Exhibit 5 : AirThread Balance Sheet ($MM)

Assets 2005 2006 2007Cash & Cash Equivlents 29.0 32.9 204.5Marketable Securitiies 0.0 249.0 16.4Accounts Recievable 362.4 407.4 435.5Inventory 92.7 117.2 101.0Prepaid Expenses 32.1 35.0 41.6Deferred Taxes 8.2 0.0 18.6Other Current Assets 15.5 13.4 16.2Total Current Assets 539.9 854.9 833.8

PPE 2553.0 2628.8 2595.1Licenses 1362.3 1494.3 1482.4Customer Lists 47.6 26.2 15.4Marketable Equity Securities 225.4 4.9 0.0Investments in Affiliated Entities 172.1 150.3 157.7Long-Tern Note Recievable 4.7 4.5 4.4Goodwill 481.2 485.5 491.3Other Long-Term Assets 30.0 31.1 31.8Total Assets 5416.2 5680.5 5611.9

Liabilities & Owner's EquityAccounts Payable 254.1 254.9 260.8Deferred Revenue & Deposits 111.4 123.3 143.4Accrued Liabilities 42.9 47.8 59.2Taxes Payable 36.7 26.9 43.1Deferred Taxes 0.0 26.3 0.0Note Payable 135.0 35.0 0.0Forward Contract 0.0 159.9 0.0Derivative Liability 0.0 88.8 0.0Other Current Liabilities 82.6 93.7 97.7Total Current Liabilities 662.7 856.6 604.2

Long Term Debt 1001.4 1001.8 1002.3Forward Contracts 159.9 0.0 0.0Derivative Liability 25.8 0.0 0.0Deferred Tax Liability 647.1 601.5 554.4Asset Retirement Obligation 90.2 127.6 126.8Other Deferred Liabilities 46.2 62.9 84.5

Minority Interest 41.9 36.7 43.4

Common Stock & Paid in Capital 1375.0 1378.9 1404.1Retained Earnings 1366.0 1614.4 1792.1Total Liabilities & Owners Equi 5416.2 5680.4 5611.8

Assets 2005 Difference 2006 DifferenceCash & Cash Equivlents 29.0 3.9 32.9 171.6 Marketable Securitiies 0.0 249.0 249.0 (232.6)Accounts Recievable 362.4 45.0 407.4 28.1 Inventory 92.7 24.5 117.2 (16.2)Prepaid Expenses 32.1 2.9 35.0 6.6 Deferred Taxes 8.2 (8.2) 0.0 18.6 Other Current Assets 15.5 (2.1) 13.4 2.8 Total Current Assets 539.9 315.0 854.9 (21.1)

PPE 2553.0 75.8 2628.8 (33.7)Licenses 1362.3 132.0 1494.3 (11.9)Customer Lists 47.6 (21.4) 26.2 (10.8)Marketable Equity Securities 225.4 (220.5) 4.9 (4.9)Investments in Affiliated Entities 172.1 (21.8) 150.3 7.4 Long-Tern Note Recievable 4.7 (0.2) 4.5 (0.1)Goodwill 481.2 4.3 485.5 5.8 Other Long-Term Assets 30.0 1.1 31.1 0.7 Total Assets 5416.2 264.3 5680.5 (68.6)

Liabilities & Owner's EquityAccounts Payable 254.1 0.8 254.9 5.9 Deferred Revenue & Deposits 111.4 11.9 123.3 20.1 Accrued Liabilities 42.9 4.9 47.8 11.4 Taxes Payable 36.7 (9.8) 26.9 16.2 Deferred Taxes 0.0 26.3 26.3 (26.3)Note Payable 135.0 (100.0) 35.0 (35.0)Forward Contract 0.0 159.9 159.9 (159.9)Derivative Liability 0.0 88.8 88.8 (88.8)Other Current Liabilities 82.6 11.1 93.7 4.0 Total Current Liabilities 662.7 193.9 856.6 (252.4)

Long Term Debt 1001.4 0.4 1001.8 0.5 Forward Contracts 159.9 (159.9) 0.0 0.0 Derivative Liability 25.8 (25.8) 0.0 0.0 Deferred Tax Liability 647.1 (45.6) 601.5 (47.1)Asset Retirement Obligation 90.2 37.4 127.6 (0.8)Other Deferred Liabilities 46.2 16.7 62.9 21.6

