<SUBMISSION>
<ACCESSION-NUMBER>0000950137-03-004966
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20030924
<ITEMS>5
<ITEMS>7
<FILING-DATE>20030926
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AIRGATE PCS INC /DE/
<CIK>0001086844
<ASSIGNED-SIC>4813
<IRS-NUMBER>582422929
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-27455
<FILM-NUMBER>03912815
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>233 PEACHTREE ST NE
<STREET2>SUITE 1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
<PHONE>4045257272
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>233 PEACHTREE ST
<STREET2>SUITE 1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c79805e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>e8vk</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION
</FONT>

<P align="center"><FONT size="3">Washington, D.C. 20549
</FONT>

<P align="center"><FONT size="5">FORM 8-K
</FONT>

<P align="center"><FONT size="3">CURRENT REPORT<BR>
</FONT>
<FONT size="2">Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934
</FONT>
<P align="center"><FONT size="2">Date of Report (Date of earliest event reported): September&nbsp;24, 2003
</FONT>
<P align="center"><FONT size="6">AIRGATE PCS, INC.
</FONT>

<P align="center"><FONT size="2">(Exact name of Registrant as specified in its charter)</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">027455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">58-2422929</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">(State or other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" nowrap valign="top"><FONT size="2">(Commission File Number)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(IRS Employer</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">jurisdiction of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">Identification</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">Number)</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Harris Tower, 233 Peachtree Street N.E., Suite&nbsp;1700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
30303
</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Atlanta, Georgia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(Zip Code)<br>
</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">(404)&nbsp;525-7272<BR>
(Registrant&#146;s telephone number, including area code)
</FONT>
<P align="center"><FONT size="2">N/A<BR>
(Former name or former address, if changed since last report)
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5. Other Events</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c79805exv99w1.htm">EX-99.1 Press Release</A></TD></TR>
<TR><TD colspan="9"><A HREF="c79805exv99w2.htm">EX-99.2 Support Agreement</A></TD></TR>
</TABLE>
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<!-- link2 "Item&nbsp;5. Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="left"><A name="a000"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;5. Other Events
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;24, 2003, AirGate PCS, Inc., a Delaware corporation
(&#147;AirGate&#148;), issued a press release announcing its intent to pursue a
registered exchange offer pursuant to which it will offer to exchange all of
its outstanding $300&nbsp;million aggregate principal amount 13 1/2% Senior
Subordinated Discount Notes due 2009 (&#147;Old Notes&#148;) for $160&nbsp;million aggregate
principal amount of new 9 3/8% Senior Subordinated Secured Notes due 2009 and
new shares of AirGate common stock which will represent approximately 56% of
the outstanding equity. AirGate has entered into a Support Agreement dated
September&nbsp;24, 2003 with noteholders representing more than two-thirds of the
principal amount of the Old Notes pursuant to which such noteholders have
agreed to tender their Old Notes in the exchange offer. The Press Release and
the form of Support Agreement are attached hereto as exhibits 99.1 and 99.2,
respectively, and are incorporated herein by reference.
</FONT>
<!-- link2 "Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV align="left"><A name="a001"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;7. Financial Statements, Pro Forma Financial Information and Exhibits
</FONT>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="left"><FONT size="2">(c)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Exhibits.
</FONT></TD>
</TR>
</TABLE>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">

<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR  valign="bottom">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release of AirGate PCS, Inc. dated September&nbsp;24, 2003
announcing its intent to pursue a registered exchange offer with
respect to its 13 1/2% Senior Subordinated Discount Notes due 2009.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of Support Agreement dated September&nbsp;24, 2003 by and among AirGate
PCS, Inc. and the Noteholders signatory thereto.</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">2
</FONT>
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<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left"><A name="a002"></A></DIV>
<P align="center"><FONT size="2">SIGNATURES
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
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    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">AIRGATE PCS, INC. (Registrant)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: September&nbsp;26, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Thomas M. Dougherty</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name: Thomas M. Dougherty</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title: President and Chief Executive Officer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">3
</FONT>
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<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV align="left"><A name="a003"></A></DIV>
<P align="center"><FONT size="2">EXHIBIT INDEX
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">

<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release of AirGate PCS, Inc. dated September&nbsp;24, 2003
announcing its intent to pursue a registered exchange offer with
respect to its 13 1/2% Senior Subordinated Discount Notes due 2009.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of Support Agreement dated September&nbsp;24, 2003 by and among AirGate
PCS, Inc. and the Noteholders signatory thereto.</FONT></TD>
</TR>
</TABLE>
</DIV>



<P align="center"><FONT size="2">4
</FONT>


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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c79805exv99w1.htm
<DESCRIPTION>EX-99.1 PRESS RELEASE
<TEXT>
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<P align="center"><FONT size="2"><IMG src="c79805c7977601.gif" alt="(AIRGATE PCS LOGO)">
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Contact:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Will Seippel<BR>
Chief Financial Officer<BR>
404-525-7272</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2"><B>AIRGATE PCS, INC. ANNOUNCES RECAPITALIZATION PLAN</B>
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">ATLANTA (September&nbsp;24, 2003) &#150; AirGate PCS, Inc. (OTCBB:PCSA.OB), a PCS
Affiliate of Sprint, today announced that it intends to pursue a registered
exchange offer for all of its outstanding $300&nbsp;million aggregate principal
amount 13 1/2% Senior Subordinated Discount Notes due 2009 (the &#147;Old Notes&#148;).
In exchange for all of the Old Notes, the Company intends to offer (i) $160
million aggregate principal amount of new 9 3/8% Senior Subordinated Secured
Notes due 2009 (the &#147;New Notes&#148;) and (ii)&nbsp;new shares of AirGate PCS common
stock that will represent approximately 56% of the outstanding equity.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&#147;This recapitalization plan represents a critical long-term solution for
improving AirGate&#146;s capital structure and reducing the financial risk in our
business plan by providing over $255&nbsp;million in debt service savings through
2009,&#148; said Thomas M. Dougherty, president and chief executive officer of
AirGate PCS. &#147;As a result, we expect to have a simplified capital structure
with debt ratios that are the lowest among the Sprint affiliates. Furthermore,
it will enable us to continue to pursue our &#145;smart growth&#146; strategy, which
involves higher quality subscriber growth, and, as importantly, to seek
additional opportunities to improve our operational and financial performance.
At the same time we will continue to focus on lower operating costs in order to
maximize operating cash flow. The agreements with lenders and noteholders and
the recapitalization should enable us to more effectively address the next
challenge of finding additional ways to reduce churn and bad debt expense,
including evaluating opportunities for outsourcing customer care and related
services.&#148;
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Noteholders representing more than two-thirds of the principal amount of the
Old Notes have agreed to tender their Old Notes in the exchange offer under the
terms of a support agreement, which became effective today. In order to
facilitate the recapitalization plan, the Company also reached an agreement
with its lenders to amend its senior secured credit facility and obtain needed
consent. The amendment also eliminates the minimum subscriber covenant and
provides greater flexibility in financial and certain other covenants. The
maturity, principal amount and interest on the credit facility will remain
unchanged. The amendment is conditioned on, among other things, consummation
of the recapitalization plan, but is not conditioned on reaching an agreement
to modify the Company&#146;s operating agreements with Sprint.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">The New Notes to be issued in the offering will be senior subordinated secured
obligations of AirGate and cash interest will be payable beginning in 2004.
The New Notes will be secured on a second-priority basis by all of the
collateral that secures the Company&#146;s credit facility.
</FONT>
<P align="center"><FONT size="2">-MORE-
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
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<P align="left"><FONT size="2">AirGate PCS Announces Recapitalization Plan<BR>
Page 2<BR>
September&nbsp;24, 2003
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">The exchange offer and consummation of the recapitalization plan will be
subject to a number of conditions, including the valid tender of 98% of the
aggregate principal amount due at maturity of the Old Notes outstanding
immediately prior to the expiration of the exchange offer, the approval of the
Company&#146;s shareholders, additional changes to the credit facility required by
the supporting Noteholders, required legal approvals and other customary
closing conditions.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">If the Company does not meet the 98% minimum tender requirement or any other
conditions to complete the recapitalization plan, it may pursue a prepackaged
plan of reorganization and is soliciting consents of holders of Old Notes for
such a plan. This prepackaged plan of reorganization requires acceptance by
holders of at least two-thirds in amount of the Old Notes and more than
one-half in number of such holders. As a part of the support agreement, over
two-thirds in principal amount of the Old Noteholders have agreed to approve
this pre-packaged plan.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Other features of the recapitalization plan include:
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">The transfer of all of the Company&#146;s stock in its iPCS subsidiary to
a liquidating trust for the benefit of the AirGate shareholders of
record as of the date of transfer to the trust, subject to approval of
the iPCS bankruptcy court. Such shares would be distributed to such
AirGate shareholders only if the iPCS bankruptcy court approves a plan
of reorganization for iPCS that provides for distribution to the trust.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">A reverse stock split of the Company&#146;s common stock.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">An increase in shares available under the Company&#146;s stock incentive
plan to not more than 10% of the shares to be outstanding after
completion of the recapitalization plan, excluding outstanding
&#147;out-of-the money options.&#148; Any shares issued under the plan would
proportionately dilute the existing shareholders and the tendering
Noteholders. The amounts and terms of any equity awards for executives
established by the board of directors are subject to approval by a
majority of the supporting Old Noteholders.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">An increase in the size of the Company&#146;s board of directors to at
least seven members, three of whom are to be approved by supporting Old
Noteholders.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">A consent solicitation to (i)&nbsp;remove substantially all covenants of
the indenture under which the Old Notes were issued which can be removed
without consent of all Old Noteholders, (ii)&nbsp;release the liens created
under the Old Notes indenture and (iii)&nbsp;waive any defaults under the Old
Notes indenture that occur as a result of the recapitalization plan.
</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">The Company expects to file an exchange offer registration statement and a
proxy statement relating to the recapitalization transaction with the
Securities and Exchange Commission (the &#147;SEC&#148;) as soon as possible. Broadview
International, LLC and Masson and Company are advising the Company on the
transaction. Jefferies &#038; Company, Inc. has been appointed dealer-manager for
the exchange offer. The Company and its directors and executive officers may
be deemed to be participants in the solicitation of proxies from the
stockholders of the Company with respect to the transactions contemplated by
the exchange offer. Information about the Company&#146;s directors and officers is
included in the Company&#146;s Annual Report on
</FONT>
<P align="center"><FONT size="2">-MORE-
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
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<P align="left"><FONT size="2">AirGate PCS Announces Recapitalization Plan<BR>
Page 2<BR>
September&nbsp;24, 2003
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Form&nbsp;10-K filed with the SEC on January&nbsp;17, 2003 and in the Company&#146;s Proxy
Statement for its 2003 Annual Meeting of Shareowners filed with the SEC on
January&nbsp;28, 2003.</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">The foregoing reference to the registered exchange offer shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of shares of AirGate PCS common stock or New Notes in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Investors and
security holders are urged to read the Registration Statement on Form S-4,
including the prospectus relating to the exchange offer and the Proxy Statement
on Schedule&nbsp;14A (and, in each case, any amendments thereto) when they become
available because they will contain important information.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">These documents and amendments to these documents will be filed with the SEC.
When these and other documents are filed with the SEC, they may be obtained at
the SEC&#146;s web site at www.sec.gov. You may also obtain each of these documents
(when available) from us by directing your request to Barbara L. Blackford,
Vice President, General Counsel and Corporate Secretary at (404)&nbsp;525-7272.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">AirGate PCS will hold a conference call to discuss this press release on
Wednesday, October&nbsp;1, 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
November&nbsp;1, 2003.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2"><B>About AirGate PCS and iPCS</B>
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 7.1&nbsp;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.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">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&nbsp;million
residents in key markets such as Grand Rapids, Michigan; Champaign-Urbana and
Springfield, Illinois; and the Quad Cities areas of Illinois and Iowa.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">As previously announced, iPCS, Inc. and its subsidiaries, iPCS Wireless, Inc.
and iPCS Equipment, Inc., filed a Chapter&nbsp;11 bankruptcy petition on February
23, 2003, for the purpose of effecting a court-administered reorganization.
Subsequent to February&nbsp;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. As part of the
recapitalization plan, the Company plans to transfer all of its shares of iPCS
stock to a liquidating trust for the benefit of the AirGate shareholders of
record on the transfer date. As a result, the Company anticipates that iPCS
will be accounted for as a discontinued operation. It is highly likely that
the iPCS stock will be worthless. However, if the iPCS bankruptcy court
</FONT>
<P align="center"><FONT size="2">-MORE-
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
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<P align="left"><FONT size="2">AirGate PCS Announces Recapitalization Plan<BR>
Page 3<BR>
September&nbsp;24, 2003
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">decides to distribute the iPCS stock to the trust as part of approving a plan
of reorganization for iPCS, such stock will be distributed to such AirGate
shareholders.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">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&#146;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.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2"><I>This news release contains forward-looking statements that are based on current
expectations, estimates, forecasts and projections about the wireless industry,
the recapitalization plan, our beliefs and our management&#146;s assumptions. Words
such as &#147;expects,&#148; &#147;anticipates,&#148; &#147;targets,&#148; &#147;goals,&#148; &#147;projects,&#148; &#147;intends,&#148;
&#147;plans,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;estimates&#148; 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.</I>
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2"><I>Factors that could cause actual results to differ include: our ability to
consummate the restructuring; the impact of a prepackaged or other plan of
reorganization for AirGate, intense competition in the wireless market and the
unsettled nature of the wireless market; the potential need for additional
sources of capital; 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 quality
of such services and our ability to outsource or otherwise provide such
services; the impact of the iPCS bankruptcy filing and required iPCS bankruptcy
court approvals; the ability to successfully 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; 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; impact of spending cuts on network quality, customer
retention and customer growth; anticipated future losses; the significant level
of indebtedness; the adequacy of our bad debt and other reserves; and the
volatility of AirGate PCS&#146; stock price.</I>
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2"><I>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&#146; filings with the SEC, especially in the
&#147;risk factors&#148; section of AirGate PCS&#146; </I><I>Form 10-K</I><I> for the fiscal year ended
September&nbsp;30, 2002 and </I><I>Form 10-Q</I><I> for the quarter ended June&nbsp;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.</I>
</FONT>


