John E' Rooney

1

• John E. Rooney
• President and CEO, U.S. Cellular
• LeRoy T. Carlson, Jr.
• President and CEO, TDS
• Raymond James 26th Annual Institutional
  Investors Conference
• March 7, 2005

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Safe Harbor
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
Information discussed in todays presentation,
except historical and factual information, may
represent forward-looking statements. This
includes all statements about the companys
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 ATT 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 TDS and U.S. Cellular 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 TDS
and U.S. Cellular 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.
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U.S. Cellularas of 12/31/04

• 7th largest wireless service provider 2nd
  largest regional carrier
• Total population - 44.4 million
• 4.9 million customers
• 11.1 market penetration
• Focused on exceptional customer experience
• Admirably low churn rate
• Pervasive distribution 1,900 points of
  presence
• Extensive network ... 4,856 cell sites
• Well positioned in our markets

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Postpay Churn lt 2Seven-year track record and
still strong
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U.S. Cellular Strategy

• 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

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2004 Financial Highlights U.S. Cellular Dec.
31, 2004
2004 2003 Service revenues 2.65
B 2.42 B 9 Operating
income 178 M 119 M 49 EBITDA 665
M 647 M 3 Net adds 627,000 447,000
40 4Q04 4Q03 Churn -
postpay 1.6 1.4 Retail
ARPU 40.55 40.64 MOU
568 462 Cell sites 4,856 4,184
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Strengthening the 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
• To acquire Missouri 14 market in 1H 05

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AWE (Cingular) Property Exchange Improved
competitive position in Midwest and Northeast
markets

• Excellent fit with USMs 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, NE and Portland, ME
• Expect to launch St. Louis market in late 2005

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Divestitures Exited markets not strategic to
companys 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

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Auction 58

• Participated through partner Carroll Wireless
• Carroll Wireless highest bidder for 17 licenses,
  totaling 130 M net. Licenses include
• Oklahoma City
• Portland, Maine
• Indianapolis
• All licenses complement U.S. Cellulars existing
  footprint

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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

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EVDO Trials

• Currently conducting technical trials
• As with any new technology, U.S. Cellular wants
  to ensure that
• the technology is supported by value-added
  applications that customers will want and value
• the company is fully ready to support the
  technology and any new service or applications it
  supports
• Plan to launch market trials in 2006

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Data easyedgeSM

• easyedgeSM Download Applications (BREWTM)
• Applications games news traffic calendar
• Launched nWebSM Nov. 2004 enables Internet
  access
• easyedgeSM Picture Messaging (MMS)
• Take, send or receive photos
• easyedgeSM Wireless Modem Service
• Wireless Internet access for laptops e-mail
  calendar
• Available in select areas to business customers

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Service Enhancements in 2005

• easyedgeSM
• Adding instant messaging
• Enabling easyedge customers to send images to
  non-U.S. Cellular customers
• Expanding Picture Messaging to include ability to
  send video
• Smart phone service
• Phone with PDA and e-mail features
• Push-to-talk service
• Planning to launch in 2005 for business and
  retail customers

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Financing Activities

• Redeemed
• 163.3 M of LYONS 7/04
• 250 M of 7.25 notes due 2007 - 8/04
• Sold
• 544 M 30-yr 6.7 notes in 2 tranches
  12/03 6/04
• 330 M 30-yr 7.5 notes 6/04
• Amended existing 325 million revolver
• increased to 700 M 12/03
• extended through Dec. 09 12/04

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USM 2005 Outlook

• Service revenues 2.9 B
• Net additions 425,000 to 475,000
• Dep, amort accretion 530 M
• Operating Income 220 to 270 M
• CAPX 570 to 610 M

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USM Excellent Prospects

• Proven Strategy
• Financially Strong
• Extensive network
• Terrific people dynamic organization
• Positive momentum

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• LEROY T. CARLSON, JR.

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TDS

• Diversified telecommunication company with 6.1
  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

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TDS Telecom - ILEC

• 7th largest independent U.S. telco
• Rural company status
• 730,400 access line equivalents in 28 states
• 101,300 Internet (dial-up) accounts
• 41,900 DSL mostly residential
• 295,000 long-distance lines
• Vertical services

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TDS Telecom - CLEC

• Principally a facilities-based company in five
  states 88 on-switch
• 426,800 access line equivalents
• Targeted selling with emphasis on small and
  medium businesses
• Deep penetration in chosen markets
• Provisions principally with one RBOC (SBC)

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2004 Financial HighlightsTDS Telecom Dec. 31,
2004

• (millions)
• ILEC 2004 2003
• Revenues 658.5 652.8 1
• Operating Income 187.1 174.9
  7
• CLEC
• Revenues 228.7 213.5 7
• Operating (loss) (144.1)
  (26.0) NM
• Access Line Equivalents (thousands)
• ILEC 730.4 722.2 1
• CLEC 426.8 364.8 17

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TDS Telecoms Overall StrategyRepositioning as a
Broadband Communications Company

• 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

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Our Competitive Advantage Customer
Satisfaction Third-Party Validation
Higher
Sprint
CenturyTel
ALLTEL
Likely to Switch Local Carrier
Frontier
MCI
TDS Telecom
Qwest
Comcast
BellSouth
McLeodUSA
Verizon
ATT
Talk America
SBC
TDS Metrocom
Cin. Bell
Cox
Overall Satisfaction Index Score
Lower
Higher
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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
• Enhancing existing services
• focused on increasing market share, deepening
  penetration and profitability

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DSL Facts - ILEC

• 81 markets, 41,900 customers, fast growth
• DSL lines up 78 YOY 2004 to 2003
• Market share exceeded cable in late 2004
• Primarily consumer based
• Product bundles
• DISH satellite / DSL long distance / DSL, etc.
• DSL modems Wi-Fi enabled

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2005 Outlook - TDS Telecom

• 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

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TDS Special Share Proposal

• TDS board approved stock dividend of special TDS
  shares in Feb. 2005
• Requires shareholder approval
• Would increase special shares to 165 M
• Provides financial and strategic flexibility
• If approved, TDS board has indicated intent to
  exchange special shares for 18 of U.S. Cellular
  stock TDS does not own.
• No timeframe for the potential transaction

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TDS - Financial Strategies

• Ultimate goal Generate profitable growth and
  build shareholder value
• Four financial objectives toward that goal
• 10 -15 compound annual revenue growth rate over
  five years
• Return cost of capital in each business
• Generate shareholder returns gt comparable
  companies
• Target A- investment-grade credit 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

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Reconciliation of Additional Disclosures For
the year ended December 31, 2004
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.