Minority Interest 41.9 (5.2) 36.7 6.7

Common Stock & Paid in Capital 1375.0 3.9 1378.9 25.2 Retained Earnings 1366.0 248.4 1614.4 177.7 Total Liabilities & Owners Equi 5416.2 264.2 5680.4 (68.6)

Net Income 155 179.5

2007 2008 2009 2010 2011 2012204.5

16.4435.5101.0

41.618.616.2

833.8 952.736197 1086.103629 1221.87979 1344.091009072 1438.17928985.697729 1142.941143 1303.64974 1464.527378237 1586.92876

2595.11482.4

15.40.0

157.74.4

491.3 2005 2006 200731.8 Current Assets 539.9 854.9 833.8

5611.9 Current Liab 662.7 856.6 604.2Working Capi -122.8 -1.7 229.6Change Wk Cap 231.300

260.8143.4 Working Capital 229.6

59.2 Change Wk Capita 231.343.1

0.00.00.00.0

97.7604.2 690.385236 787.0278394 885.415889 973.9743195986 1042.1539

714.27029 828.2142466 944.669196 1061.246632203 1149.942861002.3

0.00.0

554.4126.8

84.5

43.4

1404.11792.1

5611.8

314.7

(w/o synergies)(with synergies)

2008 2009 2010 2011 2012952.7 1086.1 1221.9 1344.1 1438.2690.4 787.0 885.4 974.0 1042.2262.4 299.1 336.5 370.1 396.0

32.751 36.725 37.388 33.653 25.909

271.42744 314.726897 358.980548 403.280746 436.985941.8 43.3 44.3 44.3 33.7

(w/o synergies)(with synergies)

ATC Recent Financial Performance

2005 2006 2007Return on Net Operating Assets 3.6% 5.0% 7.1%Return on Equity 5.7% 6.0% 9.8%Asset Turnover Ratio 87.3% 94.4% 103.4%

Net Income $155.00 $179.50 $314.70Total Revenue $3,030.80 $3,473.20 $3,946.30

Shareholders Equity (NI/ROE) 2719.3 2991.7 3211.2Total Assets (Rev/Ass. Turn. Ratio) 3471.7 3679.2 3816.5

Potential SynergiesTable 4

Backhaul Savings 2008 2009 2010System Operating Expenses $839.90 $956.30 $1,075.80Backhaul Percentage 20.0% 20.0% 20.0%Estinated Backhaul Costs 168.0 191.3 215.2Reduction in Backhaul Costs 0.0% 7.0% 12.0%Backhaul Savings $0.0 $13.4 $25.8

Table 5

Wireless Business Subscribers 2008 2009 2010Average Monthly Subscribers (in MM's) 0.30 0.50 0.70Average Monthly Minutes 859 885 911Total Monthly Minutes 258 443 638Revenue Per Minute 0.0506 0.0506 0.0506Annual Business Revenue Increase ($MM 156 269 387

2011 2012$1,183.40 $1,266.30

20.0% 20.0%236.7 253.322.2% 30.0%$52.5 $76.0

2011 20121.00 1.20939 967939 1160

0.0506 0.0506570 704

Market Multiples/Comparable Companies Analysis

Exhibit 7 : Wireless Comparable CompaniesEquity Market Valu Net Debt Revenue

Comparable CompaniesUniversal Mobile $65,173 60,160 43,882Neuberger Wireless $97,735 27,757 42,684Agile Connections $37,942 9,144 34,698Big Country Communications $47,314 15,003 38,896Rocky Mountain Wireless $5,299 2,353 4,064Average 30.30%AirThread

Table 3Comparable Companies EBIT Margin EBITDA MargiNet Income MarginUniversal Mobile 26.90% 38.60% 8.60%Neuberger Wireless 16.40% 33.00% 9.60%Agile Connections 4.70% 28.60% -0.10%Big Country Communications 17.20% 32.40% 8.70%Rocky Mountain Wireless 12.60% 25.30% 5.90%Average 15.60% 31.60% 6.60%AirThread 11.40% 26.20% 8.00%

