Richard S. Lukaj Senior Managing Director The Bank Street Group 203-252-2801 rlukaj@bankstreet.com

1. Richard S. Lukaj Senior Managing Director The Bank Street Group 203-252-2801 rlukaj@bankstreet.com

2. Funding White Space Broadband Wireless Providers

3. Wireless Sector Backdrop • Mobile wireless subscriber growth has continued at a robust pace despite the natural maturation of the market, benefiting from several factors: • Broad range of national, regional and local/rural operators competing for customers • Continued top-line growth driven by prepaid and data growth • “Commoditization” of national voice plans offset by exploding wireless data growth • Healthy wireless ecosystem supporting growth and R&D • Government policy focused on supporting / driving growth • Robust and active capital markets willing to fund wireless investments • Wireless penetration is expected to ultimately exceed 100%, requiring continued investment in tower and network infrastructure capacity for many years to come.

4. Wireless Growth Dynamics

5. Wireless Data Growth Dynamics

6. Wireless Broadband Competition • Wireless broadband is still at an early stage of development across all aspects of the sector, including the competitive landscape • Nationwide and large regional operators are focused on launching / expanding their 4G deployments • Small operators are focused on deployments and also device availability and roaming agreements to compete with national carriers • Small independent operators, especially those utilizing unlicensed spectrum, remain starved for growth capital and additional scale • New entrants such as Lightsquared and Dish-ICO/Echostar-Terrestar face substantial technology, buildout, business and funding challenges • Customer usage and network requirements continue to be redefined by the introduction of new devices and platforms • Operators are still trying to develop the “right” data pricing plan, i.e. tiered pricing versus flat-rate with throttles

7. Wireless Broadband Policy • U.S. wireless broadband policy is focused on supporting and driving wireless broadband adoption • Targeting 98% wireless broadband coverage of U.S. by end of 2015 • Also targeting 300 MHz of new spectrum over next 5 years, 500 MHz over next 10 years • Actively reviewing both commercial and government use spectrum for spectrum to re-purpose • The positive wireless broadband policy has supported several recent developments • Wireless focused RUS/USDA project grants • Waiver allowing Lightsquared to offer terrestrial only service • Recently established White Space rules

8. Success Factors for Funding White Space Opportunities • Operators will need to address several key challenges to successfully implement a business over the White Space, including:

9. Debt Capital Markets Overview

10. Debt Capital Markets Update • Leveraged issuer credit profiles improved through the credit crisis as a result of margin expansion, more robust free cash flow, and improved liquidity, setting the stage for companies to re-lever through strategic acquisitions and dividend recaps which were dominant themes in the debt capital markets in 2010. • In 2010, new issuance activity across the leveraged finance market increased significantly over 2009 levels and was met with strong demand from institutional and retail investors. • Until the recent extension of the Bush tax cuts, anticipated changes in tax laws in 2011 compelled issuers to access the leveraged finance market aggressively in 2010 to fund dividend recaps. There were $49 billion of dividend-related leveraged loan and high yield bond issuance in 2010, the highest level since 2007. • The U.S. leveraged loan new issue market increased three-fold in volume in 2010 versus 2009. In 2010, Communications companies issued $14.0 billion of leveraged loans and $21.3 billion of high yield bonds. • Bank Street has an active debt capital markets practice in which we act as arranger and placement agent for leveraged loans ranging from $10 million to $500 million, including staple financing.

11. Leveraged Loan Market Update • Following the peak in the credit crisis in 4Q 2008, leveraged loan spreads fell significantly in 4Q 2009 and have remained within a fairly tight range over the past year. Leverage multiples for recent middle market Communications leveraged loans are in the range of the 4Q 2010 all industry average of 3.7x.

12. Leveraged Loan Market Update • The U.S. leveraged loan market rebounded strongly in 2010 with YTD new issuance volume increasing more than three-fold versus 2009. • Leveraged loan new issuance increased more than three-fold in 2010 with pro rata and institutional volume of $233.4billion versus $76.6 billion in 2009. • Commercial banks increased their demand for leveraged loans in 2010, evidenced by a 97% increase in pro rata loan volume (from $38.0 billion in 2009 to $75.0 billion in 2010). The number of pro rata investors in the market increased from 73 in 2009 to 107 in 2010. • Since September, there has been some downward pressure on LIBOR floors from 175 bps to 150-160 bps (see chart below). 3-month LIBOR has remained steady at 0.30% as of January 20, 2011 versus 0.30% one month ago and 0.25% one year ago. • Spreads and average YTM for double-B rated new issues declined in December, driven in part by the banks which favored double-B versus single-B paper. The average YTM on single-B rated issues was roughly 100-150 bps higher than the average YTM for double-B rated issues during the last three months of 2010. Source: S&P LCD

13. Telecom Leveraged Loan Market Trends • Refinancings and M&A dominated the $14.0 billion of Telecom leveraged loan new issuance in 2010. Incremental Facilities rebounded after disappearing in 2009. Commitment fees on Revolvers and Delayed Draw tranches were in the 50-75 bp range for new Telecom issues. Pricing grids are making a comeback

