UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.20549

FORM 10-Q

(MarkOne)

|            |                                                                                                                              |
|------------|------------------------------------------------------------------------------------------------------------------------------|
| [X]   | QUARTERLY REPORTUNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 forthe quarterly period ended June 30, 2005 |

OR

|           |                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------|
| []   | TRANSITION REPORT PURSUANT TO SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transitionperiod from ______ to______ |

COMMISSION FILE NUMBER: 005-58523

ALAMOSA (DELAWARE),INC.(Exact name of registrant as specified in itscharter)

|                                                              |  |                                     |  |  |  |  |
|--------------------------------------------------------------|--|-------------------------------------|--|--|--|--|
| **DELAWARE**                                                 |  | **75-2843707**                      |
| (State or other jurisdiction ofincorporation ororganization) |  | (I.R.S. Employer IdentificationNo.) |
|                                                              |

5225 SOUTH LOOP 289, SUITE 120LUBBOCK, TEXAS 79424 (Address of principal executive offices,including zip code)

(806) 722-1100(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filedall reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for thepast 90 days.

YES [X]    NO[    ]

Indicate by check markwhether the registrant is an accelerated filer (as defined in Rule12b-2 of the Exchange Act).

YES[    ]    NO [X]

There iscurrently no public market for the registrant's common stock.

As of August 8, 2005, 100 shares of common stock, $0.01 par valueper share, were issued and outstanding.

The registrant meets theconditions set forth in General Instructions H(1)(a) and (b) of Form10-Q and is therefore filing this form with the reduced disclosureformat.

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ALAMOSA (DELAWARE),INC.

TABLE OFCONTENTS

|                                                       |  |                                                                                                                 |        |        |        |        |        |        |  |  |
|-------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--|--|
|                                                  |  |                                                                                                            |        | PAGE   |        |   |
| **PARTI    FINANCIALINFORMATION** |  |                                                                                                            |   |   |
| Item1.                                                |  | FinancialStatements                                                                                             |        |   |   |   |
|                                                  |  | Consolidated BalanceSheets at June 30, 2005 and December 31, 2004(unaudited)                                    |        |   | 3      |   |
|                                                  |  | ConsolidatedStatements of Operations for the three months and six months ended June30, 2005 and 2004(unaudited) |        |   | 4      |   |
|                                                  |  | ConsolidatedStatements of Cash Flows for the six months ended June 30, 2005 and2004 (unaudited)                 |        |   | 5      |   |
|                                                  |  | Notes to theConsolidated Financial Statements                                                                   |        |   | 6      |   |
| Item2.                                                |  | Management's Discussion and Analysis of FinancialCondition and Results of Operations                            |        |   | 29     |   |
| Item3.                                                |  | Quantitative and Qualitative Disclosures About MarketRisk                                                       |        |   | 39     |   |
| Item 4.                                               |  | Controls andProcedures                                                                                          |        |   | 39     |   |
| **PARTII    OTHER INFORMATION**   |  |                                                                                                            |   |   |
| Item1.                                                |  | Legal Proceedings                                                                                               |        |   | 39     |   |
| Item2.                                                |  | Unregistered Sales of Equity Securities and Use ofProceeds                                                      |        |   | 39     |   |
| Item 3.                                               |  | Defaults UponSenior Securities                                                                                  |        |   | 39     |   |
| Item4.                                                |  | Submission of Matters to a Vote of SecurityHolders                                                              |        |   | 40     |   |
| Item 5.                                               |  | OtherInformation                                                                                                |        |   | 40     |   |
| Item6.                                                |  | Exhibits                                                                                                        |        |   | 40     |   |
| **SIGNATURES**                                        |  |                                                                                                            | 41     |   |        |   |   |   |
|                                                       |

2

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PART I – FINANCIALINFORMATION ITEM 1. FINANCIAL STATEMENTS

ALAMOSA(DELAWARE), INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED)(dollars in thousands, except shareinformation)

|                                                                                                             |  |              |           |                  |  |        |           |         |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------|--|--------------|-----------|------------------|--|--------|-----------|---------|--|--|--|--|--|--|
|                                                                                                        |  | June30, 2005 |           | December 31,2004 |  |
| ASSETS                                                                                                      |  |
| Currentassets:                                                                                              |  |
| Cash and cashequivalents                                                                                    |  | $            | 55,206    |             |  | $      | 127,132   |    |  |
| Shortterminvestments                                                                                        |  |         | 51,087    |             |  |   | 50,411    |    |  |
| Customeraccounts receivable,net                                                                             |  |         | 58,761    |             |  |   | 44,687    |    |  |
| Receivable fromSprint                                                                                       |  |         | 17,285    |             |  |   | 24,809    |    |  |
| Receivable fromParent                                                                                       |  |         | 20,606    |             |  |   | —   |    |  |
| Interestreceivable                                                                                          |  |         | 228       |             |  |   | 216       |    |  |
| Inventory                                                                                                   |  |         | 10,024    |             |  |   | 9,136     |    |  |
| Prepaidexpenses and otherassets                                                                             |  |         | 12,146    |             |  |   | 11,192    |    |  |
| Deferredcustomer acquisitioncosts                                                                           |  |         | 5,362     |             |  |   | 6,337     |    |  |
| Deferred taxasset                                                                                           |  |         | 4,230     |             |  |   | 4,230     |    |  |
| Totalcurrentassets                                                                                          |  |         | 234,935   |             |  |   | 278,150   |    |  |
| Property andequipment, net                                                                                  |  |         | 449,040   |             |  |   | 441,808   |    |  |
| Debtissuance costs,net                                                                                      |  |         | 8,561     |             |  |   | 9,086     |    |  |
| Intangible assets,net                                                                                       |  |         | 401,583   |             |  |   | 416,716   |    |  |
| Other noncurrentassets                                                                                      |  |         | 4,268     |             |  |   | 4,188     |    |  |
| Totalassets                                                                                                 |  | $            | 1,098,387 |             |  | $      | 1,149,948 |    |  |
| LIABILITIESAND STOCKHOLDER'SEQUITY                                                                          |  |
| Currentliabilities:                                                                                         |  |
| Accountspayable                                                                                             |  | $            | 23,808    |             |  | $      | 24,581    |    |  |
| Accruedexpenses                                                                                             |  |         | 51,027    |             |  |   | 42,383    |    |  |
| Payable toSprint                                                                                            |  |         | 23,424    |             |  |   | 35,852    |    |  |
| Payable toParent                                                                                            |  |         | —   |             |  |   | 1,530     |    |  |
| Interestpayable                                                                                             |  |         | 21,077    |             |  |   | 21,076    |    |  |
| Deferredrevenue                                                                                             |  |         | 19,890    |             |  |   | 22,549    |    |  |
| Currentinstallments of capitalleases                                                                        |  |         | 110       |             |  |   | 110       |    |  |
| Totalcurrentliabilities                                                                                     |  |         | 139,336   |             |  |   | 148,081   |    |  |
| Longterm liabilities:                                                                                       |  |
| Capital leaseobligations                                                                                    |  |         | 695       |             |  |   | 749       |    |  |
| Other noncurrentliabilities                                                                                 |  |         | 6,018     |             |  |   | 5,835     |    |  |
| Deferred taxliability                                                                                       |  |         | 16,605    |             |  |   | 16,604    |    |  |
| Seniornotes                                                                                                 |  |         | 745,923   |             |  |   | 739,141   |    |  |
| Totallong termliabilities                                                                                   |  |         | 769,241   |             |  |   | 762,329   |    |  |
| Totalliabilities                                                                                            |  |         | 908,577   |             |  |   | 910,410   |    |  |
| Commitmentsand contingencies (see Note13)                                                                   |  |         | —   |             |  |   | —   |    |  |
| Stockholder'sequity:                                                                                        |  |
| Preferred stock, $.01 par value; 1,000shares authorized; no sharesissued                                    |  |         | —   |             |  |   | —   |    |  |
| Common stock,$.01 par value; 9,000 shares authorized; 100 and 100 shares issuedand outstanding,respectively |  |         | —   |             |  |   | —   |    |  |
| Additionalpaid-incapital                                                                                    |  |         | 932,059   |             |  |   | 1,003,707 |    |  |
| Accumulateddeficit                                                                                          |  |         | (740,512  | )           |  |   | (764,104  | )  |  |
| Unearnedcompensation                                                                                        |  |         | (1,737    | )           |  |   | (65       | )  |  |
| Totalstockholder'sequity                                                                                    |  |         | 189,810   |             |  |   | 239,538   |    |  |
| Totalliabilities and stockholder'sequity                                                                    |  | $            | 1,098,387 |             |  | $      | 1,149,948 |    |  |
|                                                                                                             |

Theaccompanying notes are an integral part of the consolidated financialstatements.

3

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ALAMOSA (DELAWARE), INC. CONSOLIDATEDSTATEMENTS OF OPERATIONS (UNAUDITED)(dollars inthousands)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                                   |         |                                |  |        |         |         |  |        |         |         |  |        |         |         |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------------------------|---------|--------------------------------|--|--------|---------|---------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Forthe three months endedJune 30, |         | For the six monthsendedJune30, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | 2005                              |         | 2004                           |  | 2005   |         | 2004    |
| Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |
| Subscriberrevenues                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | $                                 | 163,871 |                           |  | $      | 133,569 |    |  | $      | 318,902 |    |  | $      | 258,315 |    |
| Roamingand wholesalerevenues                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                              | 66,289  |                           |  |   | 51,705  |    |  |   | 126,895 |    |  |   | 94,858  |    |
| Servicerevenues                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                              | 230,160 |                           |  |   | 185,274 |    |  |   | 445,797 |    |  |   | 353,173 |    |
| Productsales                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                              | 8,715   |                           |  |   | 8,055   |    |  |   | 16,682  |    |  |   | 16,846  |    |
| Totalrevenue                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                              | 238,875 |                           |  |   | 193,329 |    |  |   | 462,479 |    |  |   | 370,019 |    |
| Costsand expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |
| Cost of service and operations(excluding depreciation shown separately below of $19,644 and $16,962for the three months ended June 30, 2005 and 2004, respectively, and$37,526 and $33,936 for the six months ended June 30, 2005 and 2004,respectively, and excluding non-cash compensation of $(6) and $2 forthe three months ended June 30, 2005 and 2004, respectively, and $69and $4 for the six months ended June 30, 2005 and 2004,respectively) |  |                              | 110,615 |                           |  |   | 91,062  |    |  |   | 212,098 |    |  |   | 177,278 |    |
| Costof productssold                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                              | 22,255  |                           |  |   | 16,379  |    |  |   | 46,406  |    |  |   | 36,162  |    |
| Sellingand marketing (excluding non-cash compensation of $(3) and $2 for thethree months ended June 30, 2005 and 2004, respectively, and $42 and $4for the six months ended June 30, 2005 and 2004,respectively)                                                                                                                                                                                                                                        |  |                              | 33,618  |                           |  |   | 31,839  |    |  |   | 70,138  |    |  |   | 62,832  |    |
| Generaland administrative expenses (excluding non-cash compensation of $(38)and $16 for the three months ended June 30, 2005 and 2004,respectively, and $445 and $32 for the six months ended June 30, 2005and 2004,respectively)                                                                                                                                                                                                                       |  |                              | 3,509   |                           |  |   | 5,508   |    |  |   | 9,611   |    |  |   | 10,987  |    |
| Mergerrelatedexpenses                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                              | — |                           |  |   | — |    |  |   | 436     |    |  |   | — |    |
| Depreciationandamortization                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                              | 28,107  |                           |  |   | 25,523  |    |  |   | 54,456  |    |  |   | 52,907  |    |
| Losson disposal of property andequipment                                                                                                                                                                                                                                                                                                                                                                                                                |  |                              | 131     |                           |  |   | 2,604   |    |  |   | 107     |    |  |   | 2,910   |    |
| Non-cashcompensation                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                              | (47     | )                         |  |   | 20      |    |  |   | 556     |    |  |   | 40      |    |
| Totalcosts andexpenses                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |                              | 198,188 |                           |  |   | 172,935 |    |  |   | 393,808 |    |  |   | 343,116 |    |
| Incomefromoperations                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                              | 40,687  |                           |  |   | 20,394  |    |  |   | 68,671  |    |  |   | 26,903  |    |
| Losson debtextinguishment                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                              | (482    | )                         |  |   | — |    |  |   | (482    | )  |  |   | (13,101 | )  |
| Interestand otherincome                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                              | 831     |                           |  |   | 219     |    |  |   | 1,599   |    |  |   | 386     |    |
| Interestexpense                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                              | (19,566 | )                         |  |   | (18,952 | )  |  |   | (39,152 | )  |  |   | (37,187 | )  |
| Income(loss) before incometaxes                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                              | 21,470  |                           |  |   | 1,661   |    |  |   | 30,636  |    |  |   | (22,999 | )  |
| Incometaxexpense                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |                              | (5,493  | )                         |  |   | (625    | )  |  |   | (7,044  | )  |  |   | (625    | )  |
| Netincome(loss)                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | $                                 | 15,977  |                           |  | $      | 1,036   |    |  | $      | 23,592  |    |  | $      | (23,624 | )  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

Theaccompanying notes are an integral part of the consolidated financialstatements.

4

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ALAMOSA (DELAWARE), INC.CONSOLIDATEDSTATEMENTS OF CASH FLOWS (UNAUDITED)(dollars inthousands)

|                                                                                        |  |                                 |         |         |  |        |          |         |  |  |
|----------------------------------------------------------------------------------------|--|---------------------------------|---------|---------|--|--------|----------|---------|--|--|
|                                                                                   |  | Forthe six months ended June30, |
|                                                                                   |  | 2005                            |         | 2004    |
| Cashflows from operating activities:                                                   |  |
| Net income(loss)                                                                       |  | $                               | 23,592  |    |  | $      | (23,624  | )  |
| Adjustmentsto reconcile net income (loss) to net cash provided by operatingactivities: |  |
| Non-cashcompensation                                                                   |  |                            | 556     |    |  |   | 40       |    |
| Non-cashinterest expense on derivativeinstruments                                      |  |                            | — |    |  |   | 6        |    |
| Non-cashaccretion of asset retirementobligations                                       |  |                            | 115     |    |  |   | 91       |    |
| Provision for baddebts                                                                 |  |                            | 3,863   |    |  |   | 4,114    |    |
| Depreciation andamortization of property andequipment                                  |  |                            | 39,323  |    |  |   | 35,945   |    |
| Amortizationof intangibleassets                                                        |  |                            | 15,133  |    |  |   | 16,962   |    |
| Amortization offinancing costs included in interestexpense                             |  |                            | 454     |    |  |   | 488      |    |
| Loss on debtextinguishment                                                             |  |                            | 482     |    |  |   | 13,101   |    |
| Interestaccreted on discountnotes                                                      |  |                            | 13,171  |    |  |   | 12,056   |    |
| Loss on disposalof property andequipment                                               |  |                            | 107     |    |  |   | 2,910    |    |
| Merger relatedexpenses                                                                 |  |                            | 436     |    |  |   | —  |    |
| (Increase)decrease in:                                                                 |  |
| Receivablefrom/payable toParent                                                        |  |                            | (22,136 | )  |  |   | 303      |    |
| Receivables                                                                            |  |                            | (10,426 | )  |  |   | (12,579  | )  |
| Inventory                                                                              |  |                            | (888    | )  |  |   | 17       |    |
| Prepaidexpenses and otherassets                                                        |  |                            | (59     | )  |  |   | 1,663    |    |
| Increase(decrease) in:                                                                 |  |
| Accounts payable and accruedexpenses                                                   |  |                            | (6,466  | )  |  |   | 10,405   |    |
| Netcash provided by operatingactivities                                                |  |                            | 57,257  |    |  |   | 61,898   |    |
| Cashflows from investingactivities:                                                    |  |
| Proceeds from sale ofassets                                                            |  |                            | 214     |    |  |   | 380      |    |
| Purchases of propertyandequipment                                                      |  |                            | (47,555 | )  |  |   | (42,636  | )  |
| Mergerrelatedexpenses                                                                  |  |                            | (436    | )  |  |   | —  |    |
| Change inrestricted cash                                                               |  |                            | — |    |  |   | 1        |    |
| Change inshort terminvestments                                                         |  |                            | (676    | )  |  |   | (50,119  | )  |
| Netcash used in investingactivities                                                    |  |                            | (48,453 | )  |  |   | (92,374  | )  |
| Cashflows from financing activities:                                                   |  |
| Proceeds fromissuance of seniornotes                                                   |  |                            | — |    |  |   | 250,000  |    |
| Redemption ofseniornotes                                                               |  |                            | (6,800  | )  |  |   | —  |    |
| Repayments ofborrowings under senior secureddebt                                       |  |                            | — |    |  |   | (200,000 | )  |
| Debt issuancecosts                                                                     |  |                            | — |    |  |   | (8,100   | )  |
| Capitaldistributions                                                                   |  |                            | (73,876 | )  |  |   | (6,050   | )  |
| Paymentson capitalleases                                                               |  |                            | (54     | )  |  |   | (330     | )  |
| Netcash provided by (used in) financingactivities                                      |  |                            | (80,730 | )  |  |   | 35,520   |    |
| Netincrease (decrease) in cash and cashequivalents                                     |  |                            | (71,926 | )  |  |   | 5,044    |    |
| Cashand cash equivalents at beginning ofperiod                                         |  |                            | 127,132 |    |  |   | 98,242   |    |
| Cashand cash equivalents at end ofperiod                                               |  | $                               | 55,206  |    |  | $      | 103,286  |    |
| Supplementaldisclosure of non-cash financing and investingactivities:                  |  |
| Asset retirement obligationscapitalized                                                |  | $                               | 292     |    |  | $      | 75       |    |
| Capitalizedlease obligationsincurred                                                   |  |                            | — |    |  |   | 67       |    |
| Change inaccounts payable for purchases of property andequipment                       |  |                            | (973    | )  |  |   | (11,186  | )  |
| Non cashfixed assetadditions                                                           |  |                            | 127     |    |  |   | —  |    |
|                                                                                        |

Theaccompanying notes are an integral part of the consolidated financialstatements.

