Exhibit 99.l NEWS RELEASE

As previously announced, U.S. Cellular will hold a teleconference May 1, 2015 at 9:30 a.m. CDT. Listen to the live call via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

U.S. cellular reports first quarter 2015 results

Increases guidance for operating cash flow and adjusted EBITDA

CHICAGO, (May 1, 2015) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $965.2 million for the first quarter of 2015, versus $925.8 million for the same period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $160.1 million and $1.89, respectively, for the first quarter of 2015, compared to $19.5 million and $0.23, respectively, in the comparable period one year ago.

“We had another encouraging quarter at U.S. Cellular, building on the turnaround in customer growth that we achieved in 2014,” said Kenneth R. Meyers, U.S. Cellular president and CEO. “We grew our postpaid customer base through strong sales of connected devices and significantly lower customer churn, and we significantly increased operating cash flow.

“We are pleased with the strong adoption of shared data plans and increasing number of devices per account, which are driving revenue growth. Our 4G LTE network will cover 98 percent of customers by the end of the year.

“We are focused on continuing to grow our customer base and increasing revenue and operating cash flow in 2015 by offering innovative services and exciting devices that run on our high-quality network.”

2015 Estimated Results

U.S. Cellular’s estimates of full-year 2015 results are shown below. Such estimates represent management’s view as of May 1, 2015. Such forward‑looking statements should not be assumed to be current as of any future date. U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events or otherwise. There can be no assurance that final results will not differ materially from such estimated results.

	2015 Estimated Results
	Current	Previous
(Dollars in millions)
Total operating revenues	$4,000-$4,200	Unchanged
Operating cash flow (1)	$400-$500	$350-$450
Adjusted EBITDA (1)	$580-$680	$530-$630
Capital expenditures	$600	Unchanged

(1) Operating cash flow is defined as net income, adjusted for the items set forth in the reconciliation below. Adjusted EBITDA is defined as net income, adjusted for the items set forth in the reconciliation below. Operating cash flow and Adjusted EBITDA exclude these items in order to show operating results on a more comparable basis from period to period. From time to time, U.S. Cellular may exclude other items from Operating cash flow and/or Adjusted EBITDA if such items help reflect operating results on a more comparable basis. U.S. Cellular does not intend to imply that any such items that are excluded are non-recurring, infrequent or unusual; such items may occur in the future. Operating cash flow and Adjusted EBITDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”) and should not be considered as alternatives to net income as indicators of the company’s operating performance or as alternatives to cash flows from operating activities, determined in accordance with GAAP, as indicators of cash flows or as measures of liquidity. U.S. Cellular believes Operating cash flow and Adjusted EBITDA are useful measures of U.S. Cellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as indicated below. The following tables provide a reconciliation to Operating cash flow and Adjusted EBITDA for 2015 estimated results, actual results for the three months ended March 31, 2015 and 2014 actual results:

			Actual Results
		2015 Estimated Results (2)	Three Months Ended March 31, 2015	Year Ended December 31, 2014
(Dollars in millions)
Net income (loss) (GAAP)		N/A	$165	($47)
Add back:
	Income tax expense (benefit)	N/A	$108	($12)
Income (loss) before income taxes (GAAP)		$140-$240	$273	($59)
Add back:
	Interest expense	$80	$20	$57
	Depreciation, amortization and accretion expense	$580	$147	$606
EBITDA		$800-$900	$440	$605
Add back (deduct):
	(Gain) loss on sale of business and other exit costs, net	($110)	($111)	($33)
	(Gain) loss on license sales and exchanges, net	($125)	($123)	($113)
	(Gain) loss on assets disposals, net	$15	$4	$21
Adjusted EBITDA		$580-$680	$209	$480
Deduct:
	Equity in earnings of unconsolidated entities	($130)	($34)	($130)
	Interest and dividend income	($50)	($8)	($12)
Operating cash flow (3)		$400-$500	$167	$338

Note: Totals may not foot due to rounding differences.

(2) In providing 2015 Estimated Results, U.S. Cellular has not completed the above reconciliation to net income because it does not provide guidance for income taxes. U.S. Cellular believes that the impact of income taxes cannot be reasonably predicted; therefore, the company is unable to provide such guidance. Accordingly, a reconciliation to net income is not available without unreasonable effort.

