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<SEC-DOCUMENT>0000821130-09-000012.txt : 20090723
<SEC-HEADER>0000821130-09-000012.hdr.sgml : 20090723
<ACCEPTANCE-DATETIME>20090723164356
ACCESSION NUMBER:		0000821130-09-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090723
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090723
DATE AS OF CHANGE:		20090723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED STATES CELLULAR CORP
		CENTRAL INDEX KEY:			0000821130
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				621147325
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09712
		FILM NUMBER:		09959803

	BUSINESS ADDRESS:	
		STREET 1:		8410 W BRYN MAWR AVE
		STREET 2:		STE 700
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
		BUSINESS PHONE:		7733998900

	MAIL ADDRESS:	
		STREET 1:		8410 W BRYN MAWR AVE
		STREET 2:		STE 700
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
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<TYPE>8-K
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<FILENAME>usm8-k.htm
<DESCRIPTION>8-K
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=5>FORM 8-K</FONT></B></P>
<P align=center><FONT face="Times New Roman"><B><FONT size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman"><B><FONT size=2>Washington, D.C. 20549 </FONT></B></FONT></P>
<P align=center><FONT face="Times New Roman"><B>CURRENT REPORT</B></FONT></P>
<P align=center><FONT face="Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT face="Times New Roman"><B>Pursuant to Section 13 or 15(d) of <BR>
The Securities Exchange Act of 1934</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Date of Report (Date of earliest event reported): </FONT><FONT face="Times New Roman" size=2><B>July 23, 2009</B></FONT></P>
<P align=center><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman"><B><FONT size=5>UNITED STATES CELLULAR CORPORATION </FONT></B><BR>
</FONT><FONT face="Times New Roman" size=2>(Exact name of registrant as specified in its charter)</FONT></P>
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     <TD align=center><FONT face="Times New Roman" size=2><B>Delaware</B></FONT><FONT face="Times New Roman" size=2><B>&nbsp;</B></FONT></TD>
     <TD align=center></TD>
     <TD align=center><FONT face="Times New Roman" size=2><B>1-9712</B></FONT><FONT face="Times New Roman" size=2><B>&nbsp;</B></FONT></TD>
     <TD align=center></TD>
     <TD align=center><FONT face="Times New Roman" size=2><B>62-1147325</B></FONT><FONT face="Times New Roman" size=2><B>&nbsp;</B></FONT></TD></TR>
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     <TD vAlign=top align=center rowSpan=3><FONT face="Times New Roman" size=2>(State or other</FONT><BR>
<FONT face="Times New Roman" size=2>jurisdiction of</FONT><BR>
<FONT face="Times New Roman" size=2>incorporation)</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
     <TD vAlign=top align=center rowSpan=3></TD>
     <TD vAlign=top align=center rowSpan=3><FONT face="Times New Roman" size=2>(Commission</FONT><BR>
<FONT face="Times New Roman" size=2>File Number)</FONT><BR>
</TD>
     <TD vAlign=top align=center rowSpan=3></TD>
     <TD vAlign=top align=center rowSpan=3><FONT face="Times New Roman" size=2>(IRS Employer</FONT><BR>
<FONT face="Times New Roman" size=2>Identification No.)</FONT><BR>
</TD></TR>
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     <TD align=center><FONT face="Times New Roman"><B><FONT size=2>8410 West Bryn Mawr, Suite 700, Chicago, Illinois</FONT></B></FONT><FONT face="Times New Roman"><B><FONT size=2>&nbsp;</FONT></B></FONT></TD>
     <TD align=center></TD>
     <TD align=center><FONT face="Times New Roman"><B><FONT size=2>60631</FONT></B></FONT><FONT face="Times New Roman"><B><FONT size=2>&nbsp;</FONT></B></FONT></TD></TR>
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     <TD align=center><FONT face="Times New Roman" size=2>(Address of principal executive offices)</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
     <TD align=center></TD>
     <TD align=center><FONT face="Times New Roman" size=2>(Zip Code)</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Registrant's telephone number, including area code: </FONT><FONT face="Times New Roman" size=2><B>(773) 399-8900</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><B>Not Applicable<BR>
</B></FONT><FONT face="Times New Roman" size=2>(Former name or former address, if changed since last report)</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</FONT></P>
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     <TD align=left width="5%" rowSpan=2><FONT face=Wingdings size=2>&#168;</FONT></TD>
     <TD align=left width="95%" rowSpan=2><FONT face="Times New Roman" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR </FONT><FONT face="Times New Roman" size=2>230.425)</FONT></TD></TR>
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     <TD align=left><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD align=left rowSpan=2><FONT face=Wingdings size=2>&#168;</FONT></TD>
     <TD align=left rowSpan=2><FONT face="Times New Roman" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-</FONT><FONT face="Times New Roman" size=2>12)</FONT></TD></TR>
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     <TD align=left><FONT size=2>&nbsp;</FONT></TD>
     <TD align=left><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD align=left rowSpan=2><FONT face=Wingdings size=2>&#168;</FONT></TD>
     <TD align=left rowSpan=2><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange </FONT><FONT face="Times New Roman" size=2>Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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     <TD align=left><FONT size=2>&nbsp;</FONT></TD>
     <TD align=left><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD align=left rowSpan=2><FONT face=Wingdings size=2>&#168;</FONT></TD>
     <TD align=left rowSpan=2><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange </FONT><FONT face="Times New Roman" size=2>Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P><BR>
<BR>
&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
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<P align=left><FONT face="Times New Roman" size=2>Item 2.02.&nbsp;&nbsp;&nbsp; </FONT><FONT face="Times New Roman" size=2><U>Results of Operations and Financial Condition</U></FONT></P>
