cost of capitalEquityNetDebt/Debt/EquityAssetAssumptions:Comparable Companies:Market ValueDebtValueEquityBetaBetaMarginal Tax Rate40.0%Universal Mobile118,49769,13036.8%58.3%0.860.64Debt Beta0.00Neuberger Wireless189,47079,35129.5%41.9%0.890.71Agile Connections21,0795,08019.4%24.1%1.171.02Market Risk Premium5.00%Big Country Communications26,2858,33524.1%31.7%0.970.81Risk-Free Rate4.25%Rocky Mountain Wireless7,3603,26830.7%44.4%1.130.89Average28.1%40.1%1.000.82Cost of Debt5.50%Debt/Debt/AssetEquityCost ofCost ofValueEquityBetaBetaEquityDebtWACC0.0%0.0%0.820.828.33%5.50%8.33%5.0%5.3%0.820.868.54%5.50%8.28%10.0%11.1%0.820.918.78%5.50%8.23%15.0%17.6%0.820.969.05%5.50%8.19%20.0%25.0%0.821.029.35%5.50%8.14%25.0%33.3%0.821.099.69%5.50%8.09%28.1%39.1%0.821.139.92%5.50%8.06%35.0%53.8%0.821.2510.52%5.50%8.00%40.0%66.7%0.821.3611.05%5.50%7.95%45.0%81.8%0.821.4811.66%5.50%7.90%47.0%88.7%0.821.5411.94%5.50%7.88%50.0%100.0%0.821.6312.41%5.50%7.85%

FCFFOperating Results:20082009201020112012Service Revenue4,194.34,781.55,379.25,917.26,331.4Plus: Equipment Sales314.8358.8403.7444.1475.2Plus: Synergy Related Business Revenue0.00.00.00.00.0Total Revenue4,509.15,140.45,782.96,361.26,806.5Less: System Operating Expenses838.9956.31,075.81,183.41,266.3Plus: Backhaul Synergy Savings0.00.00.00.00.0Less: Cost of Equipment Sold755.5861.2968.91,065.81,140.4Less: Selling, General & Administrative1,803.62,056.22,313.22,544.52,722.6EBITDA1,111.11,266.71,425.01,567.51,677.3Less: Depreciation & Amortization705.2804.0867.4922.4952.9EBIT405.9462.7557.6645.2724.4Un-Levered Free Cash Flow:NOPAT243.5277.6334.6387.1434.6Plus: Depreciation & Amortization705.2804.0867.4922.4952.9Less: Changes in Working Capital25.919.720.018.013.9Less: Capital Expenditures631.3719.7867.4970.11,055.0Un-Levered Free Cash Flow291.6342.3314.5321.4318.6PV Intermediate FCF8.33%1,255.3269.2291.7247.4233.4213.6

debt capacityAirThread Debt Capacity:Pre-Synergy Est. 2007 EBITDA1,033Total Borrowing3,758Interest Coverage Ratio5.00xAmortization Period10 YearsMaximum Interest Expense207Payments Per Year12Interest Rate5.50%Monthly Payment41Est. Debt Capacity3,758

tax shieldsInterest Tax Shields:20082009201020112012Interest Expense199.4183.1165.8147.5128.3Tax Rate40.0%40.0%40.0%40.0%40.0%Tax Shield79.873.266.359.051.3Interest Rate5.50%PV of Intermediate Tax Shields284.875.665.856.547.639.30

value - no synergiesUn-Levered Free Cash Flows:20082009201020112012NOPAT243.5277.6334.6387.1434.6Plus: Depreciation & Amortization705.2804.0867.4922.4952.9Less: Changes in Working Capital25.919.720.018.013.9Less: Capital Expenditures631.3719.7867.4970.11,055.0Un-Levered Free Cash Flow291.6342.3314.5321.4318.6PV of FCF8.33%1,255.3269.2291.7247.4233.4213.6Interest Tax Shields79.873.266.359.051.3PV of Interest Tax Shields284.875.665.856.547.639.3Total Intermediate Term Value1,540.1TV Growth Rate2.9%TV WACC Cash Flow4,286.76,316.3Value of Operating Assets5,826.8Value of Non-Operating Assets1,718.6Total Enterprise Value7,545.4