5

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ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS (UNAUDITED)(dollars in thousands, exceptasnoted)

|          |                                                              |
|----------|--------------------------------------------------------------|
| 1.  | BASISPRESENTATION OF UNAUDITED INTERIM FINANCIAL INFORMATION |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The unaudited consolidated balance sheets atJune 30, 2005 and December 31, 2004, the unaudited consolidatedstatements of operations for the three months and six months ended June30, 2005 and 2004, the unaudited consolidated statements of cash flowsfor the six months ended June 30, 2005 and 2004 and related footnoteshave been prepared in accordance with accounting principles generallyaccepted in the United States of America for interim financialinformation and Article 10 of Regulation S-X. Accordingly, they do notinclude all of the information and footnotes required annually byaccounting principles generally accepted in the United States ofAmerica. The financial information presented should be read inconjunction with the audited consolidated financial statements as ofand for the year ended December 31, 2004. In the opinion of management,the interim data includes all adjustments (consisting of only normallyrecurring adjustments) necessary for a fair statement of the resultsfor the interim periods. Operating results for the three months and sixmonths ended June 30, 2005 are not necessarily indicative of resultsthat may be expected for the year ending December 31, 2005. |

|        |                                                                                                             |
|--------|-------------------------------------------------------------------------------------------------------------|
|   | Certain reclassifications have been made toprior period balances to conform to current period presentation. |

|          |                                      |
|----------|--------------------------------------|
| 2.  | ORGANIZATION AND BUSINESS OPERATIONS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Alamosa (Delaware), Inc. ("Alamosa(Delaware)") is a direct wholly-owned subsidiary ofAlamosa PCS Holdings, Inc. and an indirect wholly-owned subsidiary ofAlamosa Holdings, Inc. ("Alamosa Holdings").Alamosa Holdings was formed in July 2000. Alamosa Holdings is a holdingcompany and through its subsidiaries provides wireless personalcommunications services, commonly referred to as PCS, in theSouthwestern, Southeastern, Northwestern and Midwestern United States.Alamosa (Delaware) was formed in October 1999 under the name"Alamosa PCS Holdings, Inc." to operate as aholding company in anticipation of its initial public offering. OnFebruary 3, 2000, Alamosa (Delaware) completed its initial publicoffering. Immediately prior to the initial public offering, shares ofAlamosa (Delaware) were exchanged for Alamosa PCS LLC's("Alamosa LLC") membership interests, andAlamosa LLC became wholly-owned by Alamosa (Delaware). Alamosa(Delaware) and its subsidiaries are collectively referred to in theseconsolidated financial statements as the"Company." |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | OnDecember 14, 2000, Alamosa (Delaware) formed a new holding companypursuant to Section 251(g) of the Delaware General Corporation Law. Inthat transaction, each share of Alamosa (Delaware) was converted intoone share of the new holding company, and the former public company,which was renamed "Alamosa (Delaware), Inc."became a wholly-owned subsidiary of the new holding company, which wasrenamed "Alamosa PCS Holdings, Inc." |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On February 14, 2001, Alamosa Holdings becamethe new public holding company of Alamosa PCS Holdings, Inc.("Alamosa PCS Holdings") and its subsidiariespursuant to a reorganization transaction in which a wholly-ownedsubsidiary of Alamosa Holdings was merged with and into Alamosa PCSHoldings. As a result of this reorganization, Alamosa PCS Holdingsbecame a wholly-owned subsidiary of Alamosa Holdings, and each share ofAlamosa PCS Holdings common stock was converted into one share ofAlamosa Holdings common stock. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On February15, 2005, Alamosa Holdings completed its acquisition of AirGate PCS,Inc. ("AirGate"). AirGate is a PCS Affiliateof Sprint and has the right to provide wireless communications servicesunder the Sprint brand name in its licensed territory, which includesmost of the state of South Carolina, parts of North Carolina and theeastern Georgia cities of Augusta and Savannah. AirGate is a directwholly-owned subsidiary of Alamosa Holdings and a |

6

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ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | sister company to Alamosa (Delaware). Thetransaction was accounted for as a purchase and the results ofoperations of AirGate are included in the consolidated financialstatements of Alamosa Holdings from the date of acquisition. Theconsolidated financial statements of Alamosa (Delaware) do not containresults of operations of AirGate. |

|        |                                                                                                                                          |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|
|   | AlamosaHoldings common stock is quoted on Nasdaq under the symbol"APCS." Alamosa (Delaware) remains an issuerof outstanding public debt. |

|        |                                                                              |
|--------|------------------------------------------------------------------------------|
|   | See Note 15 forrecent developments in the Company's relationship withSprint. |

|          |                                |
|----------|--------------------------------|
| 3.  | LIQUIDITY AND CAPITALRESOURCES |

|        |                                                                                                                                                                                                                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Since inception, the Company hasfinanced its operations through capital contributions from owners,through debt financing and through proceeds generated from publicofferings of common stock. The proceeds from these transactions havebeen used to fund the build-out of the Company's portion of thePCS network of Sprint, subscriber acquisition costs and workingcapital. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | While the Company has incurredcumulative net losses since inception and incurred negative cash flowsfrom operating activities in the past, the Company generatedapproximately $132 million and $57 million in cash flows from operatingactivities for the year ended December 31, 2004 and the six monthsended June 30, 2005, respectively. Additionally, the Company reportednet income of $24 million for the six months ended June 30, 2005. |

|        |                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | As of June 30, 2005, the Company had $55 millionin cash and cash equivalents as well as $51 million in short-terminvestments, which the Company believes will be sufficient to fundexpected capital expenditures and to cover its working capital and debtservice requirements (including dividends on Alamosa Holdings preferredstock) for at least the next 12 months. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | TheCompany's future liquidity will be dependent on a number offactors influencing its projections of operating cash flows, includingthose related to subscriber growth, average revenue per user, averagemonthly churn and cost per gross addition. Should actual results differsignificantly from these assumptions, the Company's liquidityposition could be adversely affected and it could be in a position thatwould require it to raise additional capital which may or may not beavailable on terms acceptable to the Company, if at all, and could havea material adverse effect on the Company's ability to achieve itsintended business objectives. |

|          |                         |
|----------|-------------------------|
| 4.  | MERGERS ANDACQUISITIONS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company entered into apurchase agreement with NTCH Colorado, Inc.("NTCH") in February 2005 with respect to thepurchase of certain assets in the Grand Junction, Colorado BasicTrading Area ("BTA"). NTCH operates awireless telecommunication network in the Grand Junction, Colorado BTAunder the brand name Cleartalk. In accordance with the purchaseagreement, the Company will acquire subscribers and wireless towerspace from NTCH and NTCH will eliminate the Cleartalk brand from theGrand Junction BTA. The commencement date of this agreement isSeptember 1, 2005, at which time the purchase price will be fixed basedon the number of Cleartalk subscribers that have been successfullyconverted to the Company's network. The agreement also providesfor the Company to reimburse NTCH for lost earnings during thetransition period, which is the period from the execution of theagreement in February 2005 through the commencement date of September1, 2005. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The consideration to the sellerwill be in the form of a monthly cash payment for five years from thecommencement date. This payment will be consideration for (i)subscribers successfully converted, (ii) rental payment for space ontelecommunication towers owned by the seller and (iii) the eliminationof the Cleartalk brand in the Grand Junction BTA. The purchase pricewill be allocated to the assets received based on relative fairvalue. |

7

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|          |                         |
|----------|-------------------------|
| 5.  | STOCK-BASEDCOMPENSATION |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company has elected tofollow Accounting Principles Board ("APB")Opinion No. 25, "Accounting for Stock Issued toEmployees" and related interpretations in accounting forits employee stock options. No stock-based employee compensation costrelated to option grants is reflected in the consolidated statements ofoperations for the six months ended June 30, 2005 or 2004, as alloptions granted by the Company had an exercise price equal to orgreater than the market value of the underlying Alamosa Holdings commonstock on the date of grant. Non-cash compensation expense reflected inthe consolidated statements of operations for the six month periodsended June 30, 2005 and 2004 is related to the vesting of shares ofrestricted stock awarded to officers and directors and unrestrictedshares of stock awarded to directors and is not related to the grantingof stock options. The following table illustrates the effect on netloss if the Company had applied the fair value recognition provisionsof Statement of Financial Accounting Standards("SFAS") No. 123, "Accountingfor Stock-Based Compensation," to stock-based employeecompensation: |

|                                                                                                                              |  |                                   |        |                                |  |        |        |         |  |        |        |         |  |        |         |         |  |  |
|------------------------------------------------------------------------------------------------------------------------------|--|-----------------------------------|--------|--------------------------------|--|--------|--------|---------|--|--------|--------|---------|--|--------|---------|---------|--|--|
|                                                                                                                         |  | Forthe three months endedJune 30, |        | For the six monthsendedJune30, |
|                                                                                                                         |  | 2005                              |        | 2004                           |  | 2005   |        | 2004    |
| Netincome (loss) – asreported                                                                                          |  | $                                 | 15,977 |                           |  | $      | 1,036  |    |  | $      | 23,592 |    |  | $      | (23,624 | )  |
| Add:stock-based employee compensation included in reported net income orloss, net of relatedtax                              |  |                              | (47    | )                         |  |   | 20     |    |  |   | 556    |    |  |   | 40      |    |
| Deduct:stock-based employee compensation expense determined under fair valuemethod for all awards, net of related taxeffects |  |                              | (825   | )                         |  |   | (1,590 | )  |  |   | (2,437 | )  |  |   | (2,769  | )  |
| Netincome (loss) – proforma                                                                                            |  | $                                 | 15,105 |                           |  | $      | (534   | )  |  | $      | 21,711 |    |  | $      | (26,353 | )  |
|                                                                                                                              |

|          |                    |
|----------|--------------------|
| 6.  | ACCOUNTSRECEIVABLE |

|        |                                                                                                                                                                                         |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Customer accounts receivable— Customer accounts receivable represent amounts owed to theCompany by subscribers for PCS service. Customer accounts receivable donot bear interest. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The amounts presented inthe consolidated balance sheets are net of an allowance foruncollectible accounts of $6,274 and $5,728 at June 30, 2005 andDecember 31, 2004, respectively. Estimates are used in determining theallowance for uncollectible accounts and are based on theCompany's historical collection experience, current trends,credit policy, a percentage of accounts receivable by aging categoryand expectations of future bad debts based on current collectionactivities. In determining the allowance, the Company considershistorical write-offs of its receivables as well as historical changesin its credit policies. The Company also takes into considerationcurrent trends in the credit quality of its customer base. |

8

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------|
|   | Receivable fromSprint — Receivable from Sprint in the accompanyingconsolidated balance sheets consists of thefollowing: |

|                             |  |              |        |                   |  |        |        |        |  |  |
|-----------------------------|--|--------------|--------|-------------------|--|--------|--------|--------|--|--|
|                        |  | June30, 2005 |        | December 31, 2004 |
| Net roamingreceivable       |  | $            | 13,121 |              |  | $      | 20,948 |   |
| Accruedservice revenue      |  |         | 2,920  |              |  |   | 2,910  |   |
| Otheramounts due fromSprint |  |         | 1,244  |              |  |   | 951    |   |
|                        |  | $            | 17,285 |              |  | $      | 24,809 |   |
|                             |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Netroaming receivable includes net travel revenue due from Sprint relativeto PCS subscribers based outside of the Company's licensedterritory who utilize the Company's portion of the PCS network ofSprint. The net roaming receivable is net of amounts owed to Sprintrelative to the Company's subscribers who utilize the PCS networkof Sprint outside of the Company's licensed territory. Thereceivable is recorded net due to a right of offset with respect to thereceivable from/payable to Sprint with respect to travel and the factthat the activity has historically been settled on a net basis bySprint. In addition, net roaming receivable also includes amounts duefrom Sprint, which have been collected from other PCS providers andwholesale customers for their customers' usage of theCompany's portion of the PCS network of Sprint. |

|        |                                                                                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Accrued service revenue represents theCompany's estimate of airtime usage and other charges that havebeen earned but not billed at the end of the period. |

|        |                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Other amounts due from Sprint at June 30, 2005and December 31, 2004 primarily consist of universal service fundrecoveries and interconnect revenue receivable. |

|          |                        |
|----------|------------------------|
| 7.  | PROPERTY AND EQUIPMENT |

|        |                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Property and equipment are stated net ofaccumulated depreciation and amortization of $285.5 million and $246.4million at June 30, 2005 and December 31, 2004, respectively. |

|          |                              |
|----------|------------------------------|
| 8.  | ASSET RETIREMENT OBLIGATIONS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | For the Company's leasedtelecommunications facilities, primarily consisting of cell sites andswitch site operating leases and operating leases for retail and officespace, the Company has adopted SFAS No. 143, "Accountingfor Asset Retirement Obligations," as of January 1, 2003.The obligations associated with the Company's operating leasesprimarily relate to the restoration of the leased sites to specifiedconditions described in the respective lease agreements. For purposesof determining the amounts recorded as asset retirement obligationsassociated with the respective leases, the Company has estimated thecosts by type of lease to be incurred upon the termination of the leasefor restoration costs, as adjusted for expected inflation. These costshave been discounted back to the origination of the lease using anappropriate discount rate to determine the amount of obligation to berecorded upon the inception of the lease. The liability is accreted upto the expected settlement amount over the life of the lease using theeffective interest method. A corresponding asset is recorded at theinception of the lease in the same amount as the asset retirementobligation. This asset is depreciated using the same method and life ofsimilar network assets or leasehold improvements. |

9

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The following tableillustrates the activity with respect to asset retirement obligationsfor the three months and six months ended June 30, 2005 and2004: |

|                                             |  |                                   |         |                                |  |        |         |        |  |        |         |        |  |        |         |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|-----------------------------------|---------|--------------------------------|--|--------|---------|--------|--|--------|---------|--------|--|--------|---------|--------|--|--|--|--|--|--|--|--|--|--|
|                                        |  | Forthe three months endedJune 30, |         | For the six monthsendedJune30, |  |
|                                        |  | 2005                              |         | 2004                           |  | 2005   |         | 2004   |  |
| Balanceat beginning ofperiod                |  | $                                 | 2,474   |                           |  | $      | 1,887   |   |  | $      | 2,212   |   |  | $      | 1,813   |   |  |
| Initialobligation recorded during theperiod |  |                              | 85      |                           |  |   | 46      |   |  |   | 292     |   |  |   | 75      |   |  |
| Obligationssettled during theperiod         |  |                              | — |                           |  |   | — |   |  |   | — |   |  |   | — |   |  |
| Accretionof obligation during theperiod     |  |                              | 60      |                           |  |   | 46      |   |  |   | 115     |   |  |   | 91      |   |  |
| Impactof revision inestimates               |  |                              | — |                           |  |   | — |   |  |   | — |   |  |   | — |   |  |
| Balanceat end ofperiod                      |  | $                                 | 2,619   |                           |  | $      | 1,979   |   |  | $      | 2,619   |   |  | $      | 1,979   |   |  |
|                                             |

|          |                               |
|----------|-------------------------------|
| 9.  | GOODWILLAND INTANGIBLE ASSETS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In connection withthe acquisition of other PCS affiliates of Sprint, the Companyallocated portions of the respective purchase prices to identifiableintangible assets consisting of (i) the value of the Sprint agreementsin place at the acquired companies and (ii) the value of the subscriberbase in place at the acquired companies. In addition to theidentifiable intangibles, goodwill has been recorded in the amount bywhich the purchase price exceeded the fair value of the net assetsacquired, including identified intangibles. |

|        |                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The value assigned to the Sprint agreements isbeing amortized using the straight-line method over the remainingoriginal terms of the agreements that were in place at the time ofacquisition. The value assigned to the subscriber bases acquired isamortized using the straight-line method over the estimated life of theacquired subscribers. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In September 2004, theCompany purchased the rights to additional territory from Sprint inconnection with an amendment of one of its management agreements. Thepurchase price of $467 consisted of $14 allocated to purchasedequipment and $453 allocated to the value of the Sprint agreementassociated with the territory acquired. The intangible asset related tothe Sprint agreement will be amortized over the remaining original termof the Sprint agreement at the time of purchase. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company accounts for goodwill and intangibleassets in accordance with the provisions of SFAS No. 142,"Goodwill and Other Intangible Assets." Theprovisions of SFAS No. 142 (i) prohibit the amortization of goodwilland indefinite-lived intangible assets, (ii) require that goodwill andindefinite-lived intangible assets be tested annually for impairment(and in interim periods if certain events occur indicating that thecarrying value may be impaired) and (iii) require that reporting unitsbe identified for the purpose of assessing potential future impairmentsof goodwill. |

10

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                          |
|--------|------------------------------------------|
|   | Goodwill andintangible assets consistof: |

|                                     |  |              |          |                  |  |        |          |         |  |  |
|-------------------------------------|--|--------------|----------|------------------|--|--------|----------|---------|--|--|
|                                |  | June30, 2005 |          | December 31,2004 |
| Goodwill                            |  | $            | —  |             |  | $      | —  |    |
| Intangibleassets:                   |  |         |     |             |  |   |     |    |
| Sprint affiliateand otheragreements |  | $            | 532,653  |             |  | $      | 532,653  |    |
| Accumulatedamortization             |  |         | (131,070 | )           |  |   | (115,937 | )  |
| Subtotal                            |  |         | 401,583  |             |  |   | 416,716  |    |
| Subscriberbaseacquired              |  |         | 29,500   |             |  |   | 29,500   |    |
| Accumulatedamortization             |  |         | (29,500  | )           |  |   | (29,500  | )  |
| Subtotal                            |  |         | —  |             |  |   | —  |    |
| Intangibleassets,net                |  | $            | 401,583  |             |  | $      | 416,716  |    |
|                                     |

|        |                                                                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Amortizationexpense related to intangible assets was $7,567 and $7,558 for thethree months ended June 30, 2005 and 2004, respectively, and $15,133and $16,962 for the six months ended June 30, 2005 and 2004,respectively. |

|        |                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------|
|   | Aggregate amortization expenserelative to intangible assets for the periods shown will be asfollows: |

|                       |  |        |         |        |  |  |
|-----------------------|--|--------|---------|--------|--|--|
| Yearended December31, |  |
| 2005                  |  | $      | 30,266  |   |
| 2006                  |  |   | 30,266  |   |
| 2007                  |  |   | 30,266  |   |
| 2008                  |  |   | 30,266  |   |
| 2009                  |  |   | 30,266  |   |
| Thereafter            |  |   | 265,386 |   |
|                  |  | $      | 416,716 |   |
|                       |

|           |               |
|-----------|---------------|
| 10.  | LONG-TERMDEBT |

|        |                                          |
|--------|------------------------------------------|
|   | Long-term debt consists of thefollowing: |

|                                                |  |              |         |                  |  |        |         |        |  |  |
|------------------------------------------------|--|--------------|---------|------------------|--|--------|---------|--------|--|--|
|                                           |  | June30, 2005 |         | December 31,2004 |
| 12 7/8% Senior DiscountNotes, net of discount  |  | $            | — |             |  | $      | 6,293   |   |
| 12% Senior DiscountNotes, net ofdiscount       |  |         | 231,103 |             |  |   | 218,028 |   |
| 121⁄2%SeniorNotes                         |  |         | 11,600  |             |  |   | 11,600  |   |
| 13 5/8%Senior Notes                            |  |         | 2,325   |             |  |   | 2,325   |   |
| 11%SeniorNotes                                 |  |         | 250,895 |             |  |   | 250,895 |   |
| 81⁄2%SeniorNotes                          |  |         | 250,000 |             |  |   | 250,000 |   |
| **TotalDebt**                                  |  |         | 745,923 |             |  |   | 739,141 |   |
| Lesscurrentmaturities                          |  |         | — |             |  |   | — |   |
| **Longterm debt, excluding currentmaturities** |  | $            | 745,923 |             |  | $      | 739,141 |   |
|                                                |

