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<SEC-DOCUMENT>0000821130-10-000021.txt : 20100917
<SEC-HEADER>0000821130-10-000021.hdr.sgml : 20100917
<ACCEPTANCE-DATETIME>20100602162116
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000821130-10-000021
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100602

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">United States Cellular Corporation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">8410 West Bryn Mawr Avenue</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Chicago, IL&nbsp; 60631</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">773-399-8900</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Fax:&nbsp; 773-399-8936</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">VIA EDGAR</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">June 2, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Mr. Larry Spirgel</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Assistant Director</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">United States Securities and Exchange Commission</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">100 F. Street, N.E.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Mail Stop 3720</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Washington, D.C. 20549</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Cellular Corporation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-K for the Fiscal Year ended December 31, 2009; and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 10-Q for the Period Ended March 31, 2010</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed February 25, 2010 and May 10, 2010, respectively</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File No. 1-09712 </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Dear Mr. Spirgel:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">This letter responds to your letter dated May 18, 2010, to Steven T. Campbell, Executive Vice President-Finance, Chief Financial Officer and Treasurer, of United States Cellular Corporation (&#147;Company&#148;), regarding the Securities and Exchange Commission (&#147;Commission&#148;) Staff&#146;s comments on the above-referenced filing. The Staff&#146;s comments are repeated below and are marked by number to correspond to the comment letter.&nbsp; References to page numbers below are those in the applicable document as filed.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Form 10-K for the Fiscal Year Ended December 31, 2009</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Exhibit 13</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Comment 1:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Note 1 Summary of Significant Accounting Policies and Recent Accounting Pronouncements, page 49</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">With a view towards expanded policy disclosure, explain to us how you are accounting for the Battery Swap program.&nbsp; Please reference in your response the accounting literature that you are relying upon as a basis for your policy.&nbsp; Also, explain to us your consideration of accounting for the Battery Swap program as a product warranty or a loss contingency. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Response 1:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">U.S. Cellular launched the Battery Swap program during the second quarter of 2009. &nbsp;The program is designed to enhance the customer experience for subscribers and to increase the retail traffic in stores. &nbsp;This program allows customers to swap their existing handset battery for a working, fully charged battery. &nbsp;The battery to be traded in does not need to be defective or damaged; rather, the customer can swap a battery if they simply have not charged it or for any other reason. &nbsp;Many of the batteries that are received in the exchange are tested, recharged, and distributed to future customers in the swap program. </FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt">1</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">This service is provided to all U.S. Cellular subscribers and does not require the customer to have purchased a handset from U.S. Cellular. &nbsp; </FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Prior to launch, we considered whether or not the program would represent a warranty arrangement as considered by FAS #5 (now ASC 460-10-25). &nbsp;We concluded that since the terms of the program do not require the battery to be damaged or defective, it is not a warranty arrangement but rather is a convenience service provided to customers. &nbsp; Further, to participate in the program, the customer is not required to have purchased the handset from U.S. Cellular; rather, all current customers are eligible. &nbsp;Based on these factors, we do not believe the program creates a warranty liability. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">We did not disclose our accounting policy for the Battery Swap program in Note 1 Summary of Significant Accounting Policies and Recent Accounting Pronouncements because the total cost of the program in 2009 was less than $15 million and, thus, was not considered to be a significant element of total costs and expenses.&nbsp; We will consider the need for expanded disclosure in future periods should the annual cost of the program increase to a level deemed significant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Comment 2:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Goodwill and Licenses Impairment Assessment, page 53</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">We note when estimating the fair value of goodwill and FCC licenses, you discounted cash flows using rates of 11.5% and 10% respectively.&nbsp; Normally, we would anticipate that the discount rate used to estimate the value of a reporting unit would be lower than the discount rate on an individual intangible asset of that reporting unit.&nbsp; Please explain and provide to us any supporting calculations used to select the discount rates for the reporting unit and the FCC license including a weighted average cost of capital (WACC) calculation and a weighted average return on asset (WARA) calculation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Response 2:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">A discount rate of 10% was used in valuing the FCC licenses, which was 1.5 percentage points lower than the&nbsp;WACC&nbsp;used for the overall reporting units.&nbsp; The overall Company WACC of 11.5% incorporates a company specific equity risk premium of 3.0 percentage points (with equity representing 50% of the WACC).&nbsp; This incremental risk premium reflects risks specific to the Company/Reporting Units (the unit of account for goodwill impairment testing) which have a different risk profile than that of the FCC licenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Greenfield approach values a license from the perspective that a buyer purchasing a license today must completely build the required network, and assumes the company owning the license is a new entrant into the market.&nbsp; Therefore, in valuing the licenses, we assumed that if an existing market participant buyer were to acquire the licenses, such a buyer could utilize the licenses within its existing business without bearing the additional operational risks specifically associated with the Company.&nbsp; The factors considered included:</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The reporting units incorporate additional operational risks associated with the Company that are not specific to the FCC licenses. &nbsp;For example, the large wireless providers have comparatively more spectrum, larger networks and a more diversified product mix compared to the Company. &nbsp;Given the competitive advantage in terms of size and functionality, market participants would not bear the incremental risk specific to the Company in reaching a broader base of customers; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The greater uncertainty around implementation of business initiatives (future projects) specific to the overall operations of the business but not to the FCC licenses; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The contractual nature of FCC licenses with the government; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The legal protection of the FCC license compared to the operations of the Company; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">FCC licenses are a scare resource and in high demand by numerous competitors in the industry, many of which have lower costs of capital than the Company; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT style="FONT-SIZE: 11pt">2</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