(3) A reconciliation of Operating cash flow (Non-GAAP) to Operating income (GAAP) for March 31, 2015 actual results can be found on the company's website at investors.uscellular.com.

Conference Call Information

U.S. Cellular will hold a conference call on May 1, 2015 at 9:30 a.m. Central Time.

§ Access the live call on the Events & Presentation page of investors.uscellular.com or at http://www.videonewswire.com/event.asp?id=102201.

§ Access the call by phone at 877/407-8029 (US/Canada), no pass code required.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com.

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 4.8 million customers in 23 states. The Chicago-based company had 6,600 full- and part-time associates as of March 31, 2015. At the end of the first quarter of 2015, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

Contacts

Jane McCahon, Vice President, Corporate Relations and Corporate Secretary

312-592-5379

jane.mccahon@tdsinc.com

Julie Mathews, Investor Relations Manager

312-592-5341

julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: impacts of any pending acquisition and divestiture transactions, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of products and services offered by U.S. Cellular. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission (“SEC”), which are incorporated by reference herein.

United States Cellular Corporation
Summary Operating Data (Unaudited)

As of or for the Quarter Ended			3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Retail Customers
	Postpaid
		Total at end of period		4,307,000		4,298,000		4,200,000		4,148,000		4,174,000
		Gross additions		200,000		302,000		251,000		190,000		197,000
		Net additions (losses)		9,000		98,000		52,000		(26,000)		(93,000)
		ARPU (1)	$	54.87	$	56.51	$	56.37	$	56.82	$	57.59
		ARPA (2)	$	134.94	$	136.13	$	132.99	$	131.95	$	132.03
		Churn rate (3)		1.5%		1.6%		1.6%		1.7%		2.3%
		Smartphone penetration (4)		66.9%		64.8%		61.7%		58.4%		55.8%
	Prepaid
		Total at end of period		360,000		348,000		350,000		352,000		356,000
		Gross additions		73,000		60,000		64,000		65,000		85,000
		Net additions (losses)		12,000		(2,000)		(2,000)		(4,000)		13,000
		ARPU (1)	$	35.72	$	35.33	$	34.40	$	34.02	$	32.22
		Churn rate (3)		5.8%		5.9%		6.3%		6.5%		6.9%
Total customers at end of period				4,775,000		4,760,000		4,674,000		4,653,000		4,684,000
Billed ARPU (1)			$	52.29	$	53.63	$	53.24	$	53.36	$	53.93
Service revenue ARPU (1)			$	58.01	$	60.10	$	60.92	$	60.32	$	60.19
Smartphones sold as a percent of total handsets sold				85.7%		86.5%		80.8%		79.0%		78.2%
Total population
		Consolidated markets (5)		45,737,000		50,906,000		54,817,000		54,817,000		54,817,000
		Consolidated operating markets (5)		31,814,000		31,729,000		31,729,000		31,729,000		31,729,000
Market penetration at end of period
		Consolidated markets (6)		10.4%		9.4%		8.5%		8.5%		8.5%
		Consolidated operating markets (6)		15.0%		15.0%		14.7%		14.7%		14.8%
Capital expenditures (000s)			$	66,460	$	181,655	$	142,452	$	143,927	$	89,581
Total cell sites in service				6,219		6,220		6,209		6,183		6,165
Owned towers (7)				3,955		4,281		4,487		4,457		4,448

(1) Average Revenue Per User (“ARPU”) metrics are calculated by dividing a revenue base by an average number of customers by the number of months in the period. These revenue bases and customer populations are shown below:

a. Postpaid ARPU consists of total postpaid service revenues and postpaid customers.

b. Prepaid ARPU consists of total prepaid service revenues and prepaid customers.

c. Billed ARPU consists of total postpaid, prepaid and reseller service revenues and postpaid, prepaid and reseller customers.

d. Service revenue ARPU consists of total postpaid, prepaid and reseller service revenues, inbound roaming and other service revenues and postpaid, prepaid and reseller customers.

(2) Average Revenue Per Account (“ARPA”) metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts by the number of months in the period.

(3) Churn metrics represent the percentage of the postpaid or prepaid customers that disconnect service each month. These metrics represent the average monthly postpaid or prepaid churn rate for each respective period.