<P style="TEXT-INDENT: 45px" align=left><FONT face="Times New Roman" size=2>On July 23, 2009, United States Cellular Corporation (&#147;U.S. Cellular&#148;) issued a news release announcing its customer results for the period ended June 30, 2009. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein.</FONT></P>
<P style="TEXT-INDENT: 45px" align=left><FONT face="Times New Roman" size=2>The information in this Item 2.02 of Form 8-K is being furnished and shall not be deemed &#147;filed&#148; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.</FONT></P>
<P align=left><FONT size=2>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements and Exhibits</U>&nbsp;</FONT></P>
<P style="TEXT-INDENT: 27px" align=left><FONT size=2>(d) Exhibits:</FONT></P>
<P style="TEXT-INDENT: 45px" align=left><FONT size=2>In accordance with the provisions of Item 601 of Regulation S-K, any Exhibits filed or furnished herewith are set forth on the Exhibit Index attached hereto.</FONT></P>
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<P align=center><FONT face="Times New Roman" size=2>SIGNATURES</FONT></P>
<P align=left><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>United States Cellular Corporation<BR>
</FONT><FONT face="Times New Roman" size=2>(Registrant)</FONT></P>
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     <TD align=left colSpan=2><FONT face="Times New Roman" size=2>Date:&nbsp; July 23, 2009</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD align=left><FONT face="Times New Roman" size=2>By:</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left><FONT size=2>/s/ Steven T. Campbell</FONT></TD></TR>
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     <TD align=left rowSpan=3></TD>
     <TD vAlign=top align=left rowSpan=3><FONT face="Times New Roman" size=2>Steven T. Campbell</FONT><BR>
<FONT face="Times New Roman" size=2>Executive Vice President &#150; Finance,</FONT><BR>
<FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Treasurer</FONT></TD></TR>
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<P align=center><FONT face="Times New Roman" size=2>EXHIBIT INDEX</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>The following exhibits are filed or furnished herewith as noted below.</FONT></P>
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<FONT face="Times New Roman" size=2><B><FONT style="FONT-SIZE: 8pt">No.</FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></B></FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center rowSpan=2><FONT face="Times New Roman" size=2><B><FONT style="FONT-SIZE: 8pt">Description</FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></B></FONT></TD></TR>
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     <TD colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD align=left><FONT face="Times New Roman" size=2>99.1</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT face="Times New Roman" size=2>Press Release dated July 23, 2009</FONT><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR></TABLE><BR>
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<TYPE>EX-99.1
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<FILENAME>ex991.htm
<DESCRIPTION>EX-99.1
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<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 99.1</FONT></B><!--$$/page=--></P>
<P>&nbsp;</P>
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     <TD vAlign=top align=left rowSpan=2><FONT face="Times New Roman" size=2>Contact:</FONT></TD>
     <TD vAlign=top align=left rowSpan=2><FONT face="Times New Roman" size=2>&nbsp;Mark A. Steinkrauss, Vice President, Corporate Relations</FONT><BR>
<FONT face="Times New Roman" size=2>(312) 592-5384 </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2><U><FONT face="Times New Roman">mark.steinkrauss@teldta.c</FONT></U><U><FONT face="Times New Roman">om</FONT></U></FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="Times New Roman" size=2>Julie D. Mathews, Manager, Investor Relations</FONT><BR>
<FONT face="Times New Roman" size=2>(312) 592-5341 </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2><U><FONT face="Times New Roman">julie.mathews@teldta.com</FONT></U></FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
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<P align=left><B><FONT face="Times New Roman" size=2>FOR RELEASE: IMMEDIATE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>U.S. CELLULAR REPORTS SECOND QUARTER CUSTOMER RESULTS</FONT></B></P>
<P align=left><U><FONT face="Times New Roman" size=2>CHICAGO &#150; July 23, 2009 </FONT></U><FONT face="Times New Roman" size=2>&#150; United States Cellular Corporation [NYSE:USM] today announced that it lost 32,000 postpay customers and 27,000 prepaid customers in the second quarter, for a net loss of 59,000 retail customers. For the six months ended June 30, 2009, the company added 28,000 postpay customers and lost 24,000 prepaid customers, for a net addition of 4,000 retail customers. U.S. Cellular expects to revise its May 6, 2009 guidance for 2009 retail net additions. U.S. Cellular will release its second quarter operating results and updated 2009 guidance on Aug. 6, 2009, and will provide comments at that time, when it has more complete information.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>About U.S. Cellular&#174;</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>United States Cellular Corporation, the nation&#146;s fifth-largest, full-service wireless carrier, provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to nearly 6.2 million customers in 26 states. The Chicago-based company employed 8,800 full-time equivalent associates as of March 31, 2009.</FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: </FONT></I><FONT face="Times New Roman" size=2>All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company&#146;s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, 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 ability of the company to successfully manage and grow its markets; the current credit crisis affecting financial markets, and its effects on the overall economy; competition; the state and federal telecommunications regulatory environment; the value of assets and investments; advers
e changes in the ratings afforded our debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average monthly revenue per unit, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by the company; and the ability to obtain or maintain roaming arrangements with other carriers. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>For more information about U.S. Cellular, please <FONT color=#000000>visit </FONT></FONT><U><FONT face="Times New Roman" color=#000000 size=2>uscellular.com</FONT></U><FONT face="Times New Roman" color=#000000 size=2>.</FONT></P>
