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  "authorName": "Centerview Partners",
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  "notes": "The slide explicitly notes that the analysis does not reflect the impact of synergies.",
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      "text": "Source: Collie management, Company filings and Wall Street research. Note: For illustrative purposes assumes Collie acquisition at $3.00 / share. (1) Current capital structure is pro forma for $3.1bn convertible note issuance, purchase of English Setter stake in Collie, purchase of U.S. Cellular spectrum and consent solicitation fee. 6/2013 capital structure reflects Wall Street estimates. (2) Debt excludes spectrum leases for purposes of leverage analysis. (3) Pro forma for conversion of $3.1bn convertible note to equity.",
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      "text": "Does not reflect impact of synergies; Collie management has presented to Shepherd potential to realize up to $1.2bn in annual operating savings, and more than $1.6bn in aggregate near-term CapEx savings",
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      "text": "Illustrative Consolidation Math",
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