##### Table of Contents









UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-Q


|  |  |                                                                                             
|- |  | --------------------------------------------------------------------------------------------
|þ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
| 
|  |  | For the Quarterly Period Ended June 30, 2006                                                
| 
|o |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
| 
|  |  | For the transition period
    from           to                                             

Commission file number. 000-29225





Dobson Communications Corporation


(Exact name of registrant as specified in its charter)


|                                                                                       |  |                                         
|-------------------------------------------------------------------------------------- |  | ----------------------------------------
|Oklahoma                                                                               |  | 73-1513309                              
|(State or other jurisdiction of
    incorporation or organization)                     |  | (I.R.S. Employer
    Identification No.)
|                                                                                      
|14201 Wireless Way
    Oklahoma City, Oklahoma(Address of principal executive offices) |  | 73134(Zip Code)                         

(405) 529-8500


(Registrants telephone number, including area code)





þ o


12b-2


o þ o


12b-2 o þ












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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


INDEX TO
FORM 10-Q


|                                  |  |                                                                                           |  |                                                                                                                   |      |  |   | 
|--------------------------------- |  | ----------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------- | ---- |  | - | 
|Item                              |  |                                                                                           |  |                                                                                                                   |     
|Number                            |  |                                                                                           |  |                                                                                                                   | Page | 
|                                  |  |                                                                                           |  |                                                                                                                   |      | 
|PART I. FINANCIAL
    INFORMATION
|1                                 |  | Condensed Consolidated Financial Statements
    (Unaudited):                              |  |                                                                                                                   |      | 
|                                  |  |                                                                                           |  | Condensed Consolidated Balance Sheets as of
    June 30, 2006 and December 31, 2005                               |      |  | 2 | 
|                                  |  |                                                                                           |  | Condensed Consolidated Statements of
    Operations for the Three and Six Months Ended June 30, 2006
    and 2005 |      |  | 3 | 
|                                  |  |                                                                                           |  | Condensed Consolidated Statement of
    Stockholders Equity for the Six Months Ended June 30,
    2006           |      |  | 4 | 
|                                  |  |                                                                                           |  | Condensed Consolidated Statements of Cash
    Flows for the Six Months Ended June 30, 2006 and 2005               |      |  | 5 | 
|                                  |  |                                                                                           |  | Notes to Condensed Consolidated Financial
    Statements                                                          |      |  | 6 | 
|2                                 |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |  |                                                                                                                   | 22   | 
|3                                 |  | Quantitative and Qualitative Disclosure
    about Market Risk                             |  |                                                                                                                   | 35   | 
|4                                 |  | Controls and Procedures                                                                   |  |                                                                                                                   | 36   | 
|                                 
|PART II. OTHER INFORMATION       
|1                                 |  | Legal Proceedings                                                                         |  |                                                                                                                   | 37   | 
|1A                                |  | Risk Factors                                                                              |  |                                                                                                                   | 37   | 
|2                                 |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                           |  |                                                                                                                   | 37   | 
|3                                 |  | Defaults Upon Senior Securities                                                           |  |                                                                                                                   | 37   | 
|4                                 |  | Submission of Matters to a Vote of Security
    Holders                                   |  |                                                                                                                   | 37   | 
|5                                 |  | Other Information                                                                         |  |                                                                                                                   | 38   | 
|6                                 |  | Exhibits                                                                                  |  |                                                                                                                   | 38   | 
|Rule 13a-14(a) Certification     
|Rule 13a-14(a) Certification     
|Section 1350 Certification       
|Section 1350 Certification       



1



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##### Table of Contents






PART I. FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item 1. | Financial Statements

DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES





CONDENSED CONSOLIDATED BALANCE SHEETS


|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |               |               |               | 
|--------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | ------------- | ----------------- | ------------- | -------------- | ------------- | ------------- | ------------- | 
|                                              |                                                                                                                                                                                    | June 30, 2006              |                                            |               | December 31, 2005 |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    | (Unaudited)                |                                            |               |                  
|ASSETS                                       
|CURRENT ASSETS:                               |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|                                              | Cash and cash equivalents                                                                                                                                                          |                            | $                                          | 116,360,719   |                   |               | $              | 196,450,044   |              
|                                              | Short-term investments                                                                                                                                                             |                            |                                            | 1,965,210     |                   |               |                |              |              
|                                              | Accounts receivable                                                                                                                                                                |                            |                                            | 118,657,303   |                   |               |                | 125,597,696   |              
|                                              | Inventory                                                                                                                                                                          |                            |                                            | 27,721,670    |                   |               |                | 15,876,286    |              
|                                              | Deferred tax assets                                                                                                                                                                |                            |                                            | 7,641,000     |                   |               |                | 9,234,000     |              
|                                              | Prepaid expenses and other                                                                                                                                                         |                            |                                            | 15,795,275    |                   |               |                | 8,215,153     |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    | Total current assets       |                                            |               | 288,141,177       |               |                |               | 355,373,179   |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|PROPERTY, PLANT AND EQUIPMENT, net (Note 4)   |                                                                                                                                                                                    |                            | 486,653,930                                |               |                   |               | 483,790,376    |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|OTHER ASSETS:                                 |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|                                              | Restricted investments                                                                                                                                                             |                            |                                            | 4,397,000     |                   |               |                | 4,511,414     |              
|                                              | Wireless license acquisition costs                                                                                                                                                 |                            |                                            | 1,847,568,892 |                   |               |                | 1,815,152,364 |              
|                                              | Goodwill                                                                                                                                                                           |                            |                                            | 630,132,663   |                   |               |                | 621,317,578   |              
|                                              | Deferred financing costs, net                                                                                                                                                      |                            |                                            | 36,481,993    |                   |               |                | 40,243,593    |              
|                                              | Customer list, net                                                                                                                                                                 |                            |                                            | 43,756,922    |                   |               |                | 60,906,029    |              
|                                              | Other non-current assets                                                                                                                                                           |                            |                                            | 4,632,805     |                   |               |                | 4,460,064     |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    | Total other assets         |                                            |               | 2,566,970,275     |               |                |               | 2,546,591,042 |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    |                            | Total assets                               |               | $                 | 3,341,765,382 |                |               | $             | 3,385,754,597 | 
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                             
|LIABILITIES AND STOCKHOLDERS EQUITY         
|CURRENT LIABILITIES:                          |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|                                              | Accounts payable                                                                                                                                                                   |                            | $                                          | 92,448,913    |                   |               | $              | 104,728,072   |              
|                                              | Accrued expenses                                                                                                                                                                   |                            |                                            | 33,962,676    |                   |               |                | 33,844,904    |              
|                                              | Accrued interest payable                                                                                                                                                           |                            |                                            | 63,319,861    |                   |               |                | 63,686,464    |              
|                                              | Deferred revenue and customer deposits                                                                                                                                             |                            |                                            | 35,609,256    |                   |               |                | 30,067,359    |              
|                                              | Accrued dividends payable                                                                                                                                                          |                            |                                            | 2,657,467     |                   |               |                | 8,126,105     |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    | Total current liabilities  |                                            |               | 227,998,173       |               |                |               | 240,452,904   |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|OTHER LIABILITIES:                            |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|                                              | Notes payable, net (Note 5)                                                                                                                                                        |                            |                                            | 2,497,836,518 |                   |               |                | 2,469,474,408 |              
|                                              | Deferred tax liabilities                                                                                                                                                           |                            |                                            | 248,251,390   |                   |               |                | 259,025,826   |              
|                                              | Mandatorily redeemable preferred stock, net (Note 6)                                                                                                                               |                            |                                            |              |                   |               |                | 32,793,153    |              
|                                              | Minority interest                                                                                                                                                                  |                            |                                            | 5,902,892     |                   |               |                | 6,761,636     |              
|                                              | Deferred gain on disposition of operating assets and other
    non-current liabilities                                                                                             |                            |                                            | 61,024,004    |                   |               |                | 61,603,630    |              
|COMMITMENTS (Note 8)                          |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|SERIES F CONVERTIBLE PREFERRED STOCK (Note 6) |                                                                                                                                                                                    |                            | 135,695,389                                |               |                   |               | 135,695,389    |              
|STOCKHOLDERS EQUITY:                         |                                                                                                                                                                                    |                            |                                            |               |                   |               |                |              
|                                              | Class A common stock, $.001 par value,
    325,000,000 shares authorized and 150,999,489 shares
    issued at June 30, 2006 and 149,912,257 shares issued
    at December 31, 2005 |                            |                                            | 151,000       |                   |               |                | 149,913       |              
|                                              | Convertible Class B common stock, $.001 par value,
    70,000,000 shares authorized and 19,418,021 shares
    issued at June 30, 2006 and December 31, 2005                        |                            |                                            | 19,418        |                   |               |                | 19,418        |              
|                                              | Convertible Class C common stock, $.001 par value,
    4,226 shares authorized and zero shares issued at
    June 30, 2006 and December 31, 2005                                   |                            |                                            |              |                   |               |                |              |              
|                                              | Convertible Class D common stock, $.001 par value,
    33,000 shares authorized and zero shares issued at
    June 30, 2006 and December 31, 2005                                  |                            |                                            |              |                   |               |                |              |              
|Paid-in capital                               |                                                                                                                                                                                    |                            | 1,435,845,359                              |               |                   |               | 1,429,048,308  |              
|Accumulated deficit                           |                                                                                                                                                                                    |                            | (1,270,958,761                             | )             |                   |               | (1,249,269,988 | )            
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    | Total stockholders equity |                                            |               | 165,057,016       |               |                |               | 179,947,651   |              
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              
|                                              |                                                                                                                                                                                    |                            | Total liabilities and stockholders equity |               | $                 | 3,341,765,382 |                |               | $             | 3,385,754,597 | 
|                                              |                                                                                                                                                                                    |                            |                                            |               |                   |              



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |              |             |   |             |              |             | 
|--------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------- | ----------- | ----------- | ------------------------- | - | ----------- | ----------- | ----------- | - | ----------- | ------------ | ----------- | - | ----------- | ------------ | ----------- | 
|                                                                                  |                                                                                         | Three Months Ended June 30, |             |             | Six Months Ended June 30, |  
|                                                                                  |                                                                                         |                             |             |             |                           |  
|                                                                                  |                                                                                         | 2006                        |             |             | 2005                      |   |             | 2006        |             |   | 2005        |             
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|                                                                                  |                                                                                         | (Unaudited)                 |             |             | (Unaudited)               |  
|OPERATING REVENUE:                                                                |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |              |             |   |             |             
|                                                                                  | Service revenue                                                                         |                             | $           | 223,260,119 |                           |   | $           | 215,983,578 |             |   | $           | 439,355,020  |             |   | $           | 422,065,564  |            
|                                                                                  | Roaming revenue                                                                         |                             |             | 71,042,806  |                           |   |             | 61,148,787  |             |   |             | 125,823,178  |             |   |             | 114,579,489  |            
|                                                                                  | Equipment and other revenue                                                             |                             |             | 17,756,223  |                           |   |             | 20,533,453  |             |   |             | 34,479,977   |             |   |             | 32,779,248   |            
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|                                                                                  |                                                                                         | Total operating revenue     |             |             | 312,059,148               |   |             |             | 297,665,818 |   |             |              | 599,658,175 |   |             |              | 569,424,301 | 
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|OPERATING EXPENSES:                                                               |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |              |             |   |             |             
|                                                                                  | Cost of service (exclusive of depreciation and amortization
    shown separately below) |                             |             | 81,502,597  |                           |   |             | 68,965,194  |             |   |             | 157,575,677  |             |   |             | 141,264,165  |            
|                                                                                  | Cost of equipment                                                                       |                             |             | 36,544,925  |                           |   |             | 34,255,021  |             |   |             | 69,114,456   |             |   |             | 64,620,763   |            
|                                                                                  | Marketing and selling                                                                   |                             |             | 39,996,092  |                           |   |             | 35,855,292  |             |   |             | 79,119,162   |             |   |             | 69,949,210   |            
|                                                                                  | General and administrative                                                              |                             |             | 46,744,559  |                           |   |             | 49,307,223  |             |   |             | 94,069,097   |             |   |             | 94,118,699   |            
|                                                                                  | Depreciation and amortization                                                           |                             |             | 48,155,039  |                           |   |             | 50,340,084  |             |   |             | 98,430,221   |             |   |             | 101,910,564  |            
|                                                                                  | Gain on disposition of operating assets                                                 |                             |             | (1,593,346  | )                         |   |             | (939,138    | )           |   |             | (3,256,806   | )           |   |             | (939,138     | )          
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|                                                                                  |                                                                                         | Total operating expenses    |             |             | 251,349,866               |   |             |             | 237,783,676 |   |             |              | 495,051,807 |   |             |              | 470,924,263 | 
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|OPERATING INCOME                                                                  |                                                                                         |                             | 60,709,282  |             |                           |   | 59,882,142  |             |             |   | 104,606,368 |              |             |   | 98,500,038  |             
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|OTHER (EXPENSE) INCOME:                                                           |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |              |             |   |             |             
|                                                                                  | Interest expense                                                                        |                             |             | (57,414,087 | )                         |   |             | (61,258,480 | )           |   |             | (114,820,764 | )           |   |             | (122,000,419 | )          
|                                                                                  | Loss from extinguishment of debt (Note 5)                                               |                             |             | (12,660,481 | )                         |   |             |            |             |   |             | (12,717,192  | )           |   |             |             |            
|                                                                                  | Loss on redemption of mandatorily redeemable preferred stock                            |                             |             | (37,073     | )                         |   |             |            |             |   |             | (1,482,262   | )           |   |             |             |            
|                                                                                  | Dividends on mandatorily redeemable preferred stock (Note 6)                            |                             |             |            |                           |   |             | (7,996,348  | )           |   |             | (709,574     | )           |   |             | (15,927,415  | )          
|                                                                                  | Other income (expense), net                                                             |                             |             | 1,636,374   |                           |   |             | 744,206     |             |   |             | 3,535,078    |             |   |             | (21,790      | )          
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|LOSS BEFORE MINORITY INTERESTS IN INCOME OF SUBSIDIARIES AND
    INCOME TAXES     |                                                                                         |                             | (7,765,985  | )           |                           |   | (8,628,480  | )           |             |   | (21,588,346 | )            |             |   | (39,449,586 | )           
|MINORITY INTERESTS IN INCOME OF SUBSIDIARIES                                      |                                                                                         |                             | (2,168,312  | )           |                           |   | (2,646,034  | )           |             |   | (4,532,525  | )            |             |   | (4,476,032  | )           
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|LOSS BEFORE INCOME TAXES                                                          |                                                                                         |                             | (9,934,297  | )           |                           |   | (11,274,514 | )           |             |   | (26,120,871 | )            |             |   | (43,925,618 | )           
|                                                                                  | Income tax benefit                                                                      |                             |             | 3,892,382   |                           |   |             | 1,245,702   |             |   |             | 9,181,437    |             |   |             | 10,639,317   |            
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|NET LOSS                                                                          |                                                                                         |                             | (6,041,915  | )           |                           |   | (10,028,812 | )           |             |   | (16,939,434 | )            |             |   | (33,286,301 | )           
|                                                                                  | Dividends on preferred stock                                                            |                             |             | (2,374,670  | )                         |   |             | (2,144,373  | )           |   |             | (4,749,339   | )           |   |             | (4,288,746   | )          
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|NET LOSS APPLICABLE TO COMMON STOCKHOLDERS                                        |                                                                                         | $                           | (8,416,585  | )           |                           | $ | (12,173,185 | )           |             | $ | (21,688,773 | )            |             | $ | (37,575,047 | )           
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|BASIC AND DILUTED NET LOSS APPLICABLE TO COMMON STOCKHOLDERS PER
    COMMON SHARE |                                                                                         | $                           | (0.05       | )           |                           | $ | (0.09       | )           |             | $ | (0.13       | )            |             | $ | (0.28       | )           
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             
|BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING                      |                                                                                         |                             | 170,100,621 |             |                           |   | 134,011,175 |             |             |   | 169,749,306 |              |             |   | 133,948,417 |             
|                                                                                  |                                                                                         |                             |             |             |                           |   |             |             |             |   |             |             