</DIV>
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<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Other intangible assets of the Company have relatively higher risk profiles (i.e., goodwill, trade names); </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The ability of the Company to win/maintain subscribers with its current operational structure; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Goodwill is a function of the Company's speculative ability to stay current with quick moving technology migrations over an extended period of time; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.8in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company brand could be irreparably harmed by an unforeseen event, which is a risk borne by the operations but not by the FCC licenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In short, systematic risks faced by the Company are borne disproportionately by the other intangible assets relative to the FCC licenses.&nbsp; As a result, the company specific risk premium of 3.0 percentage points was deducted from the calculation of the WACC to derive a discount rate of 10% which was a more appropriate rate to use when valuing the licenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">We have attached as Exhibit A our weighted average cost of capital calculation and weighted average return on asset calculations for each reporting unit.</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Definitive Proxy Statement</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Comment 3:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Risks Relating to Compensation to Executive Officers, page 32</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Risks from Compensation Policies and Practices, page 62</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">We note your disclosure in response to Item 402(s) of Regulation S-K.&nbsp; In your response letter, please describe the process undertaken to reach the conclusion that your compensation policies and practices are not reasonably likely to have a material adverse effect on the company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Response 3:</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The following describes the process undertaken to reach the conclusion that the Company&#146;s compensation policies and practices are not reasonably likely to have a material adverse effect on the Company, as disclosed in the Company&#146;s definitive proxy statement pursuant to Item 402(s) of Regulation S-K.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">As a threshold matter, the Company considered the following:</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company has not had any incident in which the Company&#146;s compensation policies and practices have resulted in a material adverse effect on the Company.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Furthermore, the Company has internal controls in place and has processes to identify deficiencies, including significant deficiencies and material weaknesses.&nbsp; These processes have not identified any compensation policies or practices that are reasonably likely to have a material adverse effect on the Company.&nbsp; </FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company also has an Enterprise Risk Management process that has not identified any compensation policies or practices that are reasonably likely to have a material adverse effect on the Company.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In addition, in connection with its process to review and identify risks for its Annual Report on Form 10-K, the Company has not identified any compensation policies or practices that are reasonably likely to have a material adverse effect on the Company.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Furthermore, as a telecommunications company, the Company does not believe that it faces the same level of risks associated with compensation as companies in certain other industries, such as banking and financial services.&nbsp; A telecommunications company faces general business risks similar to most other businesses and certain other risks relating to the telecommunications business, such as matters relating to technology and regulation (as disclosed in the Company&#146;s 2009 Annual Report on Form 10-K).&nbsp; However, the Company does not believe that a telecommunications business has the type of risks faced by banks and other financial institutions, such as those resulting from employees being regularly engaged in effecting large monetary transactions involving securities, derivatives, debt or other financial instruments or arrangements that could threaten its value.&nbsp; </FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Although the Company&#146;s compensation policies and practices have evolved over time, their risk characteristics have not changed in any material respect for several years.&nbsp; As disclosed in the definitive proxy statement, the Company believes that the elements of compensation are appropriately balanced between short and long-term compensation in a way that does not encourage excessive risk taking.&nbsp; </FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company does not believe that its compensation policies and practices are unusual in any significant respect and believes that they are comparable in many respects with those of many other public companies.&nbsp; </FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company&#146;s compensation policies and practices relating to executive officers have been developed over time with the assistance of its nationally-recognized compensation consultant, Tower Watson (f/k/a Towers Perrin).&nbsp; In addition, the Company&#146;s compensation policies and practices relating to non-executive officers and other employees are similar to the policies and practices relating to executive officers.</FONT></P>
<P align=center><FONT style="FONT-SIZE: 11pt">3</FONT></P>
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<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Prior to the adoption of Item 402(s) of Regulation S-K, if the Company believed, based on the foregoing considerations, or based on the advice of any compensation consultant, that any of its compensation policies or practices were reasonably likely to have a material adverse effect on the Company, it would have changed such policy or practice, or at least disclosed the risk.&nbsp; This was not necessary because, prior to the adoption of Item 402(s) of Regulation S-K, the Company did not believe that any of its compensation policies or practices were reasonably likely to have a material adverse effect on the Company.&nbsp; </FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The adoption of Item 402(s) of Regulation S-K expressly required the Company to make a disclosure in such event.&nbsp; Accordingly, notwithstanding&nbsp; its existing belief that its compensation policies and procedures were not reasonably likely to have a material adverse effect on the Company based upon the foregoing considerations, the Company undertook further action to reconfirm this belief.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Following the issuance by the Commission on December 16, 2009, of Release No. 33-9089/34-61175 (the &#147;Release&#148;), representatives of the Company reviewed the Release and the changes made by the Release to the Commission&#146;s rules (including the adoption of new rules), which included the adoption of Item 402(s) of Regulation S-K.&nbsp; In addition, representatives of the Company reviewed a client alert from its principal law firm and various other literature relating to the Release and rule changes.