NOTICE OF GUARANTEED DELIVERY FOR OFFER TO EXCHANGE 9 1/8% SERIES A SENIOR SECURED NOTES DUE 2006 FOR ANY AND ALL OUTSTANDING 9 1/8% SERIES B SENIOR SECURED NOTES DUE 2006 OF PRICE COMMUNICATIONS WIRELESS, INC. --------------- Registered holders of outstanding 9 1/8% Series A Senior Secured Notes due 2006 (the "Old Notes") who wish to tender their Old Notes in exchange for a like principal amount of 9 1/8% Series B Senior Secured Notes due 2006 (the "New Notes") and, in each case, whose Old Notes are not immediately available or who cannot deliver their Old Notes and Letter of Transmittal (and any other documents required by the Letter of Transmittal) to Bank of Montreal Trust Company (the "Exchange Agent") prior to the Expiration Date, may use this Notice of Guaranteed Delivery or one substantially equivalent hereto. This Notice of Guaranteed Delivery may be delivered by hand or sent by facsimile transmission (receipt confirmed by telephone and an original delivered by guaranteed overnight delivery) or mail to the Exchange Agent. See "The Exchange Offer -- Guaranteed Delivery Procedures" in the Prospectus. THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS: BANK OF MONTREAL TRUST COMPANY BY MAIL, BY OVERNIGHT COURIER OR BY HAND: Bank of Montreal Trust Company 77 Water Street, 4th Floor Attn: Amy Roberts, Corporate Trust Department New York, NY 10005 BY FACSIMILE: (212) 701-7684 CONFIRM BY TELEPHONE: (212) 701-7653 Delivery of this Notice of Guaranteed Delivery to an address other than as set forth above or transmission of instructions via a facsimile transmission to a number other than as set forth above will not constitute a valid delivery. This Notice of Guaranteed Delivery is not to be used to guarantee signatures. If a signature on the Letter of Transmittal is required to be guaranteed by an Eligible Institution, such signature guarantee must appear in the applicable space provided on the Letter of Transmittal for Guarantee of Signatures. THE FOLLOWING GUARANTEE MUST BE COMPLETED GUARANTEE OF DELIVERY (NOTE TO BE USED FOR SIGNATURE GUARANTEE) The undersigned, a firm that is a member of a registered national securities exchange or a member of the National Association of Securities Dealers, Inc. or a commercial bank or trust company having an office, branch, agency or correspondent in the United States, hereby guarantees to deliver to the Exchange Agent at one of its addresses set forth above, the certificates representing the Old Notes, together with a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with any required signature guarantees, and any other documents required by the Letter of Transmittal within five New York Stock Exchange, Inc. trading days after the date of execution of this Notice of Guaranteed Delivery. Name of Firm: (Authorized Signature) Address: Title: Name: (Zip Code) (Please type or print) Area Code and Telephone Number: Date: NOTE: DO NOT SEND NOTES WITH THIS NOTICE OF GUARANTEED DELIVERY. NOTES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL. 2