
[GRAPHIC OMITTED]


Contact: Will Seippel
Chief Financial Officer
404-525-7272


          AIRGATE PCS, INC. ANNOUNCES THIRD QUARTER FISCAL 2003 RESULTS
                          ----------------------------
                       STRENGTHENS FINANCIAL POSITION WITH
                CASH AND EQUIVALENTS INCREASING TO $30.8 MILLION

ATLANTA (August 14, 2003) - AirGate PCS, Inc. (OTCBB:  PCSA.OB), a PCS Affiliate
of Sprint,  today announced financial and operating results for its third fiscal
quarter and nine months ended June 30, 2003.

Highlights of the quarter include the following:

o    For  stand-alone  AirGate,  cash and cash  equivalents  increased  to $30.8
     million from $20.9 million from the second fiscal  quarter of 2003 and from
     $0.9 million from the first fiscal quarter of 2003.

o    Consolidated  net loss improved to ($8.2)  million from ($50.1)  million in
     the third  fiscal  quarter of 2002,  which  included  the  losses  from the
     unrestricted iPCS subsidiary in the third fiscal quarter of 2002.

o    For  stand  alone  AirGate,   EBITDA,  earnings  before  interest,   taxes,
     depreciation  and  amortization,  was $14.1  million,  an increase of $11.7
     million from $2.4 million in the third fiscal quarter of 2002.

Total  consolidated  revenues for the third fiscal  quarter  ended June 30, 2003
were $83.2 million compared with $122.8 million for the prior-year  period.  The
Company  reported a net loss of ($8.2)  million,  or ($0.32) per share,  for the
three months ended June 30, 2003,  compared with a net loss of ($50.1)  million,
or ($1.94)  per share,  in the same  period of fiscal  2002.  The results of the
unrestricted  iPCS  subsidiary are included in the  consolidated  results of the
third fiscal  quarter of 2002, but are excluded from the third fiscal quarter of
2003 as a result of iPCS filing a Chapter 11 bankruptcy petition on February 23,
2003 for the purpose of  effecting a  court-administered  reorganization.  On an
AirGate  stand-alone  basis,  total revenues were $83.2 million during the third
fiscal  quarter of 2003  compared  with $81.1  million  for the same period last
year. Net losses for AirGate on a stand-alone  basis were ($8.2) million for the
third  fiscal  quarter of 2003 and ($25.7)  million in the same period of fiscal
2002.

Consolidated  EBITDA, a non-GAAP financial measure, was $14.1 million during the
third  quarter of fiscal  2003,  which  compares  with an EBITDA  loss of ($3.8)
million during the third quarter of fiscal 2002. EBITDA for the third quarter of
fiscal 2003 was favorably  impacted by $1.8 million of settlements  from Sprint.
EBITDA for the third  quarter of fiscal  2002 was  negatively  impacted  by $5.4
million  primarily due to a revenue  reduction for  terminating  access  revenue
previously  paid to the  Company  by  Sprint  PCS on  behalf  of  long  distance
carriers.  On a stand-alone  basis,  EBITDA for AirGate was $14.1 million during
the third fiscal  quarter of 2003 and $2.4 million for the third fiscal  quarter
of 2002.

For the nine  months  ended June 30,  2003,  the Company  reported  consolidated
revenues of $320.7 million compared with $319.4 million for the same period last
year. The Company reported a net loss of ($76.9) million,  or ($2.97) per share,
for the nine months  ended June 30, 2003,  compared  with a net loss of ($381.6)
million or ($16.55) per share,  in the same period of 2002.  For the nine months
ended June 30, 2003,  stand-alone  AirGate had revenues of $241.8  million and a
net loss of ($40.0) million.  For the same period in 2002,  stand-alone  AirGate
had revenues of $226.1 million and a net loss of ($321.5) million.

Consolidated  EBITDA was $24.7 million for the first nine months of fiscal 2003.
EBITDA for the first nine months of fiscal 2003 was  favorably  impacted by $7.4
million due to  settlements  from Sprint.  On a  stand-alone  basis,  EBITDA for
AirGate was $31.9 million for the same period.

"Our  management  team made a  commitment  six months ago to focus on  improving
EBITDA and increasing cash while realizing  slower  subscriber  growth under our
`smart-growth'  strategy,"  said  Thomas  M.  Dougherty,   president  and  chief
executive  officer of AirGate PCS. "Now, two quarters  after  articulating  that
strategy,  we are very  pleased to report  that  AirGate  has a much more stable
financial position and has produced two consecutive  quarters of solid operating
results,  demonstrating  the execution of that strategy by our management  team.
Not only have we  improved  our net losses  for  stand-alone  AirGate  over last
quarter, but we also had our second consecutive quarter of double-digit positive
EBITDA.  Furthermore,  we increased our cash position to over $30 million during
the third fiscal  quarter,  which compares to just over $20 million last quarter
and less than $1 million the quarter  before that.  This was all achieved  while
maintaining positive,  but modest,  subscriber growth and generating some of our
most impressive network operating statistics in the history of the company."

"We have been single-minded in making decisions to improve our cash generation,"
Dougherty continued.  "We have increased our focus on the appropriate  structure
for  our  operations,   as  evidenced  by  another  reduction  in  headcount  of
approximately  70 employees in April 2003. While this produced a modest negative
impact on cash flow in the short term, it should provide benefits going forward.
Furthermore,   we  continue  to  leverage  our  existing  1x-RTT  network,  thus
minimizing required capital investment in the network."

