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

2 John E. Rooney President and CEO

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 company’s 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 AT&T 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 company’s markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed with the Securities and Exchange Commission.

7 th largest wireless service provider; 2 nd 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 cell sites Well positioned in our markets U.S. Cellular as of 3/31/05

Postpay Churn < 2% Strong track record

Consumers Union Analysis of FCC Data - March 28, 2005 (complaints per million customers for CY2004) U.S. Cellular39 Verizon Wireless76 Alltel76 Nextel103 Sprint PCS168 T-Mobile185 Cellular One 264 AT&T / Cingular 289

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 U.S. Cellular Strategy

Strengthening the Footprint Acquired Chicago market – 8/02 Exchanged wireless properties with AT&T 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 AT&T Wireless – 2/04 Acquired Missouri 14 market – 4/05

Excellent fit with USM’s 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 AWE (Cingular) Property Exchange Improved competitive position in Midwest and Northeast markets

St. Louis Update Most of network now in service Building distribution Hiring and training associates Targeted to launch in 3 rd quarter

Divestitures Exited markets not strategic to company’s 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

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. Cellular’s existing footprint. Total bid $130M

16 Thomas S. Weber Vice President - Financial Strategy

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

Data – easyedge SM easyedge SM Phone Download Applications (BREW TM) Applications: games, news, traffic, calendar Launched nWeb SM Nov – enables Internet access Launched AOL ® Instant Messenger TM service March 2005 easyedge SM Picture Messaging (MMS) Take, send or receive photos easyedge SM Wireless Modem Service Wireless Internet access for laptops; ; calendar Available in select areas to business customers

Service Enhancements in 2005 easyedge SM 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

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

Q Financial Highlights U.S. Cellular – March 31, Q 05 1Q 04 Service revenues $ M$619.4 M + 8% Operating income$ 36.2 M$28.3 M + 28% EBITDA$ M$142.0 M + 15% Customer units5.1M4.5M + 13% Churn - postpay 1.5% 1.3% Retail ARPU $44.28$46.16 MOU Cell sites

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

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

Dividend and Investment Income Vodafone dividends 5.5% ownership of L.A. market ~ 945,000 pops Acquired ownership through original MSA lottery Investment Income: $43.4 M $30.2 M Cash distributions: $27.5 M $29.1 M

Reconciliation of Additional Disclosures The Operating Cash Flow amounts in the tables presented above are not determined in accordance with generally accepted accounting principles (GAAP) in the United States of America. 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.

USM: Excellent Prospects Proven strategy Financially strong Extensive network and distribution Terrific people; dynamic organization Positive momentum