<SUBMISSION>
<ACCESSION-NUMBER>0000950144-05-000434
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20050121
<DATE-OF-FILING-DATE-CHANGE>20050121
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AIRGATE SERVICE CO INC
<CIK>0001268535
<IRS-NUMBER>300092669
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-122203-01
<FILM-NUMBER>05541480
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>233 PEACHTREE ST NE STE.1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AIRGATE NETWORK SERVICES LLC
<CIK>0001268536
<IRS-NUMBER>582573528
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-122203-02
<FILM-NUMBER>05541481
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>233 PEACHTREE ST NE STE.1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AGW LEASING CO INC
<CIK>0001086843
<ASSIGNED-SIC>8731
<IRS-NUMBER>582441171
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-122203-03
<FILM-NUMBER>05541482
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>233 PEACHTREE ST
<STREET2>SUITE 1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
<PHONE>3105406222
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>233PEACHTREE ST
<STREET2>SUITE 1700
<CITY>ATLANTA
<STATE>GA
<ZIP>30303
</MAIL-ADDRESS>
</FILER>
<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>S-4
<ACT>33
<FILE-NUMBER>333-122203
<FILM-NUMBER>05541479
</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>S-4
<SEQUENCE>1
<FILENAME>g92801sv4.htm
<DESCRIPTION>AIRGATE PCS, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>AIRGATE PCS, INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">As Filed with the Securities and Exchange
Commission on January&nbsp;21, 2005</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="center">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="center">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

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

<DIV align="center">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="5">Form&nbsp;S-4</FONT></B>

<P align="center">
<B>REGISTRATION STATEMENT</B>

<DIV align="center">
<B>UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="6">AIRGATE PCS, INC.</FONT></B>

<DIV align="center">
<I><FONT size="2">(Exact Name of Registrant as Specified in Its
Charter)</FONT></I>
</DIV>

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

<TR>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Delaware</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">4813</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">58-2422929</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or Other Jurisdiction<BR>
    of Incorporation or Organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">Harris Tower</FONT></B>

<DIV align="center">
<B><FONT size="2">233 Peachtree Street NE,
Suite&nbsp;1700</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Atlanta, GA 30303</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(404)&nbsp;525-7272</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address, Including Zip Code, and Telephone
Number,</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">Including Area Code, of Registrant&#146;s
Principal Executive Offices)</FONT></I>
</DIV>

<P align="center">
<B><FONT size="2">SEE TABLE OF ADDITIONAL REGISTRANTS</FONT></B>

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">ROY HADLEY<BR>
    Vice President, General Counsel and<BR>
    Corporate Secretary<BR>
    AirGate PCS, Inc.<BR>
    Harris Tower<BR>
    233 Peachtree Street NE, Suite&nbsp;1700<BR>
    Atlanta, GA 30303<BR>
    (404)&nbsp;525-7272<BR>
     </FONT></B><I><FONT size="2">(Name, Address, Including Zip
    Code, and Telephone<BR>
    Number, Including Area Code, of Agent For Service)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><I><FONT size="2">Copies to:<BR>
     </FONT></I><FONT size="2">ELIZABETH NOE<BR>
    Paul, Hastings, Janofsky&nbsp;&#38; Walker LLP<BR>
    600 Peachtree Street, Suite&nbsp;2400<BR>
    Atlanta, GA 30308<BR>
    (404)&nbsp;815-2400</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate
date of commencement of proposed sale to the public:</B> As soon
as practicable after the effective date of this Registration
Statement.
</FONT>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the securities being registered on this Form are being offered
in connection with the formation of a holding company and there
is compliance with General Instruction G, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

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

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price per</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Maximum Aggregate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">of Securities to be Registerd</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Security(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">First Priority Senior Secured Floating Rate Notes
    due 2011
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$175,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">100%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$175,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$20,597.50
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Guarantees(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Determined pursuant to Rule&nbsp;457(f) under the
    Securities Act solely for purposes of calculating the
    registration fee.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The First Priority Senior Secured Floating Rate
    Notes due 2011 (the &#147;Notes&#148;) are guaranteed by the
    Additional Registrants on a senior basis. No separate
    consideration will be paid in respect of the guarantees.
    Pursuant to Rule&nbsp;457(n) under the Securities Act, no filing
    fee is required.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date
until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration
Statement shall become effective on such date, as the
Commission, acting pursuant to said Section&nbsp;8(a), may
determine.</B>
</FONT>

<P align="center">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="center">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<P align="center">
<B><FONT size="2">TABLE OF ADDITIONAL REGISTRANTS</FONT></B>

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

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Primary Standard</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">State of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Industrial</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation/</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Classification</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">IRS Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Formation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Code Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AGW Leasing Company, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">DE</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="right" valign="bottom" nowrap><FONT size="2">4813</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="right" valign="bottom" nowrap><FONT size="2">58-2441171</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">AirGate Network Services, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">DE</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="right" valign="bottom" nowrap><FONT size="2">4813</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="right" valign="bottom" nowrap><FONT size="2">58-2573528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AirGate Service Company, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">DE</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="right" valign="bottom" nowrap><FONT size="2">4813</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="right" valign="bottom" nowrap><FONT size="2">30-0092609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The address, including zip code and telephone
number, including area code, of the principal offices of the
additional registrants listed above is: Harris Tower, 233
Peachtree Street NE, Suite&nbsp;1700, Atlanta, GA 30303 and the
telephone number at that address is (404)&nbsp;525-7272.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<FONT size="2" color="#E8112D">The information in this
prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.</FONT><FONT size="2"> <BR>
</FONT>
</TD></TR></TABLE>

<P align="center">
<B><FONT size="2" color="#E8112D">SUBJECT TO COMPLETION, DATED
JANUARY&nbsp;21, 2005</FONT></B>

<P align="left">
<B><FONT size="2">Prospectus</FONT></B>

<P align="center">
<B><FONT size="4">$175,000,000</FONT></B>

<P align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have been registered under the
Securities Act of 1933,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">for any and all outstanding</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have not been registered under the
Securities Act of 1933,</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">of</FONT></B>

<P align="center">
<B><FONT size="6">AirGate PCS, Inc.</FONT></B>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We will exchange all original notes that are
    validly tendered and not withdrawn before the end of the
    exchange offer for an equal principal amount of new notes that
    we have registered under the Securities Act of 1933.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">This exchange offer expires at 5:00&nbsp;p.m.,
    New York City time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005, unless extended.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">No public market exists for the original notes or
    the new notes. We do not intend to list the new notes on any
    securities exchange or to seek approval for quotation through
    any automated quotation system.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The notes will rank equally in right of
payment with all of our existing and future senior debt and
senior in right of payment to all of our existing and future
subordinated debt, including our 9 3/8%&nbsp;Senior Subordinated
Notes due 2009. The guarantees will be senior secured
obligations of the guarantors and will rank equally in right of
payment to their existing and future senior obligations and
senior in right of payment to their existing and future
subordinated obligations, including their guarantees of our 9
3/8%&nbsp;Senior Subordinated Notes due 2009. The notes will be
secured on a first priority basis by liens on substantially all
of our and our restricted subsidiaries&#146; assets.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">See &#147;Risk Factors&#148; beginning on
page&nbsp;14 for a discussion of the risks that holders should
consider prior to making a decision to exchange original notes
for new notes.</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved
of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a
criminal offense.</FONT></B>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">

</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>Incorporation by
    Reference</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">i</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">&nbsp;<A HREF='#102'>Summary</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</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">&nbsp;<A HREF='#103'>Risk Factors</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</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">&nbsp;<A HREF='#104'>Special Note&nbsp;Regarding
    Forward-Looking Statements</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</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">&nbsp;<A HREF='#105'>The Exchange Offer</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</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">&nbsp;<A HREF='#106'>Use of Proceeds</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45</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">&nbsp;<A HREF='#107'>Capitalization</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46</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">&nbsp;<A HREF='#108'>Description of Other
    Indebtedness</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47</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">&nbsp;<A HREF='#109'>Description of the Notes</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48</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">&nbsp;<A HREF='#110'>Material United States
    Federal Income Tax Considerations</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88</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">&nbsp;<A HREF='#111'>Plan of Distribution</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92</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">&nbsp;<A HREF='#112'>Legal Matters</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92</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">&nbsp;<A HREF='#113'>Experts</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92</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">&nbsp;<A HREF='#114'>Where You Can Find More
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv5w1.txt">EX-5.1 OPINION OF PAUL, HASTINGS, JANOFSKY & WALKER LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv12w1.txt">EX-12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv23w1.txt">EX-23.1 CONSENT OF KPMG</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv25w1.txt">EX-25.1 STATEMENT OF ELIGIBILITY OF THE BANK OF NEW YORK TRUST COMPANY</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv99w1.htm">EX-99.1 FORM OF LETTER OF TRANSMITTAL</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv99w2.htm">EX-99.2 FORM OF LETTER TO CLIENTS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv99w3.htm">EX-99.3 FORM OF LETTER TO REGISTERED HOLDERS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g92801exv99w4.htm">EX-99.4 FORM OF NOTICE OF GUARANTEED DELIVERY</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="left">
<A name='101'></A>
</DIV>

<!-- link1 "INCORPORATION BY REFERENCE" -->

<P align="center">
<B><FONT size="2">INCORPORATION BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are &#147;incorporating by reference&#148;
important business, financial and other information about us
into this prospectus. This means that we are disclosing
important information to you by referring you to another
document filed separately with the Securities and Exchange
Commission, or SEC, that is not delivered with this prospectus.
The information incorporated by reference is considered to be
part of this prospectus, unless we update or supersede that
information by the information contained in this prospectus or
the information we file subsequently that is incorporated by
reference into this prospectus. We are incorporating by
reference the following documents that we have filed with the
SEC:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Annual Report on Form&nbsp;10-K for the
    fiscal year ended September&nbsp;30, 2004;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Our Current Report on Form&nbsp;8-K filed on
    December&nbsp;23, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also incorporate by reference any future
filings made with the SEC (excluding those filings made under
items&nbsp;2.02, 3.02, 5.01, 7.01 and 9.01(b)(1) of
Form&nbsp;8-K) under Sections&nbsp;13(a), 13(c), 14 or 15(d) of
the Securities Exchange Act of 1934 before termination of this
offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will provide each person to whom a copy of
this prospectus is delivered a copy of any or all of the
information that has been incorporated by reference in this
prospectus, but not delivered in this prospectus. We will
provide this information by first class mail at no cost upon
written or oral request addressed to AirGate PCS, Inc., Attn:
Investor Relations, Harris Tower, 233&nbsp;Peachtree Street,
N.E., Suite&nbsp;1700, Atlanta, GA 30303; telephone number
(404)&nbsp;525-7272.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To obtain timely delivery of any information
requested from us, you must request this information no later
than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, which is five business days before this exchange offer
expires.
</FONT>

<P align="center"><FONT size="2">i
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2"> <A name='102'></A>
</FONT>
</DIV>

<!-- link1 "SUMMARY" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">This summary highlights selected information
from this prospectus. The following summary information is
qualified in its entirety by the information contained elsewhere
or incorporated by reference in this prospectus. This summary is
not complete and may not contain all of the information that you
should consider before investing in the notes. You should read
the entire prospectus carefully, including the &#147;Risk
Factors&#148; section beginning on page&nbsp;14 of this
prospectus and the financial statements and notes to these
statements contained or incorporated by reference in this
prospectus. Unless the context otherwise requires, the use of
&#147;we,&#148; &#147;us,&#148; &#147;our&#148; and &#147;the
Company&#148; refer to AirGate PCS, Inc. and its consolidated
subsidiaries. AirGate has three wholly-owned, restricted
subsidiaries, AGW Leasing Company, Inc., AirGate Network
Services, LLC and AirGate Service Company, Inc. &#147;Sprint
PCS&#148; refers to Sprint Communications Company, L.P., Sprint
Spectrum L.P. and WirelessCo, L.P. We refer to Sprint
Corporation and its affiliates, including Sprint PCS, as
&#147;Sprint&#148;. A &#147;Sprint PCS affiliate&#148; is an
entity, such as us, whose sole or predominant business is
operating (directly or through one or more subsidiaries) a
wireless communications service business pursuant to affiliation
or management agreements with Sprint.</FONT></I>

<P align="center">
<B><FONT size="2">Our Company</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a network partner of Sprint PCS, the
personal communications services (commonly known as PCS)
division of Sprint Corporation, and have the right to provide
wireless communications services under the Sprint&#174; and
Sprint PCS&#174; brand names in our licensed territory, which
includes most of the state of South Carolina, parts of North
Carolina, and the eastern Georgia cities of Augusta and
Savannah. We launched Sprint PCS products and services in our
first market in January 2000 and currently operate in
21&nbsp;basic trading areas (&#147;BTAs&#148;) assigned to us
under our affiliation agreements with Sprint PCS. We offer
national calling plans designed by Sprint PCS, as well as local
calling plans tailored to our markets. We market Sprint PCS
products and services through a number of distribution outlets,
including our own retail stores, major national distributors
such as RadioShack and Best Buy and local third party
distributors. As of September&nbsp;30, 2004, our licensed
territory had a total population, which we refer to as
&#147;POPs,&#148; of 7.4&nbsp;million residents, of which our
network covered 6.1&nbsp;million residents, which we refer to as
&#147;covered POPs,&#148; resulting in approximately 83% covered
POPs. As of September&nbsp;30, 2004, we had 384,537 subscribers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint PCS, along with its network partners,
operates a 100% digital, 100% PCS, nationwide wireless network
in the United States, with licenses to provide services to an
area consisting of approximately 280&nbsp;million POPs. We own
and are responsible for building, operating and managing the
portion of the nationwide PCS network of Sprint PCS located in
our licensed territory. Our PCS network is designed to offer a
seamless connection with the nationwide wireless network of
Sprint PCS. Like Sprint PCS and other Sprint PCS affiliates, we
utilize code division multiple access (&#147;CDMA&#148;)
technology. We have CDMA one times radio transmission technology
(&#147;1xRTT&#148;) capability on all of the cell sites within
our network.
</FONT>

<P align="center">
<B><FONT size="2">Merger Agreement with Alamosa Holdings,
Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;7, 2004, we entered into an
Agreement and Plan of Merger (the &#147;Merger Agreement&#148;)
with Alamosa Holdings, Inc. (&#147;Alamosa&#148;) and A-Co.
Merger Sub, Inc., a direct wholly-owned subsidiary of Alamosa
(&#147;Merger Sub&#148;). Pursuant to the Merger Agreement, we
will merge (the &#147;Merger&#148;) with and into Merger Sub
with Merger Sub surviving. After the Merger, we will be a
subsidiary of Alamosa. Under the terms of the Merger Agreement,
our shareholders will receive 2.87 Alamosa shares for every
share of AirGate common stock they hold. In addition, Company
shareholders will have the option to elect cash consideration in
place of Alamosa stock, up to an aggregate amount of
$100&nbsp;million, with the per share cash consideration (the
&#147;Per Share Cash Consideration&#148;) based on the average
closing price of Alamosa stock in the ten trading days prior to
the completion of the transaction multiplied by 2.87 (the
&#147;Per Share Amount&#148;). The Per Share Cash Consideration
is subject to proration to ensure that Alamosa exchanges no more
than $100&nbsp;million in aggregate cash consideration.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The completion of the Merger is subject to
various customary closing conditions, including obtaining the
approval of our and Alamosa&#146;s stockholders and the consent
of Sprint PCS. We expect to consummate the Merger in the first
quarter of 2005. For more information see
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&nbsp;&#151; Recent
Developments&nbsp;&#151; Merger Agreement with Alamosa Holdings,
Inc.&#148; which is incorporated herein by reference from our
Form&nbsp;10-K for the year ended September&nbsp;30, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have commenced a consent solicitation to
obtain the consent of holders of our First Priority Senior
Secured Floating Rate Notes due 2011 to amend the definition of
&#147;change of control&#148; in the indenture governing those
notes to exclude our merger with Alamosa, and thus eliminate the
requirement that the Company make a repurchase offer for the
First Priority Senior Secured Floating Rate Notes due 2011 upon
completion of the merger.
</FONT>

<P align="center">
<B><FONT size="2">Competitive Strengths</FONT></B>

<P align="left">
<B><FONT size="2">Strategic Affiliation with Sprint
PCS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that our strategic relationship with
Sprint PCS provides us with significant competitive advantages
and with a platform for growth. In particular, we are able to
offer high quality, nationally branded wireless services to our
network subscribers. We benefit from our Sprint PCS affiliation
in the following ways:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Use of the Sprint PCS brand in our
territory.</FONT></I><FONT size="2"> We have the right to use
the Sprint PCS&#174; brand name in our licensed territory to
market our products and services. We benefit from Sprint
PCS&#146; national advertising campaigns, as well as
Sprint&#146;s sponsorship of numerous national and regional
events that provide additional exposure to the brand and
increase product awareness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Seamless national network
partnership.</FONT></I><FONT size="2"> We have the right to
provide Sprint PCS service within our network coverage area. Our
product offering is centered on Sprint PCS&#146; national 100%
digital network, which allows us to offer attractive national
services plans to potential subscribers within our region. We
also receive significant roaming traffic from Sprint PCS&#146;
subscribers when they travel in our territory.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Scale benefits usually associated with a
national carrier.</FONT></I><FONT size="2"> Our partnership with
Sprint PCS allows us to offer competitive wireless voice and
data services at a lower cost and with fewer capital
requirements than would otherwise be possible as a regional
carrier. Sprint PCS provides billing, collections, customer care
and other back-office support services to over 22&nbsp;million
wireless customers. This scale of service enables Sprint to
provide these services to us at a lower cost per customer than
if we were to provide them ourselves. Sprint PCS&#146;
purchasing leverage allows us to acquire the newest handsets and
network equipment at a lower cost than we could without our
affiliation with Sprint PCS. We also benefit from Sprint&#146;s
negotiated interconnection agreements with local exchange
carriers, resulting in lower operating costs. Furthermore,
Sprint PCS has roaming agreements with other wireless operators
and wireless resellers, such as Virgin Mobile, Qwest
Communications and AT&#38;T, which enable us to receive
additional revenue when subscribers of those operators, and
additional resellers that have agreements with Sprint PCS, use
our network. We also market our products and services through
Sprint PCS&#146; existing relationships with major national
retailers including RadioShack and Best Buy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Advanced technology and product
development.</FONT></I><FONT size="2"> We believe that the CDMA
technology used across the Sprint PCS nationwide network offers
significant advantages when compared with other wireless
technologies. These advantages include greater volume capacity,
higher voice quality and access to advanced features, such as
Sprint PCS&#146; suite of PCS Vision wireless data products. We
also have access to a wide array of handsets that feature the
latest technologies, such as embedded cameras, color screens and
wireless data capabilities.
</FONT>

<P align="center"><FONT size="2">2
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Attractive Markets</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We operate in attractive markets with high
population densities and favorable roaming characteristics. Our
markets are adjacent to major, growing metropolitan areas such
as Atlanta, Charlotte and Raleigh. This concentration within our
markets allows us to advertise and market to existing and
potential subscribers in a cost effective manner. Additionally,
the high population densities of our markets enable a higher
return on the investment we make in our network. Our markets
cover several major tourist destinations, including a number of
beach and golf destinations, a number of military bases and over
100&nbsp;colleges, universities and technical schools. Along
with the major highways in our markets, these factors have
resulted in a significant amount of roaming traffic that we
receive from other wireless subscribers using our network.
</FONT>

<P align="left">
<B><FONT size="2">State of the Art 3G Wireless Network</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have invested a substantial amount of capital
in our CDMA network and 1xRTT network overlay. Our network
allows us to provide exceptional call quality and wireless data
services within our coverage area while retaining ample network
capacity for future growth.
</FONT>

<P align="center">
<B><FONT size="2">Business Strategy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that with our strategic relationship
with Sprint PCS and our state of the art third-generation
wireless network, we are well positioned for continued growth
within our markets. Key aspects of our growth strategy include
the following:
</FONT>

<P align="left">
<B><FONT size="2">Expand Our Distribution Network</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe a robust distribution network is
important to driving subscriber growth. Therefore, we plan to
replace many of our older Company-owned stores with larger ones
in better locations. In addition, we anticipate signing
agreements with exclusive third-party dealers to open and
operate approximately 50 to 75&nbsp;Sprint-branded stores within
our markets. These new stores will ensure that we have the
retail presence in each of our key markets to drive subscriber
growth. We also intend to improve the customer experience at our
stores through introducing new technologies and capabilities,
such as touch-screen computers that will help efficiently
educate customers on our products and services.
</FONT>

<P align="left">
<B><FONT size="2">Continue to Invest in Our Network</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">While we already operate a state-of-the-art
network, we will continue to invest strategically in our network
in order to expand its breadth and capabilities in the future.
We plan to add 250 to 300&nbsp;cell sites over the next four
years. This will add capacity to some existing areas, allowing
us to continue to increase penetration and introduce new
technologies in select areas, as well as expand network coverage
to new areas, and therefore increase our marketing area.
</FONT>

<P align="left">
<B><FONT size="2">Leverage Our 3G Network Platform and Introduce
New Product Offerings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We seek to capitalize on the investment in our
network and the Sprint PCS nationwide network. Sprint PCS is a
leading national wireless carrier offering third generation
(&#147;3G&#148;) technology-based services (which Sprint PCS and
Sprint PCS affiliates brand as &#147;PCS&nbsp;Vision&#148;)
across its nationwide footprint. PCS Vision allows our
subscribers to use their PCS Vision-enabled devices to check
e-mail, take, send and receive pictures, play games with
full-color graphics and polyphonic sounds, and browse the
internet. We believe these services are important to attract and
retain subscribers, particularly those with prime credit
ratings, and to maintain higher average revenue per user, or
ARPU.
</FONT>

<P align="left">
<B><FONT size="2">Focus on Initiatives to Reduce Churn</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that focused efforts on the customer
experience and the quality of the services provided to our
customers are critical to retaining subscribers. We offer
incentives to attract new customers and induce existing
customers to renew their contracts, such as offering discounts
on the purchase of new handsets. Using incentives such as this,
we seek to maximize the number of subscribers under two-year
contracts.
</FONT>

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

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<P align="center">
<B><FONT size="2">Recent Developments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;15, 2004, Sprint Corporation and
Nextel Communications, Inc. announced that their boards of
directors unanimously approved a definitive agreement for a
merger of equals. Nextel Communications currently operates a
wireless mobility communications network in certain territories
in which the Company also provides digital wireless mobility
communications network services under the Sprint or affiliated
brands.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Assuming that no changes are effected with
respect to Sprint&#146;s agreements with us, it is possible that
Sprint could be in violation of the exclusivity provisions of
our agreements with Sprint upon completion of the Sprint-Nextel
transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint&#146;s agreements with us provide for
specific remedies in the event of a material violation by Sprint
of such agreements. No determination has been made as to the
impact such remedies would have on the Company or whether any
such remedy would be more or less favorable to us than are our
existing arrangements with Sprint or any renegotiated
arrangements with Sprint.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are committed to working with Sprint to reach
mutually agreeable arrangements with respect to these matters.
However, there can be no assurance that the Company and Sprint
will be able to reach mutually acceptable arrangements or as to
the terms of any such arrangements or the likely impact on the
Company of any such arrangements.
</FONT>

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

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<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<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">
    <FONT size="2">The Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are offering to exchange up to $175,000,000
    aggregate principal amount of our new First Priority Senior
    Secured Floating Rate Notes due 2011, for up to $175,000,000
    aggregate principal amount of our original First Priority Senior
    Secured Floating Rate Notes due 2011 which are currently
    outstanding. Original notes may only be exchanged in $1,000
    principal increments. In order to be exchanged, an original note
    must be properly tendered and accepted. All original notes that
    are validly tendered and not validly withdrawn prior to the
    expiration of the exchange offer will be exchanged.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Resales Without Further Registration
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We believe that the new notes issued pursuant to
    the exchange offer may be offered for resale, resold or
    otherwise transferred by you without compliance with the
    registration and prospectus delivery provisions of the
    Securities Act of 1933 (the &#147;Securities Act&#148;) provided
    that:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;you are acquiring the new notes
    issued in the exchange offer in the ordinary course of your
    business;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;you have not engaged in, do not
    intend to engage in, and have no arrangement or understanding
    with any person to participate in, the distribution of the new
    notes issued to you in the exchange offer in violation of the
    provisions of the Securities Act;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;you are not our
    &#147;affiliate,&#148; as defined under Rule&nbsp;405 of the
    Securities Act.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Each broker-dealer that receives new notes for
    its own account in exchange for original notes, where such
    original notes were acquired by such broker-dealer as a result
    of market-making activities or other trading activities, must
    acknowledge that it will deliver a prospectus in connection with
    any resale of such new notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The letter of transmittal states that, by so
    acknowledging that it will deliver and by delivering a
    prospectus, a broker-dealer will not be deemed to admit that it
    is an &#147;underwriter&#148; within the meaning of the
    Securities Act. This prospectus, as it may be amended or
    supplemented from time to time, may be used by a broker-dealer
    in connection with resales of new notes received in exchange for
    original notes where such original notes were acquired by such
    broker-dealer as a result of market-making activities or other
    trading activities. We have agreed to use our reasonable best
    efforts to make this prospectus, as amended or supplemented,
    available to any broker-dealer for a period of 90&nbsp;days
    after the date of this prospectus for use in connection with any
    such resale. See &#147;Plan of Distribution.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Expiration Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">5:00&nbsp;p.m., New York City time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005, unless we extend the exchange offer.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</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">
    <FONT size="2">Accrued Interest on the New Notes and Original
    Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes will bear interest from
    October&nbsp;25, 2004 or the last interest payment date on which
    interest was paid on the original notes surrendered in exchange
    therefor. Holders of original notes that are accepted for
    exchange will be deemed to have waived the right to receive any
    payment in respect of interest on such original notes accrued to
    the date of issuance of the new notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Conditions to the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer is subject to certain
    customary conditions which we may waive. See &#147;The Exchange
    Offer&nbsp;&#151; Conditions.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering Original Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Each holder of original notes wishing to accept
    the exchange offer must complete, sign and date the letter of
    transmittal, or a facsimile of the letter of transmittal; or if
    the original notes are tendered in accordance with the
    book-entry procedures described in this prospectus, the
    tendering holder must transmit an agent&#146;s message to the
    exchange agent at the address listed in this prospectus. You
    must mail or otherwise deliver the required documentation
    together with the original notes to the exchange agent.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Special Procedures for Beneficial Holders
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you beneficially own original notes registered
    in the name of a broker, dealer, commercial bank, trust company
    or other nominee and you wish to tender your original notes in
    the exchange offer, you should contact such registered holder
    promptly and instruct them to tender on your behalf. If you wish
    to tender on your own behalf, you must, before completing and
    executing the letter of transmittal for the exchange offer and
    delivering your original notes, either arrange to have your
    original notes registered in your name or obtain a properly
    completed bond power from the registered holder. The transfer of
    registered ownership may take considerable time.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guaranteed Delivery Procedures
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You must comply with the applicable guaranteed
    delivery procedures for tendering if you wish to tender your
    original notes and:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;your original notes are not
    immediately available;&nbsp;or
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;time will not permit your required
    documents to reach the exchange agent prior to 5:00&nbsp;p.m.,
    New York City time, on the expiration date of the exchange
    offer;&nbsp;or
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;you cannot complete the procedures
    for delivery by book-entry transfer prior to 5:00&nbsp;p.m., New
    York City time, on the expiration date of the exchange offer.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Withdrawal Rights
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You may withdraw your tender of original notes at
    any time prior to 5:00&nbsp;p.m., New York City time, on the
    date the exchange offer expires.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</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">
    <FONT size="2">Failure to Exchange Will Affect You Adversely
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you are eligible to participate in the
    exchange offer and you do not tender your original notes, you
    will not have further exchange or registration rights and your
    original notes will continue to be subject to restrictions on
    transfer under the Securities Act. Accordingly, the liquidity of
    the original notes will be adversely affected.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Material United States Federal Income Tax
    Consequences
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange of original notes for new notes
    pursuant to the exchange offer will not result in a taxable
    event. Accordingly, we believe that:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;no gain or loss will be realized by a
    United States holder upon receipt of a new note;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;holder&#146;s holding period for the
    new notes will include the holding period of the original
    notes;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;the adjusted tax basis of the new
    notes will be the same as the adjusted tax basis of the original
    notes exchanged at the time of such exchange.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">See &#147;Material United States Federal Income
    Tax Considerations.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Exchange Agent
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Bank of New York Trust&nbsp;Company, N.A. is
    serving as exchange agent in connection with the Exchange Offer.
    Deliveries by hand, registered, certified, first class or
    overnight mail should be addressed to The Bank of New York
    Trust&nbsp;Company, N.A., Corporate Trust&nbsp;Operations,
    Reorganization Unit, Attn: Mr.&nbsp;William Buckley. For
    information with respect to the Exchange Offer, contact the
    Exchange Agent at telephone number (212)-815-5788 or facsimile
    number (212)-298-1915.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Use of Proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will not receive any proceeds from the
    exchange offer. See &#147;Use of Proceeds.&#148;
    </FONT></TD>
</TR>

</TABLE>

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

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<P align="center">
<B><FONT size="2">SUMMARY OF TERMS OF NEW NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer constitutes an offer to
exchange up to $175.0&nbsp;million aggregate principal amount of
the new notes for up to an equal aggregate principal amount of
the original notes. The new notes will be obligations of AirGate
evidencing the same indebtedness as the original notes, and will
be entitled to the benefit of the same indenture and
supplemental indenture. The form and terms of the new notes are
substantially the same as the form and terms of the original
notes except that the new notes have been registered under the
Securities Act. See &#147;Description of Notes.&#148;
</FONT>

<P align="center">
<B><FONT size="2">COMPARISON WITH ORIGINAL NOTES</FONT></B>

<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">
    <FONT size="2">Freely Transferable
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes will be freely transferable under
    the Securities Act by holders who are not restricted holders.
    Restricted holders are restricted from transferring the new
    notes without compliance with the registration and prospectus
    delivery requirements of the Securities Act. The new notes will
    be identical in all material respects (including interest rate,
    maturity and restrictive covenants) to the original notes, with
    the exception that the new notes will be registered under the
    Securities Act. See &#147;The Exchange Offer&nbsp;&#151; Terms
    of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Registration Rights
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The holders of the original notes currently are
    entitled to certain registration rights pursuant to the
    Registration Rights Agreement, dated as of October&nbsp;25,
    2004, by and among AirGate, the subsidiaries named therein and
    the initial purchasers named therein. Generally, such
    registration rights will expire upon consummation of the
    exchange offer. Accordingly, holders of original notes who do
    not exchange their original notes for new notes in the exchange
    offer may not be able to reoffer, resell or otherwise dispose of
    their original notes unless such original notes are subsequently
    registered under the Securities Act or unless an exemption from
    the registration requirements of the Securities Act is available.
    </FONT></TD>
</TR>

</TABLE>

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

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<P align="center">
<B><FONT size="2">TERMS OF NEW NOTES</FONT></B>

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

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

<TR>
    <TD valign="top">
    <FONT size="2">Notes&nbsp;Offered
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">$175,000,000 aggregate principal amount of senior
    secured floating rate notes due 2011.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The form and terms of the new notes will be the
    same as the form and terms of the outstanding notes except that:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;the new notes will bear a different
    CUSIP number from the original notes;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;the new notes have been registered
    under the Securities Act and, therefore, will not bear legends
    restricting their transfer;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;you will not be entitled to any
    exchange or registration rights with respect to the new notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The new notes will evidence the same debt as the
    original notes. They will be entitled to the benefits of the
    indenture and the supplemental indenture governing the original
    notes and will be treated under the indenture and the
    supplemental indenture as a single class with the original
    notes. We refer to the new notes and the original notes
    collectively as the notes in this prospectus.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Maturity Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">October&nbsp;15, 2011.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Interest
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Interest on the new notes will accrue at a
    floating rate, reset quarterly, equal to LIBOR (as defined) plus
    3.75%&nbsp;per year, payable quarterly in cash in arrears on
    January&nbsp;15, April&nbsp;15, July&nbsp;15 and October&nbsp;15
    of each year, commencing January&nbsp;15, 2005.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guarantees
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Each of our subsidiaries will jointly, severally
    and unconditionally guarantee the new notes. The new notes will
    be guaranteed on a senior secured basis. If we create or acquire
    a new domestic subsidiary, then that subsidiary will guarantee
    the new notes on a senior secured basis, unless we designate the
    subsidiary as an &#147;unrestricted subsidiary&#148; under the
    indenture governing the notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Security
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The original notes are, and the new notes will
    be, secured by first priority liens, subject to certain
    permitted liens, on the collateral, which consists of
    substantially all of our and the guarantors&#146; existing and
    after-acquired assets, with certain exceptions. Under certain
    circumstances, the indenture and the security documents relating
    to the notes permit us to incur up to an additional
    $50&nbsp;million of debt, including additional notes, and other
    obligations that may also be secured by liens on the collateral
    that are pari passu with the first priority liens securing the
    notes. No appraisals of any collateral have been prepared by us
    or on our behalf in connection with this offering. The value of
    the collateral at any time will depend on market and other
    economic conditions, including the availability of suitable
    buyers for the collateral.
    </FONT></TD>
</TR>

</TABLE>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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">The liens on the collateral may be released
    without the consent of the holders of notes if collateral is
    disposed of in a transaction that complies with the indenture.
    In the event of a liquidation of the collateral, the proceeds
    may not be sufficient to satisfy the obligations under the notes
    and any other indebtedness secured on a pari passu basis. See
    &#147;Risk Factors&nbsp;&#151; Risks Related to the Notes and
    the Offering&nbsp;&#151; Proceeds from any sale of the
    collateral upon foreclosure may be insufficient to repay the
    notes in full.&#148; You should read &#147;Description of the
    Notes&nbsp;&#151; Security&#148; for a more complete description
    of the security granted to the holders of the notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Ranking
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The original notes and the related guarantees
    are, and the new notes and the related guarantees will,
    constitute senior debt. As such, the original notes and related
    guarantees do, and the new notes will rank equally in right of
    payment with all of our and the guarantors&#146; existing and
    future senior debt and senior in right of payment to all of our
    and the guarantors&#146; existing and future subordinated debt,
    including our 9 3/8%&nbsp;Notes and the related guarantees.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">As of September&nbsp;30, 2004, after giving
    effect to the offering of the original notes and the application
    of the proceeds therefrom, we would have had approximately
    $334.0&nbsp;million of debt outstanding, of which
    $159.0&nbsp;million would have effectively ranked junior to the
    notes to the extent of the assets securing such debt.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Optional Redemption
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">On or after October&nbsp;15, 2006, we may redeem
    some or all of the notes at any time at the redemption prices
    described under &#147;Description of the Notes&nbsp;&#151;
    Optional Redemption,&#148; plus accrued and unpaid interest. In
    addition, at any time prior to October&nbsp;15, 2006, we may
    also redeem up to 35% of the aggregate principal amount of the
    notes with the net cash proceeds of certain equity offerings at
    the redemption price specified under &#147;Description of the
    Notes&nbsp;&#151; Optional Redemption,&#148; plus accrued and
    unpaid interest.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Change of Control
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If we experience certain kinds of changes of
    control, we must offer to purchase the notes at 101% of their
    principal amount, plus accrued and unpaid interest.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We have commenced a consent solicitation to
    obtain the consent of holders of the notes to amend the
    definition of &#147;change of control&#148; in the indenture
    governing the notes to exclude our merger with Alamosa and thus
    eliminate the requirement that we make a repurchase offer for
    the notes upon completion of the merger. See &#147;Description
    of the Notes&nbsp;&#151; Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Mandatory Offer to Repurchase Following Certain
    Asset Sales or Events of Loss
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If we sell certain assets or experience certain
    events of loss and do not reinvest the net proceeds in
    compliance with the indenture, we must offer to repurchase the
    notes at 100% of their principal amount, plus accrued and unpaid
    interest.
    </FONT></TD>
</TR>

</TABLE>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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">
    <FONT size="2">Certain Covenants
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The indenture contains covenants that limit,
    among other things, our ability and the ability of our
    restricted subsidiaries to:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;incur additional indebtedness;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;pay dividends on our capital stock or
    repurchase our capital stock;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;make investments or certain other
    restricted payments;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;create liens;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;enter into sale and leaseback
    transactions;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;merge, consolidate or transfer or
    dispose of substantially all of our assets;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;engage in transactions with
    affiliates;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;sell certain assets or merge with or
    into other companies.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Trading
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We do not intend to list the notes on any
    securities exchange.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

<CENTER>
<TABLE width="40%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended September&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Earnings (prior to discontinued operations) were
    inadequate to cover fixed charges for the years ended
    September&nbsp;30, 2000, 2001, 2002, 2003 and 2004 by
    approximately $86.4&nbsp;million, $112.2&nbsp;million,
    $92.7&nbsp;million, $40.0&nbsp;million and $7.8&nbsp;million,
    respectively. &#147;Fixed charges&#148; consist of interest on
    outstanding debt and amortization of debt discount and expense,
    adjusted for capitalized interest and 25% (the proportion deemed
    representative of the interest factor) of operating lease
    expense. &#147;Earnings&#148; consist of consolidated loss from
    continuing operations before income taxes and fixed charges.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should refer to the section entitled
&#147;Risk Factors&#148; for an explanation of certain risks of
investing in the notes.
</FONT>

<P align="center"><FONT size="2">11
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SUMMARY HISTORICAL CONSOLIDATED FINANCIAL
DATA</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our summary historical consolidated financial
information presented below is derived from our audited
consolidated financial statements as of and for the years ended
September&nbsp;30, 2002, 2003 and 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The data set forth below should be read in
conjunction with financial statements and accompanying notes
incorporated by reference in this prospectus. These historical
results are not necessarily indicative of the results to be
expected in the future. You should also read our historical
financial statements and related notes in our Annual Report on
Form&nbsp;10-K for the year ended September&nbsp;30, 2004, as
well as the section of our Annual Report on Form&nbsp;&nbsp;10-K
entitled &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; which is
incorporated herein by reference.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">For the Years Ended September&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands, except subscriber data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Statement of Operations Data:</FONT></B></DIV>
    </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>
    <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><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="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </FONT></DIV>
    </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>
    <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><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 valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Service revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">226,504</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">251,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">254,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Roaming revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,013</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="right" valign="bottom" nowrap><FONT size="2">68,222</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="right" valign="bottom" nowrap><FONT size="2">69,708</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equipment revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,027</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="right" valign="bottom" nowrap><FONT size="2">11,645</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="right" valign="bottom" nowrap><FONT size="2">12,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">313,544</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="right" valign="bottom" nowrap><FONT size="2">331,348</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="right" valign="bottom" nowrap><FONT size="2">337,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses:
    </FONT></DIV>
    </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>
    <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><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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of services and roaming (exclusive of
    depreciation and amortization as shown separately below)(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">204,153</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="right" valign="bottom" nowrap><FONT size="2">187,365</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="right" valign="bottom" nowrap><FONT size="2">161,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,778</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="right" valign="bottom" nowrap><FONT size="2">21,522</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="right" valign="bottom" nowrap><FONT size="2">29,109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selling and marketing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,099</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="right" valign="bottom" nowrap><FONT size="2">51,769</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="right" valign="bottom" nowrap><FONT size="2">50,859</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">General and administrative
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,143</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="right" valign="bottom" nowrap><FONT size="2">23,347</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="right" valign="bottom" nowrap><FONT size="2">22,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,764</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="right" valign="bottom" nowrap><FONT size="2">46,494</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="right" valign="bottom" nowrap><FONT size="2">47,829</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on disposal of property and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,074</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="right" valign="bottom" nowrap><FONT size="2">518</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="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,011</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="right" valign="bottom" nowrap><FONT size="2">331,015</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="right" valign="bottom" nowrap><FONT size="2">311,705</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating income (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(57,467</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">333</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="right" valign="bottom" nowrap><FONT size="2">25,403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">161</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="right" valign="bottom" nowrap><FONT size="2">187</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="right" valign="bottom" nowrap><FONT size="2">747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,474</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,706</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(36,285</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss from continuing operations before income tax
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(92,780</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,186</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,135</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</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="right" valign="bottom" nowrap><FONT size="2">&#151;</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="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(92,780</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,186</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,135</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Discontinued operations:
    </FONT></DIV>
    </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>
    <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><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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss from discontinued operations (net of $28,761
    income tax benefit for 2002)(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(903,837</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gain on disposal of discontinued operations (net
    of $0 income tax expense)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</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="right" valign="bottom" nowrap><FONT size="2">&#151;</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="right" valign="bottom" nowrap><FONT size="2">184,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net income (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(996,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(84,757</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">173,980</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></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"><HR size="4" noshade></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"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Other Financial Data:</FONT></B></DIV>
    </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>
    <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><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="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Statement of cash flow data:
    </FONT></DIV>
    </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>
    <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><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 valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash provided by (used in) operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,534</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,181</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="right" valign="bottom" nowrap><FONT size="2">(405</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash used in investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46,321</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,023</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,083</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash provided by (used in) financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,452</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="right" valign="bottom" nowrap><FONT size="2">15,033</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="right" valign="bottom" nowrap><FONT size="2">(26,137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As of September&nbsp;30, 2004</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Balance Sheet Data:</FONT></B></DIV>
    </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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Short-term investment securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,000</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">Property and equipment, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144,324</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266,647</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">Long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">248,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; deficit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(80,292</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">During the year ended September&nbsp;30, 2004, we
    recorded an adjustment to reduce cost of service and roaming by
    approximately $11.7&nbsp;million related to the settlement of
    previously disputed charges with Sprint. For further discussion
    of this and other settlements with Sprint, see
    &#147;Management&#146;s Discussion and Analysis of Financial
    Conditions and Results of Operations&#148; which is incorporated
    herein by reference from our Form&nbsp;10-K for the year ended
    September&nbsp;30, 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Loss from discontinued operations represents the
    net losses incurred by iPCS from November&nbsp;30, 2001 through
    February&nbsp;23, 2003. See &#147;Management&#146;s Discussion
    and Analysis of Financial Condition and Results of
    Operations&nbsp;&#151; iPCS&#148; which is incorporated herein
    by reference from our Form&nbsp;10-K for the year ended
    September&nbsp;30, 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Gain on disposal of discontinued operations
    represents the gain recognized upon the disposal of iPCS. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; iPCS&#148; which
    is incorporated herein by reference from our Form&nbsp;10-K for
    the year ended September&nbsp;30, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">You should carefully consider the risk factors
described below, as well as the other information included or
incorporated by reference in this prospectus, prior to making a
decision to exchange the original notes for the new notes in the
notes.</FONT></I>

<P align="left">
<B><FONT size="2">Risks Related to Our Business, Strategy and
Operations</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">A number of factors outside our control may
    adversely affect our operating results.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business plan and estimated future operating
results are based on estimates of key operating metrics,
including:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscriber growth;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscriber churn;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">capital expenditures;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">ARPU;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">losses on sales of handsets and other subscriber
    acquisition costs;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other operating costs.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following factors, over which we have no
control, have created a level of uncertainty that may affect
these key operating metrics in a manner we cannot foresee:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rapidly changing nature of the wireless
    market;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">current economic conditions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the potential impact of continued marketing of
    wholesale capacity to mobile virtual network operators
    (&#147;MVNO&#146;s&#148;);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">potential problems in our relationship with
    Sprint that may arise from time to time;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">wireless consolidations that may create
    competitors with greater market power;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increased competition in the wireless
    telecommunications industry;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">new service offerings of increasingly large
    bundles of minutes of use at lower prices by wireless
    carriers;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other issues facing the wireless
    telecommunications industry in general.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we are unable to accurately estimate our key
operating metrics, we may not utilize our resources
appropriately which may result in lower revenues and increased
expenses. For example, if we overestimate subscriber growth, we
may budget our spending levels beyond what our actual results
will support.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our revenues may be less than we anticipate
    which could materially affect our liquidity, financial condition
    and results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenue growth is primarily dependent on:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the size of our subscriber base;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">average monthly revenues per user;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">roaming revenue.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, subscriber growth in fiscal 2004 has
been slower than in prior years. We believe slower growth is due
in large part to:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a decrease in distribution points for our
    products and services, as well as lower productivity of our
    existing distribution points;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increased competition;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">declining rates of wireless subscriber growth in
    general;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increased deposit requirements for some segments
    of sub-prime credit subscribers;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">current economic conditions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have seen a continuation of competitive
pressures in the wireless telecommunications market causing
carriers to offer plans with increasingly large bundles of
minutes of use at lower prices which may compete with the
calling plans we offer, including the Sprint calling plans we
support. It is possible that subscriber growth will be less than
we project and that average revenue per user will be lower than
we project. Increased price competition may lead to lower
average monthly revenues per user than we anticipate. See
&#147;Risks Related to Our Relationship with Sprint.&#148; In
addition, beginning in January 2007, Sprint&#146;s reciprocal
roaming rate may decrease which could reduce our roaming revenue
if not offset by an increase in minutes of use. If our revenues
are less than we anticipate, it could materially adversely
affect our liquidity, financial condition and results of
operations. We estimate for fiscal 2005, that every
$1&nbsp;reduction in monthly ARPU will decrease our annual
operating income by approximately $5&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our actual operating costs may be higher
    than we anticipate.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Changes in our operating environment, including
changes as a result of government regulation, may require us to
spend more than we anticipate. For example, increased
competition may lead to higher promotional costs, losses on
sales of handset and other costs to acquire subscribers.
Further, as described below under &#147;Risks Related to Our
Relationship With Sprint,&#148; a substantial portion of costs
of service and roaming are attributable to fees and charges we
pay Sprint for billing and collections, customer care and other
back-office support. Our ability to manage costs charged by or
through Sprint after December&nbsp;31, 2006 is limited. If our
costs are more than we anticipate, the actual amount of funds
needed to implement our strategy and business plan may exceed
our estimates, which could have a material adverse affect on our
liquidity, financial condition and results of operations. We
estimate for fiscal year 2005, for every 1% that aggregate
Sprint fees exceed our current expectations, our annual
operating income will decrease by approximately $400,000.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We may continue to experience a high rate
    of churn, which could result in a reduction in our revenues and
    an increase in our operating expenses.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The wireless personal communications services
industry in general, and Sprint and its network partners in
particular, have experienced a higher rate of subscriber
turnover, commonly known as churn, as compared to cellular
industry averages. Furthermore, due to significant competition
in our industry and general economic conditions, among other
things, churn may increase and our future rate of subscriber
turnover may be higher than projected or higher than our
historical rate. Factors that may contribute to higher churn
include:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the pricing and attractiveness of our
    competitors&#146; products and services;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">wireless local number portability;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">quality of customer service;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">network performance and coverage relative to our
    competitors;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">inability or unwillingness of subscribers to pay
    their bills which results in involuntary deactivations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscriber mix and credit class, particularly
    sub-prime credit subscribers;
    </FONT></TD>
</TR>

</TABLE>

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

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in Sprint&#146;s billing systems,
    collections systems and/or customer care;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any future changes by us in the products and
    services we offer.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A high rate of subscriber turnover could
adversely affect our competitive position, and result in an
increase in our costs of, or losses incurred in, obtaining new
subscribers, especially because we subsidize some of the costs
of initial purchases of handsets by subscribers. We estimate for
fiscal year 2005, that a 0.1% increase in monthly churn will
decrease our annual operating income by approximately $200,000.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Wireless local number portability
    requirements may increase churn, lower revenues and result in
    higher subscriber acquisition and retention costs.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since November&nbsp;24, 2003, all covered
commercial mobile radio services providers (&#147;CMRS&#148;),
including us, are required to allow customers in the 100 largest
metropolitan statistical areas to retain their existing
telephone numbers when switching from one telecommunications
carrier to another. These rules are generally referred to as a
wireless local number portability (&#147;WLNP&#148;). As of
May&nbsp;24, 2004, Federal Communications Commission
(&#147;FCC&#148;) regulations require that such CMRS providers
must have implemented WLNP outside the 100 largest metropolitan
statistical areas in the United States as well. In the future,
WLNP could lead to increased churn as our customers switch
carriers, lower revenues and increased subscriber acquisition
and retention costs.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our allowance for doubtful accounts may not
    be sufficient to cover uncollectible accounts.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On an ongoing basis, we estimate the amount of
subscriber receivables that we will not collect to reflect the
expected loss on such accounts in the current period. Our
allowance for doubtful accounts may underestimate actual unpaid
receivables for various reasons, including:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our involuntary churn rate may exceed our
    estimates;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">bad debt as a percentage of service revenues may
    be higher than we assume in our business plan;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">adverse changes in the economy;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in Sprint&#146;s PCS products and
    services;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in the composition of our subscriber
    base;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in our credit policy.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If our allowance for doubtful accounts is
insufficient to cover losses on our receivables, it could have
an adverse effect on our liquidity, financial condition and
results of operations.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our roaming revenue could be less than we
    anticipate.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Until December&nbsp;31, 2006, our reciprocal
roaming rate is fixed at $0.058&nbsp;per minute. However, after
that date the reciprocal roaming rate may decrease which would
reduce our roaming revenue and may not be offset by a reduction
in our roaming expense or an increase in minutes of use. Based
upon the roaming minutes of use for the fiscal year ended
September&nbsp;30, 2004, a reduction in the roaming rate of
$0.01&nbsp;per minute of use would have reduced our roaming
revenue by approximately $11.0&nbsp;million and reduced our
roaming expense by approximately $8.5&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of roaming revenue we receive also
depends on the minutes of use on our network by PCS subscribers
of Sprint and the other Sprint PCS network partners. If actual
usage is less than we anticipate, our roaming revenue would be
lower. Conversely, the amount of our roaming expense depends on
the minutes of use our subscribers use the networks operated by
Sprint and the other Sprint PCS network partners. If our
subscribers use the networks operated by Sprint and the other
Sprint PCS network partners more than we anticipate, then our
roaming expense will exceed our estimates.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We may incur significantly higher wireless
    handset subsidy and rebate costs than we anticipate for existing
    subscribers who upgrade to a new handset.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As our subscriber base matures, and technological
innovations occur, more existing subscribers will upgrade to new
wireless handsets, and as a part of our subscriber retention
efforts, we may offer these subscribers incentives on the
purchases of new wireless handsets. We subsidize a portion of
the price of wireless handsets and incur sales commissions, even
for handset upgrades. Excluding sales commissions and rebates,
we incurred approximately $10.0&nbsp;million and
$2.4&nbsp;million, respectively, of costs associated with
wireless handset upgrade costs for existing subscribers for the
fiscal years ended September&nbsp;30, 2004 and 2003. We have
limited historical experience regarding the adoption rate for
wireless handset upgrades. If more subscribers upgrade to new
wireless handsets than we project, our actual costs will be
greater than our projected cost.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The loss of the officers and skilled
    employees who we depend upon to operate our business could have
    an adverse effect on our results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business is managed by a small number of
executive officers. We believe that our future success depends
in part on our continued ability to attract and retain highly
qualified technical and management personnel. We may not be
successful in retaining our key personnel or in attracting and
retaining other highly qualified technical and management
personnel. Our ability to attract and retain such persons may be
negatively impacted if we do not maintain our positive liquidity
position. The loss of our officers and skilled employees could
materially adversely affect our results of operation.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our territory&#146;s limited amount of
    licensed spectrum may not be sufficient to accommodate future
    growth.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint has licenses covering 10&nbsp;MHz of
spectrum in our territory. As the number of subscribers in our
territory increases, this limited amount of licensed spectrum
may not be able to accommodate increases in call volume, may
lead to increased dropped and blocked calls and may limit our
ability to offer enhanced services, all of which could result in
increased subscriber turnover and fewer new subscribers and
adversely affect our financial condition and results of
operations. If we or Sprint need to acquire additional spectrum
to accommodate increased call volume, it is possible that
spectrum will not be available on favorable terms, if at all.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Further, in January 2003, the FCC lifted its
rules limiting the amount of spectrum that can be held by any
one provider in a specific market. The FCC now relies on
case-by-case review of transactions involving transfers of
control of CMRS spectrum in connection with its public interest
review of all license transfers. In light of this change in
regulatory review, competition may increase to the extent that
licenses are transferred from smaller stand-alone operators to
larger, better capitalized, and more experienced wireless
communications operators. These larger wireless communications
operators may be able to offer subscribers network features not
offered by us. The actions of these larger wireless
communications operators could negatively affect our churn,
ability to attract new subscribers, ARPU, cost to acquire
subscribers and operating costs per subscriber.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">There is a high concentration of ownership
    of the wireless towers we lease, and we may lose the right to
    install our equipment on certain wireless towers and be unable
    to renew expiring leases.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Most of our cell sites are co-located on leased
tower facilities shared with one or more wireless providers. A
few tower companies own a large portion of these leased tower
sites. Approximately 73% of the towers leased by us are owned by
four tower companies (and their affiliates). If a master
co-location agreement with any of these tower companies were to
terminate, or if any of these tower companies were unable to
support our use of its tower sites, we would have to find new
sites or possibly be required to rebuild that portion of our
network. In addition, we may be unable to renew expiring leases
with such tower companies on favorable terms, if at all. For
example, if our agreement with our largest tower company were to
expire without successful renegotiation, we would be required to
relocate approximately 33% of our cell site locations which
would cause a disruption to our network operations.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Certain wireless providers are seeking to
    change the standards controlling the types of wireless handsets
    that operate on their networks which may limit our ability to
    provide our subscribers with service in areas not covered by
    Sprint&#146;s PCS network.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We rely on Sprint&#146;s roaming agreements with
its competitors to provide automatic roaming capabilities to our
subscribers in many of the areas of the United States not
covered by Sprint&#146;s PCS network. Competitors may be able to
offer coverage in areas not served by Sprint&#146;s PCS network
or may be able to offer roaming rates that are lower than those
offered by Sprint. Certain competitors have sought to reduce or
eliminate the use of the AMPS air interface on their networks.
AMPS is an important air interface on which Sprint&#146;s
subscribers roam. Further, on September&nbsp;24, 2002, the FCC
modified its rules to eliminate, after a five-year transition
period, the requirement that carriers provide analog service
compatible with AMPS specifications. If AMPS is eliminated and
our subscribers do not have wireless handsets that are
compatible with our competitors&#146; air interface, then these
subscribers will not be able to roam on our competitors&#146;
networks, which could lead to customer dissatisfaction and
increased churn.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our business is subject to seasonal
    trends.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically, the wireless industry has also been
heavily dependent on fourth calendar quarter for the addition of
new subscribers and the sales of handsets. A number of factors
have contributed to this trend, including:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the increasing use of retail distribution, which
    is heavily dependent upon the year-end holiday shopping season;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the timing of new product and service
    announcements and introductions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">competitive pricing pressures;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">aggressive marketing and promotions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The increased level of activity requires a
greater use of available financial resources during this period.
Furthermore, this seasonality may make it more difficult to make
quarter-to-quarter comparisons of our results of operations and
may mean that our performance in previous quarters will not be
indicative of our performance in the future.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Governmental regulation has a material
    impact on our business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The wireless business is heavily regulated by the
FCC. Governmental mandates can impose significant unanticipated
costs on our business. Governmental policies also may have a
significant impact on the competitive environment, for example
by authorizing the allocation of additional spectrum, or
licensing new competitors, in the markets where the Company
provides service. The Company&#146;s ability to affect or
control these governmental policies is limited.
</FONT>

