Wireless Service Providers

(a) Reflects US operations only.

(b) Assumed Enterprise Value / 2002E EBITDA multiple of wireless operations.

(c) Due to lack of public information, no debt/equity is assumed for Cingular.

(d) Includes recently announced purchase of Verizon lines and Pro Forma CenturyTel Wireless purchase.

(e) Includes recently announced purchases of Verizon LEC lines.

x Enterprise Value /2002E EBITDA

N

e

t

D

e

b

t

E

q

u

i

t

y

V

a

l

u

e

8

.

2

x

6

.

3

x

7

.

6

x

1

1

.

9

x

7

.

3

x

7

.

0

x

9

.

4

x

4

.

6

x

5

.

7

x

7

.

3

x

7

.

7

x

8

.

0

x

8

.

0

x

8

.

8

x

9

.

2

x

9

.

6

x

$

-

$

1

0

,

0

0

0

$

2

0

,

0

0

0

$

3

0

,

0

0

0

$

4

0

,

0

0

0

$

5

0

,

0

0

0

$

6

0

,

0

0

0

C

W

W

C

A

C

Y

C

L

D

C

E

L

R

C

C

C

Enterprise Value ($ in Millions)

(In Millions, Except Per Share, as of 3/15/02)

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