&nbsp; This information was summarized and changes to rules that were expected to apply to the Company were identified, including the adoption of Item 402(s) of Regulation S-K.&nbsp; The summary information was reviewed and discussed by certain representatives of the Company to determine further action that should be taken.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In addition, following the issuance of the Release, certain members of senior management and directors on the Audit Committee and the Long-Term Incentive Compensation Committee of the Company requested further information about the effect of the Release on the Company.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Accordingly, a presentation was prepared which described the rule changes, including the adoption of Item 402(s) of Regulation S-K, and identified the effects on the Company.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In addition, representatives of the Company reviewed the disclosures in proxy statements of numerous other companies (over 25) to determine the disclosures of the processes used and/or conclusions of such other companies with respect to Item 402(s) of Regulation S-K.&nbsp; Considering this, representatives of the Company prepared a document mapping potential risks of the various elements of compensation (including plans and arrangements) to executive officers, non-executive officers and all other employees.&nbsp; This document identified the Company&#146;s various compensation elements, described their characteristics and purposes, identified potential risks associated with each compensation element, and then described controls and mitigating factors.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The disclosures by other companies and the mapping prepared by the Company representatives were used to prepare draft disclosures responsive to Item 402(s) of Regulation S-K for (i) executive officers in the Compensation Discussion &amp; Analysis (&#147;CD&amp;A&#148;) and (ii) non-executive officers and other employees in the proxy statement section captioned &#147;Risks from Compensation Policies and Practices&#148;.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The foregoing considerations and draft disclosures were reviewed by and discussed with senior management and directors on the Audit Committee and the Long-Term Incentive Compensation Committee.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In addition, the drafts of the disclosures were circulated to senior management and all directors, who had the opportunity to review and comment on them.&nbsp; Changes were made to the draft disclosures based on these comments.&nbsp; These disclosures, as included for (i) executive officers in the CD&amp;A and (ii) non-executive officers and other employees under the caption &#147;Risks from Compensation Policies and Practices&#148;, provide summaries of the reasons why the Company believes that its compensation policies and practices are not reasonably likely to have a material adverse effect on the Company with respect to executive officers, non-executive officers and other employees.&nbsp; Reference is made to such disclosures which are not repeated here.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Finally, the entire board of directors approved the form of the proxy statement that included these disclosures.</FONT></P>
<P><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company believes that the foregoing processes were sufficient to conclude that the Company&#146;s compensation policies and practices are not reasonably likely to have a material adverse effect on the Company. </FONT></P>
<P align=center><FONT style="FONT-SIZE: 11pt">4</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In connection with responding to the Staff&#146;s comments, the Company acknowledges that</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<LI style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">the Company is responsible for the adequacy and accuracy of the disclosure in the filings;</FONT> </LI></UL>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<LI style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings; and </FONT></LI></UL>
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<LI style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</FONT> </LI></UL>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Company&#146;s management has reviewed the above responses to the Staff&#146;s comments with the Audit Committee of its Board of Directors and with its independent public accounting firm, PricewaterhouseCoopers LLP.&nbsp; If you have any questions, please contact me at (773) 399-4850 or Kenneth R. Meyers, Chief Accounting Officer, at (312) 592-5304.&nbsp;&nbsp; </FONT></P>
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     <TD vAlign=top width="100%" colSpan=2><FONT style="FONT-SIZE: 11pt">Yours truly,</FONT></TD></TR>
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     <TD vAlign=top width="20%"></TD>
     <TD vAlign=top width="80%"></TD></TR>
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     <TD vAlign=top width="100%" colSpan=2><FONT style="FONT-SIZE: 11pt">United States Cellular Corporation</FONT></TD></TR>
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     <TD vAlign=top width="80%"></TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By:</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="80%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Steven T. Campbell</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="80%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Steven T. Campbell</FONT></P>
<P style="MARGIN: 0in 0in 0pt 9.9pt; TEXT-INDENT: -9.9pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Executive Vice President-Finance,<BR>
Chief Financial Officer and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 21.9pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Treasurer</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">cc:</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Kenneth R. Meyers</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt">5</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">EXHIBIT A</FONT></P>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Weighted Average Cost of Capital Calculation and <BR>
</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Weighted Average Return an Asset Calculations </FONT></P>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">[See Attached]</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt">6</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=center>&nbsp;</P>
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     <TD align=right colSpan=9><B><FONT style="FONT-SIZE: 10pt">Exhibit 5</FONT></B></TD></TR>
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     <TD align=left colSpan=9 rowSpan=5><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>U.S. Cellular Corp.</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>ASC 350 Analysis</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WARA Analysis: Central Reporting Unit</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As of November 1, 2009</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>($ millions)</FONT></B> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><FONT face="Times New Roman"><B></B></FONT></FONT></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
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<TR vAlign=bottom></TR>
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     <TD colSpan=9></TD></TR>