<P align="left">
<B><FONT size="2">Risks Related to Our Relationship with
Sprint</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our business experiences certain risks
    related to Sprint.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the past, Sprint has increased fees charged to
us and other network partners and has added fees that were not
anticipated when the agreements with Sprint were entered into.
In the past, Sprint also sought to collect money from us that we
believe was not authorized under the agreements. In addition,
Sprint has imposed additional programs, requirements and
conditions that have adversely affected our financial
performance. If these increases, additional charges and changes
continue, our operating results, liquidity and capital resources
could be adversely affected.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The termination of our affiliation with
    Sprint would severely restrict our ability to conduct our
    business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not own the underlying spectrum licenses on
which we operate our wireless network. Our ability to offer
Sprint PCS products and services and operate a PCS network is
dependent on our Sprint
</FONT>

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

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<DIV align="left">
<FONT size="2">agreements remaining in effect and not being
terminated. All of our subscribers have purchased Sprint PCS
products and services to date, and we do not anticipate any
change in the near future. The agreements between Sprint and us
are not perpetual. Our management agreement automatically renews
at the expiration of the 20-year initial term (July&nbsp;22,
2018) for an additional 10-year period unless we are in material
default. Sprint can choose not to renew our management agreement
at the expiration of the ten-year renewal term or any subsequent
ten-year renewal term.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, these agreements can be terminated
for breach of any material term, including, among others,
failure to pay and marketing, build-out and network operational
requirements. Many of these requirements are extremely technical
and detailed in nature. In addition, many of these requirements
can be changed by Sprint with little notice. As a result, we may
not always be in compliance with all requirements of the Sprint
agreements. There may be substantial costs associated with
remedying any non-compliance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are also dependent on Sprint&#146;s ability to
perform its obligations under the Sprint agreements. The
non-renewal or termination of any of the Sprint agreements or
the failure of Sprint to perform its obligations under the
Sprint agreements would severely restrict our ability to conduct
business.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sprint may make business decisions that are
    not in our best interests, which may adversely affect our
    relationships with subscribers in our territory, increase our
    expenses and/or decrease our revenues.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint, under the Sprint agreements, has a
substantial amount of control over the conduct of our business.
Accordingly, Sprint has made and, in the future may make,
decisions that adversely affect our business, such as the
following:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint, subject to limitations in our agreements
    with them, could price its national plans based on its own
    objectives and could set price levels or other terms that may
    not be economically sufficient for our business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint, subject to limitations in our agreements
    with them, could develop products and services, such as a
    one-rate plan where subscribers are not required to pay roaming
    charges on its PCS to PCS plan, or establish credit policies,
    such as the no-deposit account spending limit program (the
    &#147;NDASL program&#148;), in which the deposit requirement was
    waived except in very limited circumstances, which could
    adversely affect our results of operations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On January&nbsp;1, 2007 certain provisions of our
    agreement with Sprint expire and Sprint, subject to limitations
    in our agreements with them, could then raise the costs to
    perform certain back office services or not pass on to us any
    reductions in Sprint&#146;s costs to provide these services,
    reduce levels of services or expenses or otherwise seek to
    increase expenses and other amounts charged, as well as reduce
    the reciprocal roaming rate charged when Sprint&#146;s or other
    Sprint network partners&#146; PCS subscribers roam onto our
    network;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint may elect with little or no notification
    to upgrade or convert its financial reporting, billing or
    inventory software systems or change third party service
    organizations which may adversely affect our ability to
    determine or report our operating results, adversely affect our
    ability to obtain handsets or adversely affect our subscriber
    relationships;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint, subject to limitations in our agreements
    with them, could limit our ability to develop local and other
    promotional plans to enable us to attract sufficient subscribers;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint, subject to limitations under our
    agreements with them, could alter its network and technical
    requirements;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint&#146;s introduction of payment methods
    that do not have adequate controls or limitations could result
    in fraudulent payments to subscriber accounts. If this type of
    fraud becomes widespread, it could have a material adverse
    impact on our results of operations and financial condition;
    </FONT></TD>
</TR>

</TABLE>

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

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint could make decisions which could adversely
    affect the Sprint brand names, products or services;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint could decide not to renew the Sprint
    agreements or to no longer perform its obligations, which would
    severely restrict our ability to conduct business.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Recently, Sprint has changed how it aligns its
resources in order to focus on two market segments: businesses
and consumers. This represents a shift away from the current
organizational focus on asset groups and products: local
telecommunications, global wireline voice and data services and
wireless. This initiative is often referred to as &#147;One
Sprint-Many Solutions.&#148; This realignment was designed to
facilitate Sprint&#146;s cross-selling and bundling of products
across these product lines. This shift could:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">divert marketing, advertising and internal Sprint
    resources once dedicated to wireless to bundled or non-PCS
    Sprint products and services;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increase the risk that Sprint will design
    wireless products and services in a manner that is not
    profitable for us;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the significance of Sprint&#146;s wireless
    network partners, including us.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The occurrence of any of the foregoing could
adversely affect our relationship with subscribers in our
territories, increase our expenses and/or decrease our revenues
and have a material adverse effect on our liquidity, financial
condition and results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Furthermore, Sprint has announced that it plans
to deploy Evolution&nbsp;&#151; Data Only technology
(&#147;EV-DO&#148;) in certain of its markets, and they, subject
to limitations in our agreements with them, could require us to
implement EV-DO in our network. It is possible that our existing
network will not have sufficient spectrum to accommodate EV-DO
without affecting the quality of our network. Such disruptions
could lead to increased subscriber turnover or could necessitate
our acquisition of additional spectrum, which may not be
available on favorable terms, if at all.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally, Sprint has entered into MVNO
arrangements with Virgin Mobile USA, Qwest Communications,
AT&#38;T and others. In these arrangements, Sprint is
wholesaling airtime to its MVNO partner, which in turn markets
retail service under its own brand and pricing. Under our
agreements with Sprint, we are required to participate in resale
arrangements entered into by Sprint. See
&#147;Business&nbsp;&#151; Sprint Relationship and
Agreements&nbsp;&#151; Resellers.&#148; The Company may enjoy an
increase in traffic as a result of these MVNO relationships, but
the rates paid to the Company, and the margins earned on this
traffic, may not be as favorable to the Company as would be the
case if Sprint was selling on a retail rather than on a
wholesale basis.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sprint&#146;s PCS to PCS program has had,
    and may continue to have, a negative impact on our
    business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In late 2002, Sprint implemented a new PCS to PCS
product offering under which subscribers receive unlimited
buckets of minutes for little or no additional cost, for any
calls made from one Sprint PCS subscriber to another. Pursuant
to our Sprint agreements, we are required to support this
program in our territory. The number of minutes-over-plan used
and associated revenues of our subscribers has dropped. This has
contributed to our ARPU declining from approximately $61 for the
fiscal year ended September&nbsp;30, 2002 to approximately $60
for the fiscal year ended September&nbsp;30, 2003, and to
approximately $57 for the fiscal year ended September&nbsp;30,
2004. In addition, the program had the effect of switching
current subscribers to the product offering, rather than
resulting in a meaningful increase in new subscribers. In
addition to the lost revenue the PCS to PCS plan causes, it is
also generating a large amount of incremental traffic on our
network, which may increase our capital needs and our costs
beyond what we have planned.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our dependence on Sprint for services may
    limit our ability to reduce costs, which could materially
    adversely affect our financial condition and results of
    operation.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the fiscal year ended September&nbsp;30,
2004, approximately 68% of cost of service and roaming in our
financial statements relate to charges from or through Sprint.
As a result, a substantial portion of our cost of service and
roaming is outside our control. Pursuant to our settlement with
Sprint, Sprint has agreed to charge us certain specified rates
for roaming and service until December&nbsp;31, 2006. However,
after that time Sprint&#146;s rates for roaming will be based on
a specified percentage of their average revenue per subscriber,
which could result in a significant increase in our cost for
roaming. As provided in our agreement with Sprint, after
December&nbsp;31, 2006 Sprint may charge us its reasonable costs
to provide this service, and these costs could increase
significantly. Furthermore, our ability to replace Sprint with
lower cost providers may be limited. We estimate that for every
1% of aggregate Sprint fees that exceed our current
expectations, it will decrease our annual operating income by
approximately $400,000.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Inaccuracies in data provided by Sprint
    could understate our expenses or overstate our revenues and
    result in out-of-period adjustments that may materially
    adversely affect our financial results.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because Sprint provides billing and collection
services for us, Sprint remits approximately 96% of our revenues
to us. The data provided by Sprint is the primary source for our
recognition of service revenue and a significant portion of our
selling and marketing and cost of service and operating
expenses. As a result, we rely on Sprint to provide accurate,
timely and sufficient data and information to properly record
our revenues, expenses and accounts receivables, which underlie
a substantial portion of our periodic financial statements and
other financial disclosures.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the past, we and Sprint have discovered
billing and other errors or inaccuracies. If we are required in
the future to make additional adjustments or charges as a result
of errors or inaccuracies in data provided to us by Sprint that
we do not detect in a timely manner, such adjustments or charges
may affect our revenues and expenses in the period that the
adjustments or charges are made, our ability to report accurate
information on a timely basis and our ability to make fully
informed business decisions.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The inability of Sprint to provide high
    quality back office services could lead to subscriber
    dissatisfaction, increase churn or otherwise increase our
    costs.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently rely on Sprint&#146;s internal
support systems, including customer care, billing and back
office support. Our operations could be disrupted if Sprint is
unable to provide internal support systems in a high quality
manner or to efficiently outsource those services and systems
through other third-party vendors. Cost pressures are expected
to continue to pose a significant challenge to Sprint&#146;s
internal support systems. Additionally, Sprint has made
reductions in its customer service support structure and may
continue to do so in the future, which may have an adverse
effect on our churn rate. Further, Sprint has relied on
third-party vendors for a significant number of important
functions and components of its internal support systems and may
continue to rely on these vendors in the future. We currently
depend on Sprint&#146;s willingness to continue to offer these
services and to provide these services effectively and at
competitive costs. These costs were approximately
$22.6&nbsp;million for the fiscal year ended September&nbsp;30,
2004. Our Sprint agreements provide that, upon nine months prior
written notice, Sprint may elect to terminate any of these
&#147;significant&#148; services and may terminate any other
service upon reasonable notice. The inability of Sprint to
provide high quality back office services, or our inability to
use Sprint back office services and third-party vendors&#146;
back office systems, could lead to subscriber dissatisfaction,
increase churn or otherwise increase our costs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to our settlement with Sprint, Sprint
has agreed to a specified rate for these services until
December&nbsp;31, 2006. However, after that time the rates will
change and will be based on the amount necessary to recover
Sprint&#146;s reasonable costs for providing the services, and
as a result, the costs for back office services could increase
significantly. See &#147;Business&nbsp;&#151; Recent
Developments&nbsp;&#151; Changes to our management and services
agreements with Sprint PCS.&#148; If this occurs, our operating
expenses will increase, and our liquidity, financial condition
and results of operations could be adversely affected.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If Sprint&#146;s business plan does not
    succeed, our business may not succeed.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a network partner of Sprint, we have the right
to provide PCS products and services under the Sprint brand
names in our territory in the southeastern United States. In
addition, we feature exclusively and prominently the nationally
recognized Sprint brand in our marketing effort. Consequently,
our business and results of operations depend on the continued
recognition of the Sprint brand name and success of
Sprint&#146;s business. If Sprint&#146;s business plan does not
succeed, or if Sprint has a significant disruption to its
business plan or network, fails to operate its business in an
efficient manner, or suffers a weakening of its brand name or
erosion of its customer base, our operations and profitability
would likely be negatively impacted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Sprint were to file for bankruptcy, Sprint may
be able to reject its agreements with us under Section&nbsp;365
of the Bankruptcy Code. The agreements provide us remedies,
including purchase and put rights, though we cannot predict if
or to what extent our remedies would be enforceable.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sprint&#146;s roaming arrangements may not
    be competitive with other wireless service providers, which may
    restrict our ability to attract and retain subscribers and
    create other risks for us.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We rely on Sprint&#146;s roaming arrangements
with other wireless service providers for coverage in some areas
where Sprint service is not yet available. The risks related to
these arrangements include:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the roaming arrangements are negotiated by Sprint
    and may not benefit us in the same manner that they benefit
    Sprint;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the quality of the service provided by another
    provider during a roaming call may not approximate the quality
    of the service provided by the Sprint PCS network;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the price of a roaming call off our network may
    not be competitive with prices of other wireless companies for
    roaming calls;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscribers may have to use a more expensive
    dual-band/dual mode handset with diminished standby and talk
    time capacities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscribers may have to end a call in progress
    and initiate a new call when leaving the Sprint PCS network and
    entering another wireless network;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint subscribers may not be able to use
    Sprint&#146;s advanced features, such as voicemail notification,
    while roaming;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint or the carriers providing the service may
    not be able to provide us with accurate billing information on a
    timely basis.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If subscribers from our territory are not able to
roam instantaneously or efficiently onto other wireless
networks, we may lose current subscribers, and our Sprint PCS
services will be less attractive to new subscribers.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Certain provisions of the Sprint agreements
    may restrict the sale of our business and diminish the value a
    buyer would pay for our business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under limited circumstances and without further
stockholder approval, Sprint may purchase our operating assets
at a discount. In addition, Sprint must approve a change of
control of the ownership of us and must consent to any
assignment of our Sprint agreements. Sprint also has a right of
first refusal if we decide to sell our operating assets to a
third party. We also are subject to a number of restrictions on
the transfer of our business, including a prohibition on the
sale of our operating assets to competitors of Sprint. These
restrictions and other restrictions contained in the Sprint
agreements may limit our ability to sell our business, may
reduce the value a buyer would be willing to pay for our
business, may reduce the &#147;entire business value,&#148; as
described in our Sprint agreements, and may limit our ability to
obtain new investment or support from any source.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We may have difficulty in obtaining an
    adequate supply of certain handsets from Sprint, which could
    adversely affect our results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We depend on our relationship with Sprint to
obtain handsets, and we have agreed to purchase most of our
3G&nbsp;capable handsets from Sprint or a Sprint authorized
distributor through the earlier of December&nbsp;31, 2004 or the
date on which the cumulative 3G&nbsp;handset fees received by
Sprint from all Sprint network partners equal
$25.0&nbsp;million. Sprint orders handsets from various
manufacturers. We could have difficulty obtaining specific types
of handsets in a timely manner if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint does not adequately project the need for
    handsets for itself, its network partners and its other
    third-party distribution channels, particularly in transition to
    newer technologies, such as 1xRTT;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint gives preference to other distribution
    channels, which it does periodically;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we do not adequately project our need for
    handsets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Sprint modifies its handset logistics and
    delivery plan in a manner that restricts or delays our access to
    handsets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">there is an adverse development in the
    relationship between Sprint and its suppliers or vendors;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if Sprint&#146;s current suppliers cannot meet
    their commitments, Sprint would have to use different vendors
    and this could result in delays, interruptions or additional
    expenses associated with the upgrade and expansion of
    Sprint&#146;s networks and the offering of its products and
    services.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The occurrence of any of the foregoing could
disrupt our subscriber service and/or result in a decrease in
subscribers, which could adversely affect our results of
operations.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If Sprint does not complete the
    construction of its nationwide PCS network, we may not be able
    to attract and retain subscribers.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint currently intends to cover a significant
portion of the population of the United States, Puerto Rico and
the U.S.&nbsp;Virgin Islands by creating a nationwide PCS
network through its own construction efforts and those of its
network partners. Sprint is still constructing its nationwide
network and does not offer PCS services, either on its own
network or through its roaming agreements, in every city in the
United States. Sprint has entered into management agreements
similar to ours with companies in other markets under its
nationwide PCS build-out strategy. Our results of operations are
dependent on Sprint&#146;s national network and, to a lesser
extent, on the networks of Sprint&#146;s other network partners.
Sprint&#146;s PCS network may not provide nationwide coverage to
the same extent as its competitors, which could adversely affect
our ability to attract and retain subscribers.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If other Sprint network partners have
    financial difficulties, the Sprint PCS network could be
    disrupted.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint&#146;s national network is a combination
of networks. The large metropolitan areas are owned and operated
by Sprint, and the areas in between them are owned and operated
by Sprint network partners. We believe that most, if not all, of
these companies have incurred substantial debt to pay the large
cost of building out their networks. Two of these companies
filed petitions seeking reorganization under Chapter&nbsp;11 of
the Bankruptcy Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If other network partners experience financial
difficulties, Sprint&#146;s PCS network could be disrupted. If
Sprint&#146;s agreements with those network partners were like
ours, Sprint would have the right to step in and operate the
network in the affected territory, subject to the rights of
their lenders. In such event, there can be no assurance that
Sprint could transition in a timely and seamless manner or that
lenders would permit Sprint to do so.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Non-renewal or revocation by the FCC of
    Sprint&#146;s PCS licenses would significantly harm our
    business.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">PCS licenses are subject to renewal and
revocation by the FCC. Sprint&#146;s licenses in our territories
will begin to expire in 2007 but may be renewed for additional
ten-year terms. There may be opposition to
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<DIV align="left">
<FONT size="2">renewal of Sprint&#146;s PCS licenses upon their
expiration, and Sprint&#146;s PCS licenses may not be renewed.
The FCC has adopted specific standards to apply to PCS license
renewals. Any failure by Sprint or us to comply with these
standards could cause revocation or forfeiture of Sprint&#146;s
PCS licenses for our territories. If Sprint loses any of its
licenses in our territory, we would be severely restricted in
our ability to conduct business.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If Sprint does not maintain control over
    its licensed spectrum, the Sprint agreements may be terminated,
    which would result in our inability to provide
    service.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The FCC requires that licensees like Sprint
maintain effective working control of their licensed spectrum
and not delegate control to third-party operators or managers.
Although the Sprint agreements with us reflect an arrangement
that the parties believe meets the FCC requirements for licensee
control of licensed spectrum, we cannot be sure that the FCC
will agree. If the FCC were to determine that the Sprint
agreements need to be modified to increase the level of licensee
control, we have agreed with Sprint to use our best efforts to
modify the Sprint agreements to comply with applicable law. If
we cannot agree with Sprint to modify the Sprint agreements,
they may be terminated. If the Sprint agreements are terminated,
we would no longer be a part of the Sprint PCS network and would
be severely restricted in our ability to conduct business. Any
required modifications could also have a material adverse effect
on our business, financial condition and liquidity.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If we lose our right to use the Sprint
    brand and logo under its trademark and service mark license
    agreements, we would lose the advantages associated with
    marketing efforts conducted by Sprint.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Sprint brand and logo are highly
recognizable. If we lose the rights to use this brand and logo
or the value of the brand and logo decreases, customers may not
recognize our brand readily and we may have to spend
significantly more money on advertising to create brand
recognition.
</FONT>

<P align="left">
<B><FONT size="2">Risks Particular to Our Industry</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Significant competition in the wireless
    communications services industry may result in our competitors
    offering new or better products and services or lower prices,
    which could prevent us from operating profitably.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Competition in the wireless communications
industry is intense. According to information it has filed with
the Securities and Exchange Commission, Sprint believes that the
traditional dividing lines between long distance, local,
wireless, and internet services are increasingly becoming
blurred. Through mergers and various service integration
strategies, major providers, including Sprint, are striving to
provide integrated solutions both within and across all
geographical markets. We do not currently offer services other
than wireless services and may not be able to effectively
compete against competitors with integrated solutions. Further,
the provision of integrated offerings may increase Sprint&#146;s
control over our business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Competition has caused, and we anticipate that
competition will continue to cause, the market prices for
two-way wireless products and services to decline in the future.
Our ability to compete will depend, in part, on our ability to
anticipate and respond to various competitive factors affecting
the telecommunications industry. Our dependence on Sprint to
develop competitive products and services and the requirement
that we obtain Sprint&#146;s consent to sell local pricing plans
and non-Sprint approved equipment may limit our ability to keep
pace with competitors on the introduction of new products,
services and equipment. Many of our competitors are larger than
us, possess greater financial and technical resources and may
market other services, such as landline telephone service, cable
television and internet access, with their wireless
communications services. Some of our competitors also have
well-established infrastructures, marketing programs and brand
names. In addition, some of our competitors may be able to offer
regional coverage in areas not served by the Sprint PCS network
or, because of their calling volumes or relationships with other
wireless providers, may be able to offer regional roaming rates
that are lower than those we offer. Additionally, we expect that
existing cellular providers will continue to upgrade their
systems to provide digital wireless communication services
competitive with Sprint. Our success, therefore,
</FONT>

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

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<DIV align="left">
<FONT size="2">is, to a large extent, dependent on Sprint&#146;s
ability to distinguish itself from competitors by marketing and
anticipating and responding to various competitive factors
affecting the wireless industry, including new services that may
be introduced, changes in consumer preferences, demographic
trends, economic conditions and discount pricing strategies by
competitors. The ability of Sprint to meet these challenges may
be affected by competitive pressures that Sprint is experiencing
in its long distance and landline telephone businesses as well.
To the extent that Sprint is not able to keep pace with
technological advances or fails to respond timely to changes in
competitive factors in the wireless industry, it could cause us
to lose market share or experience a decline in revenue.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There has been a recent trend in the wireless
communications industry towards consolidation of wireless
service providers through joint ventures, reorganizations and
acquisitions. For example, a proposed acquisition of AT&#38;T
Wireless by Cingular Wireless could create the largest wireless
carrier in the U.S.&nbsp;with considerable spectrum resources,
extensive network coverage and vast financial resources. We
expect these types of consolidations to lead to larger
competitors over time. We may be unable to compete successfully
with larger companies that have substantially greater resources
or that offer more services than we do. In addition, we may be
at a competitive disadvantage since we may be more highly
leveraged than many of our competitors.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If the demand for wireless data services
    does not grow, or if we or Sprint fail to capitalize on such
    demand, it could have an adverse effect on our growth
    potential.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sprint and its network partners, including us,
have committed significant resources to wireless data services
and our business plan assumes increasing uptake in such
services. That demand may not materialize. Even if such demand
does develop, our ability to deploy and deliver wireless data
services depends, in many instances, on new and unproven
technology. Existing technology may not perform as expected. We
may not be able to obtain new technology to effectively and
economically deliver these services.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The success of wireless data services is
substantially dependent on the ability of Sprint and others to
develop applications for wireless data devices and to develop
and manufacture devices that support wireless applications.
These applications or devices may not be developed or developed
in sufficient quantities to support the deployment of wireless
data services. These services may not be widely introduced and
fully implemented at all or in a timely fashion. These services
may not be successful when they are in place, and customers may
not purchase the services offered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consumer needs for wireless data services may be
met by technologies such as 802.11, known as Wi-Fi, which does
not rely on FCC regulated spectrum. The lack of standardization
across wireless data handsets may contribute to customer
confusion, which could slow acceptance of wireless data
services, or increase customer care costs. Either could
adversely affect our ability to provide these services
profitably. If these services are not successful or costs
associated with implementation and completion of the rollout of
these services materially exceed our current estimates, our
financial condition and prospects could be materially adversely
affected.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Alternative technologies and current
    uncertainties in the wireless market may reduce demand for
    PCS.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The wireless communications industry is
experiencing significant technological change, as evidenced by:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the increasing pace of digital upgrades in
    existing analog wireless systems;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">evolving industry standards;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">ongoing improvements in the capacity and quality
    of digital technology;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">shorter development cycles for new
    products;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enhancements and changes in end-user requirements
    and preferences.
    </FONT></TD>
</TR>

</TABLE>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Technological advances and industry changes could
cause the technology used on our network to become obsolete. We
rely on Sprint for research and development efforts with respect
to the products and services of Sprint and with respect to the
technology used on our network. Sprint may not be able to
respond to such changes and implement new technology on a timely
basis or at an acceptable cost.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Sprint is unable to keep pace with these
technological changes or changes in the wireless communications
market based on the effects of consolidation from the
Telecommunications Act of 1996 or from the uncertainty of future
government regulation, the technology used on our network or our
business strategy may become obsolete.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We are a consumer business, and a recession
    in the United States involving significantly lowered spending
    could negatively affect our results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our subscriber base is primarily individual
consumers, and our accounts receivable represent unsecured
credit. We believe that the recent economic downturn had an
adverse impact on our operations. Although it appears that the
economy in the United States and our territory has begun to
improve, in the event that there is another downturn in the
economy or the economy does not continue to improve, spending by
individual consumers may drop significantly, and our business
may be negatively affected as a result.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Regulation by government and taxing
    agencies may increase our costs of providing service or require
    us to change our services, either of which could impair our
    financial performance.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operations and those of Sprint are subject to
varying degrees of regulation by the FCC, the Federal Trade
Commission, the Federal Aviation Administration, the
Environmental Protection Agency, the Occupational Safety and
Health Administration and state and local regulatory agencies
and legislative bodies. Adverse decisions or regulation of these
regulatory bodies could negatively impact our operations and our
costs of doing business. For example, regulatory mandates
pertaining to the provision of emergency&nbsp;911
(&#147;E-911&#148;) services by wireless carriers, compliance
with the Communications Assistance for Law Enforcement Act
(&#147;CALEA&#148;), the meeting of telephone number pooling and
porting requirements, satisfying universal service standards,
the protection of subscriber privacy, the provision of services
to the hearing impaired and the satisfaction of environmental
and safety standards, have imposed, and will continue to impose,
substantial costs on our industry. Because the fixed component
of costs incurred to meet some of these mandates can be
relatively high, smaller carriers such as the Company can be
competitively disadvantaged by these mandates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moreover, changes in tax laws or the
interpretation of existing tax laws by state and local
authorities could subject us to increased income, sales, gross
receipts or other tax costs or require us to alter the structure
of our current relationship with Sprint.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Use of hand-held phones may pose health
    risks, which could result in the reduced use of wireless
    services or liability for personal injury claims.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Media reports have suggested that certain radio
frequency emissions from wireless handsets may be linked to
various health problems, including cancer, and may interfere
with various electronic medical devices, including hearing aids
and pacemakers. Concerns over radio frequency emissions may
discourage use of wireless handsets or expose us to potential
litigation. Any resulting decrease in demand for wireless
services, or costs of litigation and damage awards, could impair
our ability to achieve and sustain profitability.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Regulation by government or potential
    litigation relating to the use of wireless phones while driving
    could adversely affect our results of operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Some studies have indicated that some aspects of
using wireless phones while driving may impair drivers&#146;
attention in certain circumstances, making accidents more
likely. These concerns could lead to litigation relating to
accidents, deaths or serious bodily injuries, or to new
restrictions or regulations on
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">wireless phone use, any of which also could have
material adverse effects on our results of operations. A number
of U.S.&nbsp;state and local governments are considering or have
recently enacted legislation that would restrict or prohibit the
use of a wireless handset while driving a vehicle or,
alternatively, require the use of a hands-free telephone.
Legislation of this sort, if enacted, would require wireless
service providers to provide hands-free enhanced services, such
as voice activated dialing and hands-free speaker phones and
headsets, so that they can keep generating revenue from their
subscribers, who make many of their calls while on the road. If
we are unable to provide hands-free services and products to
subscribers in a timely and adequate fashion, the volume of
wireless phone usage would likely decrease, and our ability to
generate revenues would suffer.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Unauthorized use of, or interference with,
    the PCS network of Sprint could disrupt our service and increase
    our costs.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may incur costs associated with the
unauthorized use of the PCS network of Sprint, including
administrative and capital costs associated with detecting,
monitoring and reducing the incidence of fraud. Fraudulent use
of the PCS network of Sprint may impact interconnection costs,
capacity costs, administrative costs, fraud prevention costs and
payments to other carriers for fraudulent roaming.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Equipment failure and natural disasters or
    terrorist acts may adversely affect our
    operations.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A major equipment failure or a natural disaster
or terrorist act that affects our mobile telephone switching
offices, microwave links, third-party owned local and long
distance networks on which we rely, our cell sites or other
equipment or the networks of other providers on which
subscribers roam, could have a material adverse effect on our
operations. While we have insurance coverage for some of these
events, our inability to operate our wireless system even for a
limited time period may result in a loss of subscribers or
impair our ability to attract new subscribers, which would have
a material adverse effect on our business, results of operations
and financial condition.
</FONT>

<P align="left">
<B><FONT size="2">Risks Related to the Notes, the Offering and
the Exchange</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our substantial debt could adversely affect
    our cash flow, limit our flexibility to raise additional capital
    and prevent us from fulfilling our obligations, including
    payments under the notes.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of September&nbsp;30, 2004, after giving
effect to the sale of the original notes and the application of
the proceeds therefrom, we would have had approximately
<B>$</B>334.0&nbsp;million of long-term debt.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our substantial indebtedness and interest expense
could restrict our operations and have other important
consequences to you. For example, it could:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">require us to dedicate a substantial portion of
    our cash flow from operating activities to service our debt,
    reducing the availability of our cash flow to fund future
    capital expenditures, working capital, execution of our business
    strategy and other general corporate requirements;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make it more difficult for us to satisfy our
    obligations under the notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increase our vulnerability to general adverse
    economic and industry conditions and adverse changes in
    governmental regulations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limit our flexibility in planning for, or
    reacting to, changes in our business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">limit our ability to borrow additional funds,
    even when necessary to maintain adequate liquidity;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make us more vulnerable to increases in interest
    rates because of the variable interest rate on the notes offered
    hereby.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Proceeds from any sale of the collateral
    upon foreclosure may be insufficient to repay the notes in
    full.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is possible that the net proceeds from a sale
of the collateral owned directly by us securing the notes would
not be sufficient to repay all of the notes following a
foreclosure upon the collateral or a
</FONT>

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<DIV align="left">
<FONT size="2">liquidation of our assets or that the proceeds of
collateral owned by our restricted subsidiaries securing the
guaranteed amount of notes would not be sufficient to repay the
guaranteed amount of notes following a foreclosure upon the
collateral owned by the restricted subsidiaries or a liquidation
of the restricted subsidiaries&#146; assets.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The security interest of the trustee in
collateral owned by the restricted subsidiaries will only secure
obligations with respect to the guaranteed amount of notes. Any
obligations of the performance and payment with respect to the
amount of notes in excess of the guaranteed amount of notes will
only be secured by that collateral which is owned directly by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not own our approximately 800 tower sites
(except one) or retail or administrative sites. The collateral
consists primarily of:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">network assets such as base stations, switching
    equipment and other specialized telecommunications equipment;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">rights under agreements, such as those with
    Sprint, or leases with tower operators and other
    landlords;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">office and retail store equipment.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The value of the collateral and the amount to be
received upon a sale of the collateral will depend on many
factors, including, among others,
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to sell our equipment as part of an
    operating business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the perceived value of the Sprint agreements and
    Sprint&#146;s consent to any transfer;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the condition of the collateral and our industry;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the ability to sell the collateral in an orderly
    sale;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the condition of the international, national and
    local economies;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the availability of buyers;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">similar factors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The book value of the collateral should not be
relied on as a measure of realizable value for such assets. By
their nature, most of the collateral may be illiquid and may
have little or no readily ascertainable market value. In
addition, a significant portion of the collateral includes
assets that may only be usable, and thus retain value, as part
of our existing operating businesses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event a bankruptcy court determines the
value of the collateral is not sufficient to repay all amounts
due on the notes and any other obligations secured by such
collateral or that the value of the collateral owned directly by
us is not sufficient to repay the principal amount of notes in
excess of the guaranteed amount of notes and any other
obligations secured by such collateral, then, in each case, the
holders of the notes and such other obligations would hold
secured claims to the extent of the value of the collateral
securing such claims, and would hold unsecured claims with
respect to any shortfall. Applicable Federal bankruptcy laws do
not permit the payment and/or accrual of post-petition interest,
costs and attorneys&#146; fees during a debtor&#146;s bankruptcy
case unless the claims are oversecured or the debtor is solvent
at the time of reorganization. In addition, if the Company or
our subsidiary guarantors were to become the subject of a
bankruptcy case, the bankruptcy court, among other things, may
avoid certain pre-petition transfers made by the entity that is
the subject of the bankruptcy filing, including, without
limitation, transfers held to be preferences or fraudulent
conveyances.
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The indentures relating to the notes and to
    our 9 3/8%&nbsp;senior subordinated notes due 2009 (&#147;9
    3/8%&nbsp;Notes&#148;) contain restrictive covenants that may
    limit our flexibility, and a breach of those covenants may cause
    us to be in default under the indentures.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture relating to the notes and the 9
3/8%&nbsp;Notes limit, and in some circumstances prohibit, our
ability to, among other things:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">incur additional debt;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pay dividends;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make capital expenditures, investments or other
    restricted payments;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">engage in sale-leaseback transactions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">engage in transactions with stockholders and
    affiliates;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantee debts;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">create liens;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sell assets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issue or sell capital stock of
    subsidiaries;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">engage in mergers and acquisitions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These restrictions could limit our ability to
obtain future financing, make acquisitions, make needed capital
expenditures, withstand a future downturn in our business or the
economy in general, conduct operations or otherwise take
advantage of business opportunities that may arise. In addition,
if we do not comply with these covenants and financial covenants
in any other indebtedness we may then have, the notes and that
other indebtedness could become immediately due and payable. If
we are unable to repay those amounts, our lenders, including the
noteholders, could accelerate the debt we owe them and/or
initiate a bankruptcy proceeding or liquidation proceeding or
proceed against the collateral granted to them to secure that
indebtedness. If either of these events were to occur, the
Company might not have sufficient assets to repay our
indebtedness, including the notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The ability of the trustee for the notes to
    foreclose on the collateral may be limited by applicable
    bankruptcy laws.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bankruptcy laws could prevent the trustee for the
notes from repossessing and disposing of the collateral upon the
occurrence of an event of default if a bankruptcy proceeding is
commenced by or against us before the trustee repossesses and
disposes of the collateral. Under the bankruptcy laws, secured
creditors are prohibited from repossessing their security from a
debtor in a bankruptcy case, or from disposing of security
repossessed from the debtor, without bankruptcy court approval.
Moreover, bankruptcy law permits the debtor to continue to
retain and to use the collateral (and the proceeds, products,
rents or profits of its collateral) so long as the secured
creditor is given &#147;adequate protection.&#148; The meaning
of the term &#147;adequate protection&#148; may vary according
to the circumstances, but it is intended in general to protect
the value of the secured creditor&#146;s interest in the
collateral. The court may find &#147;adequate protection&#148;
if the debtor pays cash or grants additional security for any
diminution in the value of the collateral as a result of the
stay of repossession or disposition or any use of the collateral
during the pendency of the bankruptcy case. In view of the lack
of a precise definition of the term &#147;adequate
protection&#148; and the broad discretionary powers of a
bankruptcy court, it is impossible to predict how long payments
under the notes could be delayed following commencement of a
bankruptcy case, whether or when the trustee could repossess or
dispose of the collateral or whether or to what extent holders
of the notes would be compensated for any delay in payment or
loss of value of the collateral through the requirement of
&#147;adequate protection.&#148;
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Certain of our assets and the assets of our
    subsidiaries may be subject to existing liens and will be
    permitted by the indenture governing the notes to become subject
    to certain future liens that will take priority over the liens
    securing the notes.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture governing the notes permits certain
existing and future prior liens on the collateral described in
this offering memorandum. To the extent that holders of other
secured indebtedness or other third parties enjoy liens
(including statutory liens), whether or not permitted by the
indenture, these holders or third parties may have rights and
remedies with respect to the collateral securing the notes that,
if exercised could reduce the proceeds available to satisfy the
obligations under the notes. In the event of foreclosure on the
collateral, the proceeds from the sale of the collateral
securing indebtedness under the notes may not be sufficient to
fully satisfy the notes because your rights to payment from the
proceeds of collateral would be junior to the rights of holders
of prior liens in respect of the collateral.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The security interests in certain of the
    collateral securing the notes will not be
    perfected.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The security interests securing the notes created
by the security documents with respect to cash and deposit
accounts have not and will not be perfected. As a result, the
notes will not have the benefit of a perfected security interest
in the cash of the Company and its restricted subsidiaries. As
of September&nbsp;30, 2004, on a pro forma basis, after giving
effect to the offering of the original notes and the use of the
proceeds therefrom, the Company and its restricted subsidiaries
had approximately $104.2&nbsp;million of cash, cash equivalents
and short-term investment securities, a substantial portion of
which may be held in deposit accounts. In addition, the notes
will not have a perfected security interest in any of the
collateral to the extent perfection cannot be effected through
filings under the Uniform Commercial Code or through the taking
possession by the collateral agent under the security documents
of stock certificates and debt securities. To the extent that
the security interest in any collateral is not perfected, the
rights of the collateral agent for the holders of notes will be
equal to the rights of the general unsecured creditors of the
Company and the restricted subsidiaries in the event of a
bankruptcy. Outside of a bankruptcy, the security interests of
certain holders of liens, such as judgment creditors and any
creditor who obtained a perfected security interest in any of
such collateral would take priority over the security interest
of the collateral agent. Accordingly, it is possible that the
assets in which the collateral agent&#146;s security interest is
unperfected will not be available to satisfy obligations under
the notes. In addition, certain assets may be subject to liens
that are permitted by the indenture which would take priority
over the security interests in such assets under the security
documents applicable to the notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Any future pledges of collateral may be
    avoidable.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any future pledge of collateral in favor of the
collateral agent might be avoidable by the pledgor (as debtor in
possession) or by its collateral agent in bankruptcy or other
third parties if certain events or circumstances exist or occur,
including, among others, if the pledge or granting of the
security interest is deemed a fraudulent conveyance or the
pledgor is insolvent at the time of the pledge or granting of
the security interest, the pledge permits the holders of the
notes to receive a greater recovery than if the pledge had not
been given and a bankruptcy proceeding in respect of the pledgor
is commenced within 90&nbsp;days following the pledge or, in
certain circumstances, a longer period.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The collateral is subject to casualty
    risks.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be obligated under the collateral
arrangements to maintain adequate insurance or otherwise insure
against hazards to the extent done by corporations operating
properties of a similar nature in the same or similar
localities. There are, however, certain losses that may be
either uninsurable or not economically insurable, in whole or in
part. As a result, it is possible that the insurance proceeds
will not compensate us fully for our losses. If there is a total
or partial loss of any of the pledged collateral, we cannot
assure you that any insurance proceeds received by us will be
sufficient to satisfy all the secured obligations, including the
notes.
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The guarantees may not be enforceable
    because of fraudulent conveyance laws.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The restricted subsidiaries&#146; guarantees of
the notes may be subject to review under U.S.&nbsp;federal
bankruptcy law or relevant state fraudulent conveyance laws if a
bankruptcy lawsuit is commenced by or on behalf of our or the
restricted subsidiaries&#146; unpaid creditors. Under these
laws, if in such a lawsuit a court were to find that, at the
time a restricted subsidiary incurred debt (including debt
represented by the guarantee), such restricted subsidiary:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">incurred this debt with the intent of hindering,
    delaying or defrauding current or future creditors;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">received less than reasonably equivalent value or
    fair consideration for incurring this debt and the restricted
    subsidiary:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">was insolvent or was rendered insolvent by reason
    of the related financing transactions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">was engaged, or was about to engage, in a
    business or transaction for which its remaining assets
    constituted unreasonably small capital to carry on its
    business;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">intended to incur, or believed that it would
    incur, debts beyond its ability to pay these debts as they
    mature, as all of the foregoing terms are defined in or
    interpreted under the relevant fraudulent transfer or conveyance
    statutes,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then the court could void the guarantee or
subordinate the amounts owing under the guarantee to the
restricted subsidiary&#146;s presently existing or future debt
or take other actions detrimental to you.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the restricted subsidiaries may be
subject to the allegation that since they incurred their
guarantees for our benefit, they incurred the obligations under
the guarantees for less than reasonably equivalent value or fair
consideration.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The measure of insolvency for purposes of the
foregoing considerations will vary depending upon the law of the
jurisdiction that is being applied in any such proceeding.
Generally, a company would be considered insolvent if, at the
time it incurred the debt or issued the guarantee:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it could not pay its debts or contingent
    liabilities as they become due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the sum of its debts, including contingent
    liabilities, is greater than its assets, at fair
    valuation;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the present fair saleable value of its assets is
    less than the amount required to pay the probable liability on
    its total existing debts and liabilities, including contingent
    liabilities, as they become absolute and mature.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a guarantee is voided as a fraudulent
conveyance or found to be unenforceable for any other reason,
you will not have a claim against that obligor and will only be
our creditor or that of any restricted subsidiary whose
obligation was not set aside or found to be unenforceable. In
addition, the loss of a guarantee will constitute a default
under the indenture, which default would cause all outstanding
notes to become immediately due and payable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that, at the time the restricted
subsidiaries initially incur the debt represented by the
guarantees, the restricted subsidiaries:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will not be insolvent or rendered insolvent by
    the incurrence;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will have sufficient capital to run our or their
    businesses effectively;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will be able to pay obligations on the notes and
    the guarantees as they mature or become due.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In reaching the foregoing conclusions we have
relied upon our analyses of internal cash flow projections and
estimated values of the assets and liabilities of the restricted
subsidiaries. In addition, we have relied on a limitation to be
contained in the restricted subsidiaries&#146; guarantees that
limits the guarantee as necessary to prevent it from
constituting a fraudulent conveyance under applicable law.
However, a court passing on these questions might not reach the
same conclusions.
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our indebtedness which is subordinated to
    the notes is scheduled to mature prior to the maturity date of
    the notes.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although the 9 3/8%&nbsp;Notes are subordinated
to the notes, the 9 3/8%&nbsp;Notes are scheduled to mature
approximately two years prior to the maturity date of the notes.
Consequently, even though the 9 3/8%&nbsp;Notes will be
expressly subordinated to the notes, we will be required to
repay or refinance them prior to the maturity date of the notes.
It is possible that we will not be able to refinance the 9
3/8%&nbsp;Notes on favorable terms or at all.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">An active public market may not develop for
    the notes, which may hinder your ability to liquidate your
    investment.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the offering of the original notes,
there was no public market for the notes. The initial purchasers
have informed us that they intend to make a market in the notes.
However, the initial purchasers may cease their market-making
activities at any time. In addition, the liquidity of the
trading market in the notes, and the market price quoted for the
notes, may be adversely affected by changes in the overall
market for fixed income securities and by changes in our
financial performance or prospects or in the prospects for
companies in our industry in general. As a result, we cannot
assure you that an active trading market will develop for the
notes. If no active trading market develops, you may not be able
to resell your notes at their fair market value or at all.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
holders may not be entitled to require us to repurchase the
notes in connection with certain transactions because the term
&#147;all or substantially all&#148; in the context of a change
of control has no clearly established meaning under the relevant
law.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One of the ways a change of control can occur
under the indenture governing the notes is upon a sale of all or
substantially all of our assets. The meaning of the phrase
&#147;all or substantially all&#148; as used in that definition
varies according to the facts and circumstances of the subject
transaction, has no clearly established meaning under applicable
law and is subject to judicial interpretation. Accordingly, in
certain circumstances there may be a degree of uncertainty in
ascertaining whether a particular transaction would involve a
disposition of &#147;all or substantially all&#148; of the
assets of a person and therefore it may be unclear whether a
change of control has occurred and whether you have the right to
require us to repurchase the notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We may be unable to repurchase the notes
    upon a change of control or asset sale.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon a &#147;change of control&#148; or
&#147;asset sale,&#148; in each case as defined in the
indenture, we will be required under certain circumstances to
make an offer to repurchase all of the outstanding notes at a
price equal to, for a change of control, 101% of the principal
amount thereof and, for an asset sale, 100% of the principal
amount thereof, together with any accrued and unpaid interest
and additional interest to the date of repurchase. If a change
of control or asset sale were to occur, there can be no
assurance that we would have sufficient funds to pay the
purchase price for all of the notes that we might be required to
purchase. Our future indebtedness may contain restrictions on
our ability to repurchase the notes upon certain events,
including transactions that could constitute a change of control
or asset sale under the indenture. Our failure to purchase, or
give notice of purchase of, the notes would be a default under
the indenture. If the foregoing occurs, we may not have enough
assets to satisfy all obligations under the indenture.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">If you fail to exchange your original
    notes, you will face restrictions that will make the sale or
    transfer of your original notes more difficult.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you do not exchange your original notes for
new notes in the exchange offer, you will continue to be subject
to the restrictions on transfer of your original notes described
in the legend on your original notes. In general, you may only
offer or sell the original notes if they are registered under
the Securities Act and applicable state securities laws, or
offered and sold under an exemption from those requirements. We
do not intend to register the original notes under the
Securities Act. To the extent other original notes
</FONT>

<P align="center"><FONT size="2">32
</FONT>

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<DIV align="left">
<FONT size="2">are tendered and accepted in the exchange offer
and you elect not to exchange your original notes, the trading
market, if any, for your original notes would be adversely
affected because your original notes will be less liquid than
the new notes. See &#147;The Exchange Offer&nbsp;&#151;
Consequences of Failure to Exchange.&#148;
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Some holders that exchange their original
    notes may be required to comply with registration and prospectus
    delivery requirements in connection with the sale or transfer of
    their new notes.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you exchange your original notes in the
exchange offer for the purpose of participating in a
distribution of the new notes, you may be deemed to have
received restricted securities and, if so, will be required to
comply with the registration and prospectus delivery
requirements of the Securities Act in connection with any resale
transaction. If you are required to comply with the registration
and prospectus delivery requirements, then you may face
additional burdens on the transfer of your notes and could incur
liability for failure to comply with applicable requirements.
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->

<P align="center">
<B><FONT size="2">SPECIAL NOTE&nbsp;REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus contains forward looking
statements that are based on current expectations, estimates,
forecasts and projections about us, our future performance, our
liquidity, the wireless industry, our beliefs and
management&#146;s assumptions. Such forward looking statements
include statements regarding expected financial results and
other planned events, including but not limited to, anticipated
liquidity, churn rates, ARPU (as defined herein) and CPGA (as
defined herein), roaming rates, EBITDA (as defined herein), and
capital expenditures. Words such as &#147;anticipate,&#148;
&#147;assume,&#148; &#147;believe,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148;
&#147;seek&#148;, &#147;project,&#148; &#147;target,&#148;
&#147;goal,&#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
future events or results may differ materially from these
statements. These risks and uncertainties include:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our dependence on the success of Sprint&#146;s
    wireless business and continued access to the Sprint spectrum;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the competitiveness and impact of Sprint&#146;s
    pricing plans, network coverage and PCS products and services
    and introduction of pricing plans and programs that may
    adversely affect our business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">intense competition and increasing consolidation
    in the wireless market and the rapidly changing nature of the
    wireless market;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the potential to experience a continued high rate
    of subscriber turnover;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the ability of Sprint (directly or through third
    parties) to provide back office billing, subscriber care and
    other services and the quality and costs of such services;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subscriber credit quality;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the ability to successfully leverage
    third-generation, or 3G, products and services;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">possible inaccuracies in financial information
    provided by Sprint;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">material changes in government regulations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">new charges and fees, or increased charges and
    fees, imposed by Sprint;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">future disputes with Sprint;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to predict future subscriber growth,
    as well as other key operating metrics;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to manage anticipated growth and
    expansion;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the impact of spending cuts on network quality,
    subscriber retention and subscriber growth;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">rates of penetration in the wireless industry;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our significant level of indebtedness and debt
    covenant requirements;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the impact and outcome of legal proceedings
    between other Sprint network partners and Sprint;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the potential need for additional sources of
    capital and liquidity;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">risks related to our ability to compete with
    larger, more established businesses with greater access to
    capital;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">anticipated future losses;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">adequacy of bad debt and other reserves;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">rapid technological and market change;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an adequate supply of subscriber equipment;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">34
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">declines in growth of wireless subscribers;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the effect of wireless local number portability
    and other government mandates;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the volatility of the market price of our common
    stock;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the future obsolescence of our network assets
    based on technological changes;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">general economic and business conditions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These forward looking statements involve a number
of risks and uncertainties that could cause actual results to
differ materially from those suggested by the forward looking
statements. Forward looking statements should, therefore, be
considered in light of various factors, including those set
forth in this prospectus under &#147;Risk Factors&#148; and the
caption &#147;Future Trends That May Affect Operating Results,
Liquidity and Capital Resources&#148; included in
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and elsewhere in this
prospectus. Moreover, we caution you not to place undue reliance
on these forward-looking statements, which speak only as of the
date they were made. We do not undertake any obligation to
publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this prospectus or to reflect the occurrence of unanticipated
events.
</FONT>

<P align="center"><FONT size="2">35
</FONT>

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<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "THE EXCHANGE OFFER" -->

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<P align="left">
<B><FONT size="2">Terms of the Exchange Offer</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Purpose of the Exchange Offer</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We sold the original notes on October&nbsp;25,
2004, in a transaction exempt from the registration requirements
of the Securities Act. The initial purchasers of the original
notes subsequently resold the original notes to qualified
institutional buyers in reliance on Rule&nbsp;144A and under
Regulation&nbsp;S under the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the sale of original notes to
the initial purchasers pursuant to the purchase agreement, dated
October&nbsp;7, 2004, among us, our subsidiaries named therein
and the initial purchasers named therein, the holders of the
original notes became entitled to the benefits of a registration
rights agreement dated October&nbsp;25, 2004, among us, the
guarantors named therein and the initial purchasers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The registration rights agreement provides that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AirGate will file an exchange offer registration
    statement with the SEC on or prior to 120&nbsp;days after
    October&nbsp;25, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AirGate will use its reasonable best efforts to
    cause the exchange offer registration statement to be declared
    effective under the Securities Act within 210&nbsp;days after
    October&nbsp;25, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AirGate will use its reasonable best efforts to
    keep the registered exchange offer open for not less than
    30&nbsp;days (or longer if required by applicable law) after the
    date notice of the registered exchange offer is mailed to the
    holders of the original notes;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Unless the exchange offer would not be permitted
    by applicable law or SEC policy, AirGate will use its reasonable
    best efforts to, on or prior to 30 business days after the date
    on which the exchange offer registration statement is declared
    effective, complete the exchange of the new notes for all
    original notes tendered prior thereto in the exchange offer.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus, together with the letter of
transmittal, is being sent to all beneficial holders of original
notes known to us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the terms and subject to the conditions set
forth in this prospectus and in the accompanying letter of
transmittal, we will accept all original notes properly tendered
and not withdrawn prior to the expiration date. We will issue
$1,000 principal amount of new notes in exchange for each $1,000
principal amount of outstanding original notes accepted in the
exchange offer. Holders may tender some or all of their original
notes pursuant to the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on no-action letters issued by the staff of
the SEC to third parties we believe that holders of the new
notes issued in exchange for original notes may offer for
resale, resell and otherwise transfer the new notes, other than
any holder that is an affiliate of ours within the meaning of
Rule&nbsp;405 under the Securities Act, without compliance with
the registration and prospectus delivery provisions of the
Securities Act. This is true as long as the new notes are
acquired in the ordinary course of the holder&#146;s business,
the holder has no arrangement or understanding with any person
to participate in the distribution of the new notes and neither
the holder nor any other person is engaging in or intends to
engage in a distribution of the new notes. A broker-dealer that
acquired original notes directly from us cannot exchange the
original notes in the exchange offer. Any holder who tenders in
the exchange offer for the purpose of participating in a
distribution of the new notes cannot rely on the no-action
letters of the staff of the SEC and must comply with the
registration and prospectus delivery requirements of the
Securities Act in connection with any resale transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives new notes for
its own account in exchange for original notes, where such
original notes were acquired by such broker-dealer as a result
of market-making or other trading activities, must acknowledge
that it will deliver a prospectus in connection with any resale
of such new notes. See &#147;Plan of Distribution&#148; for
additional information.
</FONT>

