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After-tax cost of debt

Pre-tax cost of debt/corporate borrowing rate

Estimated tax rate

FAIR MARKET VALUATION OF

COX RADIO, INC.

VARIOUS MARKETS

AS OF DECEMBER 31, 2008

FAIR MARKET VALUATION ANALYSIS

A discounted cash flow analysis was performed to determine the fair market value of the Cox Radio stations within each market cluster. This income approach measures the expected economic benefits these assets bring to their holder. The fair market value of the Stations may therefore be expressed by discounting these future benefits. The result of the discounted cash flow analysis reflects the fair market value attributable to the stations within each market.

The discounted cash flow model incorporates variables such as the forecast growth rate of each radio market, including consideration of population growth, household income, retail sales, and other factors influencing advertising expenditures; the existing and likely media competition within the market area, not limited to local radio stations, but also considering cable systems, television stations, and newspapers within the market; and market radio net revenues and the audience and revenue shares it is reasonable to expect the Cox stations to achieve over the projection period. The variables used in the analyses reflect historical market growth trends and market conditions, as well as forecast for the industry as a whole.

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The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Broadcast station operators and investors typically expect to recover their investments within a ten-year period. It is during this period that projections regarding market revenues, station market shares, and operating profit margins can be made with the highest degree of accuracy.

Over this ten-year period, radio market revenues, market revenue shares, and operating profit margins were used to project operating profits. Federal and state taxes were deducted from the projected operating profits to determine after- tax net income. Depreciation expenses were added back to the after-tax income stream and projected capital expenditures and changes in working capital were subtracted to calculate the Stations’ net after-tax cash flow in each market.

The yearly stream of cash flows was adjusted to present value using a discount rate of 10.5%. The discount rate used is based upon an after-tax rate calculated for the broadcast industry as of December 31, 2008.

Additionally, it was necessary to project the Stations’ terminal values at the end of the ten year projection period. In order to determine these values, depreciation expenses were deducted from the Year 11 operating cash flow to determine taxable income. Income taxes, capital expenditures, and net changes in working capital were then deducted, and depreciation expense was added back, to determine an estimated after-tax free cash flow to use in perpetuity. The after-tax free cash flow was divided by a capitalization rate to determine the terminal value. These results were then discounted to present value at a rate of 10.5%.

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Discounted Cash Flow Analysis

The assumptions used in the cash flow models reflect historical performance and trends in the Cox market clusters, as well as industry norms for similar stations. These assumptions, especially those pertaining to station revenue shares and operating profit margins, are, in part, reflective of the actual and forecast performance of Cox Radio as station owner. However, based on radio industry data, the revenue shares and operating margins used in the cash flow models all fall within a reasonable range of what could be expected from a typical market participant. The assumptions for the respective markets in this analysis are as follows:

Market Revenue Projections

Radio market revenues have been based on estimated 2008 net revenues for each market through analysis of year-end 2007 and year-to-date 2008 market revenue data from Miller, Kaplan, Arase, & Co. (“Miller, Kaplan”) and market revenue projections contained in SNL Kagan Radio/TV Station Annual Outlook report. 2008 annual market revenues were calculated by applying the year-to- date percentage change of year-to-date 2008 versus 2007 to the 2007 annual revenues for each market. Additionally, a share analysis was conducted to determine the estimated impact of those stations in each market that did not report revenue data to Miller, Kaplan. The estimated share of revenue from non- reporting stations was then added to the gross total reported by Miller, Kaplan. Agency commissions were then deducted from the adjusted gross revenues at a rate of 12.0%. In order to provide an additional point of reference, the resulting net revenue estimate was averaged with the SNL Kagan 2008 net

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revenue estimate. In several markets, Miller, Kaplan data was not available, so 2008 markets revenues have been based only on SNL Kagan data. The complete calculation of the base year market revenues is detailed in Table 1.

2008 total market revenues were determined based on this data and market revenues were forecast over the 10-year projection period to reflect the expected long-term growth rates for the radio broadcast industry and each market. The Communications Industry Forecast 2008-2012 from Veronis Suhler Stevenson projects that broadcast radio revenue will decline 2.0% in 2009. More recent forecast from SNL Kagan and BIA project 10.0% and 9.0% declines, respectively, in 2009. Based on consultation with Cox Radio and other radio broadcasters, and giving weight to the current economic environment, the appraiser believes that an 8.0% decline is appropriate for 2009 revenue projections in each market. Consistent with other industry analysts, we have forecast a slight recovery beginning in 2010. Over the 10-year projection period, radio revenue growth rates have been projected to return to growth rates equal to the expected long-term growth rate in each market. The long-term growth rate have been estimated based on historical and expected performance in each market and are equal to or slightly below inflation. In determining radio revenue growth rates in each market, the appraiser has reviewed revenue growth forecasts from industry analysts including Kagan, Veronis Suhler, Morgan Stanley, and the Radio Advertising Bureau.

