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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 blocks
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