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS
EQUITY


For the Six Months Ended June 30, 2006


|                                   |  |                      |             |  |              |   |         |        |  |             |            |  |               |                 |        |  |         |   |               |        |  |   |                |   |  |   |             |  
|---------------------------------- |  | -------------------- | ----------- |  | ------------ | - | ------- | ------ |  | ----------- | ---------- |  | ------------- | --------------- | ------ |  | ------- | - | ------------- | ------ |  | - | -------------- | - |  | - | ----------- | -
|                                   |  | Stockholders Equity |            
|                                   |  |                      |            
|                                   |  | Class A              |             |  | Class B      |   |         |       
|                                   |  | Common Stock         |             |  | Common Stock |   |         |        |  | Total       |           
|                                   |  |                      |             |  |              |   |         |        |  | Accumulated |            |  | Stockholders |                
|                                   |  | Shares               |             |  | Amount       |   |         | Shares |  |             | Amount     |  |               | Paid-in Capital |        |  | Deficit |   |               | Equity | 
|                                   |  |                      |             |  |              |   |         |        |  |             |            |  |               |                 |        |  |         |   |               |        | 
|                                   |  | (Unaudited)          |            
|DECEMBER 31, 2005                  |  |                      | 149,912,257 |  |              | $ | 149,913 |        |  |             | 19,418,021 |  |               | $               | 19,418 |  |         | $ | 1,429,048,308 |        |  | $ | (1,249,269,988 | ) |  | $ | 179,947,651 |  
|Net loss                           |  |                      |            |  |              |   |        |        |  |             |           |  |               |                 |       |  |         |   |              |        |  |   | (16,939,434    | ) |  |   | (16,939,434 | )
|Series F preferred stock dividends |  |                      |            |  |              |   |        |        |  |             |           |  |               |                 |       |  |         |   |              |        |  |   | (4,749,339     | ) |  |   | (4,749,339  | )
|Share-based compensation           |  |                      |            |  |              |   |        |        |  |             |           |  |               |                 |       |  |         |   | 3,686,358     |        |  |   |               |   |  |   | 3,686,358   |  
|Issuance of common stock           |  |                      | 1,087,232   |  |              |   | 1,087   |        |  |             |           |  |               |                 |       |  |         |   | 3,110,693     |        |  |   |               |   |  |   | 3,111,780   |  
|                                   |  |                      |             |  |              |   |         |        |  |             |            |  |               |                 |        |  |         |   |               |        | 
|JUNE 30, 2006                      |  |                      | 150,999,489 |  |              | $ | 151,000 |        |  |             | 19,418,021 |  |               | $               | 19,418 |  |         | $ | 1,435,845,359 |        |  | $ | (1,270,958,761 | ) |  | $ | 165,057,016 |  
|                                   |  |                      |             |  |              |   |         |        |  |             |            |  |               |                 |        |  |         |   |               |        | 



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                                                                     |                                                              |                                                     |             |              |              |   |             |             |            | 
|-------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------ | --------------------------------------------------- | ----------- | ------------ | ------------ | - | ----------- | ----------- | ---------- | 
|                                                                                                                     |                                                              | Six Months Ended                                    |            
|                                                                                                                     |                                                              | June 30,                                            |            
|                                                                                                                     |                                                              |                                                     |            
|                                                                                                                     |                                                              | 2006                                                |             |              | 2005         |  
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|                                                                                                                     |                                                              | (Unaudited)                                         |            
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                |                                                              |                                                     |             |              |              |   |             |            
|Net loss                                                                                                             |                                                              | $                                                   | (16,939,434 | )            |              | $ | (33,286,301 | )          
|Adjustments to reconcile net loss to net cash provided by
    operating activities, net of effects of acquisitions  |                                                              |                                                     |             |              |              |   |             |            
|                                                                                                                     | Depreciation and amortization                                |                                                     |             | 98,430,221   |              |   |             | 101,910,564 |           
|                                                                                                                     | Amortization of bond discounts and deferred financing costs  |                                                     |             | 3,222,310    |              |   |             | 3,639,161   |           
|                                                                                                                     | Deferred income taxes                                        |                                                     |             | (9,181,436   | )            |   |             | (10,917,177 | )         
|                                                                                                                     | Non-cash mandatorily redeemable preferred stock dividends    |                                                     |             | 709,574      |              |   |             | 15,927,415  |           
|                                                                                                                     | Loss on redemption of mandatorily redeemable preferred stock |                                                     |             | 1,482,262    |              |   |             |            |           
|                                                                                                                     | Loss from extinguishment of debt                             |                                                     |             | 12,717,192   |              |   |             |            |           
|                                                                                                                     | Gain on disposition of operating assets                      |                                                     |             | (3,256,806   | )            |   |             | (939,138    | )         
|                                                                                                                     | Share-based compensation                                     |                                                     |             | 3,686,358    |              |   |             |            |           
|                                                                                                                     | Other operating activities                                   |                                                     |             | 4,931,702    |              |   |             | 4,505,386   |           
|Changes in current assets and liabilities                                                                           |                                                              |                                                     |             |              |              |   |             |            
|                                                                                                                     | Accounts receivable                                          |                                                     |             | 6,940,393    |              |   |             | (24,803,812 | )         
|                                                                                                                     | Inventory                                                    |                                                     |             | (11,845,384  | )            |   |             | 1,526,197   |           
|                                                                                                                     | Prepaid expenses and other                                   |                                                     |             | (6,865,706   | )            |   |             | (8,500,527  | )         
|                                                                                                                     | Accounts payable                                             |                                                     |             | (12,279,159  | )            |   |             | 14,099,968  |           
|                                                                                                                     | Accrued expenses                                             |                                                     |             | (1,056,733   | )            |   |             | 2,282,920   |           
|                                                                                                                     | Deferred revenue and customer deposits                       |                                                     |             | 5,541,897    |              |   |             | 1,082,900   |           
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|                                                                                                                     |                                                              | Net cash provided by operating activities           |             |              | 76,237,251   |   |             |             | 66,527,556 | 
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                |                                                              |                                                     |             |              |              |   |             |            
|                                                                                                                     | Capital expenditures                                         |                                                     |             | (81,391,937  | )            |   |             | (76,303,376 | )         
|                                                                                                                     | Purchase of wireless licenses and properties                 |                                                     |             | (42,284,619  | )            |   |             |            |           
|                                                                                                                     | Proceeds from the sale of assets                             |                                                     |             | 11,829       |              |   |             | 77,016,906  |           
|                                                                                                                     | Sales of marketable securities                               |                                                     |             |             |              |   |             | 39,000,000  |           
|                                                                                                                     | Purchases of short-term investments                          |                                                     |             | (1,965,210   | )            |   |             |            |           
|                                                                                                                     | Other investing activities                                   |                                                     |             | (225,597     | )            |   |             | (1,297,682  | )         
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|                                                                                                                     |                                                              | Net cash (used in) provided by investing activities |             |              | (125,855,534 | ) |             |             | 38,415,848 | 
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                |                                                              |                                                     |             |              |              |   |             |            
|                                                                                                                     | Proceeds from senior notes                                   |                                                     |             | 262,500,000  |              |   |             |            |           
|                                                                                                                     | Repurchases of senior notes                                  |                                                     |             | (241,989,166 | )            |   |             |            |           
|                                                                                                                     | Distributions to minority interest holders                   |                                                     |             | (5,371,966   | )            |   |             | (3,359,017  | )         
|                                                                                                                     | Redemption of mandatorily redeemable preferred stock         |                                                     |             | (41,682,819  | )            |   |             |            |           
|                                                                                                                     | Preferred stock dividends paid                               |                                                     |             | (4,070,762   | )            |   |             |            |           
|                                                                                                                     | Deferred financing costs                                     |                                                     |             | (2,752,816   | )            |   |             | (476,547    | )         
|                                                                                                                     | Maturities of restricted investments                         |                                                     |             |             |              |   |             | 5,960,012   |           
|                                                                                                                     | Issuance of common stock and other financing activities      |                                                     |             | 2,896,487    |              |   |             | 943,615     |           
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|                                                                                                                     |                                                              | Net cash (used in) provided by financing activities |             |              | (30,471,042  | ) |             |             | 3,068,063  | 
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                                                 |                                                              |                                                     | (80,089,325 | )            |              |   | 108,011,467 |            
|CASH AND CASH EQUIVALENTS, beginning of period                                                                       |                                                              |                                                     | 196,450,044 |              |              |   | 139,884,107 |            
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|CASH AND CASH EQUIVALENTS, end of period                                                                             |                                                              | $                                                   | 116,360,719 |              |              | $ | 247,895,574 |            
|                                                                                                                     |                                                              |                                                     |             |              |              |  
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                                   |                                                              |                                                     |             |              |              |   |             |            
|Cash paid for                                                                                                       |                                                              |                                                     |             |              |              |   |             |            
|                                                                                                                     | Interest                                                     |                                                     | $           | 112,037,960  |              |   | $           | 115,342,096 |           
|                                                                                                                     | Income taxes                                                 |                                                     | $           | 552,179      |              |   | $           | 285,050     |           



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES





NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)




10-K




|   |             
|-- | ------------
|1. | Organization







|   |                         
|-- | ------------------------
|2. | Share-based Compensation





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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                     |  |                |       |   |      |  |       |  
|------------------------------------ |  | -------------- | ----- | - | ---- |  | ----- | -
|                                     |  | Six Months     |      
|                                     |  | Ended June 30, |      
|                                     |  |                |      
|                                     |  | 2006           |       |   | 2005 | 
|                                     |  |                |       |   |      | 
|Expected term (in years)             |  |                | 6     |   |      |  | 10    |  
|Weighted average expected volatility |  |                | 124.2 | % |      |  | 132.5 | %
|Expected dividends                   |  |                | 0     | % |      |  | 0     | %
|Weighted average risk-free rate      |  |                | 4.7   | % |      |  | 4.1   | %





|                                 |  |           |            |          |                |            |                  |                  |  |           |           |  |  |   |            | 
|-------------------------------- |  | --------- | ---------- | -------- | -------------- | ---------- | ---------------- | ---------------- |  | --------- | --------- |  |  | - | ---------- | 
|                                 |  |           |            | Weighted |                |            | Weighted Average |                  |  | Aggregate |          
|                                 |  | Number of |            |          | Average        |            |                  | Remaining        |  |           | Intrinsic | 
|                                 |  | Options   |            |          | Exercise Price |            |                  | Contractual Life |  |           | Value(1)  | 
|                                 |  |           |            |          |                |            |                  |                  |  |           |           | 
|                                 |  |           |            |          |                | (In years) |                  |                  | 
|Outstanding, beginning of period |  |           | 11,620,282 |          |                | $          | 3.13             |                  |  |           |           |  |  |   |            | 
|Granted                          |  |           | 1,533,075  |          |                | $          | 7.49             |                  |  |           |           |  |  |   |            | 
|Exercised                        |  |           | (1,037,059 | )        |                | $          | 2.36             |                  |  |           |           |  |  |   |            | 
|Forfeited or expired             |  |           | (295,390   | )        |                | $          | 3.42             |                  |  |           |           |  |  |   |            | 
|                                 |  |           |            |          |                |            |                  |                  |  |           |           | 
|Outstanding, end of period       |  |           | 11,820,908 |          |                | $          | 3.74             |                  |  |           | 8         |  |  | $ | 47,147,230 | 
|                                 |  |           |            |          |                |            |                  |                  |  |           |           | 
|Exercisable, end of period       |  |           | 6,357,552  |          |                | $          | 3.23             |                  |  |           | 7         |  |  | $ | 28,623,664 | 
|                                 |  |           |            |          |                |            |                  |                  |  |           |           | 






|    |                                                                        
|--- | -----------------------------------------------------------------------
|(1) | Calculated using the closing stock price of $7.73 on
    June 30, 2006.





