1. 1 Kenneth R. Meyers Executive Vice President – Finance, CFO and Treasurer Tenth Annual UBS Global Communications Conference November 17, 2005

2. 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: 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 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.

3. 6 th largest wireless service provider; 2 nd 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 U.S. Cellular as of 9/30/05

5. 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

6. Postpay Churn < 2% Strong track record

7. J.D. Power and Associates 2005 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

8. Consumers Union Analysis of FCC Data - March 28, 2005 (complaints per million customers for CY2004) U.S. Cellular39 Verizon Wireless76 Alltel76 Nextel103 Sprint PCS168 T-Mobile185 Cellular One 264 AT&T / Cingular 289

9. Strengthening the Footprint Acquired Chicago market – 8/02 Exchanged wireless properties with AT&T 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 AT&T Wireless – 2/04 Acquired Missouri 14 market – 4/05

10. USM to Exchange Assets with Alltel Strengthens 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

12. St. Louis Market Strengthens 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 … >80% of adds are postpaid

13. 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. Cellular’s existing footprint. Total bid $130M

15. 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

16. Data – easyedge SM easyedge SM Phone Download Applications (BREW TM) Applications: games, news, traffic, calendar Launched nWeb SM Nov. 2004 – enables Internet access Launched AOL ® Instant Messenger TM service March 2005 easyedge SM Picture Messaging (MMS) Take, send or receive photos easyedge SM Wireless Modem Service Wireless Internet access for laptops; e-mail; calendar Available in select areas to business customers

17. Data Revenues Growth easyedge & SMS Millions

18. New Offerings Inter-carrier picture messaging Verizon Wireless, Cingular Wireless, Alltel and with others SpeedTalk SM – “push-to-talk” service … 2-20 people for added $10 / mo … off to a good start with SME customers Smart Phone --- Q4, 2005

19. 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

20. Third Quarter Financial Highlights 3 3 3Q ‘05 3Q ‘04 Tot. customers5,303,0004,828,000 Post pay churn1.5% 1.6% MOU 639 553 Cell sites 5,1494,713 CAPX$129.6 M$131.7 M

21. Third Quarter Results Currently Anticipated 20052004 (as Restated) Operating Revenue$788 – 798 M$728 – 748 M Dep, Amort, & Accretion$123 – 129 M$124 – 130 M Operating Income$ 60 – 70 M$ 46 – 56 M Net Income$ 33 – 37 M$ 23 – 27 M Diluted EPS$.37 - 42$.27 -.32 OCF$183 – 199 M$170 – 186 M

22. 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

23. 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

24. 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

25. 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

26. USM: Excellent Prospects Proven strategy Financially strong Extensive network and distribution Terrific people; dynamic organization Positive momentum

27. Chicago White Sox 2005 World Champions