1. U.S. Cellular 2004 Annual Meeting June 29, 2004

2. John E. Rooney President & Chief Executive Officer 2

3. 3 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 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 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.

4. 4 U. S. Cellular’s Mission To provide the highest level of customer satisfaction, which will generate profitable growth for our shareholders and superior rewards for our associates.

5. 5

6. 6 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 U.S. Cellular March 31, 2004

7. 7 Postpay Churn < 2% Six-year track record… and still strong

8. 8 Positioned as a regional carrier Differentiate with exceptional customer service  Dedicated people  Network quality  Broad distribution Deploy CDMA 1X technology in all markets Strategically strengthen regional footprint U.S. Cellular Strategy

9. 9 Strengthening the Footprint 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

10. 10 South Texas Sale to AWE Exit markets not strategic to company’s 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

11. 11 Announced March 2003 First tranche closed August 2003 Excellent fit with USM’s strategy:  To strengthen its regional footprint through acquisitions or trades  To build on strengths and exit other markets USM & AWE Property Exchange Improved competitive position in Midwest and Northeast markets

12. 12

13. 13 Chicago Update Rapid increases in awareness Market share up year-over-year Enhancing network Heavy focus on employee training Increasing distribution points

14. 14 U.S. Cellular Strategy Focus on customer satisfaction Regional carrier Network quality Broad distribution Customers “Expect it!” We deliver.

15. Kenneth R. Meyers Executive Vice President – Finance, CFO & Treasurer 15

16. 16 1 st Qtr. Financial Highlights 1 st Qtr ‘04 1 st Qtr ’03 1 st Qtr ‘04 1 st 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% 1 st Qtr ‘04 1 st Qtr ‘03 Churn - postpay 1.3% 1.6% Retail ARPU $40.26 $37.68 MOU 491 377 Cell sites 4,122 3,987

17. 17 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.

18. 18 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

19. 19 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

20. 20 WNP Update Well prepared for WNP: – Aggressive retention programs in core markets – Aggressive acquisition programs in newer markets Business as usual … satisfied customers

21. 21 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 … < 2%

22. 22 Completed sale of South Texas to AWE Exchange of properties with AWE Rollout of easyedge SM 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 Recent Accomplishments

23. 23 USM: Excellent Prospects Proven Strategy Financially Strong Extensive network Terrific people; dynamic organization Positive momentum

24. U.S. Cellular 2004 Annual Meeting June 29, 2004 24