|                                |  |           |            |          |                 |   |      | 
|------------------------------- |  | --------- | ---------- | -------- | --------------- | - | ---- | 
|                                |  |           |            | Weighted |                
|                                |  | Number of |            |          | Average Grant   |  
|                                |  | Options   |            |          | Date Fair Value |  
|                                |  |           |            |          |                 |  
|Non-vested, beginning of period |  |           | 6,879,854  |          |                 | $ | 2.82 | 
|Granted                         |  |           | 1,533,075  |          |                 | $ | 6.65 | 
|Vested                          |  |           | (2,654,183 | )        |                 | $ | 2.79 | 
|Forfeited                       |  |           | (295,390   | )        |                 | $ | 3.27 | 
|                                |  |           |            |          |                 |  
|Non-vested, end of period       |  |           | 5,463,356  |          |                 | $ | 4.04 | 
|                                |  |           |            |          |                 |  



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                                   |                                                |                             |   |         |               |  |   |         |  
|---------------------------------------------------------------------------------- | ---------------------------------------------- | --------------------------- | - | ------- | ------------- |  | - | ------- | -
|                                                                                   |                                                | Three Months                |   |         | Six Months    | 
|                                                                                   |                                                | Ended                       |   |         | Ended         | 
|                                                                                   |                                                | June 30, 2005               |   |         | June 30, 2005 | 
|                                                                                   |                                                |                             |   |         |               | 
|                                                                                   |                                                | ($ in thousands, except for |  
|                                                                                   |                                                | per share amounts)          |  
|Net loss applicable to common stockholders:                                        |                                                |                             |   |         |               |  |   |        
|                                                                                   | As reported                                    |                             | $ | (12,173 | )             |  | $ | (37,575 | )
|                                                                                   | Pro forma share-based compensation, net of tax |                             |   | (1,216  | )             |  |   | (2,276  | )
|                                                                                   |                                                |                             |   |         |               | 
|                                                                                   | Pro forma                                      |                             | $ | (13,389 | )             |  | $ | (39,851 | )
|                                                                                   |                                                |                             |   |         |               | 
|Basic and diluted net loss applicable to common stockholders per
    common share: |                                                |                             |   |         |               |  |   |        
|                                                                                   | As reported                                    |                             | $ | (0.09   | )             |  | $ | (0.28   | )
|                                                                                   | Pro forma                                      |                             | $ | (0.10   | )             |  | $ | (0.30   | )



|   |                      
|-- | ---------------------
|3. | Business Combinations

Pending Acquisition






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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Recent Acquisitions












|   |                              
|-- | -----------------------------
|4. | Property, Plant and Equipment



|                                    |  |                  |           |   |              |   |           |  
|----------------------------------- |  | ---------------- | --------- | - | ------------ | - | --------- | -
|                                    |  | June 30,         |           |   | December 31, |  
|                                    |  | 2006             |           |   | 2005         |  
|                                    |  |                  |           |   |              |  
|                                    |  | ($ in thousands) |          
|Gross property, plant and equipment |  | $                | 1,168,747 |   |              | $ | 1,080,671 |  
|Accumulated depreciation            |  |                  | (682,093  | ) |              |   | (596,881  | )
|                                    |  |                  |           |   |              |  
|Property, plant and equipment, net  |  | $                | 486,654   |   |              | $ | 483,790   |  
|                                    |  |                  |           |   |              |  

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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                  
|-- | ---------------------------------
|5. | Notes Payable and Credit Facility



|                                                                                     |                     |                  |         |           |                   |   |         |           | 
|------------------------------------------------------------------------------------ | ------------------- | ---------------- | ------- | --------- | ----------------- | - | ------- | --------- | 
|                                                                                     |                     | June 30, 2006    |         |           | December 31, 2005 |  
|                                                                                     |                     |                  |         |           |                   |  
|                                                                                     |                     | ($ in thousands) |        
|DCC senior floating rate notes                                                       |                     | $                | 150,000 |           |                   | $ | 150,000 |          
|1.50% DCC senior convertible debentures                                              |                     |                  | 160,000 |           |                   |   | 160,000 |          
|8.875% DCC senior notes                                                              |                     |                  | 419,681 |           |                   |   | 419,681 |          
|8.375% Dobson Cellular senior notes                                                  |                     |                  | 250,000 |           |                   |   | 250,000 |          
|8.375% Dobson Cellular series B senior notes, including
    premium of $12.3 million |                     |                  | 262,293 |           |                   |   |        |          
|Dobson Cellular floating rate senior notes                                           |                     |                  | 15,559  |           |                   |   | 250,000 |          
|9.875% Dobson Cellular senior notes                                                  |                     |                  | 325,000 |           |                   |   | 325,000 |          
|10% American Cellular senior notes                                                   |                     |                  | 900,000 |           |                   |   | 900,000 |          
|Other notes payable, net                                                             |                     |                  | 15,304  |           |                   |   | 14,794  |          
|                                                                                     |                     |                  |         |           |                   |  
|                                                                                     | Total notes payable |                  | $       | 2,497,837 |                   |   | $       | 2,469,475 | 
|                                                                                     |                     |                  |         |           |                   |  

New Notes


Dobson Cellular Series B First Priority Senior Secured
Notes






Restrictive Covenants






| |   |                                                                                                   
| | - | --------------------------------------------------------------------------------------------------
| |  | incur indebtedness;                                                                               
|
| |  | incur or assume liens;                                                                            
|
| |  | pay dividends or make other restricted payments;                                                  
|
| |  | impose dividend or other payment restrictions affecting the
    Companys restricted subsidiaries;
|
| |  | issue and sell capital stock of the Companys restricted
    subsidiaries;                        

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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |   |                                                                                
| | - | -------------------------------------------------------------------------------
| |  | issue certain capital stock;                                                   
|
| |  | issue guarantees of indebtedness;                                              
|
| |  | enter into transactions with affiliates;                                       
|
| |  | sell assets;                                                                   
|
| |  | engage in un-permitted lines of business;                                      
|
| |  | enter into sale and leaseback transactions; and                                
|
| |  | merge or consolidate with or transfer substantial assets to
    another entity.



Credit Facility














| |   |                                                                                 
| | - | --------------------------------------------------------------------------------
| |  | make capital expenditures;                                                      
|
| |  | sell or dispose of assets;                                                      
|
| |  | incur additional debt;                                                          
|
| |  | create liens;                                                                   
|
| |  | merge with or acquire other companies;                                          
|
| |  | engage in transactions with affiliates, including dividend
    restrictions; and
|
| |  | make loans, advances or stock repurchases.                                      

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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                           
|-- | --------------------------
|6. | Redeemable Preferred Stock



|                    |  |               |           |  |                |  |         |                |  |  |           |  |  |           |             |            |           |           |                   |      |  |        |         |  |  |  |               |  |  |  |            | 
|------------------- |  | ------------- | --------- |  | -------------- |  | ------- | -------------- |  |  | --------- |  |  | --------- | ----------- | ---------- | --------- | --------- | ----------------- | ---- |  | ------ | ------- |  |  |  | ------------- |  |  |  | ---------- | 
|                    |  | Number of     |           |  | Number of      |  |         | Number of      |  |  |           |  |  |           |             |            |           |           |                  
|                    |  | Shares        |           |  | Shares         |  |         | Shares         |  |  |           |  |  |           |             |            |           |           |                  
|                    |  | Authorized at |           |  | Outstanding at |  |         | Outstanding at |  |  |           |  |  |           | Liquidation |            |           | Mandatory |                   |      | 
|                    |  | June 30,      |           |  | June 30,       |  |         | December 31,   |  |  | Par Value |  |  |           |             | Preference |           |           | Redemption        |      |  | Voting |        
|Class               |  | 2006          |           |  | 2006           |  |         | 2005           |  |  | Per Share |  |  | Dividends |             |            | Per Share |           |                   | Date |  |        | Rights  | 
|                    |  |               |           |  |                |  |         |                |  |  |           |  |  |           |             |            |           |           |                   |      |  |        |         | 
|Senior Exchangeable |  |               |          |  |                |  |        |                |  |  | 5,154     |  |  | $         | 1.00        |            |           |           | 12.25% Cumulative |      |  | $      | 1,000   |  |  |  | Jan. 15, 2008 |  |  |  | Non-voting | 
|Senior Exchangeable |  |               |          |  |                |  |        |                |  |  | 27,847    |  |  | $         | 1.00        |            |           |           | 13% Cumulative    |      |  | $      | 1,000   |  |  |  | May 1, 2009   |  |  |  | Non-voting | 
|Series F            |  |               | 1,900,000 |  |                |  | 759,896 |                |  |  | 759,896   |  |  | $         | 1.00        |            |           |           | 6% Cumulative     |      |  | $      | 178.571 |  |  |  | Aug. 18, 2016 |  |  |  | Non-voting | 
|Other               |  |               | 4,100,000 |  |                |  |        |                |  |  |          |  |  |           |            |            |           |           |                  |      |  |        |        |  |  |  |              |  |  |  |           | 
|                    |  |               |           |  |                |  |         |                |  |  |           |  |  |           |             |            |           |           |                   |      |  |        |         | 
|                    |  |               | 6,000,000 |  |                |  | 759,896 |                |  |  | 792,897   |  |  |           |             |            |           |           |                   |      |  |        |         |  |  |  |               |  |  |  |            | 
|                    |  |               |           |  |                |  |         |                |  |  |           |  |  |           |             |            |           |           |                   |      |  |        |         | 

Redemption of Senior Exchangeable Preferred Stock




Dividends on Preferred Stock








|   |                   
|-- | ------------------
|7. | Earnings Per Share



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                           |                                                                                    |                                         |        |             |                           |   |         |             |       |   |         |             |       |   |         |             |       |  
|------------------------------------------ | ---------------------------------------------------------------------------------- | --------------------------------------- | ------ | ----------- | ------------------------- | - | ------- | ----------- | ----- | - | ------- | ----------- | ----- | - | ------- | ----------- | ----- | -
|                                           |                                                                                    | Three Months Ended June 30,             |        |             | Six Months Ended June 30, |  
|                                           |                                                                                    |                                         |        |             |                           |  
|                                           |                                                                                    | 2006                                    |        |             | 2005                      |   |         | 2006        |       |   | 2005    |            
|                                           |                                                                                    |                                         |        |             |                           |   |         |             |       |   |         |            
|                                           |                                                                                    | ($ in thousands, except per share data) |       
|Net loss applicable to common stockholders |                                                                                    | $                                       | (8,417 | )           |                           | $ | (12,173 | )           |       | $ | (21,689 | )           |       | $ | (37,575 | )          
|                                           | Basic and diluted net loss applicable to common stockholders per
    common share: |                                         |        |             |                           |   |         |             |       |   |         |             |       |   |         |             |      
|                                           |                                                                                    | Net loss                                |        | $           | (0.04                     | ) |         | $           | (0.07 | ) |         | $           | (0.10 | ) |         | $           | (0.25 | )
|                                           |                                                                                    | Dividends on preferred stock            |        |             | (0.01                     | ) |         |             | (0.02 | ) |         |             | (0.03 | ) |         |             | (0.03 | )
|                                           |                                                                                    |                                         |        |             |                           |   |         |             |       |   |         |            
|                                           | Basic and diluted net loss applicable to common stockholders per
    common share  |                                         | $      | (0.05       | )                         |   | $       | (0.09       | )     |   | $       | (0.13       | )     |   | $       | (0.28       | )    
|                                           |                                                                                    |                                         |        |             |                           |   |         |             |       |   |         |            
|                                           | Basic and diluted weighted average common shares outstanding                       |                                         |        | 170,100,621 |                           |   |         | 134,011,175 |       |   |         | 169,749,306 |       |   |         | 133,948,417 |      
|                                           |                                                                                    |                                         |        |             |                           |   |         |             |       |   |         |            



|   |                              
|-- | -----------------------------
|8. | Commitments and Contingencies

Commitments




Contingencies




13



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|   |                                                           
|-- | ----------------------------------------------------------
|9. | Supplemental Condensed Consolidating Financial Information



14



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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATING BALANCE SHEET