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<P align=right><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Exhibit 99.2</FONT></B></P>
<P align=center><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=2>PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 <BR>
SAFE HARBOR CAUTIONARY STATEMENT</FONT></I></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>This Form 8-K&nbsp;contain<FONT face="Times New Roman" size=2>s</FONT> statements that are not based on historical fact<FONT face="Times New Roman" size=2>s</FONT> and represent forward-looking statements, as this term is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities, events or developments that United States Cellular Corporation (&#147;U.S. Cellular&#148;)&nbsp;intends, expects, projects, believes, estimates, plans or anticipates will or may occur in the future are forward-looking statements. The words &#147;believes,&#148; &#147;anticipates,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;intends,&#148; &#147;projects&#148; and similar expressions are intended to identify these forward-looking statements, but are not the exclusive means of identifying them. Such forward-looking statements involve know
n and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include those set forth below, as more fully discussed under &#147;Risk Factors&#148; in the most recent filing of U.S. Cellular&#146;s Form 10-K, as updated by any U.S. Cellular Form 10-Q filed subsequent to such Form 10-K. However, such factors are not necessarily all of the important factors that could cause actual results, performance or achievements to differ materially from those expressed in, or implied by, the forward-looking statements contained in this document. Other unknown or unpredictable factors also could have material adverse effects on future results, performance or achievements. U.S. Cellular undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, fut
ure events or otherwise. You should carefully consider the Risk Factors in the most recent filing of U.S. Cellular&#146;s Form 10-K, as updated by any U.S. Cellular Form 10-Q filed subsequent to such Form 10-K, the following factors and other information contained in, or incorporated by reference into, this Form 8-K&nbsp;to understand the material risks relating to U.S. Cellular&#146;s business.</FONT></P>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Intense competition in the markets in which U.S. Cellular operates could adversely affect U.S. Cellular's revenues or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>increase its costs to compete.</FONT></TD></TR>
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     <TD style="TEXT-INDENT: 0px" vAlign=top><FONT size=2>&nbsp;</FONT></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=top><FONT size=2>&nbsp;</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face=Symbol size=2>&#183;</FONT></TD>
     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A failure by U.S. Cellular&#146;s service offerings to meet customer expectations could limit U.S. Cellular&#146;s ability to attract and </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>retain customers and could have an adverse effect on U.S. Cellular&#146;s operations.</FONT></TD></TR>
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     <TD style="TEXT-INDENT: 0px" vAlign=top><FONT size=2>&nbsp;</FONT></TD>
     <TD style="TEXT-INDENT: 0px" vAlign=top><FONT size=2>&nbsp;</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face=Symbol size=2>&#183;</FONT></TD>
     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular&#146;s system infrastructure may not be capable of supporting changes in technologies and services expected by </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>customers, which could result in lost customers and revenues.</FONT></TD></TR>
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     <TD style="TEXT-INDENT: 0px" vAlign=top><FONT size=2>&nbsp;</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>An inability to obtain or maintain roaming arrangements with other carriers on terms that are acceptable to U.S. Cellular </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=5><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular currently receives a significant amount of roaming revenues. As a result of recent acquisitions by other </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>companies in the wireless industry, U.S. Cellular&#146;s roaming revenues have declined. U.S. Cellular anticipates that this trend </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>will <FONT face="Times New Roman" size=2>increase over the next several quarters</FONT>. Further industry consolidation and </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>continued build outs by existing and new wireless carriers could cause roaming revenues to decline even more, which would </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>have an adverse effect on U.S. Cellular&#146;s business, financial condition and results of o
perations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A failure by U.S. Cellular to obtain access to adequate radio spectrum could have an adverse effect on U.S. Cellular&#146;s </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>business and operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>To the extent conducted by the FCC, U.S. Cellular is likely to participate in FCC auctions of additional spectrum in the </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>future as an applicant or as a non-controlling partner in another auction applicant and, during certain periods, will be </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>subject to the FCC&#146;s anti-collusion rules, which could have an adverse effect on U.S. Cellular.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>An inability to attract and/or retain management, technical, sales and other personnel could have an adverse effect on </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular&#146;s assets are concentrated in the U.S. wireless telecommunications industry. As a result, its results of operations </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>may fluctuate based on factors related entirely to conditions in this industry.