1. John E. Rooney President and CEO Kenneth R. Meyers Executive Vice President - Finance and CFO Morgan Stanley 9th Annual Global Media & Communications Conference September 8, 2004

2. 2 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 start up 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; changes in the overall economy; changes in competition in the markets in which the company operates; 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; 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 company’s 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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4. 4 8th largest wireless service provider; 2 nd largest regional carrier Total incremental pops - 45.6 million Serves 4.7 million customers - 86% digital Focused on exceptional customer service 10.28% market penetration Admirably low churn rate Pervasive distribution… 2,300 points of presence Extensive network... 4,420 cell sites Well positioned in its regions Note: Unless specified, all handout data is as of June 30, 2004. U.S. Cellular

5. 5 Positioned as a regional carrier Differentiate with exceptional customer service  Network quality  Broad distribution  Dedicated people Deploy CDMA 1XRTT technology in all markets Strategically strengthen regional footprint U.S. Cellular Strategy

6. 6 Postpay Churn < 2% Six-year track record… and still strong

7. 7 Strengthening the Footprint Proposed sale of two small markets and investment interests to ALLTEL – announced Aug. 2004 Sale of South Texas markets to AT&T Wireless – Feb. 2004 Exchange of wireless properties with AT&T Wireless – Aug. 2003 Acquisition of Chicago market – Aug. 2002

8. 8 Proposed Asset Sale to ALLTEL Exit markets not strategic to company’s long-term success Announced Aug. 4, 2004; expect to close by year-end To sell for $80 million in cash: Two 25 MHz operating markets in Florida and Ohio: 460,000 pops; 35 cell sites; 37,000 customers Seven investment interests in Ohio, N.C., Miss., Wis. : 268,000 pops Operating markets contributed $5.7 million in revenue in Q2 ‘04

9. 9 South Texas Sale to AWE Exit markets not strategic to company’s long-term success Closed Feb. 18, 2004 Sold 25 MHz licenses in south Texas; 1.3 M pops, 150 cell sites and 76,000 customers Received $97 M in cash High prepaid mix and heavy roaming market

10. 10 Announced March 2003 First tranche closed Aug. 2003 Excellent fit with USM’s strategy :  Strengthens regional footprint through acquisitions or trades  Builds on strengths and exit other markets Have built out and launched three markets: Oklahoma City; Lincoln, NE; and Portland, ME  Building out Missouri markets; expect to launch in 2005 USM & AWE Property Exchange Improved competitive position in Midwest and Northeast markets

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12. 12 Chicago Update Brand awareness up dramatically Market share up year-over-year Top-notch network Increased distribution points

13. 13 2 nd Qtr 2004 Financial Highlights 2 nd Qtr ‘04 2 nd Qtr ’03 2 nd Qtr ‘04 2 nd Qtr ’03 (restated) Service revenues $ 662.7 M$610.1 M + 9% Operating income$ 65.9 M$ 3.4 M NM EBITDA$ 187.5 M$161.2 M +16% Net adds 137,000 103,000 +33% Retail ARPU $ 41.58$ 39.69 + 5% 2nd Qtr ‘04 2nd Qtr ’03 Churn - postpay 1.5% 1.5% MOU 542 424 Cell sites 4,420 4,106

14. 14 Data easyedge SM Download Applications – (BREW TM) Applications; games; news; traffic; calendar easyedge SM Picture Messaging – (MMS) Take, send or receive photos easyedge SM Wireless Modem Service Internet access for laptops; e-mail; calendar Available in select areas to business customers

15. 15 CDMA 1X Initiative Improved voice capacity and coverage; cost-effective use of wireless spectrum 3 year project (2002 - 2004) Ahead of schedule and below planned cost Total cost to build CDMA... ≈ $300 million ≈ $265 million spent in 2002 - 2003 Midwest and New England markets are now CDMA 1X Redeploying TDMA equipment

16. 16 WNP Update Well positioned for WNP: Invested $50 million to prepare over 2 years Aggressive retention programs in core markets Aggressive acquisition programs in newer markets Business as usual … satisfied customers … no significant issues

17. 17 USM 2004 Outlook Service revenues … ≈ $2.6 B Net additions … 560,000 to 610,000 Dep, amort & accretion … $500 M Operating Income … $150 to $190 M CAPX … $655 to $695 M All in churn … < 2%

18. 18 Over the last 12 months, we have: Redeemed: $163.3 M of LYONS $250 M of 7.25% notes due 2007 Sold: $300 M 30-year 7.5% notes $544 M 30-year 6.7% notes in two tranches Amended existing $325 million revolver increased to $700 M through June 2007 terminated $500 M revolver expiring 8/04 Financing Activities

19. 19 USM: Excellent Prospects Proven Strategy Financially Strong Extensive network Terrific people; dynamic organization Positive momentum

20. 20 Reconciliation of Additional Disclosures For the quarter ended June 30, 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.