Investor Presentation

June 13, 2002

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JOHN E. ROONEY

President &

Chief Executive Officer

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Safe HarborAll Information Set Forth In This Presentation, Except Historical AndFactual 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 AndUncertainties That Could Cause Actual Results To Differ Materially From Those In The Forward-Looking Statements. Important Factors That May Affect Forward-Looking Statements Include, But Are Not Limited To: General Economic And Business Conditions, Both Nationally And In The Regions In Which The Company Operates; Technology Changes; Competition; Changes In Business Strategy OrDevelopment Plans; Acquisitions/Divestitures Of Properties And/Or Licenses; Changes In Governmental Regulations; Changes In The Value Of Investments; Availability of Future Financing;And Changes In Growth In Cellular Customers, Penetration Rates, Churn Rates And Roaming Rates. Investors Are Encouraged To Consider These And Other Risks And Uncertainties That Are Discussed In Documents Filed By The Company With Securities And Exchange Commission (“SEC”).

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USM Overview Eighth Largest Wireless Service Provider

Total Cellular Pops 27M

Serves 3.5M Customers - 13.2% Penetration

Pervasive Distribution... Nearly 1,800 Points Of Presence

Extensive Network Of Over 3,000 Cell Sites

#1 Market Share In All Of Its Largest Markets

Profitable And Financially Strong

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Strategy Regional Cluster Markets

Drive Profitable Growth With:— Outstanding Customer Service

— Broad Local Distribution

— Superior, High Quality Network

Maintain Strong Credit Profile With Positive Earnings

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Chicago Acquisition Currently Operates As PrimeCo

20 Megahertz PCS Spectrum Covering A Population Of 13 Million.

Assets Include Spectrum Plus:- A CDMA Based Network With 500 Cell Sites

- 350,000 Customers Generating $230 Million Of Annual Revenue

Purchase Price $610 Million

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Strategic Footprint

U.S. Cellular Properties Currently Majority Owned Or Managed

Chicago MTA Licensed Area Owned By PrimeCo

Incremental Licensed Service Areas Post Acquisition Of PrimeCo

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Chicago - Acquisition Strategy Complementary Footprint

Stronger Regional Competitor

Elimination Of Chicago Roaming Expenses

Economies Of Scale - Operating, Marketing & Technology

Similar CDMA Technology

Local Ownership And Control

Potential For Growth

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Proven Clustering Strategy

Regional Focus Works

Leverage Strong Position

Acquisitions And Swaps

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Strategic Footprint

U.S. Cellular MSAs And RSAs Currently Owned And Managed

PCS BTAs Owned Directly Or Through Joint Ventures (Incremental Territory Only)

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Strategy Regional Cluster Markets

Drive Profitable Growth With:— Outstanding Customer Service

— Broad Local Distribution

— Superior, High Quality Network

Maintain Strong Credit Profile With Positive Earnings

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Outstanding Customer Service

New Service-Focused Culture

Customer Service Delivered With Multiple Vehicles

Emphasis On Associate Satisfaction

Proactive Contact Of Customers To Analyze Rate Plans

Winner Of 2001 Wireless Review Industry Titan Award For Customer Service

Winner Of 24 Awards In 2001-2002 As Outstanding Wireless Service Provider In Local Markets

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1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

6 Largest Wireless Carriers

Average Independent CellularCarriers

U.S. Cellular

2001 Industry Leading Churn Rates

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Marketing Strategy

Over 1,800 Points Of Distribution Including:- Over 450 Company Stores & Kiosks- 1,300 Local Dealer Locations- A Direct Sales Force Focused On Business Accounts - Emerging New Channels (Internet & Telesales)

Local Distribution Aids In Delivery Of Customer Service.

Full Suite Of Product Offerings- National, Regional & Local Plans- Post & Prepay Offerings- SMS

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Superior, High Quality Network

Current Network Includes Over 3,000 Cell Sites

72% Of Customers On Digital Plans At 3/31/02.

Dropped Calls Fell From 1.5% To 1.3% Over Last 2 Years, Despite 55% CAGR In MOUs.

32% Of Population Served By CDMA Today; 68% By TDMA.

After Chicago Acquisition And Conversions 70% Of Population Will Have CDMA By 2nd Quarter 2003.

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Summary

Regional Strategy

Drive Profitable Growth By Focusing On Customer Satisfaction

Chicago Acquisition Is Consistent With Strategy

USM Has Management And Financial Strength To Succeed

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KENNETH R. MEYERS

Executive Vice President &

Chief Financial Officer

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Financial Highlights

Proven Ability To Execute Business Strategy

Highly Profitable Customer Base- High Lifetime Revenue- Low Cash Costs Per Subscriber

Strong Balance Sheet With Stable Cash Flows

Commitment To Investment Grade Credit Ratings

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Highly Profitable Customer Base

Life Time Cust. Revenue Churn RateU. S. Cellular $2,116 1.9%Alltel $2,005 2.3%AT&T $2,173 2.9%Cingular $1,848 2.9%Sprint $2,406 2.6%Verizon $1,930 2.5%Voicestream $1,117 4.4%

Based On 2001 Average of Quarterly Results As Reported By Various Analysts

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Cash Costs Per SubscriberU. S. Cellular $24Alltel 24AT&T 37Cingular 28Sprint 37Verizon 23Voicestream 40

Based On 2001 Average of Quarterly Results As Reported By Various Analysts

Highly Profitable Customer Base (cont’d)

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Operational Metrics2000 2001 % 1Q01 1Q02 %

Local ARPU $36.52 $35.68 -2% $34.39 $35.79 +4%

Total ARPU $49.21 $46.28 -6% $44.65 $44.14 -1%

Service Revenue $1,654M $1,826M +10% $424M $461M +9%

Monthly Churn 2.0% 1.9% 1.9% 21%

Ending Subs 3.061M 3.461M +13% 3.221M 3.504M +9%

Operating Cash Flow $558M $618M +11% $130M $152M +17%

Penetration 12.3% 13.5% +10% 12.5% 13.2% +5% (Cellular Markets Only)

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Chicago 20 MHz Acquisition

Purchase Price $610 Million Represents:- 2.7 Times 2000 Revenue- $47 Per Pop All In - $28 Per Pop Excluding Fixed Assets

Finance Primarily With Debt

Vodaphone Assets Have Been Monetized

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Recent Comparable Transactions Total Price PerDate Target Acquiror Pops (Mil) Sub Pop2/11/02 Georgia PCS U.S. Unwired 1.4 $2,471 $63.70

12/20/01 IWO U.S. Unwired 6.1 $4,437 $91.60

10/8/01 Telecorp AT&T Wireless 37.0 $5,919 $169.40

5/10/02 PrimeCo U.S. Cellular 13.1 $1,737 $46.41 Commun.

Source: Industry Analyst Reports

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Financial Strength Investment Grade Rating• Moody’s A3• S&P A-

Low Debt Levels

Additional Financial Assets• Tower Portfolio• Stock Investments Totaling $272 Million• Non Operating Cellular Investments

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Summary

Regional Strategy

Drive Profitable Growth By Focusing On Customer Satisfaction

Chicago Acquisition Is Consistent With Strategy

USM Has Management And Financial Strength To Succeed