11

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |             |
|--------|-------------|
|   | SENIORNOTES |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 12 7/8% SeniorDiscount Notes — The 12 7/8% SeniorDiscount Notes were issued in February 2000, mature February 15, 2010,carry a coupon rate of 12 7/8% and provide forinterest deferral through February 15, 2005. The12 7/8% Senior Discount Notes accreted to their$6,389 face amount on February 15, 2005. The12 7/8% Senior Discount Notes were redeemed inApril 2005 at a premium of $411. Additionally, $71 in unamortized loancosts was charged to expense when the notes were redeemed. |

|        |                                                                                                                                                                                                                                                                                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 12% Senior Discount Notes —The 12% Senior Discount Notes were issued in November 2003,mature July 31, 2009, carry a coupon rate of 12% and provide forinterest deferral through July 31, 2005. The 12% Senior DiscountNotes will accrete to their $233 million face amount by July 31, 2005,after which interest will be paid in cash semiannually. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 121⁄2% Senior Notes— The 121⁄2% Senior Notes wereissued in January 2001, mature February 1, 2011 and carry a coupon rateof 121⁄2%, payable semiannually on February 1and August 1. Approximately $59.0 million of the proceeds of the121⁄2% Senior Notes Offering were used byAlamosa (Delaware) to establish a security account (with cash or U.S.government securities) to secure on a pro rata basis the paymentobligations under the 121⁄2% Senior Notes andthe 12 7/8% Senior Discount Notes. As ofDecember 31, 2004, all of the escrowed proceeds had been used inconnection with payment of cash interest. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 13 5/8% Senior Notes— The 13 5/8% Senior Notes wereissued in August 2001, mature August 15, 2011 and carry a coupon rateof 13 5/8%, payable semiannually on February 15and August 15. Approximately $39.1 million of the proceeds of the13 5/8% Senior Notes were used by Alamosa(Delaware) to establish a security account to secure on a pro ratabasis the payment obligations under all of the Company'sunsecured borrowings. As of December 31, 2004, all of the escrowedproceeds had been used in connection with payment of cash interest. |

|        |                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 11% Senior Notes — The11% Senior Notes were issued in November 2003, mature July 31,2010 and carry a coupon rate of 11%, payable semiannually onJanuary 31 and July 31. |

|        |                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 81⁄2% Senior Notes— The 81⁄2% Senior Notes were issuedin January 2004, mature January 31, 2012 and carry a coupon rate of81⁄2%, payable semiannually on January 31 andJuly 31. The proceeds of these notes were used to permanently repay theCompany's senior secured credit facility in January 2004 and forgeneral corporate purposes. |

|           |             |
|-----------|-------------|
| 11.  | INCOMETAXES |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company's effective incometax rate is based on annual income (loss), statutory tax rates, taxplanning opportunities, expected future taxable income and expectedreversals of taxable temporary differences. The forecasted annual rateis then applied to the Company's quarterly operating results. TheCompany establishes a valuation allowance for deferred tax assets whenit is more likely than not that the deferred tax assets will not berealized. Due to the Company's limited operating history and lackof positive taxable earnings, a valuation allowance was establishedduring 2003 as deferred tax assets were expected to exceed deferred taxliabilities. For the six months ended June 30, 2004, the expected taxbenefit related to net operating losses generated was fully offset byan increase in the valuation allowance and the effective tax rate wasnegative 2.7 percent. The effective tax rate for the six months endedJune 30, 2005 is 23 percent. The difference between the statutory rateof 35 percent and the projected rate is primarily due to a reduction ofthe valuation allowance against deferred tax assets. |

12

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|           |                  |
|-----------|------------------|
| 12.  | SPRINTAGREEMENTS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In accordance with theCompany's affiliation agreements with Sprint, Sprint provides theCompany various services including billing, customer care, collectionsand inventory logistics. In addition, Sprint bills the Company forvarious pass-through items such as commissions and rebates to nationalretail merchants, handset subsidies on handsets activated in theCompany's territory but not sold by the Company and long distancecharges. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In 2003, the Company executedamendments to its affiliation agreements with Sprint. The amendments,among other things, established fixed per subscriber costs for servicesthat the Company purchases from Sprint through December 31, 2006 in theform of two new fees. The amendments created a new combined servicebureau fee, which consolidates numerous fees that were previouslysettled separately, for back office services such as billing andcustomer care. The combined service bureau fee was initially set at$7.70 per average subscriber per month through December 31, 2006 andwill be recorded in costs of services and operations in theconsolidated statement of operations. The amendments also created a newper-activation fee, which consolidates numerous fees that werepreviously settled separately, for marketing services such assubscriber activation and handset logistics. The per-activation fee wasinitially calculated as a percentage of certain of Sprint PCS'selling and marketing expenses and was to be applied to the actualnumber of gross subscriber activations the Company experiences on amonthly basis through December 31, 2006. The per-activation fee will berecorded in selling and marketing expenses in the consolidatedstatement of operations. In March 2004, the Company exercised itsrights under a most favored nations clause in the Sprint agreements toimplement the terms of an agreement entered into between Sprint andanother PCS Affiliate of Sprint. As a result, the Company entered intonew amendments that increased the per-activation fee and decreased theprice to the Company on purchases of handsets and accessories.Additionally, the March 2004 amendments increased the reciprocalroaming rate for data services from $0.0014 per Kb to $0.0020 per Kband extended the fixed reciprocal rates for voice and data roamingthrough December 31, 2006. In June 2004, the Company further amendedits agreements with Sprint to (i) reduce the combined service bureaufee from $7.70 to $7.00 per average subscriber per month and (ii)change the per-activation fee from a percentage of certain of SprintPCS' selling and marketing expenses to a fixed rate of $23.00 peractivation. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In addition to the new fees, theamendments changed the methodology used for settling cash received fromsubscribers. Historically, actual weekly cash receipts were passedthrough to the Company by Sprint based on a calculation of an estimateof the portion of that cash related to the Company's activity.Under the new methodology, the Company receives its portion of billedrevenue (net of an 8% affiliation fee) less actual written offaccounts in the month subsequent to billing regardless of when Sprintcollects the cash from the subscriber. The provisions of the amendmentsbecame effective on December 1, 2003 and the Company has the right toevaluate subsequent amendments to the affiliation agreements of othersimilarly situated PCS Affiliates of Sprint and adopt the provisions ofthose amendments if the Company elects to do so. |

13

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------|
|   | Expenses reflected inthe consolidated statements of operations related to the Sprintaffiliation agreementsare: |

|                              |  |                                   |         |                                |  |        |        |        |  |        |         |        |  |        |         |        |  |  |
|------------------------------|--|-----------------------------------|---------|--------------------------------|--|--------|--------|--------|--|--------|---------|--------|--|--------|---------|--------|--|--|
|                         |  | Forthe three months endedJune 30, |         | For the six monthsendedJune30, |
|                         |  | 2005                              |         | 2004                           |  | 2005   |        | 2004   |
| Costof service andoperations |  | $                                 | 83,474  |                           |  | $      | 66,509 |   |  | $      | 159,907 |   |  | $      | 129,146 |   |
| Costof productssold          |  |                              | 22,255  |                           |  |   | 16,379 |   |  |   | 46,406  |   |  |   | 36,162  |   |
| Sellingandmarketing          |  |                              | 11,532  |                           |  |   | 10,815 |   |  |   | 26,966  |   |  |   | 21,209  |   |
| Total                        |  | $                                 | 117,261 |                           |  | $      | 93,703 |   |  | $      | 233,279 |   |  | $      | 186,517 |   |
|                              |

|        |                                                                                                                                                                                                                                                                                                |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Inconnection with the billing services provided to the Company by Sprint,the Company relies on Sprint to provide information as to monthlybilling activity relative to all subscriber revenues. In addition,Sprint provides the information utilized for the settlement of allroaming revenue. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company relies uponSprint as a service provider to provide accurate information for thesettlement of revenue and expense items. The Company makes estimatesused in connection with the preparation of financial statements basedon the financial and statistical information provided by Sprint. TheCompany assesses the accuracy of this information through analyticreview and reliance on the service auditor report on Sprint'sinternal control processes prepared by Sprint's external serviceauditor. |

|           |                              |
|-----------|------------------------------|
| 13.  | COMMITMENTS ANDCONTINGENCIES |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Alamosa HoldingsPreferred Stock Dividends — In November 2003, AlamosaHoldings issued shares of Series B Mandatorily Redeemable ConvertiblePreferred Stock. Holders of the Series B Mandatorily RedeemableConvertible Preferred Stock are entitled to receive cumulativedividends at an annual rate of 71⁄2% of the$250 per share liquidation preference. Dividends are payable quarterlyin arrears on the last calendar day of each January, April, July andOctober. Until July 31, 2008, Alamosa Holdings has the option to paydividends in (i) cash, (ii) shares of Alamosa Holdings Series CMandatorily Redeemable Convertible Preferred Stock, (iii) shares ofAlamosa Holdings common stock or (iv) a combination thereof. After July31, 2008, all dividends are payable in cash only. Alamosa Holdings is aholding company that generates no revenues. Accordingly, the source ofany cash dividends paid on the Series B Mandatorily RedeemableConvertible Preferred Stock is related to capital distributions fromthe Company to Alamosa Holdings. At June 30, 2005, Alamosa Holdings has225,363 shares of Series B Mandatorily Redeemable Convertible PreferredStock issued and outstanding. Any future cash dividends paid on theSeries B Mandatorily Redeemable Convertible Preferred Stock by AlamosaHoldings may require additional capital distributions from the Companyto Alamosa Holdings. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Employmentagreements — Alamosa Holdings is a party to employmentagreements, effective October 1, 2002, and amended as of January 1,2005, with our Chief Executive Officer("CEO") and Chief Financial Officer("CFO"). The CEO's agreement willexpire on December 31, 2007 and entitles the CEO to receive an annualbase salary of $425 in 2005, subject to increase from time to time. Theagreement also provides that so long as he serves on the board ofdirectors of Alamosa Holdings, he will serve as Chairman of the Board.The CFO's agreement will expire on December 31, 2006 and entitleshim to receive an annual base salary of $400 in 2005, subject toincrease from time to time. The CEO and CFO are eligible to receive anannual performance-based bonus with an initial target of $340 and $280,respectively. The executives are entitled to participate in anylong-term incentive plans the Company establishes, including AlamosaHoldings' Amended and Restated 1999 Long Term Incentive Plan("LTIP"). |

14

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The agreementsprovide for annual Alamosa Holdings option grants, contingent uponcontinued employment. The CEO's agreement provides for the grantof options to purchase 80,000 shares, 64,000 shares and 51,200 sharesin 2005, 2006 and 2007, respectively. The CFO's agreementprovides for the grant of options to purchase 50,000 shares and 40,000shares in 2005 and 2006, respectively. Additionally, the agreementsprovide for grants of Alamosa Holdings stock subject to the terms ofthe LTIP and that vest upon continued employment and in amountsdetermined based upon attainment of performance goals as set forth incertain Alamosa Holdings stock agreements. The target shares forAlamosa Holdings stock grants for the CEO are 60,000 in 2005, 48,000 in2006, and 38,400 in 2007. The target shares for Alamosa Holdings stockgrants for the CFO are 50,000 in 2005 and 40,000 in 2006. The actualaward shares for Alamosa Holdings stock could range from zero to200% of the target amount. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Theagreements entitle the executives to $5,000 in term life insurancecoverage, reimbursement for reasonable business expenses, a carallowance, reimbursement for approved club dues, reimbursement for anannual physical exam up to $5, and financial planning services up to$10 per annum. The executives may participate in any incentive,retirement, life, medical, disability and other benefit plans availableto the Company's other executives with comparableresponsibilities, subject to the terms of those programs. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Upon termination of employment by the Companywithout cause or by the executive for good reason, within thirty daysafter the date of termination, the Company will provide the terminatedexecutive a lump-sum severance payment equal to the sum of: (i) oneyear's base salary; (ii) the higher of (x) the executive'starget bonus or (y) the average annual bonus the executive earned overthe two preceding years (the "Bonus"); and(iii) a pro-rated bonus for the year of termination. If suchtermination occurs within twelve months following a change in control,the terminated executive is instead entitled to three times his basesalary and Bonus, plus a pro-rata bonus for the year of termination. Ineither case, the terminated executive will also receive continuingwelfare and fringe benefits for one year following termination of hisemployment (two years if such termination occurs within twelve monthsfollowing a change in control) and all restricted stock and optionsgranted to the executive under the agreement will become vested andexercisable. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Alamosa Holdings entered intoemployment agreements on October 1, 2002, as amended as of January 1,2005 with our Chief Integration Officer("CIO"), Chief Technology Officer("CTO"), and Senior Vice President ofCorporate Finance ("SVP"). Alamosa Holdingsentered into an employment agreement on December 1, 2002, as amended asof January 1, 2005 with our Chief Operating Officer("COO"). The CIO's agreement willexpire on December 31, 2005. The agreements with the CTO, SVP and COOwill expire on December 31, 2006. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Theseagreements provide for annual grants of options to purchase 186,000shares of Alamosa Holdings common stock during 2005 and 2006 andadditionally provide for total Alamosa Holdings restricted stock grantsamong these executives in the target amount of 150,000 shares during2005 and 2006. The actual award shares for restricted stock could rangefrom zero to 200% of the target amount. Additionally, theagreements entitle the executives to be reimbursed for reasonablebusiness expenses, car allowances, and reimbursement for annualphysical exams in amounts as set forth in their agreements as well asother allowed perquisites. They may participate in any incentive,retirement, life, medical, disability and other benefit plans availableto the Company's other executives with comparableresponsibilities, subject to the terms of those programs. |

|        |                                                                                                                                                                                          |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Upon termination of employment by the Companywithout cause or by the executive for good reason, within thirty daysafter the date of termination, the Company will provide the terminated |

15

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | executive a lump-sum severance payment equalto the sum of: (i) one year's base salary; (ii) theexecutive's Bonus; and (iii) a pro-rated bonus for the year oftermination. If such termination occurs within twelve months followinga change in control, the terminated executive is instead entitled toreceive two times base salary and Bonus, plus a pro-rata bonus for theyear of termination. In either case, the terminated executive will alsoreceive continuing welfare and fringe benefits for one year (two yearsif such termination occurs within twelve months following a change incontrol) and all restricted stock and options granted to the executiveunder the agreement will become vested and exercisable. |

|        |                                                                                                                                                                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The agreements contain non-compete andnon-solicitation provisions effective for (i) two years followingtermination of employment by the Company without cause or by theexecutive for good reason within one year following a change in controlor (ii) one year following termination of employment in any othercircumstances. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Alamosa Holdingsrestricted stock grants associated with the January 2005 employmentagreement amendments are considered variable awards as the number ofthe shares that will ultimately be earned by the employee is not knownuntil December 31 of each year during the term of the agreement (themeasurement dates). In accordance with FAS 123, related compensationexpense associated with the annual grants is measured based on the fairmarket value of the award at the measurement date and is recognizedover the vesting period. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The AlamosaHoldings restricted stock granted in January 2005 under the terms ofthese employment agreement amendments vest 65% on March 1, 2006and 35% on September 1, 2006. Until the measurement date hasbeen reached compensation expense is adjusted for changes in the fairmarket value. The market value of the restricted stock grants was$2,468 on the date of grant and was recorded as unearned compensation,a component of shareholders' equity. At June 30, 2005, the grossunearned compensation was adjusted to $2,778 based on an increase inthe fair market value of the award as of June 30, 2005. The non-cashcompensation expense recognized during the six months ended June 30,2005 was $1,066 resulting in a balance of $1,712 in unearnedcompensation related to these awards as of June 30, 2005. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Litigation — The Company has beennamed as a defendant in a number of purported securities class actionsin the United States District Court for the Southern District of NewYork, arising out of its initial public offering (the"IPO"). Various underwriters of the IPO alsoare named as defendants in the actions. The action against the Companyis one of more than 300 related class actions which have beenconsolidated and are pending in the same court. The complainants seekto recover damages and allege, among other things, that theregistration statement and prospectus filed with the SEC for purposesof the IPO were false and misleading because they failed to disclosethat the underwriters allegedly (i) solicited and received commissionsfrom certain investors in exchange for allocating to them shares ofcommon stock in connection with the IPO, and (ii) entered intoagreements with their customers to allocate such stock to thosecustomers in exchange for the customers agreeing to purchase additionalCompany shares in the aftermarket at pre-determined prices. On February19, 2003, the Court granted motions by the Company and 115 otherissuers to dismiss the claims under Rule 10b-5 of the Exchange Actwhich had been asserted against them. The Court denied the motions bythe Company and virtually all of the other issuers to dismiss theclaims asserted against them under Section 11 of the Securities Act.The Company maintains insurance coverage which may mitigate itsexposure to loss in the event that this claim is not resolved in theCompany's favor. On October 13, 2004, the Court granted theplaintiffs' motion for class certification in cases against sixof the issuers (not including the Company), and stated that the orderof certification gave "strong guidance, if |

16

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | not dispositive effect" in thecases involving all other issuers. The underwriter defendantspetitioned the U.S. Court of Appeals for the Second Circuit to hear theappeal of the certification on an interlocutory basis, and on June 30,2005, the Second Circuit granted their request. The Second Circuit hasordered the appeal to be scheduled and briefed in the normalcourse. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The issuers in the IPO cases,including the Company, have reached an agreement in principle with theplaintiffs to settle the claims asserted by the plaintiffs againstthem. Under the terms of the proposed settlement, the insurancecarriers for the issuers will pay the plaintiffs the difference between$1 billion and all amounts which the plaintiffs recover from theunderwriter defendants by way of settlement or judgment. Accordingly,no payment on behalf of the issuers under the proposed settlement willbe made by the issuers themselves. The claims against the issuers willbe dismissed, and the issuers and their officers and directors willreceive releases from the plaintiffs. Under the terms of the proposedsettlement, the issuers will also assign to plaintiffs certain claimswhich they may have against the underwriters arising out of theissuers' IPOs, and the issuers will also agree not to assertcertain other claims which they may have against the underwriters,without plaintiffs' consent. The proposed settlement is subjectto agreement among the parties on final settlement documents and theapproval of the court. The court has issued a decision and order whichpreliminarily approves the settlement as to the issuers. The next stepin the process is notice to the class of the proposed settlement andthe scheduling of a hearing before the court to determine the fairnessof the settlement. Neither of these events has occurred as of thisdate. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In November 2003, December 2003 andJanuary 2004, multiple lawsuits were filed against Alamosa Holdings andDavid E. Sharbutt, its Chairman and Chief Executive Officer as well asKendall W. Cowan, its Chief Financial Officer. Steven Richardson,Alamosa Holding's Chief Operating Officer, was also a nameddefendant in one of the lawsuits. Each claim is a purported classaction filed on behalf of a putative class of persons who and/orentities that purchased Alamosa Holdings' securities betweenJanuary 9, 2001 and June 13, 2002, inclusive, and seeks recovery ofcompensatory damages, fees and costs. Each lawsuit was filed in theUnited States District Court for the Northern District of Texas, ineither the Lubbock Division or the Dallas Division. On February 27,2004, the lawsuits were consolidated into one action pending in theUnited States District Court for the Northern District of Texas,Lubbock Division. On March 4, 2004, the Court appointed theMassachusetts State Guaranteed Annuity Fund to serve as lead plaintiffand approved its selection of lead counsel for the consolidatedaction. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On May 18, 2004, the lead plaintifffiled a consolidated complaint. The consolidated complaint named threeof the original defendants (Alamosa Holdings, David Sharbutt andKendall Cowan), dropped one of the original defendants (StevenRichardson) and named two new defendants who are outside directors(Michael Roberts and Steven Roberts). The putative class periodremained the same. The consolidated complaint alleged violations ofSections 10(b) and 20(a) of the Exchange Act, Rule 10b-5 promulgatedthereunder, and Sections 11 and 15 of the Securities Act. Theconsolidated complaint sought recovery of compensatory damages, fees,costs, recission or rescissory damages in connection with the Sections11 and 15 claims, and injunctive relief and/or disgorgement inconnection with defendants' alleged insider trading proceeds. Atthe end of the putative class period on June 13, 2002, Alamosa Holdingsannounced that its projection of net subscriber additions for thesecond quarter of 2002 would be less than previously projected. Theconsolidated complaint alleged, among other things, that |