<P align="center"><FONT size="2">36
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will accept validly tendered original notes
promptly following the expiration of the tender offer by giving
oral or written notice of the acceptance of such notes to the
exchange agent. The exchange agent will act as agent for the
tendering holders of original notes for the purposes of
receiving the new notes from the issuer and delivering new notes
to such holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any tendered original notes are not accepted
for exchange because of an invalid tender or the occurrence of
the conditions set forth under &#147;Conditions&#148; without
waiver by us, certificates for any such unaccepted original
notes will be returned, without expense, to the tendering holder
of any such original notes promptly after the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of original notes who tender in the
exchange offer will not be required to pay brokerage commissions
or fees or, subject to the instructions in the letter of
transmittal, transfer taxes with respect to the exchange of
original notes, pursuant to the exchange offer. We will pay all
charges and expenses, other than certain applicable taxes in
connection with the exchange offer. See &#147;Fees and
Expenses.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Shelf Registration Statement</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the registration rights agreement, we
have agreed to file a shelf registration statement if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AirGate is not permitted to effect the exchange
    offer because the exchange offer is not permitted by applicable
    law or SEC policy;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in the case of any holder that participates in
    the exchange offer, such holder does not receive new notes on
    the date of the exchange that may be sold without restriction
    under state and federal securities laws (other than due solely
    to the status of such holder as an affiliate of ours) and so
    notifies us within 30&nbsp;days after such holder becomes aware
    of such restrictions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">at any time prior to the 20th day following the
    consummation of the exchange offer, an initial purchaser so
    requests with respect to original notes that have, or that are
    reasonably likely to be determined to have, the status of unsold
    allotments in an initial distribution.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder that sells original notes pursuant to
the shelf registration statement generally must be named as a
selling securityholder in the related prospectus and must
deliver a prospectus to purchasers, because a seller will be
subject to civil liability provisions under the Securities Act
in connection with these sales. A seller of the original notes
also will be bound by applicable provisions of the registration
rights agreement, including indemnification obligations. In
addition, each holder of original notes must deliver information
to be used in connection with the shelf registration statement
and provide comments on the shelf registration statement in
order to have its original notes included in the shelf
registration statement and benefit from the provisions regarding
any liquidated damages in the registration rights agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have agreed to file a shelf registration
statement with the SEC as promptly as practicable, but in no
event more than 30&nbsp;days after being so required, or if
later, 120&nbsp;days after the issue date, and thereafter use
our reasonable best efforts to cause a shelf registration
statement to be declared effective by the SEC. In addition, we
agreed to use our reasonable best efforts to keep that shelf
registration statement continually effective, supplemented and
amended until October&nbsp;25, 2006, or such shorter period
which terminates when all notes covered by that shelf
registration statement have been sold under it.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Additional Interest in Certain
    Circumstances</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any of the following, each a
&#147;registration default,&#148; occurs:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange offer registration statement is not
    filed with the SEC on or before the 120th calendar day following
    October&nbsp;25, 2004 or, if that day is not a business day,
    then the next succeeding day that is a business day;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange offer registration statement is not
    declared effective on or before the 120th calendar day following
    October&nbsp;25, 2004, or, if that day is not a business day,
    then the next succeeding day that is a business day;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">37
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exchange offer is not completed on or before
    the 30th business day following the effectiveness of the
    exchange offer registration statement;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the shelf registration statement is required to
    be filed but is not filed or declared effective within the time
    periods required by the registration rights agreement or is
    declared effective but thereafter ceases to be effective or
    usable,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then AirGate will pay liquidated damages to each
holder of notes, with respect to the first 90&nbsp;day period
immediately following the occurrence of the first registration
default in an amount equal to $.05&nbsp;per week per $1,000
principal amount of notes held by such holder. The amount of the
liquidated damages will increase by an additional $0.05&nbsp;per
week per $1,000 principal amount of notes with respect to each
subsequent 90-day period until all registration defaults have
been cured, up to a maximum amount of liquidated damages of
$.30&nbsp;per week per $1,000 principal amount of notes.
Following the cure of all registration defaults, the accrual of
liquidated damages will cease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The sole remedy available to the holders of the
original notes will be the immediate increase in the interest
rate on the original notes as described above. Any amounts of
additional interest due as described above will be payable in
cash on the same interest payment dates as the original notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Expiration Date; Extensions;
    Amendment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will use our reasonable best efforts to keep
the exchange offer open for not less than 30&nbsp;days, <BR>
 or longer if required by applicable law, after the date on
which notice of the exchange offer is mailed to the holders of
the original notes. The term &#147;expiration date&#148; means
the expiration date set forth on the cover page of this
prospectus, unless we extend the exchange offer, in which case
the term &#147;expiration date&#148; means the latest date to
which the exchange offer is extended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to extend the expiration date, we will
notify the exchange agent of any extension by oral <BR>
 or written notice and will issue a public announcement of the
extension, each prior to 5:00&nbsp;p.m., New York City time, on
the next business day after the previously scheduled expiration
date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We reserve the right
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to delay accepting any original notes, to extend
    the exchange offer or to terminate the exchange offer and not
    accept original notes not previously accepted if any of the
    conditions set forth under &#147;Conditions&#148; shall have
    occurred and shall not have been waived by us, if permitted to
    be waived by us, by giving oral or written notice of such delay,
    extension or termination to the exchange agent,&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to amend the terms of the exchange offer in any
    manner deemed by us to be advantageous to the holders of the
    original notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All conditions set forth under
&#147;Conditions,&#148; except such conditions that involve
regulatory approvals, must be satisfied or waived prior to the
expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any delay in acceptance, extension, termination
or amendment will be followed as promptly as practicable by oral
or written notice. If the exchange offer is amended in a manner
determined by us to constitute a material change, we will
promptly disclose such amendment in a manner reasonably
calculated to inform the holders of the original notes of such
amendment. Depending upon the significance of the amendment, we
may extend the exchange offer if it otherwise would expire
during such extension period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Without limiting the manner in which we may
choose to make a public announcement of any extension, amendment
or termination of the exchange offer, we will not be obligated
to publish, advertise, or otherwise communicate any such
announcement, other than by making a timely release to an
appropriate news agency.
</FONT>

<P align="center"><FONT size="2">38
</FONT>

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<P align="left">
<B><FONT size="2">Exchange Offer Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To tender in the exchange offer, a holder must
complete, sign and date the letter of transmittal, or a
facsimile thereof, have the signatures on the letter of
transmittal guaranteed if required by instruction&nbsp;2 of the
letter of transmittal, and mail or otherwise deliver the letter
of transmittal or such facsimile or an agent&#146;s message in
connection with a book entry transfer, together with the
original notes and any other required documents. To be validly
tendered, such documents must reach the exchange agent before
5:00&nbsp;p.m., New York City time, on the expiration date.
Delivery of the original notes may be made by book-entry
transfer in accordance with the procedures described below.
Confirmation of such book-entry transfer must be received by the
exchange agent prior to the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The term &#147;agent&#146;s message&#148; means a
message, transmitted by a book-entry transfer facility to, and
received by, the exchange agent, forming a part of a
confirmation of a book-entry transfer, which states that such
book-entry transfer facility has received an express
acknowledgment from the participant in such book-entry transfer
facility tendering the original notes that such participant has
received and agrees to be bound by the terms of the letter of
transmittal and that we may enforce such agreement against such
participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The tender by a holder of original notes will
constitute an agreement between such holder and us in accordance
with the terms and subject to the conditions set forth in this
prospectus and in the letter of transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Delivery of all documents must be made to the
exchange agent at its address set forth below. Holders may also
request their respective brokers, dealers, commercial banks,
trust companies or nominees to effect such tender for such
holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives new notes for
its own account in exchange for original notes, where such
original notes were acquired by such broker-dealer as a result
of market-making activities or other trading activities, must
acknowledge that it will deliver a prospectus in connection with
any resale of such new notes. See &#147;Plan of
Distribution.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">The method of delivery of original notes and
the letter of transmittal and all other required documents to
the exchange agent is at the election and risk of the holders.
Instead of delivery by mail, it is recommended that holders use
an overnight or hand delivery service. In all cases, sufficient
time should be allowed to assure timely delivery to the exchange
agent before 5:00&nbsp;p.m., New York City time, on the
expiration date. No letter of transmittal or original notes
should be sent to us.</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only a holder of original notes may tender
original notes in the exchange offer. The term
&#147;holder&#148; with respect to the exchange offer means any
person in whose name original notes are registered on our books
or any other person who has obtained a properly completed bond
power from the registered holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any beneficial holder whose original notes are
registered in the name of its broker, dealer, commercial bank,
trust company or other nominee and who wishes to tender should
contact such registered holder promptly and instruct such
registered holder to tender on its behalf. If such beneficial
holder wishes to tender on its own behalf, such registered
holder must, prior to completing and executing the letter of
transmittal and delivering its original notes, either make
appropriate arrangements to register ownership of the original
notes in such holder&#146;s name or obtain a properly completed
bond power from the registered holder. The transfer of record
ownership may take considerable time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Signatures on a letter of transmittal or a notice
of withdrawal, must be guaranteed by an &#147;eligible guarantor
institution&#148; within the meaning of Rule&nbsp;17Ad-15 under
the Securities Exchange Act of 1934, unless the original notes
are tendered:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">by a registered holder who has not completed the
    box entitled &#147;Special Issuance Instructions&#148; or
    &#147;Special Delivery Instructions&#148; on the letter of
    transmittal&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">for the account of an eligible guarantor
    institution.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">39
</FONT>

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<P align="left">
<FONT size="2">In the event that signatures on a letter of
transmittal or a notice of withdrawal are required to be
guaranteed, such guarantee must be by an eligible guarantor
institution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a letter of transmittal is signed by a person
other than the registered holder of any original notes listed
therein, such original notes must be endorsed or accompanied by
appropriate bond powers and a proxy which authorizes such person
to tender the original notes on behalf of the registered holder,
in each case signed as the name of the registered holder or
holders appears on the original notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a letter of transmittal or any original notes
or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative
capacity, such persons should so indicate when signing, and
unless waived by us, evidence satisfactory to us of their
authority so to act must be submitted with such letter of
transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All questions as to the validity, form,
eligibility, including time of receipt, and withdrawal of the
tendered original notes will be determined by us in our sole
discretion, which determination will be final and binding. We
reserve the absolute right to reject any and all original notes
not properly tendered or any original notes our acceptance of
which, in the opinion of our counsel, would be unlawful. We also
reserve the absolute right to waive any irregularities or
defects as to the original notes. If we waive any condition of
the notes for any note holder, we will waive such condition for
all note holders. Our interpretation of the terms and conditions
of the exchange offer, including the instructions in the letter
of transmittal, will be final and binding on all parties. Unless
waived, any defects or irregularities in connection with tenders
of original notes must be cured within such time as we shall
determine. None of us, the exchange agent or any other person
shall be under any duty to give notification of defects or
irregularities with respect to tenders of original notes, nor
shall any of them incur any liability for failure to give such
notification. Tenders of original notes will not be deemed to
have been made until such irregularities have been cured or
waived. Any original notes received by the exchange agent that
are not properly tendered and as to which the defects or
irregularities have not been cured or waived will be returned by
the exchange agent to the tendering holders of original notes
without cost to such holder, unless otherwise provided in the
relevant letter of transmittal, as soon as practicable following
the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we reserve the absolute right in our
sole discretion to:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase or make offers for any original notes
    that remain outstanding subsequent to the expiration date or, as
    set forth under &#147;Conditions,&#148; to terminate the
    exchange offer in accordance with the terms of the registration
    rights agreement;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the extent permitted by applicable law,
    purchase original notes in the open market, in privately
    negotiated transactions or otherwise.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">The terms of any such purchases or offers may
differ from the terms of the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By tendering, each holder will represent to us
that, among other things:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such holder or other person is not our
    &#147;affiliate,&#148; as defined under Rule&nbsp;405 of the
    Securities Act, or, if such holder or other person is such an
    affiliate, will comply with the registration and prospectus
    delivery requirements of the Securities Act to the extent
    applicable,
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the new notes acquired pursuant to the exchange
    offer are being obtained in the ordinary course of business of
    such holder or other person,
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">neither such holder or other person has any
    arrangement or understanding with any person to participate in
    the distribution of such new notes in violation of the
    Securities Act,&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if such holder is not a broker-dealer, neither
    such holder nor such other person is engaged in or intends to
    engage in a distribution of the new notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We understand that the exchange agent will make a
request promptly after the date of this prospectus to establish
accounts with respect to the original notes at The Depository
Trust Company for the purpose of facilitating the exchange
offer, and subject to the establishment of such accounts, any
financial
</FONT>

<P align="center"><FONT size="2">40
</FONT>

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<DIV align="left">
<FONT size="2">institution that is a participant in The
Depository Trust&nbsp;Company&#146;s system may make book-entry
delivery of original notes by causing The Depository
Trust&nbsp;Company to transfer such original notes into the
exchange agent&#146;s account with respect to the original notes
in accordance with The Depository Trust&nbsp;Company&#146;s
procedures for such transfer. Although delivery of the original
notes may be effected through book-entry transfer into the
exchange agent&#146;s account at The Depository
Trust&nbsp;Company, a letter of transmittal properly completed
and duly executed with any required signature guarantee, or an
agent&#146;s message in lieu of a letter of transmittal, and all
other required documents must in each case be transmitted to and
received or confirmed by the exchange agent at its address set
forth below on or prior to the expiration date, or, if the
guaranteed delivery procedures described below are complied
with, within the time period provided under such procedures.
Delivery of documents to The Depository Trust&nbsp;Company does
not constitute delivery to the exchange agent.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Guaranteed Delivery Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who wish to tender their original
notes&nbsp;and
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whose original notes are not immediately
    available;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">who cannot deliver their original notes, the
    letter of transmittal or any other required documents to the
    exchange agent prior to 5:00&nbsp;p.m., New York City time, on
    the expiration date of the exchange offer; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">who cannot complete the procedures for delivery
    by book-entry transfer prior to 5:00&nbsp;p.m., New York City
    time, on the expiration date of the exchange offer, may effect a
    tender if:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the tender is made by or through an
    &#147;eligible guarantor institution&#148;;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">prior to 5:00&nbsp;p.m., New York City time, on
    the expiration date of the exchange offer, the exchange agent
    receives from such &#147;eligible guarantor institution&#148; a
    properly completed and duly executed Notice of Guaranteed
    Delivery, by facsimile transmission, mail or hand delivery,
    setting forth the name and address of the holder of the original
    notes, the certificate number or numbers of such original notes
    and the principal amount of original notes tendered, stating
    that the tender is being made thereby, and guaranteeing that,
    within three business days after the expiration date, a letter
    of transmittal, or facsimile thereof or agent&#146;s message in
    lieu of such letter of transmittal, together with the
    certificate(s) representing the original notes to be tendered in
    proper form for transfer and any other documents required by the
    letter of transmittal will be deposited by the eligible
    guarantor institution with the exchange agent;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a properly completed and duly executed letter of
    transmittal (or facsimile thereof) together with the
    certificate(s) representing all tendered original notes in
    proper form for transfer or an agent&#146;s message in the case
    of delivery by book-entry transfer and all other documents
    required by the letter of transmittal are received by the
    exchange agent within three business days after the expiration
    date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Withdrawal of Tenders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided in this prospectus,
tenders of original notes may be withdrawn at any time prior to
5:00&nbsp;p.m., New York City time, on the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To withdraw a tender of original notes in the
exchange offer, a written or facsimile transmission notice of
withdrawal must be received by the exchange agent at its address
set forth in this prospectus prior to 5:00&nbsp;p.m., New York
City time, on the expiration date. Any such notice of withdrawal
must:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">specify the name of the depositor, who is the
    person having deposited the original notes to be withdrawn,
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">41
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">identify the original notes to be withdrawn,
    including the certificate number or numbers and principal amount
    of such original notes or, in the case of original notes
    transferred by book-entry transfer, the name and number of the
    account at The Depository Trust Company to be credited,
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">be signed by the depositor in the same manner as
    the original signature on the letter of transmittal by which
    such original notes were tendered, including any required
    signature guarantees, or be accompanied by documents of transfer
    sufficient to have the trustee with respect to the original
    notes register the transfer of such original notes into the name
    of the depositor withdrawing the tender&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">specify the name in which any such original notes
    are to be registered, if different from that of the depositor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All questions as to the validity, form and
eligibility, including time of receipt, of such withdrawal
notices will be determined by us, and our determination shall be
final and binding on all parties. Any original notes so
withdrawn will be deemed not to have been validly tendered for
purposes of the exchange offer and no new notes will be issued
with respect to the original notes withdrawn unless the original
notes so withdrawn are validly retendered. Any original notes
which have been tendered but which are not accepted for exchange
will be returned to its holder without cost to such holder
promptly after withdrawal, rejection of tender or termination of
the exchange offer. Properly withdrawn original notes may be
retendered by following one of the procedures described above
under &#147;Exchange Offer Procedures&#148; at any time prior to
the expiration date.
</FONT>

<P align="left">
<B><FONT size="2">Conditions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding any other term of the exchange
offer, we will not be required to accept for exchange, or
exchange, any new notes for any original notes, and may
terminate or amend the exchange offer before the expiration
date, if:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in the opinion of our counsel, the exchange offer
    or any part thereof contemplated herein violates any applicable
    law or interpretation of the staff of the SEC;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any action or proceeding shall have been
    instituted or threatened in any court or by any governmental
    agency which might materially impair our ability to proceed with
    the exchange offer or any material adverse development shall
    have occurred in any such action or proceeding with respect to
    us;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any governmental approval has not been obtained,
    which approval we shall deem necessary for the consummation of
    the exchange offer as contemplated hereby;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we determine in our reasonable discretion that
the foregoing condition exists, we may
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">refuse to accept any original notes and return
    all tendered original notes to the tendering holders,
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">extend the exchange offer and retain all original
    notes tendered prior to the expiration of the exchange offer,
    subject, however, to the rights of holders who tendered such
    original notes to withdraw their tendered original notes,&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">waive such condition, if permissible, with
    respect to the exchange offer and accept all properly tendered
    original notes which have not been withdrawn. If such waiver
    constitutes a material change to the exchange offer, we will
    promptly disclose such waiver by means of a prospectus
    supplement that will be distributed to the holders, and we will
    extend the exchange offer as required by applicable law.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Exchange Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have appointed The Bank of New York
Trust&nbsp;Company, N.A. as exchange agent for the exchange
offer. Please direct questions and requests for assistance,
requests for additional copies of this
</FONT>

<P align="center"><FONT size="2">42
</FONT>

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<DIV align="left">
<FONT size="2">prospectus or of the letter of transmittal and
requests for the notice of guaranteed delivery to The Bank of
New York Trust&nbsp;Company, N.A. addressed as follows:
</FONT>
</DIV>

<P align="center">
<B><I><FONT size="2">By Mail, Overnight Courier or Hand
Delivery:</FONT></I></B>

<P align="center">
<FONT size="2">The Bank of New York Trust&nbsp;Company, N.A.
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">101 Barclay Street, 7 East
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">New York, N.Y. 10286
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<B><I><FONT size="2">By Facsimile:</FONT></I></B>

<P align="center">
<FONT size="2">(212)-298-1915
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<B><I><FONT size="2">To Confirm by Telephone or for
Information:</FONT></I></B>

<P align="center">
<FONT size="2">(212)-815-5788
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Bank of New York Trust&nbsp;Company, N.A. is
the trustee under the indenture governing the original notes and
the new notes.
</FONT>

<P align="left">
<B><FONT size="2">Fees and Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay the expenses of soliciting original
notes for exchange. The principal solicitation is being made by
mail by The Bank of New York Trust&nbsp;Company, N.A.as exchange
agent. However, additional solicitations may be made by
telephone, facsimile or in person by our officers and regular
employees and our affiliates and by persons so engaged by the
exchange agent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay The Bank of New York
Trust&nbsp;Company, N.A. as exchange agent reasonable and
customary fees for its services and will reimburse it for its
reasonable out-of-pocket expenses in connection therewith and
pay other registration expenses, including fees and expenses of
the trustee under the indenture, filing fees, blue sky fees and
printing and distribution expenses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay all transfer taxes, if any,
applicable to the exchange of the original notes in connection
with the exchange offer. If, however, certificates representing
the new notes or the original notes for principal amounts not
tendered or accepted for exchange are to be delivered to, or are
to be issued in the name of, any person other than the
registered holder of the original notes tendered, or if tendered
original notes are registered in the name of any person other
than the person signing the letter of transmittal, or if a
transfer tax is imposed for any reason other than the exchange
of the original notes in this exchange offer, then the amount of
any such transfer taxes, whether imposed on the registered
holder or any other person, will be payable by the tendering
holder.
</FONT>

<P align="left">
<B><FONT size="2">Accounting Treatment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The new notes will be recorded at the same
carrying value as the original notes as reflected in our
accounting records on the date of exchange. Accordingly, no gain
or loss for accounting purposes will be recognized by us. The
expenses of the exchange offer and the unamortized expenses
related to the issuance of the original notes will be amortized
over the term of the new notes.
</FONT>

<P align="center"><FONT size="2">43
</FONT>

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<P align="left">
<B><FONT size="2">Consequences of Failure to Exchange</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of original notes who are eligible to
participate in the exchange offer but who do not tender their
original notes will not have any further registration rights,
and their original notes will continue to be subject to
restrictions on transfer of the original notes as described in
the legend on the original notes as a consequence of the
issuance of the original notes under exemptions from, or in
transactions not subject to, the registration requirements of
the Securities Act and applicable state securities laws. In
general, the original notes may not be offered or sold, unless
registered under the Securities Act, except under an exemption
from, or in a transaction not subject to, the Securities Act and
applicable state securities laws.
</FONT>

<P align="left">
<B><FONT size="2">Regulatory Approvals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not believe that the receipt of any
material federal or state regulatory approval will be necessary
in connection with the exchange offer, other than the
effectiveness of the exchange offer registration statement under
the Securities Act.
</FONT>

<P align="left">
<B><FONT size="2">Other</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Participation in the exchange offer is voluntary
and holders of original notes should carefully consider whether
to accept the terms and condition of this exchange offer.
Holders of the original notes are urged to consult their
financial and tax advisors in making their own decisions on what
action to take with respect to the exchange offer.
</FONT>

<P align="center"><FONT size="2">44
</FONT>

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<DIV align="left">
<A name='106'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This exchange offer is intended to satisfy our
obligations to register an exchange offer of the new notes for
the original notes required by the registration rights agreement
entered into in connection with the offering of the original
notes. We will not receive any cash proceeds from the issuance
of the new notes. In consideration for issuing the new notes, we
will receive the outstanding original notes in like principal
amount, the terms of which are identical in all material
respects to the terms of the new notes, except as otherwise
described herein. The original notes surrendered in exchange for
the new notes will be retired and cancelled and cannot be
reissued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The net proceeds from the sale of the original
notes after deducting the commissions to the initial purchasers
and estimated offering expenses were approximately
$170.1&nbsp;million. Approximately $132.4&nbsp;million of the
net proceeds that we received from the sale of the original
notes was used to terminate our senior credit facility, and
approximately $2.0&nbsp;million of those proceeds were used to
redeem our remaining outstanding 13 1/2%&nbsp;Senior
Subordinated Discount Notes due 2009. The remaining proceeds
from the sale of the original notes are being used for general
corporate purposes.
</FONT>

<P align="center"><FONT size="2">45
</FONT>

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<DIV align="left">
<A name='107'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our cash and cash
equivalents and our capitalization as of September&nbsp;30, 2004
on an actual and an as adjusted basis to give effect to the sale
of the original notes offered and the use of the net proceeds
therefrom. This table should be read in conjunction with our
historical financial statements and related notes and our
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; which is incorporated
herein by reference from our Form&nbsp;10-K for the year ended
September&nbsp;30, 2004.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">As of September&nbsp;30, 2004</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As Adjusted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash, cash equivalents and short-term investment
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></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"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt (including current portion):
    </FONT></DIV>
    </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>
    <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 valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Offering of original notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior credit facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131,200</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="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9 3/8%&nbsp;Senior Subordinated Notes due 2009
    (net of unamortized discount of $22.3&nbsp;million)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,657</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="right" valign="bottom" nowrap><FONT size="2">136,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">13 1/2%&nbsp;Senior Subordinated Discount Notes
    due 2009 (net of unamortized discount of $56 thousand)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,739</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="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">269,596</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="right" valign="bottom" nowrap><FONT size="2">311,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; deficit(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(80,292</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(83,286</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">189,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">228,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></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"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">As adjusted stockholders&#146; deficit includes
    approximately $3.0&nbsp;million resulting from the write-off of
    the discount and financing costs related to the senior credit
    facility and the 13 1/2%&nbsp;Notes and the call premium paid to
    redeem the 13 1/2%&nbsp;Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">46
</FONT>

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<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "DESCRIPTION OF OTHER INDEBTEDNESS" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF OTHER INDEBTEDNESS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have outstanding $159.0&nbsp;million aggregate
principal amount of our 9 3/8%&nbsp;Notes which we issued in
February 2004. The 9 3/8%&nbsp;Notes mature on September&nbsp;1,
2009, and all of the 9 3/8%&nbsp;Notes are currently
outstanding. Interest on the 9 3/8%&nbsp;Notes is payable
semiannually. We are permitted, at our option, to redeem the 9
3/8%&nbsp;Notes in whole or in part at any time after
January&nbsp;1, 2006, at a redemption price initially at
104.688% of the principal amount, declining ratably to 100% of
the principal amount thereof on or after January&nbsp;1, 2008,
in each case together with accrued interest. The 9
3/8%&nbsp;Notes are unconditionally guaranteed by our restricted
subsidiaries, and the 9 3/8%&nbsp;Notes are secured by
second-priority liens, subject to certain exceptions and
permitted liens, on substantially all of our and our restricted
subsidiaries&#146; existing and after-acquired assets. The 9
3/8%&nbsp;Notes rank <I>pari passu </I>with our senior
subordinated indebtedness and junior to our senior indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture governing the 9 3/8%&nbsp;Notes
contains certain restrictive covenants, including covenants
which restrict our ability and the ability of our restricted
subsidiaries to (i)&nbsp;incur more debt, (ii)&nbsp;create
liens, (iii)&nbsp;repurchase stock and make certain investments,
(iv)&nbsp;pay dividends, make loans or transfer property or
assets, (v)&nbsp;enter into sale and leaseback transactions,
(vi)&nbsp;transfer or dispose of all or substantially all of our
assets and (vii)&nbsp;enter into transactions with our
affiliates. In addition the indenture governing the 9
3/8%&nbsp;Notes provides that in the event of defined changes in
control or in certain circumstances, upon a sale of assets, we
are required to make an offer to repurchase certain specific
amounts of outstanding 9 3/8%&nbsp;Notes.
</FONT>

<P align="center"><FONT size="2">47
</FONT>

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<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "DESCRIPTION OF THE NOTES" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The original notes were, and the new notes will
be, issued under an indenture (the &#147;Indenture&#148;), dated
October&nbsp;25, 2004, by and among AirGate, the Guarantors and
The Bank of New York Trust&nbsp;Company, N. A. as trustee (the
&#147;Trustee&#148;). In this description, the word
&#147;AirGate&#148; refers only to AirGate PCS, Inc. and not to
any of its Subsidiaries. Capitalized terms used in this section
and not otherwise defined below under the heading
&#147;Definitions&#148; have the respective meanings assigned to
them in the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms of the original notes and the new notes
include those stated in the Indenture and those made part of the
Indenture by reference to the Trust&nbsp;Indenture Act of 1939.
The original notes are, and the new notes will be, subject to
all such terms, and reference is made to the Indenture and the
Trust&nbsp;Indenture Act for a statement of those terms. The
Indenture will be qualified as an indenture under the Trust
Indenture Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary of specific provisions of
the Indenture, the Intercreditor Agreement and each of the
Security Documents is not intended to be complete and is subject
to, and is qualified in its entirety by reference to, all of the
provisions of the Indenture, the original notes and the new
notes, including the definitions of certain terms therein and
those terms made a part thereof by the Trust Indenture Act, the
Intercreditor Agreement and each of the Security Documents. We
urge you to read the Indenture, the Intercreditor Agreement and
each of the Security Documents because they define your rights
as a holder of the Notes. A copy of the Indenture, the
Intercreditor Agreement and each of the Security Documents is
available upon request to AirGate or the initial purchasers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form and terms of the new notes are the same
in all material respects as the form and terms of the original
notes, except that the new notes will have been registered under
the Securities Act of 1933 and, therefore, will not bear legends
restricting their transfer. The original notes have not been
registered under the Securities Act of 1933 and are subject to
certain transfer restrictions.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate issued the original notes in an aggregate
principal amount of $175.0&nbsp;million. The $175.0&nbsp;million
principal amount of the new notes offered in exchange for the
original notes will be identical to the original notes (except
for transfer restrictions applicable to the original notes). For
purposes of this &#147;Description of the Notes,&#148;
references to the Notes include the original notes and the
exchange notes, unless otherwise indicated. The Notes will
mature on October&nbsp;15, 2011. The Notes will be issued only
in registered form without coupons and only in denominations of
$1,000 and any integral multiple thereof. Except in limited
circumstances, the Notes will be issued as a global note. See
&#147;Book Entry; Delivery and Form&#148; below. No service
charge will be made for any registration of transfer or exchange
or redemption of Notes, but we may require payment in certain
circumstances of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The payment of principal, premium, if any, and
interest on the Notes is unconditionally guaranteed on a senior
secured basis by the Guarantors (the &#147;Guarantees&#148;).
The Guarantors are collectively referred to as the
&#147;Guarantors&#148; and are individually referred to as a
&#147;Guarantor.&#148; See &#147;&#151;&nbsp;Guarantees.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will be secured, on a first-priority
basis, by Liens on substantially all of AirGate&#146;s and its
Restricted Subsidiaries&#146; existing and after-acquired
assets. See &#147;&#151;&nbsp;Security.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Ranking</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The payment of principal of and premium, if any,
and interest on the Notes ranks pari passu in right of payment
to all other senior obligations of AirGate. The Notes will be:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">senior secured obligations of AirGate;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">secured by a first-priority lien, subject to
    certain exceptions and Permitted Liens, on the Collateral
    described below under &#147;&#151;&nbsp;Security&#148;;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">48
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unconditionally guaranteed on a senior secured
    basis by the Guarantors;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pari passu in right of payment to all existing
    and future senior obligations of AirGate;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">senior in right of payment to all existing and
    future obligations of AirGate that are subordinated in right of
    payment to the Notes, including the Second Priority
    Notes;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">effectively junior in right of payment to all
    existing and future debt and other liabilities of AirGate&#146;s
    Subsidiaries that are not Guarantors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of September&nbsp;30, 2004 after giving effect
to the offering of the Notes and the use of the proceeds
therefrom, AirGate and its Restricted Subsidiaries would have
had approximately $334.0&nbsp;million of total outstanding
Indebtedness comprised of the Notes and $159.0&nbsp;million
aggregate principal amount of Second Priority Notes ranking
junior to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of the date of the Indenture, all of
AirGate&#146;s Subsidiaries will be &#147;Restricted
Subsidiaries.&#148; However, under the circumstances described
below under the subheading &#147;Selected Covenants&nbsp;&#151;
Designation of Restricted and Unrestricted Subsidiaries,&#148;
AirGate will be permitted to designate Subsidiaries meeting
particular requirements as &#147;Unrestricted
Subsidiaries.&#148; Unrestricted Subsidiaries will not Guarantee
the Notes nor will assets of Unrestricted Subsidiaries secure
the Notes and Unrestricted Subsidiaries will not be subject to
many of the restrictive covenants in the Indenture.
</FONT>

<P align="left">
<B><FONT size="2">Principal, Maturity and Interest</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate issued the original notes in an initial
aggregate principal amount of $175.0&nbsp;million and is
offering to exchange the original notes for a like principal
amount of new notes. Under certain circumstances, the Indenture
permits AirGate to incur up to an additional $50.0&nbsp;million
of debt and other obligations that may also be secured by liens
on the Collateral that are pari passu with the liens securing
the Notes. In addition, subject to certain restrictions, the
Indenture permits AirGate to incur additional debt and other
obligations that may be secured by liens on the Collateral that
are junior to the liens securing the Notes. The Notes will
mature on October&nbsp;15, 2011.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest will be payable at a rate per annum,
reset quarterly, equal to LIBOR plus 3.75%, as determined by the
calculation agent (the &#147;Calculation Agent&#148;), which
shall initially be the Trustee. Interest on the Notes will be
payable quarterly in arrears on January&nbsp;15, April&nbsp;15,
July&nbsp;15 and October&nbsp;15, commencing on January&nbsp;15,
2005. The Company will make each interest payment to the holders
of record of the Notes on the immediately preceding
January&nbsp;1, April&nbsp;1, July&nbsp;1 and October&nbsp;1.
Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid,
from and including the Issue Date with respect to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is a summary of certain of the
defined terms used in the Indenture relating to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Determination Date,&#148; with respect to
an Interest Period, will be the second London Banking Day
preceding the first day of such Interest Period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Interest Period&#148; means the period
commencing on and including an interest payment date and ending
on and including the day immediately preceding the next
succeeding interest payment date, with the exception that the
first Interest Period shall commence on and include the Issue
Date with respect to the Notes and end on and include
January&nbsp;14, 2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;LIBOR,&#148; with respect to an Interest
Period, will be the rate (expressed as a percentage per annum)
for deposits in U.S.&nbsp;dollars for a three-month period
beginning on the second London Banking Day after the
Determination Date that appears on Telerate Page&nbsp;3750 as of
11:00&nbsp;a.m., London time, on the Determination Date. If
Telerate Page&nbsp;3750 does not include such a rate or is
unavailable on a Determination Date, the Calculation Agent will
request the principal London office of each of four major banks
in the London interbank market, as selected by the Calculation
Agent, to provide such bank&#146;s offered quotation (expressed
as a percentage per annum), as of approximately 11:00&nbsp;a.m.,
London time, on
</FONT>

<P align="center"><FONT size="2">49
</FONT>

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<DIV align="left">
<FONT size="2">such Determination Date, to prime banks in the
London interbank market for deposits in a Representative Amount
in U.S.&nbsp;dollars for a three-month period beginning on the
second London Banking Day after the Determination Date. If at
least two such offered quotations are so provided, the rate for
the Interest Period will be the arithmetic mean of such
quotations. If fewer than two such quotations are so provided,
the Calculation Agent will request each of three major banks in
New York City, as selected by the Calculation Agent, to provide
such bank&#146;s rate (expressed as a percentage per annum), as
of approximately 11:00&nbsp;a.m., New York City time, on such
Determination Date, for loans in a Representative Amount in
U.S.&nbsp;dollars to leading European banks for a three-month
period beginning on the second London Banking Day after the
Determination Date. If at least two such rates are so provided,
the rate for the Interest Period will be the arithmetic mean of
such rates. If fewer than two such rates are so provided, then
the rate for the Interest Period will be the rate in effect with
respect to the immediately preceding Interest Period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;London Banking Day&#148; is any day on
which dealings in U.S.&nbsp;dollars are transacted or, with
respect to any future date, are expected to be transacted in the
London interbank market.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Representative Amount&#148; means a
principal amount of not less than $1,000,000 for a single
transaction in the relevant market at the relevant time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Telerate Page&nbsp;3750&#148; means the
display designated as &#147;Page&nbsp;3750&#148; on the
Moneyline Telerate service (or such other page as may replace
Page&nbsp;3750 on that service).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of interest for each day that the
Notes are outstanding (the &#147;Daily Interest Amount&#148;)
will be calculated by dividing the interest rate in effect for
such day by 360 and multiplying the result by the principal
amount of the Notes. The amount of interest to be paid on the
Notes for each Interest Period will be calculated by adding the
Daily Interest Amounts for each day in the Interest Period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one
hundred thousandth of a percentage point, with five
one-millionths of a percentage point being rounded upwards
(<I>e.g</I>., 9.876545% (or .09876545) being rounded to 9.87655%
(or .0987655)) and all dollar amounts used in or resulting from
such calculations will be rounded to the nearest cent (with
one-half cent being rounded upwards).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The interest rate on the Notes will in no event
be higher than the maximum rate permitted by New York law as the
same may be modified by United States law of general application.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Calculation Agent will, upon the request of
the holder of any Note, provide the interest rate then in effect
with respect to the Notes. All calculations made by the
Calculation Agent in the absence of manifest error will be
conclusive for all purposes and binding on the Company, the
Guarantors and the holders of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The principal of, premium, if any, and interest
on the Notes will be payable, and the Notes will be exchangeable
and transferable, at the office or agency of AirGate in the City
of New York maintained for such purposes, which initially will
be the office of the Trustee or an affiliate of the Trustee
located at 101&nbsp;Barclay Street, New York, New York 10286.
</FONT>

<P align="left">
<B><FONT size="2">Mandatory Sinking Fund</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are not subject to any sinking fund.
</FONT>

<P align="left">
<B><FONT size="2">Paying Agent and Registrar for the
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Trustee will initially act as Paying Agent
and Registrar. We may change the Paying Agent or Registrar
without prior notice to the holders of the Notes, and we or any
of our Subsidiaries may act as Paying Agent or Registrar.
</FONT>

<P align="center"><FONT size="2">50
</FONT>

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<P align="left">
<B><FONT size="2">Transfer and Exchange</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Holder of Notes may transfer or exchange such
Notes in accordance with the Indenture. The Registrar and the
Trustee may require a holder, among other things, to furnish
appropriate endorsements and transfer documents and we may
require a holder to pay any taxes and fees required by law or
permitted by the Indenture. We are not required to transfer or
exchange any Note selected for redemption. Also, we are not
required to transfer or exchange any Note for a period of
15&nbsp;days before a selection of Notes to be redeemed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The registered holder of a Note will be treated
as the owner of it for all purposes.
</FONT>

<P align="left">
<B><FONT size="2">Guarantees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Guarantors, jointly and severally, will fully
and unconditionally guarantee our obligations on a senior
secured basis under the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each Guarantee will be:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pari passu in right of payment to all existing
    and future senior Indebtedness of each Guarantor;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">senior in right of payment to all existing and
    future subordinated Indebtedness of each Guarantor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The obligations of each Guarantor under its
Guarantee will be limited as necessary to prevent that Guarantee
from constituting a fraudulent conveyance under applicable law.
See &#147;Risk Factors&nbsp;&#151; Risks Related to the
Notes&nbsp;&#151; The guarantees may not be enforceable because
of fraudulent conveyance laws.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Guarantor may not sell or otherwise dispose of
all or substantially all of its assets, or consolidate with or
merge with or into another Person, whether or not such Guarantor
is the surviving Person, unless:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">immediately after giving effect to that
    transaction, no Default or Event of Default exists;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">either:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Person acquiring the property in any such
    sale or disposition or the Person formed by or surviving any
    such consolidation or merger assumes all the obligations of that
    Guarantor pursuant to a supplemental indenture and supplements
    to the Security Documents satisfactory to the Trustee;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Net Proceeds of such sale or other
    disposition are applied in accordance with the applicable
    provisions of the Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Guarantee of a Guarantor will be released:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we designate the Guarantor as an Unrestricted
    Subsidiary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in connection with any sale of all of the capital
    stock of a Guarantor, if we apply the Net Proceeds of that sale
    in accordance with the applicable provisions of the
    Indenture;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in connection with any sale or other disposition
    of all or substantially all of the assets of that Guarantor,
    including by way of merger or consolidation, if we apply the Net
    Proceeds of that sale or other disposition in accordance with
    the applicable provisions of the Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">See &#147;&#151;&nbsp;Repurchase at the Option of
Holders&nbsp;&#151; Asset Sales.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Security</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the Security Documents, the original
notes were, and the new notes will be, secured by a
first-priority security interest, subject to Permitted Liens, in
the following personal property of AirGate and the Guarantors,
whether now owned or hereafter acquired (collectively, the
&#147;Collateral&#148;):
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">goods, accounts, accounts receivable and contract
    rights;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">general intangibles;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">51
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">intellectual property;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all chattel paper, documents, instruments and
    securities held by AirGate and the Guarantors;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">cash, chattel paper, deposit accounts, securities
    accounts and other investment property;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">After Acquired Real Property Interests;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all furniture, equipment, inventory and other
    personal property of AirGate and the Guarantors;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">proceeds and products of the foregoing;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<I><FONT size="2">provided </FONT></I><FONT size="2">that the
Collateral shall not include (i)&nbsp;any real property interest
of AirGate and the Guarantors other than an After Acquired Real
Property Interest, (ii)&nbsp;any asset which is subject to a
Lien permitted by clauses&nbsp;(2), (3), (5), (8)&nbsp;and
(9)&nbsp;of the definition of Permitted Liens to the extent the
instrument providing for such Lien prohibits the granting of a
security interest in such asset, and (iii)&nbsp;any right, title
or interest in any agreement, license, permit or instrument to
which AirGate or a Guarantor is a party which is not material to
the business of AirGate and the Guarantors and which contains a
valid prohibition on the granting of a security interest in such
asset.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The security interests created by the Security
Documents with respect to cash and deposit accounts have not and
will not be perfected. As a result, the Notes will not have the
benefit of a perfected security interest in the cash of AirGate
and the Guarantors. As of September&nbsp;30, 2004 after giving
effect to the offering of the Notes and the use of proceeds
therefrom, AirGate and its Subsidiaries would have had
approximately $104.2&nbsp;million of cash and short-term
investments in deposit accounts. In addition, the Notes will not
have a perfected security interest in any of the Collateral to
the extent perfection cannot be effected through filings under
the Uniform Commercial Code or through the taking possession by
the collateral agent under the Security Documents (the
&#147;Collateral Agent&#148;) of stock certificates and debt
securities. To the extent that any Collateral is not perfected,
the Collateral Agent&#146;s rights will be equal to the rights
of the general unsecured creditors of AirGate and the Guarantors
in the event of a bankruptcy. Outside of a bankruptcy, the
security interests of certain holders of Liens, such as judgment
creditors and any creditor who obtained a perfected security
interest in any of such Collateral would take priority over the
Collateral Agent&#146;s security interest in the Collateral.
Accordingly, there can be no assurance that the assets in which
the Collateral Agent&#146;s security interest is unperfected
will be available to satisfy obligations under the Notes. In
addition, certain assets may be subject to Permitted Liens that
would take priority over the security interests in such assets
under the Security Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture and Security Documents permit
AirGate to incur additional first-priority secured Indebtedness
under certain circumstances, including capitalized leases,
purchase money obligations and other Indebtedness secured by a
first-priority lien on the underlying assets relating to such
obligations. In some instances, the Notes will be secured by a
second-priority security interest in such assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate is permitted to issue certain additional
debt or other obligations, including additional First Priority
Indebtedness, secured by the Collateral, subject to the
covenants described below under &#147;&#151;&nbsp;Selected
Covenants&nbsp;&#151; Limitation on Incurrence of Indebtedness
and Issuance of Preferred Stock&#148; and
&#147;&#151;&nbsp;Limitation on Liens&#148; and subject to
compliance with the other debt that may be secured by the
Collateral. The holders of certain Permitted Liens are entitled
to control the Collateral under certain circumstances, including
the sale or other disposition thereof to the extent permitted or
not otherwise prohibited by the Indenture, and such persons and
holders of Permitted Liens may have rights and remedies with
respect to the Collateral that, if exercised, could adversely
affect the value of the Collateral or the ability of the
Collateral Agent on behalf of the Holders of the Notes to
realize or foreclose on the Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any foreclosure or related sale of the
assets constituting the Collateral by the Trustee, the proceeds
will be applied to pay fees and expenses of the Collateral Agent
and to repay First Priority Indebtedness, including the Notes.
If such proceeds are insufficient to repay all First Priority
Indebtedness, the Holders of the Notes would only have an
unsecured claim against AirGate and the Guarantors for the
remaining unpaid obligations with respect to the Notes. See
&#147;Risk Factors&nbsp;&#151; Risks Related to the
</FONT>

<P align="center"><FONT size="2">52
</FONT>

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<DIV align="left">
<FONT size="2">Notes&nbsp;&#151; Proceeds from any sale of the
collateral upon foreclosure may be insufficient to repay the
notes in full.&#148;
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No appraisals of any Collateral have been
prepared by us or on our behalf in connection with this offering
of the Notes. The value of the Collateral at any time will
depend on market and other economic conditions, including the
availability of suitable buyers for the Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to certain terms and conditions in the
Indenture and the Security Documents, AirGate and the Guarantors
have the right to remain in possession and retain control of the
Collateral, to freely operate the Collateral and to collect,
invest and dispose of any income therefrom.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate and the Guarantors, as the case may be,
will have the right to obtain a release from the Lien of the
Security Documents of items of Collateral subject to a sale or
disposition (the &#147;Released Collateral&#148;), and the
Collateral Agent will release Released Collateral from the Lien
of the relevant Security Document and reconvey the Released
Collateral to AirGate or any such Guarantor upon compliance with
the condition that AirGate delivers to the Collateral Agent the
following:
</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;a notice from AirGate requesting the
    release of Released Collateral, (i)&nbsp;specifically describing
    the proposed Released Collateral, (ii)&nbsp;stating that such
    Released Collateral is to be sold and that the consideration to
    be received in respect of the Released Collateral is at least
    equal to the fair market value of the Released Collateral and
    that such consideration is also to be made subject to the Lien
    of the Security Documents to the extent required by the
    Indenture, (iii)&nbsp;confirming the sale of, or an agreement to
    sell, such Released Collateral in a bona fide sale to a person
    that is not an Affiliate of AirGate or, in the event that such
    sale is to a person that is an Affiliate, confirming that such
    sale is made in compliance with the provisions set forth under
    &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151; Limitation on
    Transactions with Affiliates&#148; and (iv)&nbsp;certifying that
    if the sale of such Released Collateral constitutes an Asset
    Sale, such Asset Sale complies with the terms and conditions of
    the Indenture with respect thereto, including, without
    limitation, the applicable provisions set forth under
    &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151; Limitation on
    Asset Sales&#148;;&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">(b)&nbsp;an Officers&#146; Certificate stating
    that (i)&nbsp;such sale covers only the Released Collateral or
    such other property that does not constitute Collateral subject
    to the sale or disposition, (ii)&nbsp;after giving effect to
    such sale or disposition, there is no Default or Event of
    Default in effect or continuing on the date thereof and the
    release of the Collateral will not result in a Default or Event
    of Default under the Indenture, and (iii)&nbsp;all conditions
    precedent in the Indenture, the Security Documents and the
    indenture and security documents governing the Second Priority
    Notes relating to the release in question have been complied
    with by AirGate and, in the event that there is to be a
    substitution of property for the Released Collateral subject to
    an Asset Sale, all documentation necessary to effect the
    substitution of such new Collateral and to subject such new
    Collateral to the Lien of the relevant Security Documents have
    been provided to the Collateral Agent.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture provides that AirGate and the
Guarantors also shall be entitled, subject to compliance with
the conditions set forth therein, to obtain the release of
Collateral which has been taken by eminent domain or
condemnation or in similar circumstances.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture provides that AirGate and the
Guarantors shall be entitled to obtain a full release of all of
the Collateral following legal defeasance or covenant defeasance
of the Indenture as described below under
&#147;&#151;&nbsp;Legal Defeasance and Covenant Defeasance.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Intercreditor Agreement</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All rights against the Collateral are subject to
the terms and provisions of the Intercreditor Agreement, dated
October&nbsp;25, 2004, among AirGate, the Guarantors, the
Collateral Agent and the collateral agent for the holders of the
Second Priority Notes. Pursuant to the Indenture, the Collateral
Agent has the authority to act as the exclusive agent for each
of the Holders of the Notes with respect to the Collateral,
including the enforcement of any remedy against the Collateral.
</FONT>

<P align="center"><FONT size="2">53
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For so long as the Notes (including any
refinancing, substitution or replacements thereof) are
outstanding, the decision of whether, and to what extent, to
exercise remedies against the Collateral will be solely at the
direction of the Collateral Agent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The collateral agent for the Second Priority
Notes will not have any right to initiate or direct the exercise
of remedies against the Collateral for so long as the Notes and
any similarly secured refinancings thereof are outstanding other
than filing a claim of interest in a bankruptcy case with
respect to the second priority liens in order to preserve its
rights in the Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any holder of the Second Priority Notes
receives any cash proceeds or other monies in respect of the
Collateral by exercise of any rights of set-off or otherwise at
any time when such proceeds or monies are required to be
delivered to the Collateral Agent under the Intercreditor
Agreement, such proceeds will be applied in accordance with the
terms of the Intercreditor Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The cash proceeds of any sales of, or collections
on, any Collateral received upon the exercise of remedies will
be applied pursuant to the Intercreditor Agreement in the order
and priority as stated under &#147;&#151;&nbsp;Security.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Intercreditor Agreement provides that the
second priority liens will automatically be released on the
applicable portion of the Collateral if (1)&nbsp;the Collateral
Agent exercises any remedies in respect of such Collateral; or
(2)&nbsp;such Collateral is sold or otherwise disposed of as
permitted or not prohibited by the Indenture (unless prohibited
under the indenture for the Second Priority Notes).
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Certain Bankruptcy
    Limitations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The right of the Collateral Agent to foreclose
upon and dispose of, or otherwise exercise remedies in respect
of, the Collateral upon the occurrence of an Event of Default is
likely to be significantly impaired by applicable bankruptcy law
if a bankruptcy case were to be commenced by or against AirGate
prior to the Collateral Agent having repossessed and disposed
of, or otherwise exercised remedies in respect of, the
Collateral. Under the Bankruptcy Code, a secured creditor such
as the Collateral Agent is prohibited from repossessing its
collateral from a debtor in a bankruptcy case, or from disposing
of collateral repossessed from such debtor, without bankruptcy
court approval. Moreover, the Bankruptcy Code permits the debtor
to continue to retain and to use collateral even though the
debtor is in default under the applicable debt instruments,
provided that the secured creditor is given &#147;adequate
protection.&#148; The meaning of the term &#147;adequate
protection&#148; may vary according to circumstances, but it is
intended in general to protect the value of the secured
creditor&#146;s interest in the collateral and may include cash
payments or the granting of additional collateral, if and at
such times as the court in its discretion determines, for any
diminution in the value of the collateral as a result of the
stay of repossession or disposition or any use of the collateral
by the debtor during the pendency of the bankruptcy case. In
view of the lack of a precise definition of the term
&#147;adequate protection&#148; and the broad discretionary
powers of a bankruptcy court, it is impossible to predict how
long payments with respect to the Notes could be delayed
following commencement of a bankruptcy case, whether or when the
Collateral Agent could foreclose upon or dispose of the
Collateral or whether or to what extent Holders of the Notes
would be adequately compensated for any delay in payment or loss
of value of the Collateral.
</FONT>

<P align="center"><FONT size="2">54
</FONT>

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<P align="left">
<B><FONT size="2">Redemption</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Optional Redemption</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will not be redeemable at the option of
AirGate prior to October&nbsp;&nbsp;15, 2006. Starting on that
date, AirGate may redeem all or a part of the Notes upon not
less than 30 nor more than 60&nbsp;days&#146; notice, at the
redemption prices, expressed as percentages of principal amount
at maturity thereof, set forth below plus accrued and unpaid
interest thereon, if any, to the applicable redemption date
(subject to the right of holders of record on the relevant date
to receive interest due on the relevant interest payment date),
if redeemed during the twelve-month period beginning on October
15 of the years indicated below:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Principal</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount at</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Maturity</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102.000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Optional Redemption upon Equity
Offerings.</FONT></I><FONT size="2"> At any time, or from time
to time, on or prior to October&nbsp;15, 2006, AirGate may, at
its option, use the net cash proceeds of one or more Equity
Offerings to redeem up to 35% of the principal amount of the
Notes issued under the Indenture at a redemption price equal to
100% of the principal amount so redeemed plus a premium equal to
the interest rate per annum applicable on the date on which the
notice of redemption is given, plus accrued and unpaid interest
thereon, if any, to the date of redemption; <I>provided </I>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">(1)&nbsp;at least 65% of the principal amount of
    Notes issued under the Indenture remains outstanding immediately
    after any such redemption;&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">(2)&nbsp;AirGate makes such redemption not more
    than 90&nbsp;days after the consummation of any such Equity
    Offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Repurchase at the Option of Holders</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Change of Control</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a Change of Control occurs, each Holder of
Notes will have the right to require AirGate to repurchase all
or any part, equal to $1,000 or an integral multiple thereof, of
that Holder&#146;s Notes pursuant to a Change of Control Offer,
as defined below. In the Change of Control Offer, AirGate will
offer a Change of Control Payment in cash equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid
interest thereon, if any, to the date of purchase (subject to
the right of holders of record on the relevant date to receive
interest due on the relevant interest payment date). Within
30&nbsp;days following any Change of Control, AirGate will mail
a notice to each Holder of Notes describing the transaction or
transactions that constitute the Change of Control and offering
to repurchase Notes (a &#147;Change of Control Offer&#148;) on
the Change of Control Payment Date specified in such notice,
pursuant to the procedures required by the Indenture and
described in such notice. AirGate will comply with the
requirements of Rule&nbsp;14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent
such laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent that the provisions of any
securities laws or regulations conflict with the Change of
Control provisions of the Indenture, AirGate will comply with
the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of
Control provisions of the Indenture by virtue of such conflict.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On the Change of Control Payment Date, AirGate
will, to the extent lawful:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">accept for payment all Notes or portions thereof
    properly tendered pursuant to the Change of Control Offer;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">55
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">deposit with the Paying Agent an amount equal to
    the Change of Control Payment in respect of all Notes or
    portions thereof so tendered; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">deliver or cause to be delivered to the Trustee
    the Notes so accepted together with an Officers&#146;
    Certificate stating the aggregate principal amount of Notes or
    portions thereof being purchased by AirGate.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Paying Agent will promptly mail to each
holder of Notes so tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and mail
or cause to be transferred by book entry to each Holder a new
Note equal in principal amount to any unpurchased portion of the
Notes surrendered, if any; <I>provided </I>that each such new
Note will be in a principal amount of $1,000 or an integral
multiple thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will publicly announce the results of the
Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provisions described above that require
AirGate to make a Change of Control Offer following a Change of
Control will be applicable regardless of whether or not any
other provisions of the Indenture are applicable. Except as
described above with respect to a Change of Control, the
Indenture does not contain provisions that permit the holders of
the Notes to require that AirGate repurchase or redeem the Notes
in the event of a takeover, recapitalization or similar
transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not be required to make a Change of
Control Offer upon a Change of Control if a third party makes
the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in the
Indenture applicable to a Change of Control Offer made by
AirGate and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The definition of Change of Control includes a
phrase relating to the sale, lease, transfer, conveyance or
other disposition of &#147;all or substantially all&#148; of the
assets of AirGate and its Subsidiaries taken as a whole.
Although there is a limited body of case law interpreting, the
phrase &#147;substantially all,&#148; there is no precise
established definition of the phrase under applicable law.
Accordingly, the ability of a holder of Notes to require AirGate
to repurchase such Notes as a result of a sale, lease, transfer,
conveyance or other disposition of less than all of the assets
of AirGate and its Subsidiaries taken as a whole to another
Person or group is uncertain.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On January&nbsp;11, 2005, AirGate commenced a
consent solicitation with respect to the Notes and
AirGate&#146;s outstanding 9 3/8%&nbsp;Notes. The purpose of the
consent solicitation is to obtain the requisite consents to
amend the definition of &#147;change of control&#148; in each of
the indentures that govern the Notes and the 9 3/8%&nbsp;Notes
to eliminate the requirement that AirGate make a repurchase
offer for the Notes and the 9 3/8%&nbsp;Notes upon the change of
control that would otherwise result upon the completion of
AirGate&#146;s merger with Alamosa. The consent solicitation
will expire at 5:00&nbsp;p.m., New York time, on
January&nbsp;25, 2005, unless extended by AirGate. Only holders
of Notes and 9 3/8%&nbsp;Notes as of January&nbsp;10, 2005, the
record date for the consent solicitation, may participate in the
consent solicitation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Completion of the consent solicitation is
conditioned upon receipt of consents from holders of a majority
in aggregate principal amount of each series of notes at or
prior to the expiration time and the completion of the merger on
or before June&nbsp;30, 2005. If AirGate receives the requisite
consents by the expiration time and the merger is completed on
or before June&nbsp;30, 2005, holders of record of Notes and 9
3/8%&nbsp;Notes that validly delivered their consents before the
expiration time will receive a consent payment equal to 0.25% of
the principal amount of Notes and 9 3/8%&nbsp;Notes represented
by their consents. The detailed terms and conditions of the
consent solicitation are contained in the consent solicitation
statement of AirGate, dated January&nbsp;11, 2005, and the
related consent letter, which have been mailed to holders of
record of the Notes and 9 3/8%&nbsp;Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not commence the exchange offer set
forth in this prospectus until completion of the consent
solicitation.
</FONT>