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Table 1

2008 Net Radio Revenue Projections
(Dollar amounts in thousands)


										Adj. Audience		Est. Adj.			Est. Adj.
	2007 YTD		2008 YTD		Sept. 07 -			2007		Share of Non-		2008			2008		Est. 2008		Est. 2008		Average
	MK Revs		MK Revs		Sept. 08			Gross MK		Reporting		Gross Total			Gross Total		NET Total		Kagan NET		2008 Net
Market	Thru Sept.		Thru Sept.		Growth			Revenues		Stations		Revenues			Revenues		Revenues¹		Revenues¹		Revenues

Athens²								Miller Kaplan Data Unavailable												N/A		N/A
Atlanta	$	278,837	$	240,107		-13.9	%	$	375,501	$	323,345		3.6	%	$	334,985	$	294,787	$	356,840	$	325,800
Birmingham		34,620		32,990		-4.7	%		46,972		44,760		10.8	%		49,595		43,643		43,736		43,700
Dayton		27,411		25,928		-5.4	%		37,333		35,313		7.8	%		38,068		33,500		35,376		34,400
Greenville		29,645		27,221		-8.2	%		39,376		36,156		11.6	%		40,350		35,508		39,776		37,600
Honolulu		27,038		26,429		-2.3	%		36,887		36,056		5.7	%		38,111		33,538		33,880		33,700
Houston		251,639		245,493		-2.4	%		337,832		329,581		10.3	%		363,528		319,904		334,840		327,400
Jacksonville		50,555		46,177		-8.7	%		67,319		61,489		4.0	%		63,949		56,275		59,752		58,000
Long Island		39,767		40,057		0.7	%		53,292		53,681		4.4	%		56,043		49,317		47,344		48,300
Louisville		37,262		35,683		-4.2	%		50,085		47,963		2.9	%		49,354		43,431		44,880		44,200
Miami		217,105		198,026		-8.8	%		295,869		269,868		6.3	%		286,870		252,446		267,784		260,100
Orlando		115,398		105,927		-8.2	%		153,346		140,761		8.4	%		152,584		134,274		120,912		127,600
Richmond		43,567		39,831		-8.6	%		57,543		52,609		1.3	%		53,292		46,897		52,448		49,700
San Antonio		76,506		78,527		2.6	%		101,721		104,408		8.8	%		113,596		99,964		101,992		101,000
Tampa		118,751		105,689		-11.0	%		158,154		140,758		9.0	%		153,426		135,015		137,808		136,400
Tulsa								Miller Kaplan Data Unavailable												42,680		42,700
Bridgeport								Miller Kaplan Data Unavailable												9,856		9,900
New Haven								Miller Kaplan Data Unavailable												16,808		16,800
Stamford-Norwalk								Miller Kaplan Data Unavailable												17,776		17,800


¹		Athens is not a ranked radio market, and as such, there is no market revenue data available.

²		Gross revenues adjusted for agency commissions at a rate of 12.0%.

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Operating Profit Margins

Operating profit margins are projected based upon the actual 2007 operating margin for each market cluster. Operating profits are divided by broadcast revenues, net of agency and representative commissions, to compute the operating profit margin.

Due to the current pessimistic economic outlook for the radio broadcast industry, operating margins have generally been projected to remain flat, based on forecast year-end 2008 margins, over the term of these analyses. In a small number of instances, where the CXR cluster has historically under-performed, but where management has implemented certain revenue generating and cost- cutting measures, the margin has been forecast to increase. The operating margins in the Atlanta market are forecast to decrease over time and return to their historic norms.

Depreciation and Amortization

Depreciation expense for each year has been determined using the MACRS schedule for 5, 7, 15, and 39 year property, based upon the reported cost of fixed assets present at the Cox stations. A provision has also been made for the intangible assets at the Cox stations, which are amortized over a 15-year period on a straight line basis for tax purposes.

Federal and State Tax Rates

An estimated tax rate was applied to the projected taxable income of the Stations in each market. This estimated rate reflects the effective combined federal and state tax rates in effect as of December 31, 2008.

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Subsequent Capital Expenditures

Subsequent annual capital expenditures were estimated based upon each markets historical and forecast capital expenditure levels. This is generally between 2.0% and 5.0% annually of the initial investment in property, plant, and equipment for each market. These expenditures are necessary in order to replace assets that become irreparable, technically obsolete, or for other reasons are no longer useful at the individual stations. Certain markets have extraordinary capital expenditures forecasted for 2008 related to signal and facility upgrades. The estimated cost of these upgrades has been included in the forecasts.

