January 8, 2002

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January 8, 2002
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Dobson Communications
Leading rural wireless consolidator in the U.S.

• One of the largest wireless service providers in
  the rural and suburban segment
• Own or manage wireless properties in 19 states
• 12.5M managed POPs
• 9.9M owned POPs and 1.1M subs
• 23 acquisitions since 1996

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Strategic Rural Markets
CA7, AZ5, OH2, TN4 and GA1 to be sold to Verizon
Wireless
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The Dobson Growth Story
( Millions)
1996-2000 Revenue CAGR 69 1996-2000 EBITDA
CAGR 76
690M
281M
Proportionate for ownership in American
Cellular. Guidance 16 to 18 revenue and
EBITDA growth.
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Key Advantages

• Strong revenue and EBITDA growth
• Excellent growth potential in rural U.S.
• Low penetration
• Less competition
• Unique roaming strategy
• Technology leadership 100 DIGITAL
• Alliance with ATT Wireless
• Experienced, proven management team

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Rural Market Environment

• Under-penetrated 22 versus 42 for U.S. as a
  whole
• Less competition Typically 2 to 3 operators per
  market
• Near large metro areas that generate high levels
  of roaming traffic
• Strategic rural markets for large carriers
• 850 MHz spectrum Less capital, lower operating
  cost

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Superior Network

• 410M Capex since 2000 (DCCACC)
• Technology leadership based on 100 digital
  network
• Full interoperability with AWE and Cingular

Cell sites Total voice paths Digital voice
paths Digital voice traffic
4Q99 907 16,600 3,850 43
3Q01 1,690 45,700 28,700 84
4Q01 1,725 55,000 42,000 90
90 231 991
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Digital Subscriber Growth
1.1M Subs 74 digital
Analog vs. Digital Subscribers
(000s)
Proportionate for American Cellular.
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Strengthened ARPU
4.5
Churn 1.8 1.8 2.2
2.1 1.9 1.8 1.9
Local service ARPU, year-over-year comparisons,
proportionate for American Cellular.
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Service Revenue
(Millions)
3Q01 Rev. 131M

ARPU 39 41 41
40 40 42
43
Proportionate for American Cellular.
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Roaming Revenue
(Millions)
3Q01 Roam.Rev. 107M

Roaming minutes (millions) 110
162 194 192
194 256 299
Proportionate for American Cellular.
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EBITDA
(Millions)

3Q01 EBITDA 105M
Proportionate for American Cellular.
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Roaming Opportunity
Dobson has the opportunity to increase its
roaming revenue generated by major roaming
partners.
Competitor Overlap with Dobson Managed POPs
GSM Overlap with Dobson Managed POPs
No GSM Competition 84
VZ 43
Other 24
USM 8
VoiceStream 8
CTL 8
Alltel 9
Cingular 9
Cingular 5
Other 3
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2.5/3G Transition Alternatives
UMTS 850-1900 MHz
GSM/EDGE 850-1900 MHz
GSM/GPRS 850-1900 MHz
TDMA/CDPD 850-1900 MHz
2001 2002 2003 2004?
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Dobson 2001 Guidance
Proportionate for ownership in American
Cellular, not adjusted for VZ sale.
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Pro Forma Capitalization
9/30/01 Proportionate 169 67 236
859 300 566 350 300 200 2,575 602 3,177 7.9X
7.1X 9.7X 9.0X
(Millions) Unrestricted cash Restricted
cash Total cash DOC bank facility Sygnet bank
facility American Cellular bank facility ACC
Senior Notes DCC senior notes Dobson/Sygnet
senior notes Total long-term debt Preferred
stock LTD and preferred stock Total LTD /
LTM EBITDA Net LTD / LTM EBITDA Total LTD
preferred / LTM EBITDA Net LTD preferred / LTM
EBITDA
Proportionate as of 9/30/01 does not include
planned debt reduction from sale of properties to
VZ.
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