<P align="center"><FONT size="2">56
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Asset Sales</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless:
</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">(1)&nbsp;AirGate, or the Restricted Subsidiary,
    as the case may be, receives consideration at the time of such
    Asset Sale at least equal to the fair market value of the assets
    or Equity Interests issued or sold or otherwise disposed of;
    </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">(2)&nbsp;such fair market value is determined by
    AirGate&#146;s Board of Directors and, if such fair market value
    exceeds $5.0&nbsp;million, is evidenced by a resolution of the
    Board of Directors set forth in an Officers&#146; Certificate
    delivered to the Trustee;&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">(3)&nbsp;at least 75% of the consideration
    therefor received by AirGate or such Restricted Subsidiary is in
    the form of cash or Cash Equivalents. For purposes of this
    provision, each of the following shall be deemed to be cash:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;any liabilities, as shown on
    AirGate&#146;s or such Restricted Subsidiary&#146;s most recent
    balance sheet, of AirGate or any Restricted Subsidiary, other
    than contingent liabilities and liabilities that are by their
    terms subordinated to the Notes or any Guarantee, that are
    assumed by the transferee of any such assets pursuant to a
    customary novation agreement that releases AirGate or such
    Restricted Subsidiary from further liability; 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">(b)&nbsp;any securities, Notes or other
    obligations received by AirGate or any such Restricted
    Subsidiary from such transferee that are contemporaneously,
    subject to ordinary settlement periods, converted by AirGate or
    such Restricted Subsidiary into cash, to the extent of the cash
    received in that conversion;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>
<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">(4)&nbsp;if such Asset Sale involves the transfer
    of Collateral, (a)&nbsp;such Asset Sale complies with the
    applicable provisions of the Security Documents and (b)&nbsp;all
    consideration (other than cash) received in such Asset Sale
    shall be expressly made subject to the Lien under the Security
    Documents.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within 360&nbsp;days after the receipt of any Net
Proceeds from an Asset Sale, AirGate may apply such Net Proceeds
at its option:
</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">(1)&nbsp;to acquire all or substantially all of
    the assets of, or a majority of the Voting Stock of, another
    Permitted Business which becomes part of, or which is or
    becomes, a Restricted Subsidiary;
    </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">(2)&nbsp;to make a capital expenditure in assets
    that are used or useful in a Permitted Business&nbsp;or
    </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">(3)&nbsp;to acquire other long-term assets that
    are used or useful in a Permitted Business;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<I><FONT size="2">provided </FONT></I><FONT size="2">that if the
assets disposed of in such Asset Sale were Collateral and had a
fair market value of $3.0&nbsp;million or more, the assets
acquired pursuant to clauses&nbsp;(1) through (3)&nbsp;above are
also Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pending the final application of any such Net
Proceeds, AirGate may temporarily reduce revolving credit
borrowings or otherwise invest such Net Proceeds in any manner
that is not prohibited by the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Net Proceeds from Asset Sales that are not
applied or invested as provided in the preceding paragraph will
constitute Excess Proceeds. When the aggregate amount of Excess
Proceeds exceeds $10.0&nbsp;million, AirGate will make an Asset
Sale Offer to all Holders of Notes and all holders of other
First Priority Indebtedness containing provisions similar to
those set forth in the Indenture with respect to offers to
purchase or redeem with the proceeds of sales of assets to
purchase the maximum principal amount of Notes and other First
Priority Indebtedness that may be purchased out of the Excess
Proceeds. The offer price in any Asset Sale Offer will be equal
to 100% of the principal amount, plus accrued and unpaid
interest, if any, to the date of purchase and will be payable in
cash. If any Excess Proceeds remain after consummation of an
Asset Sale Offer, AirGate may use such Excess Proceeds for any
purpose not otherwise prohibited by the Indenture and the
Security Documents. If the aggregate principal amount of Notes
and other First Priority Indebtedness tendered into such Asset
Sale Offer exceeds the amount of
</FONT>

<P align="center"><FONT size="2">57
</FONT>

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<DIV align="left">
<FONT size="2">Excess Proceeds, the Trustee shall select the
Notes and the other First Priority Indebtedness on a <I>pro rata
</I>basis. Upon completion of each Asset Sale Offer, the amount
of Excess Proceeds shall be reset at zero.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will comply with the requirements of
Rule&nbsp;14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with each repurchase of
Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with
the Asset Sale provisions of the Indenture, AirGate will comply
with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under the Asset Sale
provisions of the Indenture by virtue of such conflict.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Events of Loss.</FONT></I><FONT size="2"> The
Indenture will provide that in the event of an Event of Loss
with respect to any Collateral with a fair market value (or
replacement cost, if greater) in excess of $1.0&nbsp;million,
AirGate or the affected Guarantor, as the case may be, will
apply any Net Loss Proceeds from such Event of Loss to the
rebuilding, repair, replacement or construction of improvements
to the affected Property (the &#147;Subject Property&#148;),
with no concurrent obligation to make any purchase of any Notes
if AirGate delivers to the Trustee within 90&nbsp;days of such
Event of Loss:
</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">(1)&nbsp;a written opinion from a reputable
    contractor that the Subject Property can be rebuilt, repaired,
    replaced or constructed and operating within 360&nbsp;days from
    the date of such certification;&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">(2)&nbsp;an Officers&#146; Certificate certifying
    that AirGate or the affected Guarantor has available from Net
    Loss Proceeds (including amounts collectible from the applicable
    insurance carrier) or other sources sufficient funds to complete
    the rebuilding, repair, replacement or construction described in
    clause&nbsp;(1) above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Net Loss Proceeds that are not reinvested or
not permitted to be reinvested as provided in the first sentence
of this covenant will constitute Excess Loss Proceeds. When the
aggregate amount of Excess Loss Proceeds received by AirGate and
its Restricted Subsidiaries exceeds $10.0&nbsp;million, AirGate
will make an offer, on a <I>pro rata </I>basis (an &#147;Event
of Loss Offer&#148;), to all holders of Notes and all holders of
other First Priority Indebtedness containing provisions similar
to those set forth in the Indenture with respect to offers to
purchase or redeem with the proceeds resulting from an Event of
Loss to purchase the maximum principal amount of Notes and such
other First Priority Indebtedness that may be purchased out of
the Excess Loss Proceeds. The offer price in any Event of Loss
Offer will be equal to 100% of the principal amount plus accrued
and unpaid interest, if any, to the purchase date and will be
payable in cash. If any Excess Loss Proceeds remain after
consummation of any purchase contemplated by an Event of Loss
Offer, AirGate may use such Excess Loss Proceeds for any purpose
not otherwise prohibited by the Indenture and the Security
Documents. Upon completion of any such Event of Loss Offer, the
amount of Excess Loss Proceeds shall be reset to zero.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will comply, to the extent applicable,
with the requirements of Rule&nbsp;14e-1 under the Exchange Act
and any other securities laws or regulations in connection with
the repurchase of Notes pursuant to an Event of Loss Offer. To
the extent that the provisions of any securities laws or
regulations conflict with provisions of the covenant described
hereunder, AirGate will comply with the applicable securities
laws and regulations and will be deemed not to have breached its
obligations under the covenant described hereunder by virtue of
such conflict.
</FONT>

<P align="left">
<B><FONT size="2">Selection and Notice</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If less than all of the Notes are to be redeemed
at any time, the Trustee will select Notes for redemption as
follows:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the Notes are listed, in compliance with the
    requirements of the principal national securities exchange on
    which the Notes are listed;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the Notes are not so listed, on a pro rata
    basis, by lot or by such method as the Trustee shall deem fair
    and appropriate.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">58
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No Notes of $1,000 or less shall be redeemed in
part. Notices of redemption shall be mailed by first class mail
at least 30 but not more than 60&nbsp;days before the redemption
date to each holder of Notes to be redeemed at its registered
address. Notices of redemption may not be conditional.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Note is to be redeemed in part only, the
notice of redemption that relates to that Note shall state the
portion of the principal amount thereof to be redeemed. A new
Note in principal amount equal to the unredeemed portion of the
original Note will be issued in the name of the holder thereof
upon cancellation of the original Note. Notes called for
redemption become due on the date fixed for redemption. On and
after the redemption date, interest ceases to accrue on Notes or
portions of them called for redemption.
</FONT>

<P align="left">
<B><FONT size="2">Selected Covenants</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Restricted
    Payments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly:
</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">(1)&nbsp;declare or pay any dividend on, or make
    any distribution to the holders of, any shares of its Equity
    Interests, other than dividends or distributions payable solely
    in its Equity Interests, other than Disqualified Stock, or in
    options, warrants or other rights to purchase any such Equity
    Interests, other than Disqualified Stock;
    </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">(2)&nbsp;purchase, redeem or otherwise acquire or
    retire for value, other than value consisting solely of Equity
    Interests of AirGate that is not Disqualified Stock or options,
    warrants or other rights to acquire such Equity Interests that
    is not Disqualified Stock, any Equity Interests of AirGate,
    including options, warrants or other rights to acquire such
    Equity Interests;
    </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">(3)&nbsp;redeem, repurchase, defease or otherwise
    acquire or retire for value, other than value consisting solely
    of Equity Interests of AirGate that is not Disqualified Stock or
    options, warrants or other rights to acquire such Equity
    Interests that is not Disqualified Stock, more than one year
    prior to any scheduled maturity, scheduled repayment or
    scheduled sinking fund payment, any Indebtedness that is
    subordinate, whether pursuant to its terms or by operation of
    law, in right of payment to the Notes;&nbsp;or
    </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">(4)&nbsp;make any Investment that is not a
    Permitted Investment;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">(each of the foregoing actions set forth in
clauses&nbsp;(1) through (4), other than any such action that is
a Permitted Investment, being referred to as a &#147;Restricted
Payment&#148;), unless, at the time thereof, and after giving
effect thereto,
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;no Default or Event of Default shall
have occurred and be continuing;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;AirGate would, at the time of such
Restricted Payment and after giving <I>pro forma </I>effect
thereto as if such Restricted Payment had been made at the
beginning of the applicable period, have been permitted to incur
at least $1.00 of additional Indebtedness pursuant to the first
paragraph of the covenant described below under the caption
&#147;&#151;&nbsp;Limitation on Incurrence of Indebtedness and
Issuance of Preferred Stock&#148;;&nbsp;and
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;after giving effect to such Restricted
Payment on a <I>pro forma</I> basis, the aggregate amount of all
Restricted Payments made on or after the Closing Date shall not
exceed
</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 amount of (x)&nbsp;the Operating
    Cash Flow of AirGate after June&nbsp;30, 2003 through the end of
    the latest full fiscal quarter for which consolidated financial
    statements of AirGate are available preceding the date of such
    Restricted Payment, treated as a single accounting period, less
    (y)&nbsp;150% of the cumulative Consolidated Interest Expense of
    AirGate after June&nbsp;30, 2003 through the end of the latest
    full fiscal quarter for which consolidated financial statements
    of AirGate are available preceding the date of such Restricted
    Payment treated as a single accounting period, plus
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">59
</FONT>

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<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">(ii)&nbsp;the aggregate Net Proceeds, including
    the fair market value of property other than cash, as determined:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(A)&nbsp;in the case of any property other than
    cash with a value less than $25&nbsp;million, by the Board of
    Directors, whose good-faith determination shall be conclusive
    and as evidenced by a Board Resolution,&nbsp;or
    </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;in the case of any property other than
    cash with a value equal to or greater than $25&nbsp;million, by
    an accounting, appraisal or investment banking firm of national
    standing and evidenced by a written opinion of such firm,
    </FONT></TD>
</TR>

</TABLE>
<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">received by AirGate from the issuance and sale,
    other than to a Restricted Subsidiary, on or after the Second
    Priority Notes&nbsp;Closing Date of shares of its Equity
    Interests other than Disqualified Stock, or any options,
    warrants or other rights to purchase such Equity Interests,
    other than Disqualified Stock, plus
    </FONT></TD>
</TR>

</TABLE>
<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">(iii)&nbsp;the aggregate Net Proceeds, including
    the fair market value of property other than cash, as determined:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(A)&nbsp;in the case of any property other than
    cash with a value less than $25&nbsp;million, by the Board of
    Directors, whose good-faith determination shall be conclusive
    and as evidenced by a Board Resolution,&nbsp;or
    </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;in the case of any property other than
    cash with a value equal to or greater than $25&nbsp;million, by
    an accounting, appraisal or investment banking firm of national
    standing and evidenced by a written opinion of such firm,
    </FONT></TD>
</TR>

</TABLE>
<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">received by AirGate from the issuance or sale,
    other than to a Restricted Subsidiary, after the Second Priority
    Notes&nbsp;Closing Date of any Equity Interests of AirGate,
    other than Disqualified Stock, or any options, warrants or other
    rights to purchase such Equity Interests, other than
    Disqualified Stock, upon the conversion of, or exchange for,
    Indebtedness of AirGate or a Restricted Subsidiary, plus
    </FONT></TD>
</TR>

</TABLE>
<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">(iv)&nbsp;the aggregate Net Proceeds received by
    AirGate or any Restricted Subsidiary from the sale, disposition
    or repayment, other than to AirGate or a Restricted Subsidiary,
    of any Investment made after the Second Priority
    Notes&nbsp;Closing Date and constituting a Restricted Payment in
    an amount equal to the lesser of (x)&nbsp;the return of capital
    with respect to such Investment and (y)&nbsp;the initial amount
    of such Investment previously made (and treated as a Restricted
    Payment), in either case, less the cost of disposition of such
    Investment.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foregoing limitations in this
&#147;Limitation on Restricted Payments&#148; covenant do not
limit or restrict the making of any Permitted Investment, and a
Permitted Investment shall not be counted as a Restricted
Payment for purposes of clause&nbsp;(c) above, except that a
Permitted Investment made pursuant to clause&nbsp;(7) of the
definition of Permitted Investments shall be counted as a
Restricted Payment for the purposes of clause&nbsp;(c) above. In
addition, so long as no Default or Event of Default shall have
occurred and be continuing, the foregoing limitations do not
prevent AirGate from:
</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">(1)&nbsp;the payment of a dividend on Equity
    Interests of AirGate within 60&nbsp;days after the declaration
    thereof if, on the date when the dividend was declared, AirGate
    could have paid such dividend in accordance with the provisions
    of the Indenture;
    </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">(2)&nbsp;the repurchase of Equity Interests of
    AirGate, including options, warrants or other rights to acquire
    such Equity Interests, from former employees or directors of
    AirGate or any Subsidiary thereof for consideration not to
    exceed $2.0&nbsp;million in the aggregate in any fiscal year;
    <I>provided </I>that any unused amount in any 12-month period
    may be carried forward to one or more future periods;
    <I>provided, further</I>, that the aggregate amount of all such
    repurchases made pursuant to this clause&nbsp;(2) does not
    exceed $10.0&nbsp;million in the aggregate;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">60
</FONT>

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<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">(3)&nbsp;the redemption, repurchase, defeasance
    or other acquisition or retirement for value of Indebtedness
    that is subordinated in right of payment to the Notes, including
    premium, if any, and accrued and unpaid interest, with the
    proceeds of, or in exchange for:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the proceeds of a capital contribution
    or a substantially concurrent offering of, shares of Equity
    Interests, other than Disqualified Stock, of AirGate or options,
    warrants or other rights to acquire such Equity
    Interests,&nbsp;or
    </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;Indebtedness that (i)&nbsp;is at least
    as subordinated in right of payment to the Notes, including
    premium, if any, and accrued and unpaid interest, as the
    Indebtedness being purchased and (ii)&nbsp;has a final maturity
    date later than the final maturity date of, and has a Weighted
    Average Life to Maturity equal to or greater than the Weighted
    Average Life to Maturity of, the Indebtedness being repurchased,
    with Restricted Payments pursuant to this clause&nbsp;(3) not
    being counted as Restricted Payments for purposes of
    clause&nbsp;(c) above;
    </FONT></TD>
</TR>

</TABLE>
<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">(4)&nbsp;the repurchase, redemption or other
    acquisition of Equity Interests of AirGate, or options, warrants
    or other rights to acquire such Equity Interests, in exchange
    for, or out of the proceeds of a capital contribution or a
    substantially concurrent offering of, shares of our common
    stock, other than Disqualified Stock, of AirGate or options,
    warrants or other rights to acquire such Equity Interests;
    </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">(5)&nbsp;the repurchase of 13.5%&nbsp;Notes as
    described under &#147;Use of Proceeds;&#148;
    </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">(6)&nbsp;the payment of any dividend (or, in the
    case of any partnership or limited liability company, any
    similar distribution) by a Restricted Subsidiary of AirGate to
    the holders of its Equity Interests on a <I>pro rata</I>
    basis;&nbsp;or
    </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">(7)&nbsp;other Restricted Payments not to exceed
    $5.0&nbsp;million in the aggregate at any time outstanding, with
    Restricted Payments pursuant to this clause not being counted as
    Restricted Payments for purposes of clause&nbsp;(c) above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Restricted Payments made pursuant to
clause&nbsp;(1) of the immediately preceding paragraph will be
included in the calculation of subsequent Restricted Payments.
In addition, if any Person in which an Investment is made, which
Investment constitutes a Restricted Payment when made,
thereafter becomes a Restricted Subsidiary, all such Investments
previously made in such Person shall no longer be counted as
Restricted Payments for purposes of calculating the aggregate
amount of Restricted Payments pursuant to clause&nbsp;(c) of the
second preceding paragraph to the extent such Investments would
otherwise be so counted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of clause&nbsp;(3) and
(4)&nbsp;above, the net proceeds received by AirGate from the
issuance or sale of its Equity Interests either upon the
conversion of, or exchange for, Indebtedness of AirGate or any
Restricted Subsidiary shall be deemed to be an amount equal to
(a)&nbsp;the sum of (1)&nbsp;the principal amount or accreted
value, whichever is less, of such Indebtedness on the date of
such conversion or exchange and (2)&nbsp;the additional cash
consideration, if any, received by AirGate upon such conversion
or exchange, less any payment on account of fractional shares,
minus (b)&nbsp;all expenses incurred in connection with such
issuance or sale. In addition, for purposes of clause&nbsp;(3)
and (4) above, the net proceeds received by AirGate from the
issuance or sale of its Equity Interests upon the exercise of
any options or warrants of AirGate or any Restricted Subsidiary
shall be deemed to be an amount equal to (a)&nbsp;the additional
cash consideration, if any, received by AirGate upon such
exercise, minus (b)&nbsp;all expenses incurred in connection
with such issuance or sale.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of this &#147;Limitation on
Restricted Payments&#148; covenant, if a particular Restricted
Payment involves a noncash payment, including a distribution of
assets, then such Restricted Payment shall be deemed to be an
amount equal to the cash portion of such Restricted Payment, if
any, plus an amount equal to the fair market value of the
noncash portion of such Restricted Payment, as determined by the
Board of Directors, whose good-faith determination shall be
conclusive and evidenced by a Board Resolution. Not later than
the date of making any Restricted Payment, AirGate shall deliver
to the Trustee an Officers&#146; Certificate stating that such
Restricted Payment is permitted and setting forth the
</FONT>

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<DIV align="left">
<FONT size="2">basis upon which the calculations required by
this &#147;Limitation on Restricted Payments&#148; covenant were
computed, together with a copy of any fairness opinion or
appraisal required by the Indenture.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of any Investment outstanding at any
time shall be deemed to be equal to the amount of such
Investment on the date made, less the return of capital,
repayment of loans and return on capital, including interest and
dividends, in each case, received in cash, up to the amount of
such Investment on the date made.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Incurrence of Indebtedness
    and Issuance of Preferred Stock</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate shall not, and shall not permit any
Restricted Subsidiary to, incur any Indebtedness, including
Acquired Debt, other than Permitted Debt, and AirGate shall not
issue any Disqualified Stock unless immediately after giving
effect to the incurrence of such Indebtedness or the issuance of
such Indebtedness or the issuance of such Disqualified Stock and
the receipt and application of the net proceeds therefrom,
including, without limitation, the application or use of the net
proceeds therefrom to repay Indebtedness or make any Restricted
Payment, the Consolidated Debt to Operating Cash Flow Ratio
would be less than 6.5 to 1.0.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as no Default or Event of Default shall
have occurred and be continuing or would be caused thereby, the
first paragraph of this covenant will not prohibit the
incurrence of any of the following items of Indebtedness
(collectively, &#147;Permitted Debt&#148;):
</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">(1)&nbsp;the incurrence by AirGate and its
    Subsidiaries of Existing Indebtedness;
    </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">(2)&nbsp;the incurrence by AirGate and the
    Guarantors of Indebtedness represented by the Notes issued on
    the Issue Date and the related Guarantees;
    </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">(3)&nbsp;the incurrence by AirGate or any of its
    Restricted Subsidiaries of Indebtedness represented by Capital
    Lease Obligations, mortgage financings or purchase money
    obligations, in each case, incurred for the purpose of leasing
    or financing all or any part of the purchase price or cost of
    construction or improvement of inventory, property, plant or
    equipment used in the business of AirGate or such Restricted
    Subsidiary, including telephone and computer systems and
    operating facilities, in an aggregate principal amount not to
    exceed $5.0&nbsp;million at any time outstanding and the
    aggregate principal amount of such Indebtedness does not exceed
    the fair market value (on the date of incurrence thereof) of the
    property so leased or financed;
    </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">(4)&nbsp;the incurrence by AirGate or any of its
    Restricted Subsidiaries of Permitted Refinancing Indebtedness in
    exchange for, or the net proceeds of which are used to refund,
    refinance or replace, Indebtedness, other than intercompany
    Indebtedness, that was permitted by the Indenture to be incurred
    under the first paragraph of this covenant or clauses&nbsp;(1),
    (2)&nbsp;or (11)&nbsp;of this paragraph;
    </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">(5)&nbsp;the incurrence by AirGate or any of its
    Restricted Subsidiaries of intercompany Indebtedness between or
    among AirGate and any of its Wholly Owned Restricted
    Subsidiaries that are Guarantors; <I>provided, however</I>, that:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;if AirGate or any Guarantor is the
    obligor on such Indebtedness, such Indebtedness, other than
    intercompany obligations owed by AirGate to AGW Leasing Company,
    Inc. relating to tower leases or licenses and leases of real
    property, must be expressly subordinated to the prior payment in
    full in cash of all Obligations with respect to the Notes, in
    the case of AirGate, or the Guarantee of such Guarantor, in the
    case of a Guarantor; 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">(b)&nbsp;(1)&nbsp;any subsequent issuance or
    transfer of Equity Interests that results in any such
    Indebtedness being held by a Person other than AirGate or a
    Wholly Owned Restricted Subsidiary thereof that is a Guarantor
    and (2)&nbsp;any sale or other transfer of any such Indebtedness
    to a Person that is not either AirGate or a Wholly Owned
    Restricted Subsidiary thereof that is a Guarantor, shall be
    deemed, in each case, to constitute an incurrence of such
    Indebtedness by AirGate or such Restricted Subsidiary, as the
    case may be, that was not permitted by this clause&nbsp;(5);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">62
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<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">(6)&nbsp;the incurrence by AirGate or any of its
    Restricted Subsidiaries of Hedging Obligations that are incurred
    for the purpose of fixing or hedging interest rate risk with
    respect to any floating rate Indebtedness that is permitted by
    the terms of the Indenture to be outstanding;
    </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">(7)&nbsp;the guarantee by AirGate or any of the
    Guarantors of Indebtedness of AirGate or a Restricted Subsidiary
    of AirGate that was permitted to be incurred by another
    provision of this covenant;
    </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">(8)&nbsp;the incurrence by AirGate&#146;s
    Unrestricted Subsidiaries of Non-Recourse Debt; <I>provided,
    however</I>, that if any such Indebtedness ceases to be
    Non-Recourse Debt of an Unrestricted Subsidiary, such event
    shall be deemed to constitute an incurrence of Indebtedness by a
    Restricted Subsidiary of AirGate that was not permitted by this
    clause&nbsp;(8);
    </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">(9)&nbsp;the accrual of interest, accretion or
    amortization of original issue discount, the payment of interest
    on any Indebtedness in the form of additional Indebtedness with
    the same terms, and the payment of dividends on Disqualified
    Stock in the form of additional shares of the same class of
    Disqualified Stock;
    </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">(10)&nbsp;Indebtedness (A)&nbsp;in respect of
    performance, surety or appeal bonds or bankers&#146; acceptances
    provided in the ordinary course of business; and (B) arising
    from agreements providing for indemnification, adjustment of
    purchase price or similar obligations, or from guarantees or
    letters of credit, surety bonds or performance bonds securing
    any obligations of AirGate or any Restricted Subsidiary pursuant
    to such agreements, in any case incurred in connection with the
    disposition of any business, assets or Restricted Subsidiary
    (other than guarantees of Indebtedness incurred by a person
    acquiring all or any portion of such business, assets or
    Restricted Subsidiary for the purpose of financing such
    acquisition), in a principal amount not to exceed the gross
    proceeds actually received by AirGate or any Restricted
    Subsidiary in connection with such disposition;&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">(11)&nbsp;the incurrence by AirGate or any of its
    Restricted Subsidiaries of additional Indebtedness in an
    aggregate principal amount, or accreted value, as applicable, at
    any time outstanding, including all Permitted Refinancing
    Indebtedness incurred to refund, refinance or replace any
    Indebtedness incurred pursuant to this clause&nbsp;(11), not to
    exceed $75.0&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of determining compliance with this
&#147;Limitation on Incurrence of Indebtedness and Issuance of
Preferred Stock&#148; covenant, in the event that an item of
proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses&nbsp;(1)
through (11)&nbsp;above, or is entitled to be incurred pursuant
to the first paragraph of this covenant, AirGate will be
permitted to classify such item of Indebtedness on the date of
its incurrence, or later reclassify all or a portion of such
item of Indebtedness, in any manner that complies with this
covenant.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Amendment of Second Priority
    Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture will provide that AirGate shall
cause the Notes to be designated as &#147;Designated Senior
Debt&#148; under the indenture governing the Second Priority
Notes, and that AirGate will not amend the terms of the
indenture or security documents governing the Second Priority
Notes in any manner that would affect the ranking of the Second
Priority Notes or the Liens on the Collateral securing the
Second Priority Notes in a manner materially adverse to the
Holders of Notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Liens</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any
Restricted Subsidiary to, directly or indirectly, incur any Lien
of any kind, other than Permitted Liens, on or with respect to
any property or assets now owned or hereafter acquired or any
interest therein or any income or profits therefrom.
</FONT>

<P align="center"><FONT size="2">63
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Dividend and Other Payment
    Restrictions Affecting Subsidiaries</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Restricted Subsidiaries, directly or indirectly, to create or
permit to exist or become effective any encumbrance or
restriction on the ability of any Restricted Subsidiary 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;pay dividends or make any other
    distributions on its Capital Stock to AirGate or any of
    AirGate&#146;s Restricted Subsidiaries, or with respect to any
    other interest or participation in, or measured by, its profits,
    or pay any Indebtedness owed to AirGate or any of its Restricted
    Subsidiaries;
    </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">(2)&nbsp;make loans or advances to AirGate or any
    of AirGate&#146;s Restricted Subsidiaries;&nbsp;or
    </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">(3)&nbsp;transfer any of its properties or assets
    to AirGate or any of AirGate&#146;s Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, the preceding restrictions will not
apply to encumbrances or restrictions existing under or by
reason 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">(1)&nbsp;Existing Indebtedness as in effect on
    the date of the Indenture and any amendments, modifications,
    restatements, renewals, increases, supplements, refundings,
    replacements or refinancings thereof, <I>provided </I>that such
    amendments, modifications, restatements, renewals, increases,
    supplements, refundings, replacements or refinancings are no
    more restrictive, taken as a whole, with respect to such
    dividend and other payment restrictions than those contained in
    such Existing Indebtedness, as in effect on the date of the
    Indenture;
    </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">(2)&nbsp;the Indenture, the Notes and the
    Security Documents;
    </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">(3)&nbsp;applicable law;
    </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">(4)&nbsp;any instrument governing Indebtedness or
    Capital Stock of a Person acquired by AirGate or any of its
    Restricted Subsidiaries as in effect at the time of such
    acquisition, except to the extent such Indebtedness was incurred
    in connection with or in contemplation of such acquisition,
    which encumbrance or restriction is not applicable to any
    Person, or the properties or assets of any Person, other than
    the Person, or the property or assets of the Person, so
    acquired, <I>provided </I>that, in the case of Indebtedness,
    such Indebtedness was permitted by the terms of the Indenture to
    be incurred;
    </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">(5)&nbsp;customary non-assignment provisions in
    leases entered into in the ordinary course of business and
    consistent with past practices;
    </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">(6)&nbsp;purchase money obligations for property
    acquired in the ordinary course of business that impose
    restrictions on the property so acquired of the nature described
    in clause&nbsp;(3) of the preceding paragraph;
    </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">(7)&nbsp;any agreement for the sale or other
    disposition of a Restricted Subsidiary that restricts
    distributions by such Restricted Subsidiary pending its sale or
    other disposition;
    </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">(8)&nbsp;Permitted Refinancing Indebtedness,
    <I>provided </I>that the restrictions contained in the
    agreements governing such Permitted Refinancing Indebtedness are
    no more restrictive, taken as a whole, than those contained in
    the agreements governing the Indebtedness being refinanced;
    </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">(9)&nbsp;Liens relating to Indebtedness otherwise
    permitted to be incurred and secured pursuant to the provisions
    of the covenants described above under the captions
    &#147;&#151;&nbsp;Limitation on Incurrence of Indebtedness and
    Issuance of Preferred Stock&#148; and
    &#147;&#151;&nbsp;Limitation on Liens&#148; that limit the right
    of AirGate or any of its Restricted Subsidiaries to dispose of
    the assets securing such Indebtedness;
    </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">(10)&nbsp;provisions with respect to the
    disposition or distribution of assets or property in joint
    venture agreements and other similar agreements entered into in
    the ordinary course of business;&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">(11)&nbsp;restrictions on cash or other deposits
    or net worth imposed by customers or vendors under contracts
    entered into in the ordinary course of business.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">64
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Merger, Consolidation or Sale of
    Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate shall not, in any transaction or series
of related transactions, merge or consolidate with or into, or
sell, assign, convey, transfer or otherwise dispose of its
properties and assets substantially as an entirety to, any
Person, and shall not permit any of its Restricted Subsidiaries
to enter into any such transaction or series of transactions if
such transaction or series of transactions, in the aggregate,
would result in a sale, assignment, conveyance, transfer or
other disposition of the properties and assets of AirGate and
its Restricted Subsidiaries, taken as a whole, substantially as
an entirety to any Person, unless, at the time and after giving
effect thereto:
</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">(1)&nbsp;either: (A)&nbsp;if the transaction or
    series of transactions is a consolidation of AirGate with or a
    merger of AirGate with or into any other Person, AirGate shall
    be the surviving Person of such merger or consolidation, or
    (B)&nbsp;the Person formed by any consolidation with or merger
    with or into AirGate, or to which the properties and assets of
    AirGate or AirGate and its Restricted Subsidiaries, taken as a
    whole, as the case may be, substantially as an entirety are
    sold, assigned, conveyed or otherwise transferred (any such
    surviving Person or transferee Person referred to in this
    clause&nbsp;(B) being the &#147;Surviving Entity&#148;), shall
    be a corporation, partnership, limited liability company or
    trust organized and existing under the laws of the United States
    of America, any state thereof or the District of Columbia and
    shall expressly assume by a supplemental indenture executed and
    delivered to the Trustee, in form satisfactory to the Trustee,
    all the obligations of AirGate under the Notes, the Indenture
    and the Security Documents and, in each case, the Indenture and
    the Security Documents, as so supplemented, shall remain in full
    force and effect;
    </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">(2)&nbsp;immediately before and immediately after
    giving effect to such transaction or series of transactions on a
    pro forma basis including any Indebtedness incurred or
    anticipated to be incurred in connection with or in respect of
    such transaction or series of transactions, no Default or Event
    of Default shall have occurred and be continuing;&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">(3)&nbsp;AirGate or the Surviving Entity will, at
    the time of such transaction and after giving pro forma effect
    thereto as if such transaction had occurred at the beginning of
    the applicable period, (A)&nbsp;have Consolidated Net Worth
    immediately after the transaction equal to or greater than the
    Consolidated Net Worth of AirGate immediately preceding the
    transaction and (B)&nbsp;be permitted to Incur at least $1.00 of
    additional Indebtedness pursuant to the first paragraph of the
    covenant described above under the caption &#147;Limitation on
    Incurrence of Indebtedness and Issuance of Preferred
    Stock&#148;; <I>provided, however</I>, that the foregoing
    requirements shall not apply to any transaction or series of
    transactions involving the sale, assignment, conveyance,
    transfer or other disposition of the properties and assets by
    any Restricted Subsidiary or AirGate to any other Restricted
    Subsidiary or AirGate, or the merger or consolidation of any
    Restricted Subsidiary with or into any other Restricted
    Subsidiary or AirGate.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture also provides that AirGate may not,
directly or indirectly, lease all or substantially all of its
properties or assets, in one or more related transactions, to
any other Person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with any consolidation, merger,
sale, assignment, conveyance, transfer or other disposition
contemplated by the foregoing provisions, AirGate shall deliver,
or cause to be delivered, to the Trustee, in form and substance
reasonably satisfactory to the Trustee, an Officers&#146;
Certificate stating that such consolidation, merger, sale,
assignment, conveyance, transfer, or other disposition and the
supplemental indenture in respect thereof, required under
clause&nbsp;(1)(B) of the preceding paragraph, comply with the
requirements of the Indenture and an opinion of counsel. Each
such Officers&#146; Certificate shall set forth the manner of
determination of AirGate&#146;s compliance with clause&nbsp;(3)
of the preceding paragraph.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For all purposes of the Indenture and the Notes,
including the provisions described in the two immediately
preceding paragraphs and the &#147;Limitation on Incurrence of
Indebtedness and Issuance of Preferred Stock&#148; and
&#147;Designation of Restricted and Unrestricted
Subsidiaries&#148; covenants, Subsidiaries of any Surviving
Entity will, upon such transaction or series of transactions,
become Restricted Subsidiaries
</FONT>

<P align="center"><FONT size="2">65
</FONT>

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<DIV align="left">
<FONT size="2">or Unrestricted Subsidiaries as provided pursuant
to the &#147;Designation of Restricted and Unrestricted
Subsidiaries&#148; covenant and all Indebtedness of the
Surviving Entity and its Subsidiaries that was not Indebtedness
of AirGate and its Subsidiaries immediately prior to such
transaction or series of transactions shall be deemed to have
been incurred upon such transaction or series of transactions.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Surviving Entity shall succeed to, and be
substituted for, and may exercise every right and power of
AirGate under the Indenture and the Security Documents, and the
predecessor company shall be released from all its obligations
and covenants under the Indenture, the Security Documents and
the Notes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Transactions with
    Affiliates</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Restricted Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into or
make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate (each, an &#147;Affiliate
Transaction&#148;), unless:
</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">(1)&nbsp;such Affiliate Transaction is on terms
    that are no less favorable to AirGate or the relevant Restricted
    Subsidiary than those that would have been obtained in a
    comparable transaction by AirGate or such Restricted Subsidiary
    with an unrelated Person;&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">(2)&nbsp;AirGate delivers to the Trustee:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;with respect to any Affiliate
    Transaction or series of related Affiliate Transactions
    involving aggregate consideration in excess of
    $1.0&nbsp;million, a resolution of the Board of Directors set
    forth in an Officers&#146; Certificate certifying that such
    Affiliate Transaction complies with this covenant and that such
    Affiliate Transaction has been approved by a majority of the
    disinterested members of the Board of Directors; <I>provided,
    however</I>, AirGate need not deliver such Officers&#146;
    Certificate to the Trustee with respect to any Affiliate
    Transaction or series of related Affiliate Transactions that
    involve (i)&nbsp;aggregate consideration not in excess of
    $5.0&nbsp;million and (ii)&nbsp;an Affiliate that
    (x)&nbsp;engages in a related telecommunication services
    business, (y)&nbsp;bids on, owns or leases spectrum or
    (z)&nbsp;provides management, billing or customer care
    services;&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">(b)&nbsp;with respect to any Affiliate
    Transaction or series of related Affiliate Transactions
    involving aggregate consideration in excess of
    $25.0&nbsp;million, an opinion as to the fairness to the holders
    of Notes of such Affiliate Transaction from a financial point of
    view issued by an accounting, appraisal or investment banking
    firm of national standing.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following items shall not be deemed to be
Affiliate Transactions and, therefore, will not be subject to
the provisions of the prior paragraph:
</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">(1)&nbsp;any employment agreement, including
    payments made thereunder in securities or cash, entered into by
    AirGate or any of its Restricted Subsidiaries in the ordinary
    course of business of AirGate or such Restricted Subsidiary;
    </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">(2)&nbsp;transactions between or among AirGate
    and/or its Restricted Subsidiaries;
    </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">(3)&nbsp;payment of reasonable directors fees,
    expenses and indemnification (whether such payment is made
    pursuant to AirGate&#146;s charter or by-laws or a written
    agreement with any director or officer) to Persons who are not
    otherwise Affiliates of AirGate;
    </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">(4)&nbsp;Restricted Payments that are permitted
    by the provisions of the Indenture described above under the
    caption &#147;&#151;&nbsp;Limitation on Restricted
    Payments&#148;;&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">(5)&nbsp;sales of Equity Interests, other than
    Disqualified Stock, and the grant of registration rights with
    respect thereto, to Affiliates of AirGate.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">66
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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Additional Guarantees</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If AirGate or any of its Restricted Subsidiaries
acquires or creates another Restricted Subsidiary after the date
of the Indenture, then that newly acquired or created Restricted
Subsidiary must become a Guarantor and (1)&nbsp;execute a
supplemental indenture satisfactory to the Trustee making the
Restricted Subsidiary a party to the Indenture, (2)&nbsp;execute
an endorsement of Guarantee, (3)&nbsp;deliver an Opinion of
Counsel to the Trustee and (4)&nbsp;become a party to the
Security Documents, in each case within 10 Business Days of the
date on which it was acquired or created.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Designation of Restricted and Unrestricted
    Subsidiaries</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors may designate any
Restricted Subsidiary as an Unrestricted Subsidiary if that
designation would not cause a Default. If a Restricted
Subsidiary is designated as an Unrestricted Subsidiary, all
outstanding Investments owned by AirGate and its Restricted
Subsidiaries in the Subsidiary so designated will be deemed to
be an Investment made as of the time of such designation and
will reduce the amount available for Restricted Payments under
paragraph&nbsp;(c)&nbsp;of the covenant described above under
the caption &#147;&#151;&nbsp;Limitation on Restricted
Payments&#148; or Permitted Investments, as applicable. All such
outstanding Investments will be valued at their fair market
value at the time of such designation. That designation will
only be permitted if such Restricted Payment would be permitted
at that time and if such Restricted Subsidiary otherwise meets
the definition of an Unrestricted Subsidiary. The Board of
Directors may redesignate any Unrestricted Subsidiary to be a
Restricted Subsidiary if the redesignation would not cause a
Default.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Sale and Leaseback
    Transactions</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Restricted Subsidiaries to, enter into any Sale and Leaseback
Transaction; <I>provided </I>that AirGate or any Restricted
Subsidiary of AirGate that is a Guarantor may enter into a Sale
and Leaseback Transaction if:
</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">(1)&nbsp;AirGate or that Guarantor, as
    applicable, could have (a)&nbsp;incurred Indebtedness in an
    amount equal to the Attributable Debt relating to such Sale and
    Leaseback Transaction under the first paragraph of the covenant
    described above under the caption &#147;&#151;&nbsp;Limitation
    on Incurrence of Indebtedness and Issuance of Preferred
    Stock&#148; and (b)&nbsp;incurred a Lien to secure such
    Indebtedness pursuant to the covenant described above under the
    caption &#147;&#151;&nbsp;Limitation on Liens&#148;;
    </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">(2)&nbsp;the gross cash proceeds of that Sale and
    Leaseback Transaction are at least equal to the fair market
    value of the property that is the subject of such Sale and
    Leaseback Transaction, as determined in good faith by the Board
    of Directors and, if the aggregate consideration received in the
    Sale and Leaseback Transaction exceeds $1.0&nbsp;million, is set
    forth in an Officers&#146; Certificate delivered to the
    Trustee;&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">(3)&nbsp;the transfer of assets in that Sale and
    Leaseback Transaction is permitted by, and AirGate applies the
    proceeds of such transaction in compliance with, the covenant
    described above under the caption &#147;Repurchase at the Option
    of Holders&nbsp;&#151; Asset Sales.&#148;
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Issuances and Sales of Equity
    Interests in Wholly Owned Restricted Subsidiaries</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Restricted Subsidiaries to, transfer, convey, sell, lease or
otherwise dispose of any Equity Interests in any Wholly Owned
Restricted Subsidiary of AirGate to any Person, other than
AirGate or a Wholly Owned Restricted Subsidiary of AirGate,
unless:
</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">(1)&nbsp;such transfer, conveyance, sale, lease
    or other disposition is of all the Equity Interests in such
    Wholly Owned Restricted Subsidiary;&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">(2)&nbsp;such transfer, conveyance, sale, lease
    or other disposition is effected in accordance with the covenant
    described above under the caption &#147;Repurchase at the Option
    of Holders&nbsp;&#151; Asset Sales.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">67
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, AirGate will not permit any Wholly
Owned Restricted Subsidiary of AirGate to issue any of its
Equity Interests, other than, if necessary, shares of its
Capital Stock constituting directors&#146; qualifying shares, to
any Person other than to AirGate or a Wholly Owned Restricted
Subsidiary of AirGate.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Business Activities</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any
Restricted Subsidiary to, engage in any business other than
Permitted Businesses.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Payments for Consent</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate will not, and will not permit any of its
Subsidiaries to, directly or indirectly, pay or cause to be paid
any consideration to or for the benefit of any holder of Notes
for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of the Indenture or the Notes
unless such consideration is offered to be paid and is paid to
all holders of the Notes that consent, waive or agree to amend
in the time frame set forth in the solicitation documents
relating to such consent, waiver or agreement.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Reports</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not required by the rules and
regulations of the Commission, so long as any Notes are
outstanding, AirGate will furnish to the Holders of Notes:
</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">(1)&nbsp;all quarterly and annual financial
    information that is required to be filed with the Commission on
    Forms&nbsp;10-Q and 10-K to the extent AirGate does not file
    such Forms with the Commission, including a
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and, with respect to
    the annual information only, a report on the annual financial
    statements by AirGate&#146;s independent accountants;&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">(2)&nbsp;all current reports that are required to
    be filed with the Commission on Form&nbsp;8-K to the extent
    AirGate does not file such reports with the Commission.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If AirGate has designated any of its Subsidiaries
as Unrestricted Subsidiaries, then the quarterly and annual
financial information required by the preceding paragraph shall
include a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, and in
Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations, of the financial condition and
results of operations of AirGate and its Restricted Subsidiaries
separate from the financial condition and results of operations
of the Unrestricted Subsidiaries of AirGate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, whether or not required by the
Commission, AirGate will file a copy of all of the information
and reports referred to in clauses&nbsp;(1) and (2)&nbsp;above
with the Commission for public availability unless the
Commission will not accept such a filing, within the time
periods specified in the Commission&#146;s rules and
regulations, and make such information available to securities
analysts and prospective investors upon request.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default and Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the following is an Event of Default:
</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">(1)&nbsp;default for 30&nbsp;days in the payment
    when due of interest on the Notes, whether or not prohibited by
    the subordination provisions of the Indenture;
    </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">(2)&nbsp;default in payment when due of the
    principal of or premium, if any, on the 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">(3)&nbsp;failure by AirGate or any of its
    Restricted Subsidiaries to comply with the provisions described
    under the captions &#147;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control&#148; and
    &#147;&#151;&nbsp;Asset Sales.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">68
</FONT>

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<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">(4)&nbsp;failure by AirGate or any of its
    Restricted Subsidiaries for 60&nbsp;days after notice to comply
    with any of the other agreements in the Indenture;
    </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">(5)&nbsp;default under any mortgage, indenture or
    instrument under which there may be issued or by which there may
    be secured or evidenced any Indebtedness for money borrowed by
    AirGate or any of its Restricted Subsidiaries, or the payment of
    which is guaranteed by AirGate or any of its Restricted
    Subsidiaries, whether such Indebtedness or guarantee now exists,
    or is created after the date of the Indenture, if that default:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;is caused by a failure to pay principal
    of or premium, if any, or interest on such Indebtedness prior to
    the expiration of the grace period provided in such Indebtedness
    on the date of such default (a &#147;Payment
    Default&#148;);&nbsp;or
    </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;results in the acceleration of such
    Indebtedness prior to its express maturity;
    </FONT></TD>
</TR>

</TABLE>
<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">and, in each case, the principal amount of any
    such Indebtedness, together with the principal amount of any
    other such Indebtedness under which there has been a Payment
    Default or the maturity of which has been so accelerated,
    aggregates $10.0&nbsp;million or more;
    </FONT></TD>
</TR>

</TABLE>
<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">(6)&nbsp;failure by AirGate or any of its
    Restricted Subsidiaries to pay final judgments aggregating in
    excess of $10.0&nbsp;million, which judgments are not paid,
    discharged or stayed for a period of 60&nbsp;days;
    </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">(7)&nbsp;any Security Document or the
    Intercreditor Agreement is held to be unenforceable or invalid
    for any reason, the security interests purported to be created
    by the Security Documents are held to be unenforceable, invalid
    or impaired with respect to a material portion of the
    Collateral, AirGate or any Guarantor defaults in the performance
    of the terms of any of the Security Documents or the
    Intercreditor Agreement in a manner which adversely affects the
    enforceability or validity of the security interest on a
    material portion of the Collateral or in a manner which
    adversely affects the condition or value of a material portion
    of the Collateral, or AirGate or any Guarantor repudiates or
    disaffirms any of its obligations under any of the Security
    Documents or the Intercreditor 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">(8)&nbsp;except as permitted by the Indenture,
    any Guarantee shall be held in any judicial proceeding to be
    unenforceable or invalid or shall cease for any reason to be in
    full force and effect or any Guarantor, or any Person acting on
    behalf of any Guarantor, shall deny or disaffirm its obligations
    under its Guarantee;
    </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">(9)&nbsp;certain events of bankruptcy or
    insolvency with respect to AirGate, any Restricted Subsidiary
    that is a Significant Subsidiary or any group of Restricted
    Subsidiaries that, taken together, would constitute a
    Significant Subsidiary;
    </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">(10)&nbsp;any event occurs that causes, subject
    to any applicable grace period, an Event of Termination under
    any of the Sprint Agreements;&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">(11)&nbsp;the occurrence of any Event of Default
    as defined in the indenture governing the Second Priority Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of an Event of Default arising from
certain events of bankruptcy or insolvency, with respect to
AirGate, any Restricted Subsidiary that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, all
outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default
occurs and is continuing, the Trustee or the Holders of at least
25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately. For the
purposes of clause&nbsp;(11)&nbsp;of the preceding paragraph, an
Event of Default as defined in the indenture governing the
Second Priority Notes that, in accordance with its terms,
(x)&nbsp;requires the passage of a period of time shall not be
an Event of Default with respect to the Notes prior to the
passage of such period of time and/or (y)&nbsp;requires the
giving of notice shall not be an Event of Default with respect
to the Notes unless the Trustee or the holders of Notes shall
provide notice in accordance with the provisions of the Indenture
</FONT>

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<DIV align="left">
<FONT size="2">generally applicable to the giving of notices of
default, but shall not require that the holders of Second
Priority Notes provide any comparable notice.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of the Notes may not enforce the
Indenture, the Security Documents or the Notes except as
provided in the Indenture. Subject to certain limitations,
Holders of a majority in principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from holders of the
Notes notice of any continuing Default or Event of Default,
except a Default or Event of Default relating to the payment of
principal or interest, if it determines that withholding notice
is in their interest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the Trustee
may on behalf of the holders of all of the Notes waive any
existing Default or Event of Default and its consequences under
the Indenture except a continuing Default or Event of Default in
the payment of interest on, or the principal of, the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of any Event of Default occurring by
reason of any willful action or inaction taken or not taken by
or on behalf of AirGate with the intention of avoiding payment
of the premium that AirGate would have had to pay if AirGate
then had elected to redeem the Notes pursuant to the optional
redemption provisions of the Indenture, an equivalent premium
shall also become and be immediately due and payable to the
extent permitted by law upon the acceleration of the Notes. If
an Event of Default occurs prior to October&nbsp;15, 2006, by
reason of any willful action or inaction taken or not taken by
or on behalf of AirGate with the intention of avoiding the
prohibition on redemption of the Notes prior to October&nbsp;15,
2006, then the premium specified in the Indenture shall also
become immediately due and payable to the extent permitted by
law upon the acceleration of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture.
Upon becoming aware of any Default or Event of Default, AirGate
is required to deliver to the Trustee a statement specifying
such Default or Event of Default.
</FONT>

<P align="left">
<B><FONT size="2">No Personal Liability of Directors, Officers,
Employees and Stockholders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No director, officer, employee, incorporator or
stockholder of AirGate or any Guarantor, as such, shall have any
liability for any obligations of AirGate or the Guarantors under
the Notes, the Indenture, the Guarantees, the Intercreditor
Agreement or any Security Document or for any claim based on, in
respect of, or by reason of, such obligations or their creation.
Each holder of Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be
effective to waive liabilities under the federal securities laws.
</FONT>

