Kenneth R. Meyers

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• Kenneth R. Meyers
• Executive Vice President Finance,
• CFO and Treasurer
• Tenth Annual UBS Global
• Communications Conference
• November 17, 2005

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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 the final
results of the restatements and results of
operations for the quarter ended Sept. 30, 2005
possible future restatements possible material
weaknesses in internal controls 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 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 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 furnished to the
Securities and Exchange Commission.
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U.S. Cellularas of 9/30/05

• 6th largest wireless service provider 2nd
  largest regional carrier
• Total population - 45 million
• 5.3 million customers
• 11.8 market penetration
• Focused on exceptional customer experience
• Low churn rate
• Pervasive distribution 1,825 points of
  presence
• Extensive network ... 5,149 cell sites
• Well positioned in our markets

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USM Growth Strategies

• Regional carrier
• Differentiate by driving for high level of
  customer satisfaction
• Excellent customer service
• Quality CDMA 1X network
• Broad distribution
• Strategically strengthen regional footprint

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Postpay Churn lt 2Strong track record
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J.D. Power and Associates2005 Wireless Customer
Satisfaction Study

• U.S. Cellular rates 1 in customer satisfaction
  in North Central region
• North Central considered most competitive
  region
• Tied with Verizon Wireless
• Study examined customer experiences in 6
  geographical regions in U.S.
• Based on input from 24,096 wireless users

North Central region Illinois, Indiana,
Michigan, Ohio and Wisconsin
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Consumers Union Analysis of FCC Data - March 28,
2005(complaints per million customers for CY2004)
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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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USM to Exchange Assets with AlltelStrengthens
Midwest footprint

• Expected to close late 2005
• USM receives 146,000 customers (125,000 retail)
  in Kansas and Nebraska
• Alltel receives 91,000 customers (90,000 retail)
  in Idaho plus 50 million cash

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St. Louis MarketStrengthens geographic footprint
launched 7/28/05

• Acquired 2.9 million pops in trade with AWE
• Great network over 300 cell sites
• Broad distribution - 20 retail stores and 30
  agent locations at launch
• Turned-on for roaming since Oct. 04
• Off to a good start gt80 of adds are postpaid

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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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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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Data Revenues Growth easyedge SMS
Millions
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New Offerings

• Inter-carrier picture messaging Verizon Wireless,
  Cingular Wireless, Alltel and with others
• SpeedTalkSM push-to-talk service 2-20
  people for added 10 / mo off to a good start
  with SME customers
• Smart Phone --- Q4, 2005

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EVDO 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 marketing trials in second half of
  2006 Release O
• Launch Release A in early 2007

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Third Quarter Financial Highlights
3Q 05 3Q 04 Tot. customers 5,303,000
4,828,000 Post pay churn 1.5 1.6 MOU
639 553 Cell sites
5,149 4,713 CAPX 129.6 M 131.7 M
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Third Quarter ResultsCurrently Anticipated
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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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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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USM 2005 Outlook(Updated 11/10/05)

• Net retail customer adds 400,000 to 425,000
• Service revenues Approx. 2.8 B
• Dep, amort accretion 530 M
• Operating income 180 to 220 M
• CAPX 575 to
  595 M

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Reconciliation of Additional Disclosures Range
of Amounts Anticipated

• Qtr. ended 9/30/05
• Operating income 60 - 70 M
• Add Dept./Amort/Accretion 123 -
  129 M
• Operating Cash Flow 183 - 199 M
• Qtr. ended 9/30/04 (restated)
• Operating income 46 - 56 M
• Add Depr./Amort/Accretion 124 - 130 M
• Operating Cash Flow 170 - 186 M

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USM Excellent Prospects

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

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Chicago White Sox2005 World Champions