X0202 4 2007-03-07 0 0001108727 iPCS, INC IPCS 0001332784 Silver Point Capital L.P. 2 GREENWICH PLAZA GREENWICH CT 06830 0 0 1 0 Common Stock Purchase Option 50.41 2007-03-07 4 A 0 7500 0 A 2017-03-06 Common 7500 22500 D Exercisable in equal quarterly installments on March 31, June 30, September 30 and December 31, 2007. Silver Point Capital L.P. ("Silver Point") is the investment manager of Silver Point Capital Fund, L.P., Silver Point Capital Offshore Fund, Ltd. and SPCP Group, LLC (the "Funds") and, by reason of such status, may be deemed to be the beneficial owner of all of the reported securities held by the Funds. Silver Point Capital Management, LLC ("Management") is the general partner of Silver Point and as a result may be deemed to be the beneficial owner of all of the reported securities held by the Funds. Messrs. Edward A. Mule and Robert J. O'Shea are each members of Management and as a result may be deemed to be the beneficial owners of all securities held by the Funds. Messrs. Rule and O'Shea disclaim beneficial ownership of the requested securities held by the Funds except to the extentof their pecuniary interests. An employee of Silver Point is a director of the issuer. Frederick H. Fogel 2007-03-09