2007 Annual Report
Our Mission: To provide outstanding communication services to our customers and meet the needs of our shareholders, our people, and our communities.

About Telephone and Data Systems, Inc.
Telephone and Data Systems, Inc. (TDS) is a diversified telecommunications corporation founded in 1969. Through its business units, U.S. Cellular and TDS Telecom, TDS provides wireless, local and long-distance telephone, and broadband services to 7.3 million customers in 36 states.

TDS’ 11,800 employees and associates build value for its shareholders by providing excellent communications services in growing, closely related segments of the telecommunications industry. TDS is traded on the American Stock Exchange under the stock tickers TDS and TDS.S. For more information about Telephone and Data Systems, Inc., visit www.teldta.com.

U.S. Cellular
U.S. Cellular, TDS’ 81-percent owned wireless telephone subsidiary, is the sixth-largest full-service wireless service provider in the United States, with 6.1 million customers in 26 states, and 8,400 associates.

The Chicago-based company operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, superior customer support, and a high-quality network. U.S. Cellular is traded on the American Stock Exchange under the stock ticker USM. For more information about U.S.
Cellular, visit www.uscellular.com.

TDS Telecom
TDS Telecom, a wholly owned subsidiary of TDS, provides innovative voice, broadband, and video services, as well as advanced technologies, to rural and suburban communities in 30 states.

TDS Telecom is the nation’s sixth-largest Rural Local Exchange Carrier (RLEC), serving 1,197,700 access line equivalents. Headquartered in Madison, Wisconsin, TDS Telecom employs 2,700 people. For more information about TDS Telecom, visit www.tdstelecom.com.

Telephone and Data Systems, Inc. 30 N. LaSalle Street Suite 4000 Chicago, IL 60602 Tel: 312.630.1900 Fax: 312.630.1908 www.teldta.com