Premium to GMH Shareholders

Current EchoStar Stock Price* $30.44 $30.44

Present Value of Synergies per Share 26.58 35.29

Total $57.02 $65.73

Exchange Ratio 0.75x 0.75x

Total Offer Value per GMH Share $42.76 $49.30

Current GMH Stock Price* $19.36 $19.36

Premium – ($ / share) $23.40 $29.94

Premium – (%) 121% 155%

Range

Lower

Upper

Estimated

Note: Based on the closing market price of DISH on the Nasdaq Stock Market and GMH on the NYSE on August 3, 2001.

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