Investor Presentaiton

June 7 2011 Telecom Rate New Telecom Rate Formula Rate = Space Factor x Cost Where Cost in Urbanized Service Areas = 0.66 X (Net Cost of a Bare Pole x Carrying Charge Rate) ■ in Rural Service Areas = 0.44 x (Net Cost of a Bare Pole x Carrying Charge Rate) 38 Davis Wright Tremaine LLP

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