"As for the measured  pace of our  subscriber  growth  under our  `smart-growth'
strategy,  we have focused our efforts on enhancing  the quality of our customer
base by attracting  and retaining  more prime credit  quality  customers,  which
accounted for  approximately  80% of our gross additions  during the quarter and
approximately 70% of our total subscriber base at the end of the quarter," added
Dougherty.  "While we are adding fewer new subscribers than we have in the past,
we believe our `smart-growth'  strategy will have greater long-term benefits for
AirGate as we develop a more stable  subscriber  base that should be less likely
to churn."



<PAGE>



Additional operating and performance  metrics,  which include non-GAAP financial
measures,  for the third quarter and nine months ended June 30, 2003 for AirGate
stand-alone and iPCS include the following:
<TABLE>
<CAPTION>


                                                        Quarter Ended Quarter Ended
                                       June 30, 2003                                   June 30, 2002
                          -----------------------------------------
                          ------------ ------------- --------------     -------------- -------------- --------------
                            AirGate       IPCS*        Combined            AirGate         IPCS         Combined
                          ------------ ------------- --------------     -------------- -------------- --------------
                          ------------ ------------- --------------     -------------- -------------- --------------
<S>                            <C>                     <C>                <C>            <C>            <C>
Gross Additions                38,919       --         38,919             47,529         32,370         79,899
Net Additions**                 5,593       --          5,593             11,404         14,675         26,079
Ending Subscribers            364,157       --        364,157            337,303        195,143        532,446
Churn*** (with                              --
subscriber reserve)              2.9%                    2.9%               3.3%           2.9%           3.2%
Churn*** (without                           --
subscriber reserve)              2.9%                    2.9%               3.6%           3.2%           3.4%
ARPU                           $59.90  $    --         $59.90             $57.52         $53.24         $55.97
CCPU                              $47  $    --            $47                $56            $59            $57
CPGA                             $399  $    --           $399               $418           $441           $436
EBITDA                    $14,084,000  $    --    $14,084,000         $2,371,000    ($6,203,000)   ($3,832,000)
Capital Expenditures       $3,715,000  $    --    $3,715, 000        $11,241,000    $17,641,000    $28,882,000
</TABLE>

<TABLE>
<CAPTION>


                                                   Nine Months Ended Nine Months Ended
                                       June 30, 2003                                  June 30, 2002
                          -----------------------------------------
                          ------------ ------------- --------------    --------------- -------------- --------------
                            AirGate       IPCS*        Combined           AirGate          IPCS         Combined
                          ------------ ------------- --------------    --------------- -------------- --------------
                          ------------ ------------- --------------    --------------- -------------- --------------
<S>                           <C>            <C>           <C>                <C>             <C>           <C>
Gross Additions               137,543        59,403        196,946            198,945         82,196        281,141
Net Additions**                25,018        14,199         39,217            102,280         45,521        147,801
Ending Subscribers            364,157       228,893        593,050            337,303        195,143        532,446
Churn*** (with
subscriber reserve)              3.3%          4.0%           3.7%               3.0%           2.4%           2.7%
Churn*** (without
subscriber reserve)              3.8%          4.9%           4.4%               3.9%           3.4%           3.6%
ARPU                           $58.47        $53.40         $57.33             $63.25         $55.44         $60.95
CCPU                              $48           $58            $51                $59            $67            $62
CPGA                             $351          $356           $355               $354           $399           $370
EBITDA                    $31,910,000  $(7,255,000)    $24,655,000      $(268,990,000)  $(23,961,000) $(292,951,000)
Capital Expenditures      $10,369,000   $8,469,000     $18,838,000        $32,280,000    $45,125,000    $77,405,000
</TABLE>

*  iPCS  calculations  reflect  results  up to  February  23,  2003;  operations
subsequent to this date have been excluded ** Elimination of subscriber  reserve
resulted in an increase in net additions of 4,187 (AirGate) and 2,252 (iPCS) ***
Churn is net of 30-day returns.

As  previously  announced,  our  unrestricted  subsidiary,  iPCS,  Inc.  and its
subsidiaries,  iPCS Wireless, Inc. and iPCS Equipment,  Inc., filed a Chapter 11
bankruptcy  petition  on  February  23,  2003,  for the  purpose of  effecting a
court-administered  reorganization.  Subsequent to February 23, 2003, AirGate no
longer  consolidates  the  accounts  and results of  operations  of iPCS and the
accounts  of iPCS  are  recorded  as an  investment  using  the cost  method  of
accounting.  The financial and operating  results  presented  here for the third
fiscal  quarter  of  2003  are  for  AirGate   stand-alone.   Accordingly,   the
accompanying consolidated balance sheet as of June 30, 2003 does not include the
consolidated  accounts  of  iPCS.  It  does,  however,   include  the  Company's
investment in iPCS as of February 23, 2003.



<PAGE>



AirGate PCS will hold a conference call to discuss this press release  tomorrow,
Friday,  August 15, 2003,  at 9:00 a.m. ET. A live  broadcast of the  conference
call    will    be    available     on-line    at     www.airgatepcsa.com     or
www.companyboardroom.com.  To listen to the live call, please go to the Web site
at least 15 minutes early to register, download, and install any necessary audio
software.  For those who cannot listen to the live  broadcast,  a replay will be
available  shortly  after the call  through  the close of business on August 22,
2003.