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=5><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>The completion of acquisitions has led to increased consolidation in the wireless telecommunications industry. U.S. </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Cellular&#146;s lower scale relative to larger wireless carriers has in the past and could in the future prevent or delay its access to </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>new products including handsets, new technology and/or new content and applications which could adversely affect U.S. </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Cellular&#146;s ability to attract and retain customers and, as a result, could adversely affect its business, financial condition or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Inability to manage its supply chain or inventory successfully could have an adverse effect on U.S. Cellular&#146;s business, </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in general economic and business conditions, both nationally and in the markets in which U.S. Cellular operates, </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in various business factors could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Advances or changes in telecommunications technology, such as Voice over Internet Protocol (&#147;VoIP&#148;), High-Speed Packet </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Access, WiMAX or Long-Term Evolution (&#147;LTE&#148;), could render certain technologies used by U.S. Cellular obsolete, could </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>reduce U.S. Cellular&#146;s revenues or could increase its costs of doing business.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in U.S. Cellular&#146;s enterprise value, changes in the market supply or demand for wireless licenses, adverse </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>developments in the business or the industry in which U.S. Cellular is involved and/or other factors could require </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular to recognize impairments in the carrying value of its license costs, goodwill, customer lists and/or physical </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>assets.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Costs, integration problems or other factors associated with acquisitions/divestitures of properties or licenses and/or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>expansion of U.S. Cellular&#146;s business could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A significant portion of U.S. Cellular&#146;s revenues is derived from customers who buy services through independent agents </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>who market U.S. Cellular&#146;s services on a commission basis. If U.S. Cellular&#146;s relationships with these agents are seriously </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>harmed, its revenues could be adversely affected.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular&#146;s investments in technologies which are unproven or for which success has not yet been demonstrated may not </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>produce the benefits that U.S. Cellular expects.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A failure by U.S. Cellular to complete significant network construction and systems implementation activities as part of its </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>plans to improve the quality, coverage, capabilities and capacity of its network and support systems could have an adverse </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>effect on its operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=5><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Financial difficulties (including bankruptcy proceedings) of U.S. Cellular&#146;s key suppliers or vendors, termination or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>impairment of U.S. Cellular&#146;s relationships with such suppliers or vendors, or a failure by U.S. Cellular to manage its supply </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>chain effectively could result in delays or termination of U.S. Cellular&#146;s receipt of required equipment or services, or could </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>result in excess quantities of required equipment or services, any of which could adversely affect U.S. Cellular&#146;s business, </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular has significant investments in entities that it does not control. Losses in the value of such investments could </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>have an adverse effect on U.S. Cellular&#146;s financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A material disruption in U.S. Cellular&#146;s telecommunication networks or information technology, including breaches of </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>network or information technology security, could have an adverse effect on U.S. Cellular&#146;s business, financial condition or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Wars, conflicts, hostilities and/or terrorist attacks or equipment failures, power outages, natural disasters or other events </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>The market price of U.S. Cellular&#146;s Common Shares is subject to fluctuations due to a variety of factors.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in interpretations of accounting requirements, changes in industry practice, identification of errors or changes in </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>management assumptions could require amendments to or restatements of financial information or disclosures included in </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>this or prior filings with the SEC.