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     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Asset Category</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Fair Value</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Required</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Return </FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1)</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Average Return</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Percent of</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Enterprise Value</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Fixed Assets </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,118.3</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>35.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Subscribers </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)</FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>961.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.2</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Trade Name </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)</FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>142.8</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>License </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)</FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>641.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>20.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Working Capital </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)</FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>120.8</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.8</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Goodwill </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)</FONT></TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>214.1</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>62.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.2</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Enterprise Value </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,198.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">11.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">100.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></U></B></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1)&nbsp;&nbsp; Required return represents the after-tax return required for each asset category. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(2)&nbsp;&nbsp; Fixed asset levels were obtained from balance sheets provided by management as of October 31, 2009, and were then adjusted to normalized levels based on discussions with management.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)&nbsp;&nbsp; Based on the results of the valuation of the subscribers.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)&nbsp;&nbsp; The fair value of the trade name, for the purpose of performing the WARA analysis only, was calculated using a relief from royalty methodology using projected billed revenue to subscribers, an after-tax royalty rate of 0.6 percent, a discount rate of 12.5 percent, and a 2.0 percent long-term growth rate.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)&nbsp;&nbsp; Based on the results of the valuation of the Licenses.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)&nbsp;&nbsp; Working capital is based on a normalized working capital level equal to 5.0 percent of 2010 projected revenue.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)&nbsp;&nbsp; Calculated as the difference between the Enterprise Value and the cumulative fair value of the other assets.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(8)&nbsp;&nbsp; Enterprise Value is based on the results of the DCF analysis.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marsh</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>7</FONT></P>
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     <TD align=right colSpan=9><B><FONT style="FONT-SIZE: 10pt">Exhibit 5</FONT></B></TD></TR>
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     <TD align=left colSpan=9 rowSpan=5><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>U.S. Cellular Corp.</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2></FONT><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>ASC 350 Analysis</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WARA Analysis: Mid-Atlantic Reporting Unit</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As of November 1, 2009</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>($ millions)</FONT></B></TD></TR>
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     <TD colSpan=9>&nbsp;</TD></TR>
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     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Asset Category</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Fair Value</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Required</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Return </FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1)</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Average Return</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Percent of</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Enterprise Value</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Fixed Assets </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>342.1</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>35.8</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Subscribers </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>290.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.2</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
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     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Trade Name </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>43.3</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
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     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>License </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>199.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>20.8</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
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     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Working Capital </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>36.9</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.9</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Goodwill </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>45.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>84.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.0</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Enterprise Value </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">957.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">11.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">100.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></U></B></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1)&nbsp;&nbsp; Required return represents the after-tax return required for each asset category. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(2)&nbsp;&nbsp; Fixed asset levels were obtained from balance sheets provided by management as of October 31, 2009, and were then adjusted to normalized levels based on discussions with management.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)&nbsp;&nbsp; Based on the results of the valuation of the subscribers.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)&nbsp;&nbsp; The fair value of the trade name, for the purpose of performing the WARA analysis only, was calculated using a relief from royalty methodology using projected billed revenue to subscribers, an after-tax royalty rate of 0.6 percent, a discount rate of 12.5 percent, and a 2.0 percent long-term growth rate.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)&nbsp;&nbsp; Based on the results of the valuation of the Licenses.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)&nbsp;&nbsp; Working capital is based on a normalized working capital level equal to 5.0 percent of 2010 projected revenue.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)&nbsp;&nbsp; Calculated as the difference between the Enterprise Value and the cumulative fair value of the other assets.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(8)&nbsp;&nbsp; Enterprise Value is based on the results of the DCF analysis.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marsh</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>8</FONT></P>
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     <TD align=right colSpan=9><B><FONT style="FONT-SIZE: 10pt">Exhibit 5</FONT></B></TD></TR>
