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 Our Companies 4
 TDS Telecom
 operations
 U.S. Cellular
 operations
 Markets included
 in U.S. Cellular’s
 August 2003
 transaction with
 AT&T Wireless
  TDS  Corporate  Headquarters,  Chicago, IL


as of March 2004/td>

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Telephone and Data Systems, Inc., a FORTUNE 500 company, is a diversified telecommunications corporation founded in 1969 and headquartered in Chicago, Ill. Through its strategic business units, U.S. Cellular and TDS Telecom, TDS provides wireless and wireline telecommunications service. TDS builds value for its shareholders by providing excellent communications services in growing, closely related segments of the telecommunications industry. The company employs 10,900 people and serves 5.5 million wireless and wireline customers in 36 states. TDS is traded on the American Stock Exchange (AMEX) under the stock ticker TDS. More information on TDS can be found on the company’s web site at www.teldta.com.

U.S. Cellular is TDS’s 82.1-percent owned wireless telephone subsidiary headquartered in Chicago, Ill. The eighth largest wireless service provider in the United States, U.S. Cellular operates and invests in wireless systems across the country, serving 4.4 million customers in 147 markets in 26 states. U.S. Cellular is traded on the American Stock Exchange (AMEX) under the stock ticker USM. More information on U.S. Cellular is available at www.uscellular.com.

TDS Telecom is TDS’s wholly owned wireline telephone subsidiary headquartered in Madison, Wis. TDS Telecom operates in 30 states with more than 1 million access line equivalents equivalents. TDS Telecom’s incumbent local exchange carrier (ILEC ) has 111 telecommunications companies that serve 722,200 access line equivalents in 28 states. TDS Telecom’s competitive local exchange carrier (CLEC) operations include TDS Metrocom and USLink, which together serve 364,800 access line equivalents in five states. More information on TDS Telecom is available at www.tdstelecom.com.

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