U.S. Cellular

2005 Annual Meeting

May 3, 2005

2

John E. Rooney

President & Chief Executive Officer

Safe HarborSafe 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 the companies filings with the Securities and Exchange Commission.

2004 New Market Launches

Market Market Population Date Launched

Oklahoma City, OK 1,362,000 7/04

Lincoln, NE 360,000 7/04

Portland, ME 511,000 8/04

Met or exceeded targets for customer additions and average

revenue per customer

Data Services

• Enabled by CDMA1X Network

• Includes:

– SMS (text messaging)– easyedgeSM

– MMS (picture messaging)

• Drive growth in Data Revenue

– 2004 up 300% to $ 67 million– First Quarter 2005 up 163% to $29 million

Enhancing our Strategic Footprint

• Sold small non-strategic markets in Florida and Ohio along with investment interests for $89 million cash

• Complete sale of South Texas properties for $96 million in cash

• Cash used to fund 2004 market launches and St. Louis build out

Starts with our associates

Builds on the Dynamic Organization

Network rated #1 or #2 in our markets

Outstanding service delivered through call

centers and stores

U.S. Cellular Customer Focused Strategy

Customers “Expect it!” We deliver.

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

1.00%

1.10%

1.20%

1.30%

1.40%

1.50%

1.60%

1.70%

1.80%

1.90%

2.00%

1999 2000 2001 2002 2003 2004

Postpay Churn

• Retail launch in St. Louis

• Development and growth of Data Services

• Continuing growth in recently launched and core markets

2005 Key Goals

St. Louis Update

• Most of network now in service

• Building distribution

• Hiring and training associates

• Targeting to launch in third quarter

2005 Data Plans

• Added instant messaging

• Inter-carrier picture messaging

• Data services while roaming

U.S. Cellular

2005 Annual Meeting

May 3, 2005