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     <TD align=left colSpan=9 rowSpan=5><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>U.S. Cellular Corp.</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2></FONT><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>ASC 350 Analysis</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WARA Analysis: New England Reporting Unit</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As of November 1, 2009</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>($ millions)</FONT></B></TD></TR>
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     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Asset Category</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Fair Value</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Required</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Return </FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1)</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Average Return</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Percent of</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Enterprise Value</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Fixed Assets </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>130.4</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.4</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>32.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Subscribers </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>122.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Trade Name </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>19.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.7</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>License </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>104.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>25.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Working Capital </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16.2</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Goodwill </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>15.3</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>99.2</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Enterprise Value </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">407.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">11.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">100.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></U></B></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1)&nbsp;&nbsp; Required return represents the after-tax return required for each asset category. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(2)&nbsp;&nbsp; Fixed asset levels were obtained from balance sheets provided by management as of October 31, 2009, and were then adjusted to normalized levels based on discussions with management.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)&nbsp;&nbsp; Based on the results of the valuation of the subscribers.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)&nbsp;&nbsp; The fair value of the trade name, for the purpose of performing the WARA analysis only, was calculated using a relief from royalty methodology using projected billed revenue to subscribers, an after-tax royalty rate of 0.6 percent, a discount rate of 12.5 percent, and a 2.0 percent long-term growth rate.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)&nbsp;&nbsp; Based on the results of the valuation of the Licenses.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)&nbsp;&nbsp; Working capital is based on a normalized working capital level equal to 5.0 percent of 2010 projected revenue.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)&nbsp;&nbsp; Calculated as the difference between the Enterprise Value and the cumulative fair value of the other assets.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(8)&nbsp;&nbsp; Enterprise Value is based on the results of the DCF analysis.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marsh</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>9</FONT></P>
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     <TD align=right colSpan=9><B><FONT style="FONT-SIZE: 10pt">Exhibit 5</FONT></B></TD></TR>
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     <TD align=left colSpan=9 rowSpan=5><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>U.S. Cellular Corp.</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2></FONT><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>ASC 350 Analysis</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>WARA Analysis: Northwest Reporting Unit</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As of November 1, 2009</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>($ millions)</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
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<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Asset Category</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Fair Value</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Required</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Return </FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1)</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Average Return</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Percent of</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Enterprise Value</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Fixed Assets </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>122.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>35.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Subscribers </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>107.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.3</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Trade Name </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>15.4</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>License </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>57.0</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10.0</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.7</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16.6</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Working Capital </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>13.1</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.5</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.1</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.8</FONT></TD>
     <TD align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Goodwill </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29.5</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>51.3</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8.6</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Enterprise Value </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">344.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">11.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">100.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></U></B></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1)&nbsp;&nbsp; Required return represents the after-tax return required for each asset category. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(2)&nbsp;&nbsp; Fixed asset levels were obtained from balance sheets provided by management as of October 31, 2009, and were then adjusted to normalized levels based on discussions with management.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3)&nbsp;&nbsp; Based on the results of the valuation of the subscribers.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4)&nbsp;&nbsp; The fair value of the trade name, for the purpose of performing the WARA analysis only, was calculated using a relief from royalty methodology using projected billed revenue to subscribers, an after-tax royalty rate of 0.6 percent, a discount rate of 12.5 percent, and a 2.0 percent long-term growth rate.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5)&nbsp;&nbsp; Based on the results of the valuation of the Licenses.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6)&nbsp;&nbsp; Working capital is based on a normalized working capital level equal to 5.0 percent of 2010 projected revenue.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(7)&nbsp;&nbsp; Calculated as the difference between the Enterprise Value and the cumulative fair value of the other assets.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(8)&nbsp;&nbsp; Enterprise Value is based on the results of the DCF analysis.</FONT></P>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marsh</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>10</FONT></P>
