Kenneth R. MeyersExecutive Vice President and CFO, U.S. Cellular

LeRoy T. Carlson, Jr.President and CEO, TDS

Lehman BrothersWorldwide Wireless and Wireline Conference

May 22, 2006

2

Safe HarborSafe 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 company’s 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.

3

• 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

U.S. Cellularas of 3/31/06

4

5

• 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

U.S. Cellular Growth Strategies

6

Postpay Churn < 2%Eight-year track record… and still strong

1.9% 1.9%

1.8%1.7%

1.8%

1.5%1.5% 1.5%

1.0%

1.1%

1.2%

1.3%

1.4%

1.5%

1.6%

1.7%

1.8%

1.9%

2.0%

1998 1999 2000 2001 2002 2003 2004 2005

7

First Quarter Operating DataThree months ended March 31Three months ended March 3120052005 Actual Actual Range of Amounts Range of Amounts (as restated)(as restated) Anticipated to be Anticipated to be

Reported in Reported in 20062006 (Preliminary)(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

8

Strengthening 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

• Exchanged wireless properties with Alltel – 12/05

• Purchased 83% of TN RSA 3 – 4/06

9

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 … >80% of adds are postpaid

10

11

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

12

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

13

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

14

USM: Excellent Prospects• Proven strategy

• Financially strong

• Extensive network and distribution

• Terrific people

• Positive momentum

15

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

16

17

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%

76%

18

• 7th largest independent

• Rural company status

• Modern network

• Excellent regulatory relationships

• Strong local presence

TDS Telecom – ILEC as of 3/31/06

19

TDS Telecom - CLEC

• Facilities-based in four states …92% on-switch

• Selling primarily to SME

• Deep penetration in chosen markets

• Provisions principally with AT&T

20

21

• Defend core markets

• Be the broadband provider

• Bundle aggressively

• Trials

TDS Telecom Strategy

22

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

23

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%

24

Video Trials

FTTP Trials - ILEC

1. Complete fiber build-out of subdivision ~4,000 homes

2. Combination FTTP overbuild & advanced DSL

25

Fixed Wireless Trial - CLEC

• Market trial in Wisc.

• Eliminates “last mile” loop from RBOC

• Un-licensed spectrum

• Trialing high-speed data & VOIP

26

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

27

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

28

Financially Strong9/30/05

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

29

TDS Financial Objectives 7-10% compound annual revenue growth (organic and M&A)

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

30

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