Telephone and Data : Guidance for Year Ending Mar. 30, 2023 (as of Aug. 4, 2023)

2023 Estimated Results

TDS' current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of August 4, 2023 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic review referenced above.

2023 Estimated Results

	UScellular	Previous	Current
	(Dollars in millions)
	Service revenues	$3,050-$3,150	$3,025-$3,075
	Adjusted OIBDA1	$725-$875	$750-$850
	Adjusted EBITDA1	$875-$1,025	$925-$1,025
	Capital expenditures	$600-$700	Unchanged
	TDS Telecom	Previous	Current
	(Dollars in millions)
	Total operating revenues	$1,030-$1,060	Unchanged
	Adjusted OIBDA1	$260-$290	$270-$300
	Adjusted EBITDA1	$260-$290	$270-$300
	Capital expenditures	$500-$550	$475-$525

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

2023 Estimated Results

			UScellular		TDS Telecom
	(Dollars in millions)
	Net income (GAAP)		N/A		N/A
	Add back:
	Income tax expense		N/A		N/A
	Income before income taxes (GAAP)		$50-$150		$40-$70
	Add back:
	Interest expense	200		-
	Depreciation, amortization and accretion expense		655		230
	EBITDA (Non-GAAP)1		$905-$1,005		$270-$300
	Add back or deduct:
	(Gain) loss on asset disposals, net	20		-
	Adjusted EBITDA (Non-GAAP)1		$925-$1,025		$270-$300
	Deduct:
	Equity in earnings of unconsolidated entities		160		-
	Interest and dividend income	15		-
	Adjusted OIBDA (Non-GAAP)1		$750-$850		$270-$300

Numbers may not foot due to rounding.

1 EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and

therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for June 30, 2023, can be found on TDS' website at investors.tdsinc.com.