<P align="center"><FONT size="2">&nbsp;
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>c79805exv99w2.htm
<DESCRIPTION>EX-99.2 SUPPORT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center">
<B><FONT size="2">FORM OF SUPPORT AGREEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This SUPPORT AGREEMENT, dated as of
September&nbsp;24, 2003, by and among AirGate PCS, Inc., a
Delaware corporation (the <I>&#147;Company&#148;</I>), and the
undersigned beneficial owners, or investment managers or
advisors for the beneficial owners, of the Old Notes (as defined
below) identified on the related <I>Schedule&nbsp;A</I> and each
other beneficial owner (or investment managers or advisors for
the beneficial owners) of Old Notes that executes a counterpart
signature page to this Agreement on or after the date hereof, as
provided in <I>Section&nbsp;22</I> (such parties on
<I>Schedule&nbsp;A</I>, as it may be supplemented from time to
time, collectively, the <I>&#147;Noteholders,&#148;</I> and
each, individually, a <I>&#147;Noteholder&#148;</I>). After the
date of this Agreement, when Noteholders become signatories to
this Agreement, <I>Schedule&nbsp;A</I> shall be deemed
supplemented to include the Old Notes held by such Noteholder
and subject to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS,</FONT></B><FONT size="2"> the Company
and the Noteholders, through their representatives, have engaged
in good faith negotiations with respect to the
Restructuring;&nbsp;and
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS,</FONT></B><FONT size="2"> the Company
and the Noteholders desire that the Company conduct the Exchange
Offer, the Consent Solicitation and the Proxy Solicitation as
soon as practicable on the terms described in the Restructuring
Term Sheet to accomplish the Restructuring, or, if necessary
under the terms of the Restructuring Term Sheet, that the
Company commence a case under Chapter&nbsp;11 of Title&nbsp;11
of the United States Code (the <I>&#147;Bankruptcy
Code&#148;</I>) to accomplish the Restructuring through the
confirmation of the hereinafter defined Prepackaged Plan (the
<I>&#147;Prepackaged Proceeding&#148;</I>).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">NOW, THEREFORE,</FONT></B><FONT size="2"> in
consideration of the mutual covenants and agreements set forth
in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are
acknowledged, each of the parties signatory to this Agreement
agrees as follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definitions.</I>
Capitalized terms used and not defined in this Agreement have
the meanings ascribed to them in the Restructuring Term Sheet,
and the following terms shall have the following meanings:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Agreement&#148;</FONT></I><FONT size="2">
    means this Support Agreement, including the Schedule, Exhibit
    and Annex hereto (including any agreements incorporated herein
    or therein), all of which are incorporated by reference herein,
    as the same may be amended or supplemented in accordance with
    the terms hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Common
    Stock&#148;</FONT></I><FONT size="2"> means the Common Stock,
    par value $0.01&nbsp;per share, of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Commission&#148;</FONT></I><FONT size="2">
    means the Securities and Exchange Commission.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Consent
    Solicitation&#148;</FONT></I><FONT size="2"> means a
    solicitation of consents to the amendment of the Senior
    Subordinated Notes&nbsp;Indenture under which the Old Notes were
    issued to eliminate all covenants contained therein (other than
    those covenants that cannot be eliminated without the consent of
    each holder of Old Notes) which Consent Solicitation will occur
    simultaneously with the Exchange Offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Exchange
    Offer&#148;</FONT></I><FONT size="2"> means the offer by the
    Company to holders of the Old Notes to exchange Old Notes for
    Common Stock and New Notes, upon the terms set forth in the
    Restructuring Term Sheet.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Indenture
    Amendments&#148;</FONT></I><FONT size="2"> means an amendment to
    the Senior Subordinated Notes&nbsp;Indenture which, among other
    things, deletes substantially all of the covenants contained in
    the Senior Subordinated Notes&nbsp;Indenture (other than those
    covenants that cannot be eliminated without the consent of each
    holder of Old Notes).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Material Adverse
    Change&#148;</FONT></I><FONT size="2"> means a change which has
    a material adverse effect in the properties, assets, business
    operations or financial condition of the Company and its
    subsidiaries, taken as a whole, after June&nbsp;30, 2003, but
    not including any material adverse change that arises out of or
    is the result of (A)&nbsp;the filing of the Prepackaged
    Proceeding; (B)&nbsp;actions required to be taken by the Company
    pursuant to this Agreement or the Restructuring Term Sheet;
    (C)&nbsp;any action, claim or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">1
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">proceeding taken by the Company against Sprint
    PCS (the personal communications services group of Sprint
    Corporation); (D)&nbsp;outsourcing efforts by the Company;
    (E)&nbsp;the condition of the United States economy or financial
    markets generally or (F)&nbsp;a condition generally affecting
    participants in the industry in which the Company competes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Minimum Tender
    Condition&#148;</FONT></I><FONT size="2"> means the condition to
    the consummation of the Exchange Offer that there be validly
    tendered and not withdrawn not less than 98% in aggregate
    principal amount due at maturity of the Old Notes outstanding on
    the date of the expiration of the Exchange Offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;New
    Notes&#148;</FONT></I><FONT size="2"> means the
    9&nbsp;3/8%&nbsp;Senior Subordinated Secured Notes due
    September&nbsp;1, 2009 to be issued by the Company pursuant to
    the New Notes&nbsp;Indenture on the terms set forth in the
    Restructuring Term Sheet, in an aggregate principal amount of
    approximately $160&nbsp;million.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;New
    Notes&nbsp;Indenture&#148;</FONT></I><FONT size="2"> means the
    Indenture to be entered into among the Company and the trustee
    named therein pursuant to which the Company will issue the New
    Notes in the Exchange Offer or Prepackaged Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Old
    Notes&#148;</FONT></I><FONT size="2"> means the
    13&nbsp;1/2%&nbsp;Senior Subordinated Discount Notes due
    October&nbsp;1, 2009, with an aggregate principal amount due at
    maturity of $300,000,000, issued by the Company pursuant to the
    Senior Subordinated Notes&nbsp;Indenture.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Outstanding
    Indebtedness&#148;</FONT></I><FONT size="2"> means all
    indebtedness outstanding under the Old Notes and all other
    claims, as defined in Section&nbsp;101(5) of the Bankruptcy
    Code, under the Old Notes as of the date of the commencement of
    a Prepackaged Proceeding.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Person&#148;</FONT></I><FONT size="2">
    means any individual, partnership, corporation, limited
    liability company, association, trust, joint venture,
    unincorporated organization, governmental unit or other entity.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Prepackaged
    Plan&#148;</FONT></I><FONT size="2"> means such plan of
    reorganization under Chapter&nbsp;11 of the Bankruptcy Code,
    consistent in all respects with the Restructuring Term Sheet, as
    may be filed by the Company in the Prepackaged Proceeding to
    effectuate the Restructuring under the circumstances set forth
    herein.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Proxy
    Solicitation&#148;</FONT></I><FONT size="2"> means the
    solicitation of the Company&#146;s stockholders for the approval
    of the Restructuring under the Restructuring Term Sheet.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Required
    Noteholders&#148;</FONT></I><FONT size="2"> means a majority in
    outstanding principal amount of Old Notes held by the
    Noteholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Restructuring&#148;</FONT></I><FONT size="2">
    means the restructuring of the Company&#146;s debt and equity
    capital, substantially as reflected in the Restructuring Term
    Sheet.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Restructuring Term
    Sheet&#148;</FONT></I><FONT size="2"> means that certain
    Restructuring Term Sheet attached hereto as <I>Annex&nbsp;A</I>,
    which sets forth material terms and conditions of the
    Restructuring, including the Exchange Offer, the Consent
    Solicitation and the Proxy Solicitation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Securities
    Act&#148;</FONT></I><FONT size="2"> means the Securities Act of
    1933, as amended, and the rules and regulations promulgated
    thereunder by the Commission.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Senior Subordinated
    Notes&nbsp;Indenture&#148;</FONT></I><FONT size="2"> means the
    Indenture dated as of September&nbsp;30, 1999, by and among the
    Company, AGW Leasing Company, a Delaware corporation, and
    Deutsche Bank Trust Company (formerly known as Bankers Trust
    Company), as the Trustee, as supplemented by the Supplemental
    Indenture dated as of September&nbsp;30, 2000 among the Company,
    AirGate Network Services, LLC, a Delaware limited liability
    company, and the Trustee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">&#147;Transfer&#148;</FONT></I><FONT size="2">
    means to, directly or indirectly, (i)&nbsp;sell, assign, grant
    an option with respect to, or transfer or dispose of any
    interest in the Old Notes, or (ii)&nbsp;enter into an agreement,
    commitment or other arrangement to sell, assign, grant an option
    with respect to, or transfer or dispose of any interest in the
    Old Notes, or the act thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Company&#146;s Obligations to Support the Restructuring.</I>
(a)&nbsp;The Company agrees to use its commercially reasonable
best efforts to complete the Restructuring through the Exchange
Offer, the Consent Solicitation and the Proxy Solicitation, to
do all things reasonably necessary and appropriate in
furtherance thereof, including filing any related documents with
the Commission, and to use its commercially reasonable best
efforts to complete the same within the period set forth in the
Restructuring Term Sheet.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;The Company agrees that it will not
    waive the Minimum Tender Condition without the prior written
    consent of the Board of Directors and the Required Noteholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;If all of the conditions to the Exchange
    Offer are not satisfied or waived by December&nbsp;31, 2003, but
    by that date acceptances of the Prepackaged Plan are received
    from holders of Old Notes in numbers and holding amounts that
    are sufficient to confirm the Prepackaged Plan under applicable
    provisions of Chapter&nbsp;11 of the Bankruptcy Code, then on
    such date (or such earlier or later date as the Company may
    determine), the Company may commence the Prepackaged Proceeding
    and file and seek to confirm the Prepackaged Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;Notwithstanding any provisions of this
    Agreement, nothing shall be deemed to prevent the Company and/or
    its Board of Directors from taking, or failing to take, any
    action that the Company and/or its Board of Directors is
    obligated to take (or not to take) in the performance of any
    fiduciary or similar duty which the Company and/or its Board of
    Directors owes to any other Person; it being understood and
    agreed that if any such action (or failure to act) results in
    (i)&nbsp;an alteration of the terms of the Restructuring not
    permitted by <I>Section&nbsp;9</I> or (ii)&nbsp;the Company
    giving written notice of its intention to terminate this
    Agreement pursuant to <I>Section&nbsp;10(ix)</I>, then this
    Agreement and all of the obligations and undertakings of the
    parties set forth in this Agreement, shall terminate and expire.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Noteholders&#146;
Obligations to Support the Restructuring.</I> Subject to the
terms and conditions of this Agreement, so long as this
Agreement is in effect:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Each Noteholder agrees with each of the
    other parties to this Agreement, in connection with and
    conditioned upon consummation of the Restructuring upon the
    terms set forth in the Restructuring Term Sheet: (i)&nbsp;to
    tender its Old Notes pursuant to and in accordance with the
    Exchange Offer and the other terms and conditions of the
    Restructuring Term Sheet within ten business days following the
    commencement of the Exchange Offer; (ii)&nbsp;to vote to accept
    the Prepackaged Plan; (iii)&nbsp;not to withdraw, revoke or
    modify or propose to publicly withdraw, revoke or modify any of
    the foregoing unless and until this Agreement is terminated in
    accordance with its terms; (iv)&nbsp;to grant its consent
    pursuant to the Consent Solicitation and to agree to the
