John E. Rooney

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• John E. Rooney
• President and CEO
• Thomas S. Weber
• Vice President - Financial Strategy
• Deutsche Bank 13th Annual Media/Telecom
  Conference
• June 7, 2005

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• John E. Rooney
• President and CEO

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Safe Harbor
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 All
information set forth in this news release,
except historical and factual information,
represents forward-looking statements. This
includes all statements about the companys
plans, beliefs, estimates and expectations. These
statements are based on current estimates and
projections, which involve certain risks and
uncertainties that could cause actual results to
differ materially from those in the
forward-looking statements. Important factors
that may affect these forward-looking statements
include, but are not limited to changes in
circumstances or events that may affect the
ability of the company to launch the operations
of the licensed areas involved in the ATT
Wireless transaction completed in August 2003
the ability of the company to successfully manage
and grow the operations of the Chicago MTA and
newly launched markets changes in the overall
economy changes in competition in the markets in
which the company operates changes due to
industry consolidation advances in
telecommunications technology the impact of
wireless local number portability changes in the
telecommunications regulatory environment
changes in the value of investments, including
variable prepaid forward contracts an adverse
change in the ratings afforded our debt
securities by nationally accredited ratings
organizations pending and future litigation
acquisitions/divestitures of properties and/or
licenses and changes in customer growth rates,
average monthly revenue per unit, churn rates,
roaming rates and the mix of products and
services offered in the companys markets.
Investors are encouraged to consider these and
other risks and uncertainties that are discussed
in documents filed with the Securities and
Exchange Commission.
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U.S. Cellularas of 3/31/05

• 7th largest wireless service provider 2nd
  largest regional carrier
• Total population - 45 million
• 5.1 million customers
• 11.5 market penetration
• Focused on exceptional customer experience
• Low churn rate
• Pervasive distribution 1,800 points of
  presence
• Extensive network ... 4900 cell sites
• Well positioned in our markets

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Postpay Churn 7
Consumers Union Analysis of FCC Data - March 28,
2005(complaints per million customers for CY2004)
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U.S. Cellular Strategy

• Positioned as a regional carrier
• Differentiate by providing an exceptional
  customer experience
• Network quality
• Broad distribution
• Dedicated people focused on the customer
• Utilize CDMA 1X technology in all markets
• Strategically strengthen regional footprint

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Strengthening the Footprint

• Acquired Chicago market 8/02
• Exchanged wireless properties with ATT Wireless
  (now Cingular) 8/03
• Sold
• Daytona Beach to MetroPCS 12/04
• Two small markets and investment interests to
  Alltel 12/04
• South Texas markets to ATT Wireless 2/04
• Acquired Missouri 14 market 4/05

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AWE (Cingular) Property Exchange Improved
competitive position in Midwest and Northeast
markets

• Excellent fit with USMs strategy
• Strengthens regional footprint through
  acquisitions or trades
• Builds on strengths and exit other markets
• Built out and launched 3 markets in 2004
• Oklahoma City Lincoln, Neb. and Portland,
  Maine
• Expect to launch St. Louis market in 3Q 05

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St. Louis Update

• Most of network now in service
• Building distribution
• Hiring and training associates
• Targeted to launch in 3rd quarter

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Divestitures Exited markets not strategic to
companys long-term success

• South Texas to AWE - Feb. 2004 97 M
• 25 MHz licenses 1.3 M pops, 150 cell sites and
  76,000 customers
• High prepaid mix and heavy roaming market
• Alltel sale - Dec. 2004 81 M
• Two 25 MHz operating markets in FL and OH
• Seven small investment interests in Ohio, N.C.,
  Miss., Wis. 268,000 pops
• Daytona Beach to MetroPCS - Dec. 04 8.5 M
• 20 MHz Block C license

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Auction 58

• Participated through partner Carroll Wireless
• Carroll Wireless highest bidder for 17 licenses
  with a population of 14.4 million. Licenses are
  in 11 states and include
• Oklahoma City
• Portland, Maine
• Indianapolis
• All licenses complement U.S. Cellulars existing
  footprint. Total bid 130M

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• Thomas S. Weber
• Vice President - Financial Strategy

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CDMA 1X Initiative

• Improved voice capacity and coverage
  cost-effective use of wireless spectrum
• Enables offering of high-speed data products
• Completed the 3-year project in 2004
• Ahead of schedule, below planned cost
• Total cost to build CDMA ... 300 million

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Data easyedgeSM

• easyedgeSM Phone Download Applications (BREWTM)
• Applications games, news, traffic, calendar
• Launched nWebSM Nov. 2004 enables Internet
  access
• Launched AOL Instant MessengerTM service March
  2005
• easyedgeSM Picture Messaging (MMS)
• Take, send or receive photos
• easyedgeSM Wireless Modem Service
• Wireless Internet access for laptops e-mail
  calendar
• Available in select areas to business customers

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Service Enhancements in 2005

• easyedgeSM
• Enabling easyedge customers to send images to
  non-U.S. Cellular customers
• Enable data roaming by year-end
• Walkie Talkie (PTT) service
• Planning to launch in 3 Q 05 for business and
  retail customers

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EVDO Trials

• Currently conducting technical trials
• As with any new technology, U.S. Cellular wants
  to ensure that
• Technology is supported by value-added
  applications customers will want and value
• Ready to fully support the new technology and any
  new services or applications it supports
• Plan to launch service trials in 2006

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Q1 2005 Financial Highlights U.S. Cellular
March 31, 2005
1Q 05 1Q 04 Service revenues 668.8
M 619.4 M 8 Operating
income 36.2 M 28.3 M 28 EBITDA
163.5 M 142.0 M 15 Customer
units 5.1M 4.5M 13 Churn -
postpay 1.5 1.3 Retail
ARPU 44.28 46.16 MOU
584 491 Cell sites 4899 4122
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Recent Financing Transactions

• 2004
• Redeemed 163.3 M of LYONs
• Redeemed 250 M of 7.25 Notes due 2007
• Sold 330 M of 30 year 7.5 senior notes
• Sold 100 M of 30 year 6.7 senior notes
• Amended increased revolver to 700M

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USM 2005 Outlook(Revised March 18, 2005)

• Service revenues /- 2.9 B
• Net additions 475,000 to 525,000
• Dep, amort accretion 530 M
• Operating Income 180 to 220 M
• CAPX 570 to 610 M

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Dividend and Investment Income

• Vodafone dividends
• 5.5 ownership of L.A. market 945,000 pops
• Acquired ownership through original MSA lottery
• 2004
  2003
• Investment Income 43.4 M 30.2 M
• Cash distributions 27.5 M 29.1
  M

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Reconciliation of Additional Disclosures
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USM Excellent Prospects

• Proven strategy
• Financially strong
• Extensive network and distribution
• Terrific people dynamic organization
• Positive momentum