17

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Alamosa Holdings made false and misleadingstatements about subscriber additions during the putative class period.The consolidated complaint also alleged that Alamosa Holding'sfinancial statements were false and misleading because Alamosa Holdingsimproperly recognized revenue and failed to record adequate allowancesfor uncollectible receivables. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On March 28,2005, the Court granted the defendants' motion to dismiss andentered a judgment dismissing this action. On April 22, 2005, the leadplaintiff filed a notice of appeal from the dismissal order andjudgment to the Fifth Circuit Court of Appeals. On May 17, 2005, theFifth Circuit Court of Appeals dismissed the appeal pursuant to theunopposed motion of lead plaintiff/appellant. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On July 8 and 15, 2004, two shareholderderivative suits, each asserting identical allegations, were filed inState District Court in Dallas County, Texas on behalf of AlamosaHoldings against certain of its officers and directors: David E.Sharbutt, Alamosa Holding's Chairman and Chief Executive Officer,Kendall W. Cowan, Alamosa Holding's Chief Financial Officer, aswell as other current and former members of Alamosa Holding'sboard of directors, including Scotty Hart, Michael V. Roberts, Ray M.Clapp, Jr., Schuyler B. Marshall, Thomas F. Riley, Jr. Steven C.Roberts, Jimmy R. White, Thomas B. Hyde and Tom M. Phelps. The suitsalso name Alamosa Holdings as a nominal defendant. On August 27, 2004,the lawsuits were consolidated into one action pending in StateDistrict Court in Dallas County, Texas. On November 24, 2004, theplaintiffs filed a consolidated derivative petition. Based onallegations substantially similar to the federal shareholder action,the suits assert claims for defendants' alleged violations ofstate law, including breaches of fiduciary duty, abuse of control,gross mismanagement, waste of corporate assets and unjust enrichmentthat allegedly occurred between January 2001 and June 2002. The suitsseek recovery of damages, fees, costs, equitable and/or injunctiveremedies, and disgorgement of all profits, benefits and othercompensation. The defendants filed a motion to stay this action pendingthe outcome of the federal shareholder action. In the alternative, thedefendants filed special exceptions to the consolidated derivativepetition requesting dismissal of the action. The plaintiffs servedwritten discovery requests on defendants and in response, defendantsfiled a motion for protective order and to stay discovery. |

|        |                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On April 27, 2005, the plaintiffs filed a noticeof non-suit without prejudice to dismiss the defendants and all claimsasserted in this action without prejudice. |

|        |                                                                                                                                                                                                                                                                          |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The Company is involved in various claims andlegal actions arising in the ordinary course of business. The ultimatedisposition of these matters is not expected to have a material adverseimpact on the Company's financial position, results of operationsor liquidity. |

|           |                                                     |
|-----------|-----------------------------------------------------|
| 14.  | EFFECTS OF RECENTLY ISSUEDACCOUNTING PRONOUNCEMENTS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In December 2004,the Financial Accounting Standards Board("FASB") issued SFAS No. 123(R),"Share-Based Payment," which is a revision ofSFAS No. 123 and supersedes APB Opinion No. 25. SFAS No. 123(R)requires all share-based payments to employees, including grants ofemployee stock options, to be valued at fair value on the date ofgrant, and to be expensed over the applicable vesting period. Pro formadisclosures of the income statement effects of share-based payments isno longer an alternative. SFAS No. 123(R) is effective for allstock-based awards granted on or after July 1, 2005. In addition,companies must also recognize compensation expense related to anyawards that are not fully vested as of July 1, 2005. Compensationexpense for the unvested awards will be measured based on the fairvalue of the awards previously calculated in developing the pro formadisclosures in accordance with the provisions of SFAS No. 123. On April14, 2005, the SEC announced the adoption of a new rule that amends thecompliance dates for SFAS No. 123(R). The new rule allows registrantsto |

18

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | implement SFAS No. 123(R) at the beginningof their next fiscal year that begins after June 15, 2005. As a result,the Company will be required to adopt the provisions of SFAS No. 123(R)on January 1, 2006. The Company is currently assessing the impact ofadopting SFAS No. 123(R) to its consolidated results of operations. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In June 2005, the FASB issued SFAS No. 154,"Accounting Changes and Error Corrections a replacement ofAPB Opinion No. 20 and FASB Statement No. 3." ThisStatement changes the requirements for the accounting for and reportingof a change in accounting principle. This Statement applies tovoluntary changes as well as those changes required by an accountingpronouncement if that pronouncement does not include specifictransition provisions. This Statement requires retrospectiveapplication to prior periods' financial statements of changes inaccounting principle as opposed to being shown as a cumulativeadjustment in the period of change. The Statement is effective for allchanges and corrections of errors made in fiscal years beginning afterDecember 15, 2005. The adoption of this standard is not expected tomaterially impact the Company. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On March 31,2005, the FASB issued Interpretation No.("FIN") 47, "Accounting forConditional Asset Retirement Obligations" which is aninterpretation of SFAS No. 143, "Accounting for AssetRetirement Obligations." FIN 47 clarifies that therecognition and measurement provisions of SFAS No. 143 apply to assetretirement obligations in which the timing and/or method of settlementmay be conditional on a future event, including obligations toremediate asbestos at the end of a building's useful life andobligations to dispose of chemically-treated telephone poles at the endof their useful lives. FIN 47 is effective for fiscal years endingafter December 15, 2005. The Company is currently assessing the impactof adopting FIN 47 to its consolidated results of operations. |

|           |                  |
|-----------|------------------|
| 15.  | SUBSEQUENT EVENT |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | On December 15, 2004, Sprint Corporation("Sprint") and Nextel Communications, Inc.("Nextel") announced a proposed merger oftheir two companies. Nextel currently operates a wireless mobilitycommunications network in certain territories in which the Company alsoprovides digital wireless mobility communications network servicesunder the Sprint or affiliated brands. Sprint and Nextel have announcedthat they intend to close the merger on August 12, 2005. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Based upon the terms of the exclusivity covenantscontained in the management agreement between Sprint and AirGate PCS,Inc., a wholly-owned subsidiary of Alamosa Holdings and a sistercompany to Alamosa (Delaware), Alamosa Holdings believes thatNextel's operation of a wireless mobility communications networkin territories in which AirGate operates from and after the closing ofthe Sprint-Nextel merger will constitute a breach of the exclusivitycovenants in the AirGate management agreement with Sprint. Moreover,based upon public statements and disclosures made by Sprint and Nextelfollowing the announcement of their pending merger, the Companybelieves that actions that Sprint and Nextel intend to take inconnection with the integration of their operations followingcompletion of the merger may constitute a breach of the exclusivity andcertain other provisions of the management agreements between Sprintand Alamosa (Delaware)'s operating subsidiaries. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | As previously disclosed, Alamosa Holdings hadbeen engaged in discussions with Sprint in an attempt to reach amutually acceptable resolution of the issues related to theSprint-Nextel merger and its effect on the existing managementagreements between Sprint and Alamosa Holdings' subsidiaries.However, Alamosa Holdings concluded that it was unlikely that it wouldbe able to reach a mutually acceptable resolution with Sprint prior tothe closing of the |

19

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Sprint-Nextel merger, and, on August 8,2005, AirGate filed a lawsuit against Sprint, certain of its affiliatesand Nextel in the Delaware Court of Chancery alleging, among otherthings, that following the completion of the pending merger, Sprintwill breach the exclusivity covenants contained in its managementagreement with AirGate and that Nextel unlawfully interfered withAirGate's exclusive rights under such agreement. The complaintseeks, among other things, an order directing Sprint and its affiliatesto specifically perform their contractual obligations under theiragreements with AirGate, an injunction preventing Sprint and Nextelfrom taking any action or entering into any agreement that wouldviolate the exclusivity covenants contained in the agreements, adeclaratory judgment declaring the rights, remedies and obligations ofthe parties under the agreements, and damages. The Company and itsoperating subsidiaries also may decide to pursue remedies againstSprint and Nextel, including bringing a lawsuit against Sprint andNextel. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Under the Company's affiliationagreements with Sprint, an event of termination can be declared by theCompany after a material breach by Sprint is not cured within theapplicable grace period, which, without extension by the Company, couldbe as much as 180 days. If the Company has the right to terminate itsmanagement agreements because of an event of termination caused bySprint, generally the Company may (i) require Sprint to purchase all ofits operating assets used in connection with its portion of the PCSnetwork of Sprint, (ii) in all areas in the Company's territorywhere Sprint is the licensee for 20 MHz or more of the spectrum on thedate it terminates our management agreements, require Sprint to assignto the Company, subject to governmental approval, up to 10 MHz oflicensed spectrum or (iii) choose not to terminate its managementagreements and sue Sprint for damages or other relief or submit thematter to arbitration. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Should the breach notbe cured by Sprint or a modification, waiver or extension not begranted by the Company, the election by the Company to terminate theaffiliation agreements would constitute an event of default under eachseries of the Company's outstanding senior notes. Upon an eventof default, the holders of the senior notes would have the right todemand payment and the Company may not have adequate liquidity tosatisfy this obligation. At this point in time, management of theCompany does not anticipate that an event of termination of theaffiliation agreements will occur. |

|           |                                |
|-----------|--------------------------------|
| 16.  | GUARANTOR FINANCIAL STATEMENTS |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Set forth below are consolidating financialstatements of the issuer and guarantor subsidiaries and AlamosaDelaware Operations, LLC which is the Company's non-guarantorsubsidiary (the "Non-Guarantor Subsidiary")of the senior notes as of June 30, 2005 and December 31, 2004 and forthe three months and six months ended June 30, 2005 and 2004. Theguarantor subsidiaries are all 100% owned by the Company and theguarantees are full and unconditional. Separate financial statements ofeach guarantor subsidiary have not been provided because management hasdetermined that they are not material to investors. |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Alamosa Holdings is an additional guarantor withrespect to the 121⁄2% senior notes and the131⁄2% senior notes. Separate financialstatements for Alamosa Holdings have not been provided as AlamosaHoldings is a holding company which does not independently generateoperating revenue. The consolidated financial statements of AlamosaHoldings are included in its quarterly report on Form 10-Q for thethree months ended June 30, 2005. |

20

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING BALANCE SHEET AS OFJUNE 30,2005

|                                          |  |        |          |                       |  |                         |           |              |  |              |         |        |  |        |          |         |  |        |           |         |  |  |
|------------------------------------------|--|--------|----------|-----------------------|--|-------------------------|-----------|--------------|--|--------------|---------|--------|--|--------|----------|---------|--|--------|-----------|---------|--|--|
|                                     |  | Issuer |          | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |           | Eliminations |  | Consolidated |
| ASSETS                                   |  |   |     |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| CurrentAssets:                           |  |   |     |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| Cashand cashequivalents                  |  | $      | 2,619    |                  |  | $                       | 52,571    |         |  | $            | 16      |   |  | $      | —  |    |  | $      | 55,206    |    |
| Shortterminvestments                     |  |   | 51,087   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 51,087    |    |
| Customeraccounts receivable,net          |  |   | —  |                  |  |                    | 58,761    |         |  |         | — |   |  |   | —  |    |  |   | 58,761    |    |
| ReceivablefromSprint                     |  |   | —  |                  |  |                    | 17,285    |         |  |         | — |   |  |   | —  |    |  |   | 17,285    |    |
| Intercompanyreceivable                   |  |   | 18,191   |                  |  |                    | 2,014     |         |  |         | 401     |   |  |   | —  |    |  |   | 20,606    |    |
| Interestreceivable                       |  |   | 228      |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 228       |    |
| Inventory                                |  |   | —  |                  |  |                    | 10,024    |         |  |         | — |   |  |   | —  |    |  |   | 10,024    |    |
| Investmentinsubsidiary                   |  |   | 895,798  |                  |  |                    | —   |         |  |         | — |   |  |   | (895,798 | )  |  |   | —   |    |
| Prepaidexpenses and otherassets          |  |   | 28       |                  |  |                    | 12,118    |         |  |         | — |   |  |   | —  |    |  |   | 12,146    |    |
| Deferredcustomer acquisitioncosts        |  |   | —  |                  |  |                    | 5,362     |         |  |         | — |   |  |   | —  |    |  |   | 5,362     |    |
| Deferredtaxasset                         |  |   | 4,230    |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 4,230     |    |
| Totalcurrentassets                       |  |   | 972,181  |                  |  |                    | 158,135   |         |  |         | 417     |   |  |   | (895,798 | )  |  |   | 234,935   |    |
| Propertyand equipment,net                |  |   | —  |                  |  |                    | 449,040   |         |  |         | — |   |  |   | —  |    |  |   | 449,040   |    |
| Debtissuance costs,net                   |  |   | 8,561    |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 8,561     |    |
| Intangibleassets,net                     |  |   | —  |                  |  |                    | 401,583   |         |  |         | — |   |  |   | —  |    |  |   | 401,583   |    |
| Othernoncurrentassets                    |  |   | —  |                  |  |                    | 4,268     |         |  |         | — |   |  |   | —  |    |  |   | 4,268     |    |
| Totalassets                              |  | $      | 980,742  |                  |  | $                       | 1,013,026 |         |  | $            | 417     |   |  | $      | (895,798 | )  |  | $      | 1,098,387 |    |
| LIABILITIESAND STOCKHOLDER'SEQUITY       |  |   |     |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| CurrentLiabilities:                      |  |   |     |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| Accountspayable                          |  | $      | —  |                  |  | $                       | 23,808    |         |  | $            | — |   |  | $      | —  |    |  | $      | 23,808    |    |
| Accruedexpenses                          |  |   | 7,327    |                  |  |                    | 43,700    |         |  |         | — |   |  |   | —  |    |  |   | 51,027    |    |
| PayabletoSprint                          |  |   | —  |                  |  |                    | 23,424    |         |  |         | — |   |  |   | —  |    |  |   | 23,424    |    |
| Interestpayable                          |  |   | 21,077   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 21,077    |    |
| Deferredrevenue                          |  |   | —  |                  |  |                    | 19,890    |         |  |         | — |   |  |   | —  |    |  |   | 19,890    |    |
| Currentinstallments of capitalleases     |  |   | —  |                  |  |                    | 110       |         |  |         | — |   |  |   | —  |    |  |   | 110       |    |
| Totalcurrentliabilities                  |  |   | 28,404   |                  |  |                    | 110,932   |         |  |         | — |   |  |   | —  |    |  |   | 139,336   |    |
| Capitalleaseobligations                  |  |   | —  |                  |  |                    | 695       |         |  |         | — |   |  |   | —  |    |  |   | 695       |    |
| Othernoncurrentliabilities               |  |   | —  |                  |  |                    | 6,018     |         |  |         | — |   |  |   | —  |    |  |   | 6,018     |    |
| Deferredtaxliability                     |  |   | 16,605   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 16,605    |    |
| Seniornotes                              |  |   | 745,923  |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 745,923   |    |
| Totalliabilities                         |  |   | 790,932  |                  |  |                    | 117,645   |         |  |         | — |   |  |   | —  |    |  |   | 908,577   |    |
| Stockholder'sEquity:                     |  |   |     |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| Preferredstock                           |  |   | —  |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | —   |    |
| Commonstock                              |  |   | —  |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | —   |    |
| Additionalpaid-incapital                 |  |   | 932,059  |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 932,059   |    |
| LLCmember'sequity                        |  |   | —  |                  |  |                    | 895,381   |         |  |         | 417     |   |  |   | (895,798 | )  |  |   | 932,059   |    |
| Accumulateddeficit                       |  |   | (740,512 | )                |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | (740,512  | )  |
| Unearnedcompensation                     |  |   | (1,737   | )                |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | (1,737    | )  |
| Totalstockholder'sequity                 |  |   | 189,810  |                  |  |                    | 895,381   |         |  |         | 417     |   |  |   | (895,798 | )  |  |   | 189,810   |    |
| Totalliabilities and stockholder'sequity |  | $      | 980,742  |                  |  | $                       | 1,013,026 |         |  | $            | 417     |   |  | $      | (895,798 | )  |  | $      | 1,098,387 |    |
|                                          |