Changes in Working Capital

After-tax cash flow was adjusted for changes in working capital. The change in working capital reflects the difference between current assets and current liabilities and the ability of the Stations to fund working capital needs. A rate of 12.3% of revenues was determined to be appropriate in calculating changes in working capital, which equates to a reserve of approximately 45 days of sales and reflects the fact that the radio broadcast industry is not working capital intensive.

Net After-Tax Cash Flow

Net after-tax cash flow was determined in two steps. After taxes were subtracted from the Stations’ taxable income, non-cash depreciation and amortization expenses were added back to net income to yield after-tax cash flow. From the after-tax cash flow, the provision for subsequent capital expenditures was deducted to calculate net after-tax cash flows.

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Discount Rate

As of December 31, 2008, the base discount rate for the radio broadcast industry was determined to be 10.5%. The discount rate is not specific to Cox Radio or to the Stations, but is based upon the rate that would be used by a typical market participant. A full analysis of the 10.5% discount is contained in Exhibit A.

Capitalization Rate

The net after-tax cash flow was capitalized using a capitalization rate, resulting in a terminal value. The capitalization rate was determined by subtracting a long-term growth rate from the 10.5% discount rate. The long-term growth rates ranged from 1.0% to 2.5% based upon market conditions, anticipated station performance, forecasts prepared by Kagan Research, forecasts prepared by Cox, and discussions with Cox management.

Present Value of Terminal Value

In the analyses, depreciation expenses were deducted from the Year 11 operating cash flow to determine taxable income. Income taxes, capital expenditures, and net changes in working capital were then deducted, and depreciation expense was added back, to determine an estimated after-tax free cash flow to use in perpetuity. The after-tax free cash flow was divided by a capitalization rate to determine the terminal value. This result was then discounted to present value at a rate of 10.5%. The fair value incorporates the cumulative present value of the net after-tax cash flows over the ten-year projection period, the discounted terminal value, and the present value of the tax benefit of the remaining intangible asset amortization in Years 11 through 15.

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Valuation Conclusion

Based upon the analysis continued herein, the total fair market value of the subject Cox Radio stations has been determined to be approximately $1.16 billion. The table below summarizes the Cox Radio enterprise values, by market. In Exhibit B, two tables are presented for each market which detail the calculations underlying each valuation.


	Fair Market
Market	Value (000)

Athens¹	$	29,793.0
Atlanta		325,953.4
Birmingham		33,477.5
Dayton		14,614.8
Greenville		13,459.7
Honolulu		9,419.6
Houston		79,608.3
Jacksonville		23,161.3
Long Island		68,917.0
Louisville		7,029.7
Miami		150,847.8
Orlando		159,719.4
Richmond		17,400.6
San Antonio		51,211.8
Tampa		99,237.8
Tulsa		33,529.7
Bridgeport		18,670.8
New Haven		23,854.0
Stamford-Norwalk		6,312.7

Total	$	1,166,218.8


1		The fair value in Athens reflects the fact that the WNGC signal could be moved to downtown Atlanta and compete in the 9^thranked Atlanta market. While CXR does not plan to relocate the station because of its existing Atlanta cluster, any potential buyer of the station would almost certainly move WNGC into the Atlanta market and benefit from a significant increase in revenue potential. As such, the fair value has been based upon the appraised FCC license value, plus the associated net fixed assets.

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Comparable Sales Analysis

The market approach, also known as the comparative sales or comparable sales method, establishes business values by comparing the traits of the subject business with those of companies or properties which are known to have been sold.

In the current economic environment, where the credit crisis has effectively halted the flow of acquisition capital and resulted in an almost complete cessation of commercial radio transactions, it is more difficult than usual to ascertain the current value of radio broadcasting properties. The last three months have been particularly stark, with only five radio stations with measurable cash flows having changed hands since September 1. According to SNL Kagan, over the past five years, during the same three month time-period there have been an average of 66 transactions (radio and television) that were over $1.0 million. In 2008, there have been only 24 such transactions over the same three-month period.¹ Year-to-date, 494 commercial radio stations have changed hands, compared to 1,245 over the same time period in 2007 and 724 in 2006. Further clouding the comparable sales analysis, only 92 of the 494 radio stations sold in 2008 have had measurable cash flows, versus 513 in 2007. This small sample size makes it difficult to determine accurate trading multiples.

