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Business Description
United States Cellular Corporation (U.S. Cellular) provides wireless telephone service to 4,409,000 customers through the operations of 182 majority-owned wireless licenses throughout the United States. It has expanded its wireless networks and customer service operations to cover seven market areas in 28 states as of December 31, 2003. Through a 2003 exchange transaction, the Company has rights to wireless licenses covering territories in two additional states and has the rights to commence service in those licensed areas in the future. The wireless licenses that U.S. Cellular includes in its consolidated operations cover a total population of more than one million in each market area. U.S. Cellular's ownership interests in wireless licenses include interests in licenses covering 165 cellular metropolitan statistical areas or rural service areas and 70 personal communication service basic trading areas.

Financial Information
For the nine months ended 9/30/04, revenues rose 11% to $2.12 billion. Net income before acctg. change rose 88% to $68.5 million. Revenues reflect an increase in the number of customers. Net income reflects the absence of loss on investments and higher gain on assets held for sale.