EXHIBIT 99.2 METAWAVE COMMUNICATIONS CORPORATION SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E -------- -------- -------- -------- -------- Balance at Charged To Charged to Balance at Beginning of Costs and Other End of DESCRIPTION Period Expenses Accounts Deductions Period ----------- ------------ ---------- ---------- ---------- ---------- Period from January 16, (Date of formation) through December 31, 1995: Balance sheet allowances $ -- -- -- -- $ -- Inventory reserves $ -- -- -- -- $ -- Warranty reserves $ -- -- -- -- $ -- Year ended December 31, 1996: Balance sheet allowances $ -- -- -- -- $ -- Inventory reserves $ -- -- -- -- $ -- Warranty reserves $ -- -- -- -- $ -- Year ended December 31, 1997: Balance sheet allowances $ -- 467 -- -- $ 467 Inventory reserves $ -- 870 -- -- $ 870 Warranty reserves $ -- -- -- -- $ -- Period ended June 30 , 1998: Balance sheet allowances $ 467 28 -- 200(a) $ 295 Inventory reserves $ 870 -- -- 96(b) $ 774 Warranty reserves $ -- 320 -- 90(b) $ 230 (a) Represents writeoff of assets reserve for disposition of assets (b) Represents adjustments of estimates