Pro Forma Capitalization
(a) Assumes issuance of $1.25 billion of Equity Units. Does not reflect exercise of over allotment option.
(b) Assumes Verizon access lines and CenturyTel Wireless acquisitions financed with $2.15 billion of debt and $1.25 billion of Equity Units
based on $1.65 billion purchase price for CenturyTel Wireless plus $1.907 billion purchase price for the Verizon access lines less $190.7
million deposit paid to Verizon in 2001.
(c) Based on Verizon access lines EBITDA of $250 million and CenturyTel Wireless EBITDA of $179 million as per CenturyTel 2001 10K.
(d) Assumes 80% equity credit for Equity Units.