21

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING BALANCE SHEET AS OFDECEMBER 31,2004

|                                          |  |        |           |                       |  |                         |           |              |  |              |         |        |  |        |          |         |  |        |           |         |  |        |
|------------------------------------------|--|--------|-----------|-----------------------|--|-------------------------|-----------|--------------|--|--------------|---------|--------|--|--------|----------|---------|--|--------|-----------|---------|--|--------|
|                                     |  | Issuer |           | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |           | Eliminations |  | Consolidated |
| ASSETS                                   |  |   |      |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |  |   |   |   |
| CurrentAssets:                           |  |   |      |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |  |   |   |   |
| Cashand cashequivalents                  |  | $      | 6,698     |                  |  | $                       | 120,418   |         |  | $            | 16      |   |  | $      | —  |    |  | $      | 127,132   |    |
| Shortterminvestments                     |  |   | 50,411    |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 50,411    |    |
| Customeraccounts receivable,net          |  |   | —   |                  |  |                    | 44,687    |         |  |         | — |   |  |   | —  |    |  |   | 44,687    |    |
| ReceivablefromSprint                     |  |   | —   |                  |  |                    | 24,809    |         |  |         | — |   |  |   | —  |    |  |   | 24,809    |    |
| Intercompanyreceivable                   |  |   | 30,089    |                  |  |                    | —   |         |  |         | 401     |   |  |   | (30,490  | )  |  |   | —   |    |
| Interestreceivable                       |  |   | 216       |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 216       |    |
| Inventory                                |  |   | —   |                  |  |                    | 9,136     |         |  |         | — |   |  |   | —  |    |  |   | 9,136     |    |
| Investmentinsubsidiary                   |  |   | 916,199   |                  |  |                    | —   |         |  |         | — |   |  |   | (916,199 | )  |  |   | —   |    |
| Prepaidexpenses and otherassets          |  |   | —   |                  |  |                    | 11,192    |         |  |         | — |   |  |   | —  |    |  |   | 11,192    |    |
| Deferredcustomer acquisitioncosts        |  |   | —   |                  |  |                    | 6,337     |         |  |         | — |   |  |   | —  |    |  |   | 6,337     |    |
| Deferredtaxasset                         |  |   | 4,230     |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 4,230     |    |
| Totalcurrentassets                       |  |   | 1,007,843 |                  |  |                    | 216,579   |         |  |         | 417     |   |  |   | (946,689 | )  |  |   | 278,150   |    |
| Propertyand equipment,net                |  |   | —   |                  |  |                    | 441,808   |         |  |         | — |   |  |   | —  |    |  |   | 441,808   |    |
| Debtissuance costs,net                   |  |   | 9,086     |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 9,086     |    |
| Intangibleassets,net                     |  |   | —   |                  |  |                    | 416,716   |         |  |         | — |   |  |   | —  |    |  |   | 416,716   |    |
| Othernoncurrentassets                    |  |   | —   |                  |  |                    | 4,188     |         |  |         | — |   |  |   | —  |    |  |   | 4,188     |    |
| Totalassets                              |  | $      | 1,016,929 |                  |  | $                       | 1,079,291 |         |  | $            | 417     |   |  | $      | (946,689 | )  |  | $      | 1,149,948 |    |
| LIABILITIESAND STOCKHOLDER'SEQUITY       |  |   |      |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| CurrentLiabilities:                      |  |   |      |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| Accountspayable                          |  | $      | —   |                  |  | $                       | 24,581    |         |  | $            | — |   |  | $      | —  |    |  | $      | 24,581    |    |
| Accruedexpenses                          |  |   | 570       |                  |  |                    | 41,813    |         |  |         | — |   |  |   | —  |    |  |   | 42,383    |    |
| PayabletoSprint                          |  |   | —   |                  |  |                    | 35,852    |         |  |         | — |   |  |   | —  |    |  |   | 35,852    |    |
| Payabletoparent                          |  |   | —   |                  |  |                    | 1,530     |         |  |         | — |   |  |   | —  |    |  |   | 1,530     |    |
| Interestpayable                          |  |   | 21,076    |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 21,076    |    |
| Deferredrevenue                          |  |   | —   |                  |  |                    | 22,549    |         |  |         | — |   |  |   | —  |    |  |   | 22,549    |    |
| Intercompanypayable                      |  |   | —   |                  |  |                    | 30,490    |         |  |         | — |   |  |   | (30,490  | )  |  |   | —   |    |
| Currentinstallments of capitalleases     |  |   | —   |                  |  |                    | 110       |         |  |         | — |   |  |   | —  |    |  |   | 110       |    |
| Totalcurrentliabilities                  |  |   | 21,646    |                  |  |                    | 156,925   |         |  |         | — |   |  |   | (30,490  | )  |  |   | 148,081   |    |
| Capitalleaseobligations                  |  |   | —   |                  |  |                    | 749       |         |  |         | — |   |  |   | —  |    |  |   | 749       |    |
| Othernoncurrentliabilities               |  |   | —   |                  |  |                    | 5,835     |         |  |         | — |   |  |   | —  |    |  |   | 5,835     |    |
| Deferredtaxliability                     |  |   | 16,604    |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 16,604    |    |
| Seniornotes                              |  |   | 739,141   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 739,141   |    |
| Totalliabilities                         |  |   | 777,391   |                  |  |                    | 163,509   |         |  |         | — |   |  |   | (30,490  | )  |  |   | 910,410   |    |
| Stockholder'sEquity:                     |  |   |      |                  |  |                    |      |         |  |         |    |   |  |   |     |    |  |   |      |    |
| Preferredstock                           |  |   | —   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | —   |    |
| Commonstock                              |  |   | —   |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | —   |    |
| Additionalpaid-incapital                 |  |   | 1,003,707 |                  |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | 1,003,707 |    |
| LLCmember'sequity                        |  |   | —   |                  |  |                    | 915,782   |         |  |         | 417     |   |  |   | (916,199 | )  |  |   | —   |    |
| Accumulateddeficit                       |  |   | (764,104  | )                |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | (764,104  | )  |
| Unearnedcompensation                     |  |   | (65       | )                |  |                    | —   |         |  |         | — |   |  |   | —  |    |  |   | (65       | )  |
| Totalstockholder'sequity                 |  |   | 239,538   |                  |  |                    | 915,782   |         |  |         | 417     |   |  |   | (916,199 | )  |  |   | 239,538   |    |
| Totalliabilities and stockholder'sequity |  | $      | 1,016,929 |                  |  | $                       | 1,079,291 |         |  | $            | 417     |   |  | $      | (946,689 | )  |  | $      | 1,149,948 |    |
|                                          |

22

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OFOPERATIONS FOR THE THREE MONTHS ENDED JUNE 30,2005

|                                          |  |        |         |                       |  |                         |         |              |  |              |         |        |  |        |         |         |  |        |         |         |  |  |
|------------------------------------------|--|--------|---------|-----------------------|--|-------------------------|---------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                     |  | Issuer |         | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |         | Eliminations |  | Consolidated |
| Revenues:                                |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Subscriberrevenues                       |  | $      | — |                  |  | $                       | 163,871 |         |  | $            | — |   |  | $      | — |    |  | $      | 163,871 |    |
| Roamingand wholesalerevenues             |  |   | — |                  |  |                    | 66,289  |         |  |         | — |   |  |   | — |    |  |   | 66,289  |    |
| Servicerevenues                          |  |   | — |                  |  |                    | 230,160 |         |  |         | — |   |  |   | — |    |  |   | 230,160 |    |
| Productsales                             |  |   | — |                  |  |                    | 8,715   |         |  |         | — |   |  |   | — |    |  |   | 8,715   |    |
| Totalrevenues                            |  |   | — |                  |  |                    | 238,875 |         |  |         | — |   |  |   | — |    |  |   | 238,875 |    |
| Costsandexpenses:                        |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Costof service andoperations             |  |   | — |                  |  |                    | 110,615 |         |  |         | — |   |  |   | — |    |  |   | 110,615 |    |
| Costof productssold                      |  |   | — |                  |  |                    | 22,255  |         |  |         | — |   |  |   | — |    |  |   | 22,255  |    |
| Sellingandmarketing                      |  |   | — |                  |  |                    | 33,618  |         |  |         | — |   |  |   | — |    |  |   | 33,618  |    |
| Generaland administrativeexpenses        |  |   | 341     |                  |  |                    | 3,168   |         |  |         | — |   |  |   | — |    |  |   | 3,509   |    |
| Depreciationandamortization              |  |   | — |                  |  |                    | 28,107  |         |  |         | — |   |  |   | — |    |  |   | 28,107  |    |
| Losson disposal of property andequipment |  |   | — |                  |  |                    | 131     |         |  |         | — |   |  |   | — |    |  |   | 131     |    |
| Non-cashcompensation                     |  |   | — |                  |  |                    | (47     | )       |  |         | — |   |  |   | — |    |  |   | (47     | )  |
| Income(loss) fromoperations              |  |   | (341    | )                |  |                    | 41,028  |         |  |         | — |   |  |   | — |    |  |   | 40,687  |    |
| Equityin earnings ofsubsidiaries         |  |   | 41,445  |                  |  |                    | — |         |  |         | — |   |  |   | (41,445 | )  |  |   | — |    |
| Losson debtexchange                      |  |   | (482    | )                |  |                    |    |         |  |         | — |   |  |   | — |    |  |   | (482    | )  |
| Interestand otherincome                  |  |   | 383     |                  |  |                    | 448     |         |  |         | — |   |  |   | — |    |  |   | 831     |    |
| Interestexpense                          |  |   | (19,535 | )                |  |                    | (31     | )       |  |         | — |   |  |   | — |    |  |   | (19,566 | )  |
| Incomebefore income taxexpense           |  |   | 21,470  |                  |  |                    | 41,445  |         |  |         | — |   |  |   | (41,445 | )  |  |   | 21,470  |    |
| Incometaxexpense                         |  |   | (5,493  | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (5,493  | )  |
| Netincome                                |  | $      | 15,977  |                  |  | $                       | 41,445  |         |  | $            | — |   |  | $      | (41,445 | )  |  | $      | 15,977  |    |
|                                          |

23

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OFOPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2004

|                                          |  |        |         |                       |  |                         |         |              |  |              |         |        |  |        |         |         |  |        |         |         |  |  |
|------------------------------------------|--|--------|---------|-----------------------|--|-------------------------|---------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                     |  | Issuer |         | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |         | Eliminations |  | Consolidated |
| Revenues:                                |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Subscriberrevenues                       |  | $      | — |                  |  | $                       | 133,569 |         |  | $            | — |   |  | $      | — |    |  | $      | 133,569 |    |
| Roamingand wholesalerevenues             |  |   | — |                  |  |                    | 51,705  |         |  |         | — |   |  |   | — |    |  |   | 51,705  |    |
| Servicerevenues                          |  |   | — |                  |  |                    | 185,274 |         |  |         | — |   |  |   | — |    |  |   | 185,274 |    |
| Productsales                             |  |   | — |                  |  |                    | 8,055   |         |  |         | — |   |  |   | — |    |  |   | 8,055   |    |
| Totalrevenues                            |  |   | — |                  |  |                    | 193,329 |         |  |         | — |   |  |   | — |    |  |   | 193,329 |    |
| Costsandexpenses:                        |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Costof service andoperations             |  |   | — |                  |  |                    | 91,062  |         |  |         | — |   |  |   | — |    |  |   | 91,062  |    |
| Costof productssold                      |  |   | — |                  |  |                    | 16,379  |         |  |         | — |   |  |   | — |    |  |   | 16,379  |    |
| Sellingandmarketing                      |  |   | — |                  |  |                    | 31,839  |         |  |         | — |   |  |   | — |    |  |   | 31,839  |    |
| Generaland administrativeexpenses        |  |   | 331     |                  |  |                    | 5,177   |         |  |         | — |   |  |   | — |    |  |   | 5,508   |    |
| Depreciationandamortization              |  |   | — |                  |  |                    | 25,523  |         |  |         | — |   |  |   | — |    |  |   | 25,523  |    |
| Losson disposal of property andequipment |  |   | — |                  |  |                    | 2,604   |         |  |         | — |   |  |   | — |    |  |   | 2,604   |    |
| Non-cashcompensation                     |  |   | — |                  |  |                    | 20      |         |  |         | — |   |  |   | — |    |  |   | 20      |    |
| Income(loss) fromoperations              |  |   | (331    | )                |  |                    | 20,725  |         |  |         | — |   |  |   | — |    |  |   | 20,394  |    |
| Equityin earnings ofsubsidiaries         |  |   | 20,784  |                  |  |                    | — |         |  |         | — |   |  |   | (20,784 | )  |  |   | — |    |
| Interestand otherincome                  |  |   | 136     |                  |  |                    | 83      |         |  |         | — |   |  |   | — |    |  |   | 219     |    |
| Interestexpense                          |  |   | (18,928 | )                |  |                    | (24     | )       |  |         | — |   |  |   | — |    |  |   | (18,952 | )  |
| Incomebefore income taxexpense           |  |   | 1,661   |                  |  |                    | 20,784  |         |  |         | — |   |  |   | (20,784 | )  |  |   | 1,661   |    |
| Incometaxexpense                         |  |   | (625    | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (625    | )  |
| Netincome                                |  | $      | 1,036   |                  |  | $                       | 20,784  |         |  | $            | — |   |  | $      | (20,784 | )  |  | $      | 1,036   |    |
|                                          |

24

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OFOPERATIONS FOR THE SIX MONTHS ENDED JUNE 30,2005

|                                          |  |        |         |                       |  |                         |         |              |  |              |         |        |  |        |         |         |  |        |         |         |  |  |
|------------------------------------------|--|--------|---------|-----------------------|--|-------------------------|---------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                     |  | Issuer |         | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |         | Eliminations |  | Consolidated |
| Revenues:                                |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Subscriberrevenues                       |  | $      | — |                  |  | $                       | 318,902 |         |  | $            | — |   |  | $      | — |    |  | $      | 318,902 |    |
| Roamingand wholesalerevenues             |  |   | — |                  |  |                    | 126,895 |         |  |         | — |   |  |   | — |    |  |   | 126,895 |    |
| Servicerevenues                          |  |   | — |                  |  |                    | 445,797 |         |  |         | — |   |  |   | — |    |  |   | 445,797 |    |
| Productsales                             |  |   | — |                  |  |                    | 16,682  |         |  |         | — |   |  |   | — |    |  |   | 16,682  |    |
| Totalrevenues                            |  |   | — |                  |  |                    | 462,479 |         |  |         | — |   |  |   | — |    |  |   | 462,479 |    |
| Costsandexpenses:                        |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Costof service andoperations             |  |   | — |                  |  |                    | 212,098 |         |  |         | — |   |  |   | — |    |  |   | 212,098 |    |
| Costof productssold                      |  |   | — |                  |  |                    | 46,406  |         |  |         | — |   |  |   | — |    |  |   | 46,406  |    |
| Sellingandmarketing                      |  |   | — |                  |  |                    | 70,138  |         |  |         | — |   |  |   | — |    |  |   | 70,138  |    |
| Generaland administrativeexpenses        |  |   | 596     |                  |  |                    | 9,015   |         |  |         | — |   |  |   | — |    |  |   | 9,611   |    |
| Mergerrelatedexpenses                    |  |   | — |                  |  |                    | 436     |         |  |         | — |   |  |   | — |    |  |   | 436     |    |
| Depreciationandamortization              |  |   | — |                  |  |                    | 54,456  |         |  |         | — |   |  |   | — |    |  |   | 54,456  |    |
| Losson disposal of property andequipment |  |   | — |                  |  |                    | 107     |         |  |         | — |   |  |   | — |    |  |   | 107     |    |
| Non-cashcompensation                     |  |   | — |                  |  |                    | 556     |         |  |         | — |   |  |   | — |    |  |   | 556     |    |
| Income(loss) fromoperations              |  |   | (596    | )                |  |                    | 69,267  |         |  |         | — |   |  |   | — |    |  |   | 68,671  |    |
| Equityin earnings ofsubsidiaries         |  |   | 70,081  |                  |  |                    | — |         |  |         | — |   |  |   | (70,081 | )  |  |   | — |    |
| Losson debtexchange                      |  |   | (482    | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (482    | )  |
| Interestand otherincome                  |  |   | 724     |                  |  |                    | 875     |         |  |         | — |   |  |   | — |    |  |   | 1,599   |    |
| Interestexpense                          |  |   | (39,091 | )                |  |                    | (61     | )       |  |         | — |   |  |   | — |    |  |   | (39,152 | )  |
| Incomebefore income taxexpense           |  |   | 30,636  |                  |  |                    | 70,081  |         |  |         | — |   |  |   | (70,081 | )  |  |   | 30,636  |    |
| Incometaxexpense                         |  |   | (7,044  | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (7,044  | )  |
| Netincome                                |  | $      | 23,592  |                  |  | $                       | 70,081  |         |  | $            | — |   |  | $      | (70,081 | )  |  | $      | 23,592  |    |
|                                          |

25

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OFOPERATIONS FOR THE SIX MONTHS ENDED JUNE 30,2004

|                                          |  |        |         |                       |  |                         |         |              |  |              |         |        |  |        |         |         |  |        |         |         |  |  |
|------------------------------------------|--|--------|---------|-----------------------|--|-------------------------|---------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                     |  | Issuer |         | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |         | Eliminations |  | Consolidated |
| Revenues:                                |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Subscriberrevenues                       |  | $      | — |                  |  | $                       | 258,315 |         |  | $            | — |   |  | $      | — |    |  | $      | 258,315 |    |
| Roamingand wholesalerevenues             |  |   | — |                  |  |                    | 94,858  |         |  |         | — |   |  |   | — |    |  |   | 94,858  |    |
| Servicerevenues                          |  |   | — |                  |  |                    | 353,173 |         |  |         | — |   |  |   | — |    |  |   | 353,173 |    |
| Productsales                             |  |   | — |                  |  |                    | 16,846  |         |  |         | — |   |  |   | — |    |  |   | 16,846  |    |
| Totalrevenues                            |  |   | — |                  |  |                    | 370,019 |         |  |         | — |   |  |   | — |    |  |   | 370,019 |    |
| Costsandexpenses:                        |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Costof service andoperations             |  |   | — |                  |  |                    | 177,278 |         |  |         | — |   |  |   | — |    |  |   | 177,278 |    |
| Costof productssold                      |  |   | — |                  |  |                    | 36,162  |         |  |         | — |   |  |   | — |    |  |   | 36,162  |    |
| Sellingandmarketing                      |  |   | — |                  |  |                    | 62,832  |         |  |         | — |   |  |   | — |    |  |   | 62,832  |    |
| Generaland administrativeexpenses        |  |   | 664     |                  |  |                    | 10,323  |         |  |         | — |   |  |   | — |    |  |   | 10,987  |    |
| Depreciationandamortization              |  |   | — |                  |  |                    | 52,907  |         |  |         | — |   |  |   | — |    |  |   | 52,907  |    |
| Losson disposal of property andequipment |  |   | — |                  |  |                    | 2,910   |         |  |         | — |   |  |   | — |    |  |   | 2,910   |    |
| Non-cashcompensation                     |  |   | — |                  |  |                    | 40      |         |  |         | — |   |  |   | — |    |  |   | 40      |    |
| Income(loss) fromoperations              |  |   | (664    | )                |  |                    | 27,567  |         |  |         | — |   |  |   | — |    |  |   | 26,903  |    |
| Equityin earnings ofsubsidiaries         |  |   | 14,020  |                  |  |                    | — |         |  |         | — |   |  |   | (14,020 | )  |  |   | — |    |
| Losson debtextinguishment                |  |   | — |                  |  |                    | (13,101 | )       |  |         | — |   |  |   | — |    |  |   | (13,101 | )  |
| Interestand otherincome                  |  |   | 227     |                  |  |                    | 159     |         |  |         | — |   |  |   | — |    |  |   | 386     |    |
| Interestexpense                          |  |   | (36,582 | )                |  |                    | (605    | )       |  |         | — |   |  |   | — |    |  |   | (37,187 | )  |
| Income(loss) before income taxexpense    |  |   | (22,999 | )                |  |                    | 14,020  |         |  |         | — |   |  |   | (14,020 | )  |  |   | (22,999 | )  |
| Incometaxexpense                         |  |   | (625    | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (625    | )  |
| Netincome(loss)                          |  | $      | (23,624 | )                |  | $                       | 14,020  |         |  | $            | — |   |  | $      | (14,020 | )  |  | $      | (23,624 | )  |
|                                          |