Universal Mobile Neuberger WireAgile ConnectionsMarket Value RatiosEV/Revenue $2.86 $2.94 $1.36 EV/EBIT $10.63 $17.88 $28.87 EV/EBITDA $7.39 $8.90 $4.75 EV/Net Income $33.03 $30.59 ($1,569.53)

AirThread's Numbers: Revenue EBIT EBITDA2007 Numbers 3,946.30 451.1 582.3

AirThread's Value Using EV/Revenue Ratio (2007)AirThread's Value Using Mean $8,396.31 AirThread's Value Using Median $7,419.04 AirThread's Value Using Universal Mobile $11,271.17 AirThread's Value Using Neuberger Wireless $11,602.22 AirThread's Value Using Agile Communications $5,355.22 AirThread's Value Using Big Country Communicati $6,322.54 AirThread's Value Using Rocky Mountain Wireless $7,430.39 Average $8,256.70 Average of Companies Without Outlier (Agile) $9,156.58

AirThread's Value Using EV/EBIT Ratio (2007)AirThread's Value Using Mean $7,368.62 AirThread's Value Using Median $6,766.50 AirThread's Value Using Universal Mobile $4,793.36 AirThread's Value Using Neuberger Wireless $8,064.02 AirThread's Value Using Agile Communications $13,022.99 AirThread's Value Using Big Country Communicati $4,194.45 AirThread's Value Using Rocky Mountain Wireless $6,768.27

Average $7,282.60 Average of Companies Without Outlier (Agile) $5,955.03

Agile Communications is an Outlier

Enterprise Value of AirThread $7,170.47 (using averages without Agile)

EV/Revenue EV/EBITAirThread's Ratios Using Enterprise Value $1.82 $15.90

Closest Company: Enterprise Value Revenue EBITAirThread $7,170.47 3,946.30 451.1Rocky Mountain Wireless $7,652 4,064 510

Exhibit 7 : Wireless Comparable CompaniesEBIT EBITDA Net Income Enterprise Value

11,795 16,949 3,794 $125,333 7,020 14,099 4,103 $125,492 1,631 9,914 -30 $47,086 6,702 12,614 3,384 $62,317

510 1,028 240 $7,652 46.80%

Net Income Margin

Big Country Communications Rocky Mountain WirelessMean of CompsMedian of Comps

$1.60 $1.88 $2.13 $1.88 $9.30 $15.00 $16.33 $15.00 $4.94 $7.44 $6.69 $7.39

$18.42 $31.88 ($291.12) $30.59

Net Income314.7

AirThread's Value Using EV/EBITDA Ratio (2007)AirThread's Value Using Mean $3,893.12 AirThread's Value Using Median $4,303.20 AirThread's Value Using Universal Mobile $4,305.94 AirThread's Value Using Neuberger Wireless $5,182.92 AirThread's Value Using Agile Communications $2,765.60 AirThread's Value Using Big Country Communications $2,876.74 AirThread's Value Using Rocky Mountain Wireless $4,334.40 Average $3,951.70 Average of Companies Without Outlier (Agile & Big Count $4,607.75

AirThread's Value Using EV/Net Income (2007)AirThread's Value Using Mean ($91,616.40)AirThread's Value Using Median $9,626.67 AirThread's Value Using Universal Mobile $10,395.97 AirThread's Value Using Neuberger Wireless $9,625.23 AirThread's Value Using Agile Communications ($493,932.14)AirThread's Value Using Big Country Communications $5,795.26 AirThread's Value Using Rocky Mountain Wireless $10,033.69

