Value to GM Shareholders
Current EchoStar Stock Price* -- $30.44 $30.44
Present Value of Synergies per Share -- 26.58 35.29
Exchange Ratio -- 0.75x 0.75x
Total Offer Value per GMH Share -- $42.76 $49.30
Equivalent Value to GM Shareholder 0.76 0.76 0.76
Value – ($ / share)* $14.71 $32.60 $37.58
Current GM Stock Price* $63.28 $63.28 $63.28
% of GM Share 23% 52% 59%
Note: Based on the closing market price on August 3, 2001 on the Nasdaq Stock Market for DISH and NYSE for GM and GMH.