    Indenture Amendments; and (v)&nbsp;to vote to reject any plan of
    reorganization for the Company that does not contain the terms
    of the Restructuring substantially as set forth in the
    Restructuring Term Sheet.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Each Noteholder agrees, so long as this
    Agreement remains in effect, not to Transfer any of the Old
    Notes held by it (as set forth on <I>Schedule&nbsp;A
    </I>hereto), in whole or in part, unless (i)&nbsp;the Noteholder
    gives the transferee notice that the Old Notes are subject to
    the terms of this Agreement and (ii)&nbsp;the transferee agrees
    in writing, with respect to such Old Notes only, to be bound by
    the terms of this Agreement as though it had been an original
    signatory hereto and executes and delivers to the Company a
    joinder agreement in substantially the form attached hereto as
    <I>Exhibit&nbsp;A</I>. Any Transfer of the Old Notes in
    violation of the foregoing shall be deemed ineffective to
    Transfer any right to accept or reject the Exchange Offer, to
    consent to or reject the Indenture Amendments or to accept or
    reject the Prepackaged Plan, which right shall remain with and
    be exercised only by the purported transferor.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Each Noteholder agrees that it will not
    vote for, consent to, formulate, participate in the formulation
    of, or solicit or encourage others to formulate any other tender
    offer, settlement offer, or exchange offer for the Old Notes
    other than the Exchange Offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;Each Noteholder also agrees that it will
    permit public disclosure, including in a press release and in
    filings with the Commission, of the contents of this Agreement,
    including, but not limited to,
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">the commitments contained in this
    <I>Section&nbsp;3</I> and the Restructuring Term Sheet;
    <I>provided, however,</I> that unless required by applicable law
    or regulation, the Company shall not disclose the
    Noteholder&#146;s identity or its individual holdings of Old
    Notes without the prior written consent of the Noteholder; and
    if such announcement or disclosure is so required by law or
    regulation, the Company shall use its reasonable best efforts to
    afford the Noteholder a reasonable opportunity to review,
    comment upon, object to or seek a consent order preventing any
    such announcement or disclosure prior to the Company&#146;s
    making such announcement or disclosure. The foregoing shall not
    prohibit the Company from (i)&nbsp;disclosing the approximate
    aggregate holdings of Old Notes held by Noteholders as a group
    or (ii)&nbsp;disclosing the Noteholder&#146;s identity to other
    holders of Old Notes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Each Noteholder further agrees that, so
    long as this Agreement is effective and has not been terminated
    in accordance with <I>Section&nbsp;10</I> hereof, it will not
    object to, nor otherwise commence any proceeding to oppose, the
    Restructuring, and will not take any action that is materially
    inconsistent with, nor that would unreasonably delay the
    consummation of, the Restructuring in accordance with the terms
    of the Restructuring Term Sheet. Accordingly, so long as this
    Agreement is in effect, each Noteholder agrees that it shall not
    (i)&nbsp;object to confirmation of the Prepackaged Plan or
    otherwise commence any action or proceeding to alter, oppose or
    add any other provision to the Prepackaged Plan or any other
    documents or agreements consistent with the Prepackaged Plan;
    (ii)&nbsp;object to the approval of any disclosure statement
    that, within the purposes of this Agreement, describes the
    Prepackaged Plan (except as such disclosure statement may
    contain information regarding the terms of this Agreement and
    the negotiation of such terms, such Noteholder or such
    Noteholder&#146;s holdings of the Notes or the terms of the
    Prepackaged Plan that is inaccurate, and the Company fails upon
    notice promptly to correct such inaccuracy); (iii)&nbsp;vote to
    accept, consent to, support, formulate or participate in the
    formulation of any other plan of reorganization or liquidation
    proposed or filed, or to be proposed or filed, in any
    Chapter&nbsp;11 case for the Company; (iv)&nbsp;commence or
    support any action or proceeding to shorten or terminate the
    period during which only the Company has the exclusive right to
    propose and/or to seek confirmation of a plan of reorganization
    for the Company; (v)&nbsp;solicit or support any other plan,
    sale, proposal or offer of winding up, liquidation,
    reorganization, merger, consolidation, dissolution or
    restructuring of the Company; or (vi)&nbsp;commence or support
    any action filed by any party in interest to appoint a trustee,
    conservator, receiver or examiner for the Company, or to dismiss
    any Chapter&nbsp;11 case, or to convert such Chapter&nbsp;11
    case to a case under Chapter&nbsp;7, or otherwise to commence an
    involuntary bankruptcy case against the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;Notwithstanding any provisions of this
    Agreement, if the Noteholder is appointed to and serves on an
    official committee in the Company&#146;s bankruptcy case (if one
    is commenced to effectuate the Prepackaged Plan), the terms of
    this Agreement shall not be construed to limit such
    Noteholder&#146;s exercise of its fiduciary duties in its role
    as a member of such committee, and any exercise of such
    fiduciary duties shall not be deemed to constitute a breach of
    the terms of this Agreement; <I>provided, however</I>, that
    serving as a member of such committee shall not relieve the
    Noteholder of its obligations to vote its claim in the
    Company&#146;s bankruptcy case in favor of the Prepackaged Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;Each Noteholder (including Noteholders
    who become parties to this Agreement as a result of a Transfer)
    further agrees that any additional Old Notes subsequently
    acquired by such Noteholder following the date of this Agreement
    shall be subject to the terms and conditions of this Agreement
    and shall be subject to the same treatment in the Restructuring
    as the Old Notes held by such Noteholder as of the date hereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Obligations to Support the Restructuring.</I> Subject to the
terms and conditions of this Agreement, so long as this
Agreement is in effect, each of the Noteholders agrees to
forebear from exercising its respective rights and remedies
under the Senior Subordinated Notes&nbsp;Indenture and related
documents or applicable law in respect of or arising out of any
existing &#147;Default&#148; (as defined in such documents) or
existing &#147;Event of Default&#148; (as defined in such
documents) arising under the Senior Subordinated
Notes&nbsp;Indenture, in each case until this Agreement is
terminated as provided in <I>Section&nbsp;10</I>. If this
Agreement is terminated as provided in <I>Section&nbsp;10</I>,
the agreement of the Noteholders to so forebear shall
automatically and without further action terminate and be of no
force and effect, it being expressly
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<DIV align="left">
<FONT size="2">agreed that the effect of such termination shall
be to permit each of them to exercise any rights and remedies
immediately; <I>provided, however,</I> that nothing herein shall
be construed as a waiver by the Company of any right it may have
as a &#147;debtor&#148; under the Prepackaged Proceeding or
other bankruptcy proceeding or by any creditor to exercise its
rights retroactive to the date of filing of the Prepackaged
Proceeding or other bankruptcy proceeding.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions.</I>
The Noteholder&#146;s obligation to tender, consent and vote is
subject to the following conditions (each a
&#147;Condition&#148; and collectively, the
&#147;Conditions&#148;): (a)&nbsp;the preparation and, as
appropriate, the dissemination or execution of definitive
documentation, in form and substance reasonably satisfactory to
the Required Noteholders, necessary to implement the Exchange
Offer and the transactions contemplated by the Restructuring
Term Sheet in accordance with the terms of such Restructuring
Term Sheet, including, without limitation, (i)&nbsp;offering
materials, (ii)&nbsp;indentures and agreements relating to the
securities to be issued in the Exchange Offer and (iii)&nbsp;the
Prepackaged Plan and any documents ancillary thereto (the
foregoing documents and amendments, the &#147;Documents&#148;);
(b)&nbsp;the Credit Agreement Amendment (as defined in
<I>Annex&nbsp;A</I> hereto) shall have become effective in a
form substantially similar to that previously reviewed by
counsel to the Noteholders, and shall be further amended in a
form reasonably acceptable to the Required Noteholders;
(c)&nbsp;the offering documents not containing any misstatement
of a material fact or omitting to state a material fact
necessary to make the statements made therein, in the light of
the circumstances under which they are made, not misleading (a
&#147;Material Misstatement&#148;); (d)&nbsp;there shall not
have been any Material Adverse Change; (e)&nbsp;the Company
receiving all material third party consents and approvals
contemplated by the Restructuring Term Sheet or otherwise
required to consummate the transactions contemplated hereby; and
(f)&nbsp;no breach of the Covenants set forth below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Covenants.</I>
The Company covenants and agrees that (each a
&#147;Covenant&#148; and collectively, the
&#147;Covenants&#148;): (a)&nbsp;except as contemplated by this
Agreement and the offering documents for the Exchange Offer,
between the date hereof and this Agreement terminates, the
Company shall (i)&nbsp;conduct business only in the ordinary
course in accordance with past practice and (ii)&nbsp;not,
except as may be required by the Company&#146;s contractual
obligations, issue or agree to issue any securities of the
Company, make any distributions to existing equityholders or
incur any material indebtedness other than as described in the
offering documents; and (b)&nbsp;the Company shall pay, if the
Exchange Offer is consummated then on the closing date, and
otherwise on the date this Agreement terminates, all reasonable
costs and expenses incurred by Paul, Weiss, Rifkind,
Wharton&nbsp;&#38; Garrison, LLP (&#147;Paul Weiss&#148;) in
connection with this Agreement and any transactions contemplated
hereby in accordance with the terms of Paul Weiss&#146;
engagement letter with the Company and shall otherwise comply
with the terms of such engagement letter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effective
Date.</I> Subject to waiver by the Required Noteholders, the
effective date of the Company&#146;s acceptance of any Notes
tendered by a Noteholder shall be subject to
(a)&nbsp;satisfaction of each of the Conditions; (b)&nbsp;no
material breach of the Covenants; (c)&nbsp;98% in outstanding
principal amount of the Old Notes being tendered into the
Exchange Offer; and (d)&nbsp;no Material Adverse Change.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to waiver by the Required Noteholders,
the effective date of the Prepackaged Plan shall be subject to
(a)&nbsp;satisfaction of each of the Conditions; (b)&nbsp;no
material breach of Covenants; (c)&nbsp;no Material Adverse
Change; and (d)&nbsp;court approval of the Documents without
material modification (unless such modification is consented to
by the Required Noteholders).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness
of this Agreement.</I> Subject to waiver by the Company and the
Required Noteholders, the effectiveness of this Agreement, and
the respective obligations of the parties under this Agreement,
are conditioned upon the receipt of the consent and signature
hereto of the Company and of Noteholders holding at least
66&nbsp;2/3% of the aggregate principal amount due at maturity
of the Old Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments.</I>
The terms of this Agreement shall not be amended, modified or
altered without the prior written consent of the Company and the
Required Noteholders. Any Noteholder that does not provide such
prior written consent to an amendment, waiver, modification or
alteration of a material economic term of this Agreement as set
forth in the Restructuring Term Sheet, or to this
<I>Section&nbsp;9, Section&nbsp;10(v)</I> and <I>(vi),</I> or
the definition of &#147;Required Noteholders&#148; herein, which
amendment, waiver,
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<DIV align="left">
<FONT size="2">modification or alteration otherwise satisfies
the requirements of this <I>Section&nbsp;9</I> and becomes
effective, shall be relieved of all obligations under this
Agreement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Agreement.</I> Notwithstanding anything to the contrary set
forth in this Agreement, unless the Restructuring, consistent in
all respects with the Restructuring Term Sheet, has been
consummated as provided in this Agreement, this Agreement and
all of the obligations and undertakings of the parties set forth
in this Agreement, shall terminate and expire upon the earliest
to occur of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;the termination or expiration of the
    Exchange Offer (which, if the Exchange Offer is effected by
    means of the Prepackaged Plan, shall be the date on which the