As of June 30, 2006


|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |           |           |           | 
|---------------------------------------------- | -------------------------------------------------------------------------------------- | ------------------------- | ---------------------------------------------------- | --------- | --------- | --------- | ------- | ------------ | --------- | --------- | ------ | ------ | ------ | ------------ | --------- | --------- | ------------ | --------- | ---------- | ---------- | ---------- | ---------- | ------- | --------- | --------- | --------- | 
|                                               |                                                                                        |                           |                                                      |           |           | Non-      |         |              |           |           |        |        |       
|                                               |                                                                                        | Dobson                    |                                                      |           | American  |           |         | Guarantor    |           |           |        |        |        |              |          
|                                               |                                                                                        | Cellular                  |                                                      |           | Cellular  |           |         | Subsidiaries |           |           | Parent |        |        | Eliminations |           |           | Consolidated |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | ($ in thousands)          |                                                     
|                                               |                                                                                        | (Unaudited)               |                                                     
|ASSETS                                        
|CURRENT ASSETS:                                |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Cash and cash equivalents                                                              |                           | $                                                    | 44,356    |           |           | $       | 39,871       |           |           | $      | 23,798 |        |              | $         | 8,336     |              |           | $          |           |            |            | $       | 116,361   |          
|                                               | Short-term investments                                                                 |                           |                                                      | 1,965     |           |           |         |             |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 1,965     |          
|                                               | Accounts receivable, net                                                               |                           |                                                      | 75,802    |           |           |         | 42,839       |           |           |        | 16     |        |              |           |          |              |           |            |           |            |            |         | 118,657   |          
|                                               | Inventory                                                                              |                           |                                                      | 20,697    |           |           |         | 7,025        |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 27,722    |          
|                                               | Prepaid expenses and other                                                             |                           |                                                      | 18,295    |           |           |         | 5,101        |           |           |        | 40     |        |              |           |          |              |           |            |           |            |            |         | 23,436    |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total current assets      |                                                      |           | 161,115   |           |         |              | 94,836    |           |        |        | 23,854 |              |           |           | 8,336        |           |            |            |           |            |         |           | 288,141   |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|PROPERTY, PLANT AND EQUIPMENT, net             |                                                                                        |                           | 323,923                                              |           |           |           | 162,731 |              |           |           |       |        |        |              |          |           |              |           |           |            |            |            | 486,654 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|OTHER ASSETS:                                  |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Net intercompany receivable (payable)                                                  |                           |                                                      | 37,074    |           |           |         | 4,240        |           |           |        | 55,658 |        |              |           | 670,194   |              |           |            | (767,166   | )          |            |         |          |          
|                                               | Restricted investments                                                                 |                           |                                                      | 4,375     |           |           |         | 22           |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 4,397     |          
|                                               | Wireless license acquisition costs                                                     |                           |                                                      | 1,126,608 |           |           |         | 706,872      |           |           |        | 9,677  |        |              |           | 4,412     |              |           |            |           |            |            |         | 1,847,569 |          
|                                               | Goodwill                                                                               |                           |                                                      | 45,362    |           |           |         | 583,628      |           |           |        |       |        |              |           | 1,143     |              |           |            |           |            |            |         | 630,133   |          
|                                               | Deferred financing costs, net                                                          |                           |                                                      | 11,251    |           |           |         | 12,245       |           |           |        |       |        |              |           | 12,986    |              |           |            |           |            |            |         | 36,482    |          
|                                               | Customer list, net                                                                     |                           |                                                      | 14,831    |           |           |         | 28,926       |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 43,757    |          
|                                               | Other non-current assets                                                               |                           |                                                      | 26,751    |           |           |         | 559          |           |           |        | 1,323  |        |              |           | 1,624,372 |              |           |            | (1,648,373 | )          |            |         | 4,632     |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total other assets        |                                                      |           | 1,266,252 |           |         |              | 1,336,492 |           |        |        | 66,658 |              |           |           | 2,313,107    |           |            |            | (2,415,539 | )          |         |           | 2,566,970 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        |                           | Total assets                                         |           | $         | 1,751,290 |         |              | $         | 1,594,059 |        |        | $      | 90,512       |           |           | $            | 2,321,443 |            |            | $          | (2,415,539 | )       |           | $         | 3,341,765 | 
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                              
|LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY
|CURRENT LIABILITIES:                           |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Accounts payable                                                                       |                           | $                                                    | 77,486    |           |           | $       | 14,963       |           |           | $      |       |        |              | $         |          |              |           | $          |           |            |            | $       | 92,449    |          
|                                               | Accrued expenses                                                                       |                           |                                                      | 26,022    |           |           |         | 8,059        |           |           |        | (92    | )      |              |           | (26       | )            |           |            |           |            |            |         | 33,963    |          
|                                               | Accrued interest payable                                                               |                           |                                                      | 12,552    |           |           |         | 37,863       |           |           |        |       |        |              |           | 12,905    |              |           |            |           |            |            |         | 63,320    |          
|                                               | Deferred revenue and customer deposits                                                 |                           |                                                      | 18,553    |           |           |         | 14,092       |           |           |        | 2,964  |        |              |           |          |              |           |            |           |            |            |         | 35,609    |          
|                                               | Accrued dividends payable                                                              |                           |                                                      |          |           |           |         |             |           |           |        |       |        |              |           | 2,657     |              |           |            |           |            |            |         | 2,657     |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total current liabilities |                                                      |           | 134,613   |           |         |              | 74,977    |           |        |        | 2,872  |              |           |           | 15,536       |           |            |            |           |            |         |           | 227,998   |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|OTHER LIABILITIES:                             |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Notes payable, net                                                                     |                           |                                                      | 1,620,019 |           |           |         | 915,303      |           |           |        |       |        |              |           | 729,681   |              |           |            | (767,166   | )          |            |         | 2,497,837 |          
|                                               | Deferred tax liabilities                                                               |                           |                                                      | 171,871   |           |           |         | 153,785      |           |           |        | 1,312  |        |              |           | (78,717   | )            |           |            |           |            |            |         | 248,251   |          
|                                               | Deferred gain on disposition of operating assets and other
    non-current liabilities |                           |                                                      | 36,795    |           |           |         | 30,132       |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 66,927    |          
|SERIES F CONVERTIBLE PREFERRED STOCK           |                                                                                        |                           |                                                     |           |           |           |        |              |           |           |       |        |        |              | 135,695   |           |              |           |           |            |            |            | 135,695 |          
|STOCKHOLDERS (DEFICIT) EQUITY                 |                                                                                        |                           | (212,008                                             | )         |           |           | 419,862 |              |           |           | 86,328 |        |        |              | 1,519,248 |           |              |           | (1,648,373 | )          |            |            | 165,057 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        |                           | Total liabilities and stockholders (deficit) equity |           | $         | 1,751,290 |         |              | $         | 1,594,059 |        |        | $      | 90,512       |           |           | $            | 2,321,443 |            |            | $          | (2,415,539 | )       |           | $         | 3,341,765 | 
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          

15



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##### Table of Contents



DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATING BALANCE SHEET


As of December 31, 2005


|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |           |           |           | 
|---------------------------------------------- | -------------------------------------------------------------------------------------- | ------------------------- | ---------------------------------------------------- | --------- | --------- | --------- | ------- | ------------ | --------- | --------- | ------ | ------ | ------ | ------------ | --------- | --------- | ------------ | --------- | ---------- | ---------- | ---------- | ---------- | ------- | --------- | --------- | --------- | 
|                                               |                                                                                        |                           |                                                      |           |           | Non-      |         |              |           |           |        |        |       
|                                               |                                                                                        | Dobson                    |                                                      |           | American  |           |         | Guarantor    |           |           |        |        |        |              |          
|                                               |                                                                                        | Cellular                  |                                                      |           | Cellular  |           |         | Subsidiaries |           |           | Parent |        |        | Eliminations |           |           | Consolidated |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | ($ in thousands)          |                                                     
|ASSETS                                        
|CURRENT ASSETS:                                |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Cash and cash equivalents                                                              |                           | $                                                    | 89,814    |           |           | $       | 76,611       |           |           | $      | 21,874 |        |              | $         | 8,151     |              |           | $          |           |            |            | $       | 196,450   |          
|                                               | Accounts receivable, net                                                               |                           |                                                      | 78,329    |           |           |         | 47,269       |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 125,598   |          
|                                               | Inventory                                                                              |                           |                                                      | 10,810    |           |           |         | 5,066        |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 15,876    |          
|                                               | Prepaid expenses and other                                                             |                           |                                                      | 12,572    |           |           |         | 4,867        |           |           |        | 10     |        |              |           |          |              |           |            |           |            |            |         | 17,449    |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total current assets      |                                                      |           | 191,525   |           |         |              | 133,813   |           |        |        | 21,884 |              |           |           | 8,151        |           |            |            |           |            |         |           | 355,373   |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|PROPERTY, PLANT AND EQUIPMENT, net             |                                                                                        |                           | 325,504                                              |           |           |           | 158,286 |              |           |           |       |        |        |              |          |           |              |           |           |            |            |            | 483,790 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|OTHER ASSETS:                                  |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Net intercompany receivable (payable)                                                  |                           |                                                      | 10,447    |           |           |         | 2,778        |           |           |        | 55,110 |        |              |           | 698,831   |              |           |            | (767,166   | )          |            |         |          |          
|                                               | Restricted investments                                                                 |                           |                                                      | 4,489     |           |           |         | 22           |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 4,511     |          
|                                               | Wireless license acquisition costs                                                     |                           |                                                      | 1,119,640 |           |           |         | 681,424      |           |           |        | 9,676  |        |              |           | 4,412     |              |           |            |           |            |            |         | 1,815,152 |          
|                                               | Goodwill                                                                               |                           |                                                      | 45,362    |           |           |         | 574,813      |           |           |        |       |        |              |           | 1,143     |              |           |            |           |            |            |         | 621,318   |          
|                                               | Deferred financing costs, net                                                          |                           |                                                      | 13,308    |           |           |         | 13,427       |           |           |        |       |        |              |           | 13,509    |              |           |            |           |            |            |         | 40,244    |          
|                                               | Customer list, net                                                                     |                           |                                                      | 19,628    |           |           |         | 41,278       |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 60,906    |          
|                                               | Other non-current assets                                                               |                           |                                                      | 26,450    |           |           |         | 643          |           |           |        | 1,368  |        |              |           | 1,624,373 |              |           |            | (1,648,373 | )          |            |         | 4,461     |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total other assets        |                                                      |           | 1,239,324 |           |         |              | 1,314,385 |           |        |        | 66,154 |              |           |           | 2,342,268    |           |            |            | (2,415,539 | )          |         |           | 2,546,592 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        |                           | Total assets                                         |           | $         | 1,756,353 |         |              | $         | 1,606,484 |        |        | $      | 88,038       |           |           | $            | 2,350,419 |            |            | $          | (2,415,539 | )       |           | $         | 3,385,755 | 
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                              
|LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY
|CURRENT LIABILITIES:                           |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Accounts payable                                                                       |                           | $                                                    | 86,652    |           |           | $       | 18,076       |           |           | $      |       |        |              | $         |          |              |           | $          |           |            |            | $       | 104,728   |          
|                                               | Accrued expenses                                                                       |                           |                                                      | 24,242    |           |           |         | 9,711        |           |           |        | (81    | )      |              |           | (27       | )            |           |            |           |            |            |         | 33,845    |          
|                                               | Accrued interest payable                                                               |                           |                                                      | 12,591    |           |           |         | 37,863       |           |           |        |       |        |              |           | 13,233    |              |           |            |           |            |            |         | 63,687    |          
|                                               | Deferred revenue and customer deposits                                                 |                           |                                                      | 16,176    |           |           |         | 12,680       |           |           |        | 1,211  |        |              |           |          |              |           |            |           |            |            |         | 30,067    |          
|                                               | Accrued dividends payable                                                              |                           |                                                      |          |           |           |         |             |           |           |        |       |        |              |           | 8,126     |              |           |            |           |            |            |         | 8,126     |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        | Total current liabilities |                                                      |           | 139,661   |           |         |              | 78,330    |           |        |        | 1,130  |              |           |           | 21,332       |           |            |            |           |            |         |           | 240,453   |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|OTHER LIABILITIES:                             |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |           |            |            |            |            |         |          
|                                               | Notes payable, net                                                                     |                           |                                                      | 1,592,166 |           |           |         | 914,794      |           |           |        |       |        |              |           | 729,681   |              |           |            | (767,166   | )          |            |         | 2,469,475 |          
|                                               | Deferred tax liabilities                                                               |                           |                                                      | 182,574   |           |           |         | 157,685      |           |           |        | 1,043  |        |              |           | (82,276   | )            |           |            |           |            |            |         | 259,026   |          
|                                               | Mandatorily redeemable preferred stock, net                                            |                           |                                                      |          |           |           |         |             |           |           |        |       |        |              |           | 32,793    |              |           |            |           |            |            |         | 32,793    |          
|                                               | Deferred gain on disposition of operating assets and other
    non-current liabilities |                           |                                                      | 37,622    |           |           |         | 30,743       |           |           |        |       |        |              |           |          |              |           |            |           |            |            |         | 68,365    |          
|SERIES F CONVERTIBLE PREFERRED STOCK           |                                                                                        |                           |                                                     |           |           |           |        |              |           |           |       |        |        |              | 135,695   |           |              |           |           |            |            |            | 135,695 |          
|STOCKHOLDERS (DEFICIT) EQUITY                 |                                                                                        |                           | (195,670                                             | )         |           |           | 424,932 |              |           |           | 85,865 |        |        |              | 1,513,194 |           |              |           | (1,648,373 | )          |            |            | 179,948 |          
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          
|                                               |                                                                                        |                           | Total liabilities and stockholders (deficit) equity |           | $         | 1,756,353 |         |              | $         | 1,606,484 |        |        | $      | 88,038       |           |           | $            | 2,350,419 |            |            | $          | (2,415,539 | )       |           | $         | 3,385,755 | 
|                                               |                                                                                        |                           |                                                      |           |           |           |         |              |           |           |        |        |        |              |           |           |              |          

