Positioned for Continued Growth

1

• Positioned for Continued Growth
• January 10, 2007

2
Agenda

• Dobson, the wireless industry and its growth
  outlook
• Operating improvements and organic growth
  opportunities
• Growth through expansion and M A
• Balance sheet opportunities to create additional
  value

3

• Introduction and Growth Outlook

4
Overview
Dobson is the 3rd largest GSM wireless provider
in the US, primarily serving rural markets.

• 1.6M subscribers in markets that cover 12.4
  million POPs
• 1.2B Revenue for past 12 months
• 435M to 445M expected EBITDA for 2006
• Strong spectrum position
• Strengthened management team

5
Wireless industry has strong growth outlook

• The US wireless industry is expected to grow at a
  5 CAGR over the next 5 years.
• Dobson markets are more rural and less penetrated
  than the national average.
• Within Dobsons markets, there are typically
  fewer competitors than U.S. average.
• Dobsons strong spectrum position is
  predominantly 850 MHz spectrum, which is more
  efficient in rural markets.
• MSA average spectrum holdings 59 MHz
• RSA average spectrum holdings 49 MHz

Wireless industry analyst reports.
6

• Operating Improvements
• and
• Organic Growth

7
2006 Operating focus

• Grow our subscriber base through increased sales,
  reduced churn
• Improve the Dobson customer experience through
  strengthened network coverage and improved
  customer care
• Strengthen marketing, sales and customer care
  management and operations
• Substantially complete the migration of our
  customer base to GSM
• Increase ARPU
• Strengthen roaming relationships with our key GSM
  partners
• Grow EBITDA and free cash flow

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Top-line growth Increased postpaid gross
subscriber adds

• Stronger leadership in marketing and sales, and
  revamped sales organization with channel
  ownership
• Attractive, differentiated calling plans, such as
  statewide unlimited, that have generated
  increased store traffic
• Improved customer experience on enhanced network
• Results
• Consistently improved gross adds
• 6.2 YOY gross adds growth in 3Q06
• 8.6 YOY increase in postpaid gross adds for 3Q06

(000s)
9
Top-line growth Subscriber growth as churn
declines

• Strengthened network
• Lower churn due to increasingly satisfied
  customers -- quicker, more responsive customer
  service and more proactive lifetime customer
  management program
• 86.4 of postpaid customers under contract
• Results
• Added 43,300 customers through first three
  quarters of 2006
• Reduced postpaid churn below targeted goal of 2
• Customer Satisfaction Score improves for second
  consecutive year

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Top-line growth ARPU growth

• Gains related to increased data usage and
  incremental ETC.
• Statewide unlimited calling plans have been
  accretive to ARPU.
• We continue to strengthen the data platform with
  new services and data devices.
• Most popular data services are SMS and ringtones,
  but starting to see impact of short-code
  campaigns.
• Results
• 3Q06 YOY increase in ARPU of 2.39, or 5.1
• 3Q06 Data ARPU was 8.8 of total ARPU, vs. 4.2
  in 1Q05
• Data ARPU has increased 138 since 1Q05

ARPU
4.34
Data ARPU
3.79
3.34
2.90
2.56
2.18
1.82
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Top-line revenue growth expected to continue
Service Revenue

• Top-line revenue growth in 2006 has resulted from
  increasing subscribers and ARPU.
• Subscriber reductions from 1Q to 4Q05, offsetting
  ARPU growth.
• Increased subs and ARPU in 2006 has strengthened
  service revenue growth.
• 86 of our subscriber base is now GSM, and 90 of
  our postpaid base.

(Millions)
Subscriber gains
232
Net subscriber reductions
223
221
216
216
215
206
12
Roaming revenue growth from increased MOUs

• 3Q Roaming revenue was 87.4M, a YOY increase of
  8.6.
• 846M MOUs, 10.3-cent yield
• Roaming MOUs 32 higher YTD
• T-Mobile MOUs growing faster than Cingular
• January 2007 and 2008 step-downs in contract
  roaming rates will be smaller than that of
  January 2006.

(Millions)
395M
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Strengthened EBITDA growth

• 3Q EBITDA was 124.7M, an increase of 4.4 YOY.
• 3Q 2006 EBITDA higher despite
• Increased gross adds
• 1.8M in new stock options expense
• Significant step-down in roaming yield in January
  2006
• Additional operating costs from 264 cell sites
  built since 3Q 2005
• Additional operating costs from AK, PA and TX
  markets acquired since 3Q 2005
• 2006 EBITDA guidance is 435M to 445M.