    Prepackaged Plan is confirmed by the bankruptcy court);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;any court of competent jurisdiction or
    other competent governmental or regulatory authority issuing a
    final and non-appealable order making illegal or otherwise
    restricting, preventing or prohibiting the Exchange Offer or the
    Prepackaged Plan in a way that cannot be reasonably remedied by
    the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;material breach by the Company of any
    of the Covenants including, without limitation, ceasing to use
    reasonable efforts to obtain approval and/or confirmation of the
    Prepackaged Plan, if commenced;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;the lenders of the Company&#146;s
    senior secured credit facility having accelerated any amounts
    owed thereunder;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(v)&nbsp;December&nbsp;31, 2003, if neither the
    Exchange Offer has been consummated by such date nor the
    Prepackaged Proceeding has been commenced;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(vi)&nbsp;February&nbsp;15, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(vii)&nbsp;a Material Misstatement if not
    corrected by the Company within ten (10)&nbsp;business days
    after receiving notice of such Material Misstatement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(viii)&nbsp;a material alteration by the Company
    of the terms of the Restructuring, including, without
    limitation, the filing by the Company with a bankruptcy court of
    a Chapter&nbsp;11 plan of reorganization or the filing by the
    Company of exchange documentation, in each case that is
    inconsistent in any material respect with the Restructuring Term
    Sheet and not otherwise permitted under <I>Section&nbsp;9</I>;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ix)&nbsp;receipt of written notice from the
    Company of its intention to terminate this Agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(x)&nbsp;the Prepackaged Proceeding being
    dismissed or converted to a case under Chapter&nbsp;7 of the
    Bankruptcy Code or a trustee being appointed in the Prepackaged
    Proceeding;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(xi)&nbsp;a Material Adverse Change.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties.</I> (a)&nbsp;Each of the signatories to this
Agreement represents and warrants to the other signatories to
this Agreement that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;if an entity, it is duly organized,
    validly existing and in good standing under the laws of the
    jurisdiction of its organization and has all requisite
    corporate, partnership or other power and authority to enter
    into this Agreement and to carry out the transactions
    contemplated by, and perform its respective obligations under,
    this Agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;the execution and delivery of this
    Agreement and the performance of its obligations hereunder have
    been duly authorized by all necessary corporate, partnership or
    other action on its part;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;the execution, delivery and
    performance by it of this Agreement do not and shall not
    (A)&nbsp;violate any provision of law, rule or regulation
    applicable to it or any of its affiliates or its certificate of
    incorporation or bylaws or other organizational documents or
    those of any of its subsidiaries or (B)&nbsp;conflict with,
    result in the breach of or constitute (with due notice or lapse
    of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">time or both) a default under any contractual
    obligations to which it or any of its affiliates is a party or
    under its certificate of incorporation, bylaws or other
    governing instruments;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;the execution, delivery and performance
    by it of this Agreement do not and shall not require any
    registration or filing with, the consent or approval of, notice
    to, or any other action with respect to, any Federal, state or
    other governmental authority or regulatory body, except for
    (A)&nbsp;the registration under the Securities Act of the Common
    Stock and the New Notes to be issued in the Exchange Offer and
    such consents, approvals, authorizations, registrations or
    qualifications as may be required under the state securities or
    Blue Sky laws in connection with the issuance of those
    securities, (B)&nbsp;the filing with the Commission of a proxy
    statement and/or registration statement in connection with the
    Proxy Solicitation, (C)&nbsp;such other filings as may be
    necessary or required by the Commission, and (D)&nbsp;any
    filing, if applicable, under the Hart-Scott-Rodino
    Antitrust&nbsp;Improvements Act of 1976, as amended;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(v)&nbsp;assuming the due execution and delivery
    of this Agreement by each of the other parties hereto, this
    Agreement is the legally valid and binding obligation of it,
    enforceable against it in accordance with its terms;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(vi)&nbsp;it has been represented by counsel in
    connection with this Agreement and the transactions contemplated
    by this Agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;Each of the Noteholders further
represents and warrants to the other signatories to this
Agreement that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;as of the date of this Agreement, such
    Noteholder is the beneficial owner of, or the investment adviser
    or manager for the beneficial owners of, the aggregate principal
    amount due at maturity of the Old Notes, set forth opposite such
    Noteholder&#146;s name on <I>Schedule&nbsp;A</I> hereto, with
    the power and authority to vote and dispose of such Old Notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;as of the date of this Agreement, such
    Noteholder is not aware of any event that, due to any fiduciary
    or similar duty to any other Person, would prevent it from
    taking any action required of it under this Agreement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;such Noteholder is an institutional
    accredited investor, and will remain so during the term of this
    Agreement, as such term is used under the Securities Act.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Good
Faith.</I> Each of the signatories to this Agreement agrees to
cooperate in good faith with each other to facilitate the
performance by the parties of their respective obligations
hereunder and the purposes of this Agreement. Each of the
signatories to this Agreement further agrees to review and
comment upon the definitive documents in good faith and, in any
event, in all respects consistent with the Restructuring Term
Sheet.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Further
Assurances.</I> Each of the signatories to this Agreement hereby
further covenants and agrees to execute and deliver all further
documents and agreements and take all further action that may be
commercially reasonably necessary or desirable in order to
enforce and effectively implement the terms and conditions of
this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Complete
Agreement.</I> This Agreement, including the Schedule and Annex
hereto, constitutes the complete agreement between the
signatories to this Agreement with respect to the subject matter
hereof and supersedes all prior and contemporaneous
negotiations, agreements and understandings with respect to the
subject matter hereof. The provisions of this Agreement shall be
interpreted in a reasonable manner to effect the intent of the
signatories to this Agreement.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices.</I>
All notices, requests, demands, claims and other communications
hereunder shall be in writing and shall be (a)&nbsp;transmitted
by hand delivery, (b)&nbsp;mailed by first class, registered or
certified mail, postage prepaid, (c)&nbsp;transmitted by
overnight courier, or (d)&nbsp;transmitted by telecopy with
confirmation and follow-up copy delivered in the manner set
forth in any of (a), (b)&nbsp;or (c)&nbsp;above, and in each
case, if to the Company, at the address set forth below:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AirGate PCS, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Harris Tower
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">233 Peachtree Street, Suite&nbsp;1700
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Atlanta, Georgia 30303
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Telephone: (404)&nbsp;525-7272
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Fax: (404)&nbsp;832-2237
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Attention: Barbara L. Blackford
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">with a copy to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Winston&nbsp;&#38; Strawn LLP
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">35 West Wacker Drive
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Chicago, Illinois 60601
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Telephone: (312)&nbsp;558-5600
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Fax: (312)&nbsp;558-5700
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Attention: Robert F. Wall
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">if to a Noteholder, to the address set forth on
the signature pages to this Agreement, with a copy to the
Noteholders&#146; counsel:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Paul, Weiss, Rifkind, Wharton&nbsp;&#38; Garrison
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">1285 Avenue of the Americas
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">New&nbsp;York, NY 10019
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Telephone: (212)&nbsp;373-3158
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Fax: (212)&nbsp;492-0158
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Attention: Andrew N. Rosenberg
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Notices mailed or transmitted in accordance with
the foregoing shall be deemed to have been given upon receipt.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law.</I> This Agreement shall be governed in all respects by the
laws of the State of New&nbsp;York (without reference to the
conflict of laws provisions thereof), except to the extent such
law is preempted by the Bankruptcy Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jurisdiction.</I>
By its execution and delivery of this Agreement, each of the
signatories to this Agreement irrevocably and unconditionally
agrees that any legal action, suit or proceeding against it with
respect to any matter under or arising out of or in connection
with this Agreement shall be brought in the United States
Bankruptcy Court in Georgia if the Company has commenced a case
under Chapter&nbsp;11 of the Bankruptcy Code in such
jurisdiction. By its execution and delivery of this Agreement,
each of the signatories to this Agreement irrevocably accepts
and submits itself to the jurisdiction of the United States
Bankruptcy Court in Georgia, as applicable under the preceding
sentence, with respect to any such action, suit or proceeding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consent to
Service of Process.</I> Each of the signatories to this
Agreement irrevocably consents to service of process by mail at
the address listed with the signature of each such party on the
signature pages to this Agreement. Each of the signatories to
this Agreement agrees that its submission to jurisdiction and
consent to service of process by mail is made for the express
benefit of each of the other signatories to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Specific
Performance.</I> It is understood and agreed by each of the
signatories to this Agreement that money damages would not be a
sufficient remedy for any breach of this Agreement by any party
and
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">each non-breaching party shall be entitled to
specific performance, injunctive, rescissionary or other
equitable relief as remedy for any such breach.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Headings.</I>
The headings of the sections, paragraphs and subsections of this
Agreement are inserted for convenience only and shall not affect
the interpretation hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors
and Assigns.</I> This Agreement is intended to bind and inure to
the benefit of the signatories to this Agreement to this
Agreement and their respective successors, permitted assigns,
heirs, executors, administrators and representatives.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts.</I>
This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original and all of which shall
constitute one and the same agreement. Delivery of an executed
counterpart of a signature page by facsimile shall be effective
as delivery of a manually executed counterpart. Any Noteholder
may become party to this Agreement on or after the date of this
Agreement by executing a signature page to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Third-Party Beneficiaries.</I> Unless expressly stated in this
Agreement, this Agreement shall be solely for the benefit of the
signatories to this Agreement, and no other Person or entity
shall be a third-party beneficiary hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations
Several, Not Joint.</I> The obligations of the parties hereunder
are several and not joint, and no party hereto shall be
responsible for the failure of any other party hereto to perform
its obligations hereunder.
</FONT>