Average ($77,153.10)Average of Companies Without Outlier (Agile) $8,962.54

EV/EBITDA EV/Net Income$12.31 $22.79

EBITDA Net Income582.3 314.71,028 240

Income Statement

Operating Results 2005 2006 2007Service Revenue 2827.0 3214.4 3679.2Plus: Equipment Sales 203.7 258.7 267Total Revenue 3030.7 3473.1 3946.2Less: System Operating Expenses 604.1 639.7 717.1Less: Cost of Equipment Sold 511.9 568.9 640.2Less: Selling, General & Administrative 1217.7 1399.6 1555.6EBITDA 697.0 864.9 1033.3Less: Depreciation & Amortization 490.1 555.5 582.3EBIT 206.9 309.4 451.0Less: Interest Expense 84.9 93.7 84.7Plus: Equity in Earnings of Affiliates 66.7 93.1 90.0Plus: Gains (Losses) on Investments 18.1 50.8 83.1Plus: Other Income 54.5 -46.6 7.0EBT 261.3 313.0 546.4Less: Taxes 95.9 120.6 216.7Income Before Minority Interest 165.4 192.4 329.7Less: Minority Interest 10.5 13.0 15.1Net Income 154.9 179.4 314.6

With SynergiesOperating Results 2008 2009 2010Service Revenue 4194.3 4781.5 5379.2Plus: Equipment Sales 314.8 358.8 403.7Plus: Business Revenue Increase 156 269 387Total Revenue 4665.1 5409.3 6169.9Less: System Operating Expenses 839.9 956.3 1075.8Plus: Backhaul Savings 0.0 13.4 25.8Less: Cost of Equipment Sold 755.5 861.2 968.9Less: Selling, General & Administrative 1803.6 2056.2 2313.2EBITDA 1266.1 1549.0 1837.8Less: Depreciation & Amortization 705.2 804 867.4EBIT 560.9 745.0 970.4

2008 2009 2010 2011 20124194.3 4781.5 5379.2 5917.2 6331.4

314.8 358.8 403.7 444.1 475.24509.1 5140.3 5782.9 6361.3 6806.6

839.9 956.3 1075.8 1183.4 1266.3755.5 861.2 968.9 1065.8 1140.4

1803.6 2056.2 2313.2 2544.5 2722.61110.1 1266.6 1425.0 1567.6 1677.3

705.2 804 867.4 922.4 952.9404.9 462.6 557.6 645.2 724.4

Revenue Growth w/o Synergies2008 2009 2010

0.14264356 0.13998359 0.125012161.14264356 1.13998359 1.12501216

Revenue Growth With Synergies2011 2012 2008 2009 2010

5917.2 6331.4 18.22% 15.95% 14.06%444.1 475.2 1.1821753 1.159525 1.1406097

570 7046931.3 7510.61183.4 1266.3

52.5 76.01065.8 1140.42544.5 2722.6

2190.1 2457.3922.4 952.9

1267.7 1504.4

2011 20120.10001902 0.070001411.10001902 1.07000141

2011 201212.34% 8.36%

1.1234056 1.0835774

WACC CALCULATION

Exhibit 7 : Wireless Comparable CompaniesEquity Market Value Net Debt Debt/Value Debt/Equity

Comparable CompaniesUniversal Mobile $65,173 60,160 48% 92.30%Neuberger Wireless $97,735 27,757 29.30% 41.40%Agile Connections $37,942 9,144 19.40% 24.10%Big Country Communications $47,314 15,003 24.10% 31.70%Rocky Mountain Wireless $5,299 2,353 30.70% 44.40%Average 30.30% 46.80%Average without outlier (Agile)

Airthread D/E 73.23%Tax Rate 40%Hamada Equation Levered Beta = Unlevered Beta ( 1+ D/E (1-T))Unlever Beta of Indusry .9625 = Unlevered Beta (1 + .468(1-.4))

Unlevered Beta = 0.75148344785Relever BetaUsing Airthread's D/E Levered Beta = .75148345(1 + .7323(1-.4))Airthread's Beta 1.08167024516

Levered Beta = 1.08Capital Asset Pricing Model Risk Free Rate + (Equity Risk Premium)Beta

Risk Free Rate 4.25%Equity Risk Premium 5%

Airthread's Cost of Equity 4.25 + 5(1.08)0.0965 Or 9.65%

WACC WdRd(1-T) + WeRe Weight of Debt: 42.27%Weight Equity 57.73%Cost of Debt 5.50%

.4227(5.5)(1-.4) + .5773(9.65)WACC = 0.06965626615

Discount Rate 6.97%

Levered Beta Unlevered Beta

0.86 0.553481786590.89 0.712912528041.17 1.022191158480.97 0.814989077471.13 0.89229311434