About AirGate PCS and iPCS

AirGate PCS,  Inc.,  excluding  its  unrestricted  subsidiary  iPCS,  is the PCS
Affiliate  of Sprint  with the right to sell  wireless  mobility  communications
network products and services under the Sprint brand in territories within three
states located in the Southeastern  United States. The territories  include over
7.2  million  residents  in  key  markets  such  as  Charleston,  Columbia,  and
Greenville-Spartanburg,  South  Carolina;  Augusta and  Savannah,  Georgia;  and
Asheville, Wilmington and the Outer Banks of North Carolina.

iPCS, Inc., a wholly owned unrestricted  subsidiary of AirGate PCS, Inc., is the
PCS Affiliate of Sprint with the right to sell wireless mobility  communications
network  products and services under the Sprint brand in 37 markets in Illinois,
Michigan,  Iowa and eastern Nebraska.  The territories  include over 7.4 million
residents in key markets such as Grand Rapids,  Michigan;  Champaign-Urbana  and
Springfield, Illinois; and the Quad Cities areas of Illinois and Iowa.

AirGate  and iPCS  are  separate  corporate  entities  that  have  discrete  and
independent  financing sources,  debt obligations and sources of revenue.  As an
unrestricted subsidiary, iPCS's lenders, noteholders and creditors do not have a
lien or  encumbrance on assets of AirGate.  Further,  AirGate  generally  cannot
provide capital or other financial support to iPCS.

About Sprint

Sprint  operates  the  largest,  100-percent  digital,  nationwide  PCS wireless
network  in the  United  States,  already  serving  more than  4,000  cities and
communities  across the  country.  Sprint has licensed PCS coverage of more than
280 million people in all 50 states, Puerto Rico and the U.S. Virgin Islands. In
August 2002,  Sprint became the first wireless  carrier in the country to launch
next  generation  services  nationwide  delivering  faster  speeds and  advanced
applications  on  Vision-enabled  Phones and devices.  For more  information  on
products and services, visit  www.sprint.com/mr.  PCS is a wholly-owned tracking
stock of Sprint  Corporation  trading on the NYSE under the symbol "PCS." Sprint
is a global communications company with approximately 72,000 employees worldwide
and  nearly  $27  billion  in  annual  revenues  and is  widely  recognized  for
developing, engineering and deploying state-of-the-art network technologies.



<PAGE>



Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking  statements that are based on current
expectations,  estimates, forecasts and projections about the wireless industry,
our  beliefs  and  our  management's  assumptions.   Words  such  as  "expects,"
"anticipates,"  "targets," "goals," "projects,"  "intends," "plans," "believes,"
"seeks,"  "estimates"  and variations of such words and similar  expressions are
intended to identify such forward-looking  statements.  These statements are not
guarantees of future  performance and involve certain risks,  uncertainties  and
assumptions  that are  difficult  to predict.  Therefore,  actual  outcomes  and
results  may  differ  materially  from what is  expressed  or  forecast  in such
forward-looking statements.

Factors that could cause  actual  results to differ  include:  the impact of the
iPCS  bankruptcy  filing,  including the potential loss of all value in the iPCS
common stock held by AirGate;  the unsettled nature of the wireless market;  the
potential  need for  additional  sources  of  liquidity;  the  current  economic
slowdown;  the  potential  to  continue  to  experience  a high rate of customer
turnover;  our ability to predict future customer  growth,  as well as other key
operating  metrics;  the  competitiveness  and impact of Sprint wireless pricing
plans, products and services; the ability to successfully launch and leverage 3G
products and services; customer credit quality; our ability to retain customers;
the ability of Sprint to provide back office,  customer care and other  services
or our ability to outsource these services;  the impact on our relationship with
Sprint of our efforts to more closely examine Sprint charges and amounts payable
by Sprint;  the prices  charged  by Sprint for its  services;  the impact of our
disputes with Sprint;  consumer purchasing patterns;  potential  fluctuations in
quarterly results; an adequate supply of subscriber equipment;  risks related to
our  ability  to  compete  with  larger,  more  established  businesses;   rapid
technological  and market change;  risks related to future growth and expansion;
rates of  penetration  in the  wireless  industry;  impacts of spending  cuts on
network  quality,  customer  retention and customer growth;  anticipated  future
losses;  the significant  level of indebtedness;  adequacy of bad debt and other
reserves; and the volatility of AirGate PCS' stock price.

For a detailed  discussion of these and other cautionary  statements and factors
that could  cause  actual  results to differ from those  contained  in this news
release,  please refer to AirGate PCS' filings with the  Securities and Exchange
Commission  ("SEC"),  especially in the "risk  factors"  section of AirGate PCS'
Form 10-K for the fiscal  year ended  September  30,  2002 and Form 10-Q for the
quarter ended June 30, 2003, and in subsequent  filings with the SEC.  Except as
otherwise  required under federal  securities laws and the rules and regulations
of the SEC, we do not have any  intention or  obligation to update or revise any
forward-looking  statements,  whether  as a result  of new  information,  future
events, changes in assumptions or otherwise.

