John E. Rooney

1

• John E. Rooney
• President and CEO
• Kenneth R. Meyers
• Executive Vice President -
• Finance and CFO
• Lehman Brothers
• 2004 Global Wireless Conference
• May 25, 2004

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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 start up the operations
of the licensed areas involved in the AWE
transaction completed in August 2003 the ability
of the company to successfully manage and grow
the operations of the Chicago MTA changes in the
overall economy changes in competition in the
markets in which the company operates advances
in telecommunications technology changes brought
about by the implementation of wireless local
number portability changes in the
telecommunications regulatory environment
changes in the value of investments, including
variable prepaid forward contracts changes in
the capital markets that could adversely impact
the availability, cost and terms of financing 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 changes in customer growth rates,
retail service 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 by the Company with the
Securities and Exchange Commission.
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U.S. CellularMarch 31, 2004

• Eighth largest wireless service provider
• Total licensed pops 45.6 million
• Serves 4.5 million customers 86 digital
• Focused on exceptional customer service
• 97 of customers postpay
• Extensive network ... 4,100 cell sites
• Broad distribution 2,300 distribution points
• Admirably low churn rate
• Well positioned given Chicago market AWE
  exchange and sale

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Postpay Churn lt 2Six-year track record and
still strong
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U.S. Cellular Strategy

• Positioned as a regional carrier
• Differentiate with exceptional customer service
• Network quality
• Broad distribution
• Dedicated people
• Deploy CDMA 1X technology in all markets
• Strategically strengthen regional footprint

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Strengthening the Footprint

• Sale of South Texas markets to ATT Wireless
  Feb. 2004
• Exchange of wireless properties with ATT
  Wireless Aug. 2003
• Acquisition of Chicago market Aug. 2002

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South Texas Sale to AWE Exit markets not
strategic to companys long-term success

• Sold February 18, 2004
• Received 97 M in cash
• Sold 25 MHz licenses in south Texas 1.3 M pops
  150 cell sites and 76,000 customers
• High prepaid mix and heavy roaming market

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USM AWE Property Exchange Improved competitive
position in Midwest and Northeast markets

• Announced March 2003
• First tranche closed August 2003
• Excellent fit with USMs strategy
• To strengthen its regional footprint
  through acquisitions or trades
• To build on strengths and exit other markets

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Chicago Update

• Rapid increases in awareness
• Market share up year-over-year
• Enhancing network
• Heavy focus on employee training
• Increasing distribution points

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U.S. Cellular Strategy Differentiate with
exceptional customer service

• Regional carrier
• Network quality
• Broad distribution

Customers Expect it! We deliver.
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• Kenneth R. Meyers
• Executive Vice President
• Finance and CFO
• Lehman Brothers
• 2004 Global Wireless Conference
• May 25, 2004

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1st Qtr. Financial Highlights
1st Qtr 04 1st Qtr 03 (restated) Service
revenues 619.4 M 564.6 M 10
Operating income 28.3 M (4.3) M
NM EBITDA 142.0 M 126.8 M 12 Net
adds 196,000 137,000 43
1st Qtr 04 1st Qtr 03 Churn - postpay
1.3 1.6 Retail ARPU
40.26 37.68 MOU 491
377 Cell sites 4,122 3,987
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Data

• easyedgeSM Download Applications (BREWTM)
• Applications games news traffic calendar
• easyedgeSM Picture Messaging (MMS)
• Take, send or receive photos
• easyedgeSM Wireless Modem Service
• Internet access for laptops e-mail calendar

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CDMA 1X Initiative

• Ahead of schedule and below planned cost
• 3 years to complete (2002 - 2004)
• Total cost to build CDMA ... 300 M
• 265 M spent in 2002 - 2003
• Midwest and New England markets are now CDMA 1X
• Redeploying TDMA equipment

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WNP Update

• Well positioned prepared for WNP
• Aggressive retention programs in core markets
• Aggressive acquisition programs in newer markets
• Business as usual satisfied customers
• More port-ins than port-outs since 2003
• Ready for Phase 2 May 24

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USM 2004 Outlook

• Service revenues 2.55 B
• Net additions 475,000 to 500,000
• Dep, amort accretion 480 M
• Operating Income 160 to 210 M
• CAPX 610 to 630 M
• All in churn lt 2

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Recent Accomplishments

• Completed sale of South Texas to AWE
• Exchange of properties with AWE
• Rollout of easyedgeSM data services
• CDMA1X upgrades in Oklahoma and Missouri
• Early repayment of 105 M intercompany loan
• 444 M senior notes offering / credit facility
• Conversion of billing system in Chicago
• Integration of data-billing platform

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USM Excellent Prospects

• Proven Strategy
• Financially Strong
• Extensive network
• Terrific people dynamic organization
• Positive momentum

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Reconciliation of Additional Disclosures For
the quarter ended March 31, 2004

• The Operating Cash Flow amounts in the tables
  presented above are not determined in accordance
  with accounting principles generally accepted in
  the United States of America ("U.S. GAAP").
  Management uses Operating Cash Flow to evaluate
  the operating performance of its business, and it
  is a measure of performance used by some
  investors, security analysts and others to make
  informed investment decisions. Operating Cash
  Flow is used as an analytical indicator of income
  generated to service debt and fund capital
  expenditures. In addition, multiples of current
  or projected Operating Cash Flow are used to
  estimate current or prospective enterprise value.
  Operating Cash Flow does not give effect to cash
  used for debt service requirements, and thus does
  not reflect funds available for investment or
  other discretionary uses. Operating Cash Flow as
  presented herein may not be comparable to
  similarly titled measures reported by other
  companies.

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• John E. Rooney
• President and CEO
• Kenneth R. Meyers
• Executive Vice President -
• Finance and CFO
• Lehman Brothers
• 2004 Global Wireless Conference
• May 25, 2004