10.9625

Data from Balance Sheet - Exhibit 5Total Current Liabilities 604.2Long Term Debt 1002.3Deferred Tax Liability 554.4Asset Retirement Obligation 126.8Other Deferred Liabilities 84.5

Minority Interest 43.4Common Stock 1404.1Retained Earnings 1792.1

Total Debt 2372.2Total Equity 3239.6Total Liabilities and Equity 5611.9Calculated Ratios:D/E 0.73225089517D/V 0.42270888647E/V 0.57727329425

Growth Rate Calculation

Reinvestment Rate = (CAPEX + Working Capital - Depreciation)/NOPAT

Return on Capital = NOPAT/BV Assets

Growth = Reinvestment Rate x ROC

DATA of Airthread:EBIT 451.1 Reinvestment Rate 0.72378630016NOPAT 270.66CAPEX 548.6 Return on Capital 0.04822965484Working Capital 229.6Depreciation 582.3 Growth 0.03490796343BV Assets 5611.9

Working Capital = Current Assets - Current Liabilities

NOPAT = Operating Income (1 - Tax Rate)

3.49%

AirThread Projections

Working Capital Assumptions 2008 2009 2010 2011Accounts Recievable 41.67x 41.67x 41.67x 41.67xDays Sales Equip. Rev. 154.36x 154.36x 154.36x 154.36xPrepaid Expenses 1.38% 1.38% 1.38% 1.38%Accounts Payable 35.54x 35.54x 35.54x 35.54xDeferred Serv. Revenue 14.01x 14.01x 14.01x 14.01xAccrued Liabilities 6.85x 6.85x 6.85x 6.85x

Capital Expenditures 631.3 719.7 867.4 970.1Cap-X/Total Revenue 14.0% 14.0% 15.0% 15.3%

2007 2008 2009 2010Revenue Projections

Service Revenue 3679.2 4194.3 4781.5 5379.2Service Revenue Growth 14.0% 14.0% 12.5%Equipment Revenue 267.0 314.8 358.8 403.7

Equipment Rev/Service Rev 7.5% 7.5% 7.5%Total Revenue 3946.2 4509.1 5140.3 5782.9Total Rev Growth 14.3% 14.0% 12.5%

Operating ExpensesSystem Operating Expenses 839.9 956.3 1075.8

System Operating Exp/Service Revenue 20.0% 20.0% 20.0%Cost of Equipment Sold 755.5 861.2 968.9

Equipment COGS 240.0% 240.0% 240.0%Selling, General & Administrative 1803.6 2056.2 2313.2

SG&A/Total Revenue 40.0% 40.0% 40.0%Depreciation & Amortization 705.2 804 867.4

Tax Rate 40.0% 40.0% 40.0%

2008 2009 2010Service Revenue 3679.2 4194.3 4781.5

2012 Equipmet Revenu 267.0 314.8 358.841.67x Total Revenue 4665.1 5409.3 6169.9

154.36x1.38% Accts Recievable 539.985325 626.126475 714.16592535.54x Days Sales Equip Rev14.01x Prepaid Expenses 42.17408

6.85x Total Curr Assets

1055 Accts Payable15.5% Def Serv. Revenue

Accrued LiabilitiesTotal Curr Liab

2011 2012

5917.2 6331.410.0% 7.0%444.1 475.27.5% 7.5%

6361.3 6806.610.0% 7.0%

1183.4 1266.320.0% 20.0%

1065.8 1140.4240.0% 240.0%2544.5 2722.6

40.0% 40.0%922.4 952.9

40.0% 40.0%

2011 20125379.2 5917.2

403.7 444.16931.3 7510.6

802.297975 869.35195

DCF Valuation

2007 2008 2009Sales 3946.2 4509.1 5140.3EBIT 451 404.9 462.6

451 560.9 744.9882PPE 2595.1 3226.4 3946.1Capital Expenditures 548.6 631.3 719.7Depreciation 582.3 705.2 804Working Capital (w/o Synergies) 229.6 262.35096 299.075789Change in Working Capital (w/o Synergies 231.3 32.7509604 36.7248289Working Capital with Synergies 229.6 271.427439 314.726897Change in Working Capital with Synergies 231.3 41.8274391 43.2994577

