Kenneth R. Meyers

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• Kenneth R. Meyers
• Executive Vice President and CFO, U.S. Cellular
• LeRoy T. Carlson, Jr.
• President and CEO, TDS
• Lehman Brothers
• Worldwide Wireless and Wireline Conference
• May 22, 2006

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Safe Harbor
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 All
information set forth in this presentation,
except historical and factual information,
represents forward-looking statements. This
includes all statements about the companys
plans, beliefs, estimates and expectations. These
statements are based on current estimates,
projections and assumptions, 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 Possible future
restatements 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 changes to access and pricing of
unbundled network elements changes in the state
and federal 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 accredited
ratings organizations uncertainty of access to
the capital markets pending and future
litigation acquisitions/divestitures of
properties and/or licenses and changes in
customer growth rates, average monthly 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 with the SEC.
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U.S. Cellularas of 3/31/06

• 6th largest wireless service provider 2nd
  largest regional
• Total population - 45 million
• 5.6 million customers
• Extensive network ... Over 5,400 cell sites
• Focused on exceptional customer service
• Pervasive distribution 2,000 points of
  presence
• Well positioned in our markets

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U.S. Cellular Growth Strategies

• Differentiate by driving for an exceptional
  level of customer satisfaction
• Quality network
• Dedicated people focused on the customer
• Wide distribution more focus on exclusives
• Broad and competitive product offerings
• Compete aggressively at the local/regional
  level
• Strategically strengthen regional footprint

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Postpay Churn lt 2Eight-year track record and
still strong
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First Quarter Operating Data
Three months ended March 31 2005
Actual Range of Amounts (as
restated) Anticipated to be Reported in
2006


(Preliminary) Operating Revenues 711.1
M 830 to 845 M Operating Income 39.5
M 65 to 85 M ARPU 44.46
46.22 Retail net adds 123,000
122,000 Churn - postpay 1.5
1.5 Cell sites 4,899
5,438
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Strengthening Footprint

• Acquired Chicago market 8/02
• Exchanged wireless properties with ATT 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 ATT Wireless 2/04
• Acquired Missouri 14 market 4/05
• Exchanged wireless properties with Alltel 12/05
• Purchased 83 of TN RSA 3 4/06

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St. Louis MarketStrengthened footprint
launched 7/28/05

• Acquired 2.9 million pops in trade with AWE
• Nearly 300 cell sites
• Turned-on for roaming since Oct. 04
• Same market launch strategy
• Great network
• Broad distribution
• Aggressive advertising and marketing
• Focus on customer satisfaction
• Off to a good start gt80 of adds are postpaid

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Data easyedgeSM

• Full range of data services BREW based
• Phone download services
• Picture messaging
• Wireless modem
• Data roaming
• Other new offerings
• Walkie-talkie or Push-to-talk
• Blackberry Smart Phone

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EVDO Trials

• 2005 Technical trials
• 2006 Soft launch of Release O (Fall)
• 2007 Release A availability
• 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 provides

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USM 2006 Outlook(Revised May 10, 2006)

• Service revenues Approx. 3.2 B
• Net additions 390,000 to 450,000
• Dep, amort accretion 585 M
• Operating Income 230 to 290 M
• CAPX 580 to 610 M

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USM Excellent Prospects

• Proven strategy
• Financially strong
• Extensive network and distribution
• Terrific people
• Positive momentum

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TDS

• Diversified telecommunication companywith 6.8
  million customers in 36 states
• U.S. Cellular (81 owned) wireless
• TDS Telecom (100 owned) wireline
• ILEC and CLEC operations
• Strong balance sheet
• Investment grade

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TDS Telecom (ILEC CLEC)Largest Equivalent
Access Line States 12/31/05
12/30/05 of total
Wisconsin 384,000 33
Michigan 140,000 12
Minnesota 119,000 10
Tennessee 115,000 10
Georgia 58,000 5
New Hampshire 40,000 3
Indiana 36,000 3
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TDS Telecom ILEC as of 3/31/06

• 7th largest independent
• Rural company status
• Modern network
• Excellent regulatory relationships
• Strong local presence

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TDS Telecom - CLEC

• Facilities-based in four states 92 on-switch
• Selling primarily to SME
• Deep penetration in chosen markets
• Provisions principally with ATT

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TDS Telecom Strategy

• Defend core markets
• Be the broadband provider
• Bundle aggressively
• Trials

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DSL - ILEC

• 106 markets 75,300 customers 53
• 70 of access lines DSL enabled
• Primarily consumer based
• Product bundles
• Offering 4 6 MB speeds in some markets

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First Quarter Operating Data

• 3/31/05 3/31/06
• ILEC
• Access line equivalents 734,000 742,300
  1
• DSL 49,300 75,300 53
• Long distance 302,400 327,100 8
• CLEC
• Access line equivalents 438,000 454,100
  4
• DSL 31,600
  38,500 22

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Video Trials

• FTTP Trials - ILEC
• Complete fiber build-out of subdivision 4,000
  homes
• Combination FTTP overbuild advanced DSL

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Fixed Wireless Trial - CLEC

• Market trial in Wisc.
• Eliminates last mile loop from RBOC
• Un-licensed spectrum
• Trialing high-speed data VOIP

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2006 Outlook-TDS Telecom (Effective May 10, 2006)

• ILEC
• Operating revenues 660 to 675 M
• Dep, amort accretion 135 M
• Operating income 145 to 160 M
• CAPX 105 to 125 M
• CLEC
• Operating revenues 230 to 240 M
• Dep, amort accretion 25 M
• Operating income (loss) (10) to (5) M
• CAPX 15 to 25 M

90 M to support ongoing operations and 25 M
for strategic initiatives
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Special Common Shares

• Provides financial and strategic flexibility
• TDS board has indicated it may at some point
  exchange special shares for 19 of USM that TDS
  does not own
• Dependent on market and other conditions

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Financially Strong
9/30/05
Cash 1,085 M
Available Credit Facilities 1,375 M
Estimated 2006 Dividends DT (after German taxes) TDS VOD USM VOD 2900 owned towers 95 M 2 M 8 M

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TDS Financial Objectives

• 7-10 compound annual revenue growth (organic and
  MA) over the five years
• 11.21 - 5 years ended 2005
• Returning at least the cost of capital
• USM WACC 11-12
• ILEC WACC 9.5
• CLEC WACC 14-16
• Valuation/shareholder returns comparable
  companies
• Target an A- rating

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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