Table 4

Backhaul Savings:
System Operating Expenses
Backhaul Percentage
Estimated Backhaul Costs
Reduction in Backhaul Costs
Backhaul Savings

2008
838.9
20.0%
167.8
0.0%
0.0

2009
956.3
20.0%
191.3
7.0%
13.4

2010
1,075.8
20.0%
215.2
12.0%
25.8

2011
1,183.4
20.0%
236.7
22.2%
52.5

2012
1,266.3
20.0%
253.3
30.0%
76.0

2010
0.70
911
638
0.0506
387

2011
1.00
939
939
0.0506
570

2012
1.20
967
1,160
0.0506
704

Table 5
Wireless Business Subscribers:
Average Monthly Subscribers (in MM's)
Average Monthly Minutes
Total Monthly Minutes
Revenue Per Minute
Annual Business Revenue Increase

2008
0.30
859
258
0.0506
156

2009
0.50
885
442
0.0506
269

193030709.xlsx.ms_office Tables 4 - 5

Exhibit 1 AirThread Projections ($MM)

Revenue Projections:
Service Revenue
Service Revenue Growth

2008
4,194.3
14.0%

2009
4,781.5
14.0%

2010
5,379.2
12.5%

2011
5,917.2
10.0%

2012
6,331.4
7.0%

Equipment Revenue
Equipment Revenue/Service Revenue (1)

314.8
7.5%

358.8
7.5%

403.7
7.5%

444.1
7.5%

475.2
7.5%

Operating Expenses:
System Operating Expenses
System Operating Exp./Service Revenue

838.9
20.0%

956.3
20.0%

1,075.8
20.0%

1,183.4
20.0%

1,266.3
20.0%

Cost of Equipment Sold

Equipment COGS

755.5
240.0%

861.2
240.0%

968.9
240.0%

1,065.8
240.0%

1,140.4
240.0%

Selling, General & Administrative

SG&A/Total Revenue

1,803.6
40.0%

2,056.2
40.0%

2,313.2
40.0%

2,544.5
40.0%

2,722.6
40.0%

Depreciation & Amortization

705.2

804.0

867.4

922.4

952.9

Tax Rate

40.0%

40.0%

40.0%

40.0%

40.0%

41.67x
154.36x
1.38%
35.54x
14.01x
6.85x

41.67x
154.36x
1.38%
35.54x
14.01x
6.85x

41.67x
154.36x
1.38%
35.54x
14.01x
6.85x

41.67x
154.36x
1.38%
35.54x
14.01x
6.85x

41.67x
154.36x
1.38%
35.54x
14.01x
6.85x

631.3
14.0%

719.7
14.0%

867.4
15.0%

970.1
15.3%

1,055.0
15.5%

Working Capital Assumptions (1):

Accounts Receivable
Days Sales Equip. Rev.
Prepaid Expenses
Accounts Payable
Deferred Serv. Revenue
Accrued Liabilities
Capital Expenditures (2):
Capital Expenditures
Cap-x/Total Revenue

(1) Based on a 360-day year. Days Payable, Deferred Service Revenue, and Days Accrued Liabilities are
based on total cash operating expenses.
(2) Includes investments in property, plant & equipment, as well as licenses and customer lists.

193030709.xlsx.ms_office Exhibit 1

Exhibit 2

AirThread Customer & Market Data

Region
Central US
Mid-Atlantic
New England
Northwest
New York
Total

Total Consolidated Markets:

Population
Customers
65,096
3,846
11,677
1,180
2,830
518
2,287
431
481
147
82,371
6,122

Penetration
5.9%
10.1%
18.3%
18.8%
30.6%
7.4%

Region
Central US
Mid-Atlantic
New England
Northwest
New York
Total

Total Operating Markets:

Population
Customers
32,497
3,846
7,346
1,180
2,344
518
2,287
431
481
147
44,955
6,122