14. Equity Capital Markets Overview

15. Equity Capital Markets Update • 2010 was quite a year with the DJIA ending 2010 at 11,577, up 11.2%; the S&P, at approximately 1,257, up 12.1%; and the Nasdaq topping out at around 2,652, up 17.8% in 2010. With corporate earnings looking strong, Chinese manufacturing output back on track, U.S. inflation at very manageable levels and a near $1 trillion tax deal passed by both Houses, 2011 is expected to continue to favor the equity markets • In spite of last year’s market performance one could argue that current valuations for the S&P 500 don't look too stretched. Industry analysts expect roughly $96 in earnings for S&P 500 companies for the 2011 calendar year, according to Thomson Reuters data. At current levels, that puts a 13.1 price-to-earnings multiple, on the S&P. Some analysts expect that multiple to move higher as investors become less enamored with bonds and more excited about riskier assets like stocks, leading some to call for a 1450 S&P 500 by year end. • The U.S. IPO market has provided PE and VC investors with reasons for cheer. 154 IPOs were completed in 2010, up from 69 in 2009 of which 38 were PE backed and 61 were VC backed. Interestingly, the aggregate funds raised net of the $16 billion General Motors deal were essentially flat as the average IPO proceeds for 2010 was a meager $148 million. Of note was the number of Chinese companies, 41, which choose to access the public markets in the US. • Other areas of great activity for both PE and VC investors were the Global M&A markets which reached $2.7 trillion dollars for the year, up over $500 billion from 2009. The rise in sponsor transactions was even more dramatic, gaining 84% to reach almost $200 billion globally. Given the robustness of the debt markets, the continuing overhang of uninvested PE funds (as much as $300 billion) and the growing optimism about the global economy, market insiders expect 2011 activity to outpace that of last year. • Closer to home, the communications infrastructure and services sectors continue to be very much in favor with investors. Activity in the data storage area at the end of last year vouched for investors’ continuing interest in telecom, as highlighted by Dell’s purchase of Compellent Technologies for $820 million. The deal was reportedly valued at 4x the company’s 2011 sales which looked relatively cheap compared to HP’s earlier acquisition of 3PAR for 10x forward sales and EMC’s purchase of Isilon Systems for 8-9x forward sales.

16. Public Equity Capital Markets • 2010 was quite a year for the US public markets with the DJIA ending 2010 at 11,577 range, up 11.2%; the S&P, at approximately 1,257, up 12.1%; and the NASDAQ topping out at around 2,652, up 17.8% in 2010.

17. Public Equity Capital Markets • The equity new issue market continues its climb out of the depths of 2008.  In 2010, 154 companies went public in the US (up from 69 for 2009) and there is still a significant backlog of companies waiting to go public.

18. Private Equity Capital Markets • Consistent with the trends in the public markets, venture capital’s prospects improved in 2010, leading to increased investment activity. A more robust IPO market and increased M&A activity for VC-backed companies have raised the level of confidence among VCs and, to some degree, their limited partners.

19. Private Equity Capital Markets • PE backed M&A hit $190 billion for the year. $100s of billions in PE dry powder and an accommodating credit market, featuring rock bottom rates and an unquenchable thirst for loan making all contributed to this resurgence in activity. That said there is still a long way to go to reach pre-crisis levels.

20. Introduction To Bank Street Group

21. Introduction to The Bank Street Group Team Bank Street has a cohesive team comprised of seasoned senior professionals with management experience from the senior ranks of many of the leading global investment banking firms. Bank Street’s senior professionals have led the origination, structuring and execution of more than 1,000 financial and strategic transactions valued in excess of $500 billion over the span of their careers. Bank Street’s service portfolio is tailored to the needs of its corporate and institutional clients, offering exceptional depth of capability in M&A advisory, debt and equity private placement, liability management and restructuring. Bank Street is focused on the Communications Infrastructure and Services; Internet and IT Technologies, Infrastructure and Services; Aerospace and Defense; and Cable, Media & Entertainment sectors, among other growth sectors of the economy. Bank Street has consistently delivered outstanding results for our clients across all of our product lines and industry groups, a fact well evidenced by record valuations and the number of firms for which we’ve executed multiple transactions. Experience Services Sector Focus Results

22. Bank Street Services Mergers & Acquisitions • Exclusive Sales • Buy-Side Advisory • Public-to-Private Transactions • Joint Ventures • Strategic Investments • Cross-Border Transactions • Management Buyouts Corporate Advisory Capital Markets • Senior Secured Debt • Senior Unsecured Debt • Mezzanine • Asset Backed Financing • Ratings Advisory • Institutional Equity or Equity-Linked Securities • Fairness Opinions • Valuations • Poison Pill • Rights Offerings • Strategic Alternatives • Litigation Support • Ratings Advisory Restructuring • Out-of-Court: • Recaps & Refinancings • Covenant Amendments • Strategic Sales • In-Court: • Plans of Reorganization • DIP and Financing • Section 363 Sales