16



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##### Table of Contents



DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


For the Six Months Ended June 30, 2006


|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |   |   |         |        |   |         |          |         | 
|-------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | ------------------------ | ------- | ------- | -------- | ---- | ------ | ------------ | ------- | - | ------ | ---- | ---- | ------------ | ----- | ------- | ------------ | - | - | ------- | ------ | - | ------- | -------- | ------- | 
|                                                                                       |                                                                                         |                          |         |         |          | Non- |        |              |         |   |        |      |     
|                                                                                       |                                                                                         | Dobson                   |         |         | American |      |        | Guarantor    |         |   |        |      |      |              |      
|                                                                                       |                                                                                         | Cellular                 |         |         | Cellular |      |        | Subsidiaries |         |   | Parent |      |      | Eliminations |       |         | Consolidated |  
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|                                                                                       |                                                                                         | ($ in thousands)         |        
|                                                                                       |                                                                                         | (Unaudited)              |        
|OPERATING REVENUE:                                                                     |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |   |   |         |        |   |         |         
|                                                                                       | Service revenue                                                                         |                          | $       | 262,361 |          |      | $      | 176,994      |         |   | $      |     |      |              | $     |        |              |   | $ |        |        |   | $       | 439,355  |        
|                                                                                       | Roaming revenue                                                                         |                          |         | 73,345  |          |      |        | 52,478       |         |   |        |     |      |              |       |        |              |   |   |        |        |   |         | 125,823  |        
|                                                                                       | Equipment and other revenue                                                             |                          |         | 29,755  |          |      |        | 11,928       |         |   |        |     |      |              |       |        |              |   |   | (7,203  | )      |   |         | 34,480   |        
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|                                                                                       |                                                                                         | Total operating revenue  |         |         | 365,461  |      |        |              | 241,400 |   |        |      |     |              |       |         |             |   |   |         | (7,203 | ) |         |          | 599,658 | 
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|OPERATING EXPENSES:                                                                    |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |   |   |         |        |   |         |         
|                                                                                       | Cost of service (exclusive of depreciation and amortization
    shown separately below) |                          |         | 100,684 |          |      |        | 60,604       |         |   |        |     |      |              |       |        |              |   |   | (3,712  | )      |   |         | 157,576  |        
|                                                                                       | Cost of equipment                                                                       |                          |         | 42,969  |          |      |        | 26,146       |         |   |        |     |      |              |       |        |              |   |   |        |        |   |         | 69,115   |        
|                                                                                       | Marketing and selling                                                                   |                          |         | 47,394  |          |      |        | 32,062       |         |   |        | (337 | )    |              |       |        |              |   |   |        |        |   |         | 79,119   |        
|                                                                                       | General and administrative                                                              |                          |         | 55,058  |          |      |        | 42,492       |         |   |        | 10   |      |              |       |        |              |   |   | (3,491  | )      |   |         | 94,069   |        
|                                                                                       | Depreciation and amortization                                                           |                          |         | 56,942  |          |      |        | 41,402       |         |   |        | 86   |      |              |       |        |              |   |   |        |        |   |         | 98,430   |        
|                                                                                       | Gain on disposition of operating assets                                                 |                          |         | (1,772  | )        |      |        | (1,485       | )       |   |        |     |      |              |       |        |              |   |   |        |        |   |         | (3,257   | )      
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|                                                                                       |                                                                                         | Total operating expenses |         |         | 301,275  |      |        |              | 201,221 |   |        |      | (241 | )            |       |         |             |   |   |         | (7,203 | ) |         |          | 495,052 | 
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|OPERATING INCOME                                                                       |                                                                                         |                          | 64,186  |         |          |      | 40,179 |              |         |   | 241    |      |      |              |      |         |              |   |  |         |        |   | 104,606 |         
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|OTHER (EXPENSE) INCOME:                                                                |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |   |   |         |        |   |         |         
|                                                                                       | Interest expense                                                                        |                          |         | (76,996 | )        |      |        | (47,564      | )       |   |        |     |      |              |       | (27,486 | )            |   |   | 37,225  |        |   |         | (114,821 | )      
|                                                                                       | Loss from extinguishment of debt                                                        |                          |         | (12,549 | )        |      |        |             |         |   |        |     |      |              |       | (168    | )            |   |   |        |        |   |         | (12,717  | )      
|                                                                                       | Loss on redemption of mandatorily redeemable preferred stock                            |                          |         |        |          |      |        |             |         |   |        |     |      |              |       | (1,482  | )            |   |   |        |        |   |         | (1,482   | )      
|                                                                                       | Dividends on mandatorily redeemable preferred stock                                     |                          |         |        |          |      |        |             |         |   |        |     |      |              |       | (709    | )            |   |   |        |        |   |         | (709     | )      
|                                                                                       | Other income (expense), net                                                             |                          |         | 3,601   |          |      |        | (741         | )       |   |        | 491  |      |              |       | 37,409  |              |   |   | (37,225 | )      |   |         | 3,535    |        
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|(LOSS) INCOME BEFORE MINORITY INTERESTS IN INCOME OF
    SUBSIDIARIES AND INCOME TAXES |                                                                                         |                          | (21,758 | )       |          |      | (8,126 | )            |         |   | 732    |      |      |              | 7,564 |         |              |   |  |         |        |   | (21,588 | )       
|MINORITY INTERESTS IN INCOME OF SUBSIDIARIES                                           |                                                                                         |                          | (4,533  | )       |          |      |       |              |         |   |       |      |      |              |      |         |              |   |  |         |        |   | (4,533  | )       
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|(LOSS) INCOME BEFORE INCOME TAXES                                                      |                                                                                         |                          | (26,291 | )       |          |      | (8,126 | )            |         |   | 732    |      |      |              | 7,564 |         |              |   |  |         |        |   | (26,121 | )       
|                                                                                       | Income tax benefit (expense)                                                            |                          |         | 9,953   |          |      |        | 3,057        |         |   |        | (269 | )    |              |       | (3,560  | )            |   |   |        |        |   |         | 9,181    |        
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  
|NET (LOSS) INCOME                                                                      |                                                                                         | $                        | (16,338 | )       |          | $    | (5,069 | )            |         | $ | 463    |      |      | $            | 4,004 |         |              | $ |  |         |        | $ | (16,940 | )       
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |      |              |       |         |              |  

17



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##### Table of Contents



DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


For the Six Months Ended June 30, 2005


|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |   |   |         |        |   |         |          |         | 
|-------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | ------------------------ | ------- | ------- | -------- | ---- | ------ | ------------ | ------- | - | ------ | ---- | -- | ------------ | ------- | ------- | ------------ | - | - | ------- | ------ | - | ------- | -------- | ------- | 
|                                                                                       |                                                                                         |                          |         |         |          | Non- |        |              |         |   |        |      |   
|                                                                                       |                                                                                         | Dobson                   |         |         | American |      |        | Guarantor    |         |   |        |      |    |              |        
|                                                                                       |                                                                                         | Cellular                 |         |         | Cellular |      |        | Subsidiaries |         |   | Parent |      |    | Eliminations |         |         | Consolidated |  
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|                                                                                       |                                                                                         | ($ in thousands)         |        
|                                                                                       |                                                                                         | (Unaudited)              |        
|OPERATING REVENUE:                                                                     |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |   |   |         |        |   |         |         
|                                                                                       | Service revenue                                                                         |                          | $       | 244,658 |          |      | $      | 177,408      |         |   | $      |     |    |              | $       |        |              |   | $ |        |        |   | $       | 422,066  |        
|                                                                                       | Roaming revenue                                                                         |                          |         | 65,896  |          |      |        | 48,683       |         |   |        |     |    |              |         |        |              |   |   |        |        |   |         | 114,579  |        
|                                                                                       | Equipment and other revenue                                                             |                          |         | 27,856  |          |      |        | 10,947       |         |   |        |     |    |              |         |        |              |   |   | (6,024  | )      |   |         | 32,779   |        
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|                                                                                       |                                                                                         | Total operating revenue  |         |         | 338,410  |      |        |              | 237,038 |   |        |      |   |              |         |         |             |   |   |         | (6,024 | ) |         |          | 569,424 | 
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|OPERATING EXPENSES:                                                                    |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |   |   |         |        |   |         |         
|                                                                                       | Cost of service (exclusive of depreciation and amortization
    shown separately below) |                          |         | 87,352  |          |      |        | 56,509       |         |   |        |     |    |              |         |        |              |   |   | (2,597  | )      |   |         | 141,264  |        
|                                                                                       | Cost of equipment                                                                       |                          |         | 40,194  |          |      |        | 24,427       |         |   |        |     |    |              |         |        |              |   |   |        |        |   |         | 64,621   |        
|                                                                                       | Marketing and selling                                                                   |                          |         | 40,682  |          |      |        | 29,267       |         |   |        |     |    |              |         |        |              |   |   |        |        |   |         | 69,949   |        
|                                                                                       | General and administrative                                                              |                          |         | 53,117  |          |      |        | 44,419       |         |   |        | 10   |    |              |         |        |              |   |   | (3,427  | )      |   |         | 94,119   |        
|                                                                                       | Depreciation and amortization                                                           |                          |         | 59,494  |          |      |        | 42,416       |         |   |        |     |    |              |         |        |              |   |   |        |        |   |         | 101,910  |        
|                                                                                       | Gain on disposition of operating assets                                                 |                          |         |        |          |      |        | (939         | )       |   |        |     |    |              |         |        |              |   |   |        |        |   |         | (939     | )      
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|                                                                                       |                                                                                         | Total operating expenses |         |         | 280,839  |      |        |              | 196,099 |   |        |      | 10 |              |         |         |             |   |   |         | (6,024 | ) |         |          | 470,924 | 
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|OPERATING INCOME (LOSS)                                                                |                                                                                         |                          | 57,571  |         |          |      | 40,939 |              |         |   | (10    | )    |    |              |        |         |              |   |  |         |        |   | 98,500  |         
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|OTHER (EXPENSE) INCOME:                                                                |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |   |   |         |        |   |         |         
|                                                                                       | Interest expense                                                                        |                          |         | (74,458 | )        |      |        | (47,562      | )       |   |        |     |    |              |         | (37,206 | )            |   |   | 37,226  |        |   |         | (122,000 | )      
|                                                                                       | Dividends on mandatorily redeemable preferred stock                                     |                          |         |        |          |      |        |             |         |   |        |     |    |              |         | (15,927 | )            |   |   |        |        |   |         | (15,927  | )      
|                                                                                       | Other income (expense), net                                                             |                          |         | 2,921   |          |      |        | (1,098       | )       |   |        | 791  |    |              |         | 34,590  |              |   |   | (37,226 | )      |   |         | (22      | )      
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|(LOSS) INCOME BEFORE MINORITY INTERESTS IN INCOME OF
    SUBSIDIARIES AND INCOME TAXES |                                                                                         |                          | (13,966 | )       |          |      | (7,721 | )            |         |   | 781    |      |    |              | (18,543 | )       |              |   |  |         |        |   | (39,449 | )       
|MINORITY INTERESTS IN INCOME OF SUBSIDIARIES                                           |                                                                                         |                          | (4,476  | )       |          |      |       |              |         |   |       |      |    |              |        |         |              |   |  |         |        |   | (4,476  | )       
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|(LOSS) INCOME BEFORE INCOME TAXES                                                      |                                                                                         |                          | (18,442 | )       |          |      | (7,721 | )            |         |   | 781    |      |    |              | (18,543 | )       |              |   |  |         |        |   | (43,925 | )       
|                                                                                       | Income tax benefit (expense)                                                            |                          |         | 7,008   |          |      |        | 2,934        |         |   |        | (297 | )  |              |         | 994     |              |   |   |        |        |   |         | 10,639   |        
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  
|NET (LOSS) INCOME                                                                      |                                                                                         | $                        | (11,434 | )       |          | $    | (4,787 | )            |         | $ | 484    |      |    | $            | (17,549 | )       |              | $ |  |         |        | $ | (33,286 | )       
|                                                                                       |                                                                                         |                          |         |         |          |      |        |              |         |   |        |      |    |              |         |         |              |  