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<P align=right><B><FONT style="FONT-SIZE: 10pt">Exhibit 1</FONT></B><BR>
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     <TD width="82%"></TD>
     <TD width="15%"></TD>
     <TD width="3%"></TD></TR>
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     <TD align=left colSpan=3 rowSpan=5><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">U.S. Cellular Corp.</FONT></B><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"></FONT><BR>
<B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ASC 350 Analysis</FONT></B><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Calculation of the WACC</FONT></B><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">As of November 1, 2009</FONT></B><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">($ millions except per share data)</FONT></B> <FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"></FONT></TD></TR>
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<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR>
     <TD colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
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     <TD align=left><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cost of Equity (Ke)</FONT></B></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Risk Free Rate (Rf) </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1)</FONT></P>
</TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4.19</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Equity Risk Premium (Rm - Rf) </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2)</FONT></P>
</TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.50</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Beta, Levered (based on Industry)</FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3)</FONT></P>
</TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.49</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Small Stock Risk Premium (SSRP) </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4)</FONT></P>
</TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.94</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company-Specific Risk Premium (CSRP) </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.00</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Calculated Cost of Equity (Rounded)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">17.80</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left>
<P style="MARGIN-LEFT: 0.5in"><I><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Cost of Equity (CAPM) = Rf1+(B*Rm-Rf2) + SSRP +CSRP</FONT></I></P>
</TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD colSpan=3><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cost of Debt (Kd)</FONT></B></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-Tax Cost of Debt </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6)</FONT></P>
</TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8.50</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Combined Effective Tax Rate </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(7)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">40.0</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Calculated After-Tax Cost of Debt (Rounded)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.10</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left>
<P style="MARGIN-LEFT: 0.5in"><I><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Cost of Debt = Baa Corporate Bond Yield * (1-Tax Rate)</FONT></I></P>
</TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD width="46%"></TD>
     <TD width="15%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD width="3%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid" align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=6><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CALCULATION OF THE WACC</FONT></B></TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#c0c0c0 colSpan=7><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#c0c0c0 rowSpan=2><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WACC</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Estimated</FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cost of Capital</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Capital Structure</FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Weight) </FONT><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0 colSpan=2 rowSpan=2><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Weighted Cost</FONT><FONT style="FONT-SIZE: 10pt"></FONT><BR>
<FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">of Capital</FONT></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left bgColor=#c0c0c0>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Equity</FONT></P>
</TD>
     <TD align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">17.80</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">50.0</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8.90</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left bgColor=#c0c0c0>
<P style="MARGIN-LEFT: 0.25in"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Debt</FONT></P>
</TD>
     <TD align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.10</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">50.0</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.55</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#c0c0c0><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WACC</FONT></B></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#c0c0c0><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">11.45</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0 colSpan=2>
<P style="MARGIN-LEFT: 0.25in"><I><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">WACC = (Ke x Equity Weight) + (Kd x Debt Weight)</FONT></I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#c0c0c0><I><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(Rounded)</FONT></I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#c0c0c0><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">11.50</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#c0c0c0><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">%</FONT></B></TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="9%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">TICKER</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">Levered Beta (9)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Price/Share (10)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shares Outstanding (11)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">Market Value (MM)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">Interest Bearing Debt (11)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Preferred Stock (11)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">Minority Interest (11)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total Capital</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Unlevered Beta (12)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="Times New Roman">Equity </FONT>to Capital</FONT> </TD></TR>
<TR>