EBITDA Growth
(Millions)
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• Growth through Expansion and MA

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Strategic acquisitions support Dobsons growth

• MA focused on strategic assets at attractive
  values.
• A potential acquisition should improve current
  cluster economics.
• More valuable footprint to local customers
• Reduced off-network (incollect) costs
• Additional scale-efficiencies to Dobson
• Prefer 850 MHz spectrum in rural areas
• Accretive to current operations
• Highland Cellular, Texas 15 Alaska acquisitions
  illustrate this strategy.
• Expect 20M in total 2007 EBITDA from 2006
  acquisitions
• Total purchase price of 123M, or 6.2X forward
  EBITDA

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AWS auction objectives and results

• Goal Add spectrum over current footprint,
  especially in critical markets.
• We acquired 20 MHz of spectrum over 81 of our
  existing footprint, including such critical areas
  as Orange County, Poughkeepsie, Eastern WI and
  Minnesota.
• Goal Add spectrum in adjacent markets with
  strong community of interest.
• We acquired AWS spectrum over 10.8M POPs in
  markets such as Buffalo, Rochester, Lexington and
  West Virginia.
• We expect our spectrum to be cleared for use in
  late-2007 to mid-2008.
• Goal Pursue a broad mobility strategy, leading
  to multi-band GSM phones with nationwide
  coverage.
• Cingular and T-Mobile were active bidders for AWS
  spectrum.
• Goal Purchase spectrum at attractive values.
• Dobson paid 65.9M for 85 licenses average price
  of 0.16 per MHz/POP.

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Value of AWS spectrum affirmed by national
carriers

• Cingular paid 1.3B for 48 licenses, validating
  the significance of AWS spectrum to GSM providers
  and handset manufacturers.
• Cingular and T-Mobile focused on markets that are
  urban, outside Dobson footprint, and that would
  be well-served by our roaming relationships.

• T-Mobile was the only national provider that
  purchased AK spectrum (only 10 MHz).
• Leap and Metro PCS focused on top-50 metro
  markets.

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Growth opportunities Technology evolution

• Continued strengthening of data platform and our
  network should enable us to continue growing data
  ARPU and data roaming traffic.
• Plans moving forward to field-test 3G
  technologies, but final decision on deployment
  and timing is dependent on roaming traffic and
  consumer demand for advanced services.
• We dont expect significant 3G investment in
  2007.
• Subsequent to the AWS auction and previous
  lease/purchases, we have spectrum to deploy
  future technologies.

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• Balance Sheet Opportunities to Create Additional
  Value

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Capital structure at Nov. 14, 2006
Goals
Dobson Communications Corporation 160M
Convertible senior debentures 150M Floating
rate notes 420M 8.875 Senior notes 136M
Series F convertible preferred

• Reduce overall leverage
• Reduce average cost of debt
• Maintain adequate liquidity
• Provide for maximum flexibility

Dobson Cellular Systems Inc. 500M 1st Lien
8.375 Secured Notes 325M 2nd Lien 9.875
Secured Notes 75M Undrawn revolver
American Cellular Corporation 125M Secured Term
Loan Credit Facility 900M 10 Senior Notes 18M
9.5 Senior Sub. Notes 75M Undrawn term
loan 50M Undrawn revolver
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Value opportunities Balance sheet

• Strong track record of reducing leverage.
• Refinanced most expensive debt in the last 12
  months and still have strong liquidity available
  to further strengthen our balance sheet -- 200M
  in undrawn facilities companywide.
• We are focused on reducing leverage and taking
  debt off our balance sheet to create additional
  shareholder value.
• No near-term amortization
• Average cost of debt is 8.3, down from 8.9 12
  months ago.
• Starting in 2007, opportunities improve to
  refinance and reduce cost of debt.
• 1.1B of highest cost debt callable in 2007
  (900M in 10 notes)
• Additional 1.2B in debt callable in 2008

Call and Maturity Schedule
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Strong 2006 performance has set the stage

• We expect to continue growing our top-line
  revenue as we add more subscribers and increase
  ARPU.
• We expect continued roaming revenue growth, based
  on increased MOUs and a smaller step-down in
  blended yield in January 2007.
• We expect to continue growing EBITDA, EBITDA
  margin, and free cash flow.
• We expect to capitalize on our strong spectrum
  inventory as future technologies and new,
  advanced wireless services emerge.
• We expect to continue strengthening our balance
  sheet to generate additional shareholder value.