projectionsOperating Results:20082009201020112012Synergy Switches:Service Revenue4,194.34,781.55,379.25,917.26,331.4Bus. Revenue Synergy:1Plus: Equipment Sales314.8358.8403.7444.1475.2Include Synergy1Plus: Synergy Related Business Revenue156.5268.6387.3569.9704.5Exclude Synergy2Total Revenue4,665.65,409.06,170.36,931.27,511.0Less: System Operating Expenses838.9956.31,075.81,183.41,266.3Reduction in Backhaul:1Plus: Backhaul Synergy Savings0.0(13.4)(25.8)(52.5)(76.0)Include Synergy1Less: Cost of Equipment Sold755.5861.2968.91,065.81,140.4Exclude Synergy2Less: Selling, General & Administrative1,866.22,163.62,468.12,772.53,004.4EBITDA1,205.01,441.31,683.31,962.12,175.9Less: Depreciation & Amortization729.7846.0925.51,005.01,051.5EBIT475.3595.3757.7957.01,124.4Less: Interest Expense199.4183.1165.8147.5128.3EBT275.9412.2591.9809.5996.1Less: Taxes110.4164.9236.8323.8398.4Net Income165.5247.3355.2485.7597.7Un-Levered Free Cash Flow:NOPAT285.2357.2454.6574.2674.6Plus: Depreciation & Amortization729.7846.0925.51,005.01,051.5Less: Changes in Working Capital66.032.733.336.928.5Less: Capital Expenditures653.2757.3925.51,057.01,164.2Un-Levered Free Cash Flow295.7413.2421.3485.4533.5Operating Margins:Service Revenue Growth14.0%14.0%12.5%10.0%7.0%Equipment Sales/Service Revenue7.5%7.5%7.5%7.5%7.5%Total Revenue Growth18.2%15.9%14.1%12.3%8.4%Wireless Service Gross Profit Margin80.0%80.0%80.0%80.0%80.0%Equipment Sales Gross Profit-140.0%-140.0%-140.0%-140.0%-140.0%Selling, General & Administrative40.0%40.0%40.0%40.0%40.0%EBITDA25.8%26.6%27.3%28.3%29.0%Depreciation & Amortization15.6%15.6%15.0%14.5%14.0%EBIT10.2%11.0%12.3%13.8%15.0%Effective Tax Rate40.0%40.0%40.0%40.0%40.0%Cap-x/Revenue14.0%14.0%15.0%15.3%15.5%Assets:200720082009201020112012Changes in Working Capital:200720082009201020112012Cash & Cash Equivalents204.590.787.886.0141.10.0Accounts Receivable435.5540.0626.1714.2802.3869.4Marketable Securities16.416.416.416.416.416.4Plus: Inventory101.0135.0153.9173.1190.4203.7Accounts Receivable435.5540.0626.1714.2802.3869.4Plus: Prepaid Expenses41.647.854.962.369.374.7Inventory101.0135.0153.9173.1190.4203.7Less: Deferred Revenue143.4134.7154.4174.6193.4207.6Prepaid Expenses41.647.854.962.369.374.7Less: Accounts Payable260.8341.6391.7443.0490.6526.7Deferred Taxes18.618.618.618.618.618.6Less: Accrued Liabilities59.265.875.585.494.6101.5Other Current Assets16.216.216.216.216.216.2Net Working Capital114.6180.6213.3246.6283.5312.0Total Current Assets833.8864.6973.81,086.81,254.21,198.966.032.733.336.928.5Property, Plan & Equipment2,595.12,518.62,429.92,429.92,481.82,594.5Licenses1,482.41,482.41,482.41,482.41,482.41,482.4Customer Lists15.415.415.415.415.415.4Changes in Working Capital:200720082009201020112012Investments in Affiliated Entities157.7157.7157.7157.7157.7157.7Accounts Receivable41.6741.6741.6741.6741.67Long Term Note Receivable4.44.44.44.44.44.4Plus: Inventory154.36154.36154.36154.36154.36Goodwill491.3491.3491.3491.3491.3491.3Plus: Prepaid Expenses1.38%1.38%1.38%1.38%1.38%Other Long Term Assets31.831.831.831.831.831.8Less: Deferred Revenue14.0114.0114.0114.0114.01Total Assets5,611.95,566.25,586.75,699.65,919.15,976.5Less: Accounts Payable35.5435.5435.5435.5435.540.00.00.00.00.0Less: Accrued Liabilities6.856.856.856.856.85Liabilities & Owners' Equity:Accounts Payable260.8342392443491527Deferred Revenue & Deposits143.4134.7154.4174.6193.4207.6Accrued Liabilities59.265.875.585.494.6101.5Taxes Payable43.143.143.143.143.143.1Other Current Liabilities97.797.797.797.797.797.7Total Current Liabilities604.2682.9762.4843.7919.3976.6Long Term Debt1,002.33,467.63,1612,8382,4961,898Deferred Tax Liability554.4554.4554.4554.4554.4554.4Asset Retirement Obligation126.8126.8126.8126.8126.8126.8Other Deferred Liabilities84.584.584.584.584.584.5Minority Interest43.443.443.443.443.443.4Total Equity3,196.2606.4853.81,208.91,694.62,292.3Total Liabilities & Owners' Equity5,611.95,566.25,586.75,699.65,919.15,976.5Beginning Cash204.590.787.886.0141.1Plus: Un-Levered Free Cash Flow295.7413.2421.3485.4533.5Less: After-Tax Interest Expense119.7109.899.588.577.0Less: Principal Payments289.9306.3323.6341.82,496.0Ending Cash90.787.886.0141.1(1,898.4)