Financial Measures and Key Operating Metrics

In this press  release,  the  Company  uses  several key  operating  metrics and
non-GAAP  financial  measures.  In Schedule I, the Company defines each of these
metrics and provide a reconciliation of non-GAAP  financial measures to the most
directly  comparable  GAAP  financial  measure.  These  financial  measures  and
operating metrics are a supplement to GAAP financial  information and should not
be considered as an alternative to, or more meaningful than, net loss, cash flow
or operating loss as determined in accordance with GAAP.


<PAGE>

<TABLE>
<CAPTION>


                       AirGate PCS, Inc. and Subsidiaries
                    Condensed Balance Sheet at June 30, 2003
                                   (Unaudited)
           (dollars in thousands, except share and per share amounts)


                                                               AirGate PCS,
                                                                    Inc.
                                                              --------------
<S>                                                                 <C>
Assets
Current assets:
     Cash and cash equivalents                                      $  30,793
     Accounts receivable, net                                          23,388
     Receivable from Sprint PCS                                        13,709
     Inventories                                                        2,043
     Prepaid expense                                                    4,403
     Other current assets                                                 474
                                                                    =========
Total current assets                                                   74,810

Property and equipment, net                                           184,493
Financing costs                                                         6,985
Other assets                                                            5,748
                                                                    ---------
Total assets                                                       $  272,036
                                                                   ==========


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
     Accounts payable and accrued expenses                          $  12,663
     Payable to Sprint PCS                                             40,005
     Deferred revenue                                                   7,739
     Current maturities of long-term debt and capital
        lease obligations                                              11,850
                                                                    ---------
 Total current liabilities                                             72,257

Long-term debt and capital lease obligations,
   excluding current maturities                                       375,400
Investment in iPCS                                                    184,115
Other long term liabilities                                             9,566
                                                                    ---------
Total liabilities                                                     641,338




Stockholders' equity (deficit):
     Common stock                                                         260
     Additional paid-in-capital                                       924,086
     Unearned stock compensation                                         (522)
     Accumulated deficit                                           (1,293,126)
                                                                  ------------
       Total stockholders' equity (deficit)                          (369,302)
                                                                  ------------
       Total liabilities and stockholders' equity (deficit)         $ 272,036
                                                                   ===========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                       AirGate PCS, Inc., and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)
           (dollars in thousands, except share and per share amounts)


                                                       Three Months Ended                     Nine Months Ended
                                                            June 30,                               June 30,
                                              -------------------------------------  -------------------------------------
                                                    2003               2002                2003                2002
                                              -------------------------------------  -------------------------------------
Revenues:
<S>                                            <C>                  <C>                   <C>                <C>
   Service revenue                             $  64,936            $ 87,219              $ 242,928          $ 230,422
    Roaming revenue                               15,764              32,000                 67,019             75,458
    Equipment revenue                              2,486               3,590                 10,773             13,523
                                               -------------------------------------  -------------------------------------
                                                  83,186             122,809                320,720            319,403
                                               -------------------------------------  -------------------------------------

Operating Expenses:
  Cost of services and roaming (exclusive
   of depreciation, as shown separately below)  (46,040)                    (82,401)          (193,956)           (216,698)
  Cost of equipment                              (4,969)                     (9,718)           (22,400)            (29,982)

     Selling and marketing                      (12,703)                    (28,131)           (57,280)            (85,568)

    General and administrative expenses          (5,224)                     (6,208)           (21,910)            (18,277)
    Non-cash stock compensation expense            (177)                       (183)              (530)               (597)
    Depreciation and amortization               (11,588)                    (30,760)           (55,822)            (77,241)
    Goodwill impairment                              -                            -                  -            (261,212)
                                               ------------------------------------  -------------------------------------

      Total operating expenses                  (80,701)                  (157,401)           (351,898)           (689,575)
                                               -------------------------------------  -------------------------------------
     Operating loss
                                                 2,485                     (34,592)            (31,178)           (370,172)
                                              -------------------------------------  -------------------------------------

    Interest income                                27                          314                  94                 530
    Interest expense                          (10,770)                     (15,801)            (45,869)            (40,732)

    Other expense                                 11                            -                   11                 (20)

                                             -------------------------------------  -------------------------------------
      Loss before income tax benefit          (8,247)                     (50,079)             (76,942)           (410,394)

                                              -------------------------------------  -------------------------------------
     Income tax benefit                           -                             -                   -               28,761
                                             -------------------------------------  -------------------------------------
      Net loss                              $ 8,247)                   $  (50,079)            $(76,942)     $     (381,633)

                                            -------------------------------------  -------------------------------------


Basic and diluted net loss per share of common stock               $(0.32)            $(1.94)             $(2.97)           $(16.55)


Basic and diluted weighted-average outstanding common shares   25,939,836         25,801,138          25,897,415         23,059,151
</TABLE>




<PAGE>

<TABLE>
<CAPTION>




                                                     AirGate PCS, Inc., and Subsidiaries
                          Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2003
                                                                 (Unaudited)
                                          (dollars in thousands, except share and per share amounts)

                                                                                                     Consolidated
                                          AirGate                                                      AirGate
                                         PCS, Inc.           iPCS, Inc.        Eliminations           PCS, Inc.
                                      -----------------   -----------------  ------------------  ---------------------

Revenues:
<S>                                    <C>                       <C>            <C>                   <C>
     Service revenue                   $    64,936               $   -          $        -            $     64,936

