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  "presentationDate": "2012-12-01 00:00:00",
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  "notes": "The table uses color-coding to group transactions by spectrum band (2.5 GHz, WCS, MSS, AWS).",
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      "kind": "paragraph",
      "text": "Precedent spectrum valuations are influenced by a number of factors including: situational context (e.g., distressed sale), immediately deployable vs. requiring regulatory approval, strategic value to acquirer, portfolio size, geographic coverage, useable spectrum as a percentage of total portfolio, etc.",
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      "text": "Source: Company filings, FCC reports and Wall Street research. Note: Figures in millions, except $/MHz-pop.",
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      "text": "(1) Reflects total transaction size at headline “target” price of $20 / share (price after post-closing adjustments to be within $17-$23 range). (2) Reflects Shepherd spectrum to be contributed, as of 4/30/08. Merger agreement specifies a minimum of 27,540 MHz-pop at closing. (3) Transaction was primarily WCS but also included AWS spectrum. (4) Includes C/D blocks not immediately usable due to requirement for “guard bands.” 1,607 MHz-pop excluding C/D blocks. (5) Final closing prices as per Q1’12 10-Q. (6) Divestiture included both 10 and 20 MHz blocks; assumes average of 15 MHz, as per Wall Street research.",
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      "text": "Precedent Spectrum Acquisitions",
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