1035985--3/16/2006--DOBSON_COMMUNICATIONS

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{product, market, service}

{system, service, information}

{customer, product, revenue}

{cost, regulation, environmental}

{personnel, key, retain}

{debt, indebtedness, cash}

{stock, price, share}

{stock, price, operating}

{cost, operation, labor}

{acquisition, growth, future}

We depend on roaming revenue for a substantial portion of our total revenue. If our long-term roaming agreements are terminated or the terms of such arrangements become less favorable to us, or the amount of roaming traffic under these agreements decrease materially, our business could be harmed. We may experience a high rate of customer turnover, which would adversely affect our financial performance. The wireless industry is experiencing rapid technological change, and we may lose customers if we fail to keep up with these changes. We depend on roaming partners to provide service for our subscribers who travel outside of our coverage areas. We are controlled by Dobson CC Limited Partnership through its ownership of our Class B common stock. ETC revenues are growing considerably as we gain ETC status in more states, however, if rulings were made to change the current calculation or allocation of ETC revenues, it could have an adverse effect on our financial results. We face intense competition from other wireless providers. Our implementation of a new technology has resulted in network capacity constraints, heightened customer churn and increased costs. Our transition from TDMA to next generation technologies could continue to have a negative impact on customer satisfaction and retention and our financial results. Our choice for the next generation of technology, EDGE, is a new technology and could quickly become obsolete and/or not commercially accepted, which could result in a delay in offering new services. System failures could result in reduced user traffic and reduced revenue and could harm our reputation. We have committed a substantial amount of capital and will need to continue to provide substantial amounts of capital to continuously upgrade and enhance our wireless voice networks to offer advanced data services, but there can be no assurance that widespread demand for these services will develop. The restrictive covenants in our debt and preferred stock instruments may limit our operating flexibility. Our failure to comply with these covenants could result in defaults under our debt instruments even though we may be able to meet our debt service obligations. We rely on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure. If these suppliers or vendors experience problems or favor our competitors, we may not be able to obtain sufficient quantities of the products and services we require to operate our businesses successfully. Our operations are subject to governmental regulation that could have an adverse effect on our business. We are subject to environmental regulation and environmental compliance expenditures and liabilities. The loss of any of our licenses could adversely affect our ability to provide wireless service. We may not be able to obtain additional spectrum, which may adversely affect our ability to implement our business plan. We depend in large part on the efforts of our key personnel. The loss of our key personnel in a competitive employment environment could affect our growth and future success.

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1035985--3/16/2006--DOBSON_COMMUNICATIONS_CORP