     Roaming revenue                        15,764                   -                   -                  15,764
    Equipment revenue                        2,486                   -                   -                   2,486

                                      -----------------   -----------------  ------------------  ---------------------
                                            83,186                   -                   -                  83,186


Operating Expenses:
Cost of services and roaming
     (exclusive of depreciation,
     as shown separately below)           (46,040)                  -                  -                   (46,040)

     Cost of equipment                     (4,969)                  -                  -                    (4,969)

     Selling and marketing                (12,703)                  -                  -                   (12,703)

     General and administrative expenses   (5,224)                  -                  -                    (5,224)

      Non-cash stock compensation expense    (177)                  -                  -                      (177)

     Depreciation and amortization        (11,588)                  -                  -                   (11,588)
                                          -----------------   -----------------  ------------------  ---------------------
      Total operating expenses            (80,701)                  -                  -                   (80,701)
                                           -----------------   -----------------  ------------------  ---------------------

      Operating loss                       2,485                     -                  -                     2,485
     Interest expense, net               (10,732)                    -                  -                   (10,732)

                                        -----------------  ------------------  ---------------------
       Loss before income tax benefit
                                         (8,247)                     -                  -                   (8,247)
        Income tax benefit
                                             -                       -                  -                        -
                                        -----------------   -----------------
                                                                               ------------------  ---------------------
       Net loss                          (8,247)                    -                  -                    (8,247)

                                        =================   =================  ==================  =====================

</TABLE>

Note: AirGate did not apply push down accounting for the acquisition of iPCS.



<PAGE>

<TABLE>
<CAPTION>
                       AirGate PCS, Inc., and Subsidiaries
 Condensed Consolidating Statements of Operations for the Nine Months Ended June 30, 2003
                                   (Unaudited)
           (dollars in thousands, except share and per share amounts)


                                                                                                                        Consolidated
                                                                   AirGate                                                AirGate
                                                                  PCS, Inc.           iPCS, Inc.        Eliminations       PCS, Inc.
                                                               -----------------   -----------------  ------------------ -----------
 <S>                                                                    <C>                <C>                  <C>             <C>
Revenues:


     Service revenue
                                                              $     185,032       $       57,896           $  -              242,928
     Roaming revenue
                                                                     48,126               18,893             -                67,019
     Equipment revenue
                                                                      8,641                2,575           (443)              10,773
                                                               -----------------   -----------------  ------------------  ----------
                                                                    241,799
                                                                                          79,364             (443)           320,720

Operating Expenses:
Cost of services and roaming (exclusive
of depreciation, as shown separately below)
                                                                   (138,208)           (56,191)               443          (193,956)
     Cost of equipment
                                                                    (15,270)            (7,130)                -            (22,400)
     Selling and marketing
                                                                    (40,863)            (16,417)               -            (57,280)
     General and administrative expenses
                                                                     15,029)            (6,881)                -            (21,910)
     Non-cash stock compensation expense
                                                                       (530)               -                   -               (530)
     Depreciation and amortization
                                                                    (41,145)            (14,677)               -            (55,822)
                                                               -----------------   -----------------  ------------------  ----------
        Total operating expenses
                                                                   (251,045)          (101,296)               443          (351,898)
                                                               -----------------   -----------------  ------------------  ----------
       Operating loss
                                                                    (9,246)             (21,932)              -             (31,178)
     Interest expense, net
                                                                   (30,712)             (15,052)               -            (45,764)
                                                               -----------------   -----------------  ------------------  ----------
       Loss before income tax benefit
                                                                   (39,958)            (36,984)               -             (76,942)
       Income tax benefit
                                                                      -                                       -                   -
                                                               -----------------   ----------------- ------------------   ----------

       Net loss                                                 $  (39,958)     $      (36,984)          $                   $
                                                                                                              -             (76,942)
                                                               =================   =================  ==================  ==========

</TABLE>

Note: AirGate did not apply push down accounting for the acquisition of iPCS.


<PAGE>




                                   SCHEDULE I

Financial  Measures  and Key  Operating  Metrics We use  certain  operating  and
financial  measures  that  are not  calculated  in  accordance  with  accounting
principles  generally  accepted  in the  United  States,  or  GAAP.  A  non-GAAP
financial  measure is defined as a numerical  measure of a  company's  financial
performance  that (i) excludes  amounts,  or is subject to adjustments that have
the effect of excluding  amounts,  that are included in the  comparable  measure
calculated  and presented in accordance  with GAAP in the statement of income or
statement of cash flows; or (ii) includes amounts,  or is subject to adjustments
that have the effect of including amounts, that are excluded from the comparable
measure so calculated and presented.

Terms such as  subscriber  net  additions,  average  revenue per user  ("ARPU"),
churn,  cost per gross  addition  ("CPGA")  and cash cost per user  ("CCPU") are
important  operating metrics used in the wireless  telecommunications  industry.
These metrics are important to compare us to other wireless  service  providers.
ARPU,  CCPU and CPGA also assist  management  in budgeting and CPGA also assists
management in quantifying  the  incremental  costs to acquire a new  subscriber.
Except for churn and net subscriber additions, we have included a reconciliation
of these metrics to the most directly  comparable GAAP financial measure.  Churn
and subscriber net additions are operating  statistics  with no comparable  GAAP
financial  measure.  ARPU,  CPGA  and  CCPU are  supplements  to GAAP  financial
information  and should not be considered an alternative  to, or more meaningful
than, revenues, expenses or net loss as determined in accordance with GAAP.