<P align="center">
<FONT size="2">[Signatures begin on next page]
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IN WITNESS WHEREOF,</FONT></B><FONT size="2">
each of the parties has caused this Agreement to be executed and
delivered by its duly authorized officers as of the date first
written above.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AIRGATE PCS, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Thomas M. Dougherty
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President and Chief Executive
    Officer</FONT></I></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">10
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">SCHEDULE&nbsp;A</FONT></B>

<P align="left">
<B><FONT size="2">Noteholders and Aggregate Principal Amount Due
at Maturity of Old Notes&nbsp;Held</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Principal Amount Due at Maturity of Old Notes held</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">by such Noteholder as beneficial owner (or as investment manager</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Noteholders</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">or advisor for the beneficial owner)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">[NAME]
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Its:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">[NAME]
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Its:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">[NAME]
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Its:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">11
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<B><FONT size="2">ANNEX A</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">AIRGATE PCS, INC.</FONT></B>

<P align="center">
<B><FONT size="2">RESTRUCTURING TERM SHEET</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Restructuring Term Sheet is a part of and
made subject to that certain Support Agreement (the
&#147;Support Agreement&#148;), dated as of September&nbsp;24,
2003, by and between AirGate PCS, Inc. (the &#147;Company&#148;)
and the &#147;Noteholders&#148; (as defined in the Support
Agreement). Capitalized terms used herein but not defined herein
shall have the meanings assigned thereto in the Support
Agreement.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Issuer:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">AirGate PCS, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Issue:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Common Stock of the Company
    9&nbsp;3/8%&nbsp;Senior Subordinated Secured Notes due 2009
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Exchange Offer:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If 98% or more of the Company&#146;s then
    outstanding 13.5%&nbsp;Senior Subordinated Discount Notes due
    2009 (the &#147;Old Notes&#148;) are accepted in the exchange
    offer, holders of Old Notes validly tendered in the exchange
    offer will receive, for each $1,000 of principal amount due at
    maturity of Old Notes held (i)&nbsp;approximately
    110&nbsp;shares of the Company&#146;s Common Stock and
    (ii)&nbsp;$533.33 in principal amount of 9&nbsp;3/8%&nbsp;Senior
    Subordinated Secured Notes due 2009 (the &#147;New Notes&#148;).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">After the exchange, assuming 100% of the Old
    Notes are tendered in the exchange, the holders of Old Notes
    will hold (i)&nbsp;56% of the outstanding Common Stock (and
    proportionately less in the aggregate if fewer than all such Old
    Notes are so tendered) and (ii)&nbsp;$160&nbsp;million of New
    Notes (and proportionately less in the aggregate if fewer than
    all such Old Notes are so tendered).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">As of June&nbsp;30, 2003, the Company had
    outstanding (i)&nbsp;25,939,836&nbsp;shares of Common Stock,
    (ii)&nbsp;no shares of preferred stock,
    (iii)&nbsp;37,000&nbsp;shares of restricted stock,
    (iv)&nbsp;2,191,209 options exercisable for shares of Common
    Stock (449,400 of which were &#147;in-the-money&#148; and
    1,741,809 of which were &#147;underwater&#148;),
    (v)&nbsp;709,280 warrants to acquire shares of Common Stock
    (40,170 of which were &#147;in-the-money&#148; and 669,110 of
    which were &#147;underwater&#148;), and
    (vi)&nbsp;897,311&nbsp;shares of Common Stock available for
    future issuance under the Stock Incentive Plans. On
    September&nbsp;3, 2003, an aggregate of 751,256
    &#147;underwater&#148; options were surrendered to the Company
    by five (5)&nbsp;executive officers of the Company without
    receiving, or the Company giving, any consideration for such
    surrender.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">It is agreed that the Company will incorporate as
    part of this transaction a reverse stock split in an amount to
    be determined by the Company and its financial advisors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Exchange Offer will include a simultaneous
    (1)&nbsp;solicitation of consents (each a &#147;Consent&#148;)
    to the amendment of the Senior Subordinated Notes&nbsp;Indenture
    under which the Old Notes were issued to eliminate all
    restrictive covenants contained therein, other than those
    covenants that cannot be eliminated without the consent of each
    holder of Old Notes (the &#147;Consent
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Solicitation&#148;) and (2)&nbsp;solicitation of
    acceptances of a Prepackaged Plan in the event that the Minimum
    Tender Condition is not satisfied and the Company chooses to
    file the Prepackaged Plan. All tendering holders of Old Notes
    will be deemed to have delivered a Consent with respect to any
    Old Notes tendered. All tendering Noteholders will also
    irrevocably agree to vote to accept the Prepackaged Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Consent Solicitation:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Consent Solicitation will solicit consents to
    (1)&nbsp;amend the Senior Subordinated Notes&nbsp;Indenture to
    eliminate all restrictive covenants that may be eliminated
    without the consent of each holder of Old Notes and
    (2)&nbsp;release the collateral that secures the Company&#146;s
    obligations under the Senior Subordinated Notes&nbsp;Indenture.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Duration of Exchange Offer:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Exchange Offer will remain open for an
    initial term of 20&nbsp;business days. The Company may extend
    the expiration date of the Exchange Offer to any date not later
    than December&nbsp;31, 2003, if at the time of any such
    extension the conditions to the Company&#146;s acceptance of Old
    Notes tendered in the Exchange Offer as set forth below shall
    not have been satisfied or waived.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Senior Credit Facility:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Concurrently with the exchange offer, the Company
    will amend its Credit Agreement, dated as of August&nbsp;16,
    1999, on terms negotiated with the administrative agent
    thereunder (the &#147;Credit Agreement Amendment&#148;).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Conditions to the Company&#146;s Obligations
    to accept Old Notes Tendered in the Exchange Offer:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Company&#146;s acceptance of Old Notes
    tendered in the Exchange Offer will be conditioned on the
    following:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(i)&nbsp;the Minimum Condition as defined below
    shall have been satisfied;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(ii)&nbsp;approval of the Restructuring by the
    Company&#146;s stockholders (including approval of (A)&nbsp;the
    issuance of the Common Stock and New Notes in the Exchange
    Offer, (B)&nbsp;an amendment and restatement of the
    Company&#146;s certificate of incorporation to implement the
    reverse stock split of its Common Stock and (C)&nbsp;certain
    changes to the provisions of the Stock Incentive Plan (as
    defined below), as described below under &#147;Employee Equity
    Reserve&#148;);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(iii)&nbsp;there shall be no pending or
    threatened action, proceeding or claim that enjoins the
    consummation of the Restructuring, including the Exchange Offer,
    Consent Solicitation and the Proxy Solicitation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(iv)&nbsp;all required consents from governmental
    bodies shall have been obtained;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(v)&nbsp;no action is threatened, pending or
    taken or approval withheld or statute or injunction imposed or
    threatened which would materially impair the consummation of the
    Exchange Offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(vi)&nbsp;the New Notes&nbsp;Indenture shall be
    acceptable to the Company;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(vii)&nbsp;the Credit Agreement Amendment shall
    become effective;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(viii)&nbsp;approval by the bankruptcy court
    overseeing the bankruptcy proceeding of iPCS, Inc.
    (&#147;iPCS&#148;) of the Company&#146;s transfer of all its
    outstanding shares of common stock of iPCS to a trust organized
    under Delaware law for the benefit of the Company&#146;s
    stockholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Waiver of Company&#146;s Conditions:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Company may waive the Minimum Condition with
    the approval of its Board of Directors and the Required
    Noteholders. It may waive the remaining conditions in its sole
    and absolute discretion.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Conditions to the Noteholders&#146;
    Obligations to Comply with Section&nbsp;3 of the Support
    Agreement:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Subject to Sections&nbsp;5 and 9 of the Support
    Agreement, the Noteholders&#146; obligations to comply with the
    requirements of Section&nbsp;3 of the Support Agreement are
    conditioned upon the following:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(i)&nbsp;the Support Agreement shall not have
    been terminated pursuant to its terms;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(ii)&nbsp;there shall not have been a Material
    Adverse Change as defined in the Support Agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(iii)&nbsp;the Credit Agreement Amendment shall
    have become effective in a form substantially similar to that
    previously reviewed by counsel to the Noteholders;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(iv)&nbsp;the terms of the New
    Notes&nbsp;Indenture shall be consistent with this Term Sheet
    and contain such other reasonable and customary terms approved
    by Paul, Weiss, Rifkind, Wharton&nbsp;&#38; Garrison LLP, as
    counsel to the Noteholders (the &#147;Noteholders&#146;
    Counsel&#148;);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(v)&nbsp;the reasonable fees and expenses of
    Noteholders&#146; Counsel shall have been paid in full;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(vi)&nbsp;the terms of any grants to the
    Company&#146;s &#147;named executive officers&#148; (as defined
    in Item&nbsp;402(a)(3) of Regulation&nbsp;S-K under the
    Securities Act of 1933, as amended) under, and the amendments
    to, the Stock Incentive Plan (as defined below) shall be
    reasonably acceptable to the Required Noteholders;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">(vii)&nbsp;the Minimum Condition shall have been
    satisfied.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Minimum Condition:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer shall be conditioned upon the
    valid tender of a minimum of 98% of the aggregate principal
    amount due at maturity of outstanding Old Notes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Prepackaged Plan:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Contemporaneously with the exchange offer, the
    Company will solicit from relevant classes of claims and
    interests acceptances of a &#147;prepackaged&#148; plan of
    reorganization (the &#147;Plan&#148;) that would be consistent
    with this Restructuring Term Sheet and would implement in a
    Chapter&nbsp;11 case for the Company (a &#147;Case&#148;) the
    restructuring contemplated hereunder. If by December&nbsp;31,
    2003, the Company either (i)&nbsp;is not able to satisfy the
    Minimum Condition or obtain Stockholder Approval, as described
    above, or (ii)&nbsp;otherwise determines that it is in its
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">interest to commence a Chapter&nbsp;11 case, then
    the Company may commence a Case to seek confirmation of the Plan
    in such Case within the timeframe contemplated in the
    &#147;Conditions to Noteholder Support,&#148; below. The Plan
    would be consistent in all respects with this Restructuring Term
    Sheet and in form and substance reasonably acceptable to the
    Required Noteholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Board Composition:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Within 90&nbsp;days of completion of the
    Restructuring, the Company&#146;s Board of Directors shall
    consist of seven (7)&nbsp;members (nine (9)&nbsp;members if iPCS
    exercises its nomination right under Section&nbsp;7.14(a) of the
    Agreement and Plan of Merger, dated as of August&nbsp;28, 2001,
    by and between the Company and iPCS (the &#147;iPCS Nomination
    Right&#148;)), three&nbsp;(3) (four&nbsp;(4)&nbsp;if the iPCS
    Nomination Right is exercised) of whom shall be approved by the
    Required Noteholders from a proposed list of candidates jointly
    developed by the Company and the Required Noteholders.
    Thereafter, the Noteholders shall have no further or ongoing
    designation or approval rights with respect to the composition
    of the Company&#146;s Board of Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Employee Equity Reserve:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">As part of the restructuring, the Company&#146;s
    stockholders shall be asked to approve a reservation of shares
    of Common Stock of the post-restructuring Issuer, representing
    approximately 10% of the Common Stock of the Company to be
    outstanding immediately following the restructuring (which 10%
    employee equity reserve shall include options outstanding as of
    the date hereof that have an exercise price of $5 or less per
    share, but shall exclude options outstanding as of the date
    hereof that have an exercise price of more than $5&nbsp;per
    share). These shares of Common Stock may be granted in the
    discretion of the Company&#146;s Board of Directors to officers
    and employees as compensation and/or incentives in the form of
    restricted stock grants, options, or other equity securities
    (the &#147;Stock Incentive Plan&#148;).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Terms of New Notes:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Attached hereto.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">15
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AIRGATE PCS, INC.
(&#147;AirGate&#148;)</FONT></B>

