Contents Selected Consolidated Financial Data 22 Management’s Discussion and Analysis of Results 23 of Operations and Financial Condition Consolidated Statements of Operations 38 Consolidated Statements of Cash Flows 39 Consolidated Balance Sheets – Assets 40 Consolidated Balance Sheets – 41 Liabilities and Stockholder’s Equity Consolidated Statements of 42  Common Stockholder’s Equity Notes to Consolidated Financial Statements 43 Consolidated Quarterly Information 63 Eleven-Year Statistical Summary 64 Eleven-Year Summary of Earnings 66 Shareowners’ Information 68 Financial Report Telephone and Data Systems, Inc. Annual Report 2001 21