<P align="left">
<B><FONT size="2">Legal Defeasance and Covenant
Defeasance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate may, at its option and at any time, elect
to have all of its obligations discharged with respect to the
outstanding Notes and all obligations of the Guarantors
discharged with respect to their Guarantees (&#147;Legal
Defeasance&#148;) except for:
</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">(1)&nbsp;the rights of holders of outstanding
    Notes to receive payments in respect of the principal of,
    premium, if any, and interest on such Notes when such payments
    are due from the trust referred to below;
    </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">(2)&nbsp;AirGate&#146;s obligations with respect
    to the Notes concerning issuing temporary Notes, registration of
    Notes, mutilated, destroyed, lost or stolen Notes and the
    maintenance of an office or agency for payment and money for
    security payments held in trust;
    </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">(3)&nbsp;the rights, powers, trusts, duties and
    immunities of the Trustee, and AirGate&#146;s obligations in
    connection therewith;&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">(4)&nbsp;the Legal Defeasance provisions of the
    Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">70
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, AirGate may, at its option and at
any time, elect to have the obligations of AirGate and the
Guarantors released with respect to certain covenants that are
described in the Indenture (&#147;Covenant Defeasance&#148;) and
thereafter any omission to comply with those covenants shall not
constitute a Default or Event of Default with respect to the
Notes. In the event Covenant Defeasance occurs, certain events,
not including non-payment, bankruptcy, receivership,
rehabilitation and insolvency events, described under
&#147;Events of Default&#148; will no longer constitute an Event
of Default with respect to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to exercise either Legal Defeasance or
Covenant Defeasance:
</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">(1)&nbsp;AirGate must irrevocably deposit with
    the Trustee, in trust, for the benefit of the holders of the
    Notes, cash in U.S.&nbsp;dollars, non-callable Government
    Securities, or a combination thereof, in such amounts as will be
    sufficient, in the opinion of a nationally recognized firm of
    independent public accountants, to pay the principal of,
    premium, if any, and interest on the outstanding Notes on the
    stated maturity or on the applicable redemption date, as the
    case may be, and AirGate must specify whether the Notes are
    being defeased to maturity or to a particular redemption date;
    </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">(2)&nbsp;in the case of Legal Defeasance, AirGate
    shall have delivered to the Trustee an Opinion of Counsel
    reasonably acceptable to the Trustee confirming that
    (a)&nbsp;AirGate has received from, or there has been published
    by, the Internal Revenue Service a ruling or (b)&nbsp;since the
    date of the Indenture, there has been a change in the applicable
    federal income tax law, in either case to the effect that, and
    based thereon such opinion of counsel shall confirm that, the
    holders of the outstanding Notes will not recognize income, gain
    or loss for federal income tax purposes as a result of such
    Legal Defeasance and will be subject to federal income tax on
    the same amounts, in the same manner and at the same times as
    would have been the case if such Legal Defeasance had not
    occurred;
    </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">(3)&nbsp;in the case of Covenant Defeasance,
    AirGate shall have delivered to the Trustee an Opinion of
    Counsel reasonably acceptable to the Trustee confirming that the
    holders of the outstanding Notes will not recognize income, gain
    or loss for federal income tax purposes as a result of such
    Covenant Defeasance and will be subject to federal income tax on
    the same amounts, in the same manner and at the same times as
    would have been the case if such Covenant Defeasance had not
    occurred;
    </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">(4)&nbsp;no Default or Event of Default shall
    have occurred and be continuing either: (a)&nbsp;on the date of
    such deposit other than a Default or Event of Default resulting
    from the borrowing of funds to be applied to such deposit; or
    (b)&nbsp;insofar as Events of Default from bankruptcy or
    insolvency events are concerned, at any time in the period
    ending on the 91st&nbsp;day after the date of deposit;
    </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">(5)&nbsp;such Legal Defeasance or Covenant
    Defeasance will not result in a breach or violation of, or
    constitute a default under any material agreement or instrument,
    other than the Indenture, to which AirGate or any of its
    Restricted Subsidiaries is a party or by which AirGate or any of
    its Restricted Subsidiaries is bound;
    </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">(6)&nbsp;AirGate must have delivered to the
    Trustee an opinion of counsel to the effect that, assuming no
    intervening bankruptcy of AirGate between the date of deposit
    and the 91st&nbsp;day following the deposit and assuming that no
    holder is an &#147;insider&#148; of AirGate under applicable
    bankruptcy law, after the 91st&nbsp;day following the deposit,
    the trust funds will not be subject to the effect of any
    applicable bankruptcy, insolvency, reorganization or similar
    laws affecting creditors&#146; rights generally;
    </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">(7)&nbsp;AirGate must deliver to the Trustee an
    Officers&#146; Certificate stating that the deposit was not made
    by AirGate with the intent of preferring the holders of Notes
    over the other creditors of AirGate with the intent of
    defeating, hindering, delaying or defrauding creditors of
    AirGate or others;&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">(8)&nbsp;AirGate must deliver to the Trustee an
    Officers&#146; Certificate and an opinion of counsel, each
    stating that all conditions precedent relating to the Legal
    Defeasance or the Covenant Defeasance have been complied with.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">71
</FONT>

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<P align="left">
<B><FONT size="2">Amendment, Supplement and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as provided in the next two succeeding
paragraphs, the Indenture, the Notes, the Guarantees, the
Intercreditor Agreement or any Security Document may be amended
or supplemented with the consent of the holders of at least a
majority in aggregate principal amount of the Notes (it being
understood that the provisions of the Intercreditor Agreement
and the Security Documents that may by their terms be amended or
supplemented without the consent of the Holders do not require
the consent of the Holders contemplated hereby), including,
without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Notes, and
any existing default or compliance with any provision of the
Indenture, the Notes, the Intercreditor Agreement or any
Security Document may be waived with the consent of the holders
of a majority in aggregate principal amount of the then
outstanding Notes (it being understood that the provisions of
the Intercreditor Agreement and the Security Documents that may
by their terms be waived without the consent of the Holders do
not require the consent of the Holders contemplated hereby),
including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Without the consent of each holder adversely
affected, an amendment or waiver may not, with respect to any
Notes held by a non-consenting holder:
</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">(1)&nbsp;reduce the aggregate of the principal
    amount of Notes whose holders must consent to an amendment,
    supplement or waiver;
    </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">(2)&nbsp;reduce the principal of or change the
    fixed maturity of any Note or alter the provisions with respect
    to the redemption of the Notes, other than provisions relating
    to the covenants described above under the captions
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control&#148; and
    &#147;&#151;&nbsp;Asset Sales&#148;;
    </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">(3)&nbsp;reduce the rate of or change the time
    for payment of interest on any Note;
    </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">(4)&nbsp;waive a Default or Event of Default in
    the payment of principal of or premium, if any, or interest on
    the Notes, except a rescission of acceleration of the Notes by
    the holders of at least a majority in aggregate principal amount
    of the Notes and a waiver of the payment default that resulted
    from such acceleration;
    </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">(5)&nbsp;make any Note payable in money other
    than that stated in the 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">(6)&nbsp;make any change in the provisions of the
    Indenture relating to waivers of past Defaults or the rights of
    holders of Notes to receive payments of principal of or premium,
    if any, or interest on the 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">(7)&nbsp;waive a redemption payment with respect
    to any Note, other than a payment required by one of the
    covenants described above under the captions
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control&#148; and
    &#147;&#151;&nbsp;Asset Sales&#148;;&nbsp;or
    </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">(8)&nbsp;make any change in the preceding
    amendment and waiver provisions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the preceding, without the
consent of any Holder of Notes, AirGate and the Trustee may
amend or supplement the Indenture, the Notes, the Intercreditor
Agreement or any Security Document:
</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">(1)&nbsp;to cure any ambiguity, defect or
    inconsistency;
    </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">(2)&nbsp;to provide for uncertificated Notes in
    addition to or in place of certificated 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">(3)&nbsp;to provide for the assumption of
    AirGate&#146;s obligations to Holders under the Indenture, the
    Intercreditor Agreement or any Security Document, in the case of
    a merger or consolidation or sale of all or substantially all of
    AirGate&#146;s assets in accordance with the applicable
    provisions of the Indenture;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">72
</FONT>

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<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">(4)&nbsp;to make any change that would provide
    any additional rights or benefits to the holders of Notes or
    that does not adversely affect the legal rights under the
    Indenture of any holder;
    </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">(5)&nbsp;to secure the Notes under the Indenture,
    to add Guarantees with respect to the Notes, or to confirm and
    evidence the release, termination or discharge of any such
    security or Guarantee when such release, termination or
    discharge is permitted by the Indenture and the Security
    Documents;
    </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">(6)&nbsp;to add or release Collateral as
    permitted under the terms of the Indenture, the Intercreditor
    Agreement or the Security Documents;
    </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">(7)&nbsp;to comply with requirements of the
    Commission in order to effect or maintain the qualification of
    the Indenture under the Trust Indenture Act or otherwise in
    obtaining an exemption from, or interpretation of, or in
    elaborating on, the requirements of the Trust Indenture Act or
    to enable AirGate to rely on existing interpretations of the
    Commission regarding the requirements of the Trust Indenture
    Act;&nbsp;or
    </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">(8)&nbsp;to equally and ratably secure First
    Priority Indebtedness incurred in compliance with the provisions
    of the Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Trustee becomes a creditor of AirGate or
any Guarantor, the Indenture limits its right to obtain payment
of claims in certain cases, or to realize on certain property
received in respect of any such claim as security or otherwise.
The Trustee will be permitted to engage in other transactions;
<I>however</I>, if it acquires any conflicting interest it must
eliminate such conflict within 90&nbsp;days, apply to the
Commission for permission to continue or resign.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority in principal amount of
the then outstanding Notes will have the right to direct the
time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee, subject to
certain exceptions. The Indenture provides that in case an Event
of Default shall occur and be continuing, the Trustee will be
required, in the exercise of its power, to use the degree of
care of a prudent man in the conduct of his own affairs. Subject
to such provisions, the Trustee will be under no obligation to
exercise any of its rights or powers under the Indenture at the
request of any holder of Notes, unless such holder shall have
offered to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense.
</FONT>

<P align="left">
<B><FONT size="2">Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below are many of the defined terms
used in the Indenture. Reference is made to the Indenture for a
full disclosure of all such terms, as well as any other
capitalized terms used herein for which no definition is
provided.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;13 1/2%&nbsp;Notes&#148;
</FONT></I><FONT size="2">means the 13 1/2%&nbsp;Senior
Subordinated Discount Notes due 2009 of AirGate outstanding on
the Closing Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Acquired Debt&#148;
</FONT></I><FONT size="2">means, with respect to any specified
Person:
</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">(1)&nbsp;Indebtedness of any other Person
    existing at the time such other Person is merged with or into or
    became a Subsidiary of such specified Person, whether or not
    such Indebtedness is incurred in connection with, or in
    contemplation of, such other Person merging with or into, or
    becoming a Subsidiary of, such specified Person;&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">(2)&nbsp;Indebtedness secured by a Lien
    encumbering any asset acquired by such specified Person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Affiliate&#148;
</FONT></I><FONT size="2">of any specified Person means any
other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified
Person. For purposes of this definition, &#147;control,&#148; as
used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or
otherwise; <I>provided </I>that beneficial ownership
</FONT>

<P align="center"><FONT size="2">73
</FONT>

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<DIV align="left">
<FONT size="2">of 10% or more of the Voting Stock of a Person
shall be deemed to be control. For purposes of this definition,
the terms &#147;controlling,&#148; &#147;controlled by&#148; and
&#147;under common control with&#148; shall have correlative
meanings.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;After Acquired Real Property
Interest&#148; </FONT></I><FONT size="2">means a fee interest in
any individual or contiguous parcels of owned real property
having a fair market value (as determined in good faith by the
Board of Directors of AirGate) in excess of $2.0&nbsp;million
individually or in a series of one or more related transactions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Asset Sale&#148;
</FONT></I><FONT size="2">means:
</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">(1)&nbsp;the sale, lease, conveyance or other
    disposition of any assets or rights, other than sales of
    inventory, accounts receivable and sales of surplus or obsolete
    property or equipment in the ordinary course of business
    consistent with industry practices; <I>provided </I>that the
    sale, conveyance or other disposition of all or substantially
    all of the assets of AirGate and its Restricted Subsidiaries
    taken as a whole will be governed by the provisions of the
    Indenture described above under the caption
    &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Change of Control&#148; and/or the
    provisions described above under the caption
    &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151; Merger,
    Consolidation or Sale of Assets&#148; and not by the provisions
    of the Asset Sale covenant;&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">(2)&nbsp;the issuance of Equity Interests by any
    of AirGate&#146;s Restricted Subsidiaries or the sale of Equity
    Interests in any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the preceding, the following
items shall not be deemed to be Asset Sales:
</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">(1)&nbsp;any single transaction or series of
    related transactions that: (a)&nbsp;involves assets having a
    fair market value of less than $1.0&nbsp;million; or
    (b)&nbsp;results in net proceeds to AirGate and its Restricted
    Subsidiaries of less than $1.0&nbsp;million;
    </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">(2)&nbsp;a transfer of assets between or among
    AirGate and its Wholly Owned Restricted Subsidiaries;
    </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">(3)&nbsp;an issuance of Equity Interests by a
    Wholly Owned Restricted Subsidiary to AirGate or to another
    Wholly Owned Restricted Subsidiary;
    </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">(4)&nbsp;a Restricted Payment that is permitted
    by the covenant described above under the caption
    &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151; Limitation on
    Restricted Payments&#148;;&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">(5)&nbsp;any transfer by AirGate or a Subsidiary
    of property or equipment with a fair market value of less than
    $5.0&nbsp;million to a Person who is not an Affiliate of AirGate
    in exchange for property or equipment that has a fair market
    value at least equal to the fair market value of the property or
    equipment so transferred; <I>provided </I>that, in the event of
    a transfer described in this clause&nbsp;(5), AirGate shall
    deliver to the Trustee an officer&#146;s certificate certifying
    that such exchange complies with this clause&nbsp;(5);
    <I>provided further </I>that if the property or equipment
    exchanged constituted Collateral and had a fair market value of
    $3.0&nbsp;million or more, the property or equipment so acquired
    also constitutes Collateral.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Attributable Debt&#148;
</FONT></I><FONT size="2">in respect of a Sale and Leaseback
Transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments
during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease
has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a
discount rate equal to the rate of interest implicit in such
transaction, determined in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Beneficial Owner&#148;
</FONT></I><FONT size="2">has the meaning assigned to such term
in Rule&nbsp;13d-3 and Rule&nbsp;13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any
particular &#147;person,&#148; as such term is used in
Section&nbsp;13(d)(3) of the Exchange Act, such
&#147;person&#148; shall be deemed to have beneficial ownership
of all securities that such &#147;person&#148; has the right to
acquire, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition.
</FONT>

<P align="center"><FONT size="2">74
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Board Resolution&#148;
</FONT></I><FONT size="2">means a copy of a resolution certified
by the Secretary or an Assistant Secretary of AirGate to have
been duly adopted by the Board of Directors, unless the context
specifically requires that such resolution be adopted by a
majority of the disinterested directors, in which case by a
majority of such directors, and to be in full force and effect
on the date of such certification and delivered to the Trustee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital Lease Obligation&#148;
</FONT></I><FONT size="2">means, as of any date of
determination, the amount of the liability in respect of a
capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital Stock&#148;
</FONT></I><FONT size="2">means:
</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">(1)&nbsp;in the case of a corporation, corporate
    stock;
    </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">(2)&nbsp;in the case of an association or
    business entity, any and all shares, interests, participations,
    rights or other equivalents, however designated, of corporate
    stock;
    </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">(3)&nbsp;in the case of a partnership or limited
    liability company, partnership or membership interests, whether
    general or limited;&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">(4)&nbsp;any other interest or participation that
    confers on a Person the right to receive a share of the profits
    and losses of, or distributions of assets of, the issuing Person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Cash Equivalents&#148;
</FONT></I><FONT size="2">means:
</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">(1)&nbsp;United States dollars;
    </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">(2)&nbsp;securities issued or directly and fully
    guaranteed or insured by the United States government or any
    agency or instrumentality thereof, provided that the full faith
    and credit of the United States is pledged in support thereof,
    having maturities of less than one year from the date of
    acquisition;
    </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">(3)&nbsp;certificates of deposit and eurodollar
    time deposits with maturities of less than one year from the
    date of acquisition, bankers&#146; acceptances with maturities
    not exceeding six months and overnight bank deposits, in each
    case, with any domestic commercial bank, including the Trustee,
    having capital and surplus in excess of $500&nbsp;million and a
    Thompson Bank Watch Rating of &#147;B&#148; or better;
    </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">(4)&nbsp;repurchase obligations with a term of
    not more than seven days for underlying securities of the types
    described in clauses&nbsp;(2) and (3) above entered into with
    any financial institution meeting the qualifications specified
    in clause&nbsp;(3) above;
    </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">(5)&nbsp;commercial paper having the highest
    rating obtainable from a Rating Organization and in each case
    maturing prior to one year after the date of
    acquisition;&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">(6)&nbsp;money market funds at least 95% of the
    assets of which constitute Cash Equivalents of the kinds
    described in clauses&nbsp;(1) through (5) of this definition.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Change of Control&#148;
</FONT></I><FONT size="2">means the occurrence of any of the
following:
</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">(1)&nbsp;the sale, transfer, conveyance or other
    disposition, other than by way of merger or consolidation, in
    one or a series of related transactions, of all or substantially
    all of the assets of AirGate and its Subsidiaries taken as a
    whole to any &#147;person,&#148; as such term is used in
    Section&nbsp;13(d)(3) of the Exchange Act;
    </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">(2)&nbsp;the adoption of a plan relating to the
    liquidation or dissolution of AirGate;
    </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">(3)&nbsp;the consummation of any transaction,
    including, without limitation, any merger or consolidation, the
    result of which is that any &#147;person,&#148; as defined
    above, becomes the Beneficial Owner, directly or indirectly, of
    more than 50% of the Voting Stock of AirGate, measured by voting
    power rather than number of shares;
    </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">(4)&nbsp;the first day on which a majority of the
    members of the Board of Directors of AirGate are not Continuing
    Directors;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">75
</FONT>

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<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">(5)&nbsp;AirGate consolidates with, or merges
    with or into, any Person, or any Person consolidates with, or
    merges with or into, AirGate, in any such event pursuant to a
    transaction in which any of the outstanding Voting Stock of
    AirGate is converted into or exchanged for cash, securities or
    other property, other than any such transaction where the Voting
    Stock of AirGate outstanding immediately prior to such
    transaction is converted into or exchanged for Voting Stock,
    other than Disqualified Stock, of the surviving or transferee
    Person constituting a majority of the outstanding shares of such
    Voting Stock of such surviving or transferee Person immediately
    after giving effect to such issuance.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, a &#147;Change of
Control&#148; shall not occur under clause&nbsp;(5) above in the
event AirGate merges or consolidates with a Sprint PCS
Affiliate, if
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;after announcement of the merger or
consolidation but before consummation thereof,
</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;there shall not have occurred any
    downgrading nor shall any notice have been given (that is not
    subsequently removed prior to the consummation thereof) of any
    potential or intended downgrading of any rating of the Notes to
    a rating that is lower than the rating that existed or was
    indicated prior to the announcement of the merger or
    consolidation, in any case by a Rating Organization, that is not
    subsequently removed prior to such consummation;
    </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;there shall not have occurred any
    suspension or withdrawal of, nor shall any notice have been
    given of any potential or intended suspension or withdrawal of,
    any review (or of any potential or intended review) for a
    possible change that does not indicate the direction of the
    possible change in, any rating of the Notes (including, without
    limitation, the placing of any of the Notes on credit watch with
    negative or developing implications or under review with an
    uncertain direction) by any Rating Organization, in each case
    that is not subsequently removed prior to the consummation of
    such merger or consolidation;
    </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;there shall not have occurred any
    change, nor shall any notice have been given of any potential or
    intended change, in the outlook for any rating of the Notes to a
    rating that is lower than the rating that existed or was
    indicated prior to the announcement of the merger or
    consolidation, in any case by any Rating Organization, that is
    not subsequently removed prior to the consummation of such
    merger or consolidation;
    </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;no Rating Organization shall have given
    notice that it has assigned (or is considering assigning) a
    rating to the Notes that is lower than the rating that existed
    or was indicated prior to the announcement of the merger or
    consolidation, that is not subsequently removed prior to such
    consummation;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;the Beneficial Owners of Voting Stock of
AirGate prior to the merger or consolidation continue to be the
Beneficial Owners of at least 35% of the outstanding Voting
Stock of AirGate or the surviving Person after the merger or
consolidation;&nbsp;and
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;a majority of the members of the Board
of Directors and the 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 or the surviving Person after the merger or
consolidation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Closing Date&#148;
</FONT></I><FONT size="2">means the date on which the Notes are
originally issued under the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Collateral&#148;
</FONT></I><FONT size="2">means, collectively, all of the
property and assets that are from time to time subject to or
required to be subject to the Liens created under the Security
Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Debt&#148;
</FONT></I><FONT size="2">means the aggregate amount of
Indebtedness of AirGate and its Restricted Subsidiaries on a
Consolidated basis outstanding at the date of determination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Debt to Operating Cash Flow
Ratio&#148; </FONT></I><FONT size="2">means, at any date of
determination, the ratio of (i)&nbsp;Consolidated Debt to
(ii)&nbsp;the Operating Cash Flow for the period of the latest
four fiscal quarters for which consolidated financial statements
of AirGate are available.
</FONT>

<P align="center"><FONT size="2">76
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Interest Expense&#148;
</FONT></I><FONT size="2">of any Person means, for any period,
(1)&nbsp;the aggregate interest expense and fees and other
financing costs in respect of Indebtedness (including
amortization of original issue discount and non-cash interest
payments and accruals), (2)&nbsp;the interest component in
respect of Capital Lease Obligations and any deferred payment
obligations of such Person and its Restricted Subsidiaries
determined on a consolidated basis in accordance with GAAP,
(3)&nbsp;all commissions, discounts, other fees and charges owed
with respect to letters of credit and bankers&#146; acceptance
financing and net costs (including amortization of discounts)
associated with interest rate swap and similar agreements and
with foreign currency hedge, exchange and similar agreements and
(4)&nbsp;the product of (a)&nbsp;all dividend payments, whether
or not in cash, on any series of Preferred Capital Stock of such
Person or any of its Restricted Subsidiaries, other than
dividend payments on Capital Stock payable solely in Capital
Stock of AirGate (other than Disqualified Stock) or to AirGate
or its Restricted Subsidiaries, times (b)&nbsp;a fraction, the
numerator of which is one and the denominator of which is one
minus the then current combined federal, state and local
statutory tax rate of such Person, expressed as a decimal, in
each case, on a consolidated basis in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Net Income&#148;
</FONT></I><FONT size="2">means, with respect to any specified
Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a
consolidated basis, determined in accordance with GAAP;
<I>provided </I>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">(1)&nbsp;the Net Income, but not loss, of any
    Person that is not a Restricted Subsidiary or that is accounted
    for by the equity method of accounting shall be included only to
    the extent of the amount of dividends or distributions paid in
    cash to the specified Person or a Wholly Owned Subsidiary
    thereof;
    </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">(2)&nbsp;the Net Income of any Restricted
    Subsidiary shall be excluded to the extent that the declaration
    or payment of dividends or similar distributions by that
    Restricted Subsidiary of that Net Income is not at the date of
    determination permitted without any prior governmental approval
    that has not been obtained or, directly or indirectly, by
    operation of the terms of its charter or any agreement,
    instrument, judgment, decree, order, statute, rule or
    governmental regulation applicable to that Restricted Subsidiary
    or its stockholders;
    </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">(3)&nbsp;the Net Income, but not loss, of any
    Unrestricted Subsidiary shall be excluded, whether or not
    distributed to the specified Person or one of its
    Subsidiaries;&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">(4)&nbsp;the cumulative effect of a change in
    accounting principles shall be excluded.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Net Worth&#148;
</FONT></I><FONT size="2">means, with respect to any Person as
of any date of determination, the sum 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">(1)&nbsp;the consolidated equity of the common
    stockholders of such Person and its consolidated Subsidiaries as
    of such date; plus
    </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">(2)&nbsp;the respective amounts reported on such
    Person&#146;s balance sheet as of such date with respect to any
    series of preferred stock, other than Disqualified Stock, that
    by its terms is not entitled to the payment of dividends unless
    such dividends may be declared and paid only out of net earnings
    in respect of the year of such declaration and payment, but only
    to the extent of any cash received by such Person upon issuance
    of such preferred stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidation&#148;
</FONT></I><FONT size="2">means the consolidation of the
accounts of each of the Restricted Subsidiaries with those of
AirGate, if and to the extent that the accounts of each such
Restricted Subsidiary would normally be consolidated with those
of AirGate in accordance with generally accepted accounting
principles; <I>provided, however</I>, that
&#147;Consolidation&#148; shall not include consolidation of the
accounts of any Unrestricted Subsidiary, but the interest of
AirGate or any Restricted Subsidiary in any Unrestricted
Subsidiary shall be accounted for as an investment. The term
&#147;Consolidated&#148; has a correlative meaning.
</FONT>

<P align="center"><FONT size="2">77
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Continuing Directors&#148;
</FONT></I><FONT size="2">means, as of any date of
determination, any member of the Board of Directors of AirGate
who:
</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">(1)&nbsp;was a member of such Board of Directors
    on the date of the Indenture;&nbsp;or
    </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">(2)&nbsp;was nominated for election or elected to
    such Board of Directors with the approval of a majority of the
    Continuing Directors who were members of such Board at the time
    of such nomination or election.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Default&#148;
</FONT></I><FONT size="2">means any event that is, or with the
passage of time or the giving of notice or both would be, an
Event of Default.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Disqualified Stock&#148;
</FONT></I><FONT size="2">means any Capital Stock that, by its
terms, or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at
the option of the holder thereof, or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior
to the date that is 91&nbsp;days after the date on which the
Notes mature. Notwithstanding the preceding sentence, any
Capital Stock that would constitute Disqualified Stock solely
because the holders thereof have the right to require AirGate to
repurchase such Capital Stock upon the occurrence of a Change of
Control or an Asset Sale shall not constitute Disqualified Stock
if the &#147;asset sale&#148; or &#147;change of control&#148;
provisions applicable to such Capital Stock are no more
favorable to the holders of such Capital Stock than the
provisions contained in the &#147;Repurchase at the Option of
Holders&nbsp;&#151; Change of Control&#148; and
&#147;&#151;&nbsp;Asset Sales&#148; covenants described above
and such Capital Stock specifically provides that such Person
will not repurchase or redeem any such stock pursuant to such
provision prior to AirGate&#146;s repurchase of the Notes as are
required pursuant to such covenants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Equity Interests&#148;
</FONT></I><FONT size="2">means Capital Stock and all warrants,
options or other rights to acquire Capital Stock, but excludes
any debt security that is convertible into, or exchangeable for,
Capital Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Equity Offering&#148;
</FONT></I><FONT size="2">means either (a)&nbsp;an underwritten
public offering of Qualified Capital Stock of the Company
pursuant to a registration statement filed with the Commission
in accordance with the Securities Act or (b)&nbsp;the sale of
Qualified Capital Stock of the Company to one or more accredited
or institutional investors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Event of Loss&#148;
</FONT></I><FONT size="2">means, with respect to any property,
any (i)&nbsp;loss, destruction or damage of or to such property
or (ii)&nbsp;condemnation, seizure or taking, by exercise of the
power of eminent domain or otherwise, of such property, or
confiscation or requisition of the use of such property.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Event of Termination&#148;
</FONT></I><FONT size="2">means any of the events described in
(1)&nbsp;Section&nbsp;11.3 of the Management Agreement;
(2)&nbsp;Section&nbsp;13.2 of the Trademark Agreement or
(3)&nbsp;Section&nbsp;13.2 of the Spectrum Trademark Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Existing Indebtedness&#148;
</FONT></I><FONT size="2">means the $159.0&nbsp;million in
aggregate principal amount of Indebtedness of AirGate and its
Restricted Subsidiaries in existence on the date of the
Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;First Priority Indebtedness&#148;
</FONT></I><FONT size="2">means the Notes, the Guarantees and
any other Indebtedness of AirGate and the Guarantors that is
secured by a Lien permitted by clause&nbsp;(15)&nbsp;of the
definition of &#147;Permitted Liens.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;GAAP&#148;
</FONT></I><FONT size="2">means generally accepted accounting
principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in
effect from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Government Securities&#148;
</FONT></I><FONT size="2">means (1)&nbsp;any security which is
(a)&nbsp;a direct obligation of the United States of America for
the payment of which the full faith and credit of the United
States of America is pledged or (b)&nbsp;an obligation of a
Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of
which is unconditionally guaranteed as a full faith and credit
</FONT>

<P align="center"><FONT size="2">78
</FONT>

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<DIV align="left">
<FONT size="2">obligation of the United States of America,
which, in either case, is not callable or redeemable at the
option of the issuer thereof, and (2)&nbsp;any depository
receipt issued by a bank, as defined in the Securities Act, as
custodian with respect to any Government Securities and held by
such bank for the account of the holder of such depository
receipt, or with respect to any specific payment of principal of
or interest on any Government Securities which is so specified
and held, <I>provided</I> that, except as required by law, such
custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the Government
Securities or the specific payment of principal or interest
evidenced by such depository receipt.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guarantee&#148;
</FONT></I><FONT size="2">means any guarantee of the Notes by
any Guarantor pursuant to the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guarantors&#148;
</FONT></I><FONT size="2">means each of AGW Leasing Company,
Inc., AirGate Network Services, LLC and AirGate Service Company,
Inc. and any future subsidiary that guarantees the Notes in
accordance with the provisions of the Indenture, and their
respective successors and assigns.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Hedging Obligations&#148;
</FONT></I><FONT size="2">means, with respect to any Person, the
obligations of such Person under:
</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">(1)&nbsp;interest rate swap agreements, interest
    rate cap agreements and interest rate collar agreements;&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">(2)&nbsp;other agreements or arrangements
    designed to protect such Person against fluctuations in interest
    rates.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Indebtedness&#148;
</FONT></I><FONT size="2">means, with respect to any Person on
any date of determination (without duplication):
</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">(1)&nbsp;the principal of and premium (if any) in
    respect of (i)&nbsp;debt of such Person for money borrowed, and
    (ii)&nbsp;debt evidenced by notes, debentures, bonds or other
    similar instruments for the payment of which such Person is
    responsible or liable;
    </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">(2)&nbsp;all Capital Lease Obligations of such
    Person and all Attributable Debt in respect of Sale and
    Leaseback Transactions entered into by such Person;
    </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">(3)&nbsp;all obligations of such Person issued or
    assumed as the deferred purchase price of property, all
    conditional sale obligations of such Person and all obligations
    of such Person under any title retention agreement (but
    excluding trade accounts payable arising in the ordinary course
    of business);
    </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">(4)&nbsp;all obligations of such Person for the
    reimbursement of any obligor on any letter of credit,
    banker&#146;s acceptance or similar credit transactions (other
    than obligations with respect to letters of credit securing
    obligations (other than obligations described in
    (1)&nbsp;through (3) above) entered into in the ordinary course
    of business of such Person to the extent such letters of credit
    are not drawn upon or, if and to the extent drawn upon, such
    drawing is reimbursed no later than the third business day
    following receipt by such Person of a demand for reimbursement
    following payment on the letter of credit);
    </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">(5)&nbsp;the amount of all obligations of such
    Person with respect to the repayment of any Disqualified Stock
    or, with respect to any Subsidiary of such Person, any Preferred
    Capital Stock (but excluding, in each case, any accrued
    dividends);
    </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">(6)&nbsp;all obligations of the type referred to
    in clauses&nbsp;(1) through (5) of other Persons and all
    dividends of other Persons for the payment of which, in either
    case, such Person is responsible or liable, directly or
    indirectly, as obligor, guarantor or otherwise, including by
    means of any Guarantee;
    </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">(7)&nbsp;all obligations of the type referred to
    in clauses&nbsp;(1) through (6) of other Persons secured by any
    Lien on any property of such Person (whether or not such
    obligation is assumed by such Person), the amount of such
    obligation being deemed to be the lesser of the value of such
    property or the amount of the obligation so secured;&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">(8)&nbsp;to the extent not otherwise included in
    this definition, Hedging Obligations of such Person.
    </FONT></TD>
</TR>

</TABLE>

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</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of Indebtedness of any Person at any
date shall be the outstanding balance at such date of all
unconditional obligations as described above and the maximum
liability, upon the occurrence of the contingency giving rise to
the obligation, of any contingent obligations at such date. The
amount of Indebtedness represented by a Hedging Obligation shall
be equal to (i)&nbsp;zero if such Hedging Obligation has been
incurred pursuant to clause&nbsp;(6) of the second paragraph of
the covenant described under &#147;&#151;&nbsp;Selected
Covenants&nbsp;&#151; Limitation on Incurrence of Indebtedness
and Issuance of Preferred Stock;&#148; or (ii)&nbsp;the notional
amount of such Hedging Obligation if not incurred pursuant to
such clause.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Intercreditor Agreement&#148;
</FONT></I><FONT size="2">means the intercreditor agreement,
dated as of the Closing Date, between the Collateral Agent and
the collateral agent for the Second Priority Notes, and
consented to by AirGate and the Guarantors as the same may be
amended, supplemented, restated, replaced or otherwise modified
form time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Investments&#148;
</FONT></I><FONT size="2">means, with respect to any Person, all
investments by such Person in other Persons, including
Affiliates, in the forms of direct or indirect loans, including
guarantees of Indebtedness or other obligations, advances or
capital contributions, excluding commission, travel and similar
advances to officers and employees made in the ordinary course
of business, purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together
with all items that are or would be classified as investments on
a balance sheet prepared in accordance with GAAP. If AirGate or
any Restricted Subsidiary of AirGate sells or otherwise disposes
of any Equity Interests of any direct or indirect Restricted
Subsidiary of AirGate such that, after giving effect to any such
sale or disposition, such Person is no longer a Restricted
Subsidiary of AirGate, AirGate shall be deemed to have made an
Investment on the date of any such sale or disposition equal to
the fair market value of the Equity Interests of such Restricted
Subsidiary not sold or disposed of in an amount determined as
provided in the final paragraph of the covenant described above
under the caption &#147;&#151;&nbsp;Selected
Covenants&nbsp;&#151; Limitation on Restricted Payments.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Lien&#148;
</FONT></I><FONT size="2">means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including
any conditional sale or other title retention agreement, any
lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform
Commercial Code, or equivalent statutes, of any jurisdiction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Management Agreement&#148;
</FONT></I><FONT size="2">means the Management Agreement between
SprintCom, Inc. and AirGate, dated as of July&nbsp;22, 1998, and
any exhibits, schedules or addendum thereto, as such may be
amended, modified or supplemented from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Net Income&#148;
</FONT></I><FONT size="2">means, with respect to any Person, the
net income (loss) of such Person and its Restricted
Subsidiaries, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding,
<I>however</I>:
</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">(1)&nbsp;any gain, but not loss, together with
    any related provision for taxes on such gain (but not loss),
    realized in connection with: (a)&nbsp;any Asset Sale; or
    (b)&nbsp;the disposition of any securities by such Person or any
    of its Restricted Subsidiaries or the extinguishment of any
    Indebtedness of such Person or any of its Restricted
    Subsidiaries;&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">(2)&nbsp;any extraordinary gain, but not loss,
    together with any related provision for taxes on such
    extraordinary gain, but not loss.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Net Loss Proceeds&#148;
</FONT></I><FONT size="2">means the aggregate cash proceeds
received by AirGate or any of its Restricted Subsidiaries in
respect of any Event of Loss, including, without limitation,
insurance proceeds from condemnation awards or damages awarded
by any judgment, net of the direct costs of recovery of such Net
Loss Proceeds (including, without limitation, legal, accounting,
appraisal and insurance adjuster fees and any relocation
expenses incurred as a result thereof), amounts required to be
applied to the repayment of Indebtedness secured by a Permitted
Lien on the property subject to such Event of Loss ranking
senior to the Lien securing the Notes (<I>provided</I>, that in
case of any Event of Loss involving Collateral, such Lien
</FONT>

<P align="center"><FONT size="2">80
</FONT>

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<DIV align="left">
<FONT size="2">constitutes a Permitted Lien of the type
described in clauses&nbsp;(2), (3), (5), (8) or (9) of the
definition of Permitted Liens that is permitted to be senior to
the Liens granted to the Collateral Agent pursuant to the
Security Documents on the property that was the subject of such
Event of Loss), and any taxes attributable to such Event of Loss
paid or payable as a result thereof.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Net Proceeds&#148;
</FONT></I><FONT size="2">means the aggregate cash proceeds
received by AirGate or any of its Restricted Subsidiaries in
respect of any Asset Sale, including, without limitation, any
cash received upon the sale or other disposition of any non-cash
consideration received in any Asset Sale, net of the direct
costs relating to such Asset Sale, including, without
limitation, legal, accounting and investment banking fees, and
sales commissions, and any relocation expenses incurred as a
result thereof, taxes paid or payable as a result thereof, in
each case after taking into account any available tax credits or
deductions and any tax sharing arrangements and amounts required
to be applied to the repayment of Indebtedness secured by a
Permitted Lien of the type described in clauses&nbsp;(2), (3),
(5), (8) or (9) of the definition of Permitted Liens on the
asset or assets that were the subject of such Asset Sale ranking
senior to the Liens securing the Notes and appropriate amounts
to be provided by AirGate or any Restricted Subsidiary, as the
case may be, as a reserve required in accordance with GAAP
against any liabilities associated with such Asset Sale and
retained by AirGate or any Restricted Subsidiary, as the case
may be, after such Asset Sale, including, without limitation,
pension and other post-employment benefit liabilities,
liabilities related to environmental matters and liabilities
under any indemnification obligations associated with such Asset
Sale.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Non-Recourse Debt&#148;
</FONT></I><FONT size="2">means Indebtedness:
</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">(1)&nbsp;as to which neither AirGate nor any of
    its Restricted Subsidiaries (a)&nbsp;provides credit support of
    any kind, including any undertaking, agreement or instrument
    that would constitute Indebtedness, (b)&nbsp;is directly or
    indirectly liable as a guarantor or otherwise, or
    (c)&nbsp;constitutes the lender;
    </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">(2)&nbsp;no default with respect to which,
    including any rights that the holders thereof may have to take
    enforcement action against an Unrestricted Subsidiary, would
    permit upon notice, lapse of time or both any holder of any
    other Indebtedness, other than the Notes, of AirGate or any of
    its Restricted Subsidiaries to declare a default on such other
    Indebtedness or cause the payment thereof to be accelerated or
    payable prior to its stated maturity; 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">(3)&nbsp;as to which the lenders have been
    notified in writing that they will not have any recourse to the
    stock or assets of AirGate or any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Obligations&#148;
</FONT></I><FONT size="2">means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and
other liabilities of any kind payable under the documentation
governing any Indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Officers&#146; Certificate&#148;
</FONT></I><FONT size="2">means a certificate signed by the
Chairman of the Board, the President or a Vice President, and by
the Treasurer, an Assistant Treasurer, the Secretary, or an
Assistant Secretary, of AirGate, and delivered to the Trustee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Operating Cash Flow&#148;
</FONT></I><FONT size="2">means, for any period, AirGate&#146;s
Consolidated Net Income (Loss) plus, to the extent deducted in
calculating Consolidated Net Income (Loss) for such period
(i)&nbsp;depreciation, amortization and other non-cash charges,
(ii)&nbsp;all amounts in respect of Consolidated Interest
Expense, and all income taxes, whether or not deferred,
applicable to such income period, all as determined on a
consolidated basis in accordance with generally accepted
accounting principles, (iii)&nbsp;amounts actually incurred in
pursuit of claims against, or disputing claims by, Sprint PCS or
any of its Affiliates, in an aggregate amount not to exceed
$2&nbsp;million in any one fiscal year period, <I>provided
</I>that any portion of such amount not expended in any such
one-year period may be carried forward into the succeeding
one-year period but not in any subsequent year,
(iv)&nbsp;amounts not in excess of $5&nbsp;million in start-up
costs actually incurred in connection with the provision of
billing and customer care services and any similar services by
AirGate or an Affiliate that had been provided to AirGate
pursuant to the Sprint Agreements, (v)&nbsp;any restructuring
costs or charges incurred in connection with the restructuring
transactions described in this offering memorandum. For purposes
of calculating Operating Cash Flow for the four fiscal quarters
most
</FONT>

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<DIV align="left">
<FONT size="2">recently completed for which financial statements
are available prior to any date on which an action is taken that
requires a calculation of the Operating Cash Flow to
Consolidated Interest Expense Ratio or Consolidated Debt to
Operating Cash Flow Ratio, (1)&nbsp;any Person that is a
Restricted Subsidiary on such date (or would become a Restricted
Subsidiary in connection with the transaction that requires the
determination of such ratio) will be deemed to have been a
Restricted Subsidiary at all times during such period,
(2)&nbsp;any Person that is not a Restricted Subsidiary on such
date (or would cease to be a Restricted Subsidiary in connection
with the transaction that requires the determination of such
ratio) will be deemed not to have been a Restricted Subsidiary
at any time during such period and (3)&nbsp;if AirGate or any
Restricted Subsidiary shall have in any manner acquired
(including through commencement of activities constituting such
operating business) or disposed of (including through
termination or discontinuance of activities constituting such
operating business) any operating business during or subsequent
to the most recently completed four fiscal quarters, such
calculation will be made on a <I>pro forma</I> basis on the
assumption that such acquisition or disposition had been
completed on the first day of such completed period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Paying Agent&#148;
</FONT></I><FONT size="2">means any Person authorized by AirGate
to pay the principal of, and premium, if any, or interest on any
Notes on behalf of AirGate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted Business&#148;
</FONT></I><FONT size="2">means the business primarily involved
in (a)&nbsp;the ownership, design, construction, development,
acquisition, installation, integration, management and/or
provision of communications systems, (b)&nbsp;the delivery or
distribution of communications, voice, data or video services,
(c)&nbsp;the provision of management, billing or customer care
services or (d)&nbsp;any business or activity reasonably related
or ancillary thereto, including, without limitation, any
business conducted by AirGate or any Restricted Subsidiary on
the Closing Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted Investments&#148;
</FONT></I><FONT size="2">means:
</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">(1)&nbsp;any Investment in AirGate or in a Wholly
    Owned Restricted Subsidiary of AirGate that is a Guarantor;
    </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">(2)&nbsp;any Investment in Cash Equivalents;
    </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">(3)&nbsp;any Investment by AirGate or any
    Restricted Subsidiary of AirGate in a Person, if as a result of
    such Investment:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;such Person becomes a Wholly Owned
    Restricted Subsidiary of AirGate;&nbsp;or
    </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;such Person is merged, consolidated or
    amalgamated with or into, or transfers or conveys substantially
    all of its assets to, or is liquidated into, AirGate or a Wholly
    Owned Restricted Subsidiary of AirGate;
    </FONT></TD>
</TR>

</TABLE>
<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">(4)&nbsp;any Investment made as a result of the
    receipt of non-cash consideration from an Asset Sale that was
    made pursuant to and in compliance with the covenant described
    above under the caption &#147;Repurchase at the Option of
    Holders&nbsp;&#151; Asset Sales&#148;;
    </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">(5)&nbsp;any acquisition of assets solely in
    exchange for the issuance of Equity Interests, other than
    Disqualified Stock, of AirGate;
    </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">(6)&nbsp;Investments, the payment of which
    consists only of Equity Interests, other than Disqualified
    Stock, of AirGate;
    </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">(7)&nbsp;Investments of up to $7.5&nbsp;million
    during the period from the Issue Date to December&nbsp;31, 2004
    less the amount of any Investments made prior to the Issue Date
    and during fiscal 2004 (but not less than zero),
    $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
    (i)&nbsp;will engage in a related telecommunications service
    business, (ii)&nbsp;will bid on, own or lease spectrum or
    (iii)&nbsp;will provide management, billing or customer care
    services; <I>provided </I>that, at the time of such Investment,
    AirGate could have incurred $1.00 of additional debt pursuant to
    the first paragraph of the covenant described in &#147;Selected
    Covenants&nbsp;&#151; Limitation on Incurrence of Indebtedness
    and Issuance of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">82
</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">Preferred Stock&#148;; <I>provided, further</I>,
    that such amounts will be included in the calculation of
    subsequent Restricted Payments under the covenant described in
    &#147;Selected Covenants&nbsp;&#151; Limitation on Restricted
    Payments.&#148;
    </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">(8)&nbsp;Investments in one or more transactions,
    not to exceed an aggregate of $5&nbsp;million, in one or more
    entities that will provide management, billing or customer care
    services;&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">(9)&nbsp;other Investments in any Person having
    an aggregate fair market value, measured on the date each such
    Investment was made and without giving effect to subsequent
    changes in value, when taken together with all other Investments
    made pursuant to this clause&nbsp;(9) since the date of the
    Indenture, not to exceed $5.0&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted Liens&#148;
</FONT></I><FONT size="2">means:
</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">(1)&nbsp;Liens in favor of AirGate or the
    Guarantors;
    </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">(2)&nbsp;Liens on property of a Person existing
    at the time such Person is merged with or into or consolidated
    with AirGate or any Restricted Subsidiary of AirGate;
    <I>provided </I>that such Liens (a)&nbsp;were in existence prior
    to the contemplation of such merger or consolidation,
    (b)&nbsp;are not incurred in anticipation of or in connection
    with such merger or consolidation, and (c)&nbsp;do not extend to
    any assets other than those of the Person merged into or
    consolidated with AirGate or the Restricted Subsidiary;
    </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">(3)&nbsp;Liens on property existing at the time
    of acquisition thereof by AirGate or any Restricted Subsidiary
    of AirGate, <I>provided </I>that such Liens (a)&nbsp;were in
    existence prior to the contemplation of such acquisition,
    (b)&nbsp;are not incurred in anticipation of or in connection
    with the acquisition of such property and (c)&nbsp;do not extend
    to any assets other than those of the property acquired;
    </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">(4)&nbsp;Liens and deposits made to secure the
    performance of statutory obligations, surety or appeal bonds,
    performance bonds, letters of credit or other obligations of a
    like nature incurred in the ordinary course of business;
    </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">(5)&nbsp;Liens to secure Indebtedness, including
    Capital Lease Obligations, permitted by clause&nbsp;(3) of the
    second paragraph of the covenant entitled &#147;Limitation on
    Incurrence of Indebtedness and Issuance of Preferred Stock&#148;
    covering only the assets acquired with such Indebtedness;
    </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">(6)&nbsp;Liens existing on the date of the
    Indenture including Liens securing the Second Priority Notes
    outstanding on the Issue Date; <I>provided</I>that any Liens
    securing the Second Priority Notes are subordinated to the Lien
    of the Security Documents pursuant to the terms of the
    Intercreditor 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">(7)&nbsp;Liens for taxes, assessments or
    governmental charges or claims that are not yet delinquent or
    that are being contested in good faith by appropriate
    proceedings promptly instituted and diligently concluded,
    <I>provided </I>that any reserve or other appropriate provision
    as shall be required in conformity with GAAP shall have been
    made therefor;
    </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">(8)&nbsp;Liens incurred in the ordinary course of
    business of AirGate or any Restricted Subsidiary of AirGate with
    respect to obligations that do not exceed $5.0&nbsp;million at
    any one time outstanding;
    </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">(9)&nbsp;Liens on property or shares of stock of
    a Person at the time such Person becomes a Subsidiary;
    <I>provided, however</I>, that any such Lien may not extend to
    any other property owned by AirGate or any Restricted
    Subsidiary; <I>provided, further</I>, that such Liens are not
    incurred in anticipation of or in connection with the
    transaction or series of related transactions pursuant to which
    such Person became a Restricted Subsidiary;
    </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">(10)&nbsp;Liens securing the Notes and the
    Guarantees outstanding on the Closing Date;
    </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">(11)&nbsp;Liens to secure any refinancing,
    refunding, extension, renewal or replacement (or successive
    refinancings, refundings, extensions, renewals or replacements)
    as a whole, or in part, of any Indebtedness secured by any Lien
    referred to in the foregoing clauses&nbsp;(2), (3),
    and&nbsp;(6); <I>provided </I>that
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">83
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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">if the Liens securing the obligations being
    refinanced, refunded, extended, renewed or replaced are junior
    to the Liens securing the Notes and the Guarantees, such
    replacement Liens are junior to the Liens securing the Notes and
    the Guarantees to at least the same extent;
    </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">(12)&nbsp;Liens imposed by law, such as
    carriers&#146;, warehousemen&#146;s and mechanics&#146; liens,
    in each case for sums not yet due or being contested in good
    faith by appropriate proceedings, or other Liens arising out of
    judgments or awards against such Person not giving rise to an
    Event of Default so long as any appropriate legal proceeding
    that may have been duly initiated for the review of such
    judgment or award shall have been finally determined, or the
    period within which such proceeding may be initiated shall not
    have expired;
    </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">(13)&nbsp;Liens on assets of AirGate or any
    Restricted Subsidiary arising as a result of a sale and
    leaseback transaction with respect to such assets; <I>provided
    </I>that the proceeds from such sale and leaseback transaction
    are applied in accordance with the covenant described above
    under the caption &#147;&#151;&nbsp;Repurchase at the Option of
    Holders&nbsp;&#151; Asset Sales;&#148;
    </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">(14)&nbsp;Liens to secure Indebtedness (and any
    guarantee of such Indebtedness) permitted to be incurred under
    (i)&nbsp;clause&nbsp;(11) of the covenant described in the
    caption &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151;
    Limitation of Incurrence of Indebtedness and Issuance of
    Preferred Stock&#148; or (ii)&nbsp;the first paragraph of such
    covenant, <I>provided </I>that such Liens shall be junior to the
    Liens securing the Notes to at least the same extent as the
    Liens securing the Second Priority Notes;&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">(15)&nbsp;Liens on the Collateral ranking pari
    passu with the Liens securing the Notes securing Indebtedness
    incurred pursuant to the first paragraph of the &#147;Limitation
    on Incurrence of Indebtedness and Issuance of Preferred
    Stock&#148; covenant, including any additional Notes, not to
    exceed $50&nbsp;million in aggregate principal amount at any
    time outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted Refinancing Indebtedness&#148;
</FONT></I><FONT size="2">means any Indebtedness of AirGate or
any of its Restricted Subsidiaries issued in exchange for, or
the net proceeds of which are used to extend, refinance, renew,
replace, defease or refund other Indebtedness of AirGate or any
of its Restricted Subsidiaries, other than intercompany
Indebtedness; <I>provided </I>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">(1)&nbsp;the principal amount, or accreted value,
    if applicable, of such Permitted Refinancing Indebtedness does
    not exceed the principal amount of, or accreted value, if
    applicable, plus the amount of any premium required to be paid
    in connection with such refinancing pursuant to the terms of the
    Indebtedness refinanced or the amount of any premium reasonably
    determined by AirGate as necessary to accomplish such
    refinancing, plus accrued interest on, the Indebtedness so
    extended, refinanced, renewed, replaced, defeased or refunded,
    plus the amount of reasonable expenses incurred in connection
    therewith;
    </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">(2)&nbsp;such Permitted Refinancing Indebtedness
    has a final maturity date later than the final maturity date of,
    and has a Weighted Average Life to Maturity equal to or greater
    than the Weighted Average Life to Maturity of, the Indebtedness
    being extended, refinanced, renewed, replaced, defeased or
    refunded;
    </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">(3)&nbsp;if the Indebtedness being extended,
    refinanced, renewed, replaced, defeased or refunded is
    subordinated in right of payment to the Notes, such Permitted
    Refinancing Indebtedness has a final maturity date later than
    the final maturity date of, and is subordinated in right of
    payment to, the Notes on terms at least as favorable to the
    holders of Notes as those contained in the documentation
    governing the Indebtedness being extended, refinanced, renewed,
    replaced, defeased or refunded;&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">(4)&nbsp;such Indebtedness is incurred either by
    AirGate or by the Restricted Subsidiary who is the obligor on
    the Indebtedness being extended, refinanced, renewed, replaced,
    defeased or refunded.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Person&#148;
</FONT></I><FONT size="2">means any individual, corporation,
partnership, joint venture, limited liability company, trust,
unincorporated organization or government or any agency or
political subdivision thereof or other entity of any nature.
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Preferred Capital Stock,&#148;
</FONT></I><FONT size="2">as applied to the Capital Stock of any
Person, means Capital Stock of such Person of any class or
classes, however designated, that ranks prior, as to the payment
of dividends or as to the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up
of such Person, to shares of Capital Stock of any other class of
such Person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Qualified Capital Stock&#148;
</FONT></I><FONT size="2">means any Capital Stock that is not
Disqualified Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Rating Organization&#148;
</FONT></I><FONT size="2">means Standard&nbsp;&#38; Poor&#146;s
Ratings Service, a division of The McGraw-Hill Companies Inc.,
or Moody&#146;s Investors Service, Inc. and their respective
successors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Restricted Subsidiary&#148;
</FONT></I><FONT size="2">of a Person means any Subsidiary of
the referent Person that is not an Unrestricted Subsidiary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Sale and Leaseback Transaction&#148;
</FONT></I><FONT size="2">means any arrangement with any Person
(other than AirGate or a Subsidiary), or to which any such
Person is a party, providing for the leasing, pursuant to a
capital lease that would at such time be required to be
capitalized on a balance sheet in accordance with GAAP, to
AirGate or a Restricted Subsidiary of any property or asset
which has been or is to be sold or transferred by AirGate or
such Restricted Subsidiary to such Person or to any other Person
(other than AirGate or a Subsidiary) to which funds have been or
are to be advanced by such Person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Second Priority Notes&#148;
</FONT></I><FONT size="2">means $159.0&nbsp;million aggregate
principal amount of Senior Subordinated Secured Notes due
September&nbsp;1, 2009 issued under an indenture dated as of
February&nbsp;4, 2004 by and among The Bank of New York
Trust&nbsp;Company, N.A. as trustee, AirGate and the subsidiary
guarantors named therein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Second Priority Notes&nbsp;Closing
Date&#148; </FONT></I><FONT size="2">means the date upon which
the Second Priority Notes were first issued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Security Documents&#148;
</FONT></I><FONT size="2">means, collectively, the security
agreements, pledge agreements, mortgages, deeds of trust,
pledges, collateral assignments and other agreements or
instruments, as amended, supplemented, replaced or otherwise
modified from time to time, that evidence or create a security
interest in any or all of the Collateral in favor of the Trustee
and any Holders of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Significant Subsidiary&#148;
</FONT></I><FONT size="2">means any Subsidiary that would be a
&#147;significant subsidiary&#148; as defined in Article&nbsp;1,
Rule&nbsp;1-02 of Regulation&nbsp;S-X, promulgated pursuant to
the Act, as such Regulation is in effect on the date hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Spectrum Trademark Agreement&#148;
</FONT></I><FONT size="2">means the Sprint Trademark and Service
Mark License Agreement between Sprint Spectrum L.P. and AirGate,
dated as of July&nbsp;&nbsp;22, 1998, and any exhibits,
schedules or addendum thereto, as such may be amended, modified
or supplemented from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Sprint Agreements&#148;
</FONT></I><FONT size="2">means the (1)&nbsp;Management
Agreement; (2)&nbsp;Sprint PCS Services Agreement between Sprint
Spectrum L.P. and AirGate, dated as of July&nbsp;&nbsp;22, 1998,
and any exhibits, schedules or addendum thereto, as such may be
amended, modified or supplemented from time to time;
(3)&nbsp;Trademark Agreement; and (4)&nbsp;Spectrum Trademark
Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Sprint PCS Affiliate&#148;
</FONT></I><FONT size="2">means any Person whose sole or
predominant business is operating a personal communications
services business pursuant to arrangements with Sprint Spectrum
L.P. and/or its Affiliates, or their successors, similar to the
<I>Sprint Agreements</I>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Stated Maturity&#148;
</FONT></I><FONT size="2">means, with respect to any installment
of interest or principal on any series of Indebtedness, the date
on which such payment of interest or principal was scheduled to
be paid in the original documentation governing such
Indebtedness, and shall not include any contingent obligations
to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Subsidiary&#148;
</FONT></I><FONT size="2">means, with respect to any Person:
</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">(1)&nbsp;any corporation, association or other
    business entity of which more than 50% of the total voting power
    of shares of Capital Stock entitled, without regard to the
    occurrence of any contingency,
    </FONT></TD>
</TR>