18



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##### Table of Contents



DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


For the Six Months Ended June 30, 2006


|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |          |         |          |  
|---------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------ | --------------------------------------------------- | -------- | -------- | ------- | ------- | ------------ | ------ | ------- | ------ | ---- | ----- | ------------ | ----- | ------------ | ----- | ------- | - | - | - | - | ------- | -------- | ------- | -------- | -
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          | Non-    |         |              |        |         |        |      |      
|                                                     |                                                                                                                                   | Dobson                                                       |                                                     |          | American |         |         | Guarantor    |        |         |        |      |       |              |      
|                                                     |                                                                                                                                   | Cellular                                                     |                                                     |          | Cellular |         |         | Subsidiaries |        |         | Parent |      |       | Eliminations |       | Consolidated |      
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |      
|                                                     |                                                                                                                                   | ($ in thousands)                                             |                                                    
|                                                     |                                                                                                                                   | (Unaudited)                                                  |                                                    
|CASH FLOWS FROM OPERATING ACTIVITIES:                |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |         
|                                                     | Net (loss) income                                                                                                                 |                                                              | $                                                   | (16,338  | )        |         | $       | (5,069       | )      |         | $      | 463  |       |              | $     | 4,004        |       |         | $ |  |   |   | $       | (16,940  | )      
|                                                     | Adjustments to reconcile net (loss) income to net cash provided
    by operating activities, net of effects of
    acquisitions  |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |          |        
|                                                     |                                                                                                                                   | Depreciation and amortization                                |                                                     |          | 56,942   |         |         |              | 41,402 |         |        |      | 86    |              |       |              |      |         |   |   |  |   |         |          | 98,430  |         
|                                                     |                                                                                                                                   | Amortization of bond discounts and deferred financing costs  |                                                     |          | 797      |         |         |              | 1,692  |         |        |      |      |              |       |              | 734   |         |   |   |  |   |         |          | 3,223   |         
|                                                     |                                                                                                                                   | Deferred income taxes                                        |                                                     |          | (9,953   | )       |         |              | (3,057 | )       |        |      | 269   |              |       |              | 3,560 |         |   |   |  |   |         |          | (9,181  | )       
|                                                     |                                                                                                                                   | Non-cash mandatorily redeemable preferred stock dividends    |                                                     |          |         |         |         |              |       |         |        |      |      |              |       |              | 709   |         |   |   |  |   |         |          | 709     |         
|                                                     |                                                                                                                                   | Loss on redemption of mandatorily redeemable preferred stock |                                                     |          |         |         |         |              |       |         |        |      |      |              |       |              | 1,482 |         |   |   |  |   |         |          | 1,482   |         
|                                                     |                                                                                                                                   | Loss from extinguishment of debt                             |                                                     |          | 12,549   |         |         |              |       |         |        |      |      |              |       |              | 168   |         |   |   |  |   |         |          | 12,717  |         
|                                                     |                                                                                                                                   | Gain on disposition of operating assets                      |                                                     |          | (1,772   | )       |         |              | (1,485 | )       |        |      |      |              |       |              |      |         |   |   |  |   |         |          | (3,257  | )       
|                                                     |                                                                                                                                   | Share-based compensation                                     |                                                     |          |         |         |         |              |       |         |        |      |      |              |       |              | 3,686 |         |   |   |  |   |         |          | 3,686   |         
|                                                     |                                                                                                                                   | Other operating activities                                   |                                                     |          | 4,763    |         |         |              | 170    |         |        |      |      |              |       |              |      |         |   |   |  |   |         |          | 4,933   |         
|Changes in current assets and liabilities           |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |         
|                                                     |                                                                                                                                   | Accounts receivable                                          |                                                     |          | 2,527    |         |         |              | 4,430  |         |        |      | (17   | )            |       |              |      |         |   |   |  |   |         |          | 6,940   |         
|                                                     |                                                                                                                                   | Inventory                                                    |                                                     |          | (9,886   | )       |         |              | (1,959 | )       |        |      |      |              |       |              |      |         |   |   |  |   |         |          | (11,845 | )       
|                                                     |                                                                                                                                   | Prepaid expenses and other                                   |                                                     |          | (6,359   | )       |         |              | (477   | )       |        |      | (30   | )            |       |              |      |         |   |   |  |   |         |          | (6,866  | )       
|                                                     |                                                                                                                                   | Accounts payable                                             |                                                     |          | (9,166   | )       |         |              | (3,113 | )       |        |      |      |              |       |              |      |         |   |   |  |   |         |          | (12,279 | )       
|                                                     |                                                                                                                                   | Accrued expenses                                             |                                                     |          | 334      |         |         |              | (1,652 | )       |        |      | (11   | )            |       |              | 272   |         |   |   |  |   |         |          | (1,057  | )       
|                                                     |                                                                                                                                   | Deferred revenue and customer deposits                       |                                                     |          | 2,376    |         |         |              | 1,412  |         |        |      | 1,754 |              |       |              |      |         |   |   |  |   |         |          | 5,542   |         
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|                                                     |                                                                                                                                   |                                                              | Net cash provided by operating activities           |          |          | 26,814  |         |              |        | 32,294  |        |      |       | 2,514        |       |              |       | 14,615  |   |   |   |  |         |          |         | 76,237   |  
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|CASH FLOWS FROM INVESTING ACTIVITIES:                |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |         
|                                                     | Capital expenditures                                                                                                              |                                                              |                                                     | (51,915  | )        |         |         | (29,477      | )      |         |        |     |       |              |       |             |       |         |   |  |   |   |         | (81,392  | )      
|                                                     | Purchase of wireless licenses and properties                                                                                      |                                                              |                                                     | (7,002   | )        |         |         | (35,283      | )      |         |        |     |       |              |       |             |       |         |   |  |   |   |         | (42,285  | )      
|                                                     | (Increase) decrease in receivable-affiliates                                                                                      |                                                              |                                                     | (23,726  | )        |         |         | (4,363       | )      |         |        | (548 | )     |              |       | 28,637       |       |         |   |  |   |   |         |         |        
|                                                     | Purchases of short-term investments                                                                                               |                                                              |                                                     | (1,965   | )        |         |         |             |        |         |        |     |       |              |       |             |       |         |   |  |   |   |         | (1,965   | )      
|                                                     | Other investing activities                                                                                                        |                                                              |                                                     | (260     | )        |         |         | 89           |        |         |        | (42  | )     |              |       |             |       |         |   |  |   |   |         | (213     | )      
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|                                                     |                                                                                                                                   |                                                              | Net cash (used in) provided by investing activities |          |          | (84,868 | )       |              |        | (69,034 | )      |      |       | (590         | )     |              |       | 28,637  |   |   |   |  |         |          |         | (125,855 | )
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|CASH FLOWS FROM FINANCING ACTIVITIES:                |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |         |   |   |   |   |         |         
|                                                     | Proceeds from senior notes                                                                                                        |                                                              |                                                     | 262,500  |          |         |         |             |        |         |        |     |       |              |       |             |       |         |   |  |   |   |         | 262,500  |        
|                                                     | Repurchases of senior notes                                                                                                       |                                                              |                                                     | (241,989 | )        |         |         |             |        |         |        |     |       |              |       |             |       |         |   |  |   |   |         | (241,989 | )      
|                                                     | Distributions to minority interest holders                                                                                        |                                                              |                                                     | (5,372   | )        |         |         |             |        |         |        |     |       |              |       |             |       |         |   |  |   |   |         | (5,372   | )      
|                                                     | Redemption of mandatorily redeemable preferred stock                                                                              |                                                              |                                                     |         |          |         |         |             |        |         |        |     |       |              |       | (41,683      | )     |         |   |  |   |   |         | (41,683  | )      
|                                                     | Preferred stock dividends paid                                                                                                    |                                                              |                                                     |         |          |         |         |             |        |         |        |     |       |              |       | (4,071       | )     |         |   |  |   |   |         | (4,071   | )      
|                                                     | Deferred financing costs                                                                                                          |                                                              |                                                     | (2,543   | )        |         |         |             |        |         |        |     |       |              |       | (210         | )     |         |   |  |   |   |         | (2,753   | )      
|                                                     | Issuance of common stock and other financing activities                                                                           |                                                              |                                                     |         |          |         |         |             |        |         |        |     |       |              |       | 2,897        |       |         |   |  |   |   |         | 2,897    |        
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|                                                     |                                                                                                                                   |                                                              | Net cash provided by (used in) financing activities |          |          | 12,596  |         |              |        |        |        |      |       |             |       |              |       | (43,067 | ) |   |   |  |         |          |         | (30,471  | )
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |                                                                                                                                   |                                                              | (45,458                                             | )        |          |         | (36,740 | )            |        |         | 1,924  |      |       |              | 185   |              |       |         |  |   |   |   | (80,089 | )       
|CASH AND CASH EQUIVALENTS, beginning of period       |                                                                                                                                   |                                                              | 89,814                                              |          |          |         | 76,611  |              |        |         | 21,874 |      |       |              | 8,151 |              |       |         |  |   |   |   | 196,450 |         
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        
|CASH AND CASH EQUIVALENTS, end of period             |                                                                                                                                   | $                                                            | 44,356                                              |          |          | $       | 39,871  |              |        | $       | 23,798 |      |       | $            | 8,336 |              |       | $       |  |   |   | $ | 116,361 |         
|                                                     |                                                                                                                                   |                                                              |                                                     |          |          |         |         |              |        |         |        |      |       |              |       |              |       |        

19



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##### Table of Contents



DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


For the Six Months Ended June 30, 2005


|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |         |         |        | 
|------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | ----------------------------------------------------------- | --------------------------------------------------- | ------- | -------- | ------ | ------ | ------------ | ------ | ------ | ------ | ------ | --- | ------------ | ----- | ------------ | ------ | ---- | - | - | - | - | ------- | ------- | ------- | ------ | 
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          | Non-   |        |              |        |        |        |        |    
|                                                                                                                                            |                                                         | Dobson                                                      |                                                     |         | American |        |        | Guarantor    |        |        |        |        |     |              |      
|                                                                                                                                            |                                                         | Cellular                                                    |                                                     |         | Cellular |        |        | Subsidiaries |        |        | Parent |        |     | Eliminations |       | Consolidated |       
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |       
|                                                                                                                                            |                                                         | ($ in thousands)                                            |                                                    
|                                                                                                                                            |                                                         | (Unaudited)                                                 |                                                    
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                       |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |        
|                                                                                                                                            | Net (loss) income                                       |                                                             | $                                                   | (11,434 | )        |        | $      | (4,787       | )      |        | $      | 484    |     |              | $     | (17,549      | )      |      | $ |  |   |   | $       | (33,286 | )      
|Adjustments to reconcile net (loss) income to net cash provided
    by (used in) operating activities, net of effects of
    acquisitions  |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |        
|                                                                                                                                            |                                                         | Depreciation and amortization                               |                                                     |         | 59,494   |        |        |              | 42,416 |        |        |        |    |              |       |              |       |      |   |   |  |   |         |         | 101,910 |       
|                                                                                                                                            |                                                         | Amortization of bond discounts and deferred financing costs |                                                     |         | 947      |        |        |              | 1,691  |        |        |        |    |              |       |              | 1,001  |      |   |   |  |   |         |         | 3,639   |       
|                                                                                                                                            |                                                         | Deferred income taxes                                       |                                                     |         | (7,330   | )      |        |              | (2,890 | )      |        |        | 297 |              |       |              | (994   | )    |   |   |  |   |         |         | (10,917 | )     
|                                                                                                                                            |                                                         | Non-cash mandatorily redeemable preferred stock dividends   |                                                     |         |         |        |        |              |       |        |        |        |    |              |       |              | 15,927 |      |   |   |  |   |         |         | 15,927  |       
|                                                                                                                                            |                                                         | Gain on disposition of operating assets                     |                                                     |         |         |        |        |              | (939   | )      |        |        |    |              |       |              |       |      |   |   |  |   |         |         | (939    | )     
|                                                                                                                                            |                                                         | Other operating activities                                  |                                                     |         | 4,500    |        |        |              | 6      |        |        |        |    |              |       |              |       |      |   |   |  |   |         |         | 4,506   |       
|Changes in current assets and liabilities                                                                                                  |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |        
|                                                                                                                                            |                                                         | Accounts receivable                                         |                                                     |         | (18,352  | )      |        |              | (6,452 | )      |        |        |    |              |       |              |       |      |   |   |  |   |         |         | (24,804 | )     
|                                                                                                                                            |                                                         | Inventory                                                   |                                                     |         | 774      |        |        |              | 752    |        |        |        |    |              |       |              |       |      |   |   |  |   |         |         | 1,526   |       
|                                                                                                                                            |                                                         | Prepaid expenses and other                                  |                                                     |         | (8,536   | )      |        |              | 46     |        |        |        | (10 | )            |       |              |       |      |   |   |  |   |         |         | (8,500  | )     
|                                                                                                                                            |                                                         | Accounts payable                                            |                                                     |         | 7,024    |        |        |              | 7,076  |        |        |        |    |              |       |              |       |      |   |   |  |   |         |         | 14,100  |       
|                                                                                                                                            |                                                         | Accrued expenses                                            |                                                     |         | 3,646    |        |        |              | (2,593 | )      |        |        | (89 | )            |       |              | 1,319  |      |   |   |  |   |         |         | 2,283   |       
|                                                                                                                                            |                                                         | Deferred revenue and customer deposits                      |                                                     |         | 975      |        |        |              | 108    |        |        |        |    |              |       |              |       |      |   |   |  |   |         |         | 1,083   |       
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|                                                                                                                                            |                                                         |                                                             | Net cash provided by (used in) operating activities |         |          | 31,708 |        |              |        | 34,434 |        |        |     | 682          |       |              |        | (296 | ) |   |   |  |         |         |         | 66,528 | 
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                                       |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |        
|                                                                                                                                            | Capital expenditures                                    |                                                             |                                                     | (52,831 | )        |        |        | (23,472      | )      |        |        |       |     |              |       |             |        |      |   |  |   |   |         | (76,303 | )      
|                                                                                                                                            | Proceeds from the sale of assets                        |                                                             |                                                     | 46,095  |          |        |        | 30,922       |        |        |        |       |     |              |       |             |        |      |   |  |   |   |         | 77,017  |        
|                                                                                                                                            | (Increase) decrease in receivable-affiliates            |                                                             |                                                     | (2,342  | )        |        |        | 2,942        |        |        |        | 17     |     |              |       | (617         | )      |      |   |  |   |   |         |        |        
|                                                                                                                                            | Investment in Wireless Investment Inc.                  |                                                             |                                                     | (24,000 | )        |        |        |             |        |        |        | 24,000 |     |              |       |             |        |      |   |  |   |   |         |        |        
|                                                                                                                                            | Sales of marketable securities                          |                                                             |                                                     | 39,000  |          |        |        |             |        |        |        |       |     |              |       |             |        |      |   |  |   |   |         | 39,000  |        
|                                                                                                                                            | Other investing activities                              |                                                             |                                                     | (1,007  | )        |        |        | (291         | )      |        |        |       |     |              |       |             |        |      |   |  |   |   |         | (1,298  | )      
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|                                                                                                                                            |                                                         |                                                             | Net cash provided by (used in) investing activities |         |          | 4,915  |        |              |        | 10,101 |        |        |     | 24,017       |       |              |        | (617 | ) |   |   |  |         |         |         | 38,416 | 
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                       |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |      |   |   |   |   |         |        
|                                                                                                                                            | Distributions to minority interest holders              |                                                             |                                                     | (3,359  | )        |        |        |             |        |        |        |       |     |              |       |             |        |      |   |  |   |   |         | (3,359  | )      
|                                                                                                                                            | Maturities of restricted investments                    |                                                             |                                                     | 5,960   |          |        |        |             |        |        |        |       |     |              |       |             |        |      |   |  |   |   |         | 5,960   |        
|                                                                                                                                            | Issuance of common stock and other financing activities |                                                             |                                                     | (440    | )        |        |        | (27          | )      |        |        |       |     |              |       | 934          |        |      |   |  |   |   |         | 467     |        
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|                                                                                                                                            |                                                         |                                                             | Net cash provided by (used in) financing activities |         |          | 2,161  |        |              |        | (27    | )      |        |     |             |       |              |        | 934  |   |   |   |  |         |         |         | 3,068  | 
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|NET INCREASE IN CASH AND CASH EQUIVALENTS                                                                                                   |                                                         |                                                             | 38,784                                              |         |          |        | 44,508 |              |        |        | 24,699 |        |     |              | 21    |              |        |      |  |   |   |   | 108,012 |        
|CASH AND CASH EQUIVALENTS, beginning of period                                                                                              |                                                         |                                                             | 47,427                                              |         |          |        | 41,489 |              |        |        | 48,303 |        |     |              | 2,665 |              |        |      |  |   |   |   | 139,884 |        
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     
|CASH AND CASH EQUIVALENTS, end of period                                                                                                    |                                                         | $                                                           | 86,211                                              |         |          | $      | 85,997 |              |        | $      | 73,002 |        |     | $            | 2,686 |              |        | $    |  |   |   | $ | 247,896 |        
|                                                                                                                                            |                                                         |                                                             |                                                     |         |          |        |        |              |        |        |        |        |     |              |       |              |        |     