value - with synergiesUn-Levered Free Cash Flows:20082009201020112012NOPAT285.2357.2454.6574.2674.6Plus: Depreciation & Amortization729.7846.0925.51,005.01,051.5Less: Changes in Working Capital66.032.733.336.928.5Less: Capital Expenditures653.2757.3925.51,057.01,164.2Un-Levered Free Cash Flow295.7413.2421.3485.4533.5PV of FCF8.33%1,666.6273.0352.1331.4352.5357.6Interest Tax Shields79.873.266.359.051.3PV of Interest Tax Shields284.875.665.856.547.639.3Total Intermediate Term Value1,951.4TV Growth Rate3.4%TV WACC Cash Flow8,038.911,844.9Value of Operating Assets9,990.3Value of Non-Operating Assets1,718.6Total Enterprise Value11,708.9

SynergiesWireless Business Subscribers:20082009201020112012Average Monthly Subscribers (in MM's)0.300.500.701.001.20Average Monthly Minutes859885911939967Total Monthly Minutes2584426389391,160Revenue Per Minute0.05060.05060.05060.05060.0506Annual Business Revenue Increase156269387570704Backhaul Savings:20082009201020112012System Operating Expenses838.9956.31,075.81,183.41,266.3Backhaul Percentage20.0%20.0%20.0%20.0%20.0%Estimated Backhaul Costs167.8191.3215.2236.7253.3Reduction in Backhaul Costs0.0%7.0%12.0%22.2%30.0%Backhaul Savings0.013.425.852.576.00

debt amortizationAnnualAmortizationAnnualAmortizationPaymentInterestPrincipalBalancePeriodPaymentInterestPrincipalBalancePeriodDate:415.50%3,758120Date:415.50%2,698841/31/084117243,73416/30/114112282,669422/28/084117243,71027/31/114112292,641433/31/084117243,68738/31/114112292,612444/30/084117243,66349/30/114112292,583455/31/084117243,639510/31/114112292,554466/30/084117243,615611/30/114112292,525477/31/084117243,590712/31/114112292,496488/31/084116243,56681/31/124111292,467499/30/084116243,54292/28/124111292,4375010/31/084116253,517103/31/124111302,4085111/30/084116253,492114/30/124111302,3785212/31/084116253,468125/31/124111302,348531/31/094116253,443136/30/124111302,318542/28/094116253,418147/31/124111302,288553/31/094116253,393158/31/124110302,257564/30/094116253,367169/30/124110302,227575/31/094115253,3421710/31/124110312,196586/30/094115253,3171811/30/124110312,166597/31/094115263,2911912/31/122,176102,1660608/31/094115263,265209/30/094115263,2392110/31/094115263,2142211/30/094115263,1882312/31/094115263,161241/31/104114263,135252/28/104114263,109263/31/104114273,082274/30/104114273,055285/31/104114273,029296/30/104114273,002307/31/104114272,975318/31/104114272,948329/30/104114272,9203310/31/104113272,8933411/30/104113282,8653512/31/104113282,838361/31/114113282,810372/28/114113282,782383/31/114113282,754394/30/114113282,726405/31/114112282,698410

GrowthLong-Term Growth Rate:2012NOPAT674.6Invested Capital4,147.3ROC16.3%Net Reinvestment141.1NOPAT674.6Reinvestment Rate20.9%Est. EBIT Growth Rate3.4%0