Valuation Based on Subscribers
Incremental 2005 Subscribers (M) 9.4 9.4
Enterprise Value / Subscriber $3,000 $4,500
Total Incremental Subscriber Value $28.3 $42.4
Total Pro Forma 2005 Subscribers (M) 32.0 32.0
Incremental Value / Subscriber (Ops., Churn, etc.) $500 $1,000
Total Multiple Expansion Value $16.0 $32.0
Total Incremental Value $44.3 $74.4
Present Value $30.2 $50.8
Pro Forma Shares Outstanding (millions) 1,578 1,578
Present Value per DISH Share $19.16/sh. $32.20/sh.
Estimated ($ In Billions Except per Subscriber and Share Amounts)