<P align="center">
<B><FONT size="2">TERM SHEET FOR PROPOSED</FONT></B>

<DIV align="center">
<B><FONT size="2">9&nbsp;3/8%&nbsp;SENIOR SUBORDINATED SECURED
NOTES DUE 2009</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms and conditions set out in this Term
Sheet do not constitute a commitment by AirGate to issue new
equity securities as described below or 9&nbsp;3/8%&nbsp;Senior
Subordinated Secured Notes due 2009 (the &#147;New Notes&#148;)
under a new Senior Subordinated Secured Note&nbsp;Indenture (the
&#147;New Indenture&#148;) related thereto in connection with a
proposed exchange offer (the &#147;Exchange Offer&#148;) of
AirGate&#146;s currently outstanding 13.5%&nbsp;Senior
Subordinated Discount Notes due 2009 (the &#147;Old
Notes&#148;). This Term Sheet outlines the basic terms of the
New Notes and compares such terms to the corresponding terms of
the Old Notes. The issuance of the New Notes is subject to
customary and appropriate conditions for transactions of this
type, including, without limitation, (i)&nbsp;execution and
delivery of satisfactory definitive documentation customary for
such transactions, (ii)&nbsp;obtaining any necessary third party
approvals and (iii)&nbsp;satisfactory terms and conditions in
connection with the execution of the amendment to AirGate&#146;s
Credit Agreement dated as of August&nbsp;16, 1999, as amended
(the &#147;Credit Agreement&#148;) and the consummation of the
Exchange Offer of the Old Notes for the equity securities
described below and the New Notes.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Issuer</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Securities Offered</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">$300&nbsp;million aggregate principal amount at
    maturity of 13.5%&nbsp;Senior Subordinated Discount Notes due
    2009
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">$160&nbsp;million aggregate principal amount of
    9&nbsp;3/8% Second Priority Senior Notes due 2009
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Trustee under Governing Indenture</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bankers Trust Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">To be determined by the Company.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Maturity Date</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">October&nbsp;1, 2009
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">September&nbsp;1, 2009
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Accretion</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Accreted Value increases from approximately
    $156.1&nbsp;million at issuance at a rate of 13.5%, compounded
    semi-annually, to a final accreted value equal to the aggregate
    principal amount of $300&nbsp;million at October&nbsp;1, 2004.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Interest</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">13.5%&nbsp;per annum, payable semi-annually in
    cash in arrears on April&nbsp;1 and October&nbsp;1 of each year,
    commencing April&nbsp;1, 2005.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">9&nbsp;3/8%&nbsp;per annum, payable semi-
    annually in cash in arrears on
    [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;1 and
    [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;1 of each year, commencing
    [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;1, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Guarantors</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Guaranteed on a senior subordinated basis by AGW
    Leasing Company, Inc. and all other current and future
    Restricted Subsidiaries (the &#147;Guarantors&#148;).
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same Guarantors as the Old Notes. The guarantees
    will be general secured obligations of the Guarantors and will
    rank junior to the Guarantors&#146; guarantees under the Credit
    Agreement and <I>pari passu </I>with all other existing and
    future indebtedness of the Guarantors that is not, by its terms,
    expressly subordinated in right of payment to such guarantees.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Ranking</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The Old Notes are subordinated in right of
    payment to all of AirGate&#146;s existing and future senior
    indebtedness, equal in right of payment to all of
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The New Notes will be AirGate&#146;s senior
    secured obligations and will be (i)&nbsp;subordinated in right
    of payment to AirGate&#146;s indebtedness under the Credit
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">16
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate&#146;s existing and future senior
    subordinated indebtedness and senior in right of payment to all
    of AirGate&#146;s existing and future subordinated
    indebtedness.<BR>
    <BR>
    The guarantees are unsecured obligations of the Guarantors and
    are subordinated in right of payment to all existing and future
    senior indebtedness of each Guarantor, equal in right of payment
    to all existing and future senior subordinated indebtedness of
    each Guarantor and senior in right of payment to all existing
    and future subordinated indebtedness of each Guarantor.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement, including second lien debt secured
    thereby, (ii)&nbsp;senior in right of payment to the Old Notes,
    (iii)&nbsp;equal in right of payment with all of its
    unsubordinated indebtedness and (iv)&nbsp;senior in right of
    payment to all of its future indebtedness that by its terms is
    junior or subordinated in right to payment to the New Notes.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Collateral/Security</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The Old Notes are
    secured by a subordinated pledge of the capital stock of all of
    AirGate&#146;s current and future directly owned subsidiaries.
    The pledge to secure the Old Notes is junior to the pledge to
    secure AirGate&#146;s senior debt.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The New Notes will be secured by second-priority
    liens, subject to certain exceptions and permitted liens, on
    substantially all of AirGate&#146;s and its restricted
    subsidiaries&#146; existing and after-acquired assets for which
    a first priority lien is granted to the lenders under the Credit
    Agreement (the &#147;Collateral&#148;).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The holders of the New Notes and the lenders
    under the Credit Agreement shall agree on reasonable and
    customary terms concerning the control of the exercise of
    remedies with respect to the Collateral that are reasonably
    acceptable to Noteholders&#146; Counsel.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Subordination and Intercreditor
    Agreement</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The holders of the New Notes, the lenders under
    the Credit Agreement and certain others shall enter into a
    subordination and intercreditor agreement on reasonable and
    customary terms for second lien notes that are reasonably
    acceptable to Noteholders&#146; Counsel.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Optional Redemption</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">At any time and from time to time on or after
    October&nbsp;1, 2004, AirGate may redeem the Old Notes in whole
    or in part at the following redemption prices plus accrued and
    unpaid interest, if any, to the date of redemption, if redeemed
    during the 12-month period beginning on October&nbsp;1 of the
    following years:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">At any time and from time to time, AirGate may
    redeem the New Notes in whole or in part at the following
    redemption prices plus accrued and unpaid interest, if any, to
    the date of redemption, if redeemed during the 12-month period
    beginning on January&nbsp;1 of the following years:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <I><FONT size="2">Year&nbsp;&#151; Percentage</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <I><FONT size="2">Year&nbsp;&#151; Percentage</FONT></I></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2004&nbsp;&#151; 106.750%<BR>
    2005&nbsp;&#151; 104.500%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2006&nbsp;&#151; 104.688%<BR>
    2007&nbsp;&#151; 102.344%
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">17
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2006&nbsp;&#151; 102.250%<BR>
    2007 and thereafter&nbsp;&#151; 100.000%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2008 and thereafter&nbsp;&#151; 100.000%
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Optional Redemption Upon Public Equity
    Offerings</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">At any time and from time to time before
    September&nbsp;30, 2002, AirGate could have redeemed on one or
    more occasions up to 35% of the Accreted Value of the Old Notes
    at a redemption price of 113.500% of the Accreted Value with net
    cash proceeds of equity offerings <I>provided </I>such
    redemption occurred within 60&nbsp;days of such offering and
    that at least 65% of the Accreted Value of the Old Notes
    originally issued remained outstanding immediately after the
    redemption.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Repurchase Offers/ Change of Control</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Upon (i)&nbsp;certain permitted assets sales by
    AirGate&#146;s Restricted Subsidiaries in which there are excess
    proceeds that are not applied to pay down debt, for capital
    expenditures, or to purchase other assets, or (ii)&nbsp;a Change
    of Control, then AirGate must commence a repurchase offer.
    Specifically, upon a Change of Control, noteholders may require
    AirGate to repurchase their notes at 101% of the Accreted Value
    (if the purchase is prior to October&nbsp;1, 2004) or 101% of
    the aggregate principal amount, together with accrued and unpaid
    interest, if any, to the date of repurchase (if the purchase is
    after such date).
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same, except that upon a Change of Control, the
    noteholders may require AirGate to repurchase all or part of the
    New Notes at a price equal to 101% of the principal amount
    thereof, plus accrued and unpaid interest, if any, to the date
    of repurchase.<BR>
    <BR>
    The definition of Change of Control will be revised to provide
    that a merger or consolidation with, or the purchase of all or
    substantially all the assets of, a Sprint PCS Affiliate will not
    be deemed a Change of Control as long as, in the case of a
    merger or consolidation, (i)&nbsp;after announcement of the
    transaction but before consummation, there are no downgrades (or
    notice thereof) or credit watch with negative implications that
    is not removed with respect to the ratings, if any, of the New
    Notes and (ii)&nbsp;the beneficial owners of voting stock of
    AirGate prior to the merger or consolidation continue to be the
    beneficial holders of at least 35% of the outstanding voting
    stock of AirGate or the surviving company after the merger or
    consolidation; <I>provided</I>, that a majority of the members
    of the board of directors, chief executive officer, chief
    financial officer and one additional &#147;named executive
    officer&#148; (as defined in Item&nbsp;402(a)(3) of
    Regulation&nbsp;S-K under the Securities Act of 1933, as
    amended) of AirGate immediately prior to the merger or
    consolidation shall continue to serve in the same capacity or
    hold the same office, as the case may be, for AirGate
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">18
</FONT>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">or the surviving company after the merger or
    consolidation.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Mandatory Redemption</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Certain Covenants</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">1.&nbsp;&nbsp;Restricted Payments</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">A. Prior to December&nbsp;31, 2002:<BR>
    <BR>
    AirGate may not (i)&nbsp;declare or pay dividends other than
    dividends payable solely in equity or equity securities
    convertible into AirGate&#146;s equity (&#147;Equity
    Interests&#148;) other than Disqualified Stock,
    (ii)&nbsp;purchase or redeem or permit a Restricted Subsidiary
    to purchase or redeem any Equity Interests of AirGate (including
    options, warrants or other rights to acquire Equity Interests),
    (iii)&nbsp;redeem, repurchase or retire for value or permit any
    Restricted Subsidiary to redeem, repurchase or retire for value
    other than value solely of Equity Interests other than
    Disqualified Stock, any Indebtedness that is subordinate to the
    Notes, or (iv)&nbsp;permit any Restricted Subsidiary to make any
    Restricted Investment. The payments in (i)&nbsp;&#151;
    (iv)&nbsp;are &#147;Restricted Payments&#148;.<BR>
    <BR>
    B.&nbsp;&nbsp;After December&nbsp;31, 2002:<BR>
    <BR>
    AirGate may not and may not permit a Restricted Subsidiary to
    make any Restricted Payment unless:<BR>
    <BR>
    (i)&nbsp;no Default or Event of Default has occurred and is
    continuing, (ii)&nbsp;at the time of the payment, and giving
    pro-forma effect to it, AirGate could have incurred additional
    debt under the indebtedness covenants below and (iii) the
    aggregate amount of all Restricted Payments shall not exceed
    (A)&nbsp;Operating Cash Flow after December&nbsp;31, 2002
    through the quarter prior to the payment less 150% of the
    cumulative Consolidated Interest Expense after December&nbsp;31,
    2002 through such quarter plus (B)&nbsp;the aggregate Net
    Proceeds from equity sales and certain dispositions of
    Investments.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same restrictions on AirGate and its Restricted
    Subsidiaries that existed after December&nbsp;31, 2002, except
    that the Operating Cash Flow of AirGate will be measured from
    June&nbsp;30, 2003.<BR>
    <BR>
    Certain customary exceptions are permitted.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">2.&nbsp;&nbsp;Permitted Investments</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Includes:<BR>
    <BR>
    (i)&nbsp;investments in AirGate or in a
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">There will be the standard list of permitted