23. M&A Advisory Practice November 2010 • Bank Street provides services to companies on considering a wide variety of strategic corporate development transactions. • In addition, Bank Street provides financial sponsors and strategic parties with proprietary acquisition ideas gained through our extensive dialogues and deep perspectives related to companies within our focus industries. • Bank Street also advises special committees of the boards of directors on complex situations with respect to transactions or other corporate decision-making processes. • Our professionals have also served on corporate management teams and boards of directors with insight and sensitivity towards our clients’ requirements. • Bank Street provides an array of advisory products including: Exclusive Sales, Buyer Representations, Strategic Alternatives Reviews, Management Buyouts, Fairness Opinions, and Exclusive Sales. Sale to MetroPCS November 2010 December 2010 October 2006 Sale to Lightower Fiber Networks $310 Million Acquisition of Hosted Solutions M&A Advisory September 2006 March 2010 M&A Advisory Sale to Comcast Corporation

24. Debt Capital Markets Practice • Bank Street works with companies and sponsors to raise debt capital in support of refinancings, acquisitions, dividend recaps and growth capital. • Bank Street structures and places senior secured, senior unsecured, mezzanine, subordinated debt, equipment lease and DIP financings, leveraging access to our syndication relationships comprised of over 150 domestic and international banks, specialty finance companies and private funds. • Our debt capital markets transactions range from $25 to $500 million. • In addition to closing nearly $500 million in debt transactions, Bank Street has successfully arranged $300 million of staple financings in conjunction with a number of sell-side M&A assignments. • Bank Street has created structured debt solutions for our clients, including a synthetic credit tenant lease (for select data center companies) and a two-tranche (i.e., construction/operation) financing structure for build-to-suit wireless tower companies. • As part of our M&A and strategic advisory assignments, our debt capital markets team advises clients on credit rating and cost-of-capital implications of strategic transactions. $250MM Debt Financing $90MM Senior Credit Facility $35MM Senior Credit Facility $12MM Senior Secured Notes $25MM Senior Credit Facility $45MM Senior Credit Facility $500MM Acquisition Financing* $25MM Debt Private Placement (*) Provided a fully financed solution for a bidding client.

25. Equity Capital Markets Practice • The Bank Street team brings a wealth of experience to the private equity fund raising arena having raised capital for more than 20 years to meet diverse company needs involving a variety of structures, including convertible preferred stock, redeemable preferred stock with warrants and common stock. • Bank Street works with companies which need to fund internal growth, acquisitions or corporate restructurings to accommodate investors and principals who wish to monetize their interests. Bank Street brings significant experience working with other investors in the capital structure to obtain the optimum outcomes for its clients. In this regard, Bank Street professionals work seamlessly across our product and industry groups to provide a coordinated solution to our clients. • Our recent engagements included companies that provide wireless and wireline services, music catalogs, managed and hosted services, among others. We see tremendous growth opportunities and sponsor appetite in next generation IT services, communications and hosting infrastructure, virtual/cloud technologies, tech-enabled media, among others. • BSG is interested in working with companies with equity capital needs of $25 million and above. Pending Pending Equity Placement Capital Introduction July 2010 November 2008 $50 MM Equity Placement $100 MM Equity Placement

26. Financial Restructuring Practice • Bank Street’s senior restructuring professionals bring a unique perspective to financial restructuring assignments, having gained personal experience in complex Chapter 11 and cross-border restructurings while serving in various banking and non-banking roles. In addition to banking roles, our professionals have assisted distressed companies, including Chapter 11 debtors, while serving as senior managers (including General Counsel and Chief Restructuring Officer) and board members. • We work closely with senior management, boards of directors, private equity investors and creditor groups to guide them through the strategic and tactical alternatives available to debtors and their various stakeholder constituencies in order to develop a plan for optimizing value for our clients. • Our knowledge of the bankruptcy process, coupled with our experience in representing debtors, equity holders and creditors in various successful in-court and out-of-court restructurings allows us to play an effective role in negotiating settlements among stakeholder constituencies with conflicting objectives. • Our deep and up-to-date domain expertise in our industries of focus allows us to offer unique insight in support of developing and implementing innovative financial restructuring solutions.  Financial Advisor to Official Committee of Unsecured Creditors Section 363 Asset Sale Restructuring of $250MM in liabilities Out-of-Court Restructuring & Asset Sale $1.2B Recapitalization through a Ch11 and Bermuda Scheme of Arrangement* Restructuring of $3B in Liabilities* (*) Transactions completed by Bank Street professionals while at predecessor firms.

27. Bank Street’s Industry Focus Areas Communications, Infrastructure and Services CLEC/ILEC/RLEC Fiber Network Services Satellite Video Transport / Content Delivery VoIP Wireless Broadband Wireless Backhaul Wireless Carriers Wireless Towers Internet & IT Cable, Media & Entertainment Communications Devices Data Centers Enterprise Software Hosting Managed Services SaaS/PaaS Systems Integrators Tech Appliances VAR Advertising Technologies Cable Digital Media Magazines & Newspapers Marketing Services Music Publishing Programming Radio & Television Aerospace & Defense Biometrics C4ISR Cyber Security Defense Agencies Federal IT Homeland Security UAVs Weapons Systems

28. Richard S. Lukaj Senior Managing Director The Bank Street Group 203-252-2801 rlukaj@bankstreet.com