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Thomas S. WeberVice President - Financial Strategy

RBC Capital Markets North American Technology Conference

August 3, 2005

Safe HarborSafe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All 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 successfully launch operations in the licensed areas included 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; 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 documents furnished to the Securities and Exchange Commission.

• 7th largest wireless service provider; 2nd largest regional carrier

• Total population - 45 million

• 5.2 million customers

• 11.7% market penetration

• Focused on exceptional customer experience

• Low churn rate

• Pervasive distribution…2,200 points of presence

• Extensive network ... 5,034 cell sites

• Well positioned in our markets

U.S. Cellularas of 6/30/05

• Positioned as a regional carrier

• Differentiate by providing an exceptional customer experience:

• Network quality• Broad distribution• Dedicated people focused on the customer

• Utilize CDMA 1X technology in all markets

• Strategically strengthen regional footprint

U.S. Cellular Strategy

St. Louis Launched July 28, 2005

• 2.9 million pops

• Great network – 300 cell sites

• Strong retail distribution network … over 50 sales outlets

• Well-trained associates

• Aggressive advertising and marketing

• Good example of delivering on our strategy

Postpay Churn < 2%Strong track record

1.9% 1.9%

1.8% 1.7%

1.8%

1.5%1.5% 1.5% 1.4%

1.0%

1.1%

1.2%

1.3%

1.4%

1.5%

1.6%

1.7%

1.8%

1.9%

2.0%

1998 1999 2000 2001 2002 2003 2004 1 Q'05

2 Q'05

Consumers Union Analysis of FCC Data - March 28, 2005

(complaints per million customers for CY2004)

U.S. Cellular 39

Verizon Wireless 76

Alltel 76

Nextel 103

Sprint PCS 168

T-Mobile 185

Cellular One 264

AT&T / Cingular 289

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

Data – easyedgeSM & SMS

• 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

• Short Messaging Services

New Offerings

• Intercarrier picture messaging with our largest roaming partner

• SpeedTalkSM – walkie-talkie style service

EVDO Trials

• Currently conducting technical 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 service trials in 2006

USM 2005 Outlook(Revised July 27, 2005)

• Service revenues … +/- $2.8 B

• Net additions … 475,000 to 525,000

• Dep, amort & accretion … $530 M

• Operating Income … $180 to $220 M

• CAPX … $575 to $595 M

USM: Excellent Prospects

• Proven strategy

• Financially strong

• Extensive network and distribution

• Terrific people; dynamic organization

• Positive momentum