</TABLE>

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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">to vote in the election of directors, managers or
    trustees thereof is at the time owned or controlled, directly or
    indirectly, by such Person or one or more of the other
    Subsidiaries of that Person, or a combination thereof;&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">(2)&nbsp;any partnership (a)&nbsp;the sole
    general partner or the managing general partner of which is such
    Person or a Subsidiary of such Person or (b)&nbsp;the only
    general partners of which are such Person or of one or more
    Subsidiaries of such Person, or any combination thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Trademark Agreement&#148;
</FONT></I><FONT size="2">means Sprint Trademark and Service
Mark License Agreement between Sprint Communications Company,
L.P. and AirGate, dated as of July&nbsp;22, 1998, and any
exhibits, schedules or addendum thereto, as such may be amended,
modified or supplemented from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Trustee&#148;
</FONT></I><FONT size="2">means the trustee under the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Unrestricted Subsidiary&#148;
</FONT></I><FONT size="2">means any Subsidiary of AirGate that
is designated by the Board of Directors as an Unrestricted
Subsidiary pursuant to a Board Resolution, but only to the
extent that such Subsidiary:
</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">(1)&nbsp;has no Indebtedness other than
    Non-Recourse Debt;
    </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">(2)&nbsp;is not party to any agreement, contract,
    arrangement or understanding with AirGate or any Restricted
    Subsidiary of AirGate unless the terms of any such agreement,
    contract, arrangement or understanding are no less favorable to
    AirGate or such Restricted Subsidiary than those that might be
    obtained at the time from Persons who are not Affiliates of
    AirGate;
    </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">(3)&nbsp;is a Person with respect to which
    neither AirGate nor any of its Restricted Subsidiaries has any
    direct or indirect obligation (a)&nbsp;to subscribe for
    additional Equity Interests or (b)&nbsp;to maintain or preserve
    such Person&#146;s financial condition or to cause such Person
    to achieve any specified levels of operating results;
    </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">(4)&nbsp;has not guaranteed or otherwise directly
    or indirectly provided credit support for any Indebtedness of
    AirGate or any of its Restricted Subsidiaries;&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">(5)&nbsp;has at least one director on its board
    of directors that is not a director or executive officer of
    AirGate or any of its Restricted Subsidiaries and has at least
    one executive officer that is not a director or executive
    officer of AirGate or any of its Restricted Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any designation of a Subsidiary of AirGate as an
Unrestricted Subsidiary shall be evidenced to the Trustee by
filing with the Trustee the Board Resolution giving effect to
such designation and an Officers&#146; Certificate certifying
that such designation complied with the preceding conditions and
was permitted by the covenant described above under the caption
&#147;&#151;&nbsp;Selected Covenants&nbsp;&#151; Limitation on
Restricted Payments.&#148; If, at any time, any Unrestricted
Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of the Indenture and any
Indebtedness of such Subsidiary shall be deemed to be incurred
by a Restricted Subsidiary of AirGate as of such date and, if
such Indebtedness is not permitted to be incurred as of such
date under the covenant described under the caption
&#147;&#151;&nbsp;Selected Covenants &nbsp;&#151; Limitation on
Incurrence of Indebtedness and Issuance of Preferred
Stock,&#148; AirGate shall be in default of such covenant. The
Board of Directors of AirGate may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary;
<I>provided </I>that such designation shall be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of AirGate
of any outstanding Indebtedness of such Unrestricted Subsidiary
and such designation shall only be permitted if (1)&nbsp;such
Indebtedness is permitted under the covenant described under the
caption &#147;&#151;&nbsp;Selected Covenants&nbsp;&#151;
Limitation on Incurrence of Indebtedness and Issuance of
Preferred Stock,&#148; calculated on a <I>pro forma </I>basis as
if such designation had occurred at the beginning of the
four-quarter reference period; and (2)&nbsp;no Default or Event
of Default would be in existence following such designation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Voting Stock&#148;
</FONT></I><FONT size="2">of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person.
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Weighted Average Life to Maturity&#148;
</FONT></I><FONT size="2">means, when applied to any
Indebtedness at any date of determination, the number of years
obtained by dividing:
</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">(1)&nbsp;the sum of the products obtained by
    multiplying (a)&nbsp;the amount of each then remaining
    installment, sinking fund, serial maturity or other required
    payments of principal, including payment at final maturity, in
    respect thereof, by (b)&nbsp;the number of years, calculated to
    the nearest one-twelfth, that will elapse between such date and
    the making of such payment; by
    </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">(2)&nbsp;the then outstanding principal amount of
    such Indebtedness.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Wholly Owned Restricted Subsidiary&#148;
</FONT></I><FONT size="2">of any Person means a Restricted
Subsidiary of such Person all of the outstanding Capital Stock
or other ownership interests of which, other than
directors&#146; qualifying shares, shall at the time be owned by
such Person or by one or more Wholly Owned Restricted
Subsidiaries of such Person.
</FONT>

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</FONT>

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<DIV align="left">
<A name='110'></A>
</DIV>

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<P align="center">
<B><FONT size="2">MATERIAL UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS</FONT></B>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a discussion of the material
United States federal income tax consequences of the exchange of
original notes issued on October&nbsp;25, 2004 for new notes and
the purchase, ownership and disposition of the new notes. This
summary deals only with notes held as capital assets and does
not address tax considerations applicable to investors that may
be subject to special tax rules such as dealers in securities,
financial institutions, insurance companies, tax-exempt
entities, partnerships and other pass-through entities,
expatriates, persons holding the notes as part of a hedging or
conversion transaction, a straddle or a constructive sale, and
persons whose functional currency is not the United States
dollar. This summary does not purport to be a complete analysis
of all the potential tax considerations relating to the exchange
offer. In addition, this discussion does not consider the effect
of any applicable foreign, state, local or other tax laws or
estate, gift or other tax laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As used in this summary: &#147;United States
Holder&#148; means a beneficial owner of the notes, who or that:
is a citizen or resident of the United States; is a corporation
(or other entity treated as a corporation) created or organized
in or under the laws of the United States or political
subdivision thereof; is an estate the income of which is subject
to United States federal income taxation regardless of its
source; or is a trust if (a)&nbsp;a United States court is able
to exercise primary supervision over the administration of the
trust and one or more United States persons have authority to
control all substantial decisions of the trust, or (b)&nbsp;the
trust has a valid election in effect under applicable United
States treasury regulations to be treated as a United States
person; A &#147;Foreign Holder&#148; is a beneficial owner of
notes that is an individual, corporation, trust or estate and
not a United States Holder; &#147;Code&#148; means the United
States Internal Revenue Code of 1986, as amended to date; and
&#147;IRS&#148; means the United States Internal Revenue Service.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a holder is an entity treated as a partnership
for United States federal income tax purposes, the tax treatment
of each partner of such partnership will generally depend upon
the status of the partner and the activities of the partnership.
Partners in partnerships which hold notes should consult their
tax advisors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Special rules may apply to certain Foreign
Holders, such as &#147;controlled foreign corporations,&#148;
&#147;passive foreign investment companies&#148; and
&#147;foreign personal holding companies,&#148; that are subject
to special treatment under the Code. Such entities should
consult their own tax advisors to determine the United States
federal, state, local and other tax consequences that may be
relevant to them or to their shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The discussion of the United States federal
income tax considerations below is based on currently existing
provisions of the Code, the applicable United States Treasury
regulations promulgated and proposed under the Code, judicial
decisions and administrative interpretations, all of which are
subject to change, possibly on a retroactive basis. Because
individual circumstances may differ, you are strongly urged to
consult your tax advisor with respect to your particular tax
situation and the particular tax effects of any state, local,
non-United States or other tax laws and possible changes in the
tax laws.
</FONT>

<P align="left">
<B><FONT size="2">The Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to this exchange offer, holders are
entitled to exchange the original notes for new notes that will
be substantially identical in all material respects to the
original notes, except that the new notes will be registered
with the SEC and therefore will not be subject to transfer
restrictions. We believe that the exchange pursuant to the
exchange offer described above will not result in a taxable
event. Accordingly,
</FONT>
<P>

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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no gain or loss will be realized by a United
    States Holder upon receipt of a new note;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holding period of the new note will include
    the holding period of the original note exchanged
    therefor,&nbsp;and
    </FONT></TD>
</TR>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
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    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the adjusted tax basis of the new note will be
    the same as the adjusted tax basis of the original note
    exchanged at the time of such exchange.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">United States Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest.</FONT></I><FONT size="2"> A United
States Holder will be required to include in gross income the
stated interest on a note at the time that such interest accrues
or is received, in accordance with the United States
Holder&#146;s regular method of accounting for United States
federal income tax purposes. The original notes were not and the
new notes will not be issued with original issue discount and
the remainder of this section so assumes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Sale, exchange, or retirement of the
notes.</FONT></I><FONT size="2"> A United States Holder&#146;s
tax basis in a note generally will be its cost. A United States
Holder generally will recognize gain or loss on the sale,
exchange or retirement (including a redemption) of a note in an
amount equal to the difference between the amount of cash plus
the fair market value of any property received, other than any
such amount attributable to accrued interest (which will be
taxable as such if not previously included in income), and the
United States Holder&#146;s tax basis in the note. Gain or loss
recognized on the sale, exchange or retirement of a note
generally will be capital gain or loss. In the case of a
non-corporate United States Holder, the federal tax rate
applicable to capital gains will depend upon the United States
Holder&#146;s holding period for the notes, with a preferential
rate available for notes held for more than one year, and upon
the United States Holder&#146;s marginal tax rate for ordinary
income. The deductibility of capital losses may be subject to
certain limitations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Market Discount.</FONT></I><FONT size="2"> If
a United States Holder purchases a new note (or purchased the
original note for which the new note was exchanged, as the case
may be) at a price that is less than its principal amount, the
excess of the principal amount over the United States
Holder&#146;s purchase price will be treated as &#147;market
discount.&#148; However, the market discount will be considered
to be zero if it is less than 1/4 of 1% of the principal amount
multiplied by the number of complete years to maturity from the
date the United States Holder purchased the note.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the market discount rules of the Code, a
United States Holder generally will be required to treat any
principal payment on, or any gain realized on the sale,
exchange, retirement or other disposition of, the note as
ordinary income (generally treated as interest income) to the
extent of the market discount which accrued but was not
previously included in income. In addition, the United States
Holder may be required to defer, until the maturity of the note
or its earlier disposition in a taxable transaction, the
deduction of all or a portion of the interest expense on any
indebtedness incurred or continued to purchase or carry the new
note (or the original note exchanged for the new note as the
case may be).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, market discount will be considered to
accrue ratably during the period from the date of acquisition of
the new note (or the original note exchanged for a new note as
the case may be) to the maturity date of the note, unless the
United States Holder makes an irrevocable election (on an
instrument-by-instrument basis) to accrue market discount under
a constant yield method. A United States Holder of a note may
elect to include market discount in income currently as it
accrues (under either a ratable or constant yield method), in
which case the rules described above regarding the treatment as
ordinary income of gain upon the disposition of the note and
upon the receipt of certain payments and the deferral of
interest deductions will not apply. The election to include
market discount in income currently, once made, applies to all
market discount obligations acquired on or after the first day
of the first taxable year to which the election applies, and may
not be revoked without the consent of the Internal Revenue
Service. United States Holders should consult their own tax
advisors before making this election.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Amortizable Bond
Premium.</FONT></I><FONT size="2"> A United States Holder that
purchases a new note (or purchased the original note for which
the new note was exchanged as the case may be) for an amount in
excess of its stated principal amount will be considered to have
purchased the note with &#147;amortizable bond premium&#148; in
an amount equal to such excess. A United States Holder may elect
to amortize the premium over the remaining term of the note
under a constant yield method. The amount amortized in any year
will be treated as a reduction to the United States
Holder&#146;s interest income from the note and will reduce the
</FONT>

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<DIV align="left">
<FONT size="2">United States Holder&#146;s tax basis in the
note. The election to amortize premium on a constant yield
method, once made, applies to all debt obligations held or
subsequently acquired by the electing United States Holder on or
after the first day of the taxable year to which the election
applies and may not be revoked without the consent of the
Internal Revenue Service. United States Holders should consult
their own tax advisors before making this election. Bond premium
on a note held by a United States Holder that does not make such
an election will decrease the gain or increase the loss
otherwise recognized upon disposition of the note.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Foreign Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest.</FONT></I><FONT size="2"> Payments
of interest on a note to a Foreign Holder will not be subject to
United States federal withholding tax provided that: the
interest is not effectively connected with the conduct by the
Foreign Holder of a trade or business in the United States; the
holder does not actually or constructively own 10% or more of
the total combined voting power of all of our classes of stock
entitled to vote; the holder is not a controlled foreign
corporation that is related to us through stock ownership; the
holder is not a bank whose receipt of interest on a note is
described in Section&nbsp;881(c)(3)(A) of the Code; and the
beneficial owner of the note certifies to us or our paying
agent, under penalties of perjury, that it is not a United
States person and provides its name and address on IRS
Form&nbsp;W-8BEN (or a suitable substitute form).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain securities clearing organizations and
other entities who are not beneficial owners may be able to
provide a signed statement to us or our paying agent. However,
in such case, the signed statement may require a copy of the
beneficial owner&#146;s W-8BEN or the substitute form.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of this summary, we refer to this
exemption from United States federal withholding tax as the
&#147;Portfolio Interest Exemption.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The gross amount of payments to a Foreign Holder
of interest that does not qualify for the Portfolio Interest
Exemption and that is not effectively connected to a United
States trade or business will be subject to United States
federal withholding tax at the rate of 30%, unless a United
States income tax treaty applies to reduce or eliminate
withholding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Foreign Holder will generally be subject to tax
in the same manner as a United States Holder with respect to
payments of interest or gain if such payments are effectively
connected with the conduct of a trade or business by the Foreign
Holder in the United States and, if an applicable tax treaty so
provides, such interest or gain is attributable to a United
States permanent establishment maintained by the Foreign Holder.
Such effectively connected income received by a Foreign Holder,
that is a corporation, may in certain circumstances be subject
to an additional &#147;branch profits tax&#148; at a 30% rate
or, if applicable, a lower treaty rate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To claim the benefit of a tax treaty or to claim
exemption from withholding because the income is effectively
connected with a United States trade or business, the Foreign
Holder must provide us or our paying agent a properly executed
IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8ECI (or a suitable
substitute form), as applicable, prior to the payment of
interest. These forms must be periodically updated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Foreign Holders should consult their own tax
advisors regarding applicable income tax treaties, which may
provide different rules.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Sale, exchange or redemption of the
notes.</FONT></I><FONT size="2"> A Foreign Holder generally will
not be subject to United States federal income tax or
withholding tax on gain realized on the sale, exchange or
retirement (including a redemption) of notes unless
</FONT>
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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the holder is an individual who was
    present in the United States for an aggregate of 183 or more
    days during the taxable year of the sale, exchange or retirement
    and certain other conditions are met,
    </FONT></TD>
</TR>

</TABLE>

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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the gain is effectively connected with
    the conduct of a trade or business of the holder in the United
    States and, if an applicable tax treaty so provides, such gain
    is attributable to a United States permanent establishment
    maintained by such holder,&nbsp;or
    </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">(3)&nbsp;a Foreign Holder is subject to tax
    pursuant to the provisions of the United States federal income
    tax law applicable to certain expatriates.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Information Reporting and Backup
Withholding</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Backup withholding and information reporting may
apply to certain payments of interest on a note and to the
proceeds of the sale, redemption or other disposition of a note.
We, our paying agent or a broker, as the case may be, will be
required to withhold from any payment a backup withholding tax,
currently at a rate of 28%, if a United States Holder (other
than an exempt recipient such as a corporation) (1)&nbsp;fails
to furnish or certify his correct taxpayer identification number
to the payor in the manner required, (2)&nbsp;is notified by the
IRS that he has failed to report payments of interest or
dividends properly or (3)&nbsp;under certain circumstances,
fails to certify that he has not been notified by the IRS that
he is subject to backup withholding for failure to report
interest or dividend payments. A United States Holder will
generally be eligible for an exemption from backup withholding
by providing a properly completed IRS Form&nbsp;W-9 to the
applicable payor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Information reporting requirements will apply to
payments of interest to Foreign Holders where such interest is
subject to withholding or is exempt from United States
withholding tax pursuant to a tax treaty, or where such interest
is exempt from United States tax under the Portfolio Interest
Exemption discussed above. Copies of these information returns
may also be made available under the provisions of a specific
treaty or agreement to the tax authorities of the country in
which the Foreign Holder resides.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The payment of the proceeds from the disposition
of notes to or through the United States office of any broker,
United States or foreign, will be subject to information
reporting and possible backup withholding unless the holder
certifies as to its non-United States status under penalties of
perjury or otherwise establishes an exemption, provided that the
broker does not have actual knowledge that the Foreign Holder is
a United States person or that the conditions of any other
exemption are not, in fact, satisfied. The payment of the
proceeds from the disposition of a note to or through a
non-United States office of a non-United States broker that is
not a &#147;United States related person&#148; will not be
subject to information reporting or backup withholding. For this
purpose, a &#147;United States related person&#148; is: a
&#147;controlled foreign corporation&#148; for United States
federal income tax purposes; a foreign person 50% or more of
whose gross income from all sources for the three-year period
ending with the close of its taxable year preceding the payment
(or for such part of the period that the broker has been in
existence), is derived from activities that are effectively
connected with the conduct of a United States trade or business;
or a foreign partnership, if at any time during its tax year,
one or more of its partners are United States persons, as
defined in the United States treasury regulations, who in the
aggregate hold more than 50% of the income or capital interests
in the partnership, or if at any time during its taxable year,
such foreign partnership is engaged in a trade or business in
the United States.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of the payment of proceeds from the
disposition of notes to or through a non-United States office of
a broker that is either a United States person or a United
States related person, United States treasury regulations
require information reporting on the payment unless the broker
has documentary evidence in its files that the owner is a
Foreign Holder and the broker has no knowledge to the contrary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any amounts withheld under the backup withholding
rules will be allowed as a refund or a credit against such
holder&#146;s United States federal income tax liability
provided the required information is furnished to the IRS.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of notes should consult their own tax
advisors regarding the application of information reporting and
backup withholding to their particular circumstances.
</FONT>

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<A name='111'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you wish to exchange your original notes in
the exchange offer, you will be required to make representations
to us as described in &#147;The Exchange Offer&nbsp;&#151;
Exchange Offer Procedures&#148; in this prospectus and in the
letter of transmittal. In addition, each broker-dealer that
receives new notes for its own account pursuant to the exchange
offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new notes. This prospectus,
as it may be amended or supplemented from time to time, may be
used by a broker-dealer in connection with resales of new notes
received in exchange for original notes where such original
notes were acquired as a result of market-making activities or
other trading activities. We have agreed to use our reasonable
best efforts to make this prospectus, as amended or
supplemented, available to any broker-dealer for a period of
90&nbsp;days after the date of this prospectus for use in
connection with any such resale.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
new notes by broker-dealers. New notes received by
broker-dealers for their own account pursuant to the exchange
offer may be sold from time to time in one or more transactions
in the over-the-counter market, in negotiated transactions,
through the writing of options on the new notes or a combination
of such methods of resale, at market prices prevailing at the
time of resale, at prices related to such prevailing market
prices or negotiated prices. Any such resale may be made
directly to purchasers or to or through brokers or dealers who
may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any
such new notes. Any broker-dealer that resells new notes that
were received by it for its own account pursuant to the exchange
offer and any broker or dealer that participates in a
distribution of such new notes may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act
and any profit on any such resale of new notes and any
commission or concessions received by any such persons may be
deemed to be underwriting compensation under the Securities Act.
The letter of transmittal states that, by acknowledging that it
will deliver and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an
&#147;underwriter&#148; within the meaning of the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A broker-dealer that acquired original notes
directly from us cannot exchange the original notes in the
exchange offer. Any holder who tenders in the exchange offer for
the purpose of participating in a distribution of the new notes
cannot rely on the no-action letters of the staff of the SEC and
must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with any resale
transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a period of 90&nbsp;days after the date of
this prospectus, we will promptly send additional copies of this
prospectus and any amendment or supplement to this prospectus to
any broker-dealer that requests such documents in the letter of
transmittal. We have agreed to pay all expenses incident to the
exchange offer, including the expenses of one counsel for the
holders of the original notes, other than commissions or
concessions of any brokers or dealers, and will indemnify the
holders of the original notes, including any broker-dealers,
against certain liabilities, including liabilities under the
Securities Act.
</FONT>

<DIV align="left">
<A name='112'></A>
</DIV>

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<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The legality of the new notes and the guarantees
offered in this prospectus, the binding obligations of the
Company and the subsidiary guarantors pertaining to such notes
and guarantees and other matters will be passed upon for us by
Paul, Hastings, Janofsky&nbsp;&#38; Walker LLP, Atlanta, Georgia.
</FONT>

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<A name='113'></A>
</DIV>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements and
schedule of AirGate PCS, Inc. and subsidiaries as of
September&nbsp;30, 2004 and 2003, and for each of the years in
the three-year period ended September&nbsp;30, 2004, have been
incorporated by reference herein and in the registration
statement in reliance upon the reports of KPMG LLP, independent
registered public accounting firm, incorporated by reference
herein, and upon the authority of said firm as experts in
accounting and auditing.
</FONT>

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<A name='114'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed with the Securities and Exchange
Commission, or SEC, a registration statement on Form&nbsp;S-4.
This prospectus, which forms part of this registration
statement, does not contain all the information included in the
registration statement. For further information about us and the
securities offered in this prospectus, you should refer to the
registration statement and exhibits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC
filings are available to the public over the internet at the
SEC&#146;s web site at http://www.sec.gov. You may also read and
copy any document we file at the SEC&#146;s public reference
room at 450&nbsp;Fifth Street, N.W., Washington,&nbsp;D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further
information on the operation of the public reference room.
</FONT>

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</DIV>

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</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No dealer, salesperson or other person has been
authorized to give any information or to make any representation
not contained in this prospectus and, if given or made, such
information or representations must not be relied upon as having
been authorized by the Company or the Initial Purchasers. This
prospectus does not constitute an offer to sell, or a
solicitation of an offer to buy any of the securities offered
hereby in any jurisdiction to any person to whom it is unlawful
to make such offer or solicitation in such jurisdiction. Neither
the delivery of this prospectus nor any sale made hereunder
shall under any circumstances create any implication that the
information herein is correct as of any time after the date
hereof or that there has not been a change in the affairs of the
Company since the date hereof.
</FONT>

<P align="center">
<B><FONT size="6">AirGate PCS, Inc.</FONT></B>

<P align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have been registered under</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">the Securities Act of 1933,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">for any and all outstanding</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have not</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">been registered under</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">the Securities Act of 1933</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, all dealers that effect transactions in the exchange
notes, whether or not participating in this distribution, may be
required to deliver a prospectus. This is in addition to
dealers&#146; obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or
subscriptions.
</FONT>

<DIV align="center">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</FONT>
</DIV>

<P align="center">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="center">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>
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<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;20.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification of Directors and
    Officers.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Indemnification of the Officers and Directors
of AirGate PCS, Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate PCS, Inc. is a corporation organized
under the laws of the State of Delaware.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;102(b)(7) of the Delaware General
Corporation Law, the DGCL, enables a corporation incorporated in
the State of Delaware to eliminate or limit, through provisions
in its certificate of incorporation, the personal liability of a
director for violations of the director&#146;s fiduciary duties,
except (i)&nbsp;for any breach of the director&#146;s duty of
loyalty to the corporation or its shareholders, (ii)&nbsp;for
acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii)&nbsp;any
liability imposed pursuant to Section&nbsp;174 of the DGCL
(providing for liability of directors for unlawful payment of
dividends or unlawful stock purchases or redemptions) or
(iv)&nbsp;for any transaction from which a director derived an
improper personal benefit.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145 of the DGCL provides that a
corporation incorporated in the State of Delaware may indemnify
any person or persons, including officers and directors, who
are, or are threatened to be made, parties to any threatened,
pending or completed legal action, suit or proceeding, whether
civil, criminal, administrative, or investigative (other than an
action by or in the right of such corporation), by reason of the
fact that such person is or was an officer, director, employee
or agent of such corporation, or is or was serving at the
request of such corporation as a director, officer, employee or
agent of another corporation or enterprise. The indemnity may
include expenses (including attorneys&#146; fees), judgments,
fines, and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or
proceeding, provided such officer, director, employee, or agent
acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the corporation&#146;s best
interests and, for criminal proceedings, had no reasonable cause
to believe that the challenged conduct was unlawful. A
corporation incorporated in the State of Delaware may indemnify
officers and directors in an action by or in the right of the
corporation under the same conditions, except that no
indemnification is permitted without judicial approval if the
officer or director is adjudged to be liable to the corporation.
Where an officer or director is successful on the merits or
otherwise in the defense of any action referred to above, the
corporation must provide indemnification against the expenses
that such officer or director actually and reasonably incurred.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145(g) of the DGCL authorizes a
corporation incorporated in the State of Delaware to provide
liability insurance for directors and officers for certain
losses arising from claims or charges made against them while
acting in their capacities as directors or officers of the
corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In accordance with the General Corporation Law of
the State of Delaware (being chapter&nbsp;1 of Title&nbsp;8 of
the Delaware code), the registrant&#146;s Certificate of
Incorporation provides that the registrant shall indemnify any
person who was or is a party or is threatened to be made a party
to, or is otherwise involved in, any action, suit or proceeding
by reason of the fact that such person is or was a director or
an officer of the registrant, whether the basis for such action
or proceeding is an alleged action in an official capacity as an
officer or director or in any other capacity while such person
was serving as a director or officer of the registrant. The
registrant shall indemnify such person to the fullest extent
allowed by the Delaware law against all expense, liability and
loss (including attorney&#146;s fees, judgments, fines, ERISA
excise tax, or penalties and amounts paid in settlement)
reasonably incurred or suffered by the indemnitee in connection
with such action or suit. The registrant&#146;s Certificate of
Incorporation also empowers the indemnitee to recover unpaid
amounts of a claim for indemnification by bringing suit against
the registrant to recover any unpaid amount of a claim.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The right to indemnification by the registrant
includes the right of the indemnitee to be paid by the
registrant for the expenses incurred in defending any such
proceeding in advance of its final disposition; provided,
however, that, if the Delaware law requires, an advancement of
expenses incurred by an indemnitee in his or her capacity as a
director or officer will be made only upon delivery to the
registrant
</FONT>

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

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<DIV align="left">
<FONT size="2">of an undertaking, by or on behalf of such
indemnitee, to repay all amounts advanced if it shall ultimately
be determined by final judicial decision, from which there is no
further right to appeal, that such indemnitee is not entitled to
be indemnified for such expenses.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The right to indemnification and to the
advancement of expenses provided for by the Certificate of
Incorporation of the registrant is not exclusive of any other
right to which the indemnitee may have or later acquire.
Moreover, the registrant may purchase and maintain insurance, at
its expense, to protect itself and any director or officer of
the registrant against any liability asserted against him or her
in any such capacity, or arising out of such person&#146;s
status as such, whether or not the registrant would have the
power to indemnify him against such liabilities under the laws
of Delaware.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to indemnification provided to the
registrant&#146;s officers and directors in the Certificate of
Incorporation and under the laws of Delaware, the registrant has
entered into indemnification agreements with certain officers
and directors of the registrant to provide them with further
assurances and protection from liability that they may incur in
their respective positions and duties in connection with any
public offering to any fiduciary obligation owed with respect to
the registrant and its stockholders. The registrant has agreed
to indemnify and hold harmless, to the extent permitted under
Delaware law, each person and affiliated person (generally, any
director, officer, employee, controlling person, agent, or
fiduciary of the indemnified person), provided that the
indemnified person was acting or serving at the
registrant&#146;s request in such person&#146;s capacity as
either an officer, director, employee, controlling person,
fiduciary or other agent or affiliate of the registrant. Under
the indemnification agreements, each person is indemnified
against any and all liabilities (described below) that occur in
connection with any threatened, pending or completed action,
suit, proceeding, alternative dispute resolution mechanism or
hearing, inquiry or investigation that such indemnitee in good
faith believes may lead to the institution of any such action
whether civil, criminal, administrative or other. As a condition
to receiving indemnification, indemnities are required to give
notice in writing to the registrant of any claim for which
indemnification may be sought under such agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The agreement provides that an indemnitee may
receive indemnification against any and all (1)&nbsp;expenses
(including attorney&#146;s fees and other costs, expenses and
obligations incurred), judgments, fines and penalties;
(2)&nbsp;amounts paid in settlement (if such settlement is
approved by the registrant); (3)&nbsp;any federal, state, local
or foreign taxes imposed on an indemnitee as a result of the
receipt of any payments under the indemnification agreement; and
(4)&nbsp;all interest, assessments and other charges paid or
payable in connection with such expenses. An indemnified person
will be indemnified against expenses to the extent that he is
successful on the merits or otherwise, including dismissal of an
action without prejudice, in defense of any action, suit,
proceeding, inquiry or investigation. Expenses that the
indemnified person have or will incur in connection with a suit
or other proceeding may be received in advance within
10&nbsp;days of written demand to the registrant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to receiving indemnification or being
advanced expenses, a committee, consisting of either members of
the board of directors or any person appointed by the board of
directors, must not have determined the indemnified person would
not be permitted to indemnification under Delaware law and, in
the case of advanced expenses, that the registrant will be
entitled to be reimbursed by the indemnitee. If there is a
change in control (as defined in the indemnification agreement)
that occurs without majority approval of the board of directors,
then the committee will consist of independent legal counsel
selected by the indemnified person and approved by the
registrant to render a written opinion as to whether and to what
extent the indemnitee would be permitted to indemnification
under applicable law. Under the indemnification agreement, an
indemnified person may appeal a determination by the
committee&#146;s determination not to grant indemnification or
advance expenses by commencing a legal proceeding. Failure of
the committee to make an indemnification determination or the
termination of any claim by judgment, order, settlement, plea of
nolo contendere, or conviction does not create a presumption
that either (1)&nbsp;the indemnified person did not meet a
particular standard of conduct or belief or (2)&nbsp;that the
court has determined that indemnification is not available.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the indemnification agreement, an
indemnitee is entitled to contribution from the registrant for
losses, claims, damages, expenses or liabilities as well as
other equitable considerations upon the determination of a court
of competent jurisdiction that indemnification provided for
under the agreement is not available. The amount contributed by
the registrant will be in proportion, as appropriate, to reflect
the relative benefits received by the registrant and the
indemnitee or, if such contribution is not permitted under
Delaware law, then the relative benefit will be considered with
the relative fault of both parties in the action or inaction
which resulted in such liability. In connection with the
registration of AirGate PCS, Inc.&#146;s securities, the
relative benefits received by the registrant and indemnified
person will be deemed to be in the same respective proportions
of the net proceeds from the offering (less expenses) received
by the registrant and the indemnified person. The relative fault
of the registrant and the indemnified person is determined by
reference to whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a
material fact relates to information supplied by the registrant
or the indemnified person and their relative intent, knowledge,
access to information and opportunity to correct such statement
or omission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Contribution paid takes into account the
equitable considerations, if any, instead of a pro rata or per
capital allocation. In connection with the offering of the
registrant securities, an indemnified person will not be
required to contribute any amount in excess of the lesser of
(1)&nbsp;the proportion of the total of such losses, claims,
damages, or liabilities indemnified against equal to the
proportion of the total securities sold under the registration
statement sold by the indemnified person or (2)&nbsp;the
proceeds received by the indemnified person from the sale of
securities under the registration statement. No person found
guilty of fraudulent misrepresentation, as defined in the
indemnification agreement, shall be entitled to contribution
from any person who was not found guilty of such fraudulent
representation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event that the registrant is obligated to
pay the expenses of a claim and upon written notice to the
indemnified person, the registrant is entitled to assume defense
of the claim and select counsel which is approved by the
indemnified person. Upon receipt of the indemnitee&#146;s
approval, the registrant will directly incur the legal expenses
and as a result will have the right to conduct the defense as it
sees fit in its sole discretion, including the right to settle
any claim against any indemnified party, without consent of the
indemnified person.
</FONT>

<P align="left">
<B><FONT size="2">Indemnification of Officers and Directors of
AGW Leasing Company, Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AGW Leasing Company, Inc. (AGW)&nbsp;is a
corporation organized under the laws of the State of Delaware.
For a description of the provisions of the DGCL addressing the
indemnification of directors and officers, see the discussion in
&#147;Indemnification of Officers and Directors of AirGate PCS,
Inc.&#148; above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In accordance with the General Corporation Law of
the State of Delaware (being chapter&nbsp;1 of Title&nbsp;8 of
the Delaware code), the Certificate of Incorporation of AGW
provides that each person who was or is made a party, or is
threatened to be made a party, to or is involved in any action,
suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that he or she, or a person
of whom he or she is the legal representative, is or was a
director or officer of AGW or is or was serving at the request
of AGW as a director, officer, employee or agent of another
corporation or a partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit
plans, whether the basis of such proceeding is alleged action in
an official capacity as a director, officer, employee or agent
or in any other capacity while serving as a director, officer,
employee or agent, shall be indemnified and held harmless by AGW
to the fullest extent authorized by the DGCL against all
expense, liability and loss (including attorneys&#146; fees,
judgments, fines, amounts paid or to be paid in settlement, and
excise taxes or penalties arising under ERISA) reasonably
incurred by such person in connection with such proceeding. The
indemnification obligations of AGW continue after the indemnitee
ceases to be a director, officer, employee or agent, as
applicable, of AGW. However, for a proceeding initiated by the
indemnitee, AGW is only required to indemnify such indemnitee if
the proceeding was authorized by the Board of Directors of AGW.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AGW is required to pay the expenses of an
indemnitee prior to the final resolution of the proceeding for
which the indemnitee seeks indemnification. Such requirement is,
however, contingent upon any requirements of the DGCL whereunder
an indemnitee must deliver an undertaking such that the
indemnitee will repay any amounts so advanced if it is
determined that the indemnitee was not, in fact, entitled to
indemnification by AGW.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the discretion of the AGW Board of Directors,
indemnification in accordance with the foregoing may also be
provided to employees and agents of AGW.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AGW&#146;s Certificate of Incorporation also
empowers an indemnitee to recover unpaid amounts of a claim for
indemnification by bringing suit against AGW to recover any such
unpaid amount. However, AGW may defend against any such suit by
establishing that the indemnitee did not meet the standards of
conduct under the DGCL which would make it permissible for AGW
to indemnify such indemnitee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AGW may maintain insurance to protect itself
against losses incurred in fulfilling its indemnification
obligations as described above.
</FONT>

<P align="left">
<B><FONT size="2">Indemnification of Officers and Directors of
AirGate Service Company, Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate Service Company, Inc. (ASC)&nbsp;is a
corporation organized under the laws of the State of Delaware.
For a description of the provisions of the DGCL addressing the
indemnification of directors and officers, see the discussion in
&#147;Indemnification of Officers and Directors of AirGate PCS,
Inc.&#148; above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In accordance with the General Corporation Law of
the State of Delaware (being chapter&nbsp;1 of Title&nbsp;8 of
the Delaware code), the Certificate of Incorporation of ASC
provides indemnification in an identical manner as does AGW, as
detailed above in &#147;Indemnification of Officers and
Directors of AGW Leasing Company, Inc.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Indemnification of the Member and Officers of
AirGate Network Services, LLC</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AirGate Network Services, LLC (ANS)&nbsp;is a
limited liability company organized under the laws of the State
of Delaware. Section&nbsp;18-108 of the Delaware Limited
Liability Company Act provides that a limited liability company
may, and shall have the power to, indemnify and hold harmless
any member or manager or other person from and against any and
all claims and demands whatsoever, subject to the standards and
restrictions, if any, set forth in such company&#146;s limited
liability company agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Limited Liability Company Operating Agreement
of ANS provides that the company, its receiver or its trustee
shall indemnify, save harmless and pay all judgments and claims
against the officers and the member of ANS relating to any
liability or damage incurred by reason of any act performed or
omitted to be performed by such officer or member in connection
with the business of ANS, including attorney&#146;s fees
incurred by such officers and member in connection with the
defense of any action based on any such act or omission. Such
attorney&#146;s fees may be paid as incurred and may include all
liabilities under federal and state securities laws, as
permitted by law. However, ANS is not required to indemnify its
officers and member for any loss, expense or damage which such
officer or member, as applicable, suffered as a result of such
officer&#146;s or member&#146;s willful or wanton misconduct or
fraud.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under its operating agreement, ANS is also to
indemnify, save harmless, and pay all expenses, costs or
liabilities of its officers or member who, for the benefit of
ANS, makes any deposit, acquires any option, or makes any other
similar payment or assumes any obligation in connection with any
property proposed to be acquired by ANS and who suffers any
financial loss as a result of such action.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">ANS may purchase and maintain insurance on behalf
of an indemnitee (and such other persons as the Member shall
designate) to cover any expenses incurred or liability asserted
against such indemnitee, whether or not ANS would have been
required to indemnify the indemnitee under its operating
agreement.
</FONT>

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

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<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Financial Statement
    Schedules.</FONT></I></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Corrected Restated Certificate of Incorporation
    of AirGate PCS, Inc. (&#147;AirGate&#148;), dated
    February&nbsp;13, 2004 (incorporated by reference to
    Exhibit&nbsp;3.1 to the quarterly report on Form&nbsp;10-Q filed
    by AirGate with the Commission on February&nbsp;17, 2004 for the
    quarter ended December&nbsp;31, 2003 (SEC File
    No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Bylaws of AirGate, dated
    December&nbsp;17, 2002 (incorporated by reference to
    Exhibit&nbsp;3.2 to the annual report on Form&nbsp;10-K/ A filed
    by AirGate with the Commission on January&nbsp;17, 2003 for the
    year ended September&nbsp;30, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Certificate of Incorporation
    of AGW Leasing Company, Inc., dated as of May&nbsp;1, 2002
    (incorporated by reference to Exhibit&nbsp;3.3 to the annual
    report on Form 10-K filed by AirGate on December&nbsp;14, 2004
    for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated By-laws of AGW Leasing
    Company, Inc., dated as of May&nbsp;1, 2002 (incorporated by
    reference to Exhibit&nbsp;3.4 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Formation of AirGate Network
    Services, LLC, dated September&nbsp;29, 2000 (incorporated by
    reference to Exhibit&nbsp;3.5 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Limited Liability Company Operating Agreement of
    AirGate Network Services, LLC, dated as of September&nbsp;29,
    2000 (incorporated by reference to Exhibit&nbsp;3.6 to the
    annual report on Form&nbsp;10-K filed by AirGate on
    December&nbsp;14, 2004 for the year ended September&nbsp;30,
    2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Incorporation of AirGate Service
    Company, dated April&nbsp;16, 2002 (incorporated by reference to
    Exhibit&nbsp;3.7 to the annual report on Form&nbsp;10-K filed by
    AirGate on December&nbsp;14, 2004 for the year ended
    September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By-laws of AirGate Service Company (incorporated
    by reference to Exhibit&nbsp;3.8 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Specimen of common stock certificate of AirGate
    (incorporated by reference to Exhibit&nbsp;4.1 to the
    Registration Statement on Form&nbsp;S-1/ A filed by the
    registrant with the SEC on June&nbsp;15, 1999 (File Nos.
    333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant Agreement for warrants issued in
    units offering (incorporated by reference to Exhibit&nbsp;10.15
    to the Registration Statement on Form&nbsp;S-1/ A filed by
    AirGate with the SEC on September&nbsp;23, 1999 (File
    Nos.&nbsp;333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant issued in units offering
    (included in Exhibit&nbsp;4.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of unit (included in Exhibit&nbsp;4.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Lucent Warrants (incorporated by
    reference to Exhibit&nbsp;4.4 to the Registration Statement on
    Form&nbsp;S-1/ A filed by the registrant with the SEC on
    September&nbsp;17, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of February&nbsp;20, 2004, by
    and among AirGate, its subsidiaries party thereto and the Bank
    of New York (incorporated by reference to Exhibit&nbsp;4.2 to
    the current report on Form&nbsp;8-K filed by AirGate on
    February&nbsp;26, 2004 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Senior Subordinated Secured Notes due
    2009 (included in Exhibit&nbsp;4.6)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Security Agreement (incorporated by
    reference to Exhibit&nbsp;4.11 to the Registration Statement on
    Form&nbsp;S-4/ A filed by AirGate with the SEC on
    January&nbsp;14, 2004 (File No.&nbsp;333-109165))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Pledge Agreement (incorporated by
    reference to Exhibit&nbsp;4.12 to the Registration Statement on
    Form&nbsp;S-4/ A filed by AirGate with the SEC on
    January&nbsp;14, 2004 (File No.&nbsp;333-109165)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Intercreditor Agreement (incorporated by
    reference to Exhibit&nbsp;4.10 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of October&nbsp;25, 2004, by
    and among AirGate, its subsidiaries party thereto and The Bank
    of New York Trust&nbsp;Company, N.A. (incorporated by reference
    to Exhibit&nbsp;4.1 to the current report on Form&nbsp;8-K filed
    by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of First Priority Senior Secured Floating
    Rate Notes due 2011 (included in Exhibit&nbsp;4.6)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement, dated
    October&nbsp;25, 2004, by and among AirGate PCS, Inc., its
    subsidiaries party thereto, Banc of America Securities LLC and
    Credit Suisse First Boston LLC (incorporated by reference to
    Exhibit&nbsp;4.3 to the current report on Form&nbsp;8-K filed by
    AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Pledge Agreement (incorporated by
    reference to Exhibit&nbsp;4.4 to the current report on
    Form&nbsp;8-K filed by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Security Agreement (incorporated by
    reference to Exhibit&nbsp;4.5 to the current report on
    Form&nbsp;8-K filed by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Paul, Hastings, Janofsky&nbsp;&#38;
    Walker LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Support Agreement, dated as of September&nbsp;24,
    2003, by and among AirGate and each of the noteholders signatory
    thereto (incorporated by reference to Exhibit&nbsp;10.1 to the
    Registration Statement on Form&nbsp;S-4 filed by AirGate with
    the SEC on September&nbsp;26, 2003 (SEC File
    No.&nbsp;333-109165))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint PCS Management Agreement and Addenda I-III
    thereto between SprintCom, Inc. and AirGate Wireless, L.L.C.
    (incorporated by reference to Exhibit&nbsp;10.1 to the
    Registration Statement on Form&nbsp;S-1/ A filed by AirGate with
    the Commission on June&nbsp;15, 1999 (SEC File
    Nos.&nbsp;333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Assignment of Sprint PCS Management Agreement,
    Sprint Spectrum Services Agreement and Trademark and Service
    Mark Agreement from AirGate Wireless, L.L.C. to AirGate
    Wireless, Inc. dated November&nbsp;20, 1998 (incorporated by
    reference to Exhibit&nbsp;10.14 to the Registration Statement on
    Form&nbsp;S-1/ A filed by AirGate with the Commission on
    August&nbsp;9, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum&nbsp;IV to Sprint PCS Management
    Agreement dated August&nbsp;26, 1999 by and among SprintCom,
    Inc., Sprint Communications Company, L.P., Sprint Spectrum L.P.
    and AirGate (incorporated by reference to Exhibit&nbsp;10.1.2 to
    the annual report on Form&nbsp;&nbsp;10-K filed by AirGate with
    the Commission on December&nbsp;18, 2000 for the year ended
    September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum&nbsp;V to Sprint PCS Management
    Agreement dated May&nbsp;12, 2000 by and among SprintCom, Inc.,
    Sprint Communications Company, L.P. and AirGate (incorporated by
    reference to Exhibit&nbsp;10.1.3 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum&nbsp;VI to Sprint PCS Management
    Agreement dated December&nbsp;8, 2000 by and among SprintCom,
    Inc., Sprint Communications Company, L.P., Sprint Spectrum L.P.
    and AirGate (incorporated by reference to Exhibit&nbsp;10.1.4 to
    the quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum&nbsp;VII to Sprint PCS Management
    Agreement dated as of September&nbsp;10, 2004 by and among
    SprintCom, Inc., Sprint Communications Company, L.P., Sprint
    Spectrum L.P. and AirGate (incorporated by reference to
    Exhibit&nbsp;10.1 to the current report on Form&nbsp;8-K filed
    by AirGate with the Commission on September&nbsp;14, 2004 (SEC
    File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Schedule of Definitions to Sprint PCS Management
    Agreement by and among SprintCom, Inc. and AirGate Wireless,
    L.L.C. (incorporated by reference to Exhibit&nbsp;10.33 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2002 for the quarter ended
    March&nbsp;31, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint PCS Services Agreement between Sprint
    Spectrum L.P. and AirGate Wireless, L.L.C. (incorporated by
    reference to Exhibit&nbsp;10.2 to the Registration Statement on
    Form&nbsp;S-1/&nbsp;A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint Spectrum Trademark and Service Mark
    License Agreement (incorporated by reference to
    Exhibit&nbsp;10.3 to the Registration Statement on
    Form&nbsp;S-1/ A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint Trademark and Service Mark License
    Agreement (incorporated by reference to Exhibit&nbsp;10.4 to the
    Registration Statement on Form&nbsp;S-1/ A filed by AirGate with
    the Commission on June&nbsp;15, 1999 (SEC File
    Nos.&nbsp;333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales Agency Agreement made as of May&nbsp;1,
    2001 between Sprint Communications Company L.P. and AirGate
    (incorporated by reference to Exhibit&nbsp;10.10 to the annual
    report on Form&nbsp;10-K/ A filed by AirGate with the Commission
    on January&nbsp;17, 2003 for the year ended September&nbsp;30,
    2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Site Agreement dated August&nbsp;6, 1998
    between AirGate and BellSouth Carolinas PCS, L.P. and BellSouth
    Personal Communications, Inc. (incorporated by reference to
    Exhibit&nbsp;10.5 to the Registration Statement on
    Form&nbsp;S-1/ A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notice to AirGate of an assignment of sublease
    dated September&nbsp;20, 1999 between BellSouth Cellular Corp.
    and Crown Castle South Inc., given pursuant to
    Section&nbsp;16(b) of the Master Site Agreement (incorporated by
    reference to Exhibit&nbsp;10.5.1 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Tower Space Reservation and License
    Agreement dated February&nbsp;19, 1999 between AGW Leasing
    Company, Inc. and American Tower, L.P. (incorporated by
    reference to Exhibit&nbsp;10.5.2 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Antenna Site Lease No.&nbsp;J50 dated
    July&nbsp;20, 1999 between Pinnacle Towers Inc. and AGW Leasing
    Company (incorporated by reference to Exhibit&nbsp;10.5.3 to the
    annual report on Form&nbsp;10-K filed by AirGate with the
    Commission on December&nbsp;18, 2000 for the year ended
    September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Commercial Real Estate Lease dated August&nbsp;7,
    1998 between AirGate and Perry Company of Columbia, Inc. to
    lease a warehouse facility (incorporated by reference to
    Exhibit&nbsp;10.7 to the Registration Statement on
    Form&nbsp;S-1/ A filed by AirGate with the Commission on
    July&nbsp;12, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Lease Agreement dated August&nbsp;25, 1999
    between Robert W. Bruce, Camperdown Company, Inc. and AGW
    Leasing Company, Inc. to lease office/warehouse space in
    Greenville, South Carolina (incorporated by reference to
    Exhibit&nbsp;10.7.1 to the annual report on Form&nbsp;10-K filed
    by AirGate with the Commission on December&nbsp;18, 2000 for the
    year ended September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Indemnification Agreement (incorporated
    by reference to Exhibit&nbsp;10.8 to the Registration Statement
    on Form&nbsp;S-1/ A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos. 333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Employment Agreement dated April&nbsp;9, 1999 by
    and between AirGate and Thomas M. Dougherty (incorporated by
    reference to Exhibit&nbsp;10.9 to the Registration Statement on
    Form&nbsp;S-1/ A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos. 333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to Employment Agreement dated
    December&nbsp;20, 1999 between AirGate and Thomas M. Dougherty
    (incorporated by reference to Exhibit&nbsp;10.16 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2000 for the quarter ended
    March&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 1999 Stock Option Plan
    (incorporated by reference to Exhibit&nbsp;99.1 to the
    Registration Statement on Form&nbsp;S-8 filed by AirGate with
    the Commission on April&nbsp;10, 2000 (SEC File
    No.&nbsp;333-34416))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of AirGate PCS, Inc. Option Agreement
    (incorporated by reference to Exhibit&nbsp;10.25 to the annual
    report on Form&nbsp;10-K filed by AirGate with the Commission on
    November&nbsp;30, 2001 for the year ended September&nbsp;30,
    2001 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 2001 Non-Executive Stock Option
    Plan (incorporated by reference to Exhibit&nbsp;10.11.2 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of AirGate PCS, Inc. Option Agreement for
    AirGate PCS, Inc. 2001 Non-Executive Stock Option Plan
    (incorporated by reference to Exhibit&nbsp;10.25 to the annual
    report on Form&nbsp;10-K filed by AirGate on December&nbsp;14,
    2004 for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 2001 Employee Stock Purchase
    Plan (incorporated by reference to Exhibit&nbsp;10.11.3 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2002 AirGate PCS, Inc. Long-Term Incentive Plan
    (incorporated by reference to Exhibit&nbsp;99.1 to the
    Registration Statement on Form&nbsp;S-8 filed by AirGate with
    the Commission on March&nbsp;29, 2002 (SEC File
    No.&nbsp;333-85250)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Award Agreement for 2002 AirGate PCS,
    Inc. Long-Term Incentive Plan (incorporated by reference to
    Exhibit&nbsp;10.28 to the annual report on Form&nbsp;&nbsp;10-K
    filed by AirGate on December&nbsp;14, 2004 for the year ended
    September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. Amended and Restated
    Non-Employee Director Compensation Plan dated January&nbsp;22,
    2003 (incorporated by reference to Exhibit&nbsp;10.2 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2003 for the quarter ended
    March&nbsp;31, 2003 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Option Agreement for AirGate PCS, Inc.
    Amended and Restated Non-Employee Director Compensation Plan
    (incorporated by reference to Exhibit&nbsp;10.30 to the annual
    report on Form&nbsp;10-K filed by AirGate on December&nbsp;14,
    2004 for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement and Plan of Merger, dated as of
    August&nbsp;28, 2001, by and between AirGate and iPCS, Inc.
    (incorporated by reference to Exhibit&nbsp;10.1 to the current
    report on Form&nbsp;8-K filed by AirGate with the Commission on
    August&nbsp;31, 2001 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Services Agreement dated as of January&nbsp;1,
    2002 by and among AirGate, AirGate Service Company, Inc., iPCS,
    Inc. and iPCS Wireless, Inc. (incorporated by reference to
    Exhibit&nbsp;10.34 to the quarterly report on
    Form&nbsp;&nbsp;10-Q filed by AirGate with the Commission on
    May&nbsp;15, 2002 for the quarter ended March&nbsp;31, 2002 (SEC
    File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to Services Agreement dated
    February&nbsp;21, 2003 by and among AirGate Service Company,
    Inc., AirGate, iPCS Wireless, Inc. and iPCS, Inc (incorporated
    by reference to Exhibit&nbsp;10.1 to the quarterly report on
    Form&nbsp;&nbsp;10-Q filed by AirGate with the Commission on
    May&nbsp;15, 2003 for the quarter ended March&nbsp;31, 2003 (SEC
    File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Technology License Agreement dated as of
    January&nbsp;1, 2002 by and among AirGate, AGW Leasing Company,
    Inc., AirGate Service Company, Inc., AirGate Network Services,
    Inc., iPCS, Inc., iPCS Wireless, Inc. and iPCS Equipment, Inc.
    (incorporated by reference to Exhibit&nbsp;10.35 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2002 for the quarter ended
    March&nbsp;31, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Separation Agreement and General Release, dated
    March&nbsp;23, 2004, by and between AirGate and William H.
    Seippel (incorporated by reference to Exhibit&nbsp;10.1 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;17, 2004 for the quarter ended
    March&nbsp;31, 2004 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Settlement Agreement and Mutual Release, dated as
    of September&nbsp;10, 2004, by and among Sprint Spectrum L.P.,
    SprintCom, Inc., Sprint Communications Company L.P., and
    WirelessCo, L.P., AirGate , AGW Leasing Company, Inc., AirGate
    Network Services, LLC, and AirGate Service Company, Inc.
    (incorporated by reference to Exhibit&nbsp;10.2 to the current
    report on Form&nbsp;&nbsp;8-K filed by AirGate with the
    Commission on September&nbsp;14, 2004 (SEC File
    No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Computation of Ratio of Earnings to Fixed Charges
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Subsidiaries of AirGate PCS, Inc (incorporated by
    reference to Exhibit&nbsp;21 to the annual report on
    Form&nbsp;10-K/ A filed by AirGate with the Commission on
    January&nbsp;17, 2003 for the year ended September&nbsp;30, 2002
    (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Paul, Hastings, Janofsky&nbsp;&#38;
    Walker LLP (included in Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in Part&nbsp;II of
    the registration statement)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of The Bank of New York
    Trust&nbsp;Company, N.A., as Trustee, on Form&nbsp;T-1
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Clients
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Registered Holders
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

