KENNETH R. MEYERSExecutive Vice President & Chief Financial Officer

UBS Eighth Annual Global Communications Conference

November 17, 2003

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Safe HarborAll information set forth in this presentation, 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 properties involved in the AWE transaction; the ability of the Company to 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 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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• Eighth largest wireless service provider

• Total licensed pops - 45.8 million

• Serves 4.3 million customers - 85% digital

• Focused on exceptional customer service

• 96% of customers postpay

• Extensive network ... 4,100 cell sites

• Broad distribution … 2,300 distribution points

• Admirably low churn rate

• Well positioned given recently acquired Chicago market and AWE exchange

U.S. CellularSept. 30, 2003

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• 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

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• CDMA 1X overlays in Oklahoma and Missouri

markets

• Exchange of properties with AWE

• Conversion of billing system in Chicago

• Integration of data billing platform

• Rollout of data product

• Strong churn performance and cash flow growth

Third Quarter Accomplishments

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Third Quarter Financial Highlights(millions)(millions)

3Q ‘03Q ‘0 33 3Q ‘023Q ‘02

Service revenues $ 628.4 $561.2 +12% Operating income 97.0 62.7 +55%

Net adds 66,000 76,000

Churn - postpay 1.6% 2%

Retail ARPU $39.57 $38.95

MOU 435 327

Cell sites 4,082 3,750

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• easyedgeSM Phone Service - BREWTM

technology; ring tones, games, entertainment; picture transfer; breaking news

• easyedgeSM Wireless Modem Service - Internet access for laptop or PDA; email, calendars, Internet and corporate resources

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Launches

easyedgeSM Phone Service• Knoxville & Iowa• Chicago• Wisconsin, Central and Western Illinois• Ft. Wayne and South Bend, Indiana• Missouri, Nebraska, New England

and Oklahoma

easyedgeSM Modem Service• Knoxville, Iowa, Wisconsin and Chicago

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Critical Success Factors

• Front line sales – 8-hour training• Call center tech support – 8-hour training• All other call centers - huddle training• All associates - easyedge phone

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CDMA Progress• Ahead of schedule and below planned cost

• 3 years to complete (2002 - 2004)

• Total cost to build CDMA... $385 - $410 M

• ≈ $265M spent in 2002-2003

• Iowa, Wisconsin, Illinois, New England and N. Missouri are converted to CDMA 1XRTT ( ~80% of all pops covered by CDMA)

• Remaining Midwest markets and Oklahoma to be completed in 2003

• Redeploying TDMA equipment

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• Announced March 10, 2003

• First tranche closed August 1, 2003

• Excellent fit with USM’s strategy:• To strengthen its regional footprint through

acquisitions or trades• To build on strengths and exit other markets

• Opportunity to substantially improve competitive position in Midwest and Northeast markets

USM & AWE Exchange

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USM & AWE - First TrancheUSM Acquired:

• 14 licenses … 10 & 20 MHz PCS • 5.9 M incremental contiguous pops & 3.9 M overlap pops • Minority interests in 6 USM-controlled markets• $34 M cash

USM Exchanged: • 10 “A” block 25 MHz cellular licenses in FL & GA covering 1.5M pops• 141,000 customers• 205 cell sites• $90 M PP&E• FL/GA 2002 revs of $107 M; OCF ≈ $40M

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WNP - We’re Ready !

• November 24, 2003

• Still some uncertainty due to lack of uniform rules

• Spent ≈ $50M to date

• Aggressive retention of existing customers

• Aggressive acquisition in new markets

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WNP – USM Set to be a Winner

• Commitment to exceptional customer service

• Long-term contracts with termination fees

• Outstanding network• Good coverage• Signal quality

• Competitive promotional campaigns

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Chicago Update

• Rapid increases in awareness

• Market share up yoy

• Enhancing network

• Heavy focus on employee training

• Increasing distribution points

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2003 Outlook• Service revenues - $2.35 - $2.4 B

• Net additions - 450,000 to 475,000

• Depr/Amortization - $435 - $440 M

• Operating Income* - $180 - $200 M

• CAPX - $650 to $670 M

• Improved retail ARPU

• All in churn - ≈ 2%*Includes $26 M in operating expenses related to loss on assets for sale related to completed AWE

exchange

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Excellent Prospects

• Solid fundamentals with successful track record

• Focus on service and network quality

• Drive profitable growth

• Data - easyedgeSM

• Strengthening competitive position – AWE exchange

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Reconciliation of Additional Disclosures

The Adjusted EBITDA measurements provided above is the sum of operating income (loss), depreciation, amortization of deferred charges and customer lists and loss on assets held for sale. Adjusted EBITDA is not presented as an alternative measure of operating results or cash flows from operations as determined in accordance with accounting principles accepted in the United States of America. Management uses Adjusted EBITDA 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. Adjusted EBITDA is used as an analytical indicator of income generated to service debt and fund capital expenditures.In addition, multiples of current or projected Adjusted EBITDA are used to estimate current or prospective enterprise value. Adjusted EBITDA does not give effect to cash used for debt service requirements, and thus does not reflect funds available for investment or other discretionary uses. Adjusted EBITDA as presented herein may not be comparable to similarly titled measures reported by other companies.

Quarter Ended at September 30, 2003 U.S. Cellular

Operating cash flow:Operating income (loss) as reported 97,031$ Add:

Depreciation and amortization 102,164 (Gain) on assets held for sale (1,442)

Operating cash flow 197,753$

Quarter Ended at September 30, 2002 U.S. Cellular

Operating cash flow:Operating income (loss) as reported 62,697$ Add:

Depreciation and amortization 102,876 (Gain) on assets held for sale -

Operating cash flow 165,573$

Kenneth R. MeyersExecutive Vice President & Chief Financial Officer

UBSEighth Annual Global Communications

Conference

November 17, 2003