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Investor Presentaiton

Attributes of the FCC Cable Formula ■ FCC formula = fully allocated cost standard ■ Relies on publicly available historical costs that utilities keep as a matter of course in their accounting records (including munis and coops) FERC Form 1-Electric Utilities ARMIS Report-ILECS ■ RUS Form 7 and annual state tax filings in Virginia ■ Relies on presumptions Simple plan, minimum of staff and paperwork-avoid full- blown rate case ■ Parties can determine without regulatory intervention 32 Davis Wright Tremaine LLP

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