U.S. Cellular Announces Sale of Towers in Divested Markets

CHICAGO, (December 4, 2014) — United States Cellular Corporation (NYSE: USM) today announced that it has entered into a definitive agreement with Vertical Bridge Holdings, LLC to sell 595 towers for approximately $159 million. The transaction is expected to close in the first quarter of 2015.

“We are very pleased to announce this transaction,” said Kenneth R. Meyers, U.S. Cellular president and CEO. “We will use the proceeds from the sale of these non-strategic assets to invest in other long-term investments that position U.S. Cellular for future growth opportunities.”

“Vertical Bridge is excited to acquire this portfolio of core towers in large metropolitan markets,” said Alexander L. Gellman, CEO of Vertical Bridge. “Many of these sites are in locations that would be very difficult to replace. We are also happy to work again with a quality counterparty like U.S. Cellular.”

Wells Fargo Securities, LLC and TD Securities (USA) LLC served as financial advisors to U.S. Cellular on this transaction.

About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to 4.7 million customers in 23 states. The Chicago-based company had 6,500 full- and part-time associates as of Sept. 30, 2014. At the end of the third quarter of 2014, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

Visit investors.uscellular.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information, and more. U.S. Cellular: www.uscellular.com

About Vertical Bridge Holdings, LLC 
Vertical Bridge Holdings is a privately-owned real estate investment trust focused on the ownership of wireless communication towers in the U.S. The company owns, operates and manages telecommunications towers, rooftops, and site locations across the country. Vertical Bridge was founded in 2014 by Digital Bridge Holdings, LLC as well as certain key executives from Global Tower Partners and is headquartered in Boca Raton, Florida. For more information, please visit www.verticalbridge.com or call Traci Clancy at 561-948-6367.

Media Contact 
Jane McCahon, Vice President, Corporate Relations and Corporate Secretary

Julie Mathews, Investor Relations Manager

U.S. Cellular