May 24, 2016

Annual Meeting of Shareholders

Kenneth R. Meyers, President and CEO

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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 (“SEC”).

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U.S. Cellular

We exist to provide exceptional wireless communication services which enhance consumers’ lives, increase the competiveness of local businesses and improve the efficiency of government operations in the mid-sized and rural markets we serve.

We compete and win in the marketplace by providing an exceptional customer experience consisting of a high quality network that works whenever and wherever our customers need it, competitive products and services priced to offer best value in the industry, and outstanding service in every customer interaction.

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Building on the success of 2015 • Completed 4G LTE deployment

• Achieved postpaid customer growth and reduced churn

• Provided exceptional customer service levels

• Best device portfolio in our history, competitive plans and pricing

• Increased smartphone penetration and data use

• Significant improvement in profitability

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2016 Strategic Priorities

• Add customers

• Grow revenues

• Manage costs

• Invest in our future

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Add Customers

• Attract customers with high-quality network, strong device portfolio, competitive plans and pricing

• Reduce churn through local focus – making customers feel like neighbors not numbers, retention programs, customer lifecycle management

• Enhance and expand distribution

• Intensified focus on small and medium-sized business customers.

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Customer Engagement

• Outstanding service at every point of the customer interaction is key

• Engaged customers are more proud of, confident in and loyal to the companies with whom they do business

• Our dedicated associates are on the front line of fulfilling this commitment to outstanding customer service

• Customer Engagement now a company-wide measure for success

Postpaid Churn Rate

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Build Awareness of Apple Devices

https://www.youtube.com/watch?v=i3DD1MZ8hQU

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Grow Revenues

• Drive smartphone penetration – Smartphone customers were 75% of

postpaid base in Q1

• Drive annual revenue per account growth through connected devices and shared data plans

• Launch new services and products to leverage and monetize data use

• Increase revenue/margin growth through device protection plans, accessory sales

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Manage Costs

• Manage subsidies through equipment installment plans, lower-cost devices, and other programs

• Manage upgrade cycle

• Reduce unit costs

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Invest in Our Future

• Acquire spectrum in secondary markets and participate in upcoming auction

• Begin VoLTE rollout

• Expand Gen5 stores to improve retail store interactions

• Enhance operating systems

• Continue to strengthen talent development programs

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Ensure a Strong Financial Foundation

• Sound, conservative balance sheet

• Sufficient liquidity (cash and credit facilities) and financial flexibility

• Low debt levels, long maturities

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Thank You

To our talented associates and experienced executive team for raising the standards of excellence

To our shareholders and debt holders for your continuing support

May 24, 2016

Annual Meeting of Shareholders