Annual Report 2001 Serving our customers over the decades percent change Financial Highlights 2001 2000 from 2000 (Dollars in thousands, except per share amounts) Operating Revenues U.S. Cellular  $ 1,894,830 $ 1,716,640 10% TDS Telecom 693,712 610,216 14 $ 2,588,542 $ 2,326,856 11 Net Income (Loss) from Continuing Operations Excluding Gains (losses) $ 168,111 $ 154,753 9 From Gains (losses) (336,359) (9,226) n/m $ (168,248) $ 145,527 n/m Basic Earnings per Share Continuing Operations $ (2.87) $ 2.42 n/m Diluted Earnings per Share  Continuing Operations Excluding Gains (losses) $ 2.86 $ 2.54 13 From Gains (losses) (5.73) (.15) n/m $ (2.87) $ 2.39 n/m Dividends per Share $ .54 $ .50 8 Basic Weighted Average Common Shares (000s) 58,661 59,922 (2) Common Stockholders’ Equity $ 3,518,924 $ 3,936,067 (11) Return on Average Equity (4.5)% 4.5% n/m Capital Expenditures $ 700,150 $ 456,019 54 Total Assets $ 8,046,792 $ 8,634,609 (7) Cellular Customers 3,461,000 3,061,000 13 Telephone Access Lines ILEC 650,700 601,200 8 CLEC 197,200 112,100 76 Common Share Record Owners 2,541 2,669 (5) Total Employees 9,300 8,859 5 Table of Contents n/m - Percentage change not meaningful. About Your Company 01 Chairman and President’s Message 02 U.S. Cellular Operations 06 TDS Telecom Operations 12 Board of Directors and Officers 18 Selected Consolidated Financial Data  22 Management’s Discussion 23 Consolidated Financial Statements 38 Notes to Consolidated Financial Statements 43 Report of Management 62 Report of Independent Public Accountants 62 Consolidated Quarterly Income Information 63 Eleven-Year Summaries 64 Shareowners’ Information 68