Presentation Regarding
Acquisition by
Sprint Nextel

November 21, 2005

Safe Harbor Provisions

Statements contained in this presentation that are forward-looking
statements, such as statements containing terms such as can, may,
will, expect, plan, and similar terms, are subject to various risks and
uncertainties. Such forward-looking statements are made pursuant
to the "safe-harbor" provisions of the private Securities Litigation
Reform Act of 1995 and are made based on management's current
expectations or beliefs as well as assumptions made by, and
information currently available to, management. A variety of factors
could cause actual results to differ materially from those anticipated
in Alamosa's forward-looking statements. For a detailed discussion
of these and other cautionary statements and factors that could
cause actual results to differ from Alamosa's forward-looking
statements, please refer to Alamosa's filings with the Securities and
Exchange Commission, especially in the "risk factors" sections of
Alamosa's Annual Report on Form 10-K for the year ended
December 31, 2004 and in subsequent filings with the Securities and
Exchange Commission. Investors and analysts should not place
undue reliance on forward-looking statements.

Additional Disclosure

In connection with the proposed merger, Alamosa will file relevant materials with the
SEC, including a proxy statement.  Investors and security holders of Alamosa are urged
to read these documents (if and when they become available) and any other relevant
documents filed with the SEC, as well as any amendments or supplements to those
documents, because they will contain important information about Alamosa and the
Merger.  Investors and security holders may obtain these documents (and any other
documents filed by Alamosa with the SEC) free of charge at the SEC's website at
www.sec.gov.  In addition, the documents filed with the SEC by Alamosa may be
obtained free of charge by directing such request to:  Alamosa Holdings, Inc., 5225 S.
Loop 289, Lubbock, Texas 79424, Attention: Jon Drake (806-722-1100); or from
Alamosa's website at www.alamosapcs.com.  Investors and security holders are urged to
read the proxy statement and the other relevant materials when they become available
before making any voting decision with respect to the proposed Merger.

Alamosa and its executive officers and directors may be deemed to be participants in the
solicitation of proxies from the stockholders of Alamosa in favor of the Merger.
Information about the executive officers and directors of Alamosa and their ownership of
Alamosa common stock is set forth in the proxy statement for Alamosa's 2005 Annual
Meeting of Stockholders, which was filed with the SEC on April 14, 2005. Investors and
security holders may obtain more detailed information regarding the direct and indirect
interests of Alamosa and its executive officers and directors in the Merger by reading the
proxy statement regarding the Merger when it becomes available.

Transaction Terms

On November 21, 2005, Alamosa agreed to be acquired by Sprint Nextel

Alamosa Common shareholders will receive $18.75 per share in cash

Preferred shareholders will receive $1,378.69 in cash per unit (equivalent to amount to
be paid in respect of shares of Alamosa Common Stock on an “as converted” basis),
plus any accrued and unpaid dividends

Transaction value of approximately $4.3 billion, including the assumption of
approximately $905 million of net debt

Transaction Terms and Timing

Alamosa management and Board believe transaction represents fair value

Relative Valuation

Source: SEC filings, company press releases, Consensus Wall Street estimates. Forward EBITDA multiples utilize 2004E EBITDA for AT&T Wireless / Cingular; 2005E EBITDA for
Western Wireless / Alltel, Airgate / Alamosa and Nextel / Sprint; and 2006E EBITDA for Alamosa / Sprint, US Unwired / Sprint, IWO / Sprint and Gulf Coast / Sprint.

(1) Based on assumed 2006E EBITDA of $441 million.

(2) Source: Sprint Nextel press release.

(3) US Unwired multiples do not exclude any value attributable to litigation.

(4) Forward EBITDA multiple from Sprint Nextel press release.

Transaction valuation compared to recent wireless transactions

Transaction Value / Forward EBITDA

Transaction Value / Subscribers

Transaction Price Versus Trading History

Transaction Price ($18.75)

Presentation Regarding
Acquisition by
Sprint Nextel

November 21, 2005