2007 Annual Report

Financial Highlights
(As of Dec. 31, 2007)



* Cumulative total return assumes reinvestment of dividends. Assumes $100.00 invested at the close of trading on the last trading day in 2002 in TDS Common Shares, S&P 500 Index, and the Dow Jones U.S. Telecommunications Index. The period prior to May 13, 2005, is represented by the TDS Common Shares, and the period on or after May 13, 2005, includes both the TDS Common Shares and the TDS Special Common Shares. The above represents selected information from the Stock Performance Graph included in the 2007 Annual Report.

All data provided below is for the year ended Dec. 31, 2007. Comparisons are year over year unless otherwise noted.

TDS Enterprise

U.S. Cellular

TDS Telecom (ILEC and CLEC)

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