    investments for High-Yield transactions consistent with the
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">19
</FONT>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">wholly-owned Restricted Subsidiary that is a
    Guarantor;<BR>
    (ii)&nbsp;investments in cash equivalents;<BR>
    (iii)&nbsp;investments by AirGate or any Restricted Subsidiary
    in a person which results in such person becoming a wholly-owned
    Restricted Subsidiary of AirGate or such person is
    merged/consolidated with or conveys its assets to AirGate or a
    wholly-owned Restricted Subsidiary of AirGate;<BR>
    (iv)&nbsp;investments made after the receipt of non-cash
    consideration in Asset Sales in compliance with the
    Indenture;<BR>
    (v)&nbsp;acquisition of assets for Equity Interests;<BR>
    (vi)&nbsp;investments which are paid for in Equity Interests;
    or<BR>
    (vii)&nbsp;investments in any person which, when added to all
    other investments under clause&nbsp;(vii) do not exceed
    $5&nbsp;million.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture governing the Old Notes and current
    market practice. In addition, there will be a (i)&nbsp;basket
    for investments of up to $5&nbsp;million in fiscal 2003,
    $7.5&nbsp;million in fiscal 2004, $10&nbsp;million in fiscal
    2005, $12.5&nbsp;million in fiscal 2006 and $15&nbsp;million in
    fiscal 2007, in the aggregate, in one or more transactions in
    one or more entities that (A)&nbsp;will engage in a related
    telecommunications service business, (B)&nbsp;will bid on, own
    or lease spectrum or (C)&nbsp;will provide management, billing
    or customer care services; <I>provided </I>that AirGate could
    have incurred $1.00 of additional debt; <I>provided further</I>,
    that such amounts will be included in the calculation of
    subsequent Restricted Payments; and (ii)&nbsp;a general basket
    of $5&nbsp;million for investments in entities that will provide
    management, billing or customer care services.<BR>
    <BR>
    The definition of &#147;Operating Cash Flow&#148; will be
    revised to include &#147;add-backs&#148; consistent with the
    &#147;add-backs&#148; contained in the definition of
    &#147;EBITDA&#148; in the amendment to the Credit Agreement.
    Such &#147;add-backs&#145; are for (i)&nbsp;amounts actually
    incurred in connection with Sprint litigation in an amount not
    to exceed $2&nbsp;million in any one fiscal year period;
    (ii)&nbsp;amounts not to exceed $5&nbsp;million in start-up
    costs actually incurred in connection with providing billing,
    customer care and similar services that had been provided under
    the Sprint affiliation agreements; and (iii)&nbsp;any
    restructuring costs or charges incurred in connection with the
    transactions contemplated by the Support Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">3.&nbsp;&nbsp;Incurrence of Indebtedness and
    Issuance of Preferred Stock</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Neither AirGate nor any Restricted Subsidiary may
    incur any Indebtedness other than Permitted Debt and AirGate may
    not issue Disqualified Stock unless, immediately thereafter,
    certain financial covenants are met.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The New Notes will contain a definition of
    Permitted Debt substantially similar to the Old Notes except as
    set forth below under Permitted Debt.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">4.&nbsp;&nbsp;Permitted Debt</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">No additional debt unless, immediately after the
    incurrence, (i)&nbsp;Consolidated Debt to Annualized Operating
    Cash Flow Ratio is less than 7.0&nbsp;to 1.0 (if prior to
    9/1/05) and less than 6.0&nbsp;to 1.0 (if on or after 9/1/05) or
    (ii)&nbsp;if prior to 9/1/05, the Consolidated Debt
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same as the Old Notes, except (1)&nbsp;Annualized
    Operating Cash Flow will be changed from an annualized concept
    to reflect the last four actual quarters; (2)&nbsp;the ratios in
    clause&nbsp;(i) will be &#147;less than 7.0&nbsp;to 1.0 (if
    prior to 9/30/05), less than 6.0&nbsp;to 1.0 (if on or
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">20
</FONT>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">equals or is less than 70% of Total Invested
    Capital.<BR>
    <BR>
    Annualized Operating Cash Flow is based on the last 2 full
    fiscal quarters, times&nbsp;2.<BR>
    <BR>
    That restriction is not applicable to, among other things, an
    aggregate of $175&nbsp;million outstanding under all credit
    facilities, capital lease obligations under $5&nbsp;million,
    certain refinancing indebtedness, non-recourse debt, additional
    debt not to exceed $50&nbsp;million and the incurrence of debt
    under the promissory note executed in connection with the
    Consent and Agreement with Sprint and Lucent.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">after 9/30/05) and less than 5.0&nbsp;to 1.0 (if
    on or after 9/30/06)&#148; and (3)&nbsp;clause&nbsp;(ii),
    including the concept of Total Invested Capital, will be
    eliminated.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">5.&nbsp;&nbsp;Asset Sales</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Neither AirGate nor a Restricted Subsidiary may
    sell assets unless (i)&nbsp;the seller receives consideration at
    least equal to the FMV of the item sold, (ii)&nbsp;the FMV is
    determined by AirGate&#146;s Board in a resolution and delivered
    to the Trustee in an Officer&#146;s Certificate and
    (iii)&nbsp;at least 85% of the consideration received is in the
    form of cash or cash equivalents.<BR>
    <BR>
    The Net Proceeds are first used for certain payments, including
    the repayment of senior debt or to reinvest in the business. If
    there are excess Net Proceeds over $10&nbsp;million, AirGate
    must make an offer to repurchase the Old Notes at 100% of
    Accreted Value or principal, as applicable.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same except only 75% of the consideration
    received need be cash or cash equivalents and an Officer&#146;s
    Certificate is delivered to the Trustee stating that. Also, the
    Officer&#146;s Certificate would be required only if the
    transaction were valued at over $5&nbsp;million.<BR>
    <BR>
    Same.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">6.&nbsp;&nbsp;Transactions with
    Affiliates</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">No transactions with Affiliates unless
    (i)&nbsp;the terms are no less favorable than those that could
    be obtained in an arm&#146;s length negotiation, (ii)&nbsp;if
    the transaction(s) are in excess of $1&nbsp;million, an
    Officer&#146;s Certificate is delivered to the Trustee stating
    that a majority of the disinterested Board members approved the
    transaction(s) and (iii)&nbsp;if the transactions are in excess
    of $25&nbsp;million, an opinion as to the fairness of the
    transaction(s) to the noteholders. There are certain exceptions.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same, except the threshold under (ii)&nbsp;would
    be increased to $5&nbsp;million for transactions with Affiliates
    that (A)&nbsp;engage in a related telecommunications service
    business, (B)&nbsp;bid on, own or lease spectrum or
    (C)&nbsp;provide management, billing or customer care
    services.<BR>
    <BR>
    In addition, the exceptions would be broadened so that
    securities and cash can be paid under any employment
    compensation arrangements approved by the Board, payments may be
    made for indemnities provided for in AirGate&#146;s charter and
    bylaws or any written agreements with directors and officers and
    AirGate may issue capital stock
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">and grant registration rights with respect
    thereto.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">7.&nbsp;&nbsp;Liens</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Neither AirGate nor any Restricted Subsidiary may
    incur any Lien securing any Indebtedness that is <I>pari passu
    </I>with the Old Notes or the guarantees or is subordinated
    indebtedness, other than Permitted Liens.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">No Liens permitted except Permitted Liens. The
    definition of Permitted Liens is broadened consistent with
    current market practice as to secured transactions involving a
    second lien.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">8.&nbsp;&nbsp;Permitted Liens</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Includes:<BR>
    <BR>
    (i)&nbsp;liens under the Credit Agreement;<BR>
    (ii)&nbsp;liens in favor of AirGate and the Guarantors;<BR>
    (iii)&nbsp;liens on the property of a person merged into AirGate
    that existed before the merger or on acquired property and the
    lien existed prior to the acquisition; (iv) liens to secure
    statutory obligations and surety bonds; and (v) liens incurred
    in the ordinary course that do not exceed $5&nbsp;million at any
    one time.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">There will be customary High-Yield Permitted
    Liens as well as the following:<BR>
    <BR>
    (i)&nbsp;first priority liens under the Credit Agreement,
    <I>provided </I>that a second lien shall be granted to the
    noteholders;<BR>
    (ii)&nbsp;liens securing purchase money indebtedness; and<BR>
    (iii)&nbsp;liens securing permitted sale and leaseback
    transactions.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">9.&nbsp;&nbsp;Sale and Leaseback
    Transactions</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">No sale and leaseback transactions are permitted
    unless:<BR>
    <BR>
    (i)&nbsp;AirGate or the Restricted Subsidiary could have
    incurred Indebtedness in an amount equal to the debt relating to
    such sale under the Incurrence of Indebtedness financial
    covenant tests above and could have incurred a lien on such
    Indebtedness under the restrictions on Liens above,
    (ii)&nbsp;the gross cash proceeds of the transaction are at
    least equal to the FMV of the property as determined by the
    Board and set forth in an Officer&#146;s Certificate to the
    Trustee and (iii)&nbsp;the transfer of assets complies with the
    requirements of the asset sales covenant.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same, except an Officer&#146;s Certificate will
    be delivered only if the transaction is in excess of
    $1&nbsp;million.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Original Issue Discount</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Yes. Interest is not payable on the Old Notes
    prior to April&nbsp;1, 2005. However, holders are required to
    include original issue discount amounts in gross income for
    U.S.&nbsp;federal tax purposes over the term of the Old Notes in
    advance of the receipt of the actual cash payments.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Events of Default</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The following are Events of Default:<BR>
    <BR>
    (i)&nbsp;a default on the payment of interest on the Old Notes
    and it continues for 30&nbsp;days;<BR>
    (ii)&nbsp;a default on the payment of principal on the Old Notes
    when due;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Same but subject to minor adjustments for the
    second lien structure of the New Notes. In addition, the
    cross-default amounts would be increased from $5&nbsp;million to
    $10&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">New&nbsp;9&nbsp;3/8% Senior Subordinated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Old 13.5%&nbsp;Senior Subordinated Discount Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Secured Notes due 2009</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(iii)&nbsp;a failure by AirGate or a Restricted
    Subsidiary to comply with the requirements in the indenture with
    respect to asset sales and the use of proceeds therefrom or a
    failure of AirGate to repurchase the Old Notes upon a Change of
    Control;<BR>
    (iv)&nbsp;a violation of certain other prohibitions and such
    violation continues for 60&nbsp;days;<BR>
    (v)&nbsp;a default under any Indebtedness of AirGate or any
    Restricted Subsidiary which default is caused by a failure to
    pay principal or interest on any Indebtedness of AirGate or the
    Restricted Subsidiaries within the applicable grace period after
    the final maturity date of such indebtedness or such payment is
    accelerated because of default, and the total amount unpaid or
    accelerated exceeds $5&nbsp;million;<BR>
    (vi)&nbsp;a failure by AirGate or any Restricted Subsidiary to
    pay, have stayed or discharged for 60&nbsp;days final judgments
    aggregating $5&nbsp;million;<BR>
    (vii)&nbsp;a material impairment to AirGate&#146;s pledge
    securing its payment obligations;<BR>
    (viii)&nbsp;any guarantee of any subsidiary is deemed invalid;
    or<BR>
    (ix)&nbsp;AirGate or any of its Restricted Subsidiaries or any
    group of Subsidiaries that, taken as a whole, would constitute a
    Significant Subsidiary, among other things, commences a
    voluntary bankruptcy case.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Other Structural Changes to the
    Indenture</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Section&nbsp;4.19 has restrictions on the
    incurrence of senior subordinated debt (i.e., layered debt)
    [NOTE: This covenant will be eliminated from the Indenture
    governing the Old Notes pursuant to an exit consent.]
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The layered debt restriction would remain in the
    New Indenture and would prevent new debt that is senior to the
    New Notes (except permitted second lien debt secured by the
    Credit Agreement), and would allow new debt that is <I>pari
    passu </I>or junior to the New Notes.<BR>
    <BR>
    In addition, a section describing the collateral/security would
    be added.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Subordination</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The Old Notes are subordinate to all Senior Debt.
    In addition, no payments can be made on the Old Notes if there
    is a default under certain designated Senior Debt.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Substantially the same.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">23
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT A</FONT></B>