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Restatements of financial statements by U.S. Cellular and related matters, including resulting delays in filing periodic </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>reports with the SEC, could have an adverse effect on U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>The existence of material weaknesses in the effectiveness of internal control over financial reporting could result in </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>inaccurate financial statements or other disclosures or failure to prevent fraud, which could have an adverse effect on U.S. </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in facts or circumstances, including new or additional information that affects the calculation of potential liabilities </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>for contingent obligations under guarantees, indemnities or otherwise, could require U.S. Cellular to record charges in </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>excess of amounts accrued in the financial statements, if any, which could have an adverse effect on U.S. Cellular&#146;s financial </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Early redemptions or repurchases of debt, issuances of debt, changes in operating leases, changes in purchase obligations or </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>other factors or developments could cause the amounts reported under Contractual Obligations in Management's Discussion and Analysis of Financial Condition and Results of Operations contained in U.S. Cellular&#146;s most </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>recent Annual Report on Form 10-K, as updated by the Quarterly Reports on Form 10-Q, to be different from the amounts </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>actually incurred.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>An increase in the amount of U.S. Cellular&#146;s debt in the future could subject U.S. Cellular to higher interest costs and </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>restrictions on its financing, investing and operating activities and could decrease its net income and cash flows.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Recent market events and conditions, including disruption in credit and other financial markets and the deterioration of U.S. </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>and global economic conditions, could, among other things, impede U.S. Cellular's access to or increase the cost of </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>financing its operating and investment activities and/or result in reduced revenues and lower operating income and cash </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>flows, which would have an adverse effect on U.S. Cellular's financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in the regulatory environment or a failure by U.S. Cellular to timely or fully comply with any applicable regulatory </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>requirements could adversely affect U.S. Cellular&#146;s financial condition, results of operations or ability to do business.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in USF funding and/or intercarrier compensation could have a material adverse impact on U.S. Cellular&#146;s financial </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>position or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Changes in income tax rates, laws, regulations or rulings, or federal or state tax assessments could have an adverse effect on </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>U.S. Cellular&#146;s financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Settlements, judgments, restraints on its current or future manner of doing business and/or legal costs resulting from pending </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>and future litigation could have an adverse effect on U.S. Cellular&#146;s financial condition, results of operations or ability to do </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>business.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>The possible development of adverse precedent in litigation or conclusions in professional studies to the effect that radio </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>frequency emissions from handsets, wireless data devices and/or cell sites cause harmful health consequences, including </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>cancer or tumors, or may interfere with various electronic medical devices such as pacemakers, could have an adverse effect </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>on U.S. Cellular&#146;s business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=4><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Claims of infringement of intellectual property and proprietary rights of others, primarily involving patent infringement </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>claims, could prevent U.S. Cellular from using necessary technology to provide services or subject U.S. Cellular to expensive </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>intellectual property litigation or monetary penalties, which could have an adverse effect on U.S. Cellular&#146;s business, </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>There are potential conflicts of interests between Telephone and Data Systems, Inc. (&#147;TDS&#148;<FONT face="Times New Roman" size=2>), the parent of U.S. Cellular,</FONT>&nbsp;and U.S. Cellular.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Certain matters, such as control by TDS and provisions in the U.S. Cellular Restated Certificate of Incorporation, may serve </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>to discourage or make more difficult a change in control of U.S. Cellular.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=2><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>A failure by U.S. Cellular to successfully execute its business strategy could have an adverse effect on U.S. Cellular&#146;s </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>business, financial condition or results of operations.</FONT></TD></TR>
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     <TD vAlign=top align=left rowSpan=3><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>Any of the foregoing events or other events could cause revenues, customer additions, operating income, capital expenditures </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>and/or any other financial or statistical information to vary from U.S. Cellular&#146;s forward-looking estimates by a material </FONT><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>amount.</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