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

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to Section&nbsp;15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide
</I>offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant
pursuant to provisions pursuant to which the directors, officers
or controlling persons may be indemnified by the registrant or
otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant
will submit to a court of appropriate jurisdiction the question
whether such
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">indemnification by it is against public policy as
expressed in the Act and will be governed by the final
adjudication of such issue.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrant hereby undertakes to
respond to requests for information that is incorporated by
reference into the prospectus pursuant to Items&nbsp;4, 10(b),
11 or 13 of Form&nbsp;S-4 within one business day of receipt of
such request, and to send the incorporated documents by first
class mail or other equally prompt means. This includes
information contained in documents filed subsequent to the
effective date of the registration statement through the date of
responding to the request.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrant hereby undertakes to
supply by means of a post-effective amendment all information
concerning a transaction, and the company being acquired
involved therein, that was not the subject of and included in
the registration statement when it became effective.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Atlanta, State of
Georgia, on the 21st&nbsp;day of January, 2005.
</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>

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

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

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

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

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="5%"></TD>
    <TD width="55%"></TD>
</TR>

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

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Thomas M.
Dougherty as his true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution and
revocation, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and
to file or cause to be filed the same, with all exhibits
thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the foregoing, as fully to all intents and
purposes as he might or could do in person, lawfully do or cause
to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the
following persons on behalf of the Registrant and in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></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 colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Thomas M. Dougherty<BR>
    <HR size="1" noshade>Thomas M. Dougherty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President, Chief Executive<BR>
    Officer and Director (Principal<BR>
    Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ William J. Loughman<BR>
    <HR size="1" noshade>William J. Loughman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President, Chief Financial<BR>
    Officer (Principal Financial and<BR>
    Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Robert A. Ferchat<BR>
    <HR size="1" noshade>Robert A. Ferchat
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Max D. Hopper<BR>
    <HR size="1" noshade>Max D. Hopper
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Timothy M. O&#146;Brien<BR>
    <HR size="1" noshade>Timothy M. O&#146;Brien
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ John W. Risner<BR>
    <HR size="1" noshade>John W. Risner
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <BR>
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-11
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></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 colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <BR>
    <HR size="1" noshade><FONT size="2">Stephen R. Stetz
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Gail A. Schoettler<BR>
    <HR size="1" noshade>Gail A. Schoettler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-12
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, each of the following Registrants has duly caused
this Registration Statement to be signed on their behalf by the
undersigned, thereunto duly authorized, in the City of Atlanta,
State of Georgia, on the 21st&nbsp;day of January, 2005.
</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 SERVICE COMPANY, INC.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AGW LEASING COMPANY, 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">
    <FONT size="2">/s/ Thomas M. Dougherty
    </FONT></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="left">
    <FONT size="2">Thomas M. Dougherty
    </FONT></TD>
</TR>

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

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Thomas M.
Dougherty as his true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution and
revocation, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and
to file or cause to be filed the same, with all exhibits
thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the foregoing, as fully to all intents and
purposes as he might or could do in person, lawfully do or cause
to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the
following persons on behalf of the Registrant and in the
capacities and on the dates indicated.
</FONT>

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

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></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 colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Thomas M. Dougherty<BR>
    <HR size="1" noshade>Thomas M. Dougherty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President and Sole Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ William J. Loughman<BR>
    <HR size="1" noshade>William J. Loughman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President, Chief Financial<BR>
    Officer (Principal Financial and<BR>
    Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, each of the following Registrants has duly caused
this Registration Statement to be signed on their behalf by the
undersigned, thereunto duly authorized, in the City of Atlanta,
State of Georgia, on the 21st&nbsp;day of January, 2005.
</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 NETWORK SERVICES, LLC
    </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">
    <FONT size="2">/s/ Thomas M. Dougherty
    </FONT></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="left">
    <FONT size="2">Thomas M. Dougherty
    </FONT></TD>
</TR>

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

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Thomas M.
Dougherty as his true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution and
revocation, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and
to file or cause to be filed the same, with all exhibits
thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the foregoing, as fully to all intents and
purposes as he might or could do in person, lawfully do or cause
to be done by virtue hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the
following persons on behalf of the Registrant and in the
capacities and on the dates indicated.
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></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 colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ Thomas M. Dougherty<BR>
    <HR size="1" noshade>Thomas M. Dougherty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President, Chief Executive<BR>
    Officer and Sole Director of the<BR>
    Sole Member of AirGate<BR>
    Network Services, LLC<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">/s/ William J. Loughman<BR>
    <HR size="1" noshade>William J. Loughman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President, Chief Financial Officer
    (Principal Financial and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">January&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Corrected Restated Certificate of Incorporation
    of AirGate PCS, Inc. (&#147;AirGate&#148;), dated
    February&nbsp;13, 2004 (incorporated by reference to
    Exhibit&nbsp;3.1 to the quarterly report on Form&nbsp;10-Q filed
    by AirGate with the Commission on February&nbsp;17, 2004 for the
    quarter ended December&nbsp;31, 2003 (SEC File
    No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Bylaws of AirGate, dated
    December&nbsp;17, 2002 (incorporated by reference to
    Exhibit&nbsp;3.2 to the annual report on Form&nbsp;10-K/A filed
    by AirGate with the Commission on January&nbsp;17, 2003 for the
    year ended September&nbsp;30, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Certificate of Incorporation
    of AGW Leasing Company, Inc., dated as of May&nbsp;1, 2002
    (incorporated by reference to Exhibit&nbsp;3.3 to the annual
    report on Form&nbsp;10-K filed by AirGate on December&nbsp;14,
    2004 for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated By-laws of AGW Leasing
    Company, Inc., dated as of May&nbsp;1, 2002 (incorporated by
    reference to Exhibit&nbsp;3.4 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Formation of AirGate Network
    Services, LLC, dated September&nbsp;29, 2000 (incorporated by
    reference to Exhibit&nbsp;3.5 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Limited Liability Company Operating Agreement of
    AirGate Network Services, LLC, dated as of September&nbsp;29,
    2000 (incorporated by reference to Exhibit&nbsp;3.6 to the
    annual report on Form&nbsp;10-K filed by AirGate on
    December&nbsp;14, 2004 for the year ended September&nbsp;30,
    2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Incorporation of AirGate Service
    Company, dated April&nbsp;16, 2002 (incorporated by reference to
    Exhibit&nbsp;3.7 to the annual report on Form&nbsp;10-K filed by
    AirGate on December&nbsp;14, 2004 for the year ended
    September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By-laws of AirGate Service Company (incorporated
    by reference to Exhibit&nbsp;3.8 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Specimen of common stock certificate of AirGate
    (incorporated by reference to Exhibit&nbsp;4.1 to the
    Registration Statement on Form&nbsp;S-1/A filed by the
    registrant with the SEC on June&nbsp;15, 1999 (File Nos.
    333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant Agreement for warrants issued in
    units offering (incorporated by reference to Exhibit&nbsp;10.15
    to the Registration Statement on Form&nbsp;S-1/A filed by
    AirGate with the SEC on September&nbsp;23, 1999 (File Nos.
    333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Warrant issued in units offering
    (included in Exhibit&nbsp;4.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of unit (included in Exhibit&nbsp;4.2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Lucent Warrants (incorporated by
    reference to Exhibit&nbsp;4.4 to the Registration Statement on
    Form&nbsp;S-1/A filed by the registrant with the SEC on
    September&nbsp;17, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of February&nbsp;20, 2004, by
    and among AirGate, its subsidiaries party thereto and the Bank
    of New York (incorporated by reference to Exhibit&nbsp;4.2 to
    the current report on Form&nbsp;8-K filed by AirGate on
    February&nbsp;26, 2004 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Senior Subordinated Secured Notes due
    2009 (included in Exhibit&nbsp;4.6)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Security Agreement (incorporated by
    reference to Exhibit&nbsp;4.11 to the Registration Statement on
    Form&nbsp;S-4/ A filed by AirGate with the SEC on
    January&nbsp;14, 2004 (File No.&nbsp;333-109165))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Pledge Agreement (incorporated by
    reference to Exhibit&nbsp;4.12 to the Registration Statement on
    Form&nbsp;S-4/ A filed by AirGate with the SEC on
    January&nbsp;14, 2004 (File No.&nbsp;333-109165)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Intercreditor Agreement (incorporated by
    reference to Exhibit&nbsp;4.10 to the annual report on
    Form&nbsp;10-K filed by AirGate on December&nbsp;14, 2004 for
    the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of October&nbsp;25, 2004, by
    and among AirGate, its subsidiaries party thereto and The Bank
    of New York Trust&nbsp;Company, N.A. (incorporated by reference
    to Exhibit&nbsp;4.1 to the current report on Form&nbsp;8-K filed
    by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of First Priority Senior Secured Floating
    Rate Notes due 2011 (included in Exhibit&nbsp;4.6)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement, dated
    October&nbsp;25, 2004, by and among AirGate PCS, Inc., its
    subsidiaries party thereto, Banc of America Securities LLC and
    Credit Suisse First Boston LLC (incorporated by reference to
    Exhibit&nbsp;4.3 to the current report on Form&nbsp;8-K filed by
    AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Pledge Agreement (incorporated by
    reference to Exhibit&nbsp;4.4 to the current report on
    Form&nbsp;8-K filed by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Security Agreement (incorporated by
    reference to Exhibit&nbsp;4.5 to the current report on
    Form&nbsp;8-K filed by AirGate on October&nbsp;29, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Paul, Hastings, Janofsky&nbsp;&#38;
    Walker LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Support Agreement, dated as of September&nbsp;24,
    2003, by and among AirGate and each of the noteholders signatory
    thereto (incorporated by reference to Exhibit&nbsp;10.1 to the
    Registration Statement on Form&nbsp;S-4 filed by AirGate with
    the SEC on September&nbsp;26, 2003 (SEC File
    No.&nbsp;333-109165))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint PCS Management Agreement and Addenda I-III
    thereto between SprintCom, Inc. and AirGate Wireless, L.L.C.
    (incorporated by reference to Exhibit&nbsp;10.1 to the
    Registration Statement on Form&nbsp;S-1/A filed by AirGate with
    the Commission on June&nbsp;15, 1999 (SEC File Nos. 333-79189-02
    and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Assignment of Sprint PCS Management Agreement,
    Sprint Spectrum Services Agreement and Trademark and Service
    Mark Agreement from AirGate Wireless, L.L.C. to AirGate
    Wireless, Inc. dated November&nbsp;20, 1998 (incorporated by
    reference to Exhibit&nbsp;10.14 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    August&nbsp;9, 1999 (SEC File Nos. 333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum&nbsp;IV to Sprint PCS Management
    Agreement dated August&nbsp;26, 1999 by and among SprintCom,
    Inc., Sprint Communications Company, L.P., Sprint Spectrum L.P.
    and AirGate (incorporated by reference to Exhibit&nbsp;10.1.2 to
    the annual report on Form&nbsp;&nbsp;10-K filed by AirGate with
    the Commission on December&nbsp;18, 2000 for the year ended
    September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum V to Sprint PCS Management Agreement
    dated May&nbsp;12, 2000 by and among SprintCom, Inc., Sprint
    Communications Company, L.P. and AirGate (incorporated by
    reference to Exhibit&nbsp;10.1.3 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum VI to Sprint PCS Management Agreement
    dated December&nbsp;8, 2000 by and among SprintCom, Inc., Sprint
    Communications Company, L.P., Sprint Spectrum L.P. and AirGate
    (incorporated by reference to Exhibit&nbsp;10.1.4 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Addendum VII to Sprint PCS Management Agreement
    dated as of September&nbsp;10, 2004 by and among SprintCom,
    Inc., Sprint Communications Company, L.P., Sprint Spectrum L.P.
    and AirGate (incorporated by reference to Exhibit&nbsp;10.1 to
    the current report on Form&nbsp;8-K filed by AirGate with the
    Commission on September&nbsp;14, 2004 (SEC File
    No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Schedule of Definitions to Sprint PCS Management
    Agreement by and among SprintCom, Inc. and AirGate Wireless,
    L.L.C. (incorporated by reference to Exhibit&nbsp;10.33 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2002 for the quarter ended
    March&nbsp;31, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint PCS Services Agreement between Sprint
    Spectrum L.P. and AirGate Wireless, L.L.C. (incorporated by
    reference to Exhibit&nbsp;10.2 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint Spectrum Trademark and Service Mark
    License Agreement (incorporated by reference to
    Exhibit&nbsp;10.3 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos. 333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sprint Trademark and Service Mark License
    Agreement (incorporated by reference to Exhibit&nbsp;10.4 to the
    Registration Statement on Form&nbsp;S-1/A filed by AirGate with
    the Commission on June&nbsp;15, 1999 (SEC File Nos. 333-79189-02
    and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales Agency Agreement made as of May&nbsp;1,
    2001 between Sprint Communications Company L.P. and AirGate
    (incorporated by reference to Exhibit&nbsp;10.10 to the annual
    report on Form&nbsp;10-K/A filed by AirGate with the Commission
    on January&nbsp;17, 2003 for the year ended September&nbsp;30,
    2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Site Agreement dated August&nbsp;6, 1998
    between AirGate and BellSouth Carolinas PCS, L.P. and BellSouth
    Personal Communications, Inc. (incorporated by reference to
    Exhibit&nbsp;10.5 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos.&nbsp;333-79189-02 and
    333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notice to AirGate of an assignment of sublease
    dated September&nbsp;20, 1999 between BellSouth Cellular Corp.
    and Crown Castle South Inc., given pursuant to
    Section&nbsp;16(b) of the Master Site Agreement (incorporated by
    reference to Exhibit&nbsp;10.5.1 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Tower Space Reservation and License
    Agreement dated February&nbsp;19, 1999 between AGW Leasing
    Company, Inc. and American Tower, L.P. (incorporated by
    reference to Exhibit&nbsp;10.5.2 to the annual report on
    Form&nbsp;10-K filed by AirGate with the Commission on
    December&nbsp;18, 2000 for the year ended September&nbsp;30,
    2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Master Antenna Site Lease No.&nbsp;J50 dated
    July&nbsp;20, 1999 between Pinnacle Towers Inc. and AGW Leasing
    Company (incorporated by reference to Exhibit&nbsp;10.5.3 to the
    annual report on Form&nbsp;10-K filed by AirGate with the
    Commission on December&nbsp;18, 2000 for the year ended
    September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Commercial Real Estate Lease dated August&nbsp;7,
    1998 between AirGate and Perry Company of Columbia, Inc. to
    lease a warehouse facility (incorporated by reference to
    Exhibit&nbsp;10.7 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    July&nbsp;12, 1999 (SEC File Nos. 333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Lease Agreement dated August&nbsp;25, 1999
    between Robert W. Bruce, Camperdown Company, Inc. and AGW
    Leasing Company, Inc. to lease office/warehouse space in
    Greenville, South Carolina (incorporated by reference to
    Exhibit&nbsp;10.7.1 to the annual report on Form&nbsp;10-K filed
    by AirGate with the Commission on December&nbsp;18, 2000 for the
    year ended September&nbsp;30, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Indemnification Agreement (incorporated
    by reference to Exhibit&nbsp;10.8 to the Registration Statement
    on Form&nbsp;S-1/A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos. 333-79189-02 and 333-79189-01))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Employment Agreement dated April&nbsp;9, 1999 by
    and between AirGate and Thomas M. Dougherty (incorporated by
    reference to Exhibit&nbsp;10.9 to the Registration Statement on
    Form&nbsp;S-1/A filed by AirGate with the Commission on
    June&nbsp;15, 1999 (SEC File Nos. 333-79189-02 and 333-7918-01))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to Employment Agreement dated
    December&nbsp;20, 1999 between AirGate and Thomas M. Dougherty
    (incorporated by reference to Exhibit&nbsp;10.16 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2000 for the quarter ended
    March&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 1999 Stock Option Plan
    (incorporated by reference to Exhibit&nbsp;99.1 to the
    Registration Statement on Form&nbsp;S-8 filed by AirGate with
    the Commission on April&nbsp;10, 2000 (SEC File
    No.&nbsp;333-34416))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of AirGate PCS, Inc. Option Agreement
    (incorporated by reference to Exhibit&nbsp;10.25 to the annual
    report on Form&nbsp;10-K filed by AirGate with the Commission on
    November&nbsp;30, 2001 for the year ended September&nbsp;30,
    2001 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 2001 Non-Executive Stock Option
    Plan (incorporated by reference to Exhibit&nbsp;10.11.2 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of AirGate PCS, Inc. Option Agreement for
    AirGate PCS, Inc. 2001 Non-Executive Stock Option Plan
    (incorporated by reference to Exhibit&nbsp;10.25 to the annual
    report on Form 10-K filed by AirGate on December&nbsp;14, 2004
    for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. 2001 Employee Stock Purchase
    Plan (incorporated by reference to Exhibit&nbsp;10.11.3 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on February&nbsp;14, 2001 for the quarter ended
    December&nbsp;31, 2000 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2002 AirGate PCS, Inc. Long-Term Incentive Plan
    (incorporated by reference to Exhibit&nbsp;99.1 to the
    Registration Statement on Form&nbsp;S-8 filed by AirGate with
    the Commission on March&nbsp;29, 2002 (SEC File
    No.&nbsp;333-85250)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Award Agreement for 2002 AirGate PCS,
    Inc. Long-Term Incentive Plan (incorporated by reference to
    Exhibit&nbsp;10.28 to the annual report on Form&nbsp;&nbsp;10-K
    filed by AirGate on December&nbsp;14, 2004 for the year ended
    September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AirGate PCS, Inc. Amended and Restated
    Non-Employee Director Compensation Plan dated January&nbsp;22,
    2003 (incorporated by reference to Exhibit&nbsp;10.2 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2003 for the quarter ended
    March&nbsp;31, 2003 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Option Agreement for AirGate PCS, Inc.
    Amended and Restated Non-Employee Director Compensation Plan
    (incorporated by reference to Exhibit&nbsp;10.30 to the annual
    report on Form&nbsp;10-K filed by AirGate on December&nbsp;14,
    2004 for the year ended September&nbsp;30, 2004)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement and Plan of Merger, dated as of
    August&nbsp;28, 2001, by and between AirGate and iPCS, Inc.
    (incorporated by reference to Exhibit&nbsp;10.1 to the current
    report on Form&nbsp;8-K filed by AirGate with the Commission on
    August&nbsp;31, 2001 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Services Agreement dated as of January&nbsp;1,
    2002 by and among AirGate, AirGate Service Company, Inc., iPCS,
    Inc. and iPCS Wireless, Inc. (incorporated by reference to
    Exhibit&nbsp;10.34 to the quarterly report on
    Form&nbsp;&nbsp;10-Q filed by AirGate with the Commission on
    May&nbsp;15, 2002 for the quarter ended March&nbsp;31, 2002 (SEC
    File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to Services Agreement dated
    February&nbsp;21, 2003 by and among AirGate Service Company,
    Inc., AirGate, iPCS Wireless, Inc. and iPCS, Inc (incorporated
    by reference to Exhibit&nbsp;10.1 to the quarterly report on
    Form&nbsp;&nbsp;10-Q filed by AirGate with the Commission on
    May&nbsp;15, 2003 for the quarter ended March&nbsp;31, 2003 (SEC
    File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Technology License Agreement dated as of
    January&nbsp;1, 2002 by and among AirGate, AGW Leasing Company,
    Inc., AirGate Service Company, Inc., AirGate Network Services,
    Inc., iPCS, Inc., iPCS Wireless, Inc. and iPCS Equipment, Inc.
    (incorporated by reference to Exhibit&nbsp;10.35 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;15, 2002 for the quarter ended
    March&nbsp;31, 2002 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" 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 align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Separation Agreement and General Release, dated
    March&nbsp;23, 2004, by and between AirGate and William H.
    Seippel (incorporated by reference to Exhibit&nbsp;10.1 to the
    quarterly report on Form&nbsp;10-Q filed by AirGate with the
    Commission on May&nbsp;17, 2004 for the quarter ended
    March&nbsp;31, 2004 (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Settlement Agreement and Mutual Release, dated as
    of September&nbsp;10, 2004, by and among Sprint Spectrum L.P.,
    SprintCom, Inc., Sprint Communications Company L.P., and
    WirelessCo, L.P., AirGate , AGW Leasing Company, Inc., AirGate
    Network Services, LLC, and AirGate Service Company, Inc.
    (incorporated by reference to Exhibit&nbsp;10.2 to the current
    report on Form&nbsp;&nbsp;8-K filed by AirGate with the
    Commission on September&nbsp;14, 2004 (SEC File
    No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Computation of Ratio of Earnings to Fixed Charges
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Subsidiaries of AirGate PCS, Inc (incorporated by
    reference to Exhibit&nbsp;21 to the annual report on
    Form&nbsp;10-K/A filed by AirGate with the Commission on
    January&nbsp;17, 2003 for the year ended September&nbsp;30, 2002
    (SEC File No.&nbsp;000-27455))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of KPMG LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Paul, Hastings, Janofsky&nbsp;&#38;
    Walker LLP (included in Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in Part&nbsp;II of
    the registration statement)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of The Bank of New York
    Trust&nbsp;Company, N.A., as Trustee, on Form&nbsp;T-1
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Clients
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Registered Holders
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

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

</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>g92801exv5w1.txt
<DESCRIPTION>EX-5.1 OPINION OF PAUL, HASTINGS, JANOFSKY & WALKER LLP
<TEXT>
<PAGE>
                                                                     Exhibit 5.1

January 21, 2005

AirGate PCS, Inc.
Harris Tower
233 Peachtree Street NE, Suite 1700
Atlanta, GA 30303

      Re:   AirGate PCS, Inc.
            Registration Statement on Form S-4

Ladies and Gentlemen:

We have acted as counsel to AirGate PCS, Inc., a Delaware corporation (the
"Company") and to the subsidiaries of the Company listed on Schedule 1 hereto
(each, a "Guarantor" and collectively, the "Guarantors"), in connection with the
Registration Statement on Form S-4 (the "Registration Statement") filed by the
Company and the Guarantors with the Securities and Exchange Commission (the
"Commission") under the Securities Act of 1933 (the "Act"). The Registration
Statement relates to the issuance by the Company of up to $175,000,000 aggregate
principal amount of its First Priority Senior Secured Floating Rate Notes due
2011 (the "New Notes") and the issuance by the Guarantors of guarantees (the
"New Guarantees") with respect to the New Notes.

The New Notes and the New Guarantees will be issued under an indenture, dated as
of October 25, 2004 (the "Indenture") among the Company, the Guarantors and The
Bank of New York Trust Company, N. A., as trustee (the "Trustee").

As such counsel and for purposes of our opinions set forth below, we have
examined originals or copies, certified or otherwise identified to our
satisfaction, of such documents, corporate records, certificates of public
officials and other instruments as we have deemed necessary or appropriate as a
basis for the opinions set forth herein, including, without limitation:

            (i)   the Registration Statement;

            (ii)  the Indenture;

            (iii) the New Notes;

            (iv)  the New Guarantees;

            (v)   the certificate of incorporation of the Company and the bylaws
                  of the Company as presently in effect as certified by the
                  Secretary of
<PAGE>
AirGate PCS, Inc.
January 21, 2005
Page 2

                  the Company as of the date hereof (collectively, the "Company
                  Charter Documents");

            (vi)  the certificate of incorporation or corresponding formation
                  document of each of the Guarantors and the bylaws or
                  corresponding governance document of each of the Guarantors as
                  presently in effect as certified by the Secretary of each
                  Guarantor as of the date hereof (collectively, the "Guarantor
                  Charter Documents"; and together with the Company Charter
                  Documents, the "Charter Documents"); and

            (vii) resolutions adopted by the Company's and each Guarantor's
                  board of directors (or equivalent governing body), certified
                  by the respective Secretary of the Company and each such
                  Guarantor, relating to the execution and delivery of, and the
                  performance by the Company and each Guarantor of its
                  respective obligations under, the Transaction Documents (as
                  defined below).

In addition to the foregoing, we have made such investigations of law as we have
deemed necessary or appropriate as a basis for the opinions set forth herein.

The Registration Statement, Registration Rights Agreement, the New Notes, the
New Guarantees and the Indenture are referred to herein, individually, as a
"Transaction Document" and, collectively, as the "Transaction Documents".

In such examination and in rendering the opinions expressed below, we have
assumed: (i) the due authorization, execution and delivery of all agreements,
instruments and other documents by all the parties thereto (other than the due
authorization, execution and delivery of each such agreement, instrument and
document by the Company and the Guarantors); (ii) the genuineness of all
signatures on all documents submitted to us; (iii) the authenticity and
completeness of all documents, corporate records, certificates and other
instruments submitted to us; (iv) that photocopy, electronic, certified,
conformed, facsimile and other copies submitted to us of original documents,
corporate records, certificates and other instruments conform to the original
documents, records, certificates and other instruments, and that all such
original documents were authentic and complete; (v) the legal capacity of all
individuals executing documents; (vi) that the Transaction Documents executed in
connection with the transactions contemplated thereby are the valid and binding
obligations of each of the parties thereto (other than the Company and the
Guarantors), enforceable against such parties (other than the Company and the
Guarantors) in accordance with their respective terms and that no Transaction
Document has been amended or terminated orally or in writing except as has been
disclosed to us; (vii) that the statements contained in the certificates and
comparable documents of public officials, officers and representatives of the
Company and the Guarantors and other persons on which we have relied for the
purposes of this opinion are true and correct; and
<PAGE>
AirGate PCS, Inc.
January 21, 2005
Page 3

(viii) that the rights and remedies set forth in the Transaction Documents will
be exercised reasonably and in good faith and were granted without fraud or
duress and for good, valuable and adequate consideration and without intent to
hinder, delay or defeat any rights of any creditors or stockholders of the
Company or any Guarantor. As to all questions of fact material to this opinion
and as to the materiality of any fact or other matter referred to herein, we
have relied (without independent investigation) upon certificates or comparable
documents of officers and representatives of the Company.

Based upon the foregoing, and in reliance thereon, and subject to the
limitations, qualifications and exceptions set forth herein, we are of the
following opinion:

1.    When the New Notes have been duly authenticated by The Bank of New York
Trust Company, N.A., in its capacity as Trustee, and duly executed and delivered
on behalf of the Company as contemplated by the Registration Statement, the New
Notes will be legally issued and will constitute binding obligations of the
Company, enforceable against the Company in accordance with their terms.

2.    When (a) the New Notes have been executed, authenticated, issued and
delivered in accordance with the provisions of the Indenture upon the exchange
and (b) the New Guarantees have been duly endorsed on the New Notes, the New
Guarantees will constitute binding obligations of the Guarantors enforceable
against the Guarantors in accordance with their terms.

Our opinions set forth above are subject to applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance and transfer, moratorium or other laws now
or hereafter in effect relating to or affecting the rights or remedies of
creditors generally and by general principles of equity (whether applied in a
proceeding at law or in equity) including, without limitation, standards of
materiality, good faith and reasonableness in the interpretation and enforcement
of contracts, and the application of such principles to limit the availability
of equitable remedies such as specific performance.

We are members of the Bar of the State of New York, and accordingly, do not
purport to be experts on or to be qualified to express any opinion herein
concerning the laws of any jurisdiction other than laws of the State of New York
and the Delaware General Corporation Law and the Delaware Limited Liability
Company Act.

We hereby consent to being named as counsel to the Company and the Guarantors in
the Registration Statement, to the references therein to our Firm under the
caption "Legal Matters" and to the inclusion of this opinion as an exhibit to
the Registration Statement. In giving this consent, we do not thereby admit that
we are within the category of persons whose consent is required under Section 7
of the Securities Act, or the rules and regulations of the Commission
thereunder.
<PAGE>
AirGate PCS, Inc.
January 21, 2005
Page 4

Very truly yours,

/s/ Paul, Hastings, Janofsky & Walker, LLP

PAUL, HASTINGS, JANOFSKY & WALKER, LLP
<PAGE>
AirGate PCS, Inc.
January 21, 2005
Page 5

SCHEDULE 1

Guarantors
----------
AGW Leasing Company, Inc.
AirGate Network Services, LLC
AirGate Service Company, Inc.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>g92801exv12w1.txt
<DESCRIPTION>EX-12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                    EXHIBIT 12.1
AIRGATE PCS, INC.

SCHEDULE OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>

                                             NINE MONTHS
                                               ENDED                                YEAR ENDED SEPTEMBER 30,
                                            SEPTEMBER 30,    ----------------------------------------------------------------------
                                               1999            2000            2001            2002           2003           2004
                                             -------         -------         --------         -------        -------        -------
<S>                                         <C>              <C>             <C>              <C>            <C>            <C>
Income (loss) before
income taxes, minority interest
and extraordinary item                       (15,599)        (81,323)        (110,990)        (92,780)       (42,186)       (10,135)
Amortization of capitalized interest             111             816            1,702           2,207          2,444          2,364
Fixed charges                                 10,817          34,508           35,616          42,386         47,792         41,485
Interest capitalized                          (1,109)         (5,938)          (2,917)         (2,137)          (236)           (75)
                                             -------         -------         --------         -------        -------        -------
Earnings (loss) available for
combined fixed charges                        (5,780)        (51,937)         (76,589)        (50,324)         7,814         33,639
                                             =======         =======         ========         =======        =======        =======


Combined fixed charges:

  Interest expense                               651           1,885            3,890           5,502          8,476         19,164
  Amortization of original issue
  discount on Subordinate Notes                8,707          23,043           23,799          28,762         33,020         16,126
  Amortization of deferred financing costs      --             1,192            1,210           1,210          1,210            995
                                             -------         -------         --------         -------        -------        -------
  Total interest expense                       9,358          26,120           28,899          35,474         42,706         36,285
                                             -------         -------         --------         -------        -------        -------


Interest capitalized                           1,109           5,938            2,917           2,137            236             75
  Estimated interest expense within
  rental expense (1)                             350           2,450            3,800           4,775          4,850          5,125
                                             -------         -------         --------         -------        -------        -------
Total combined fixed charges                  10,817          34,508           35,616          42,386         47,792         41,485
                                             =======         =======         ========         =======        =======        =======

Ratio of earnings to fixed charges              (0.5)           (1.5)            (2.2)           (1.2)           0.2            0.8

Additional earnings necessary for 1:1 ratio   16,597          86,445          112,205          92,710         39,978          7,846


(1)  The interest component of rental expense was assumed to be 25% of
     operating lease expense.

Rental expense                                 1,400           9,800           15,200          19,100         19,400         20,500
</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>g92801exv23w1.txt
<DESCRIPTION>EX-23.1 CONSENT OF KPMG
<TEXT>
<PAGE>
                                                                    Exhibit 23.1

            Consent of Independent Registered Public Accounting Firm

The Board of Directors
AirGate PCS, Inc.:

We consent to the use of our reports dated December 13, 2004, with respect to
the consolidated balance sheets of AirGate PCS, Inc. and subsidiaries as of
September 30, 2004 and 2003, and the related consolidated statements of
operations, stockholders' deficit and cash flows for each of the years in the
three-year period ended September 30, 2004, and the related financial statement
schedule, incorporated herein by reference. We consent to the reference to our
firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Atlanta, Georgia
January 19, 2005

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>g92801exv25w1.txt
<DESCRIPTION>EX-25.1 STATEMENT OF ELIGIBILITY OF THE BANK OF NEW YORK TRUST COMPANY
<TEXT>
<PAGE>






                                                                   EXHIBIT 25.1
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
                                    FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

 CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO
                             SECTION 305(b)(2) |__|
                           ---------------------------

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.
               (Exact name of trustee as specified in its charter)


                                                             95-3571558
(State of incorporation                                      (I.R.S. employer
if not a U.S. national bank)                                 identification no.)

700 S. FLOWER STREET
2ND FLOOR
LOS ANGELES, CALIFORNIA                                      90017-4104
(Address of principal executive offices)                     (Zip code)

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

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.
                       100 ASHFORD CENTER NORTH, SUITE 520
                                ATLANTA, GA 30338
                             ATTN: BARBARA K. ROYAL
                                 (770) 698-5131
           (Name, address, and telephone number of agent for service)
                           ---------------------------
                                AIRGATE PCS, INC.
               (Exact name of obligor as specified in its charter)

DELAWARE                                                  58-2422929
(State or other jurisdiction of                           (I.R.S. employer
incorporation or organization)                            identification no.)

HARRIS TOWER                                              30303
233 PEACHTREE STREET, N.E.                                (Zip code)
SUITE 1700
ATLANTA, GEORGIA
(Address of principal executive offices)

                           ---------------------------
           First Priority Senior Secured Floating Rate Notes due 2011
                       (Title of the indenture securities)

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


<PAGE>




1.       General information.  Furnish the following information as to the
         trustee:

         (a)      Name and address of each examining or supervising authority
                  to which it is subject.


--------------------------------------------------------------------------------
                          Name                                      Address
--------------------------------------------------------------------------------
        COMPTROLLER OF THE CURRENCY                       WASHINGTON, D.C. 20219
        UNITED STATES DEPARTMENT OF THE
        TREASURY

        FEDERAL RESERVE BANK                              ATLANTA, GEORGIA 30309

        FEDERAL DEPOSIT INSURANCE CORPORATION             WASHINGTON, D.C. 20429

        (b)     Whether it is authorized to exercise corporate trust powers.

        YES.

2.      Affiliations with Obligor.

        If the obligor is an affiliate of the trustee, describe each such
        affiliation.

        NONE.

16.     List of Exhibits.

        Exhibits identified in parentheses below, on file with the Commission,
        are incorporated herein by reference as an exhibit hereto, pursuant to
        Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and
        17 C.F.R. 229.10(d).

        1.       A copy of the articles of association of The Bank of New York
                 Trust Company, N.A. (Exhibit 1 to Form T-1 filed with
                 Registration Statement No. 333-122050).

        2.       A copy of certificate of authority of the trustee to commence
                 business.  (Exhibit 2 to Form T-1 filed with
                 Registration Statement No. 333-122050).

        3.       A copy of the authorization of the trustee to exercise
                 corporate trust powers.  (Exhibit 3 to Form T-1 filed with
                 Registration Statement No. 333-122050).

        4.       A copy of the existing by-laws of the trustee. (Exhibit 4 to
                 Form T-1 filed with Registration Statement No. 333-122050).

        6.       The consent of the trustee required by Section 321(b) of the
                 Act.

        7.       A copy of the latest report of condition of the Trustee
                 published pursuant to law or to the requirements of its
                 supervising or examining authority.



                                      -2-

<PAGE>





                                    SIGNATURE


         Pursuant to the requirements of the Act, the trustee, The Bank of New
York Trust Company, N.A., a corporation organized and existing under the laws of
the United States of America, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of Atlanta, and State of Georgia, on the 21st day of January, 2005.




                                          THE BANK OF NEW YORK
                                          TRUST COMPANY, N.A.

                                          By:   /s/ Barbara K. Royal
                                             ----------------------------------
                                          Name:   Barbara K. Royal
                                          Title:  Assistant Vice President



                                      -3-

<PAGE>

                                                                       EXHIBIT 6





                             CONSENT OF THE TRUSTEE



Pursuant to the requirements of Section 321 (b) of the Trust Indenture Act of
1939, The Bank of New York Trust Company, N.A., hereby consents that reports of
examinations by Federal, State, Territorial or District authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefor.



                                          THE BANK OF NEW YORK
                                          TRUST COMPANY, N.A.


                                          By: /s/ Barbara K. Royal
                                              -------------------------------
                                              Name:   Barbara K. Royal
                                              Title:  Assistant Vice President


Atlanta, Georgia
January 21, 2005



                                      -4-
<PAGE>


                                                                       EXHIBIT 7

                      Consolidated Report of Condition of
                    THE BANK OF NEW YORK TRUST COMPANY, N.A.
           of 700 S. Flower Street, 2nd Floor, Los Angeles, CA 90017

         At the close of business November 30, 2004, published in accordance
with Federal regulatory authority instructions.

<TABLE>
<CAPTION>


                                                                                        Dollar Amounts
                                                                                          in Thousands
ASSETS

<S>                                                                                                         <C>
Cash and balances due from
         depository institutions:
         Noninterest-bearing balances
           and currency and coin.....................................................................        11,020
         Interest-bearing balances...................................................................            20
Securities:
         Held-to-maturity securities.................................................................         8,930
         Available-for-sale securities...............................................................        29,892
Federal funds sold and securities
  purchased under agreements to resell:
         Federal funds sold .........................................................................        25,700
         Securities purchased under agreements to resell.............................................       111,000
Loans and lease financing receivables:
         Loans and leases held for sale..............................................................             0
         Loans and leases,
           net of unearned income....................................................................             0
         LESS: Allowance for loan and
           lease losses..............................................................................             0
         Loans and leases, net of unearned
           income and allowance .....................................................................             0
Trading assets.......................................................................................             0
Premises and fixed assets (including
         capitalized leases).........................................................................         2,365
Other real estate owned..............................................................................             0
Investments in unconsolidated
         subsidiaries and associated
         companies...................................................................................             0
Customers' liability to this bank
         on acceptances outstanding..................................................................             0
Intangible assets:
      Goodwill   ....................................................................................       237,448
      Other Intangible Assets .......................................................................        17,614
Other assets.........................................................................................        25,184
                                                                                                           --------
Total assets.........................................................................................      $469,173
                                                                                                           ========

</TABLE>


                                      -5-

<PAGE>




<TABLE>
<CAPTION>


<S>                                                                                                          <C>
LIABILITIES
Deposits:
         In domestic offices
         Noninterest-bearing...........................................................................      12,587
         Interest-bearing..............................................................................           0
Not applicable
Federal funds purchased and securities
  sold under agreements to repurchase:
         Federal funds purchased.......................................................................           0
         Securities sold under agreements to repurchase................................................           0
Trading liabilities....................................................................................           0
Other borrowed money:
         (includes mortgage indebtedness
         and obligations under capitalized
         leases).......................................................................................      58,193
Not applicable
Bank's liability on acceptances
           executed and outstanding....................................................................           0
Subordinated notes and debentures......................................................................           0
Other liabilities......................................................................................      45,767
                                                                                                             ------
Total liabilities......................................................................................    $116,548
                                                                                                           ========
Minority interest in consolidated subsidiaries.........................................................           0

EQUITY CAPITAL

Perpetual preferred stock and related surplus..........................................................           0
Common stock...........................................................................................       1,000
Surplus................................................................................................     294,050
Retained earnings......................................................................................      57,632
Accumulated other comprehensive
         income........................................................................................
Other equity capital components........................................................................        (57)
                                                                                                           --------
Total equity capital...................................................................................    $352,625
                                                                                                           --------
Total liabilities, minority interest, and equity capital...............................................    $469,173
                                                                                                          =========

</TABLE>


         I, Thomas J. Mastro, Comptroller of the above-named bank do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.

        Thomas J. Mastro           )        Comptroller


         We, the undersigned directors, attest to the correctness of this Report
of Condition and declare that it has been examined by us and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.


        Richard G. Jackson         )
        Nicholas C. English        )       Directors
        Karen B. Shupenko          )



                                      -6-







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>g92801exv99w1.htm
<DESCRIPTION>EX-99.1 FORM OF LETTER OF TRANSMITTAL
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.1 FORM OF LETTER OF TRANSMITTAL</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<B><FONT size="2">EXHIBIT 99.1</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">LETTER OF TRANSMITTAL</FONT></B>

<DIV align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">any and all outstanding</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have been registered under the
Securities Act of 1933,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">for any and all outstanding</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">First Priority Senior Secured Floating Rate
Notes due 2011,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">which have not been registered under the
Securities Act of 1933,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">of</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">AIRGATE PCS, INC.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">PURSUANT TO THE PROSPECTUS
DATED &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></B>
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="left">
<B>THE EXCHANGE OFFER WILL EXPIRE AT 5:00&nbsp;P.M., NEW YORK
CITY TIME,
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;).
ORIGINAL NOTES&nbsp;TENDERED IN THE EXCHANGE OFFER MAY BE
WITHDRAWN AT ANY TIME PRIOR TO 5:00&nbsp;P.M., NEW YORK CITY
TIME, ON THE EXPIRATION DATE.</B>
</DIV>

<P align="center">
<I><FONT size="2">The Exchange Agent for the Exchange Offer
is:</FONT></I>

<P align="center">
<B>The Bank of New York Trust&nbsp;Company, N.A.</B>

<P align="center">
<I><FONT size="2">By Mail, Overnight Courier or Hand
Delivery:</FONT></I>

<P align="center">
<FONT size="2">The Bank of New York Trust&nbsp;Company, N.A.
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">101 Barclay Street, 7 East
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">New York, NY 10286
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<I><FONT size="2">By Facsimile:</FONT></I>

<P align="center">
<FONT size="2">(212)&nbsp;298-1915
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<I><FONT size="2">To confirm by telephone or for
information:</FONT></I>

<P align="center">
<BR>
<I><FONT size="2"> </FONT></I><FONT size="2">(212)&nbsp;815-5788
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN
ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS
LETTER OF TRANSMITTAL VIA FACSIMILE TO A NUMBER OTHER THAN AS
SET FORTH ABOVE OR OTHERWISE THAN AS PROVIDED ABOVE WILL
NOT</FONT></B>

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

<DIV align="left">
<B><FONT size="2">CONSTITUTE A VALID DELIVERY. THE INSTRUCTIONS
CONTAINED HEREIN SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF
TRANSMITTAL IS COMPLETED.</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Letter of Transmittal is to be completed by
holders of Original Notes (as defined below) either if Original
Notes are to be forwarded herewith or if tenders of Original
Notes are to be made by book-entry transfer to an account
maintained by The Bank of New York Trust&nbsp;Company, N.A. (the
&#147;Exchange Agent&#148;) at The Depository Trust&nbsp;Company
(&#147;DTC&#148;) pursuant to the procedures set forth in
<B><I>&#147;The Exchange Offer&nbsp;&#151; Exchange Offer
Procedures&#148; </I></B>in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of Original Notes (i)&nbsp;whose
certificates (the &#147;Certificates&#148;) for such Original
Notes are not immediately available or (ii)&nbsp;who cannot
deliver their Original Notes, the Letter of Transmittal or any
other required documents to the Exchange Agent prior to
5:00&nbsp;p.m., New York City time, on the Expiration Date or
(iii)&nbsp;who cannot complete the procedures for delivery by
book-entry transfer prior to 5:00&nbsp;p.m., New York City time,
on the Expiration Date, must tender their Original Notes
according to the guaranteed delivery procedures set forth in
<B><I>&#147;The Exchange Offer&nbsp;&#151; Guaranteed Delivery
Procedures&#148; </I></B>in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">SEE INSTRUCTION 1. DELIVERY OF DOCUMENTS TO
DTC DOES NOT CONSTITUTE DELIVERY TO THE EXCHANGE
AGENT.</FONT></B>

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

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

<P align="center">
<B><FONT size="2">NOTE: SIGNATURES MUST BE PROVIDED
BELOW</FONT></B>

<DIV align="center">
<B><FONT size="2">PLEASE READ THE ACCOMPANYING INSTRUCTIONS
CAREFULLY</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">ALL TENDERING HOLDERS COMPLETE THIS
BOX:</FONT></B>

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

<TR>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">DESCRIPTION OF ORIGINAL NOTES&nbsp;TENDERED</FONT></B></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">If Blank, Please Print Name and</FONT></B></TD>
    <TD></TD>
    <TD colspan="5" align="center" nowrap><B><FONT size="1">Original Notes Tendered</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Address of Registered Holder</FONT></B></TD>
    <TD></TD>
    <TD colspan="5" align="center" nowrap><B><FONT size="1">(Attach Additional List of Notes)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Amount</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">of Original Notes</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Certificate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Tendered (If Less</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Number(s)*</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">of Original Notes</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Than All)**</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="bottom">
    <B><FONT size="2">Total Amount Tendered:</FONT></B></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7" align="left" valign="top">
    <FONT size="2">*&nbsp;Need not be completed by book-entry
    holders.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left" valign="top">
    <FONT size="2">**&nbsp;Original Notes may be tendered in whole
    or in part in denominations of $1,000 and integral multiples
    thereof. Unless otherwise indicated in this column, a holder
    will be deemed to have tendered ALL of the Original Notes held
    by such holder indicated in the corresponding column to the left
    of this column.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">BOXES BELOW TO BE CHECKED BY ELIGIBLE
INSTITUTIONS ONLY:</FONT></B>

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

<TR>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <B><FONT size="2">CHECK HERE IF TENDERED ORIGINAL NOTES&nbsp;ARE
    BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT
    MAINTAINED BY THE EXCHANGE AGENT WITH DTC AND COMPLETE THE
    FOLLOWING:</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Name of Tendering
    Institution:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">DTC Account No.&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Transaction Code No.&nbsp;</FONT></TD>
</TR>

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

</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <B><FONT size="2">CHECK HERE AND ENCLOSE A PHOTOCOPY OF THE
    NOTICE OF GUARANTEED DELIVERY IF TENDERED ORIGINAL
    NOTES&nbsp;ARE BEING DELIVERED PURSUANT TO A NOTICE OF
    GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND
    COMPLETE THE FOLLOWING:</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Name(s) of Registered
    Holder(s):&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Window Ticket Number (if
    any):&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Date of Execution of Notice of Guaranteed
    Delivery:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Name of Institution which Guaranteed
    Delivery:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">3
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">IF GUARANTEED DELIVERY IS TO BE MADE BY
BOOK-ENTRY TRANSFER:</FONT></B>

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

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" 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 colspan="3" align="left" valign="bottom">
    <FONT size="2">Name of Tendering
    Institution:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">DTC Account No.&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Transaction Code No.
    </FONT></TD>
</TR>

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

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <B><FONT size="2">CHECK HERE IF TENDERED BY BOOK-ENTRY TRANSFER
    AND NON-EXCHANGED ORIGINAL NOTES&nbsp;ARE TO BE RETURNED BY
    CREDITING THE DTC ACCOUNT NUMBER SET FORTH ABOVE.</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <B><FONT size="2">CHECK HERE IF YOU ARE A BROKER-DEALER WHO
    ACQUIRED THE ORIGINAL NOTES&nbsp;FOR ITS OWN ACCOUNT AS A RESULT
    OF MARKET MAKING OR OTHER TRADING ACTIVITIES (A
    &#147;PARTICIPATING BROKER-DEALER&#148;) AND WISH TO RECEIVE 10
    ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
    AMENDMENTS OR SUPPLEMENTS THERETO.</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Name:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom">
    <FONT size="2">Address:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby tenders to AirGate PCS,
Inc., a Delaware corporation (the &#147;Issuer&#148;), the above
described aggregate principal amount of the Issuer&#146;s First
Priority Senior Secured Floating Rate Notes due 2011, which have
not been registered under the Securities Act of 1933 (the
&#147;Original Notes&#148;), in exchange for a like aggregate
principal amount of the Issuer&#146;s First Priority Senior
Secured Floating Rate Notes due 2011, which have been registered
under the Securities Act of 1933 (the &#147;New Notes&#148;),
upon the terms and subject to the conditions set forth in the
Prospectus,
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as the same may be amended or
supplemented from time to time, the &#147;Prospectus&#148;),
receipt of which is hereby acknowledged, and in this Letter of
Transmittal (which, together with the Prospectus, constitute the
&#147;Exchange Offer&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to and effective upon the acceptance for
exchange of all or any portion of the Original Notes tendered
herewith in accordance with the terms and conditions of the
Exchange Offer (including, if the Exchange Offer is extended or
amended, the terms and conditions of any such extension or
amendment), the undersigned hereby tenders, exchanges, sells,
assigns and transfers to or upon the order of the Issuer all
right, title and interest in and to such Original Notes as are
being tendered herewith. The undersigned hereby irrevocably
constitutes and appoints the Exchange Agent as its agent and
attorney-in-fact (with full knowledge that the Exchange Agent is
also acting as agent of the Issuer in connection with the
Exchange Offer) with respect to the tendered Original Notes,
with full power of substitution (such power of attorney being
deemed to be an irrevocable power coupled with an interest),
subject only to the right of withdrawal described in the
Prospectus, to (i)&nbsp;deliver Certificates for Original Notes
to the Issuer together with all accompanying evidences of
transfer and authenticity to, or upon the order of, the Issuer,
upon receipt by the Exchange Agent, as the undersigned&#146;s
agent, of the New Notes to be issued in exchange for such
Original Notes, (ii)&nbsp;present Certificates for such Original
Notes for transfer, and to transfer the Original Notes on the
books of the Issuer and (iii)&nbsp;receive for the account of
the Issuer all benefits and otherwise exercise all rights of
beneficial ownership of such Original Notes, all in accordance
with the terms and conditions of the Exchange Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THE UNDERSIGNED HEREBY REPRESENTS AND WARRANTS
THAT THE UNDERSIGNED HAS FULL POWER AND AUTHORITY TO TENDER,
EXCHANGE, SELL, ASSIGN AND TRANSFER THE ORIGINAL
NOTES&nbsp;TENDERED HEREBY AND THAT, WHEN THE SAME ARE ACCEPTED
FOR EXCHANGE, THE ISSUER WILL ACQUIRE GOOD, MARKETABLE AND
UNENCUMBERED TITLE THERETO, FREE AND CLEAR OF ALL LIENS,
RESTRICTIONS, CHARGES AND ENCUMBRANCES, AND THAT THE ORIGINAL
NOTES&nbsp;TENDERED HEREBY ARE NOT SUBJECT TO ANY ADVERSE CLAIMS
OR PROXIES. THE UNDERSIGNED WILL, UPON REQUEST, EXECUTE AND
DELIVER ANY ADDITIONAL DOCUMENTS DEEMED BY THE ISSUER OR THE
EXCHANGE AGENT TO BE NECESSARY OR DESIRABLE TO COMPLETE THE
EXCHANGE, ASSIGNMENT AND TRANSFER OF THE ORIGINAL NOTES TENDERED
HEREBY, AND THE UNDERSIGNED WILL COMPLY WITH ITS OBLIGATIONS
UNDER THE REGISTRATION RIGHTS AGREEMENT, DATED AS OF
OCTOBER&nbsp;25, 2004 (THE &#147;REGISTRATION RIGHTS
AGREEMENT&#148;), AMONG THE ISSUER, THE GUARANTORS NAMED THEREIN
AND THE INITIAL PURCHASERS NAMED THEREIN, FOR THE BENEFIT OF THE
INITIAL PURCHASERS AND THE HOLDERS OF THE ORIGINAL NOTES. THE
UNDERSIGNED HAS READ AND AGREES TO ALL OF THE TERMS OF THE
EXCHANGE OFFER.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The name(s) and address(es) of the registered
holder(s) of the Original Notes tendered hereby should be
printed above, if they are not already set forth above, as they
appear on the Certificates representing such Original Notes or,
in the case of book-entry securities, on the relevant securities
position listing. The Certificate number(s) and the Original
Notes that the undersigned wishes to tender should be indicated
in the appropriate boxes above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any tendered Original Notes are not exchanged
pursuant to the Exchange Offer for any reason, or if
Certificates are submitted for more Original Notes than are
tendered or accepted for exchange, Certificates for such
nonexchanged or nontendered Original Notes will be returned (or,
in the case of Original Notes tendered by book-entry transfer,
such Original Notes will be credited to an account maintained at
DTC), without expense to the tendering holder, promptly
following the expiration or termination of the Exchange Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned understands that tenders of
Original Notes pursuant to any one of the procedures described
in <B><I>&#147;The Exchange Offer&nbsp;&#151; Exchange Offer
Procedures&#148; </I></B>in the Prospectus and in the
instructions hereto will, upon the Issuer&#146;s acceptance for
exchange of such tendered Original Notes, constitute a binding
agreement between the
</FONT>

<P align="center"><FONT size="2">5
</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">undersigned and the Issuer upon the terms and
subject to the conditions of the Exchange Offer. The undersigned
recognizes that, under certain circumstances set forth in the
Prospectus, the Issuer may not be required to accept for
exchange any of the Original Notes tendered hereby.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise indicated herein in the box
entitled &#147;Special Issuance Instructions&#148; below, the
undersigned hereby directs that the New Notes be issued in the
name(s) of the undersigned or, in the case of a book-entry
transfer of Original Notes, that such New Notes be credited to
the account indicated above maintained at DTC. If applicable,
substitute Certificates representing Original Notes not
exchanged or not accepted for exchange will be issued to the
undersigned or, in the case of a book-entry transfer of Original
Notes, will be credited to the account indicated above
maintained at DTC. Similarly, unless otherwise indicated under
&#147;Special Delivery Instructions,&#148; please deliver New
Notes to the undersigned at the address shown below the
undersigned&#146;s signature.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By tendering Original Notes and executing this
Letter of Transmittal, the undersigned hereby represents and
agrees that (i)&nbsp;any New Notes acquired pursuant to the
Exchange Offer are being obtained in the ordinary course of its
business, (ii)&nbsp;the undersigned has no arrangement or
understanding with any person to participate in a distribution
(within the meaning of the Securities Act of 1933) of New Notes
to be received in the Exchange Offer in violation of the
provisions of the Securities Act of 1933, (iii)&nbsp;the
undersigned is not an &#147;affiliate&#148; (as defined in
Rule&nbsp;405 under the Securities Act of 1933) of the Issuer or
any of its subsidiaries, or, if the undersigned is an affiliate,
the undersigned will comply with the registration and prospectus
delivery requirements of the Securities Act of 1933 to the
extent applicable, (iv)&nbsp;if the undersigned is not a
broker-dealer, the undersigned is not engaged in, and does not
intend to engage in, a distribution (within the meaning of the
Securities Act of 1933) of such New Notes and (v)&nbsp;if the
undersigned is a broker-dealer that received New Notes for its
own account in the Exchange Offer, where such Original Notes
were acquired by such broker-dealer as a result of market-making
activities or other trading activities, such broker-dealer will
deliver a Prospectus in connection with any resale of such New
Notes (provided that, by so acknowledging and by delivering a
prospectus, such broker-dealer will not be deemed to admit that
it is an &#147;underwriter&#148; within the meaning of the
Securities Act of 1933). See <B><I>&#147;The Exchange
Offer&nbsp;&#151; Terms of the Exchange Offer&nbsp;&#151;
Purpose of the Exchange Offer,&#148; &#147;The Exchange
Offer&nbsp;&#151; Exchange Offer Procedures&#148; </I></B>and
<B><I>&#147;Plan of Distribution&#148; </I></B>in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Issuer has agreed that, subject to the
provisions of the Registration Rights Agreement, the Prospectus,
as it may be amended or supplemented from time to time, may be
used by a Participating Broker-Dealer in connection with resales
of New Notes received in exchange for Original Notes, where such
Original Notes were acquired by such Participating Broker-Dealer
for its own account as a result of market-making activities or
other trading activities, for a period ending 180&nbsp;days of
the Prospectus (subject to extension under certain limited
circumstances described in the Prospectus) or, if earlier, when
all such New Notes have been disposed of by such Participating
Broker-Dealer. However, a Participating Broker-Dealer who
intends to use the Prospectus in connection with the resale of
New Notes received in exchange for Original Notes pursuant to
the Exchange Offer must notify the Issuer, or cause the Issuer
to be notified, on or prior to the Expiration Date, that it is a
Participating Broker-Dealer. Such notice may be given in the
space provided herein for that purpose or may be delivered to
the Exchange Agent at one of the addresses set forth in the
Prospectus under <B><I>&#147;The Exchange Offer&nbsp;&#151;
Exchange Agent.&#148; </I></B>In that regard, each Participating
Broker-Dealer, by tendering such Original Notes and executing
this Letter of Transmittal, agrees that, upon receipt of notice
from the Issuer of the occurrence of (i)&nbsp;the request of the
Securities and Exchange Commission for amendments or supplements
to the Registration Statement or the Prospectus included
therein, (ii)&nbsp;the issuance by the Securities and Exchange
Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for
that purpose, (iii)&nbsp;the receipt by the Issuer or its legal
counsel of any notification with respect to the suspension of
the qualification of the New Notes for sale in any jurisdiction
or the initiation or threatening of any proceeding for such
purpose or (iv)&nbsp;the happening of any event that requires
the Issuer to make changes in the Registration Statement or the
Prospectus in order that the Registration Statement or the
Prospectus does not contain an untrue statement of a material
fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case
of the Prospectus, in light of the circumstances under which
they were made), not misleading, such Participating
Broker-Dealer shall suspend the use of such Prospectus, until
the Issuer has promptly prepared and filed a post-effective
amendment to the Registration Statement or a supplement to the
related Prospectus and any other document required so that, the
Prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be
</FONT>