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DOBSON COMMUNICATIONS CORPORATION AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                 
|--- | ----------------
|10. | Subsequent Event



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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

The following discussion and analysis presents factors that
we believe are relevant to an assessment and understanding of
our condensed consolidated financial position and results of
operations. This financial and business analysis should be read
in conjunction with our December 31, 2005 consolidated
financial statements included in our Annual Report on
Form 10-K for the
fiscal year ended December 31, 2005 and our condensed
consolidated financial statements and the related notes included
in Item 1.


OVERVIEW






10-Q 10-Q


RECENT DEVELOPMENTS






CRITICAL ACCOUNTING POLICIES AND PRACTICES


10-K




ACQUISITIONS




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Pending Acquisition of Highland Cellular LLC






Acquisitions in Alaska






Acquisition of Texas 15 RSA






Acquisition of Pennsylvania 4 RSA






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RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2006 AND JUNE 30, 2005




|                                                     |  |                             |            |   |                           |   |            |      |  |   |            |   |  |   |            |  
|---------------------------------------------------- |  | --------------------------- | ---------- | - | ------------------------- | - | ---------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                                     |  | Three Months Ended June 30, |            |   | Six Months Ended June 30, |  
|                                                     |  |                             |            |   |                           |  
|                                                     |  | 2006                        |            |   | 2005                      |   |            | 2006 |  |   | 2005       |  
|                                                     |  |                             |            |   |                           |   |            |      |  |   |            |  
|Market population(1)                                 |  |                             | 12,039,200 |   |                           |   | 11,757,400 |      |  |   | 12,039,200 |   |  |   | 11,757,400 |  
|Ending subscribers                                   |  |                             | 1,563,700  |   |                           |   | 1,589,400  |      |  |   | 1,563,700  |   |  |   | 1,589,400  |  
|Market penetration(2)                                |  |                             | 13.0       | % |                           |   | 13.5       | %    |  |   | 13.0       | % |  |   | 13.5       | %
|Post-paid and pre-paid gross subscriber additions(3) |  |                             | 113,500    |   |                           |   | 108,300    |      |  |   | 220,300    |   |  |   | 204,900    |  
|Gross subscriber additions                           |  |                             | 127,900    |   |                           |   | 131,500    |      |  |   | 253,200    |   |  |   | 253,500    |  
|Average subscribers                                  |  |                             | 1,553,900  |   |                           |   | 1,590,000  |      |  |   | 1,547,400  |   |  |   | 1,596,400  |  
|Average monthly service revenue per subscriber(4)    |  | $                           | 48         |   |                           | $ | 45         |      |  | $ | 47         |   |  | $ | 44         |  
|Average monthly post-paid churn(5)                   |  |                             | 1.8        | % |                           |   | 2.3        | %    |  |   | 2.0        | % |  |   | 2.3        | %






|    |                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents the population in our licensed areas for the period
    indicated. The results are based upon the 2003 population
    estimates provided by MapInfo Corporation, a location software
    company, adjusted to exclude those portions of our RSAs and
    metropolitan statistical areas, or MSAs, not covered by our
    licenses.
|   
|(2) | Market penetration is calculated by dividing ending subscribers
    by market population.                                                                                                                                                                                                                                                    
|   
|(3) | Represents our gross subscriber additions added during the
    period, excluding reseller additions. We typically do not incur
    commission and equipment costs or equipment revenue from
    reseller additions.                                                                                                                          
|   
|(4) | Average monthly service revenue per subscriber is calculated by
    dividing service revenue by average subscribers and dividing by
    the number of months in the period. We exclude roaming revenue
    from this calculation, since roaming revenue is not derived from
    our subscribers.                                             
|   
|(5) | Average monthly post-paid churn represents the percentage of the
    post-paid subscribers that deactivate service each month. The
    calculation divides the total post-paid deactivations during the
    period by the average post-paid subscribers for the period.                                                                      

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Basis of Presentation




|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             |  |       |       |     |   |       |      |     |  
|------------------- | --------------------------------------------------------------------------------------- | ------------------------ | ------ | ------- | ---------------- | ----------------- | ------- | -------------- | ------- | - | -------------- | -------- | ------- | ----------- | ------- | -------- | ----------- |  | ----- | ----- | --- | - | ----- | ---- | --- | -
|                    |                                                                                         |                          |        |         |                  | Percentage Change |        
|                    |                                                                                         | Three Months Ended       |        |         | Six Months Ended |                   |         |                |        
|                    |                                                                                         | June 30,                 |        |         | June 30,         |                   |         | Three Months   |         |   | Six Months     |         
|                    |                                                                                         |                          |        |         |                  |                   |         | Ended June 30, |         |   | Ended June 30, |         
|                    |                                                                                         | 2006                     |        |         | 2005             |                   |         | 2006           |         |   | 2005           |          |         | 06 vs. 05 |         |          | 06 vs. 05 | 
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|                    |                                                                                         | ($ in thousands)         |        |         | ($ in thousands) |                   |         |                |         |  
|Operating Revenue:  |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             |  |       |       |     |   |       |     
|                    | Service revenue                                                                         |                          | $      | 223,260 |                  |                   | $       | 215,984        |         |   | $              | 439,355  |         |             | $       | 422,066  |             |  |       | 3.4   | %   |   |       | 4.1  | %  
|                    | Roaming revenue                                                                         |                          |        | 71,043  |                  |                   |         | 61,149         |         |   |                | 125,823  |         |             |         | 114,579  |             |  |       | 16.2  | %   |   |       | 9.8  | %  
|                    | Equipment and other revenue                                                             |                          |        | 17,756  |                  |                   |         | 20,533         |         |   |                | 34,480   |         |             |         | 32,779   |             |  |       | (13.5 | )%  |   |       | 5.2  | %  
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|                    |                                                                                         | Total operating revenue  |        |         | 312,059          |                   |         |                | 297,666 |   |                |          | 599,658 |             |         |          | 569,424     |  |       |       | 4.8 | % |       |      | 5.3 | %
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|Operating Expenses: |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             |  |       |       |     |   |       |     
|                    | Cost of service (exclusive of depreciation and amortization
    shown separately below) |                          |        | 81,503  |                  |                   |         | 68,965         |         |   |                | 157,576  |         |             |         | 141,264  |             |  |       | 18.2  | %   |   |       | 11.5 | %  
|                    | Cost of equipment                                                                       |                          |        | 36,545  |                  |                   |         | 34,255         |         |   |                | 69,115   |         |             |         | 64,621   |             |  |       | 6.7   | %   |   |       | 7.0  | %  
|                    | Marketing and selling                                                                   |                          |        | 39,996  |                  |                   |         | 35,855         |         |   |                | 79,119   |         |             |         | 69,949   |             |  |       | 11.5  | %   |   |       | 13.1 | %  
|                    | General and administrative                                                              |                          |        | 46,744  |                  |                   |         | 49,308         |         |   |                | 94,069   |         |             |         | 94,119   |             |  |       | (5.2  | )%  |   |       | (0.1 | )% 
|                    | Depreciation and amortization                                                           |                          |        | 48,155  |                  |                   |         | 50,340         |         |   |                | 98,430   |         |             |         | 101,910  |             |  |       | (4.3  | )%  |   |       | (3.4 | )% 
|                    | Gain on disposition of operating assets                                                 |                          |        | (1,593  | )                |                   |         | (939           | )       |   |                | (3,257   | )       |             |         | (939     | )           |  |       | *     |     |   |       | *    |    
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|                    |                                                                                         | Total operating expenses |        |         | 251,350          |                   |         |                | 237,784 |   |                |          | 495,052 |             |         |          | 470,924     |  |       |       | 5.7 | % |       |      | 5.1 | %
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|Operating income    |                                                                                         |                          | 60,709 |         |                  |                   | 59,882  |                |         |   | 104,606        |          |         |             | 98,500  |          |             |  | 1.4   | %     |     |   | 6.2   | %   
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|                    | Interest expense                                                                        |                          |        | (57,414 | )                |                   |         | (61,258        | )       |   |                | (114,821 | )       |             |         | (122,000 | )           |  |       | (6.3  | )%  |   |       | (5.9 | )% 
|                    | Loss from extinguishment of debt                                                        |                          |        | (12,660 | )                |                   |         |               |         |   |                | (12,717  | )       |             |         |         |             |  |       | *     |     |   |       | *    |    
|                    | Loss on redemption of mandatorily redeemable preferred stock                            |                          |        | (37     | )                |                   |         |               |         |   |                | (1,482   | )       |             |         |         |             |  |       | *     |     |   |       | *    |    
|                    | Dividends on mandatorily redeemable preferred stock                                     |                          |        |        |                  |                   |         | (7,996         | )       |   |                | (709     | )       |             |         | (15,927  | )           |  |       | *     |     |   |       | *    |    
|                    | Other income (expense), net                                                             |                          |        | 1,636   |                  |                   |         | 744            |         |   |                | 3,535    |         |             |         | (22      | )           |  |       | *     |     |   |       | *    |    
|                    | Minority interest in income of subsidiaries                                             |                          |        | (2,169  | )                |                   |         | (2,646         | )       |   |                | (4,533   | )       |             |         | (4,476   | )           |  |       | *     |     |   |       | *    |    
|                    | Income tax benefit                                                                      |                          |        | 3,892   |                  |                   |         | 1,245          |         |   |                | 9,181    |         |             |         | 10,639   |             |  |       | *     |     |   |       | *    |    
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 
|Net loss            |                                                                                         | $                        | (6,043 | )       |                  | $                 | (10,029 | )              |         | $ | (16,940        | )        |         | $           | (33,286 | )        |             |  | (39.7 | )%    |     |   | (49.1 | )%  
|                    |                                                                                         |                          |        |         |                  |                   |         |                |         |   |                |          |         |             |         |          |             | 






|  |                               
|- | ------------------------------
|* | Calculation is not meaningful.

