Massive Synergies

• Incremental subscribers

• Improved ARPU

• Increased EBITDA

• Reduced churn

ShareholderValue

• 9.4M incremental subscribers

• $5.0B annual EBITDA increase by 2005

• $12.3B cumulative EBITDA increase ’02–’05

• Creation of $42–$56B in PV synergies

• $20–$26 / share for GMH shareholder (0.75 ratio)

• $15–$20 / share for GM shareholder

• $27–$35 / share for DISH shareholder

ExpectedSynergies

Aggregate

Benefit

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