26

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OF CASHFLOWS FOR THE SIX MONTHS ENDED JUNE 30,2005

|                                                                                          |  |        |         |                       |  |                         |         |              |  |              |         |        |  |        |         |         |  |        |         |         |  |  |
|------------------------------------------------------------------------------------------|--|--------|---------|-----------------------|--|-------------------------|---------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|---------|---------|--|--|
|                                                                                     |  | Issuer |         | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |         | Eliminations |  | Consolidated |
| Cash flows from operatingactivities:                                                     |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Netincome                                                                                |  | $      | 23,592  |                  |  | $                       | 70,081  |         |  | $            | — |   |  | $      | (70,081 | )  |  | $      | 23,592  |    |
| Adjustmentsto reconcile net income to netcash provided by (used in) operatingactivities: |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Equityin earnings ofsubsidiaries                                                         |  |   | (70,081 | )                |  |                    | — |         |  |         | — |   |  |   | 70,081  |    |  |   | — |    |
| Non-cashcompensationexpense                                                              |  |   | — |                  |  |                    | 556     |         |  |         | — |   |  |   | — |    |  |   | 556     |    |
| Non-cashaccretion of asset retirementobligation                                          |  |   | — |                  |  |                    | 115     |         |  |         | — |   |  |   | — |    |  |   | 115     |    |
| Provisionfor baddebts                                                                    |  |   | — |                  |  |                    | 3,863   |         |  |         | — |   |  |   | — |    |  |   | 3,863   |    |
| Depreciationand amortization of property andequipment                                    |  |   | — |                  |  |                    | 39,323  |         |  |         | — |   |  |   | — |    |  |   | 39,323  |    |
| Amortizationof intangibleassets                                                          |  |   | — |                  |  |                    | 15,133  |         |  |         | — |   |  |   | — |    |  |   | 15,133  |    |
| Amortizationof financing costs included in interestexpense                               |  |   | 454     |                  |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | 454     |    |
| Losson debtextinguishment                                                                |  |   | 482     |                  |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | 482     |    |
| Interestaccreted on discountnotes                                                        |  |   | 13,171  |                  |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | 13,171  |    |
| Losson disposal of property andequipment                                                 |  |   | — |                  |  |                    | 107     |         |  |         | — |   |  |   | — |    |  |   | 107     |    |
| Mergerrelatedexpenses                                                                    |  |   | — |                  |  |                    | 436     |         |  |         | — |   |  |   | — |    |  |   | 436     |    |
| (Increase)decreasein:                                                                    |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Receivablefrom/payable toparent                                                          |  |   | 11,898  |                  |  |                    | (34,034 | )       |  |         | — |   |  |   | — |    |  |   | (22,136 | )  |
| Receivables                                                                              |  |   | (12     | )                |  |                    | (10,414 | )       |  |         | — |   |  |   | — |    |  |   | (10,426 | )  |
| Inventory                                                                                |  |   | — |                  |  |                    | (888    | )       |  |         | — |   |  |   | — |    |  |   | (888    | )  |
| Prepaidexpenses and otherassets                                                          |  |   | (28     | )                |  |                    | (31     | )       |  |         | — |   |  |   | — |    |  |   | (59     | )  |
| Increase(decrease)in:                                                                    |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Accountspayable and accruedexpenses                                                      |  |   | 6,759   |                  |  |                    | (13,225 | )       |  |         | — |   |  |   | — |    |  |   | (6,466  | )  |
| Netcash provided by (used in) operatingactivities                                        |  |   | (13,765 | )                |  |                    | 71,022  |         |  |         | — |   |  |   | — |    |  |   | 57,257  |    |
| Cashflows from investingactivities:                                                      |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Proceedsfrom sale ofassets                                                               |  |   | — |                  |  |                    | 214     |         |  |         | — |   |  |   | — |    |  |   | 214     |    |
| Purchasesof property andequipment                                                        |  |   | — |                  |  |                    | (47,555 | )       |  |         | — |   |  |   | — |    |  |   | (47,555 | )  |
| Mergerrelatedexpenses                                                                    |  |   | — |                  |  |                    | (436    | )       |  |         | — |   |  |   | — |    |  |   | (436    | )  |
| Changein short terminvestments                                                           |  |   | (676    | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (676    | )  |
| Netcash used in investingactivities                                                      |  |   | (676    | )                |  |                    | (47,777 | )       |  |         | — |   |  |   | — |    |  |   | (48,453 | )  |
| Cashflows from financingactivities:                                                      |  |   |    |                  |  |                    |    |         |  |         |    |   |  |   |    |    |  |   |    |    |
| Repaymentsof seniornotes                                                                 |  |   | (6,800  | )                |  |                    | — |         |  |         | — |   |  |   | — |    |  |   | (6,800  | )  |
| Capitaldistribution toparent                                                             |  |   | 17,162  |                  |  |                    | (91,038 | )       |  |         | — |   |  |   | — |    |  |   | (73,876 | )  |
| Paymentson capitalleases                                                                 |  |   | — |                  |  |                    | (54     | )       |  |         | — |   |  |   | — |    |  |   | (54     | )  |
| Netcash provided by (used in) financingactivities                                        |  |   | 10,362  |                  |  |                    | (91,092 | )       |  |         | — |   |  |   | — |    |  |   | (80,730 | )  |
| Netdecrease in cash and cashequivalents                                                  |  |   | (4,079  | )                |  |                    | (67,847 | )       |  |         | — |   |  |   | — |    |  |   | (71,926 | )  |
|                                                                                     |
| Cashand cash equivalents at beginning ofperiod                                           |  |   | 6,698   |                  |  |                    | 120,418 |         |  |         | 16      |   |  |   | — |    |  |   | 127,132 |    |
| Cashand cash equivalents at end ofperiod                                                 |  | $      | 2,619   |                  |  | $                       | 52,571  |         |  | $            | 16      |   |  | $      | — |    |  | $      | 55,206  |    |
|                                                                                          |

27

----

ALAMOSA(DELAWARE), INC.NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS    (CONTINUED) (UNAUDITED)(dollars in thousands, exceptasnoted)

CONSOLIDATING STATEMENT OF CASHFLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2004

|                                                                                                  |  |        |          |                       |  |                         |          |              |  |              |         |        |  |        |         |         |  |        |          |         |  |  |
|--------------------------------------------------------------------------------------------------|--|--------|----------|-----------------------|--|-------------------------|----------|--------------|--|--------------|---------|--------|--|--------|---------|---------|--|--------|----------|---------|--|--|
|                                                                                             |  | Issuer |          | GuarantorSubsidiaries |  | Non-GuarantorSubsidiary |          | Eliminations |  | Consolidated |
| Cash flows from operatingactivities:                                                             |  |   |     |                  |  |                    |     |         |  |         |    |   |  |   |    |    |  |   |     |    |
| Netincome(loss)                                                                                  |  | $      | (23,624  | )                |  | $                       | 14,020   |         |  | $            | — |   |  | $      | (14,020 | )  |  | $      | (23,624  | )  |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operating activities: |  |
| Equity inearnings ofsubsidiaries                                                                 |  |   | (14,020  | )                |  |                    | —  |         |  |         | — |   |  |   | 14,020  |    |  |   | —  |    |
| Non-cashcompensationexpense                                                                      |  |   | —  |                  |  |                    | 40       |         |  |         | — |   |  |   | — |    |  |   | 40       |    |
| Non-cashinterest expense on derivativeinstruments                                                |  |   | —  |                  |  |                    | 6        |         |  |         | — |   |  |   | — |    |  |   | 6        |    |
| Non-cashaccretion of asset retirementobligation                                                  |  |   | —  |                  |  |                    | 91       |         |  |         | — |   |  |   | — |    |  |   | 91       |    |
| Provisionfor baddebts                                                                            |  |   | —  |                  |  |                    | 4,114    |         |  |         | — |   |  |   | — |    |  |   | 4,114    |    |
| Depreciationand amortization of property andequipment                                            |  |   | —  |                  |  |                    | 35,945   |         |  |         | — |   |  |   | — |    |  |   | 35,945   |    |
| Amortizationof intangibleassets                                                                  |  |   | —  |                  |  |                    | 16,962   |         |  |         | — |   |  |   | — |    |  |   | 16,962   |    |
| Amortizationof financing costs included in interestexpense                                       |  |   | 405      |                  |  |                    | 83       |         |  |         | — |   |  |   | — |    |  |   | 488      |    |
| Losson debtextinguishment                                                                        |  |   | —  |                  |  |                    | 13,101   |         |  |         | — |   |  |   | — |    |  |   | 13,101   |    |
| Interestaccreted on discountnotes                                                                |  |   | 12,056   |                  |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | 12,056   |    |
| Losson disposal of property andequipment                                                         |  |   | —  |                  |  |                    | 2,910    |         |  |         | — |   |  |   | — |    |  |   | 2,910    |    |
| (Increase)decrease in:                                                                           |  |
| Receivable from/payable toparent                                                                 |  |   | 1,662    |                  |  |                    | (1,359   | )       |  |         | — |   |  |   | — |    |  |   | 303      |    |
| Receivables                                                                                      |  |   | —  |                  |  |                    | (12,579  | )       |  |         | — |   |  |   | — |    |  |   | (12,579  | )  |
| Inventory                                                                                        |  |   | —  |                  |  |                    | 17       |         |  |         | — |   |  |   | — |    |  |   | 17       |    |
| Prepaidexpenses and otherassets                                                                  |  |   | 194      |                  |  |                    | 1,469    |         |  |         | — |   |  |   | — |    |  |   | 1,663    |    |
| Increase(decrease) in:                                                                           |  |
| Accounts payable and accruedexpenses                                                             |  |   | 17,791   |                  |  |                    | (7,386   | )       |  |         | — |   |  |   | — |    |  |   | 10,405   |    |
| Netcash provided by (used in) operatingactivities                                                |  |   | (5,536   | )                |  |                    | 67,434   |         |  |         | — |   |  |   | — |    |  |   | 61,898   |    |
| Cashflows from investing activities:                                                             |  |
| Proceeds from saleofassets                                                                       |  |   | —  |                  |  |                    | 380      |         |  |         | — |   |  |   | — |    |  |   | 380      |    |
| Purchasesof property andequipment                                                                |  |   | —  |                  |  |                    | (42,636  | )       |  |         | — |   |  |   | — |    |  |   | (42,636  | )  |
| Investmentinsubsidiary                                                                           |  |   | (200,909 | )                |  |                    | 200,909  |         |  |         | — |   |  |   | — |    |  |   | —  |    |
| Changein restrictedcash                                                                          |  |   | 1        |                  |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | 1        |    |
| Changein short terminvestments                                                                   |  |   | (50,119  | )                |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | (50,119  | )  |
| Netcash provided by (used in) investingactivities                                                |  |   | (251,027 | )                |  |                    | 158,653  |         |  |         | — |   |  |   | — |    |  |   | (92,374  | )  |
| Cashflows from financing activities:                                                             |  |
| Proceeds fromissuance of seniornotes                                                             |  |   | 250,000  |                  |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | 250,000  |    |
| Repaymentsof borrowings under senior secureddebt                                                 |  |   | —  |                  |  |                    | (200,000 | )       |  |         | — |   |  |   | — |    |  |   | (200,000 | )  |
| Debtissuancecosts                                                                                |  |   | (8,100   | )                |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | (8,100   | )  |
| Capitaldistribution toparent                                                                     |  |   | (6,050   | )                |  |                    | —  |         |  |         | — |   |  |   | — |    |  |   | (6,050   | )  |
| Paymentson capitalleases                                                                         |  |   | —  |                  |  |                    | (330     | )       |  |         | — |   |  |   | — |    |  |   | (330     | )  |
| Netcash provided by (used in) financingactivities                                                |  |   | 235,850  |                  |  |                    | (200,330 | )       |  |         | — |   |  |   | — |    |  |   | 35,520   |    |
| Netincrease (decrease) in cash and cashequivalents                                               |  |   | (20,713  | )                |  |                    | 25,757   |         |  |         | — |   |  |   | — |    |  |   | 5,044    |    |
| Cashand cash equivalents at beginning of    period                           |  |   | 27,542   |                  |  |                    | 70,677   |         |  |         | 23      |   |  |   | — |    |  |   | 98,242   |    |
| Cashand cash equivalents at end ofperiod                                                         |  | $      | 6,829    |                  |  | $                       | 96,434   |         |  | $            | 23      |   |  | $      | — |    |  | $      | 103,286  |    |
|                                                                                                  |

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| ITEM2.  | MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS |

Forward-LookingStatements

This quarterly report on Form 10-Q includes"forward-looking statements" within themeaning of Section 27A of the Securities Act of 1933, as amended (the"Securities Act"), and Section 21E of theSecurities Exchange Act of 1934, as amended (the "ExchangeAct"), which can be identified by the use offorward-looking terminology such as "may,""might," "could,""would," "believe,""expect," "intend,""plan," "seek,""anticipate,""estimate,""project" or"continue" or the negative thereof or othervariations thereon or comparable terminology. All statements other thanstatements of historical fact included in this quarterly report on Form10-Q regarding our financial position and liquidity may be deemed to beforward-looking statements. These forward-looking statementsinclude:

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| •  | forecasts of populationgrowth in our territory; |

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| •  | statementsregarding our anticipated revenues, expense levels, liquidity, capitalresources and operating losses;and |

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|--------------|-----------------------------------------------------------------------------------|
| •  | statements regarding expectationsor projections about markets in our territories. |

Although webelieve that the expectations reflected in such forward-lookingstatements are reasonable, we can give no assurance that suchexpectations will prove to have been correct. Important factors withrespect to any such forward-looking statements, including certain risksand uncertainties that could cause actual results to differ materiallyfrom our expectations, are further disclosed in our annual report onForm 10-K for the year ended December 31, 2004 under the sections"Item 1. Business" and "Item 7.Management's Discussion and Analysis of Financial Condition andResults of Operations." Important factors that could causeactual results to differ materially from those in the forward-lookingstatements include, but are not limitedto:

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| •  | our dependence on our affiliationwith Sprint; |

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| •  | the ability of Sprintto alter the terms of our affiliation agreements with it, includingfees paid or charged to us and other programrequirements; |

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|--------------|-----------------------------------|
| •  | our anticipation offuture losses; |

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| •  | our dependence onback office services, such as billing and customer care, provided bySprint; |

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|--------------|---------------------------------------------------------|
| •  | inaccuracies in financialinformation provided bySprint; |

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| •  | potential fluctuations in ouroperating results; |

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|--------------|--------------------------------------------------------------------------------------|
| •  | our ability topredict future customer growth, as well as other key operatingmetrics; |

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|--------------|-----------------------------------|
| •  | changes or advances intechnology; |

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| •  | the ability to leveragethird generation products andservices; |

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| •  | competition in the industryand markets in which weoperate; |

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|--------------|---------------------------|
| •  | subscriber creditquality; |

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| •  | our ability to attract andretain skilled personnel; |

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| •  | ourpotential need for additional capital or the need for refinancingexisting indebtedness; |

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| •  | our potentialinability to expand our services and related products in the event ofsubstantial increases in demand for these services and relatedproducts; |

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|--------------|-------------------------------------------------------------------------|
| •  | our inability to predictthe outcomes of potentially materiallitigation; |

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|--------------|-------------------------------------------------------------------|
| •  | the potential impact ofwireless local number portability, orWLNP; |

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|--------------|----------------------------------|
| •  | changes in governmentregulation; |

|              |                     |
|--------------|---------------------|
| •  | futureacquisitions; |

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|              |                                             |
|--------------|---------------------------------------------|
| •  | generaleconomic and business conditions;and |

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|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | effects of mergers andconsolidations within the telecommunications industry and unexpectedannouncements or developments from others in the telecommunicationsindustry. |

All subsequent written and oral forward-lookingstatements attributable to us or persons acting on our behalf areexpressly qualified in their entirety by the cautionary statements setforth above.

Definitions of Operating Metrics

Wediscuss the following operating metrics relating to our business inthis section:

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| •  | ARPU, or averagemonthly revenue per user, is a measure used to determine the monthlysubscriber revenue earned for subscribers based in our territory. Thismeasure is calculated by dividing subscriber revenues in ourconsolidated statement of operations by our average daily subscribersduring the period divided by the number of months in theperiod. |

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|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | Average monthly churn is usedto measure the rate at which subscribers based in our territorydeactivate service on a voluntary or involuntary basis. We calculateaverage monthly churn based on the number of subscribers deactivatedduring the period (net of transfers out of our service area and thosewho deactivated within 30 days of activation) as a percentage of ouraverage daily subscriber base during the period divided by the numberof months during the period. |

|              |                                                                                                                                                                                                                                                                                                                                                                            |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | LicensedPOPs represent the number of residents (usually expressed in millions)in our territory in which we have an exclusive right to providewireless mobility communications services under the Sprint brand name.The number of residents located in our territory does not represent thenumber of wireless subscribers that we serve or expect to serve in ourterritory. |

|              |                                                                                                                                                                                                                                                                                                         |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •  | Covered POPs represent thenumber of residents (usually expressed in millions) covered by ourportion of the PCS network of Sprint in our territory. The number ofresidents covered by our network does not represent the number ofwireless subscribers that we serve or expect to serve in ourterritory. |

General

As a PCS Affiliate of Sprint, wehave the exclusive right to provide wireless mobility communicationsservices under the Sprint brand name in our licensed territory. We ownand are responsible for building, operating and managing the portion ofthe PCS network of Sprint located in our territory. We offer nationalplans designed by Sprint as well as local plans tailored to our marketdemographics. Our portion of the PCS network of Sprint is designed tooffer a seamless connection with the 100% digital PCS nationwidewireless network of Sprint. We market Sprint PCS products and servicesthrough a number of distribution outlets located in our territory,including our own retail stores, major national distributors and localthird party distributors. At June 30, 2005, we had total licensed POPsof over 15.8 million, covered POPs of approximately 13.3 million andtotal subscribers of approximately 1.0 million.

We recognizerevenues from our subscribers for the provision of wirelesstelecommunications services, proceeds from the sales of handsets andaccessories through channels controlled by us and fees from Sprint andother wireless service providers and resellers when their customersroam onto our portion of the PCS network of Sprint. Sprint retains8% of all service revenue collected from our subscribers (notincluding products sales and roaming charges billed to our subscribers)and all fees collected from other wireless service providers andresellers when their customers use our portion of the PCS network ofSprint. We report the amount retained by Sprint as an operatingexpense. In addition, Sprint bills our subscribers for taxes, handsetinsurance, equipment and Universal Service Fund charges and othersurcharges which we do not record. Sprint collects these amounts fromthe subscribers and remits them to the appropriate tax authority.

