Siepert & Co. LLP
Certified Public Accountants
JOHN F. DAVIS, C.P.A.
ROBERT F.X. KEELER, C.P.A.
ROBERT J. QUINN, C.P.A.
GARY L. MEIER, C.P.A.
DENNIS E. HILDEBRANDT, C.P.A.
BRIAN B. BARNHARDT, C.P.A.

                          INDEPENDENT AUDITOR'S REPORT

Board of Directors
BELMONT TELEPHONE COMPANY
Madison, Wisconsin

We have audited the accompanying  balance sheets of Belmont Telephone Company as
of December 31, 2001 and 2000,  and the related  statements of income,  retained
earnings and cash flows for the years then ended. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  and  Government  Auditing  Standards,   issued  by  the
Comptroller  General of the United States.  Those standards require that we plan
and  perform  the  audits to  obtain  reasonable  assurance  about  whether  the
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Belmont Telephone Company as of
December 31, 2001 and 2000, and the results of its operations and its cash flows
for the years then ended in  conformity  with  accounting  principles  generally
accepted in the United States.

In accordance with Government Auditing  Standards,  we have also issued a report
dated January 18, 2002 on our  consideration  of the Company's  internal control
over financial reporting and our tests of its compliance with certain provisions
of laws, regulations and contracts.  That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.



                              /S/ Siepert & Co. LLP
                                  SIEPERT & CO. LLP
                                  Certified Public Accountants

Beloit, Wisconsin
January 18, 2002

1920 W. HART ROAD          2380 BETHANY ROAD         5302 WILLIAMS DRIVE
BELOIT, WI 53511           SYCAMORE, IL 60178        ROSCOE, IL 61078
608 365-2266               815 787-7657              815 623-8818
FAX 608 364-8727           FAX 815 787-6797          FAX 815 623-9361


<PAGE>



Siepert & Co. LLP
Certified Public Accountants
JOHN F. DAVIS, C.P.A.
ROBERT F.X. KEELER, C.P.A.
ROBERT J. QUINN, C.P.A.
GARY L. MEIER, C.P.A.
DENNIS E. HILDEBRANDT, C.P.A.
BRIAN B. BARNHARDT, C.P.A.

                          INDEPENDENT AUDITOR'S REPORT

Board of Directors and Stockholder
LYNCH MICHIGAN TELEPHONE HOLDING CORPORATION

We have audited the  accompanying  balance  sheets of Lynch  Michigan  Telephone
Holding  Corporation  and  Subsidiaries as of December 31, 2001, and the related
consolidated  statements of income,  stockholder's equity and cash flows for the
year then  ended.  These  financial  statements  are the  responsibility  of the
Company's  management.  Our  responsibility  is to  express  an opinion on these
financial  statements based on our audit. The consolidated  financial statements
of Lynch Michigan Telephone Holding  Corporation and Subsidiaries as of December
31,  2000,  were  audited by other  auditors  whose report dated March 30, 2001,
expressed an unqualified opinion on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the consolidated  financial  position of Lynch Michigan
Telephone  Holding  Corporation  and  Subsidiaries at December 31, 2001, and the
consolidated  results of their operations and their cash flows for the year then
ended, in conformity with accounting principles generally accepted in the United
States.



                              /S/ Siepert & Co. LLP
                                  SIEPERT & CO. LLP
                                  Certified Public Accountants

Beloit, Wisconsin
January 18, 2002

1920 W. HART ROAD          2380 BETHANY ROAD         5302 WILLIAMS DRIVE
BELOIT, WI 53511           SYCAMORE, IL 60178        ROSCOE, IL 61078
608 365-2266               815 787-7657              815 623-8818
FAX 608 364-8727           FAX 815 787-6797          FAX 815 623-9361


<PAGE>



Siepert & Co. LLP
Certified Public Accountants
JOHN F. DAVIS, C.P.A.
ROBERT F.X. KEELER, C.P.A.
ROBERT J. QUINN, C.P.A.
GARY L. MEIER, C.P.A.
DENNIS E. HILDEBRANDT, C.P.A.
BRIAN B. BARNHARDT, C.P.A.

                          INDEPENDENT AUDITOR'S REPORT

Board of Directors
CUBA CITY TELEPHONE EXCHANGE COMPANY
Madison, Wisconsin

We have audited the accompanying  balance sheets of Cuba City Telephone Exchange
Company as of December 31, 2001 and 2000, and the related  statements of income,
retained  earnings  and cash flows for the years  then  ended.  These  financial
statements   are  the   responsibility   of  the   Company's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  and  Government  Auditing  Standards,   issued  by  the
Comptroller  General of the United States.  Those standards require that we plan
and  perform  the  audits to  obtain  reasonable  assurance  about  whether  the
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Cuba City Telephone Exchange
Company as of December 31, 2001 and 2000,  and the results of its operations and
its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States.

In accordance with Government Auditing  Standards,  we have also issued a report
dated January 18, 2002 on our  consideration  of the Company's  internal control
over financial reporting and our tests of its compliance with certain provisions
of laws, regulations and contracts.  That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.



                              /S/ Siepert & Co. LLP
                                  SIEPERT & CO. LLP
                                  Certified Public Accountants

Beloit, Wisconsin
January 18, 2002

1920 W. HART ROAD          2380 BETHANY ROAD         5302 WILLIAMS DRIVE
BELOIT, WI 53511           SYCAMORE, IL 60178        ROSCOE, IL 61078
608 365-2266               815 787-7657              815 623-8818
FAX 608 364-8727           FAX 815 787-6797          FAX 815 623-9361