Investor Presentaiton
1 Spectrum Comparables
$ / MHz-Pop
$1.8B
$3.00
$2.00
$1.00
$0.93
Implied nationwide 6 MHz valuation 1
$2.9B
$1.50
$5.2B
$2.69
Anterix
$0.00
3
4
2
600 MHz incentive auction
Avg. valuation of low band spectrum
AWS-3 auction
Significant value of 900 MHz band implied by comparables
10
1 Represents the estimated nationwide valuation of a 6 MHz broadband segment within the 900 MHz band, and calculated by multiplying the 10 MHz broadband segment valuations of illustrated bands by 0.6
2$/ MHz-Pop value is the national average of FCC auction 1002 covering all geographies and licenses in the auction
3$ / MHz Pop value is the national average value of < 1 GHz spectrum reported in January 15, 2019 J.P. Morgan Report "Spectrum Overview: Carrier by Carrier Spectrum Value & Strategy Across the Wireless Industry"
4$ / MHz-Pop value is the national average of FCC auction 97 covering net bids for H/I/J paired spectrum blocksView entire presentation