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United States Cellular Corporation
Management’s Discussion and Analysis of Financial Condition and Results of Operations
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
SAFE HARBOR CAUTIONARY STATEMENT
This Management’s Discussion and Analysis of Financial Condition and Results of Operations and other
sections of this Annual Report contain statements that are not based on historical facts, including the
words ‘‘believes,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘expects’’ and similar words. These statements constitute and
represent ‘‘forward-looking statements’’ as this term is defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, events or developments to be significantly different from any future
results, events or developments expressed or implied by such forward-looking statements. Such risks,
uncertainties and other factors include, but are not limited to, the following risks:
• Intense competition in the markets in which U.S. Cellular operates could adversely affect U.S. Cellular’s
revenues or increase its costs to compete.
• A failure by U.S. Cellular to successfully execute its business strategy (including planned acquisitions,
divestitures and exchanges) or allocate resources or capital could have an adverse effect on U.S.
Cellular’s business, financial condition or results of operations.
• A failure by U.S. Cellular’s service offerings to meet customer expectations could limit U.S. Cellular’s
ability to attract and retain customers and could have an adverse effect on U.S. Cellular’s business,
financial condition or results of operations.
• U.S. Cellular’s system infrastructure may not be capable of supporting changes in technologies and
services expected by customers, which could result in lost customers and revenues.
• Changes in roaming practices or other factors could cause U.S. Cellular’s roaming revenues to decline
from current levels and/or impact U.S. Cellular’s ability to service its customers in geographic areas
where U.S. Cellular does not have its own network, which would have an adverse effect on U.S.
Cellular’s business, financial condition or results of operations.
• A failure by U.S. Cellular to obtain access to adequate radio spectrum to meet current or anticipated
future needs and/or to accurately predict future needs for radio spectrum could have an adverse effect
on U.S. Cellular’s business, financial condition or results of operations.
• To the extent conducted by the Federal Communications Commission (‘‘FCC’’), U.S. Cellular is likely to
participate in FCC auctions of additional spectrum in the future as an applicant or as a noncontrolling
partner in another auction applicant and, during certain periods, will be subject to the FCC’s
anti-collusion rules, which could have an adverse effect on U.S. Cellular.
• Changes in the regulatory environment or a failure by U.S. Cellular to timely or fully comply with any
applicable regulatory requirements could adversely affect U.S. Cellular’s business, financial condition
or results of operations.
• Changes in Universal Service Fund (‘‘USF’’) funding and/or intercarrier compensation could have an
adverse impact on U.S. Cellular’s business, financial condition or results of operations.
• An inability to attract and/or retain highly competent management, technical, sales and other personnel
could have an adverse effect on U.S. Cellular’s business, financial condition or results of operations.
• U.S. Cellular’s assets are concentrated in the U.S. wireless telecommunications industry. As a result, its
results of operations may fluctuate based on factors related primarily to conditions in this industry.
• U.S. Cellular’s lower scale relative to larger competitors could adversely affect its business, financial
condition or results of operations.
• Changes in various business factors could have an adverse effect on U.S. Cellular’s business, financial
condition or results of operations.
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