LeRoy T. Carlson, Jr.

President and Chief Executive OfficerRaymond James & Associates

Institutional Investors ConferenceMarch 4, 2003

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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; changes in the capital markets that could restrict the availability of financing; 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 TDS’s markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by TDS with the SEC.

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• 7th largest independent U.S. telco

• Rural company status

• 120 ILEC service locations

• 711,200 access line equivalents

• 117,600 ISP accounts

• 197,500 LD (resale) customers

• Vertical services

TDS Telecom - ILEC

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Vertical Services Penetration

TDS Indep.Telecom Tel. Cos.*

Caller ID 30.9% 28.1% Call waiting 31.9% 26.7% Voicemail 13.4% 8.7%

ISP 28% 24% (for AOL) Second Line 12.5% Long Distance 28%

*CHR Solutions Fall 2001 Report

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TDS Metrocom - CLEC

• Facilities-based startup in S. Wisconsin, N. Illinois and S. Michigan … 100% on-switch

• 220,000 access line equivalents ... launched in January 1998

• Targeted selling Small and medium-sized businesses“Communication-intensive” residential

• Focus on one RBOC for provisioning

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US Link - CLEC

• Third largest CLEC in MN: 71,200 local and local/LD lines12,300 Internet accounts

• Targeted selling - small and medium-sized businesses

• Local service provided through combination of owned and leased facilities -- 20.6% on-switch

Migrating to facilities-based model

• EBIDTA positive; minimal CAPX

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• Grow and protect core ILEC businessProvide strong local presence Provide high-quality services at competitive pricesBundle products and grow vertical service penetration

• Aggressively grow CLEC businessGrow into carefully chosen mid-size and suburban markets in the Midwest CLEC to leverage ILEC strengths Emphasis on facilities-based model

TDS Telecom Strategy

Sandra L. Helton

Executive Vice President and Chief Financial OfficerRaymond James & Associates

Institutional Investors ConferenceMarch 4, 2003

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2002 Operating Results

Operating Revenues Q4 ‘02 ($mil)Q4 ‘02 ($mil) 2002 ($mil.)2002 ($mil.)

ILEC $163.3 +3% $ 626.8 + 9% CLEC $ 51.1 +53% $ 176.6 +49%

$214.4 +11% $ 803.4 +16%

Operating Cash Flow Q4 ‘02 ($mil)Q4 ‘02 ($mil) 2002 ($mil.)2002 ($mil.)

ILEC $ 75.2 (6%) $ 298.1 +2% CLEC $(8.7) -10% $ (33.7) -33%

$66.5 -7.6% $ 264.5 -1%

Capital Spending Q4 ‘02 ($mil)Q4 ‘02 ($mil) 2002 ($mil.)2002 ($mil.)

ILEC $ 35.5 $ 116.5 CLEC $ 16.2 $ 51.9

$ 51.8 $ 168.4

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2002 Operating Data

ILEC 20022002 20012001

Access line equivalents 711,200 678,300 +5% DSL customers 9,100 2,200 +314% LD customers 197,500 125,300 +57% ISP customers 117,600 117,500 ---

CLEC 20022002 20012001

Access line equivalents 291,400 192,100 +52% DSL customers 11,800 6,800 +74% ISP customers 24,700 13,700 +80%

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2003 Outlook - TDS Telecom

• ILEC • Operating revenues - $635 to $645 M• EBITDA - $305 to $315 M• CAPX - approx. $130 M

• CLEC• Operating revenues - $210 to $220 M• EDITDA - $(10) M to breakeven• CAPX - approx. $40 M … includes some 2002

projects pushed back to 2003

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TDS Investments• Deutsche Telekom (DTE) - 131,461,861 ordinary shares at TDS ... $0 tax

basis (monetized)• Vodafone (VOD) - 12,945,915 shares

2,700,545 shares at TDS (monetized) 10,245,370 shares at USM (monetized)

• Rural Cellular Corporation (RCCC) - 719,396 shares348,514 shares at TDS370,882 shares at USM

• VeriSign (VRSN) - 2,525,786 shares 164,453 shares at TDS2,361,333 shares at TDS (monetized)

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Monetization Summary

VeriSign Vodafone Vodafone DT

Entity TDS USM TDS TDS

Date May 2002 May 2002 Oct./Nov 2002 July/Dec 2002

No. Shares 2,361,333 10,245,370 2,700,545 131,461,861

Floor Price Per Share $8.82 $15.60 $15.25 $11.66

Avg. Cap Price Per Share* $11.46 $23.29 $20.92 $14.45

Amount Advanced $18.9 M $159.9 M $41.2 M $1.4 B

Due at Maturity $20.8 M $159.9 M $41.2 M $1.5 B

Initial Discount 9.09% --- ---- ---

Qtly Interest Payments None 90 Day LIBOR 90 Day LIBOR **

+ 50 BP’s + 50 BP’s

*Cap may adjust based on dividends declared

** 95,492,172 shares qtrly interest LIBOR + 50 BP’s; 35,969,689 shares prepaid interest

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Excellent Prospects• Financially strong company with a proven strategy

• Attractive rural market focus

• Strong local presence; high customer satisfaction levels

• Excellent legal and regulatory relationships

• Modern network provides advanced voice and data capabilities

• Well-established ILEC with excellent reputation

• Growing CLEC with sustainable model