(4) Smartphones represent wireless devices which run on an Android, Apple, BlackBerry or Windows Mobile operating system, excluding connected devices. Smartphone penetration is calculated by dividing postpaid smartphone customers by total postpaid handset customers.

(5) The decrease in the population of Consolidated markets is due primarily to the license exchange transactions of certain non-operating licenses in North Carolina in December 2014 and Illinois and Indiana in March 2015. Total Population is used only to calculate market penetration of consolidated markets and consolidated operating markets, respectively. See footnote (6) below.

(6) Market penetration is calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated markets and consolidated operating markets, respectively, as estimated by Claritas. The increase in consolidated markets penetration is due primarily to a lower denominator as a result of the license divestitures described in footnote (5) above.

(7) During the quarters ended March 31, 2015 and December 31, 2014, sold 359 and 236 towers, respectively, in divested markets.

United States Cellular Corporation
Consolidated Statement of Operations Highlights
Three Months Ended March 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
							Change
			2015		2014		Amount		Percent
Operating revenues
	Service		$	828,211	$	853,613	$	(25,402)	(3%)
	Equipment sales			137,034		72,198		64,836	90%
		Total operating revenues		965,245		925,811		39,434	4%

Operating expenses
	System operations (excluding Depreciation, amortization and accretion reported below)			190,677		180,607		10,070	6%
	Cost of equipment sold			238,301		270,474		(32,173)	(12%)
	Selling, general and administrative			368,968		395,564		(26,596)	(7%)
	Depreciation, amortization and accretion			147,085		167,753		(20,668)	(12%)
	(Gain) loss on asset disposals, net			4,251		1,934		2,317	>100%
	(Gain) loss on sale of business and other exit costs, net			(111,477)		(6,900)		(104,577)	>100%
	(Gain) loss on license sales and exchanges, net			(122,873)		(91,446)		(31,427)	(34%)
		Total operating expenses		714,932		917,986		(203,054)	(22%)

Operating income				250,313		7,825		242,488	>100%

Investment and other income (expense)
	Equity in earnings of unconsolidated entities			34,471		37,075		(2,604)	(7%)
	Interest and dividend income			7,566		884		6,682	>100%
	Interest expense			(19,964)		(14,862)		(5,102)	(34%)
	Other, net			105		86		19	22%
		Total investment and other income		22,178		23,183		(1,005)	(4%)

Income before income taxes				272,491		31,008		241,483	>100%
	Income tax expense			107,501		12,604		94,897	>100%
Net income				164,990		18,404		146,586	>100%
	Less: Net income (loss) attributable to noncontrolling interests, net of tax			4,926		(1,078)		6,004	>(100%)
Net income attributable to U.S. Cellular shareholders			$	160,064	$	19,482	$	140,582	>100%

Basic weighted average shares outstanding				84,042		84,213		(171)	—
Basic earnings per share attributable to U.S. Cellular shareholders			$	1.90	$	0.23	$	1.67	>100%

Diluted weighted average shares outstanding				84,838		85,065		(227)	—
Diluted earnings per share attributable to U.S. Cellular shareholders			$	1.89	$	0.23	$	1.66	>100%

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)

ASSETS


		March 31,		December 31,
		2015		2014
Current assets
	Cash and cash equivalents	$	336,893	$	211,513
	Accounts receivable from customers and others		558,998		556,958
	Inventory, net		164,900		267,068
	Prepaid expenses		69,702		59,744
	Net deferred income tax asset		77,246		93,058
	Other current assets		18,112		90,834
			1,225,851		1,279,175

Assets held for sale			22,203		107,055

Investments
	Licenses		1,827,102		1,443,438
	Goodwill		370,151		370,151
	Investments in unconsolidated entities		304,501		283,014
			2,501,754		2,096,603

Property, plant and equipment
	In service and under construction		7,426,410		7,458,740
	Less: Accumulated depreciation		4,781,293		4,730,523
			2,645,117		2,728,217

Other assets and deferred charges			211,453		276,218

Total assets		$	6,606,378	$	6,487,268

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)

LIABILITIES AND EQUITY


			March 31,		December 31,
			2015		2014
Current liabilities
	Current portion of long-term debt		$	57	$	46
	Accounts payable
		Affiliated		8,044		9,774
		Trade		245,170		306,845
	Customer deposits and deferred revenues			301,419		287,562
	Accrued taxes			139,407		36,652
	Accrued compensation			36,957		66,162
	Other current liabilities			130,780		149,853
				861,834		856,894