As part of our affiliation agreements with Sprint, we havecontracted with Sprint to provide back office services such as customeractivation, handset logistics, billing, customer care and network

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monitoring services. We initially elected todelegate the performance of these services to Sprint to take advantageof their economies of scale, to accelerate our build-out and marketlaunches and to lower our initial capital requirements. We continue tocontract with Sprint for these services today and are obligated tocontinue using Sprint to provide these services through December 31,2006. The cost for these services is primarily on a per-subscriber orper-transaction basis and is recorded as an operating expense.

Critical Accounting Policies

The fundamental objective offinancial reporting is to provide useful information that allows areader to comprehend the business activities of an entity. To aid inthat understanding, we have identified our "criticalaccounting policies." These policies have the potential tohave a more significant impact on our consolidated financialstatements, either because of the significance of the financialstatement item to which they relate or because they require judgmentand estimation due to the uncertainty involved in measuring, at aspecific point in time, events which are continuous in nature.

Allowance for doubtful accounts — Estimates are usedin determining our allowance for doubtful accounts and are based on ourhistorical collection experience, current trends, credit policy, apercentage of our accounts receivable by aging category andexpectations of future bad debts based on current collectionactivities. In determining the allowance, we consider historicalwrite-offs of our receivables as well as historical changes in ourcredit policies. We also look at current trends in the credit qualityof our customer base.

Revenue recognition — Werecord equipment revenue for the sale of handsets and accessories tocustomers in our retail stores and to local resellers in ourterritories. We do not record equipment revenue on handsets andaccessories purchased by our customers from national resellers ordirectly from Sprint. Our customers pay an activation fee when theyinitiate service. We allocate amounts charged to customers at the pointof sale between the sale of handsets and other equipment and the saleof wireless telecommunications services in those transactions takingplace in distribution channels that we directly control. Activationfees charged in transactions outside of our directly controlleddistribution channels continue to be deferred and amortized over theaverage life of the subscriber base.

We recognize revenue fromour customers as they use the service. Additionally, we provide areduction of recorded revenue for billing adjustments and billingcorrections.

The cost of handsets sold generally exceeds theretail sales price, as it is common in our industry to subsidize theprice of handsets for competitive reasons. For handsets sold throughchannels controlled by Sprint that are activated by a subscriber in ourterritory, we reimburse Sprint for the amount of subsidy incurred bythem in connection with the sale of these handsets. This reimbursementpaid to Sprint is reflected in our selling and marketing expenses inthe consolidated statements of operations.

Accounting forgoodwill and intangible assets — We have recorded certainintangible assets in connection with acquisitions, including bothidentifiable intangibles and goodwill. Identifiable intangibles consistof the Sprint agreements and the respective subscriber bases in placeat the acquired companies at the time of acquisition. The intangibleassets related to the Sprint agreements are being amortized on astraight line basis over the remaining original term of the underlyingSprint agreements. The subscriber base intangible asset is amortized ona straight line basis over the estimated life of the acquiredsubscribers.

Long-lived asset recovery —Long-lived assets, consisting primarily of property, equipment andintangibles, comprised approximately 77 percent of our total assets atJune 30, 2005. Changes in technology or in our intended use of theseassets may cause the estimated period of use or the value of theseassets to change. In addition, changes in general industry conditionscould cause the value of certain of these assets to change. We monitorthe appropriateness of the estimated useful lives of these assets.Whenever events or changes in circumstances indicate that the carryingamounts of these assets may not be recoverable, we review therespective assets for impairment. In performing this review, assets aregrouped according to identifiable cash flow streams and theundiscounted cash flow over the life of the asset group is compared tothe carrying value of the asset group. We have determined that we haveone asset grouping related to cash flows generated by our subscriberbase, which includes all of our assets. The 

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life of this asset group for purposes ofthese impairment tests is assumed to be ten years. Estimates andassumptions used in both estimating the useful life and evaluatingpotential impairment issues require a significant amount ofjudgment.

Operating leases — Operating leases andrelated leasehold improvement costs are accounted for based on theprovisions of SFAS No. 13, "Accounting forLeases." We have a significant number of leases primarilyassociated with towers and other locations on which we install ournetwork equipment. These leases are considered operating leases and themonthly rentals are expensed as incurred while any capital expendituresassociated with preparing the site for our use are capitalized anddepreciated. These capital expenditures are depreciated over theshorter of the lease term or the economic life of the respectiveassets. Additionally, certain of these operating leases contain rentescalation provisions over the term of the respective leases. For thoseleases with escalation provisions, the periodic rental expense isrecorded on a straight line basis over the lease term.

Income taxes — We account for income taxes inaccordance with SFAS No. 109, "Accounting for IncomeTaxes." Under this method, we utilize an asset andliability approach to accounting for income taxes, wherein deferredtaxes are provided for book and tax basis differences for assets andliabilities. In the event differences exist between the book and taxbasis of our assets and liabilities that result in deferred assets, anevaluation of the probability of being able to realize the futurebenefits indicated by such assets is made. A valuation allowance isprovided for the portion of deferred tax assets for which there issufficient uncertainty regarding our ability to recognize the benefitsof those assets in future years.

On a quarterly basis, weevaluate the need for and adequacy of the valuation allowance basedupon the expected realizability of our deferred tax assets and adjustthe amount of such allowance, if necessary. The factors used to assessthe likelihood of realization are the latest forecast of future taxableincome, available tax planning strategies and the future reversal ofexisting taxable temporary differences.

Reliance on thetimeliness and accuracy of data received from Sprint — Weplace significant reliance on Sprint as a service provider in terms ofthe timeliness and accuracy of financial and statistical data relatedto customers based in our service territory that we receive on aperiodic basis from Sprint. We make significant estimates in terms ofrevenue, cost of service, selling and marketing costs and the adequacyof our allowance for uncollectible accounts based on this data wereceive from Sprint. We obtain assurance as to the accuracy of thisdata through analytic review and reliance on the service auditor reporton Sprint's internal control processes prepared by Sprint'sexternal service auditor. Inaccurate or incomplete data from Sprintcould have a material adverse effect on our results of operations andcash flow.

Consolidated Results of Operations (dollars inthousands)

For the three and six month periods ended June 30,2005 compared to the three and six month periods ended June 30,2004

Subscriber growth and key performance indicators— We had total subscribers of approximately 1,015,000 atJune 30, 2005 compared to approximately 813,000 at June 30, 2004. Thisgrowth of approximately 202,000 subscribers represents a 25 percentincrease year over year. The increase in subscriber growth is primarilyattributable to an increase in our distribution channels, primarily inour own Sprint retail stores and branded dealers in our territory aswell as overall growth in the wireless telecommunications industry.

Average monthly churn for the second quarter of 2005 wasapproximately 2.0 percent compared to approximately 2.1 percent for thesecond quarter of 2004. Increases in churn negatively impact ouroperations as we incur significant up front costs in acquiringcustomers.

Service revenues — Service revenuesconsist of revenues from our subscribers and roaming and wholesalerevenue earned when subscribers from other carriers or resellers of PCSservice use our portion of the PCS network of Sprint.

Subscriberrevenue consists of payments received from our subscribers for monthlyservice under their service plans. Subscriber revenue also includesamortization of deferred activation fees and charges 

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for the use of various features including PCSVision, the wireless web and voice activated dialing. Subscriberrevenues were $163,871 for the quarter ended June 30, 2005 compared to$133,569 for the quarter ended June 30, 2004. This increase of 23percent was primarily due to the increase in our subscriber basediscussed above. Subscriber revenues were $318,902 for the six monthsended June 30, 2005 compared to $258,315 for the six months ended June30, 2004. This increase of 23 percent was also primarily due to theincrease in the subscriber base discussed above. Base ARPU (which doesnot include roaming revenue) remained relatively consistent in thesecond quarter of 2005 at $55 compared to $56 in the second quarter of2004. Base ARPU in the first six months of 2005 was also relativelyconsistent at $55 compared to $56 in the first six months of 2004.

Roaming and wholesale revenue is comprised of revenue from Sprintand other PCS subscribers based outside of our territory who roam ontoour portion of the PCS network of Sprint as well as revenue fromresellers of PCS service whose subscribers use our portion of the PCSnetwork of Sprint.

Roaming revenue was $54,098 for the quarterended June 30, 2005 compared to $45,774 for the quarter ended June 30,2004. This increase of 18 percent was due to a 22 percent increase ininbound roaming minutes to 676 million for the quarter ended June 30,2005 compared to 553 million for the quarter ended June 30, 2004.Roaming revenue was $102,361 for the six months ended June 30, 2005compared to $86,412 for the six months ended June 30, 2004. Thisincrease of 18 percent was primarily due to a 30 percent increase ininbound roaming minutes to 1.3 billion for the six months ended June30, 2005 compared to 1.0 billion for the six months ended June 30,2004. The percentage increase in revenue in both the three and sixmonth periods ended June 30, 2005 was less than the percentage increasein minutes due to declining rates from carriers other than Sprint. Wehave a reciprocal roaming rate arrangement with Sprint pursuant towhich per-minute charges for inbound and outbound roaming related toSprint subscribers are identical. This rate is fixed at 5.8 cents perminute until December 31, 2006. We are currently a net receiver ofroaming with Sprint, meaning that the minute volume from other Sprintsubscribers roaming onto our network is greater than the minute volumefrom our subscribers roaming onto other portions of the PCS network ofSprint. The ratio of inbound to outbound Sprint roaming minutes was1.17 to 1 for the six months ended June 30, 2005. We have experiencedan increase in the volume of inbound roaming traffic from PCS providersother than Sprint. This traffic is settled at rates separatelynegotiated by Sprint on our behalf with the other PCS providers andthese rates have declined in some cases during 2005 compared to2004.

Wholesale revenue was $12,191 for the quarter ended June30, 2005 compared to $5,931 for the quarter ended June 30, 2004. Thisincrease of 106 percent was due to the addition of revenue related tosubscribers of another PCS carrier with whom Sprint entered into anagreement to allow those subscribers to use the PCS network of Sprinton a wholesale basis subsequent to June 30, 2004. As a result, allminutes of use for those subscribers in their home areas as well aswhen roaming are on the PCS network of Sprint. Wholesale revenue was$24,534 for the six months ended June 30, 2005 compared to $8,446 forthe six months ended June 30, 2004. This increase of 190 percent wasalso due to the addition of wholesale subscribers as discussedabove.

Product sales and cost of products sold —We record revenue from the sale of handsets and accessories, netof an allowance for returns, as product sales. Product sales revenueand cost of products sold are recorded for all products that are soldthrough our retail stores as well as those sold to our local indirectagents. The cost of handsets sold generally exceeds the retail salesprice as we subsidize the price of handsets for competitive reasons.Sprint's handset return policy allows customers to return theirhandsets for a full refund within 14 days of purchase. When handsetsare returned to us, we may be able to reissue the handsets to customersat little additional cost to us. However, when handsets are returned toSprint for refurbishing, we may receive a credit from Sprint, which isless than the amount we originally paid for the handset.

Productsales revenue for the quarter ended June 30, 2005 was $8,715 comparedto $8,055 for the quarter ended June 30, 2004. Cost of products soldfor the quarter ended June 30, 2005 was $22,255 compared to $16,379 forthe quarter ended June 30, 2004. As such, the subsidy on handsets soldthrough our retail and local indirect channels was $13,540 in thequarter ended June 30, 2005 and $8,324 in the quarter ended June 30,2004. Product sales revenue for the six months ended June 30, 2005 was$16,682 

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compared to $16,846 for the six months endedJune 30, 2004. Cost of products sold for the six months ended June 30,2005 was $46,406 compared to $36,162 for the six months ended June 30,2004. As such, the subsidy on handsets sold through our retail andlocal indirect channels was $29,724 in the six months ended June 30,2005 and $19,316 in the six months ended June 30, 2004. The increase insubsidies of $5,216 and $10,408 in the three and six months ended June30, 2005, respectively, is primarily due to an increase in the numberof activations through our retail and local indirect channels ofapproximately 10,000 and 23,000 subscribers, respectively, and anincrease in subsidies associated with handset upgrades of approximately$1,189 and $2,687, respectively.

Cost of service andoperations — Cost of service and operations includes thecosts of operating our portion of the PCS network of Sprint. Thesecosts include items such as tower operating leases and maintenance aswell as backhaul costs, which are costs associated with transportingwireless calls across our portion of the PCS network of Sprint toanother carrier's network. In addition, cost of service andoperations includes outbound roaming costs, long distance charges, thefees we pay to Sprint for our 8 percent affiliation fee, back officeservices such as billing and customer care, as well as our provisionfor estimated uncollectible accounts. Expenses of $110,615 in thequarter ended June 30, 2005 were approximately 21 percent higher thanthe $91,062 incurred in the quarter ended June 30, 2004. Expenses of$212,098 in the six months ended June 30, 2005 were approximately 20percent higher than the $177,278 incurred in the six months ended June30, 2004. The increase in expenses in the three and six months endedJune 30, 2005 was due to the increased volume of traffic carried on ournetwork due to the increase in our subscribers, as well as wholesaleand resale customers. Total minutes of use on our network were 3.1billion minutes in the quarter ended June 30, 2005 compared to 2.2billion minutes in the quarter ended June 30, 2004 for an increase intraffic of 41 percent. Total minutes of use on our network were 5.9billion minutes in the six months ended June 30, 2005 compared to 4.2billion minutes in the six months ended June 30, 2004 for an increasein traffic of 40 percent. The increase in costs was lower relative tothe increase in traffic due to the leverage we experience in spreadingour fixed network operating costs over a larger volume of activity.

Selling and marketing expenses — Selling andmarketing expenses include advertising, promotion, sales commissionsand expenses related to our distribution channels, including our retailstore expenses. In addition, we reimburse Sprint for the subsidy onhandsets sold through national retail stores due to the fact that theseretailers purchase their handsets from Sprint. This subsidy is recordedas a selling and marketing expense. Total selling and marketingexpenses of $33,618 in the quarter ended June 30, 2005 were 6 percenthigher than the $31,839 incurred in the quarter ended June 30, 2004.Total selling and marketing expenses of $70,138 in the six months endedJune 30, 2005 were 12 percent higher than the $62,832 incurred in thesix months ended June 30, 2004. The increase experienced during thethree months and six months ended June 30, 2005 is attributable to anincrease in variable costs resulting from increases in grossactivations of approximately 12,000 and 34,000 in the three months andsix months ended June 30, 2005, respectively, as compared to the threemonths and six months ended June 30, 2004, as well as an increase insubsidies on handsets sold through national retail stores to existingsubscribers of approximately $1,520 and $2,428 in the three months andsix months ended June 30, 2005, respectively.

General andadministrative expenses — General and administrativeexpenses include corporate costs and expenses such as administrationand finance. General and administrative expenses of $3,509 in thequarter ended June 30, 2005 were 36 percent lower than the $5,508incurred in the quarter ended June 30, 2004. General and administrativeexpenses of $9,611 in the six months ended June 30, 2005 were 13percent lower than the $10,987 incurred in the six months ended June30, 2004. The decrease in the three months and six months ended June30, 2005 has been the result of a reduced allocation of general andadministrative expenses incurred at the consolidated Alamosa Holdingslevel due to the allocation of costs to AirGate.

Mergerrelated expenses — Merger related expenses in the six monthsended June 30, 2005 of $436 relates to incremental travel costsassociated with our employees in connection with the acquisition ofAirGate PCS, Inc. ("AirGate") by AlamosaHoldings that are not considered part of the cost of the transaction inthe purchase price allocation. These costs were incurred by us due tothe fact that Alamosa Holdings has no employees.

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Depreciation and amortization —Depreciation and amortization includes depreciation of ourproperty and equipment as well as amortization of intangibles.Depreciation is calculated on the straight-line method over theestimated useful lives of the underlying assets and totaled $20,540 inthe quarter ended June 30, 2005, which was 14 percent higher than the$17,965 recorded in the quarter ended June 30, 2004. Depreciationtotaled $39,323 in the six months ended June 30, 2005, which was 9percent higher than the $35,945 recorded in the six months ended June30, 2004. The increase in the three months and six months ended June30, 2005 is due to the increase in depreciable costs as a result of ourcapital expenditures in the last six months of 2004 and the first sixmonths of 2005.

Amortization expense relates to identifiableintangible assets we have recorded related to the agreements withSprint and the customer base acquired in connection with purchasetransactions. Amortization expense of $7,567 in the quarter ended June30, 2005 was comparable to the $7,558 in the quarter ended June 30,2004. Amortization expense of $15,133 in the six months ended June 30,2005 was 11 percent less than the $16,962 in the six months ended June30, 2004. The decrease in the six months ended June 30, 2005 is due tothe subscriber bases acquired in the quarter ended March 31, 2001,which became fully amortized during the quarter ended March 31,2004.

Loss on disposal of property and equipment —We recorded a loss on disposal of property and equipment in thethree months and six months ended June 30, 2005 of $131 and $107,respectively, compared to a loss of $2,604 and $2,910 in the threemonths and six months ended June 30, 2004, respectively. Lossesrecorded in 2004 primarily relate to the abandonment of certain networkequipment with a carrying value of approximately $2.1 million that hadbecome technologically obsolete.

Non-cash compensation— Non-cash compensation expense of negative $47 in thequarter ended June 30, 2005 was lower than the $20 in the quarter endedJune 30, 2004. Non-cash compensation expense of $556 in the six monthsended June 30, 2005 was significantly higher than the $40 in the sixmonths ended June 30, 2004. The expense relates to vesting ofrestricted stock that had been awarded to certain of our officers. Theincrease in 2005 is due to the issuance of an additional 200,000 sharesof restricted stock to our officers. The negative expense in the secondquarter of 2005 is the result of the allocation of certain costs toAirGate in the first quarter of 2005.

Income from operations— Our operating income for the quarter ended June 30, 2005was $40,687 compared to $20,394 for the quarter ended June 30, 2004,representing an improvement of $20,293. Our operating income for thesix months ended June 30, 2005 was $68,671 compared to $26,903 for thesix months ended June 30, 2004, representing an improvement of $41,768.The improvement in operating income is primarily attributable to theleverage we have achieved in spreading our fixed costs over a largerbase of subscribers.

Loss on debt extinguishment —The loss on debt extinguishment of $482 recorded in the threemonths and six months ended June 30, 2005 includes a premium paid onearly redemption of our 12 7/8% Senior Discount Notes in April2005 of $411 and $71 in unamortized loan costs written off upon theredemption of these notes. The loss on debt extinguishment of $13,101recorded in the six months ended June 30, 2004 relates to the repaymentand termination of our senior secured credit facility in January 2004.The loss is comprised of $12,565 in net deferred loan fees related tothe terminated credit facility plus the recognition of $536 in othercomprehensive loss related to derivative instruments used for hedginginterest rate risk on outstanding borrowings under the creditfacility.

