TeleCorp PCS Inc. –

ARLINGTON, Va. – TeleCorp PCS Inc., an AT&T Wireless affiliate, went public November 23, offering 9.2 million shares at $20 apiece. The company’s stock priced at the top of its $18 to $20 filing range.

Salomon Smith Barney, Deutsche Banc Alex. Brown AG, Lehman Brothers Holdings Inc. and Merrill Lynch & Co. underwrote the offering, which left 101.6 million shares outstanding.

Chase Capital Partners, Desai Capital Management Inc., Hoak Capital Corp., J.H. Whitney & Co., Media/Communications Venture Partners and AT&T Wireless PCS L.L.C. were venture backers. There were no selling shareholders.

TeleCorp has licenses covering some 16.5 million people in the Southern, Central and Northeastern United States and Puerto Rico. The company provides wireless phone service under the AT&T Wireless and SunCom brands to more than 75,000 subscribers, serving 18 markets, including the Cape Cod region in Massachusetts, as well as metropolitan areas such as New Orleans. TeleCorp customers also have roaming capabilities on AT&T’s coast-to-coast wireless network.

The $206.6 million in proceeds expected from the IPO will be used for general corporate purposes, including capital expenditures.

TeleCorp has never been profitable, losing $3.3 million in 1997 and $51.2 million in 1998.

Rohit Desai, chairman, president and chief investment officer at Desai Capital, joined the company’s board of directors in July 1998. Michael Hannon, a general partner at Chase Capital, James Hoak Jr., chairman and principal at Hoak Capital, Mary Hawkins-Key and Michael Schwartz, vice-presidents at AT&T, William Laverack Jr., a general partner at J.W. Whitney and James Wade, a managing partner at M/C Venture Partners, also joined in July 1998.

TeleCorp PCS – Selected Financial

(in thousands, except per share data)

July 29, 1996 Year Ended Nine Months Ended

(inception) December 31 September 30

to December 31, 1996 1997 1998 1998* 1999

Total revenue 29 48,201

Net loss -525 -3,335 -51,155 -25,411 -144,075

Net loss per share -44.45 -111.74 -2.19 -1.45 -2.3