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

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

<DIV align="left">
<FONT size="2">stated therein or necessary to make the
statements therein, in light of the circumstances under which
they were made, not misleading and has furnished an amended or
supplemented Prospectus to the Participating Broker-Dealer or
the Issuer has given notice that the sale of the New Notes may
be resumed, as the case may be.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Issuer gives such notice to suspend the
sale of the New Notes, it shall extend the 180-day period
referred to above during which Participating Broker-Dealers are
entitled to use the Prospectus in connection with the resale of
New Notes by the number of days in the period from and including
the date of the giving of such notice to and including the date
when the Issuer shall have made available to Participating
Broker-Dealers copies of the supplemented or amended Prospectus
necessary to resume resales of the New Notes or to and including
the date on which the Issuer has given notice that the use of
the applicable Prospectus may be resumed, as the case may be.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders of New Notes on the relevant record date
for the first interest payment date following the consummation
of the exchange offer will receive interest accruing from
October&nbsp;25, 2004, or the last interest payment date on
which interest was paid on the Original Notes. Such interest
will be paid with the first interest payment on the New Notes on
January&nbsp;15, 2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All authority herein conferred or agreed to be
conferred in this Letter of Transmittal shall survive the death
or incapacity of the undersigned and any obligation of the
undersigned hereunder shall be binding upon the heirs,
executors, administrators, personal representatives, trustees in
bankruptcy, legal representatives, successors and assigns of the
undersigned. Except as stated in the Prospectus, this tender is
irrevocable.
</FONT>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">HOLDER(S) SIGN HERE</FONT></B>

<DIV align="center">
<B><FONT size="2">(SEE INSTRUCTIONS 1, 2, 5 AND 6)</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(PLEASE COMPLETE SUBSTITUTE FORM W-9
BELOW)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">(NOTE: SIGNATURE(S) MUST BE GUARANTEED IF
REQUIRED BY INSTRUCTION 2)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Must be signed by registered holder(s) exactly as
name(s) appear(s) on Certificate(s) for the Original Notes
hereby tendered or on a security position listing, or by any
person(s) authorized to become the registered holder(s) by
endorsements and documents transmitted herewith (including such
opinions of counsel, certifications and other information as may
be required by the Issuer or the Trustee for the Original Notes
to comply with the restrictions on transfer applicable to the
Original Notes). If the signature is by an attorney-in-fact,
executor, administrator, trustee, guardian, officer of a
corporation or another acting in a fiduciary capacity or
representative capacity, please set forth the signer&#146;s full
title. See Instruction&nbsp;5.
</FONT>

<P align="center">
<B><FONT size="2">(SIGNATURE(S) OF HOLDER(S))</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><FONT size="2">Signature(s):&nbsp; <HR size="1" align="left" noshade></FONT></TD>
    <TD align="right"><FONT size="2">Dated: &nbsp; ____________, 2004</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Name(s):&nbsp;<HR size="1" width="88%" align="left" noshade>
</FONT>

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<DIV align="left">
<FONT size="2">Address:&nbsp;</FONT>
</DIV>

<DIV align="right">
<HR size="1" width="88%" align="right" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">(Include Zip Code)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Area Code and Telephone Number:&nbsp;</FONT>

<DIV align="right">
<HR size="1" width="58%" align="right" noshade>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">TAXPAYER IDENTIFICATION OR SOCIAL SECURITY
NUMBER(S)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">GUARANTEE OF SIGNATURE(S)</FONT></B>

<DIV align="center">
<B><FONT size="2">(SEE INSTRUCTIONS 2 AND 5)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Authorized
Signature:&nbsp;<HR size="1" width="88%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">Name:&nbsp;<HR size="1" width="92%" align="left" noshade>
</FONT>

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Date: &nbsp;____________, 2004
</FONT>

<P align="left">
<FONT size="2">Capacity or
Title:&nbsp;<HR size="1" width="92%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">Name of
Firm:&nbsp;<HR size="1" width="92%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">Address:&nbsp;<HR size="1" width="88%" align="left" noshade>
</FONT>

<DIV align="center">
<B><FONT size="2">(Include Zip Code)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Area Code and Telephone
Number:&nbsp;<HR size="1" width="58%" align="left" noshade>
</FONT>
</DIV>

<P align="center"><FONT size="2">8
</FONT>
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<P align="center">
<B><FONT size="2">SPECIAL ISSUANCE INSTRUCTIONS</FONT></B>

<DIV align="center">
<B><FONT size="2">(See Instructions&nbsp;1, 5 AND 6)</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">To be completed ONLY if the New Notes are to be
issued in the name of someone other than the registered holder
of the Original Notes whose name(s) appear(s) above:
</FONT>

<P align="left">
<FONT size="2">Issue New Notes to:
</FONT>

<P align="left">
<FONT size="2">Name:
</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Address:
</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<P align="right">
<HR size="1" width="100%" align="right" noshade>

<DIV align="center">
<B><FONT size="2">(Include Zip Code)</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">(Taxpayer Identification or Social Security
No.)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">SPECIAL DELIVERY INSTRUCTIONS</FONT></B>

<DIV align="center">
<B><FONT size="2">(See Instructions&nbsp;1, 5 AND 6)</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">To be completed ONLY if the New Notes are to be
delivered to someone other than the registered holder of the
Original Notes whose name(s) appear(s) above, or to such
registered holder(s) at an address other than that shown above.
</FONT>

<P align="left">
<FONT size="2">Mail New Notes to:
</FONT>

<P align="left">
<FONT size="2">Name:
</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Address:
</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<P align="right">
<HR size="1" width="100%" align="right" noshade>

<DIV align="center">
<B><FONT size="2">(Include Zip Code)</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">(Taxpayer Identification or Social Security
No.)</FONT></B>
</DIV>

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

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

<P align="center">
<B><FONT size="2">FORMING PART OF THE TERMS AND CONDITIONS OF
THE EXCHANGE OFFER</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of
Letter of Transmittal and Certificates; Guaranteed Delivery
Procedures.</I></FONT></B><FONT size="2"> This Letter of
Transmittal is to be completed either if (a)&nbsp;Certificates
are to be forwarded herewith or (b)&nbsp;tenders are to be made
pursuant to the procedures for tender by book-entry transfer set
forth in <B><I>&#147;The Exchange Offer&nbsp;&#151; Exchange
Offer Procedures&#148;</I></B> in the Prospectus. Certificates,
or timely confirmation of a book-entry transfer of such Original
Notes into the Exchange Agent&#146;s account at DTC, as well as
a Letter of Transmittal (or manually signed facsimile thereof),
properly completed and duly executed, with any required
signature guarantees, or an Agent&#146;s Message in the case of
a book-entry delivery, and any other documents required by this
Letter of Transmittal, must be received by the Exchange Agent at
one of its addresses set forth herein prior to 5:00&nbsp;p.m.,
New York City time, on the Expiration Date. Original Notes may
be tendered in whole or in part in the principal amount of
$1,000 and integral multiples thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who wish to tender their Original Notes
and (i)&nbsp;whose Certificate of such Original Notes are not
immediately available or (ii)&nbsp;who cannot deliver their
Original Notes, the Letter of Transmittal or any other required
documents to the Exchange Agent prior to 5:00&nbsp;p.m., New
York City time, on the Expiration Date or (iii)&nbsp;who cannot
complete the procedures for delivery by book-entry transfer
prior to 5:00&nbsp;p.m., New York City time, on the Expiration
Date, must tender their Original Notes by properly completing
and duly executing a Notice of Guaranteed Delivery pursuant to
the guaranteed delivery procedures set forth in <B><I>&#147;The
Exchange Offer&nbsp;&#151; Guaranteed Delivery Procedures&#148;
</I></B>in the Prospectus. Pursuant to such procedures:
(i)&nbsp;such tender must be made by or through an Eligible
Guarantor Institution (as defined below); (ii)&nbsp;a properly
completed and duly executed Notice of Guaranteed Delivery,
substantially in the form made available by the Issuer, must be
received by the Exchange Agent prior to 5:00&nbsp;p.m., New York
City time, on the Expiration Date; and (iii)&nbsp;the
Certificates (or a book-entry confirmation (as defined in the
Prospectus)) representing all tendered Original Notes, in proper
form for transfer, together with a Letter of Transmittal (or
manually signed facsimile thereof), properly completed and duly
executed, with any required signature guarantees, or an
Agent&#146;s Message in the case of a book-entry delivery, and
any other documents required by this Letter of Transmittal, must
be received by the Exchange Agent within three business days
after the Expiration Date, all as provided in <B><I>&#147;The
Exchange Offer&nbsp;&#151; Guaranteed Delivery Procedures&#148;
</I></B>in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notice of Guaranteed Delivery may be
delivered by hand, overnight courier or mail or transmitted by
facsimile to the Exchange Agent, and must include a guarantee by
an Eligible Guarantor Institution in the form set forth in such
Notice. For Original Notes to be properly tendered pursuant to
the guaranteed delivery procedure, the Exchange Agent must
receive a Notice of Guaranteed Delivery prior to 5:00&nbsp;p.m.,
New York City time, on the Expiration Date. As used herein and
in the Prospectus, &#147;Eligible Guarantor Institution&#148;
means a firm or other entity identified in Rule&nbsp;17Ad-15
under the Exchange Act as &#147;an eligible guarantor
institution,&#148; including (as such terms are defined therein)
(i)&nbsp;a bank; (ii)&nbsp;a broker, dealer, municipal
securities broker or dealer or government securities broker or
dealer; (iii)&nbsp;a credit union; (iv)&nbsp;a national
securities exchange, registered securities association or
clearing agency; or (v)&nbsp;a savings association.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THE METHOD OF DELIVERY OF CERTIFICATES, THIS
LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE
OPTION AND SOLE RISK OF THE TENDERING HOLDER AND THE DELIVERY
WILL BE DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY THE EXCHANGE
AGENT. IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN
RECEIPT REQUESTED, PROPERLY INSURED, OR OVERNIGHT OR HAND
DELIVERY SERVICE IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME
SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Issuer will not accept any alternative,
conditional or contingent tenders. Each tendering holder, by
executing a Letter of Transmittal (or manually signed facsimile
thereof), waives any right to receive any notice of the
acceptance of such tender.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantee
of Signatures.</I></FONT></B><FONT size="2"> No signature
guarantee on this Letter of Transmittal is required if:
</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;this Letter of Transmittal is signed by
    the registered holder (which term, for purposes of this
    document, shall include any participant in DTC whose name
    appears on the relevant security position listing as the owner of
    </FONT></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>

<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 Original Notes) of Original Notes tendered
    herewith, unless such holder(s) has completed either the box
    entitled &#147;Special Issuance Instructions&#148; or the box
    entitled &#147;Special Delivery Instructions&#148; above,&nbsp;or
    </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;such Original Notes are tendered for
    the account of a firm that is an Eligible Guarantor Institution.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In all other cases, an Eligible Guarantor
Institution must guarantee the signature(s) on this Letter of
Transmittal. See Instruction&nbsp;5.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inadequate
Space.</I></FONT></B><FONT size="2"> If the space provided in
the box captioned &#147;Description of Original Notes&#148; is
inadequate, the Certificate number(s) and/or the aggregate
principal amount of Original Notes and any other required
information should be listed on a separate signed schedule which
is attached to this Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Partial
Tenders and Withdrawal Rights.</I></FONT></B><FONT size="2">
Tenders of Original Notes will be accepted only in the principal
amount of $1,000 and integral multiples thereof. If less than
all the Original Notes evidenced by any Certificate submitted
are to be tendered, fill in the principal amount of Original
Notes which are to be tendered in the box entitled
&#147;Principal Amount of Original Notes Tendered (if less than
all).&#148; In such case, new Certificate(s) for the remainder
of the Original Notes that were evidenced by your old
Certificate(s) will only be sent to the holder of the Original
Notes, or such other party as you identify in the box captioned
&#147;Special Delivery Instructions&#148; promptly after the
Expiration Date. All Original Notes represented by Certificates
delivered to the Exchange Agent will be deemed to have been
tendered unless otherwise indicated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided herein, tenders of
Original Notes may be withdrawn at any time prior to
5:00&nbsp;p.m., New York City time, on the Expiration Date. In
order for a withdrawal to be effective on or prior to that time,
a written or facsimile transmission of such notice of withdrawal
must be timely received by the Exchange Agent at its address set
forth above or in the Prospectus prior to 5:00&nbsp;p.m., New
York City time, on the Expiration Date. Any such notice of
withdrawal must specify the name of the person who tendered the
Original Notes to be withdrawn, the aggregate principal amount
of Original Notes to be withdrawn, and (if Certificates for
Original Notes have been tendered) the name of the registered
holder of the Original Notes as set forth on the Certificate for
the Original Notes, if different from that of the person who
tendered such Original Notes. If Certificates for the Original
Notes have been delivered or otherwise identified to the
Exchange Agent, then prior to the physical release of such
Certificates for the Original Notes, the tendering holder must
submit the serial numbers shown on the particular Certificates
for the Original Notes to be withdrawn and the signature on the
notice of withdrawal must be guaranteed by an Eligible Guarantor
Institution, except in the case of Original Notes tendered for
the account of an Eligible Guarantor Institution. If Original
Notes have been tendered pursuant to the procedures for delivery
by book-entry transfer set forth in <B><I>&#147;The Exchange
Offer&nbsp;&#151; Exchange Offer Procedures,&#148; </I></B>in
the Prospectus, the notice of withdrawal must specify the name
and number of the account at DTC to be credited with the
withdrawal of Original Notes, in which case a notice of
withdrawal will be effective if delivered to the Exchange Agent
by written or facsimile transmission. Withdrawals of tenders of
Original Notes may not be rescinded. Original Notes properly
withdrawn will not be deemed validly tendered for purposes of
the Exchange Offer, but may be retendered at any subsequent time
prior to 5:00&nbsp;p.m., New York City time, on the Expiration
Date by following any of the procedures described in the
Prospectus under <B><I>&#147;The Exchange Offer&nbsp;&#151;
Exchange Offer Procedures.&#148;</I></B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All questions as to the validity, form and
eligibility (including time of receipt) of such withdrawal
notices will be determined by the Issuer, in its sole
discretion, whose determination shall be final and binding on
all parties. Neither the Issuer, any affiliates or assigns of
the Issuer, the Exchange Agent nor any other person shall be
under any duty to give any notification of any irregularities in
any notice of withdrawal or incur any liability for failure to
give any such notification. Any Original Notes which have been
tendered but which are withdrawn will be returned to the holder
thereof without cost to such holder promptly after withdrawal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Signatures
on Letter of Transmittal, Assignments and
Endorsements.</I></FONT></B><FONT size="2"> If this Letter of
Transmittal is signed by the registered holder(s) of the
Original Notes tendered hereby, the signature(s) must correspond
exactly with the name(s) as written on the face of the
Certificate(s) or, in the case of book-entry securities, on the
relevant security position listing) without alteration,
enlargement or any change whatsoever.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any of the Original Notes tendered hereby are
owned of record by two or more joint owners, all such owners
must sign this Letter of Transmittal.
</FONT>

<P align="center"><FONT size="2">11
</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">If any tendered Original Notes are registered in
different name(s) on several Certificates, it will be necessary
to complete, sign and submit as many separate Letters of
Transmittal (or manually signed facsimiles thereof) as there are
different registrations of Certificates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Letter of Transmittal or any Certificates
or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative
capacity, such persons should so indicate when signing and must
submit proper evidence satisfactory to the Issuer, in its sole
discretion, of such persons&#146; authority to so act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When this Letter of Transmittal is signed by the
registered owner(s) of the Original Notes listed and transmitted
hereby, no endorsement(s) of Certificate(s) or separate bond
power(s) are required unless New Notes are to be issued in the
name of a person other than the registered holder(s).
Signature(s) on such Certificate(s) or bond power(s) must be
guaranteed by an Eligible Guarantor Institution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Letter of Transmittal is signed by a
person other than the registered owner(s) of the Original Notes
listed, the Certificates must be endorsed or accompanied by
appropriate bond powers, signed exactly as the name or names of
the registered owner(s) appear(s) on the Certificates, and also
must be accompanied by such opinions of counsel, certifications
and other information as the Issuer or the Trustee for the
Original Notes may require in accordance with the restrictions
on transfer applicable to the Original Notes. Signatures on such
Certificates or bond powers must be guaranteed by an Eligible
Guarantor Institution.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special
Issuance and Delivery
Instructions.</I></FONT></B><FONT size="2"> If New Notes are to
be issued in the name of a person other than the signer of this
Letter of Transmittal, or if New Notes are to be sent to someone
other than the signer of this Letter of Transmittal or to an
address other than that shown above, the appropriate boxes on
this Letter of Transmittal should be completed. Certificates for
Original Notes not exchanged will be returned by mail or, if
tendered by book-entry transfer, by crediting the account
indicated above maintained at DTC. See Instruction&nbsp;4.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Irregularities.</I></FONT></B><FONT size="2">
The Issuer determines, in its sole discretion, all questions as
to the form of documents, validity, eligibility (including time
of receipt) and acceptance for exchange of any tender of
Original Notes, which determination shall be final and binding
on all parties. The Issuer reserves the absolute right to reject
any and all tenders determined by it not to be in proper form or
the acceptance of which, or exchange for, may, in the view of
counsel to the Issuer, be unlawful. The Issuer also reserves the
absolute right, subject to applicable law, to waive any of the
conditions of the Exchange Offer set forth in the Prospectus
under <B><I>&#147;The Exchange Offer&nbsp;&#151;
Conditions&#148; </I></B>or any conditions or irregularity in
any tender of Original Notes of any particular holder whether or
not similar conditions or irregularities are waived in the case
of other holders. The Issuer&#146;s interpretation of the terms
and conditions of the Exchange Offer (including this Letter of
Transmittal and the instructions hereto) will be final and
binding. No tender of Original Notes will be deemed to have been
validly made until all irregularities with respect to such
tender have been cured or waived. Neither the Issuer, any
affiliates or assigns of the Issuer, the Exchange Agent, nor any
other person shall be under any duty to give notification of any
irregularities in tenders or incur any liability for failure to
give such notification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Questions,
Requests for Assistance and Additional
Copies.</I></FONT></B><FONT size="2"> Questions and requests for
assistance may be directed to the Exchange Agent at one of its
addresses and telephone number set forth on the front of this
Letter of Transmittal. Additional copies of the Prospectus, the
Notice of Guaranteed Delivery and the Letter of Transmittal may
be obtained from the Exchange Agent or from your broker, dealer,
commercial bank, trust company or other nominee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>28%&nbsp;Backup
Withholding; Substitute
Form&nbsp;W-9.</I></FONT></B><FONT size="2"> Under
U.S.&nbsp;Federal income tax law, a U.S.&nbsp;holder whose
tendered Original Notes are accepted for exchange is required to
provide the Exchange Agent with such U.S.&nbsp;holder&#146;s
correct taxpayer identification number (&#147;TIN&#148;) on
Substitute Form&nbsp;W-9 below. If the Exchange Agent is not
provided with the correct TIN, the Internal Revenue Service (the
&#147;IRS&#148;) may subject the U.S.&nbsp;holder or other payee
to a $50&nbsp;penalty. In addition, payments to such
U.S.&nbsp;holders or other payees with respect to Original Notes
exchanged pursuant to the Exchange Offer may be subject to a 28%
(in 2004) backup withholding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The box in Part&nbsp;2 of the Substitute
Form&nbsp;W-9 may be checked if the tendering U.S.&nbsp;holder
has not been issued a TIN and has applied for a TIN or intends
to apply for a TIN in the near future. If the box in Part&nbsp;2
is checked, the U.S.&nbsp;holder or other payee must also
complete the Certificate of Awaiting Taxpayer Identification
Number below
</FONT>

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

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

<DIV align="left">
<FONT size="2">in order to avoid backup withholding.
Notwithstanding that the box in Part&nbsp;2 is checked and the
Certificate of Awaiting Taxpayer Identification Number is
completed, the Exchange Agent will withhold 28% of all payments
made prior to the time a properly certified TIN is provided to
the Exchange Agent. The Exchange Agent will retain such amounts
withheld during the 60&nbsp;day period following the date of the
Substitute Form&nbsp;W-9. If the U.S.&nbsp;holder furnishes the
Exchange Agent with its TIN within 60&nbsp;days after the date
of the Substitute Form&nbsp;W-9, the amounts retained during the
60&nbsp;day period will be remitted to the U.S.&nbsp;holder and
no further amounts shall be retained or withheld from payments
made to the U.S.&nbsp;holder thereafter. If, however, the
U.S.&nbsp;holder has not provided the Exchange Agent with its
TIN within such 60&nbsp;day period, amounts withheld will be
remitted to the IRS as backup withholding. In addition, 28% of
all payments made thereafter will be withheld and remitted to
the IRS until a correct TIN is provided.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The U.S.&nbsp;holder is required to give the
Exchange Agent the TIN (e.g.,&nbsp;social security number or
employer identification number) of the registered owner of the
Original Notes or of the last transferee appearing on the
transfers attached to, or endorsed on, the Original Notes. If
the Original Notes are registered in more than one name or are
not in the name of the actual owner, consult the enclosed
&#147;Guidelines for Certification of Taxpayer Identification
Number on Substitute Form&nbsp;W-9&#148; for additional guidance
on which number to report.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain U.S.&nbsp;holders (including, (1)&nbsp;an
organization exempt from tax under Section&nbsp;501(a), any IRA,
or a custodial account under Section&nbsp;403(b)(7) if the
account satisfies the requirements of Section&nbsp;401(f)(2);
(2)&nbsp;the United States or any of its agencies or
instrumentalities; (3)&nbsp;a state, the District of Columbia, a
possession of the United States, or any of their political
subdivisions or instrumentalities; (4)&nbsp;a foreign government
or any of its political subdivisions, agencies or
instrumentalities; (5)&nbsp;an international organization or any
of its agencies or instrumentalities; (6)&nbsp;a corporation;
(7)&nbsp;a foreign central bank of issue; (8)&nbsp;a dealer in
securities or commodities required to register in the U.S., the
District of Columbia or a possession of the U.S.; (9)&nbsp;a
futures commission merchant registered with the Commodity
Futures Trading Commission; (10)&nbsp;a REIT; (11)&nbsp;an
entity registered at all times during the tax year under the
Investment Company Act of 1940; (12)&nbsp;a common trust fund
operated by a bank under Section&nbsp;584(a); (13)&nbsp;a
financial institution; (14)&nbsp;a middleman known in the
investment community as a nominee or custodian; or (15)&nbsp;a
trust exempt from tax under Section&nbsp;664 or described in
Section&nbsp;4947) may not be subject to these backup
withholding and reporting requirements. Such U.S.&nbsp;holders
should nevertheless complete the attached Substitute
Form&nbsp;W-9 below, and check the box &#147;Exempt from backup
withholding&#148; provided on Substitute Form&nbsp;W-9, to avoid
possible erroneous backup withholding. A foreign person may
qualify as an exempt recipient by submitting a properly
completed IRS Form&nbsp;W-8 BEN, signed under penalties of
perjury, attesting to that U.S.&nbsp;holder&#146;s exempt status.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Backup withholding is not an additional
U.S.&nbsp;Federal income tax. Rather, the U.S.&nbsp;Federal
income tax liability of a person subject to backup withholding
will be reduced by the amount of tax withheld. If withholding
results in an overpayment of taxes, a refund may be obtained.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lost,
Destroyed or Stolen Certificates.</I></FONT></B><FONT size="2">
If any Certificate(s) representing Original Notes has been lost,
destroyed or stolen, the holder should promptly notify the
Exchange Agent. The holder will then be instructed as to the
steps that must be taken in order to replace the Certificate(s).
This Letter of Transmittal and related documents cannot be
processed until the procedures for replacing lost, destroyed or
stolen Certificate(s) have been followed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security
Transfer Taxes.</I></FONT></B><FONT size="2"> Holders who tender
their Original Notes for exchange will not be obligated to pay
any transfer taxes in connection therewith. If, however, New
Notes are to be delivered to, or are to be issued in the name
of, any person other than the registered holder of the Original
Notes tendered, or if a transfer tax is imposed for any reason
other than the exchange of Original Notes in connection with the
Exchange Offer, then the amount of any such transfer tax
(whether imposed on the registered holder or any other persons)
will be payable by the tendering holder. If satisfactory
evidence of payment of such taxes or exemption therefrom is not
submitted with the Letter of Transmittal, the amount of such
transfer taxes will be billed directly to such tendering holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IMPORTANT: THIS LETTER OF TRANSMITTAL (OR
MANUALLY SIGNED FACSIMILE THEREOF) AND ALL OTHER REQUIRED
DOCUMENTS MUST BE RECEIVED BY THE EXCHANGE AGENT PRIOR TO
5:00&nbsp;P.M., NEW YORK CITY TIME, ON THE EXPIRATION
DATE.</FONT></B>

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

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

<P align="center">
<B><FONT size="2">TO BE COMPLETED BY ALL TENDERING
NOTEHOLDERS</FONT></B>

<DIV align="center">
<B><FONT size="2">(SEE INSTRUCTION 9)</FONT></B>
</DIV>

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

<TR>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><B><FONT size="1">PAYERS NAME: U.S.&nbsp;Bank National Association</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Name:</FONT></B></DIV>
    </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" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">Business name, if different from
    above:</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">Check appropriate
    box:&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></B><FONT size="2">&nbsp;<B>Individual/
    sole
    proprietor&nbsp;<FONT face="wingdings">&#111;</FONT></B>&nbsp;<B>Corporation&nbsp;<FONT face="wingdings">&#111;</FONT></B>&nbsp;<B>Partnership&nbsp;<FONT face="wingdings">&#111;</FONT></B>&nbsp;<B>Other &nbsp;<FONT face="wingdings">&#111;</FONT></B>&nbsp;<B>Exempt
    from backup withholding</B>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">Address (number, street and apt. or suite
    no.):</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">City, state and ZIP code:</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">List account number(s) here
    (optional):</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

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

<TR>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><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">SUBSTITUTE<BR>
    Form&nbsp;W-9<BR>
     Department of the Treasury,<BR>
    Internal Revenue Service</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">PART&nbsp;1&nbsp;&#151; PLEASE PROVIDE YOUR
    TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND DATING
    BELOW</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Social Security Number<BR>
    <BR>
    OR<BR>
    <BR>
    Employer Identification Number<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

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

<TR>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><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 align="left" valign="top">
    <B><FONT size="2">Payer&#146;s Request for Taxpayer
    Identification Number (&#147;TIN&#148;) and
    Certification</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">CERTIFICATE&nbsp;&#151; UNDER THE PENALTIES OF
    PERJURY, I CERTIFY THAT:<BR>
    </FONT></B><FONT size="2">(1)&nbsp;the number on this form is my
    correct Taxpayer Identification Number (or that I am waiting for
    a number to be issued to me).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">(2)&nbsp;I am not subject to backup withholding
    because: (a)&nbsp;I am exempt from backup withholding,
    (b)&nbsp;I have not been notified by the Internal Revenue
    Service (the &#147;IRS&#148;) that I am subject to backup
    withholding as a result of a failure to report all interest or
    dividends, or (c)&nbsp;the IRS has notified me that I am no
    longer subject to withholding.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">(3)&nbsp;I am a U.S.&nbsp;person (including a
    U.S.&nbsp;resident alien).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">CERTIFICATION INSTRUCTIONS&nbsp;&#151; YOU
    MUST CROSS OUT ITEM&nbsp;(2) ABOVE IF YOU HAVE BEEN NOTIFIED BY
    THE IRS THAT YOU ARE CURRENTLY SUBJECT TO BACKUP WITHHOLDING
    BECAUSE OF UNDER-REPORTING INTEREST OR DIVIDENDS ON YOUR TAX
    RETURN. HOWEVER, IF AFTER BEING NOTIFIED BY THE IRS THAT YOU
    WERE SUBJECT TO BACKUP WITHHOLDING, YOU RECEIVED ANOTHER
    NOTIFICATION FROM THE IRS THAT YOU ARE NO LONGER SUBJECT TO
    BACKUP WITHHOLDING, DO NOT CROSS OUT ITEM (2).</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">SIGNATURE&nbsp;------------------------------------------DATE:&nbsp;-------------------------
    ,&nbsp;2004&nbsp;&nbsp;<B>PART&nbsp;2</B>&nbsp;&#151; AWAITING
    TIN&nbsp;<FONT face="wingdings">&#111;</FONT>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">NOTE:</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">FAILURE TO COMPLETE AND RETURN THIS FORM MAY
    IN CERTAIN CIRCUMSTANCES RESULT IN BACKUP WITHHOLDING OF 28% (in
    2004) OF ANY AMOUNTS PAID TO YOU PURSUANT TO THE EXCHANGE OFFER.
    PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
    TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM&nbsp;W-9 FOR
    ADDITIONAL DETAILS.</FONT></B></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">YOU MUST COMPLETE THE FOLLOWING
CERTIFICATE</FONT></B>

<DIV align="center">
<B><FONT size="2">IF YOU CHECKED THE BOX IN PART&nbsp;3 OF
SUBSTITUTE FORM&nbsp;W-9</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CERTIFICATE OF AWAITING TAXPAYER
IDENTIFICATION NUMBER</FONT></B>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">I
certify under penalties of perjury that a Taxpayer
Identification Number has not been issued to me, and either
(1)&nbsp;I have mailed or delivered an application to receive a
Taxpayer Identification Number to the appropriate Internal
Revenue Service Center or Social Security Administrative Office
or (2)&nbsp;I intend to mail or deliver an application in the
near future. I understand that if I do not provide a Taxpayer
Identification Number by the time of payment, 28% of all
payments made to me on account of the New Notes shall be
retained until I provide a Taxpayer Identification Number to the
Exchange Agent and that, if I do not provide my Taxpayer
Identification Number within 60&nbsp;days, such retained amounts
shall be remitted to the Internal Revenue Service as backup
withholding and 28% of all reportable payments made to me
thereafter will be withheld and remitted to the Internal Revenue
Service until I provide a Taxpayer Identification Number:
</FONT>

<P align="left">
<FONT size="2">Signature:&nbsp;______________________________&nbsp;&nbsp;Date:&nbsp;_________________________&nbsp;,&nbsp;2004
</FONT>

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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>g92801exv99w2.htm
<DESCRIPTION>EX-99.2 FORM OF LETTER TO CLIENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2 FORM OF LETTER TO CLIENTS</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<B><FONT size="2">EXHIBIT 99.2</FONT></B>
</DIV>

<P align="center">
<B>Offer to Exchange</B>

<DIV align="center">
<B>any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>for any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have not been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B><FONT size="4">AIRGATE PCS, INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER WILL EXPIRE AT
5:00&nbsp;P.M., NEW YORK CITY TIME,</FONT></B>

<DIV align="center">
<B><FONT size="2">ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, UNLESS EXTENDED (THE &#147;EXPIRATION
DATE&#148;).</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ORIGINAL NOTES&nbsp;TENDERED IN THE EXCHANGE
OFFER MAY BE WITHDRAWN AT</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ANY TIME PRIOR TO 5:00&nbsp;P.M., NEW YORK
CITY TIME, ON THE EXPIRATION DATE.</FONT></B>
</DIV>

<P align="left">
<I><FONT size="2">To Our Clients:</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are enclosing herewith a Prospectus,
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;(the &#147;Prospectus&#148;), of AirGate PCS, Inc., a
Delaware corporation (the &#147;Issuer&#148;), and the related
Letter of Transmittal (which, together with the Prospectus,
constitute the &#147;Exchange Offer&#148;) relating to the offer
by the Issuer to exchange its First Priority Senior Secured
Floating Rate Notes due&nbsp;2011, which have been registered
under the Securities Act of 1933 (the &#147;New Notes&#148;),
for a like principal amount of its issued and outstanding First
Priority Senior Secured Floating Rate Notes due&nbsp;2011, which
are not registered under the Securities Act of 1933 (the
&#147;Original Notes&#148;), upon the terms and subject to the
conditions set forth in the Exchange Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Exchange Offer is not conditioned upon any
minimum number of Original Notes being tendered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are the holder of record of Original Notes
held by us for your own account. A tender of such Original Notes
can be made only by us as the record holder and pursuant to your
instructions. The Letter of Transmittal is furnished to you for
your information only and cannot be used by you to tender
Original Notes held by us for your account.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We request instructions as to whether you wish to
tender any or all of the Original Notes held by us for your
account pursuant to the terms and conditions of the Exchange
Offer. We also request that you confirm that we may on your
behalf make the representations contained in the Letter of
Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the Letter of Transmittal, each
holder of Original Notes will represent to the Issuer that
(i)&nbsp;any New Notes acquired pursuant to the Exchange Offer
are being obtained in the ordinary course of its business,
(ii)&nbsp;the holder has no arrangement or understanding with
any person to participate in a distribution (within the meaning
of the Securities Act of 1933) of New Notes to be received in
the Exchange Offer in violation of the provisions of the
Securities Act of 1933, (iii)&nbsp;the holder is not an
&#147;affiliate&#148; (as defined in Rule&nbsp;405 under the
Securities Act of 1933) of the Issuer or any of its
subsidiaries, or, if the holder is an affiliate, the holder will
comply with the registration and prospectus delivery
requirements of the Securities Act of 1933 to the extent
applicable, (iv)&nbsp;if the holder is not a Broker-Dealer, the
holder is not engaged in, and does not intend to engage in, a
distribution (within the meaning of the Securities Act of 1933)
of such New Notes and (v)&nbsp;if the holder is a Broker-Dealer
that received New Notes for its own account in the Exchange
Offer, where such Original Notes were acquired by such
Broker-Dealer as a result of market-making activities or other
trading activities, such Broker-Dealer will deliver a Prospectus
in connection with any resale of such New Notes (by so
acknowledging and delivering a prospectus meeting the
requirements of the Securities Act of 1933 in connection with
any resale of such New Notes, the holder is not deemed to admit
that it is an &#147;underwriter&#148; within the meaning of the
Securities Act of 1933).
</FONT>

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

<P align="center">
<B><FONT size="2">Instructions with Respect to the Exchange
Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby acknowledges receipt of
the Prospectus and the accompanying Letter of Transmittal
relating to the exchange of the Issuer&#146;s First Priority
Senior Secured Floating Rate Notes due&nbsp;2011, which have
been registered under the Securities Act of 1933 (the &#147;New
Notes&#148;), for a like principal amount of issued and
outstanding First Priority Senior Secured Floating Rate Notes
due&nbsp;2011 (the &#147;Original Notes&#148;), upon the terms
and subject to the conditions set forth in the Exchange Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This will instruct you, the registered holder
and/or book-entry transfer facility participant, as to the
action to be taken by you relating to the Exchange Offer with
respect to the Original Notes held by you for the account of the
undersigned.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate face amount of the Original Notes
held by you for the account of the undersigned is (fill in an
amount):
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the First Priority Senior Secured Floating Rate Notes due 2011
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With respect to the Exchange Offer, the
undersigned hereby instructs you <B>(check appropriate box)</B>:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">To tender the following Original Notes held by
    you for the account of the undersigned <B>(insert amount of
    Original Notes to be tendered (if any))</B>:
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the First Priority Senior Secured Floating Rate Notes due 2011
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Not to tender any Original Notes held by you for
    the account of the undersigned.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the undersigned instructs you to tender the
Original Notes held by you for the account of the undersigned,
it is understood that you are authorized to make, on behalf of
the undersigned (and the undersigned, by its signature below,
hereby makes to you), the representations and warranties
contained in the Letter of Transmittal that are to be made with
respect to the undersigned as a beneficial owner, including but
not limited to the representations, that (i)&nbsp;any New Notes
acquired pursuant to the Exchange Offer are being obtained in
the ordinary course of its business, (ii)&nbsp;the undersigned
has no arrangement or understanding with any person to
participate in a distribution (within the meaning of the
Securities Act of 1933) of New Notes to be received in the
Exchange Offer in violation of the provisions of the Securities
Act of 1933, (iii)&nbsp;the undersigned is not an
&#147;affiliate&#148; (as defined in Rule&nbsp;405 under the
Securities Act of 1933) of the Issuer or any of its
subsidiaries, or, if the undersigned is an affiliate, the
undersigned will comply with the registration and prospectus
delivery requirements of the Securities Act of 1933 to the
extent applicable, (iv)&nbsp;if the undersigned is not a
Broker-Dealer, the undersigned is not engaged in, and does not
intend to engage in, a distribution (within the meaning of the
Securities Act of 1933) of such New Notes and (v)&nbsp;if the
undersigned is a Broker-Dealer that received New Notes for its
own account in the Exchange Offer, where such Original Notes
were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities, such Broker-Dealer will
deliver a Prospectus in connection with any resale of such New
Notes (by so acknowledging and delivering a prospectus meeting
the requirements of the Securities Act of 1933 in connection
with any resale of such New Notes, the undersigned is not deemed
to admit that it is an &#147;underwriter&#148; within the
meaning of the Securities Act of 1933).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Name&nbsp;of&nbsp;beneficial&nbsp;owner(s):&nbsp;<HR size="1" width="75%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Signature(s):&nbsp;<HR size="1" width="87%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Name(s) (please
print):&nbsp;<HR size="1" width="75%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Address:&nbsp;<HR size="1" width="87%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Telephone
Number:&nbsp;<HR size="1" width="81%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Taxpayer Identification or Social Security
Number:&nbsp;<HR size="1" width="62%" align="left" noshade>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Date:&nbsp;<HR size="1" width="93%" align="left" noshade>
</FONT>

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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>8
<FILENAME>g92801exv99w3.htm
<DESCRIPTION>EX-99.3 FORM OF LETTER TO REGISTERED HOLDERS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.3 FORM OF LETTER TO REGISTERED HOLDERS</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<B><FONT size="2">EXHIBIT 99.3</FONT></B>
</DIV>

<P align="center">
<B>Offer to Exchange</B>

<DIV align="center">
<B>any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>for any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have not been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B><FONT size="4">AIRGATE PCS, INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER WILL EXPIRE AT
5:00&nbsp;P.M., NEW YORK CITY TIME,</FONT></B>

<DIV align="center">
<B><FONT size="2">ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, UNLESS EXTENDED (THE &#147;EXPIRATION
DATE&#148;).</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ORIGINAL NOTES&nbsp;TENDERED IN THE EXCHANGE
OFFER MAY BE WITHDRAWN AT</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ANY TIME PRIOR TO 5:00&nbsp;P.M., NEW YORK
CITY TIME, ON THE EXPIRATION DATE.</FONT></B>
</DIV>

<P align="left">
<FONT size="2">To Registered Holders and The Depository
Trust&nbsp;Company Participants:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are enclosing herewith the materials listed
below relating to the offer by AirGate&nbsp;PCS, Inc., a
Delaware corporation (the &#147;Issuer&#148;), to exchange its
First Priority Senior Secured Floating Rate Notes due&nbsp;2011,
which have been registered under the Securities Act of 1933 (the
&#147;New Notes&#148;), for a like principal amount of its
issued and outstanding First Priority Senior Secured Floating
Rate Notes due&nbsp;2011, which are not registered under the
Securities Act of 1933 (the &#147;Original Notes&#148;), upon
the terms and subject to the conditions set forth in the
Issuer&#146;s Prospectus,
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &#147;Prospectus&#148;)
and the related Letter of Transmittal (which, together with the
Prospectus constitute the &#147;Exchange Offer&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Enclosed herewith are copies of the following
documents:
</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">1.&nbsp;Prospectus;
    </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">2.&nbsp;Letter of Transmittal;
    </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">3.&nbsp;Notice of Guaranteed Delivery;&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">4.&nbsp;Letter which may be sent to your clients
    for whose account you hold Original Notes in your name or in the
    name of your nominee, with space provided for obtaining such
    client&#146;s instruction with regard to the Exchange Offer.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We urge you to contact your clients promptly.
Please note that the Exchange Offer will expire on
5:00&nbsp;p.m., New&nbsp;York City time, on the Expiration Date
unless extended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Exchange Offer is not conditioned upon any
minimum number of Original Notes being tendered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Issuer will not pay any fee or commissions to
any broker or dealer or to any other persons (other than the
Exchange Agent) in connection with the solicitation of tenders
of Original Notes pursuant to the Exchange Offer. The Company
will pay or cause to be paid any transfer taxes payable on the
transfer of Original Notes to it, except as otherwise provided
in Instruction&nbsp;11 of the enclosed Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additional copies of the enclosed material may be
obtained from the Exchange Agent.
</FONT>

<P align="center">
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>9
<FILENAME>g92801exv99w4.htm
<DESCRIPTION>EX-99.4 FORM OF NOTICE OF GUARANTEED DELIVERY
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.4 FORM OF NOTICE OF GUARANTEED DELIVERY</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<B><FONT size="2">EXHIBIT 99.4</FONT></B>
</DIV>

<P align="center">
<B>NOTICE OF GUARANTEED DELIVERY</B>

<P align="center">
<B>Offer to Exchange</B>

<DIV align="center">
<B>any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>for any and all outstanding</B>
</DIV>

<DIV align="center">
<B>First Priority Senior Secured Floating Rate Notes due
2011,</B>
</DIV>

<DIV align="center">
<B>which have not been registered under the Securities Act of
1933,</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B><FONT size="4">AIRGATE PCS, INC.</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Notice of Guaranteed Delivery, or one
substantially equivalent to this form, must be used to accept
the Exchange Offer (as defined below) if (i)&nbsp;certificates
for the Issuer&#146;s (as defined below) First Priority Senior
Secured Floating Rate Notes due 2011 (the &#147;Original
Notes&#148;) are not immediately available, (ii)&nbsp;Original
Notes, the Letter of Transmittal or any other required documents
cannot be delivered to The Bank of New York Trust&nbsp;Company,
N.A. (the &#147;Exchange Agent&#148;) prior to 5:00&nbsp;p.m.,
New York City time, on the Expiration Date (as defined below) or
(iii)&nbsp;the procedures for delivery by book-entry transfer
cannot be completed prior to 5:00&nbsp;p.m., New York City time,
on the Expiration Date (as defined below). This Notice of
Guaranteed Delivery may be delivered by hand, overnight courier
or mail, or transmitted by facsimile transmission, to the
Exchange Agent. See &#147;The Exchange Offer&nbsp;&#151;
Guaranteed Delivery Procedures&#148; in the Prospectus (as
defined below).
</FONT>

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER WILL EXPIRE AT
5:00&nbsp;P.M., NEW YORK CITY TIME,</FONT></B>

<DIV align="center">
<B><FONT size="2">ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, UNLESS EXTENDED (THE &#147;EXPIRATION
DATE&#148;).</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ORIGINAL NOTES&nbsp;TENDERED IN THE EXCHANGE
OFFER MAY BE WITHDRAWN AT</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ANY TIME PRIOR TO 5:00&nbsp;P.M., NEW YORK
CITY TIME, ON THE EXPIRATION DATE.</FONT></B>
</DIV>

<P align="center">
<I><FONT size="2">The Exchange Agent for the Exchange Offer
is:</FONT></I>

<P align="center">
<B>The Bank of New York Trust&nbsp;Company, N.A.</B>

<P align="center">
<I><FONT size="2">By Mail, Overnight Courier or Hand
Delivery:</FONT></I>

<P align="center">
<FONT size="2">The Bank of New York Trust&nbsp;Company, N.A.
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">101 Barclay Street, 7 East
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">New York, NY 10286
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<I><FONT size="2">By Facsimile:</FONT></I>

<P align="center">
<FONT size="2">(212)&nbsp;298-1915
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

<P align="center">
<I><FONT size="2">To confirm by telephone or for
information:</FONT></I>

<P align="center">
<FONT size="2">(212)&nbsp;815-5788
</FONT>

<DIV align="center">
<FONT size="2">Corporate Trust&nbsp;Operations
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Reorganization Unit
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attention: Mr.&nbsp;William Buckley
</FONT>
</DIV>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY
TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF
THIS NOTICE OF GUARANTEED DELIVERY VIA FACSIMILE TO A NUMBER
OTHER THAN AS SET FORTH ABOVE OR OTHERWISE THAN AS PROVIDED
ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO
BE USED TO GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF
TRANSMITTAL IS REQUIRED TO BE GUARANTEED BY AN &#147;ELIGIBLE
GUARANTOR INSTITUTION&#148; UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED
IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.</FONT></B>

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

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

<P align="center">
<B><FONT size="2">THE GUARANTEE ON THE NEXT PAGE MUST BE
COMPLETED.</FONT></B>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby tenders to AirGate PCS,
Inc., a Delaware corporation (the &#147;Issuer&#148;), upon the
terms and subject to the conditions set forth in the Prospectus,
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
200&nbsp;(as the same may be amended or supplemented from time
to time, the &#147;Prospectus&#148;), and the related Letter of
Transmittal (which, together with the Prospectus, constitute the
&#147;Exchange Offer&#148;), receipt of which is hereby
acknowledged, the aggregate principal amount of Original Notes
set forth below pursuant to the guaranteed delivery procedures
set forth in the Prospectus under the caption <B><I>&#147;The
Exchange Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148;
</I></B>All authority herein conferred or agreed to be conferred
by this Notice of Guaranteed Delivery shall survive the death or
incapacity of the undersigned, and every obligation of the
undersigned hereunder shall be binding upon the heirs, personal
representatives, successors and assigns of the undersigned.
</FONT>

<P align="center">
<B><FONT size="2">First Priority Senior Secured Floating Rate
Notes due 2011</FONT></B>

<P align="left">
<FONT size="2">Aggregate Principal Amount Tendered:*
</FONT>

<DIV align="right">
<HR size="1" width="95%" align="right" noshade>
</DIV>

<P align="left">
<FONT size="2">Certificate No.(s) (if available):
</FONT>

<DIV align="left">
<FONT size="2">________________________________________________________________________________
</FONT>
</DIV>

<P align="left">
<FONT size="2">If Original Notes will be tendered
</FONT>

<DIV align="left">
<FONT size="2">by book-entry transfer, provide
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">the following information:
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DTC Account
Number:&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Name(s) of Registered Holder(s):
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">________________________________________________________________________________
</FONT>
</DIV>

<P align="left">
<FONT size="2">Addresses:
</FONT>

<DIV align="left">
<FONT size="2">________________________________________________________________________________
</FONT>
</DIV>

<P align="right">
<HR size="1" width="100%" align="right" noshade>

<P align="left">
<FONT size="2">Area Code and
</FONT>

<DIV align="left">
<FONT size="2">Telephone Number(s):
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">________________________________________________________________________________
</FONT>
</DIV>

<P align="left">
<FONT size="2">Signatures:
</FONT>

<DIV align="left">
<FONT size="2">________________________________________________________________________________
</FONT>
</DIV>

<P align="right">
<HR size="1" width="100%" align="right" noshade>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" width="18%" align="left" noshade>
</FONT>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Original Notes may be tendered in whole or in
    part in denominations of $1,000 and integral multiples thereof.
    Unless otherwise indicated here, a holder will be deemed to have
    tendered ALL of the Original Notes held by such holder.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<B><FONT size="2">(NOT TO BE USED FOR SIGNATURE
GUARANTEE)</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned, a firm or other entity
identified in Rule&nbsp;17Ad-15 under the Securities Exchange
Act of 1934, as amended, as an &#147;eligible guarantor
institution,&#148; including (as such terms are defined
therein): (i)&nbsp;a bank; (ii)&nbsp;a broker, dealer, municipal
securities broker, municipal securities dealer, government
securities broker, government securities dealer; (iii)&nbsp;a
credit union; (iv)&nbsp;a national securities exchange,
registered securities association or clearing agency; or
(v)&nbsp;a savings association (each, an &#147;Eligible
Guarantor Institution&#148;), hereby guarantees to deliver to
the Exchange Agent, at its address set forth above, either the
Original Notes tendered hereby in proper form for transfer, or
confirmation of the book-entry transfer of such Original Notes
to the Exchange Agent&#146;s account at The Depository
Trust&nbsp;Company (&#147;DTC&#148;), pursuant to the procedures
for book-entry transfer set forth in the Prospectus, in either
case together with one or more properly completed and duly
executed Letter of Transmittal (or manually signed facsimile
thereof), or an Agent&#146;s Message in the case of a book-entry
delivery, and any other required documents within three New York
Stock Exchange trading days after the date of execution of this
Notice of Guaranteed Delivery.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned acknowledges that it must deliver
the Letter of Transmittal and the Original Notes tendered hereby
to the Exchange Agent within the time period set forth above,
and that failure to do so could result in a financial loss to
the undersigned.
</FONT>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="left">
<FONT size="2">Name of Firm:&nbsp;</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<P align="left">
<FONT size="2">Address:&nbsp;</FONT>

<DIV align="right">
<HR size="1" width="100%" align="right" noshade>
</DIV>

<P align="right">
<HR size="1" width="100%" align="right" noshade>

<P align="left">
<FONT size="2">Area Code and Telephone Number:&nbsp;</FONT>

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<B><FONT size="2">(Authorized Signature)</FONT></B>
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<FONT size="2">Title:&nbsp;</FONT>

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<FONT size="2">Name:&nbsp;</FONT>

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<B><FONT size="2">(Please type or print)</FONT></B>
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<FONT size="2">Date:&nbsp;</FONT>

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    <TD><B><FONT size="2">NOTE:&nbsp;</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">DO NOT SEND ORIGINAL NOTES&nbsp;WITH THIS
    NOTICE OF GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&nbsp;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</FONT></B></TD>
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<P align="center"><FONT size="2">4
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<B><FONT size="2">INSTRUCTIONS FOR NOTICE OF GUARANTEED
DELIVERY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Delivery of
this Notice of Guaranteed Delivery.</I></B> A properly completed
and duly executed copy of this Notice of Guaranteed Delivery and
any other documents required by this Notice of Guaranteed
Delivery must be received by the Exchange Agent at its address
set forth herein prior to 5:00&nbsp;p.m., New York City time, on
the Expiration Date. The method of delivery of this Notice of
Guaranteed Delivery and any other required documents to the
Exchange Agent is at the election and sole risk of the holder,
and the delivery will be deemed made only when actually received
by the Exchange Agent. If delivery is by mail, registered mail
with return receipt requested, properly insured, is recommended.
As an alternative to delivery by mail, the holders may wish to
consider using an overnight or hand delivery service. In all
cases, sufficient time should be allowed to assure timely
delivery. For a description of the guaranteed delivery
procedures, see Instruction&nbsp;1 of the Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Signatures
on this Notice of Guaranteed Delivery.</I></B> If this Notice of
Guaranteed Delivery is signed by the registered holder(s) of the
Original Notes, the signature must correspond with the name(s)
written on the face of the Original Notes without alteration,
enlargement, or any change whatsoever. If this Notice of
Guaranteed Delivery is signed by a participant of the Book-Entry
Transfer Facility whose name appears on a security position
listing as the owner of the Original Notes, the signature must
correspond with the name shown on the security position listing
as the owner of the Original Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Notice of Guaranteed Delivery is signed
by a person other than the registered holder(s) of any Original
Notes listed or a participant of the Book-Entry Transfer
Facility, this Notice of Guaranteed Delivery must be accompanied
by appropriate bond powers, signed as the name of the registered
holder(s) appears on the Original Notes or signed as the name of
the participant shown on the Book-Entry Transfer Facility&#146;s
security position listing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Requests
for Assistance or Additional Copies.</I></B> Questions and
requests for assistance for additional copies of the Prospectus
may be directed to the Exchange Agent at the address specified
in the Prospectus. Holders may also contact their broker,
dealer, commercial bank, trust company or other nominee for
assistance concerning the Exchange Offer.
</FONT>
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    <TD><B><FONT size="2">NOTE:&nbsp;</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">DO NOT SEND ORIGINAL NOTES WITH THIS NOTICE OF
    GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&nbsp;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</FONT></B></TD>
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<P align="center"><FONT size="2">5
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