Interest and other income — Interestand other income represents amounts earned on the investment of excesscash. Income of $831 in the quarter ended June 30, 2005 wassignificantly higher than the $219 earned in the quarter ended June 30,2004. Income of $1,599 in the six months ended June 30, 2005 wassignificantly higher than the $386 earned in the six months ended June30, 2004. The increase in interest and other income earned in the threemonths and six months ended June 30, 2005 is primarily due to the factthat during the quarter ended June 30, 2004, the Board of Directorsapproved a change in the Company's investment policy to extendthe allowable weighted average maturity of investments from the 90 daysallowed previously to 270 days. As a result, excess cash has beeninvested in higher yielding instruments.

Interest expense— Interest expense for the quarters ended June 30, 2005 and2004 included non-cash interest of $6,826 and $6,278, respectively,related to the accretion of senior discount notes, the 

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amortization of debt issuance costs andchanges in the fair value of hedge instruments that do not qualify forhedge accounting treatment. The increase in total interest expense to$19,566 in the quarter ended June 30, 2005 from $18,952 in the quarterended June 30, 2004 is due primarily to the issuance of the 81/2% Senior Notes in the first quarter of 2004 which were at aslightly higher interest rate than the secured credit facility that wasterminated with the proceeds from the 8 1/2% Senior Notes.Interest expense for the six months ended June 30, 2005 and 2004included non-cash interest of $13,625 and $12,550, respectively. Theincrease in total interest expense to $39,152 in the six months endedJune 30, 2005 from $37,187 in the six months ended June 30, 2004 isalso due to the increased level of debt after the debt exchangecompleted in November 2004 coupled with a lower interest rate on seniornotes issued in January 2004.

Income Taxes

We accountfor income taxes in accordance with SFAS No. 109"Accounting for Income Taxes." As of December31, 2000, the net deferred tax asset consisted primarily of temporarydifferences related to the treatment of organizational costs, unearnedcompensation, interest expense and net operating loss carry forwards.The net deferred tax asset was fully offset by a valuation allowance asof December 31, 2000 because there was sufficient uncertainty as towhether we would recognize the benefit of those deferred taxes infuture periods. In connection with the acquisitions completed in thequarter ended March 31, 2001, we recorded significant deferred taxliabilities due to differences in the book and tax basis of the netassets acquired, particularly intangible assets.

The reversal ofthe timing differences which gave rise to these deferred taxliabilities allowed us to realize the benefit of timing differenceswhich gave rise to the deferred tax asset. As a result, we released thevaluation allowance during the second quarter of 2001. Prior to 2001,all deferred tax benefit had been fully offset by an increase in thevaluation allowance such that there was no financial statement impactwith respect to income taxes. With the reduction of the valuationallowance in 2001, we began to reflect a deferred tax benefit in ourconsolidated statement of operations. During 2003, we reinstated avaluation allowance to reflect the deferred tax assets at the amountsexpected to be realized. The valuation allowance was further increasedin 2004 to reflect the deferred tax assets at the amounts expected tobe realized. The 2005 forecasted annual effective tax rate reflects arelease of a portion of the valuation allowance based upon projected2005 taxable income. On a quarterly basis, we evaluate the need for andadequacy of the valuation allowance based on the expected realizabilityof our deferred tax assets and adjust the amount of such allowance, ifnecessary. The factors used to assess the likelihood of realization arethe latest forecast of future taxable income, available tax planningstrategies and the future reversal of existing taxable temporarydifferences.

Cash Flows

Operating activities— Operating cash flows decreased $4,641 in the six monthsended June 30, 2005 compared to the six months ended June 30, 2004.This decrease is primarily due to advances to Alamosa Holdings ofapproximately $22,000 in connection with Alamosa Holdings'acquisition of AirGate in the first quarter of 2005.

Investing activities — Our investing cash flows werenegative $48,453 in the six months ended June 30, 2005 compared tonegative $92,374 in the six months ended June 30, 2004. Cash purchasesof property and equipment were $47,555 and $42,635 in the six monthsended June 30, 2005 and 2004, respectively.

Financingactivities — Our financing cash flows decreased in the sixmonths ended June 30, 2005 to negative $80,730 from positive $35,520 inthe six months ended June 30, 2004. In the six months ended June 30,2004, we received net proceeds from an offering of senior notes ofapproximately $242 million, which were used to permanently repay $200million in borrowings outstanding under our senior secured creditfacility. In the six months ended June 30, 2005, we made a capitaldistribution to Alamosa Holdings in the amount of $73,876 in connectionwith Alamosa Holdings' acquisition of AirGate.

Liquidityand Capital Resources

Since inception, we have financed ouroperations through capital contributions from our owners, debtfinancing and proceeds generated from public offerings of our commonstock. The proceeds from these 

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transactions have been used to fund thebuild-out of our portion of the PCS network of Sprint, subscriberacquisition costs and working capital.

While we have incurredcumulative net losses since inception and incurred negative cash flowsfrom operating activities in the past, we generated approximately $132million and used approximately $57 million in cash flows from operatingactivities for the year ended December 31, 2004 and the six monthsended June 30, 2005, respectively. Additionally, we reported net incomeof $29 million for the six months ended June 30, 2005.

As ofJune 30, 2005, we had $55 million of cash on hand as well as $51million in short-term investments, which we believe will be sufficientto fund expected capital expenditures and to cover our working capitaland debt service requirements (including dividends on Alamosa Holdingspreferred stock) for at least the next 12 months.

Our futureliquidity will be dependent on a number of factors influencing ourprojections of operating cash flows, including those related tosubscriber growth, ARPU, average monthly churn and cost per grossaddition. Should actual results differ significantly from theseassumptions, our liquidity position could be adversely affected and wecould be in a position that would require us to raise additionalcapital, which may or may not be available on terms acceptable to us,if at all, and could have a material adverse effect on our ability toachieve our intended business objectives.

Future Trends ThatMay Affect Operating Results, Liquidity and Capital Resources

On December 15, 2004, Sprint Corporation("Sprint") and Nextel Communications, Inc.("Nextel") announced a proposed merger oftheir two companies. Nextel currently operates a wireless mobilitycommunications network in certain territories in which we also providedigital wireless mobility communications network services under theSprint or affiliated brands. Sprint and Nextel have announced that theyintend to close the merger on August 12, 2005.

Based upon theterms of the exclusivity covenants contained in the managementagreement between Sprint and AirGate PCS, Inc., a wholly-ownedsubsidiary of Alamosa Holdings and a sister company to us, AlamosaHoldings believes that Nextel's operation of a wireless mobilitycommunications network in territories in which AirGate operates fromand after the closing of the Sprint-Nextel merger will constitute abreach of the exclusivity covenants in the AirGate management agreementwith Sprint. Moreover, based upon public statements and disclosuresmade by Sprint and Nextel following the announcement of their pendingmerger, we believe that actions that Sprint and Nextel intend to takein connection with the integration of their operations followingcompletion of the merger may constitute a breach of the exclusivity andcertain other provisions of the management agreements between Sprintand our operating subsidiaries.

As previously disclosed, AlamosaHoldings had been engaged in discussions with Sprint in an attempt toreach a mutually acceptable resolution of the issues related to theSprint-Nextel merger and its effect on the existing managementagreements between Sprint and Alamosa Holdings' subsidiaries.However, Alamosa Holdings concluded that it was unlikely that it wouldbe able to reach a mutually acceptable resolution with Sprint prior tothe closing of the Sprint-Nextel merger, and, on August 8, 2005,AirGate filed a lawsuit against Sprint, certain of its affiliates andNextel in the Delaware Court of Chancery alleging, among other things,that following the completion of the pending merger, Sprint will breachthe exclusivity covenants contained in its management agreement withAirGate and that Nextel unlawfully interfered with AirGate'sexclusive rights under such agreement. The complaint seeks, among otherthings, an order directing Sprint and its affiliates to specificallyperform their contractual obligations under their agreements withAirGate, an injunction preventing Sprint and Nextel from taking anyaction or entering into any agreement that would violate theexclusivity covenants contained in the agreements, a declaratoryjudgment declaring the rights, remedies and obligations of the partiesunder the agreements, and damages. We, along with our operatingsubsidiaries, also may decide to pursue remedies against Sprint andNextel, including bringing a lawsuit against Sprint and Nextel.

Under our affiliation agreements with Sprint, an event oftermination can be declared by us after a material breach by Sprint isnot cured within the applicable grace period, which, without extensionby us, 

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could be as much as 180 days. If we have theright to terminate our management agreements because of an event oftermination caused by Sprint, generally we may (i) require Sprint topurchase all of our operating assets used in connection with ourportion of the PCS network of Sprint, (ii) in all areas in ourterritory where Sprint is the licensee for 20 MHz or more of thespectrum on the date it terminates our management agreements, requireSprint to assign to us, subject to governmental approval, up to 10 MHzof licensed spectrum or (iii) choose not to terminate our managementagreements and sue Sprint for damages or other relief or submit thematter to arbitration.

Should the breach not be cured by Sprintor a modification, waiver or extension not be granted by us, theelection by us to terminate the affiliation agreements would constitutean event of default under each series of our outstanding senior notes.Upon an event of default, the holders of the senior notes would havethe right to demand payment and we may not have adequate liquidity tosatisfy this obligation. At this point in time, we do not anticipatethat an event of termination of the affiliation agreements willoccur.

During 2002 and 2003, we experienced overall declining netsubscriber growth compared to previous periods. This trend wasattributable to increased competition and slowing aggregate subscribergrowth in the wireless telecommunications industry. Although we haveexperienced improvement in subscriber growth in 2004 and through thefirst six months of 2005, we are continuing to incur net losses as wecontinue to add subscribers, which requires a significant up-frontinvestment to acquire those subscribers. If net subscriber growth doesnot continue to improve, it will lengthen the amount of time it willtake us to reach a sufficient number of subscribers to achieveprofitability.

We may experience a higher average monthly churnrate than we are currently anticipating. Our average monthly churn forthe second quarter of 2005 was 2.0 percent compared to 2.3 percent forthe year ended December 31, 2004 and 2.7 percent for the year endedDecember 31, 2003. Although churn has declined over the past two years,we expect that in the near term churn could increase. If averagemonthly churn increases over the long-term, we would lose the cashflows attributable to those customers and have greater than projectedlosses.

We may incur significant handset subsidy costs forexisting customers who upgrade to a new handset. As our customer basematures and technological advances in our services take place, moreexisting customers will begin to upgrade to new handsets to takeadvantage of these services. We have limited historical experienceregarding the rate at which existing customers upgrade their handsetsand if more customers upgrade than we are currently anticipating, itcould have a material adverse impact on our earnings and cashflows.

We may not be able to access the credit or equity marketsfor additional capital if the liquidity discussed above is notsufficient for the cash needs of our business. We continually evaluateoptions for additional sources of capital to supplement our liquidityposition and maintain maximum financial flexibility. If the need foradditional capital arises due to our actual results differingsignificantly from our business plan or for any other reason, we may beunable to raise additional capital.

Recently Issued AccountingPronouncements

In December 2004, the Financial AccountingStandards Board ("FASB") issued SFAS No.123(R), "Share-Based Payment," which is arevision of SFAS No. 123 and supersedes APB Opinion No. 25. SFAS No.123(R) requires all share-based payments to employees, including grantsof employee stock options, to be valued at fair value on the date ofgrant, and to be expensed over the applicable vesting period. Pro formadisclosures of the income statement effects of share-based payments isno longer an alternative. SFAS No. 123(R) is effective for allstock-based awards granted on or after July 1, 2005. In addition,companies must also recognize compensation expense related to anyawards that are not fully vested as of July 1, 2005. Compensationexpense for the unvested awards will be measured based on the fairvalue of the awards previously calculated in developing the pro formadisclosures in accordance with the provisions of SFAS No. 123. On April14, 2005, the SEC announced the adoption of a new rule that amends thecompliance dates for SFAS No. 123(R). The new rule allows registrantsto implement SFAS No. 123(R) at the beginning of their next fiscal yearthat begins after June 15, 2005. As a result, the Company will berequired to adopt the provisions of SFAS No. 123(R) on January 1, 2006.The Company is currently assessing the impact of adopting SFAS No.123(R) to its consolidated results of operations.

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In June 2005, the FASB issued SFAS No.154, "Accounting Changes and Error Corrections areplacement of APB Opinion No. 20 and FASB Statement No.3." This Statement changes the requirements for theaccounting for and reporting of a change in accounting principle. ThisStatement applies to voluntary changes as well as those changesrequired by an accounting pronouncement if that pronouncement does notinclude specific transition provisions. This Statement requiresretrospective application to prior periods' financial statementsof changes in accounting principle as opposed to being shown as acumulative adjustment in the period of change. The Statement iseffective for all changes and corrections of errors made in fiscalyears beginning after December 15, 2005. The adoption of this standardis not expected to materially impact the Company.

On March 31,2005, the FASB issued Interpretation No.("FIN") 47, "Accounting forConditional Asset Retirement Obligations" which is aninterpretation of SFAS No. 143, "Accounting for AssetRetirement Obligations." FIN 47 clarifies that therecognition and measurement provisions of SFAS No. 143 apply to assetretirement obligations in which the timing and/or method of settlementmay be conditional on a future event, including obligations toremediate asbestos at the end of a building's useful life andobligations to dispose of chemically-treated telephone poles at the endof their useful lives. FIN 47 is effective for fiscal years endingafter December 15, 2005. The Company is currently assessing the impactof adopting FIN 47 to its consolidated results of operations.

|               |                                                           |
|---------------|-----------------------------------------------------------|
| ITEM 3.  | QUANTITATIVE AND QUALITATIVE DISCLOSURESABOUT MARKET RISK |

Omitted under the reduced disclosure formatpursuant to General Instruction H(2)(c) of Form 10-Q.

|              |                         |
|--------------|-------------------------|
| ITEM4.  | CONTROLS AND PROCEDURES |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)  | Evaluation of Disclosure Controls andProcedures. The Company's management with the participation ofthe Company's Chief Executive Officer and Chief Financial Officerhas evaluated the effectiveness of our disclosure controls andprocedures (as such term is defined in Rules 13a-15(e) or 15d-15(e)under the Exchange Act of 1934, as amended (the "ExchangeAct")), as of the end of the period covered by thisquarterly report. Based on such evaluation, such officers haveconcluded that, as of the end of the period covered by this quarterlyreport, the Company's disclosure controls and procedures areeffective. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Changes in Internal ControlOver Financial Reporting. There have not been any changes in ourinternal controls over financial reporting (as such term is defined inRules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscalquarter to which this report relates that have materially affected, orare reasonably likely to materially affect, our internal controls overfinancial reporting. |

We place reliance on Sprint to adequatelydesign its internal controls with respect to the processes establishedto provide financial information and other information to us and theother PCS Affiliates of Sprint. To address this issue, Sprint engagesits independent auditors to perform a periodic evaluation of thesecontrols and to provide a "Report on Controls Placed inOperation and Tests of Operating Effectiveness forAffiliates" under guidance provided in Statement ofAuditing Standards No. 70. This report is provided to ussemi-annually.

PART II — OTHER INFORMATION

|              |                    |
|--------------|--------------------|
| ITEM1.  | LEGAL PROCEEDINGS. |

See Part I, Item 1,Note 13 under the caption "Commitments and Contingencies– Litigation" for a description of legalproceedings.

|               |                                                             |
|---------------|-------------------------------------------------------------|
| ITEM 2.  | UNREGISTERED SALES OFEQUITY SECURITIES AND USE OF PROCEEDS. |

Omitted under thereduced disclosure format pursuant to General Instruction H(2)(c) ofForm 10-Q.

|               |                                 |
|---------------|---------------------------------|
| ITEM 3.  | DEFAULTS UPON SENIORSECURITIES. |

None.

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|               |                                                     |
|---------------|-----------------------------------------------------|
| ITEM 4.  | SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS. |

Omitted under thereduced disclosure format pursuant to General Instruction H(2)(c) ofForm 10-Q.

|               |                    |
|---------------|--------------------|
| ITEM 5.  | OTHER INFORMATION. |

None.

|                |           |
|----------------|-----------|
| ITEM 6.   | EXHIBITS. |

See theExhibit Index following the signature page hereto for a list of theexhibits filed pursuant to Item 601 of RegulationS-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalfby the undersigned thereunto duly authorized.

|  | ALAMOSA (DELAWARE), INC. (Registrant) |
|--|---------------------------------------|

|  | /s/ David E. SharbuttDavid E.Sharbutt Chairman of the Board of Directors and ChiefExecutive Officer (Principal Executive Officer) |
|--|-----------------------------------------------------------------------------------------------------------------------------------|

|  | /s/ Kendall W. CowanKendall W.Cowan Chief Financial Officer (Principal Financial andAccounting Officer) |
|--|---------------------------------------------------------------------------------------------------------|

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EXHIBITINDEX

|               |  |                                                                                                                                                                                                                                                                   |  |  |  |  |
|---------------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| EXHIBITNUMBER |  | EXHIBITTITLE                                                                                                                                                                                                                                                      |
| 3.1           |  | Amendedand Restated Certificate of Incorporation of Alamosa (Delaware), Inc.,filed as Exhibit 3.1 to Form 10-Q of Alamosa (Delaware), Inc. for thequarterly period ended June 30, 2001 (SEC File No. 001-15657), whichexhibit is incorporated herein byreference. |
| 3.2           |  | Amended and Restated Bylawsof Alamosa (Delaware), Inc., filed as Exhibit 3.2 to the RegistrationStatement on Form S-4, dated May 9, 2001 (SEC File No. 333-60572) ofAlamosa (Delaware), Inc., which exhibit is incorporated herein byreference.                   |
| 10.1+         |  | The ThirdAmended and Restated Employee Stock Purchase Plan, filed as Exhibit10.1 to the current report on Form 8-K of Alamosa Holdings, Inc. (SECFile No. 001-16793), dated June 8, 2005, which exhibit is incorporatedherein by reference.                       |
| 10.2+         |  | TheAmended and Restated 1999 Long-Term Incentive Plan, filed as Exhibit10.2 to the current report on Form 8-K of Alamosa Holdings, Inc. (SECFile No. 001-16793), dated June 8, 2005, which exhibit is incorporatedherein by reference.                            |
| 31.1 *        |  | Certification ofCEO Pursuant to Section 302 of the Sarbanes-Oxley Act of2002.                                                                                                                                                                                     |
| 31.2 *        |  | Certification of CFO Pursuantto Section 302 of the Sarbanes-Oxley Act of2002.                                                                                                                                                                                     |
| 32.1 *        |  | Certification of CEO Pursuantto 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of theSarbanes-Oxley Act of 2002.                                                                                                                                      |
| 32.2*         |  | Certification of CFO Pursuant to 18 U.S.C. Section 1350, asadopted Pursuant to Section 906 of the Sarbanes-Oxley Act of2002.                                                                                                                                      |
|               |

|  |
|--|
|  |  |
|  |

|   |                                                       |
|---|-------------------------------------------------------|
| + | Exhibitis a management contract or compensatory plan. |

|   |                           |
|---|---------------------------|
| * | Exhibit is filedherewith. |

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