In this environment, the appraiser believes that it is most instructive to examine a long-term history of transactional cash flow multiples that spans other economic downturns. The following charts, compiled from SNL Kagan’s Broadcast Investor: Deals and Finance newsletter, show the trend of cash flow multiples for AM and FM radio stations in three market brackets:


¹		SNLKagan Broadcast Investor: Deals & Finance, November 24, 2008

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AM Radio Multiples by Market Size

FM Radio Multiples by Market Size

While average cash flow multiples have fluctuated over the last eight years, they have generally fallen within the range of 13x-15x cash flow. Only in the last two years have multiples fallen below 13x; even then the range is 11x- 13x. It is possible to trace this trend back even further; while data is unavailable to parse transactions between AM and FM stations, radio station sales multiples, by market size, have been compiled going back to 1983. As detailed in Table 2, even following the severe recession in the early-1990s, multiples for radio stations in large and mid-sized market did not fall below 7.5x cash flow. This long-term history indicates that even in weak economic climates and periods of limited transactions, 8x – 10x cash flow is in the lower range of normal radio station transaction multiples.

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The following table summarizes each CXR market’s appraised enterprise values and the value as a multiple of 2008 forecast cash flow:


					Multiple
	Enterprise				of 2008
Market	Value		2008 CF¹		CF

Athens	$	29,785.3	$	524.5		35.6
Atlanta		325,953.4		45,872.9		7.1
Birmingham		33,477.5		4,706.7		7.1
Dayton		14,614.8		2,296.4		6.4
Greenville		13,459.7		1,960.1		6.9
Honolulu		9,419.6		1,349.9		7.0
Houston		79,608.3		10,049.8		7.9
Jacksonville		23,161.3		3,225.1		7.2
Long Island		68,917.0		8,759.8		7.9
Louisville		7,029.7		-10.6		-663.2
Miami		150,847.8		18,613.8		8.1
Orlando		159,719.4		19,780.3		8.1
Richmond		17,400.6		2,003.2		8.7
San Antonio		51,211.8		6,732.7		7.6
Tampa		99,237.8		12,426.2		8.0
Tulsa		33,529.7		4,727.0		7.1
Bridgeport		18,670.8		2,511.5		7.4
New Haven		23,854.0		3,311.6		7.2
Stamford-Norwalk		6,312.7		966.7		6.5

Total	$	1,155,099.1	$	149,807.6		7.7

The fair market value falls above the range of historical multiples paid by purchasers of individual broadcast properties only in those two markets where the stations are under-performing, either by under-selling their audience share or having low operating margins relative to the industry and other CXR properties. In the case of the Louisville cluster, there is significant growth potential and the underlying value of the Stations is greater than would be indicated by typical cash flow multiples. In Athens, the fair value reflects the fact that one station, WNGC(FM), could be moved into the Atlanta market and thus has value to a third-party that is significantly greater than the implied value under the cash flows generated


¹		2008 Forecast cash flows are based on information provided by CXR as of October 2008.

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EXHIBIT A

Weighted Average Cost of Capital Calculation

As of December 31, 2008, the base discount rate for the radio broadcast industry was determined to be 10.5%. The discount rate is based on an after-tax rate determined using the Weighted Average Cost of Capital Model, as follows:

WACC = [Re x E] + [Rd x D]


where:

	WAAC	=	Weighted average cost of capital
	Re	=	Cost of equity
	Rd	=	Cost of debt
	E	=	Percentage of equity in capital structure
	D	=	Percentage of debt in capital structure

Cost of Equity

In this calculation, the cost of equity is determined using a build-up method using the formula:

Re = Rf + [Rp +[B x [Rm – Rf ]]]


where:

	Re	=	Cost of equity
	Rf	=	Rate of return on a risk-free security
	Rm	=	Long-term return on market
	Rp	=	Risk premium for small stocks
	B	=	Industry beta

and:

Risk-Free Return (Rf)

As is widely accepted, the risk-free return is based on the yields of U.S. Treasury securities as the instruments are considered to have the least risk of default. The duration of the security used should match the term of the discounted cash flow projection. As such, we have used the monthly average of the 10-year Treasury note as of November 2008.

Long-Term Market Return (Rm)

The 40-year average market return from the S&P 500 (1968-2007) was used to estimate the long-term return on the market. A 40-year time frame was deemed appropriate because it captures variations in long-term market returns while smoothing out the impact of business cycles and annual fluctuations. This time frame also reflects the uncertainty of the direction and magnitude of future yields on the market. A shorter time frame would not capture the long-term cyclicality of returns in the market. Additionally, while there is some

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debate on whether the expected return should be forward-looking, it is the appraiser’s opinion that employing a component that is predictive and subject to an array of assumptions adds an unnecessary level of uncertainty to the calculation.