Liabilities held for sale				---		20,934

Deferred liabilities and credits
	Net deferred income tax liability			816,999		859,867
	Other deferred liabilities and credits			295,287		284,002

Long-term debt				1,151,901		1,151,819

Noncontrolling interests with redemption features				6,619		1,150

Equity
U.S. Cellular shareholders' equity
	Series A Common and Common Shares, par value $1 per share			88,074		88,074
	Additional paid-in capital			1,478,910		1,472,558
	Treasury shares			(170,544)		(169,139)
	Retained earnings			2,067,455		1,910,498
		Total U.S. Cellular shareholders' equity		3,463,895		3,301,991

Noncontrolling interests				9,843		10,611

	Total equity			3,473,738		3,312,602

Total liabilities and equity			$	6,606,378	$	6,487,268

United States Cellular Corporation
Consolidated Statement of Cash Flows
Three Months Ended March 31,
(Unaudited, dollars in thousands)

			2015		2014
Cash flows from operating activities
	Net income (loss)		$	164,990	$	18,404
	Add (deduct) adjustments to reconcile net income to cash flows from operating activities
		Depreciation, amortization and accretion		147,085		167,753
		Bad debts expense		29,132		20,492
		Stock-based compensation expense		5,740		4,955
		Deferred income taxes, net		(26,166)		(4,817)
		Equity in earnings of unconsolidated entities		(34,471)		(37,075)
		Distributions from unconsolidated entities		12,985		12,818
		(Gain) loss on asset disposals, net		4,251		1,934
		(Gain) loss on sale of business and other exit costs, net		(111,477)		(6,900)
		(Gain) loss on license sales and exchanges, net		(122,873)		(91,446)
		Noncash interest expense		386		269
		Other operating activities		—		47
	Changes in assets and liabilities from operations
		Accounts receivable		(1,437)		79,586
		Equipment installment plans receivable		(36,498)		2,394
		Inventory		102,167		19,306
		Accounts payable		(18,691)		(40,557)
		Customer deposits and deferred revenues		13,419		(1,510)
		Accrued taxes		189,387		(15,403)
		Accrued interest		9,504		9,182
		Other assets and liabilities		(71,955)		(75,896)
				255,478		63,536

Cash flows from investing activities
	Cash used for additions to property, plant and equipment			(116,079)		(109,498)
	Cash paid for acquisitions and licenses			(279,656)		(9,135)
	Cash received from divestitures and exchanges			274,111		103,042
	Cash received for investments			—		10,000
	Other investing activities			1,151		584
				(120,473)		(5,007)

Cash flows from financing activities
	Common shares reissued for benefit plans, net of tax payments			487		316
	Common shares repurchased			(2,302)		(2,000)
	Payment of debt issuance costs			(3,018)		—
	Acquisition of towers in common control transaction			(2,437)		—
	Distributions to noncontrolling interests			(225)		(346)
	Other financing activities			(2,130)		(23)
				(9,625)		(2,053)

Net increase in cash and cash equivalents				125,380		56,476

Cash and cash equivalents
	Beginning of period			211,513		342,065
	End of period		$	336,893	$	398,541

United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited, dollars in thousands)

			Three Months Ended
			March 31,
				2015		2014

	Cash flows from operating activities		$	255,478	$	63,536
	Add: Sprint Cost Reimbursement			15,712		11,254
	Less: Cash used for additions to property, plant and equipment			116,079		109,498
		Adjusted free cash flow (1)	$	155,111	$	(34,708)

(1) Adjusted free cash flow is defined as Cash flows from operating activities (which includes cash outflows related to the Sprint decommissioning), as adjusted for cash proceeds from the Sprint Cost Reimbursement (which are included in Cash flows from investing activities in the Consolidated Statement of Cash Flows), less Cash used for additions to property, plant and equipment. Adjusted free cash flow is a non-GAAP financial measure which U.S. Cellular believes may be useful to investors and other users of its financial information in evaluating the amount of cash generated by business operations (including cash proceeds from the Sprint Cost Reimbursement), after Cash used for additions to property, plant and equipment.