Before Synergies 2007 2008 2009EBIT 451 404.9 462.6Less: Taxes 180.4 161.96 185.04NOPAT 270.6 242.94 277.56Plus: Deprectiation & Amortization 582.3 705.2 804Less: Capital Expenditures 548.6 631.3 719.7Less: Change in Working Capital 231.3 32.7509604 36.7248289Free Cash Flow 73 284.08904 325.135171

PV's 265.55341 284.09184

NPV $7,733.61 $1,244.63

After Synergies 2007 2008 2009451 560.9 744.9882

Less: Taxes 180.4 224.36 297.99528NOPAT 270.6 336.54 446.99292Plus: Deprectiation & Amortization 582.3 705.2 804Less: Capital Expenditures 548.6 631.3 719.7Less: Change in Working Capital 231.3 41.8274391 43.2994577Free Cash Flow 73 368.612561 487.993462

PV's 344.56212 426.39177

NPV $13,848.97 $2,268.10

Increase in ATC Value after buyout $6,115.36

EBIT (With Synergies)

EBIT (With Synergies)

2010 2011 20125782.9 6361.3 6806.6 Enterprise Value

557.6 645.2 724.4 WACC 6.98%970.4192 1267.74296 1504.378 Terminal Growth Rate 3.49%

4813.5 5783.6 6838.6867.4 970.1 1055867.4 922.4 952.9

336.463899 370.116689 396.02538137.3881101 33.65279 25.9086919358.980548 403.280746 436.985944.2536516 44.3001977 33.7051543

2010 2011 2012557.6 645.2 724.4

223.04 258.08 289.76334.56 387.12 434.64 Terminal Value= sum(PV CF's)/(wacc-g)

867.4 922.4 952.9867.4 970.1 1055

37.3881101 33.65279 25.9086919297.17189 305.76721 306.631308 Terminal Value

242.71686 233.44283 218.82832 $9,092.63

$6,488.98

2010 2011 2012 3758970.4192 1267.74296 1504.378 48.59%

388.16768 507.097184 601.7512582.25152 760.645776 902.6268

867.4 922.4 952.9867.4 970.1 1055

44.2536516 44.3001977 33.7051543537.997868 668.645578 766.821646 Terminal Value439.41287 510.48808 547.24449 $16,227.60

$11,580.88

Terminal Value= sum(PV CF's)/(wacc-g)

0.56939394

475834.36%

APV Valuation

2007 2008 2009Sales 3946.2 4509.1 5140.3EBIT 451 404.9 462.6

451 560.9 744.9882PPE 2595.1 3226.4 3946.1Capital Expenditures 548.6 631.3 719.7Depreciation 582.3 705.2 804Working Capital (w/o Synergies) 229.6 262.35096 299.075789Change in Working Capital (w/o Synergies 231.3 32.7509604 36.7248289Working Capital with Synergies 229.6 271.427439 314.726897Change in Working Capital with Synergies 231.3 41.8274391 43.2994577

Before Synergies 2007 2008 2009EBIT 451 404.9 462.6Less: Taxes 180.4 161.96 185.04NOPAT 270.6 242.94 277.56Plus: Deprectiation & Amortization 582.3 705.2 804Less: Capital Expenditures 548.6 631.3 719.7Less: Change in Working Capital 231.3 32.7509604 36.7248289Free Cash Flow 73.0000000000002 284.08904 325.135171

PV's 263.02738 278.71281

NPV $5,990.14 $1,210.90 PV of Tax Shield $1,503.20

Enterprise Value $7,493.34

After Synergies 2007 2008 2009451 560.9 744.9882

Less: Taxes 180.4 224.36 297.99528NOPAT 270.6 336.54 446.99292Plus: Deprectiation & Amortization 582.3 705.2 804Less: Capital Expenditures 548.6 631.3 719.7Less: Change in Working Capital 231.3 41.8274391 43.2994577Free Cash Flow 73.0000000000002 368.612561 487.993462

PV's 341.28454 418.31841

NPV $10,331.11 $2,199.64 PV of Tax Shield $1,503.20

Enterprise Value $11,834.31 Increase in ATC Value after buyout $4,340.97

EBIT (With Synergies)