Subscribers




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Operating Revenue




Service revenue






Roaming revenue


minutes-of


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minutes-of minutes-of


minute-of minute-of


Equipment and other revenue






|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |        |        |  |  |            |   |  |   |        |  |  |  |       |  
|--------------------------------- |  | --------------------------- | ------ |  | ------------------------- |  | ----- | ------ |  | - | ---------- |  |  | ------ | ----- | - | ---------- | - | ------ | ------ |  |  | ---------- | - |  | - | ------ |  |  |  | ----- | -
|                                  |  | Three Months Ended June 30, |        |  | Six Months Ended June 30, | 
|                                  |  |                             |        |  |                           | 
|                                  |  | 2006                        |        |  | 2005                      |  |       | 2006   |  |   | 2005       | 
|                                  |  |                             |        |  |                           |  |       |        |  |   |            | 
|                                  |  | Amount                      |        |  | Percentage                |  |       | Amount |  |   | Percentage |  |  | Amount |       |   | Percentage |   |        | Amount |  |  | Percentage |  
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |        |        |  |  |            |  
|                                  |  | ($ in thousands)            |        |  | ($ in thousands)          | 
|Equipment revenue                 |  | $                           | 16,114 |  |                           |  | 90.8  | %      |  | $ | 12,303     |  |  |        | 59.9  | % |            | $ | 30,778 |        |  |  | 89.3       | % |  | $ | 23,977 |  |  |  | 73.1  | %
|Other revenue                     |  |                             | 1,642  |  |                           |  | 9.2   | %      |  |   | 8,230      |  |  |        | 40.1  | % |            |   | 3,702  |        |  |  | 10.7       | % |  |   | 8,802  |  |  |  | 26.9  | %
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |        |        |  |  |            |  
|Total equipment and other revenue |  | $                           | 17,756 |  |                           |  | 100.0 | %      |  | $ | 20,533     |  |  |        | 100.0 | % |            | $ | 34,480 |        |  |  | 100.0      | % |  | $ | 32,779 |  |  |  | 100.0 | %
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |        |        |  |  |            |  





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Operating Expenses




Cost of service


minute-of minutes-of




|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |         |        |  |  |            |   |  |   |         |  |  |  |       |  
|--------------------------------- |  | --------------------------- | ------ |  | ------------------------- |  | ----- | ------ |  | - | ---------- |  |  | ------ | ----- | - | ---------- | - | ------- | ------ |  |  | ---------- | - |  | - | ------- |  |  |  | ----- | -
|                                  |  | Three Months Ended June 30, |        |  | Six Months Ended June 30, | 
|                                  |  |                             |        |  |                           | 
|                                  |  | 2006                        |        |  | 2005                      |  |       | 2006   |  |   | 2005       | 
|                                  |  |                             |        |  |                           |  |       |        |  |   |            | 
|                                  |  | Amount                      |        |  | Percentage                |  |       | Amount |  |   | Percentage |  |  | Amount |       |   | Percentage |   |         | Amount |  |  | Percentage |  
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |         |        |  |  |            |  
|                                  |  | ($ in thousands)            |        |  | ($ in thousands)          | 
|Network and other operating costs |  | $                           | 61,014 |  |                           |  | 74.9  | %      |  | $ | 53,802     |  |  |        | 78.0  | % |            | $ | 118,577 |        |  |  | 75.3       | % |  | $ | 103,440 |  |  |  | 73.2  | %
|Roaming costs                     |  |                             | 20,489 |  |                           |  | 25.1  | %      |  |   | 15,163     |  |  |        | 22.0  | % |            |   | 38,999  |        |  |  | 24.7       | % |  |   | 37,824  |  |  |  | 26.8  | %
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |         |        |  |  |            |  
|Total cost of service             |  | $                           | 81,503 |  |                           |  | 100.0 | %      |  | $ | 68,965     |  |  |        | 100.0 | % |            | $ | 157,576 |        |  |  | 100.0      | % |  | $ | 141,264 |  |  |  | 100.0 | %
|                                  |  |                             |        |  |                           |  |       |        |  |   |            |  |  |        |       |   |            |   |         |        |  |  |            |  



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Cost of equipment






Marketing and selling costs




re-signs,


General and administrative costs






Depreciation and amortization




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Gain on disposition of operating assets




Non-Operating Results


Interest expense




Loss from extinguishment of debt




Loss on redemption of mandatorily redeemable preferred
stock




Dividends on mandatorily redeemable preferred stock




Other income (expense), net




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##### Table of Contents



LIQUIDITY AND CAPITAL RESOURCES






Working Capital and Net Cash Flow










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##### Table of Contents



10-K


Capital Resources


Dobson Cellular Senior Secured Credit Facility














| |   |                                                                                 
| | - | --------------------------------------------------------------------------------
| |  | make capital expenditures;                                                      
|
| |  | sell or dispose of assets;                                                      
|
| |  | incur additional debt;                                                          
|
| |  | create liens;                                                                   
|
| |  | merge with or acquire other companies;                                          
|
| |  | engage in transactions with affiliates, including dividend
    restrictions; and
|
| |  | make loans, advances or stock repurchases.                                      

Notes Payable


Dobson Cellular Series B First Priority Senior Secured
Notes






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##### Table of Contents









| |   |                                                                                         
| | - | ----------------------------------------------------------------------------------------
| |  | incur indebtedness;                                                                     
|
| |  | incur or assume liens;                                                                  
|
| |  | pay dividends or make other restricted payments;                                        
|
| |  | impose dividend or other payment restrictions affecting our
    restricted subsidiaries;
|
| |  | issue and sell capital stock of our restricted subsidiaries;                            
|
| |  | issue certain capital stock;                                                            
|
| |  | issue guarantees of indebtedness;                                                       
|
| |  | enter into transactions with affiliates;                                                
|
| |  | sell assets;                                                                            
|
| |  | engage in unpermitted lines of business;                                                
|
| |  | enter into sale and leaseback transactions; and                                         
|
| |  | merge or consolidate with or transfer substantial assets to
    another entity.         



Preferred Stock






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##### Table of Contents



Subsequent Capital Resources






| |   |                                                                                 
| | - | --------------------------------------------------------------------------------
| |  | a 5 year $50.0 million senior secured revolving credit
    facility,            
|
| |  | a 7 year $100.0 million senior secured multiple draw
    term loan facility, and
|
| |  | a 7 year $100.0 million senior secured delayed draw
    term loan facility.     

















| |   |                                                        
| | - | -------------------------------------------------------
| |  | make capital expenditures;                             
|
| |  | sell or dispose of assets;                             
|
| |  | incur additional debt;                                 
|
| |  | create liens;                                          
|
| |  | merge with or acquire other companies;                 
|
| |  | pay dividends;                                         
|
| |  | engage in transactions with affiliates;                
|
| |  | make loans, investments, advances or stock repurchases;
|
| |  | prepay certain debt;                                   

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| |   |                                       
| | - | --------------------------------------
| |  | amend certain material agreements; and
|
| |  | undergo a change of control.          

Capital Expenditures and Commitments


E-911.






Contractual Obligations




10-K


Forward-Looking Statements









|        |                                                               
|------- | --------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures About Market
    Risk





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##### Table of Contents










|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures

13a-15(e) 15d-15(e)


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##### Table of Contents






PART II. OTHER INFORMATION







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings












|         |             
|-------- | ------------
|Item 1A. | Risk Factors

10-K







|        |                                                                
|------- | ---------------------------------------------------------------
|Item 2. | Unregistered Sales of Equity Securities and Use of
    Proceeds








|        |                                
|------- | -------------------------------
|Item 3. | Defaults Upon Senior Securities








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders



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##### Table of Contents





|                                         |  |                |             |  |                |  |           | 
|---------------------------------------- |  | -------------- | ----------- |  | -------------- |  | --------- | 
|                                         |  | Class A and    |             |  | Class A and    | 
|Name of Nominee for Non-Class A director |  | Class B        |             |  | Class B        | 
|                                         |  |                |             |  |                | 
|                                         |  | Votes Cast For |             |  | Votes Withheld | 
|                                         |  |                |             |  |                | 
|Everett R. Dobson (Class III)            |  |                | 318,717,625 |  |                |  | 5,173,276 | 
|Stephen T. Dobson (Class III)            |  |                | 320,894,627 |  |                |  | 2,996,274 | 

|                                     |  |                |             |  |                |  |           | 
|------------------------------------ |  | -------------- | ----------- |  | -------------- |  | --------- | 
|Name of Nominee for Class A director |  | Votes Cast For |             |  | Votes Withheld | 
|                                     |  |                |             |  |                | 
|Robert A. Schriesheim (Class III)    |  |                | 126,026,278 |  |                |  | 3,684,413 | 













| |  |                |             |  |                |  |            | 
| |  | -------------- | ----------- |  | -------------- |  | ---------- | 
| |  | Votes Cast For |             |  | Votes Withheld | 
| |  |                |             |  |                | 
| |  |                | 246,235,436 |  |                |  | 59,916,428 | 



|                |  |                |             |  |                |  |        | 
|--------------- |  | -------------- | ----------- |  | -------------- |  | ------ | 
|Name of Nominee |  | Votes Cast For |             |  | Votes Withheld | 
|                |  |                |             |  |                | 
|KPMG LLP        |  |                | 323,820,124 |  |                |  | 70,776 | 






|        |                  
|------- | -----------------
|Item 5. | Other Information








|        |         
|------- | --------
|Item 6. | Exhibits



|        |      |             |  |                                                                                                                                                                                                                                                                                            |  |  |           | 
|------- | ---- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  |  | --------- | 
|Exhibit |      |             |  | Method of                                                                                                                                                                                                                                                                                 
|Numbers |      | Description |  | Filing                                                                                                                                                                                                                                                                                    
|        |      |             |  |                                                                                                                                                                                                                                                                                           
|        | 4.1  |             |  | Supplemental Indenture dated as of May 23, 2006, among
    Dobson Cellular Systems, Inc., Dobson Communications
    Corporation, Dobson Operating Co., LLC, the Initial Subsidiary
    Guarantors and Bank of Oklahoma, National Association, as Trustee                                   |  |  | (2)[4.1]  | 
|        | 10.1 |             |  | Series B First Priority Senior Secured
    Notes Registration Rights Agreement dated as of
    May 23, 2006, by and between Dobson Cellular Systems, Inc.,
    Morgan Stanley & Co. Incorporated, Lehman Brothers
    Inc., Bear, Stearns & Co. Inc. and Deutsche Bank
    Securities Inc. |  |  | (2)[10.1] | 
|        | 10.2 |             |  | Second Amendment to the 2002 Stock Incentive Plan                                                                                                                                                                                                                                          |  |  | (3)[10.1] | 
|        | 31.1 |             |  | Rule 13a-14(a) Certification by our principal executive
    officer                                                                                                                                                                                                                        |  |  | (1)       | 
|        | 31.2 |             |  | Rule 13a-14(a) Certification by our principal financial
    officer                                                                                                                                                                                                                        |  |  | (1)       | 
|        | 32.1 |             |  | Section 1350 Certification by our principal executive
    officer                                                                                                                                                                                                                          |  |  | (1)       | 
|        | 32.2 |             |  | Section 1350 Certification by our principal financial
    officer                                                                                                                                                                                                                          |  |  | (1)       | 

38



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##### Table of Contents








|    |                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Filed herewith.                                                                                                                                                                         
|   
|(2) | Filed as an exhibit to the Registrants Current Report on
    Form 8-K filed on
    May 30, 2006, as the exhibit number indicated in brackets
    and incorporated by reference herein. 
|   
|(3) | Filed as an exhibit to the Registrants Current Report on
    Form 8-K filed on
    June 12, 2006, as the exhibit number indicated in brackets
    and incorporated by reference herein.

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##### Table of Contents



SIGNATURES






| |                                      
| | -------------------------------------
| | Dobson Communications
    Corporation



| |                                
| | -------------------------------
| | /s/ Steven P. Dussek           
| |                                
| | Steven P. Dussek               
| | Chief Executive Officer        
| | and principal executive officer



| |                                                  
| | -------------------------------------------------
| | /s/ Bruce R. Knooihuizen                         
| |                                                  
| | Bruce R. Knooihuizen                             
| | Executive Vice President, Chief Financial Officer
| | and principal financial officer                  

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##### Table of Contents



INDEX TO EXHIBITS


|        |      |             |  |                                                                                                                                                                                                                                                                                            |  |  |           | 
|------- | ---- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  |  | --------- | 
|Exhibit |      |             |  | Method of                                                                                                                                                                                                                                                                                 
|Numbers |      | Description |  | Filing                                                                                                                                                                                                                                                                                    
|        |      |             |  |                                                                                                                                                                                                                                                                                           
|        | 4.1  |             |  | Supplemental Indenture dated as of May 23, 2006, among
    Dobson Cellular Systems, Inc., Dobson Communications
    Corporation, Dobson Operating Co., LLC, the Initial Subsidiary
    Guarantors and Bank of Oklahoma, National Association, as Trustee                                   |  |  | (2)[4.1]  | 
|        | 10.1 |             |  | Series B First Priority Senior Secured
    Notes Registration Rights Agreement dated as of
    May 23, 2006, by and between Dobson Cellular Systems, Inc.,
    Morgan Stanley & Co. Incorporated, Lehman Brothers
    Inc., Bear, Stearns & Co. Inc. and Deutsche Bank
    Securities Inc. |  |  | (2)[10.1] | 
|        | 10.2 |             |  | Second Amendment to the 2002 Stock Incentive Plan                                                                                                                                                                                                                                          |  |  | (3)[10.1] | 
|        | 31.1 |             |  | Rule 13a-14(a) Certification by our principal executive
    officer                                                                                                                                                                                                                        |  |  | (1)       | 
|        | 31.2 |             |  | Rule 13a-14(a) Certification by our principal financial
    officer                                                                                                                                                                                                                        |  |  | (1)       | 
|        | 32.1 |             |  | Section 1350 Certification by our principal executive
    officer                                                                                                                                                                                                                          |  |  | (1)       | 
|        | 32.2 |             |  | Section 1350 Certification by our principal financial
    officer                                                                                                                                                                                                                          |  |  | (1)       | 






|    |                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Filed herewith.                                                                                                                                                                         
|   
|(2) | Filed as an exhibit to the Registrants Current Report on
    Form 8-K filed on
    May 30, 2006, as the exhibit number indicated in brackets
    and incorporated by reference herein. 
|   
|(3) | Filed as an exhibit to the Registrants Current Report on
    Form 8-K filed on
    June 12, 2006, as the exhibit number indicated in brackets
    and incorporated by reference herein.

41