Small Stock Risk Premium (Rp)

A risk premium for small stocks was added to incorporate the risk over and beyond the broad market average. The appraiser utilized the micro-cap size premium from Morningstar’s Stocks, Bonds, Bill and Inflation 2008 Classic Yearbook. The micro-cap bracket comprises companies in the 9^thand 10^th deciles of market capitalization.

Beta (B)

The beta measures how the return of a specific stock (or portfolio) correlates to the return of the financial market (or the index that stock is listed on) as a whole.

So:


				Source

Rf	=	3.53	%	10-year Treasury Note, Monthly Average 11/08
Rm	=	11.23	%	1968-2007 Average S&P 500 Returns
Rp	=	3.65	%	Micro-cap Size Premium, Morningstar SBBI 2008 Classic Yearbook
B	=	1.23

Then:
3.53% + [3.65% + [1.23 x [11.23% – 3.53%]]] = 16.65%

Re = 16.7%

Cost of Debt

The cost of debt capital is estimated at the rate that a typical purchaser of the Radio One radio stations would require on interest-bearing debt. In this analysis, it has been assumed that the most likely buyer would come from a pool of publicly-traded radio broadcast owners. Because interest on debt is tax deductible, the after-tax rate has been used in the calculation:

Rd = R x [1 – t]

and:

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Pre-tax cost of debt (R)

As all of the peer companies currently have debt ratings that fall below investment-grade, indicating that their cost of debt would be higher than the average investor, we have estimated the pre-tax cost of debt to be reflective of current corporate BBB rated 7-10 year bond rate, which generally comports with the average debt rating from Moody’s for the subject companies. The daily average yield for the month of November was employed to mitigate the recent volatility in the returns.

Tax rate (t)

The tax rate is not Radio One specific and has been estimated as the effective tax rate for the peer group.

So:


				Source
R	=	10.31	%	Average Corporate BBB Bond Yield from 11/01/08 to 11/30/08 from the Merrill Lynch Corporate BBB 7-10 Year Bond Index
t	=	38.00	%	Estimated

Then:
10.31% x [1 – 38.0%] = 6.39%

Rd = 6.4%

WACC Conclusion

As follows from the above analysis, the appraiser estimates that as of December 31, 2008, the WACC for the radio broadcast industry is 10.5%:

WACC = [Re x E] + [Rd x D]

= [16.7% x 40.0%] + [6.4% x 60.0%]⁷

= 10.5%

A summary of the analysis and the companies used in the WACC calculation can be found in the following tables.


⁷		The average capital structure for the set of publicly-traded radio broadcast companies using SEC filing data available as of December 31, 2008 was 76.0% debt/24.0% equity. In order to reflect that the fair value of many of these companies’ debt is trading at less than face value and that the average capital structure is not consistent with the historical norms for these same companies, the appraiser has opted to use an estimated, normalized capital structure in the calculation of the WACC.

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Table 1

Projected Athens, Georgia Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Projected Athens Revenues	$	1,437.5		$	4,334.1		$	7,295.7		$	10,367.2		$	12,085.2		$	12,387.3		$	12,697.0		$	13,014.4		$	13,339.8		$	13,673.3
Operating Profit Margin		3.9	%		11.6	%		19.3	%		27.0	%		34.7	%		38.6	%		38.6	%		38.6	%		38.6	%		38.6	%
Operating Cash Flow	$	56.1		$	502.8		$	1,408.1		$	2,799.1		$	4,193.6		$	4,781.5		$	4,901.0		$	5,023.6		$	5,149.2		$	5,277.9
Less: Depreciation		203.2			358.2			279.7			230.5			232.5			194.7			155.9			155.7			154.8			155.4
Less: Amortization		1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5			1,779.5


Taxable Income	$	(1,926.6	)	$	(1,634.9	)	$	(651.1	)	$	789.1		$	2,181.6		$	2,807.3		$	2,965.6		$	3,088.4		$	3,214.9		$	3,343.0
Income Taxes		0.0			0.0			0.0			0.0			0.0			594.9			1,126.9			1,173.6			1,221.7			1,270.3


Net Income	$	(1,926.6	)	$	(1,634.9	)	$	(651.1	)	$	789.1		$	2,181.6		$	2,212.4		$	1,838.7		$	1,914.8		$	1,993.2		$	2,072.7
Add Back: Depreciation and Amortization		1,982.7			2,137.7			2,059.2			2,010.0			2,012.0			1,974.2			1,935.4			1,935.2			1,934.3			1,934.9