Penetration
11.8%
16.1%
22.1%
18.8%
30.6%
13.6%

193030709.xlsx.ms_office Exhibit 2

Exhibit 3 AirThread Customer Additions & Average Monthly Revenue

Customer Data:
Net Customer Additions
Cost Per Customer Addition
Cost of New Customer Additions
Cost of Equipment Sold/Equipment Revenue
Monthly Churn Rate
Revenue Per Minute
Monthly ARPU
Customer Minutes Per Month
Revenue Per Minute

2005
301
372
111,972
251.3%
2.1%

2006
310
385
119,350
219.9%
2.1%

2007
477
487
232,299
239.8%
1.7%

2005
45.24
625
0.0724

2006
47.23
704
0.0671

2007
51.13
859
0.0595

193030709.xlsx.ms_office Exhibit 3

Exhibit 4 AirThread Income Statement ($MM)

Operating Results:
Service Revenue
Plus: Equipment Sales
Total Revenue
Less: System Operating Expenses
Less: Cost of Equipment Sold
Less: Selling, General & Administrative
EBITDA
Less: Depreciation & Amortization
EBIT
Less: Interest Expense
Plus: Equity in Earnings of Affiliates
Plus: Gains (Losses) on Investments
Plus: Other Income
EBT
Less: Taxes
Income Before Minority Interest
Less: Minority Interest
Net Income

2005
2,827.0
203.7
3,030.8
604.1
511.9
1,217.7
697.0
490.1
206.9
84.9
66.7
18.1
54.5
261.3
95.9
165.5
10.5
155.0

2006
3,214.4
258.7
3,473.2
639.7
568.9
1,399.6
865.0
555.5
309.5
93.7
93.1
50.8
(46.6)
313.1
120.6
192.5
13.0
179.5

2007
3,679.2
267.0
3,946.3
717.1
640.2
1,555.6
1,033.3
582.3
451.1
84.7
90.0
83.1
7.0
546.5
216.7
329.8
15.1
314.7

193030709.xlsx.ms_office Exhibit 4

Exhibit 5 AirThread Balance Sheet ($MM)

Assets:
Cash & Cash Equivalents
Marketable Securities
Accounts Receivable
Inventory
Prepaid Expenses
Deferred Taxes
Other Current Assets
Total Current Assets
Property, Plan & Equipment
Licenses
Customer Lists
Marketable Equity Securities
Investments in Affiliated Entities
Long Term Note Receivable
Goodwill
Other Long Term Assets
Total Assets
Liabilities & Owners' Equity:
Accounts Payable
Deferred Revenue & Deposits
Accrued Liabilities
Taxes Payable
Deferred Taxes
Note Payable
Forward Contract
Derivative Liability
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Forward Contracts
Derivative Liability
Deferred Tax Liability
Asset Retirement Obligation
Other Deferred Liabilities
Minority Interest
Common Stock & Paid-In Capital
Retained Earnings
Total Liabilities & Owners' Equity

