TDS Annual Meeting of Shareholders

May 26, 2016

LeRoy T. Carlson Jr., President and CEO

May 26, 2016

Safe Harbor Statement

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: intense competition; the ability to execute TDS’ business strategy; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the overall economy; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents furnished to the Securities and Exchange Commission.

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Our mission

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To provide outstanding communications services to our customers and meet the needs of our shareholders, our people, and our communities

Diversified communications company

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• TDS (NYSE:TDS) provides communications services and products primarily in rural and suburban markets, through its two principal business units:

U.S. Cellular (NYSE:USM) U.S. Cellular(84% owned) (wholly owned)

• 6 million customers nationwide

• Controlled company with focus on long-term value creation

• Conservative financing strategy

Transparent and balanced capital allocation strategy

• Invest in the business (M&A) - 75% of available resources

• Return value to shareholders - 25% of available resources

• 42 consecutive years of dividend increases

• $250 million TDS stock repurchase program ($198.7 million remaining)

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Annual Dividends Per TDS Share Shares Repurchased

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

TDS USM

U.S. Cellular building on these 2015 successes

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Completed 4G LTE deployment

Achieved postpaid customer growth and reduced churn

Provided exceptional customer service levels

Best device portfolio in our history, with competitive plans andpricing

Increased smartphone penetration and data usage

Significantly improved profitability

Strategic priorities for 2016

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U.S. Cellular strives to provide a best-in-class network experience as the foundation of every customer interaction

Network experience is complemented with a targeted local focus and with service offerings that exceed customers’ expectations

U.S. Cellular’s 2016 business imperatives position it to continue to succeed:

1. Add customers

2. Grow revenues

3. Manage costs

4. Invest in our future

TDS Telecom

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2015 accomplishments create platform for future

Wireline

• Significant increase in IPTV connections, TDS TV now in 28 markets

• Broadband stimulus project completed

Cable

• Significantly increased residential and commercial broadband penetration

• Completed integration of two major acquisitions

• Rebranded “Baja Broadband” with new services under the “TDS” name

Hosted and Managed Services

• Increased equipment sales and recurring service revenues

• Completed initial phase of Denver, Colo. data center and expanded data center near Madison, Wisc.

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Strategic priorities for 2016

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• Continue targeted fiber deployment; on track to complete fiber builds passing 21% of our ILEC service addresses

• Deploying copper bonding technology to strengthen our broadband offerings in non-fiber areas

Wireline

Cable• Increase residential and commercial broadband connections• Leverage wireline capabilities to create additional synergies• Continue to evaluate potential acquisitions

Cable Connections

Hosted and Managed Services• Increase growth of recurring service revenues and profitability• Sell across entire portfolio of services

Summary

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TDS companies focused on profitable customer and revenue growth, driven by innovative services and products, and by operational efficiency

We are putting strong strategies in place at each business to compete effectively over the long term

TDS Annual Meeting of Shareholders

May 26, 2016