<P align="center">
<B><FONT size="2">FORM OF JOINDER AGREEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon consummation of the transfer of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
aggregate principal amount due at maturity of the
13.5%&nbsp;Senior Subordinated Discount Notes due 2009 issued by
AirGate PCS, Inc. (the &#147;Company&#148;) previously
beneficially owned
by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the undersigned
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003 (the &#147;Transfer&#148;), the undersigned hereby agrees,
for the benefit of the Company, to be bound by and to comply
with all applicable provisions of the that certain Support
Agreement dated as
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003 (the &#147;Agreement&#148;) by and among the Company and
the Noteholders (as defined therein) as if the undersigned had
been a party to the Agreement as of the date thereof for so long
as the Agreement shall remain in effect. By signing below, the
Company consents to and acknowledges the Transfer. Capitalized
terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Agreement.
</FONT>

<P align="center">
<FONT size="2">[Signature page follows]
</FONT>

<P align="center"><FONT size="2">24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">IN WITNESS WHEREOF, this Joinder Agreement has
been duly executed as
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">[NAME]
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By:&nbsp;<HR size="1" align="left" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;<HR size="1" align="left" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;<HR size="1" align="left" noshade>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Agreed to and acknowledged by:
</FONT>

<P align="left">
<FONT size="2">AIRGATE PCS, INC.
</FONT>

<P align="left">
<FONT size="2">By:&nbsp;<HR size="1" width="61%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">Name:&nbsp;<HR size="1" width="57%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">Title:&nbsp;<HR size="1" width="58%" align="left" noshade>
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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