Earnings before interest, taxes, depreciation and amortization,  or "EBITDA", is
a  performance  metric we use and which is used by other  companies.  Management
believes  that  EBITDA is a useful  adjunct  to net loss and other  measurements
under GAAP because it is a  meaningful  measure of a company's  performance,  as
interest,  taxes,  depreciation and amortization can vary significantly  between
companies due in part to differences  in accounting  policies,  tax  strategies,
levels of indebtedness,  capital purchasing practices and interest rates. EBITDA
also assists  management in evaluating  operating  performance  and is sometimes
used to evaluate performance for executive compensation.  We have included below
a presentation of the GAAP financial measure most directly comparable to EBITDA,
which is net loss,  as well as a  reconciliation  of EBITDA to net loss. We have
also  provided a  reconciliation  to net cash  provided  by (used in)  operating
activities as supplemental information. EBITDA is a supplement to GAAP financial
information  and should not be considered an alternative  to, or more meaningful
than,  net loss,  cash flow or operating  loss as determined in accordance  with
GAAP.  EBITDA has distinct  limitations as compared to GAAP  information such as
net loss,  cash flow or operating  loss. By excluding  interest and tax payments
for  example,  an investor  may not see that both  represent a reduction in cash
available  to  the  Company.  Likewise,  depreciation  and  amortization,  while
non-cash  items,  represent  generally  the  devaluation  of assets that produce
revenue for the Company.

EBITDA,  ARPU, churn, CPGA and CCPU as used by the Company may not be comparable
to a similarly titled measure of another company.

The following terms used in this report have the following meanings:

"EBITDA" means earnings before interest, taxes, depreciation and amortization.

"ARPU"  summarizes  the average  monthly  service  revenue  per user,  excluding
roaming revenue.  ARPU is computed by dividing service revenue for the period by
the average subscribers for the period.

"Churn" is the average monthly rate of subscriber turnover that both voluntarily
and  involuntarily  discontinued  service  during  the  period,  expressed  as a
percentage  of the average  subscriber  base.  Churn is computed by dividing the
number of subscribers that discontinued service during the period, net of 30-day
returns, by the average subscribers for the period.

"CPGA" summarizes the average cost to acquire new subscribers during the period.
CPGA is  computed  by adding  the income  statement  components  of selling  and
marketing,  cost of  equipment  and  activation  costs  (which are included as a
component of cost of service) and reducing that amount by the equipment  revenue
recorded.  That net amount is then divided by the total new subscribers acquired
during the period.

"CCPU" is a measure of the average monthly cash costs to operate the business on
a per user basis consisting of subscriber support,  network operations,  service
delivery,  roaming expense, bad debt expense, wireless handset upgrade subsidies
(but not commissions)  and other general and  administrative  costs,  divided by
average subscribers for the period.


<PAGE>

                       AirGate PCS, Inc. and Subsidiaries
   Reconciliation of AirGate Stand-Alone and iPCS Non-GAAP Financial Measures
                    for the Three Months Ended June 30, 2003 and 2002
                                  (Unaudited)
                (dollars in thousands, except per unit amounts)

The  reconciliation  of  EBITDA  to net cash  provided  by (used  in)  operating
activities, as determined in accordance with GAAP, is as follows (dollar amounts
in thousands):
<TABLE>
<CAPTION>
                                                                         Quarter Ended June 30,
                                                           2003                                         2002
                                          ---------------------------------------    -------------------------------------------
                                            AirGate       iPCS        Combined          AirGate           iPCS        Combined
                                            -------       ----        --------          -------           ----        --------
<S>                                        <C>              <C>         <C>               <C>             <C>            <C>
Net cash provided by (used in)
operating activities                       $ 14,109        $ --        $  14,109        $(11,035)       $   113       $ (10,922)
  Change in operating assets and
liabilites                                     (180)         --             (180)         17,752         (4,124)         13,628
  Interest expense                           10,770          --           10,770           8,764          7,037          15,801
  Accretion of interest                      (8,540)         --           (8,540)         (7,439)        (6,526)        (13,965)
  Interest and other income                     (27)         --              (27)            (23)          (291)           (314)
  Provision for doubtful accounts            (1,569)         --           (1,569)         (5,163)        (2,330)         (7,493)
  Other expense                                (479)         --             (479)           (485)           (82)           (567)
                                           --------        ----         --------        --------       --------        ---------
EBITDA                                     $ 14,084        $ --         $ 14,084        $  2,371       $ (6,203)       $ (3,832)
                                           ========        ====         ========        ========       ========        =========
</TABLE>