After-Tax Cash Flow	$	56.1		$	502.8		$	1,408.1		$	2,799.1		$	4,193.6		$	4,186.6		$	3,774.1		$	3,850.0		$	3,927.5		$	4,007.6
Less: Change in Working Capital		176.8			356.3			364.3			377.8			211.3			37.2			38.1			39.0			40.0			41.0
Less: Capital Expenditures		3,115.2			104.8			104.8			104.8			104.8			104.8			104.8			104.8			104.8			104.8


Net After-Tax Cash Flow	$	(3,235.9	)	$	41.7		$	939.0		$	2,316.5		$	3,877.5		$	4,044.6		$	3,631.2		$	3,706.2		$	3,782.7		$	3,861.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	(3,078.3	)	$	35.9		$	731.6		$	1,633.3		$	2,474.1		$	2,335.5		$	1,897.6		$	1,752.7		$	1,618.9		$	1,495.7
Cumulative Present Value Net After-Tax Cash Flow	$	(3,078.3	)	$	(3,042.4	)	$	(2,310.8	)	$	(677.5	)	$	1,796.6		$	4,132.1		$	6,029.7		$	7,782.4		$	9,401.3		$	10,897.0
Total Present Value Net After-Tax Cash Flow	$	10,897.0

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Table 2

Valuation of Athens, Georgia
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	5,277.9
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	5,409.8
Less: Depreciation		155.4

Taxable Income	$	5,254.4

Tax Rate²		38.0	%

Income Taxes	$	1,996.7

Net Income	$	3,257.7
Plus: Depreciation		155.4

After-Tax Cash Flow		3,413.1

Less: Capital Expenditures	$	155.4
Less: Change in Working Capital		41.0

Estimated Perpetuity After-Tax Free Cash Flow	$	3,216.7

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	40,209.1

Discounted Terminal Value @ 10.5%²	$	14,815.0
Total Present Value Cash Flow¹		10,897.0
Plus: Present Value Tax Benefit of Remaining Amortization		980.3


Total	$	26,692.3
Plus: Net Fixed Assets		3,093.0


Fair Market Value of Athens³	$	29,785.3


¹		See previous table.

²		See text.

³		See Page 11.

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Table 3

Projected Atlanta, Georgia Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	299,736.0		$	301,234.7		$	304,247.0		$	308,810.7		$	314,986.9		$	322,861.6		$	330,933.1		$	339,206.4		$	347,686.6		$	356,378.8
Atlanta Market Revenue Share		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%		30.4	%
Projected Atlanta Revenues	$	91,119.7		$	91,575.3		$	92,491.1		$	93,878.5		$	95,756.0		$	98,149.9		$	100,603.7		$	103,118.7		$	105,696.7		$	108,339.2
Operating Profit Margin		43.0	%		41.0	%		39.0	%		38.0	%		38.0	%		38.0	%		38.0	%		38.0	%		38.0	%		38.0	%
Operating Cash Flow	$	39,181.5		$	37,545.9		$	36,071.5		$	35,673.8		$	36,387.3		$	37,297.0		$	38,229.4		$	39,185.1		$	40,164.7		$	41,168.9
Less: Depreciation		2,992.2			4,959.3			3,313.5			2,316.2			2,331.5			1,635.1			908.1			839.1			764.6			770.3
Less: Amortization		20,507.4			20,507.4			20,507.4			20,507.4			20,507.4			20,507.4			20,507.4			20,507.4			20,507.4			20,507.4


Taxable Income	$	15,681.9		$	12,079.2		$	12,250.6		$	12,850.2		$	13,548.4		$	15,154.5		$	16,813.9		$	17,838.6		$	18,892.7		$	19,891.2
Income Taxes		5,959.1			4,590.1			4,655.2			4,883.1			5,148.4			5,758.7			6,389.3			6,778.7			7,179.2			7,558.7


Net Income	$	9,722.8		$	7,489.1		$	7,595.4		$	7,967.1		$	8,400.0		$	9,395.8		$	10,424.6		$	11,059.9		$	11,713.5		$	12,332.5
Add Back: Depreciation and Amortization		23,499.6			25,466.7			23,820.9			22,823.6			22,838.9			22,142.5			21,415.5			21,346.5			21,272.0			21,277.7


After-Tax Cash Flow	$	33,222.4		$	32,955.8		$	31,416.3		$	30,790.7		$	31,238.9		$	31,538.3		$	31,840.1		$	32,406.4		$	32,985.5		$	33,610.2
Less: Change in Working Capital		(976.8	)		56.0			112.6			170.7			230.9			294.4			301.8			309.3			317.1			325.0
Less: Capital Expenditures		844.3			844.3			844.3			844.3			844.3			844.3			844.3			844.3			844.3			844.3


