<table><tr><th>From:</th><th>Richard Kah</th></tr><tr><td>Sent:</td><td>Monday, November 16, 2015 4:11 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: New Issue $25 Par. United States Cellular Corporation (NYSE: USM) 7.25%
-7.375% </td></tr><tr><td>Attachments:</td><td>United States Cellular Corp. Prospectus Supplement.pdt Untitled attachment
00200.htm </td></tr></table>

please advise
thank you

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York. NY 10022
tel: 
fax: 
cel:

Begin forwarded message:

From: =/b>"Atlas, Andrew Ol

Subject: =/b>New Issue $25 =ar: United States Cellular Corporation (NYSE: USM) 7.25%=7.375%

Date: =/b>November 16, 2015 at 10:12:44 =M EST

To: =/b>"Richard Kahn (

Hi =ich,

Hope you had a nice weekend.

New=lssue $25 Par Preferred Offering today that I wanted to show Southern =rust Company.

United States Cellular Corporation (NYSE:USM)

&nb=p; =

Issuer: &n=sp; &nbs=; =nited States Cellular Corporation (Ticker: USM)

Securities =ffered: Senior =nsecured Notes

Expected Ratings: =nbsp; &n=sp; &nbs=;

Ba1=/ BB / BB+ (neg/stable/stable)

Size: &nbs=; =150mm (6mm $25 par notes)

Tenor: =nbsp; &n=sp; 49 NC5

&nb=p; =

Maturity: =nbsp; &n=sp; December 1, 2064

Price =uidance: = & =bsp; 7.25 - 7.375%

&nb=p; =

Offer =rice: &n=sp; =25 per security

&nb=p; =

Payment =ates: &n=sp; &nbs=; Quarterly, beginning March 1, =016

Optional =edemption: &nb=p;

In =hole or in part, at any time on or after December 1, 2020 at a =edemption price equal to 100% of the principal amount redeemed plus =ccrued and unpaid interest to the redemption date. See Red for Details.

Use=of Proceeds:

For=General Corporate Purposes, which may include acquisitions of =dditional spectrum.

&nb=p;      =

DRD/QDI =ligible:        =       &=bsp; No

Subject to U.S. Tax Withholding for NRA =lients      &=bsp;      &nb=p;      Generally No*

Listing: =nbsp;      &n=sp;      &nbs=;      NYSE

Please let me know if you have any questions.

Best,

Andrew

Andrew S. Atlas

Financial =dvisor

Equity Sales/Middle Markets Group
Morgan Stanley Wealth Management

Midtown Manhattan =omplex

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

Tel/Direct:

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