2005
29.0
0.0
362.4
92.7
32.1
8.2
15.5
539.9

2006
32.9
249.0
407.4
117.2
35.0
0.0
13.4
854.9

2007
204.5
16.4
435.5
101.0
41.6
18.6
16.2
833.8

2,553.0
1,362.3
47.6
225.4
172.1
4.7
481.2
30.0
5,416.2

2,628.8
1,494.3
26.2
4.9
150.3
4.5
485.5
31.1
5,680.6

2,595.1
1,482.4
15.4
0.0
157.7
4.4
491.3
31.8
5,611.9

254.1
111.4
42.9
36.7
0.0
135.0
0.0
0.0
82.6
662.7

254.9
123.3
47.8
26.9
26.3
35.0
159.9
88.8
93.7
856.7

260.8
143.4
59.2
43.1
0.0
0.0
0.0
0.0
97.7
604.2

1,001.4
159.9
25.8
647.1
90.2
46.2

1,001.8
0.0
0.0
601.5
127.6
62.9

1,002.3
0.0
0.0
554.4
126.8
84.5

41.9

36.7

43.4

1,375.0
1,366.0
5,416.2

1,378.9
1,614.4
5,680.6

1,404.1
1,792.1
5,611.9

193030709.xlsx.ms_office Exhibit 5

Exhibit 6
Debt Repayment Schedule
Term Loan Amortization ($MM)
Annual
Payment
Interest Principal
Date:
41
5.50%
1/31/2008
41
17
24
2/28/2008
41
17
24
3/31/2008
41
17
24
4/30/2008
41
17
24
5/31/2008
41
17
24
6/30/2008
41
17
24
7/31/2008
41
17
24
8/31/2008
41
16
24
9/30/2008
41
16
24
10/31/2008
41
16
25
11/30/2008
41
16
25
12/31/2008
41
16
25
1/31/2009
41
16
25
2/28/2009
41
16
25
3/31/2009
41
16
25
4/30/2009
41
16
25
5/31/2009
41
15
25
6/30/2009
41
15
25
7/31/2009
41
15
26
8/31/2009
41
15
26
9/30/2009
41
15
26
10/31/2009
41
15
26
11/30/2009
41
15
26
12/31/2009
41
15
26
1/31/2010
41
14
26
2/28/2010
41
14
26
3/31/2010
41
14
27
4/30/2010
41
14
27
5/31/2010
41
14
27
6/30/2010
41
14
27
7/31/2010
41
14
27
8/31/2010
41
14
27
9/30/2010
41
14
27
10/31/2010
41
13
27
11/30/2010
41
13
28
12/31/2010
41
13
28
1/31/2011
41
13
28
2/28/2011
41
13
28
3/31/2011
41
13
28
4/30/2011
41
13
28
5/31/2011
41
12
28

Amortization
Balance
Period
3,758
120
3,734
1
3,710
2
3,687
3
3,663
4
3,639
5
3,615
6
3,590
7
3,566
8
3,542
9
3,517
10
3,492
11
3,468
12
3,443
13
3,418
14
3,393
15
3,367
16
3,342
17
3,317
18
3,291
19
3,265
20
3,239
21
3,214
22
3,188
23
3,161
24
3,135
25
3,109
26
3,082
27
3,055
28
3,029
29
3,002
30
2,975
31
2,948
32
2,920
33
2,893
34
2,865
35
2,838
36
2,810
37
2,782
38
2,754
39
2,726
40
2,698
41

Date:
6/30/2011
7/31/2011
8/31/2011
9/30/2011
10/31/2011
11/30/2011
12/31/2011
1/31/2012
2/28/2012
3/31/2012
4/30/2012
5/31/2012
6/30/2012
7/31/2012
8/31/2012
9/30/2012
10/31/2012
11/30/2012
12/31/2012

193030709.xlsx.ms_office Exhibit 6

Payment
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
2,176

Annual
Interest
5.50%
12
12
12
12
12
12
12
11
11
11
11
11
11
11
10
10
10
10
10

Principal
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
31
31
2,166

Amortization
Balance
Period
2,698
84
2,669
42
2,641
43
2,612
44
2,583
45
2,554
46
2,525
47
2,496
48
2,467
49
2,437
50
2,408
51
2,378
52
2,348
53
2,318
54
2,288
55
2,257
56
2,227
57
2,196
58
2,166
59
0
60

Exhibit 7

Wireless Comparable Companies ($000's)

Comparable Companies:
Universal Mobile
Neuberger Wireless
Agile Connections
Big Country Communications
Rocky Mountain Wireless
Average

Equity
Market Value
118,497
189,470
21,079
26,285
7,360

Net
Debt
69,130
79,351
5,080
8,335
3,268

Debt/
Value
36.8%
29.5%
19.4%
24.1%
30.7%
28.1%

Debt/
Equity
58.3%
41.9%
24.1%
31.7%
44.4%
40.1%

Equity
Beta
0.86
0.89
1.17
0.97
1.13
1.00

193030709.xlsx.ms_office Exhibit 7

Revenue
43,882
42,684
34,698
38,896
4,064

EBIT EBITDA
11,795
16,949
7,020
14,099
1,631
9,914
6,702
12,614
510
1,028

Net
Income
3,794
4,103
(30)
3,384
240