Net After-Tax Cash Flow	$	33,354.9		$	32,055.5		$	30,459.4		$	29,775.7		$	30,163.7		$	30,399.6		$	30,694.0		$	31,252.8		$	31,824.1		$	32,440.9
Present Value Net After-Tax Cash Flow @ 10.5%	$	31,730.6		$	27,596.8		$	23,730.9		$	20,994.0		$	19,246.6		$	17,553.9		$	16,039.8		$	14,779.9		$	13,620.0		$	12,564.7
Cumulative Present Value Net After-Tax Cash Flow	$	31,730.6		$	59,327.4		$	83,058.3		$	104,052.3		$	123,298.9		$	140,852.8		$	156,892.6		$	171,672.5		$	185,292.5		$	197,857.2
Total Present Value Net After-Tax Cash Flow	$	197,857.2

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Table 4

Valuation of Atlanta, Georgia
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	41,168.9
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	42,198.1
Less: Depreciation		770.3

Taxable Income	$	41,427.8

Tax Rate²		38.0	%

Income Taxes	$	15,742.6

Net Income	$	25,685.2
Plus: Depreciation		770.3

After-Tax Cash Flow		26,455.5

Less: Capital Expenditures	$	770.3
Less: Change in Working Capital		325.0

Estimated Perpetuity After-Tax Free Cash Flow	$	25,360.2

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	317,003.0

Discounted Terminal Value @ 10.5%²	$	116,799.4
Total Present Value Cash Flow¹		197,857.2
Plus: Present Value Tax Benefit of Remaining Amortization		11,296.8


Fair Market Value of Atlanta	$	325,953.4


¹		See previous table.

²		See text.

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Table 5

Projected Birmingham, Alabama Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10
Market Net Revenues	$	40,204.0		$	40,364.8		$	40,687.7		$	41,176.0		$	41,834.8		$	42,671.5		$	43,524.9		$	44,395.4		$	45,283.3		$	46,189.0
Birmingham Market Revenue Share		47.2	%		47.5	%		47.8	%		48.0	%		48.0	%		48.0	%		48.0	%		48.0	%		48.0	%		48.0	%
Projected Birmingham Revenues	$	18,976.3		$	19,173.3		$	19,448.7		$	19,764.5		$	20,080.7		$	20,482.3		$	20,892.0		$	21,309.8		$	21,736.0		$	22,170.7
Operating Profit Margin		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%		22.7	%
Operating Cash Flow	$	4,307.6		$	4,352.3		$	4,414.9		$	4,486.5		$	4,558.3		$	4,649.5		$	4,742.5		$	4,837.3		$	4,934.1		$	5,032.7
Less: Depreciation		1,745.8			2,950.1			2,075.3			1,536.0			1,514.5			1,181.5			826.6			736.7			643.0			647.1
Less: Amortization		1,310.3			1,310.3			1,310.3			1,310.3			1,310.3			1,310.3			1,310.3			1,310.3			1,310.3			1,310.3


Taxable Income	$	1,251.5		$	91.9		$	1,029.3		$	1,640.2		$	1,733.5		$	2,157.7		$	2,605.6		$	2,790.3		$	2,980.8		$	3,075.3
Income Taxes		479.3			35.2			394.2			628.2			663.9			826.4			997.9			1,068.7			1,141.6			1,177.8


Net Income	$	772.2		$	56.7		$	635.1		$	1,012.0		$	1,069.6		$	1,331.3		$	1,607.7		$	1,721.6		$	1,839.2		$	1,897.5
Add Back: Depreciation and Amortization		3,056.1			4,260.4			3,385.6			2,846.3			2,824.8			2,491.8			2,136.9			2,047.0			1,953.3			1,957.4


After-Tax Cash Flow	$	3,828.3		$	4,317.1		$	4,020.7		$	3,858.3		$	3,894.4		$	3,823.1		$	3,744.6		$	3,768.6		$	3,792.5		$	3,854.9
Less: Change in Working Capital		(217.9	)		24.2			33.9			38.8			38.9			49.4			50.4			51.4			52.4			53.5
Less: Capital Expenditures		594.9			594.9			594.9			594.9			594.9			594.9			594.9			594.9			594.9			594.9


Net After-Tax Cash Flow	$	3,451.3		$	3,698.0		$	3,391.9		$	3,224.6		$	3,260.6		$	3,178.8		$	3,099.3		$	3,122.3		$	3,145.2		$	3,206.5
Present Value Net After-Tax Cash Flow @ 10.5%	$	3,283.2		$	3,183.6		$	2,642.7		$	2,273.5		$	2,080.5		$	1,835.6		$	1,619.6		$	1,476.6		$	1,346.1		$	1,241.9
Cumulative Present Value Net After-Tax Cash Flow	$	3,283.2		$	6,466.8		$	9,109.5		$	11,383.0		$	13,463.5		$	15,299.1		$	16,918.7		$	18,395.3		$	19,741.4		$	20,983.3
Total Present Value Net After-Tax Cash Flow	$	20,983.3