The  reconciliation  of  EBITDA  to our  reported  net loss,  as  determined  in
accordance with GAAP, is as follows (dollar amounts in thousands):
<TABLE>
<CAPTION>
                                                                    Quarter Ended June 30,
                                                       2003                                                2002
                                  -----------------------------------------------      ---------------------------------------------
                                   AirGate           iPCS             Combined            AirGate          iPCS           Combined
                                   -------           ----             --------            -------          ----           --------
<S>                                 <C>              <C>                <C>                 <C>             <C>              <C>
Net Loss                            $ (8,247)           $ --            $ (8,247)         $(25,696)       $ (24,383)       $(50,079)
    Depreciation and amortization     11,588              --              11,588            19,326           11,434          30,760
    Interest income                      (27)             --                 (27)              (23)            (291)           (314)
    Interest expense                  10,770              --              10,770             8,764            7,037          15,801
                                    --------            ----            --------           -------         ---------       ---------
    EBITDA                          $ 14,084            $ --            $ 14,084           $ 2,371         $ (6,203)       $ (3,832)
                                    ========            ====            ========           =======         =========        ========
</TABLE>

The reconciliation of ARPU to service revenue, as determined in accordance with
GAAP, is as follows (dollar amounts in thousands, except per unit data):
<TABLE>
<CAPTION>
                                                                        Quarter Ended June 30,
                                                          2003                                           2002
                                        -----------------------------------------     -------------------------------------------
                                          AirGate         iPCS        Combined          AirGate          iPCS         Combined
                                          -------         ----        --------          -------          ----         --------
<S>                                        <C>                            <C>              <C>            <C>             <C>
Average Revenue per User (ARPU):
Service revenue                            $64,936         --         $64,936          $57,221        $29,998         $87,219
Average subscribers                        361,361         --         361,361          331,601        187,806         519,407
  ARPU                                      $59.90         --          $59.90           $57.52         $53.24          $55.97
</TABLE>


The  reconciliation  of CCPU  to  cost of  service  expense,  as  determined  in
accordance  with GAAP, is calculated  as follows  (dollar  amounts in thousands,
except per unit data):
<TABLE>
<CAPTION>
                                                                         Quarter Ended June 30,
                                                          2003                                           2002
                                         ----------------------------------------     -------------------------------------------
                                          AirGate         iPCS         Combined          AirGate            iPCS         Combined
                                          -------         ----         --------          -------            ----         --------
<S>                                        <C>               <C>          <C>              <C>               <C>           <C>
Cash Cost per User (CCPU):
Cost of service expense                    $ 46,040          $ --         $ 46,040          $ 51,276*       $31,808*      $82,401
Less: Activation expense                       (333)           --             (333)             (337)          (216)         (553)
Plus: General and administrative
      expense                                 5,224            --            5,224             4,495          1,713         6,208
                                           --------          -----        --------          --------       -------
     Total cash costs                      $ 50,931          $ --         $ 50,931          $ 55,434        $33,305       $88,056
                                           ========          ====         ========          ========        =======       =======
Average subscribers                         361,361            --          361,361           331,601        187,806       519,407
     CCPU                                       $47           $--              $47               $56            $59           $57
</TABLE>

The  reconciliation of CPGA to selling and marketing  expense,  as determined in
accordance  with GAAP, is calculated  as follows  (dollar  amounts in thousands,
except per unit data):

<TABLE>
<CAPTION>
                                                                         Quarter Ended June 30,
                                                           2003                                          2002
                                          ---------------------------------------     --------------------------------------------
                                          AirGate         iPCS         Combined          AirGate           iPCS          Combined
                                          -------         ----         --------          -------           ----          --------
<S>                                         <C>              <C>           <C>              <C>              <C>            <C>
Cost per Gross Add (CPGA):
Sales and marketing expense              $12,703          $ --          $12,703          $15,850*         $11,428*       $ 28,131
Plus: Activation expense                     333            --              333              337              216             553
Plus: Cost of equipment                    4,969            --            4,969            6,290*           3,428*          9,718
Less: Equipment revenue                   (2,486)           --           (2,486)          (2,627)*           (792)*        (3,590)

     Total acquisition costs             $15,519          $ --          $15,519          $19,850         $ 14,280        $ 34,812
                                         =======          ====          =======          =======         ========        ========
Gross Additions                           38,919            --           38,919           47,529           32,370          79,899
     CPGA                                   $399           $--             $399             $418             $441            $436
</TABLE>

<PAGE>

                       AirGate PCS, Inc. and Subsidiaries
   Reconciliation of AirGate Stand-Alone and iPCS Non-GAAP Financial Measures
                    for the Nine Months Ended June 30, 2003 and 2002
                                   (Unaudited)
                 (dollars in thousands, except per unit amounts)

The  reconciliation  of  EBITDA  to net cash  provided  by (used  in)  operating
activities, as determined in accordance with GAAP, is as follows (dollar amounts
in thousands):

<TABLE>
<CAPTION>
                                                                      Nine Months Ended June 30,
                                                        2003                                          2002
                                        --------------------------------------       ---------------------------------------
                                         AirGate        iPCS**       Combined          AirGate           iPCS       Combined
<S>                                       <C>             <C>             <C>            <C>           <C>          <C>
Net cash provided by (used in)
   operating activities                   $ 29,736       $(9,086)       $20,650        $(24,294)     $ (24,503)     $ (48,797)
Change in operating assets and
liabilites                                     290           541            831          30,725          6,744         37,469
     Interest expense                       30,775        15,094         45,869          25,743         14,989         40,732
     Accretion of interest                 (24,158)      (11,589)       (35,747)        (21,323)       (15,118)       (36,441)
     Goodwill impairment                        --            --             --        (261,212)            --       (261,212)
     Interest income                           (52)          (42)           (94)           (156)          (374)          (530)
     Provision for doubtful accounts        (3,724)       (1,693)        (5,417)        (16,968)        (5,374)       (22,342)

