800 +10.4%Telecom $693,700 +13.7%

$2,588,500 +11.2%

Operating Cash FlowUSM $617,900 +10.7%Telecom $268,300 +2.7%

$886,200 +8.2%

Diluted EPS Continuing Ops(excl. gains/losses) $2.86 vs $2.54 +12.6%

Capital SpendingUSM $503MTelecom $197M

Return on Capital 2001 2000 1999 1998USM 7.7% 8.0% 7.0% 5.5%Telecom(ILEC only) 9.3% 8.2% 7.0% 5.8%

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TDS Investments• Deutsche Telekom (DTE) - 131,461,861 ordinary shares at

TDS ... $0 tax cost• 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) - 2,444,735 shares 2,444,735 shares at TDS

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TDS Telecom Attractive rural market focus

Less competition... high barriers to entryRural company statusExcellent local and regulatory relationshipsStrong local presence provides high

degree of customer satisfactionModern network upgraded to provide

advanced calling and data services

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TDS Telecom - CLEC TDS Metrocom

100% on-switchOffers communications solutions with optimal functionality,

pricing and service others not currently providingFacilities-based startup in southern Wisconsin, northern

Illinois and southern Michigan139,300 access line equivalents since service launched in June

19986,800 DSL lines in service on 12/31/01Selected 3rd and 4th tier cities near Telecom ILEC Targeted selling to businesses and high-end residential...

55% commercial, 45% high-end residentialFocus on single RBOC regarding provisioning

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TDS Telecom ILEC Strategy

Grow/protect core ILEC business Provide strong local presence to ensure a high degree of customer

satisfaction Provide high quality services at competitive prices Bundle products and grow vertical service penetration Utilize network technology to provide a variety of advanced calling

and data services:Caller ID penetration 28.1% vs. avg 28.1%*Call waiting penetration 31.9% vs avg. 26.7%*Voicemail penetration 13.2% vs avg. 8.7%*

Improve operational effectiveness Grow through selective acquisitions ... Clustering

*CHR Solutions Fall 2000 report

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Chorus Communications, Ltd.• Closed September 4, 2001• Accretive to OCF from the start• Largest acquisition in TDS Telecom history

– 42,500 access lines– 28,000 ISP/DSL customers

• Other operations-sell,install, service business telephone/video, data networks, Internet access and LD

• Complements our existing operations...talented workforce• Interests in certain wireless Wisconsin partnerships• Falls within U.S. Cellular’s wireless footprint• Purchase price $195 M plus assumed debt of $30M

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TDS TelecomCLEC Strategy

2 Aggressively grow CLEC business Grow into carefully chosen clustered markets which are

mid-sized and suburbanExpand success into other markets... Illinois and MichiganLeverage ILEC strengths for cost efficiencies and service

capabilitiesBuild out markets in a timely, cost efficient mannerEmphasis on cost effective facilities-based model

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ILEC New Inititatives• TDS True Talk (resell LD) - over 125,000

customers ... fast grower…first offered Q3, ‘00

• DSL - 23 markets at 12/31/01; 44% of access lines; 2,200 customers

• Web hosting services to complement ISP business

• TDS Network Manager - monitoring/mgmt of IT networks

• Data product development

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TDS Telecom - ILEC 2001 Operating Results

Operating Revenues $576.8 M +9.0%

Operating Cash Flow $293.7 M +10.0%

2001 2000 1999

Return on Capital 9.3% 8.2% 7. 0%

Capital Spending $99.8 M $93.4 M $99.2 M

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TDS Telecom - CLECs2001 Operating Results

Operating RevenuesUS Link $50.7 MMetrocom $68.2 M

$118.9 M +40.2%Operating Cash FlowUS Link $ 3.8 MMetrocom $(29.2 M)

$(25.4 M)

Capital Spending $ 97 M ($93 M ... Metrocom)

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2002 Outlook - TDS Telecom

• ILEC – Operating Revenues - $625 to $640 M– EBITDA - $300 to $310 M– CAPX - $115 to $125 M

• CLEC– Operating revenues - $170 to $180M– EDITDA - ($23 to $25 M)– CAPX - Approx. $55 to $65 M

LeRoy T. Carlson, Jr.

President and Chief Executive Officer

Credit Suisse First Boston’s Global

Telecommunications Conference

March 4-6, 2002