     <TD colSpan=28><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif">PRIMARY GUIDELINE COMPANIES</FONT></I></B></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt"></FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Centennial Communications Corp.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">CYCL</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.87</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8.46</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111.2</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">940.4</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,026.3</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt"></FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.43</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,968.1</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">NM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">31.7</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Leap Wireless International Inc.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">LEAP</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.34</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">13.22</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">77.4</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,023.4</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,760.3</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt"></FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">77.81</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,861.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">NM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">NM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sprint Nextel Corp.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">S</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.40</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.96</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,875.8</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8,512.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">21,657.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt"></FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">30,169.5</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">NM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">NM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">iPCS Inc.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">IPCS</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.60</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">23.87</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16.6</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">395.6</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">475.4</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt"></FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">871.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.93</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">45.4</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">MetroPCS Communications Inc.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">PCS</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.99</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.23</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">352.1</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,193.9</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,613.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">7.06</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,814.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.50</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">37.7</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">United States Cellular Corp.</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">USM</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.38</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">36.61</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">86.9</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,180.4</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,007.7</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.00</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">57.07</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,245.2</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.14</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">74.9</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR>
     <TD colSpan=28><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD colSpan=28><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mean</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.26</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,707.7</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,256.6</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,995.8</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.86</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">47.4</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Median</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.36</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,608.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,393.3</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,053.3</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.93</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">41.6</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD></TR>
<TR>
     <TD colSpan=28><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=5><B><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">APPLICATION TO SUBJECT COMPANY:</FONT></B></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Unlevered </FONT>Beta</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Target Equity Market </FONT>Value</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Target Interest Bearing </FONT>Debt</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Preferred </FONT>Stock</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Minority </FONT>Interest</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Tax </FONT>Rate</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Levered Beta (12)</FONT></TD>
     <TD align=left><SUP><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif"></FONT></SUP></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right colSpan=4><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Primary Guideline Companies</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.93</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">50.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">50.0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">40</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT></TD>
     <TD align=right></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.49</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><B><U><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Notes:</FONT></U></B></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1)&nbsp;&nbsp; The risk-free rate utilized was the yield on 20-yr U.S. government bonds as of the Valuation Date.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2)&nbsp;&nbsp; The expected long-term equity risk premium is 6.5 percent as indicated by Ibbotson Associates&#146; Stocks, Bonds, Bills &amp; Inflation, 2009; Long-Horizon S&amp;P ERP. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(3)&nbsp;&nbsp; The beta utilized was the levered median beta of the guideline companies.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4)&nbsp;&nbsp; The premium as indicated by Ibbotson Associates&#146; Stocks, Bonds, Bills &amp; Inflation, 2009. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5)&nbsp;&nbsp;&nbsp; A Company-specific premium of 3.0 percent was applied based on facts and circumstances.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6)&nbsp;&nbsp; The pre-tax cost of debt was based on the U.S. Cellular&#146;s marginal cost of debt as well as a review of industry interest rates.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(7)&nbsp;&nbsp; The effective tax rate utilized is the estimated tax rate used in the projections.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)&nbsp;&nbsp; The capital structure/weight is based on our informed judgment and a review of the guideline companies. </FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT size=2>(9)&nbsp;&nbsp; Adjusted betas calculated on a weekly basis over the two week period prior to the Valuation Date.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(10)&nbsp;As of the Valuation Date, per Capital IQ.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(11)&nbsp;As of each company's most recent financial report, per Capital IQ.</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">(12)&nbsp;Levering Calculations: Unlevered Beta = Beta (Observed) / [1+ ((Debt+Preferred Stock+Minority Interest)/Equity) * (1-t)].</FONT></P>
<P style="MARGIN-LEFT: 0.25in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Relevered Beta = Unlevered Beta * [1+ (Debt+Preferred Stock+Minority Interest)/Equity) * (1-t)].</FONT></P>
<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marsh</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>11</FONT></P>
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