From: Richard Kahn - =—t—‘<‘;«CS To: "jeffrey E." <jeevacation@gmail.com> Subject: Fwd: New Issue $25 Par: United States Cellular Corporation (NYSE: USM) 7.25% -7.375% Date: Mon, 16 Nov 2015 16:10:59 +0000 Attachments: United States Cellular Corp. Prospectus _Supplement.pdf please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: "Atlas, Andrew S" Subject: New Issue $25 Par: United States Cellular Corporation (NYSE: USM) 7.25% -7.375% Date: November 16, 2015 at 10:12:44 AM EST Hi Rich, Hope you had a nice weekend. New Issue $25 Par Preferred Offering today that | wanted to show Southern Trust Company. United States Cellular Corporation (NYSE:USM) Issuer: United States Cellular Corporation (Ticker: USM) Securities Offered: Senior Unsecured Notes Expected Ratings: Bal / BB / BB+ (neg/stable/stable) Size: $150mm (6mm $25 par notes) Tenor: 49 NCS Maturity: December 1, 2064 Price Guidance: 7.25 - 7.375% Offer Price: $25 per security Payment Dates: Quarterly, beginning March 1, 2016 Optional Redemption: EFTA00690286

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In whole or in part, at any time on or after December 1, 2020 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date. See Red for Details. Use of Proceeds: For General Corporate Purposes, which may include acquisitions of additional spectrum. DRD/QDI Eligible: No Subject to U.S. Tax Withholding for NRA Clients Generally No* Listing: NYSE Please let me know if you have any questions. Best, Andrew Andrew S. Atlas Financial Advisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management Midtown Manhattan Complex 1290 Avenue of the Americas, 12™ Floor | New York, NY 10104 Tel/Direct: +1 212 705 4521 | Fax: +1 212 705 4592 andrew.atlas@morganstanley.com Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank you. The sender of this e-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: http//www.morganstanley.com/disclaimers/mssbemail.html. If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing. EFTA00690287