     Other expense                            (957)         (480)        (1,437)         (1,505)          (325)        (1,830)
                                          ---------      ----------     --------       ---------       --------        -------
EBITDA                                    $ 31,910       $(7,255)       $24,655       $(268,990)      $(23,961)    $ (292,951)
                                          ========       ========       ========       =========       =========     ==========
</TABLE>


The  reconciliation  of  EBITDA  to our  reported  net loss,  as  determined  in
accordance with GAAP, is as follows (dollar amounts in thousands):
<TABLE>
<CAPTION>

                                                                     Nine Months Ended June 30,
                                                       2003                                                2002
                                  -----------------------------------------------      ---------------------------------------------
                                    AirGate           iPCS**           Combined            AirGate          iPCS            Combined
                                    -------           ----             --------            -------          ----            --------
<S>                                 <C>                <C>               <C>             <C>               <C>             <C>
Net Loss                            $(39,958)          $(36,984)        $(76,942)       $(321,461)        $(60,172)       $(381,633)
    Depreciation and
     amortization                     41,145             14,677           55,822           55,645           21,596           77,241
    Interest income                      (52)               (42)             (94)            (156)            (374)            (530)
    Interest expense                  30,775             15,094           45,869           25,743           14,989           40,732
    Income tax  benefit                   --                 --               --          (28,761)              --          (28,761)
                                -------------      ------------       -----------        ---------       ----------        ---------
    EBITDA                          $ 31,910          $ (7,255)         $ 24,655        $(268,990)        $(23,961)       $(292,951)
                                    ========          =========          ========        =========         ========        =========
</TABLE>

The reconciliation of ARPU to service revenue, as determined in accordance with
GAAP, is as follows (dollar amounts in thousands, except per unit data):
<TABLE>
<CAPTION>
                                                                      Nine Months Ended June 30,
                                                          2003                                           2002
                                         ----------------------------------------     -------------------------------------------
                                          AirGate        iPCS**        Combined          AirGate          IPCS         Combined
<S>                                      <C>              <C>           <C>              <C>              <C>           <C>
Average Revenue per User (ARPU):
Service revenue                          $ 185,032        $57,896      $ 242,928         $ 162,886        $67,536       $ 230,422
Average subscribers                        351,648        222,794        470,798           286,163        172,383         420,028
  ARPU                                      $58.47         $53.40         $57.33           $ 63.25        $ 55.44          $60.95
</TABLE>


<PAGE>

The  reconciliation  of  CCPU  to  cost  of  service  expense  and  general  and
administrative  expense as determined in accordance  with GAAP, is calculated as
follows (dollar amounts in thousands, except per unit data):
<TABLE>
<CAPTION>

                                                                      Nine Months Ended June 30,
                                                          2003                                            2002
                                         ----------------------------------------       -----------------------------------------
                                          AirGate        iPCS**        Combined          AirGate          iPCS          Combined
<S>                                       <C>             <C>            <C>              <C>             <C>              <C>
Cash Cost per User (CCPU):
Cost of service expense                   $ 138,208*      $ 56,191*      $ 193,956        $ 144,182*      $ 73,199*        $216,698
Less: Activation expense                       (747)          (194)           (941)          (1,260)          (596)          (1,856)
Plus: General and administrative expense     15,029          6,881          21,910            9,057          9,220           18,277
                                          -----------    ----------     ----------       -----------    ----------       -----------
     Total cash costs                      $152,490        $62,878       $ 214,925        $ 151,979        $81,823         $233,119
                                           ========        =======       =========        =========        =======         ========
Average subscribers                         351,648        222,794         470,798          286,163        172,383          420,028
     CCPU                                       $48            $58             $51             $ 59           $ 67             $ 62
</TABLE>


The  reconciliation of CPGA to selling and marketing  expense,  as determined in
accordance  with GAAP, is calculated  as follows  (dollar  amounts in thousands,
except per unit data):
<TABLE>
<CAPTION>
                                                                       Nine Months Ended June 30,
                                                           2003                                           2002
                                          ---------------------------------------       ------------------------------------------
                                          AirGate        iPCS**        Combined          AirGate          IPCS           Combined
<S>                                         <C>            <C>             <C>             <C>             <C>            <C>
Sales and marketing expense                 $40,863        $16,417         $57,280         $ 59,925        $25,643        $ 85,568
Plus: Activation expense                        747            194             941            1,260            596           1,856
Plus: Cost of equipment                      15,271          7,129          22,400           20,129          9,853          29,982
Less: Equipment revenue                      (8,641)*       (2,575)*       (10,773)         (10,934)*       (3,272)*       (13,523)
                                             ------         ------         -------           -------        ------         -------
     Total acquisition costs                $48,240        $21,165         $69,848         $ 70,380        $32,820       $ 103,883
                                            =======        =======         =======         ========        =======       =========
Gross Additions                             137,543         59,403         196,946          198,945         82,196         281,141
       CPGA                                    $351           $356            $355             $354           $399            $370
</TABLE>

*Amounts are reflected prior to the elimination of intercompany transactions.

** For 2003,  iPCS  amounts  represent  the period  between  October 1, 2002 and
February 23,  2003.  For 2003,  average  subscribers  for  combined  entity is a
weighted  average.