EBIT (With Synergies)

2010 2011 20125782.9 6361.3 6806.6

557.6 645.2 724.4 Unlevered Cost of Equity 8.01%970.4192 1267.74296 1504.378 Terminal Growth Rate 3.49%

4813.5 5783.6 6838.6867.4 970.1 1055 Unlevered Beta 0.75148867.4 922.4 952.9 Risk Free Rate 4.25%

336.463899 370.116689 396.025381 Equity Risk Premium 5%37.3881101 33.65279 25.9086919 Tax Rate 40%358.980548 403.280746 436.9859 Long Term Debt 375844.2536516 44.3001977 33.7051543 Cost of Debt 5.50%

2010 2011 2012557.6 645.2 724.4

223.04 258.08 289.76334.56 387.12 434.64 Terminal Value= sum(PV CF's)/(wacc-g)

867.4 922.4 952.9867.4 970.1 1055

37.3881101 33.65279 25.9086919297.17189 305.76721 306.631308 Terminal Value

235.85614 224.68644 208.61664 $7,024.68

$4,779.24

2010 2011 2012970.4192 1267.74296 1504.378

388.16768 507.097184 601.7512582.25152 760.645776 902.6268

867.4 922.4 952.9867.4 970.1 1055

44.2536516 44.3001977 33.7051543537.997868 668.645578 766.821646 Terminal Value426.99228 491.33978 521.70717 $11,951.89

$8,131.47

Terminal Value= sum(PV CF's)/(wacc-g)

PMT Interest Principal Balance Amortization Pd.Date: 41 5.50% 3758 120

1/31/2008 41 17 24 3734 12/28/2008 41 17 24 3710 23/31/2008 41 17 24 3686 34/30/2008 41 17 24 3662 45/31/2008 41 17 24 3638 56/30/2008 41 17 24 3614 67/31/2008 41 17 24 3590 78/31/2008 41 17 24 3566 89/30/2008 41 17 24 3542 9

10/31/2008 41 16 25 3517 1011/30/2008 41 16 25 3492 1112/31/2008 41 16 25 3467 12

1/31/2009 41 16 25 3442 132/28/2009 41 16 25 3417 143/31/2009 41 16 25 3392 154/30/2009 41 16 25 3367 165/31/2009 41 16 25 3342 176/30/2009 41 16 25 3317 187/31/2009 41 15 26 3291 198/31/2009 41 15 26 3265 209/30/2009 41 15 26 3239 21

10/31/2009 41 15 26 3213 2211/30/2009 41 15 26 3187 2312/31/2009 41 15 26 3161 24

1/31/2010 41 15 26 3135 252/28/2010 41 15 26 3109 263/31/2010 41 14 27 3082 274/30/2010 41 14 27 3055 285/31/2010 41 14 27 3028 296/30/2010 41 14 27 3001 307/31/2010 41 14 27 2974 318/31/2010 41 14 27 2947 329/30/2010 41 14 27 2920 33

10/31/2010 41 14 27 2893 3411/30/2010 41 13 28 2865 3512/31/2010 41 13 28 2837 36

1/31/2011 41 13 28 2809 372/28/2011 41 13 28 2781 383/31/2011 41 13 28 2753 394/30/2011 41 13 28 2725 405/31/2011 41 13 28 2697 416/30/2011 41 13 28 2669 427/31/2011 41 12 29 2640 438/31/2011 41 12 29 2611 449/30/2011 41 12 29 2582 45

10/31/2011 41 12 29 2553 4611/30/2011 41 12 29 2524 4712/31/2011 41 12 29 2495 48

1/31/2012 41 12 29 2466 492/28/2012 41 12 29 2437 503/31/2012 41 11 30 2407 51

4/30/2012 41 11 30 2377 525/31/2012 41 11 30 2347 536/30/2012 41 11 30 2317 547/31/2012 41 11 30 2287 558/31/2012 41 11 30 2257 569/30/2012 41 11 30 2227 57

10/31/2012 41 10 31 2196 5811/30/2012 41 10 31 2165 5912/31/2012 2176 10 2166 -1 60