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Table 6

Valuation of Birmingham, Alabama
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	5,032.7
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	5,133.4
Less: Depreciation		647.1

Taxable Income	$	4,486.3

Tax Rate²		38.3	%

Income Taxes	$	1,718.3

Net Income	$	2,768.0
Plus: Depreciation		647.1

After-Tax Cash Flow		3,415.1

Less: Capital Expenditures	$	647.1
Less: Change in Working Capital		53.5

Estimated Perpetuity After-Tax Fee Cash Flow	$	2,714.5

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	31,935.8

Discounted Terminal Value @ 10.5%²	$	11,766.7
Total Present Value Cash Flow¹		20,983.3
Plus: Present Value Tax Benefit of Remaining Amortization		727.5


Fair Market Value of Birmingham	$	33,477.5


¹		See previous table.

²		See text.

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Table 7

Projected Dayton, Ohio Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10
Market Net Revenues	$	31,648.0		$	31,711.3		$	31,838.1		$	32,029.1		$	32,285.3		$	32,608.2		$	32,934.3		$	33,263.6		$	33,596.2		$	33,932.2
Dayton Market Revenue Share		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%		24.6	%
Projected Dayton Revenues	$	7,785.4		$	7,801.0		$	7,832.2		$	7,879.2		$	7,942.2		$	8,021.6		$	8,101.8		$	8,182.8		$	8,264.7		$	8,347.3
Operating Profit Margin		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%		25.0	%
Operating Cash Flow	$	1,946.4		$	1,950.3		$	1,958.1		$	1,969.8		$	1,985.6		$	2,005.4		$	2,025.5		$	2,045.7		$	2,066.2		$	2,086.8
Less: Depreciation		650.4			1,080.2			725.4			508.8			504.5			361.1			211.4			186.9			161.3			162.5
Less: Amortization		735.6			735.6			735.6			735.6			735.6			735.6			735.6			735.6			735.6			735.6


Taxable Income	$	560.4		$	134.5		$	497.1		$	725.4		$	745.5		$	908.7		$	1,078.5		$	1,123.2		$	1,169.3		$	1,188.7
Income Taxes		221.9			53.3			196.9			287.3			295.2			359.8			427.1			444.8			463.0			470.7


Net Income	$	338.5		$	81.2		$	300.2		$	438.1		$	450.3		$	548.9		$	651.4		$	678.4		$	706.3		$	718.0
Add Back: Depreciation and Amortization		1,386.0			1,815.8			1,461.0			1,244.4			1,240.1			1,096.7			947.0			922.5			896.9			898.1


After-Tax Cash Flow	$	1,724.5		$	1,897.0		$	1,761.2		$	1,682.5		$	1,690.4		$	1,645.6		$	1,598.4		$	1,600.9		$	1,603.2		$	1,616.1
Less: Change in Working Capital		(82.4	)		1.9			3.8			5.8			7.7			9.8			9.9			10.0			10.1			10.2
Less: Capital Expenditures		178.9			178.9			178.9			178.9			178.9			178.9			178.9			178.9			178.9			178.9


Net After-Tax Cash Flow	$	1,628.0		$	1,716.2		$	1,578.5		$	1,497.8		$	1,503.8		$	1,456.9		$	1,409.6		$	1,412.0		$	1,414.2		$	1,427.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	1,548.7		$	1,477.5		$	1,229.8		$	1,056.1		$	959.5		$	841.3		$	736.6		$	667.8		$	605.3		$	552.7
Cumulative Present Value Net After-Tax Cash Flow	$	1,548.7		$	3,026.2		$	4,256.0		$	5,312.1		$	6,271.6		$	7,112.9		$	7,849.5		$	8,517.3		$	9,122.6		$	9,675.3
Total Present Value Net After-Tax Cash Flow	$	9,675.3

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Table 8

Valuation of Dayton, Ohio
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,086.8
Operating Cash Flow Growth Rate		1.0	%

Year 11 Terminal Operating Cash Flow	$	2,107.7
Less: Depreciation		162.5

Taxable Income	$	1,945.2

Tax Rate²		39.6	%

Income Taxes	$	770.3

Net Income	$	1,174.9
Plus: Depreciation		162.5

After-Tax Cash Flow		1,337.4

Less: Capital Expenditures	$	162.5
Less: Change in Working Capital		10.2

Estimated Perpetuity After-Tax Fee Cash Flow	$	1,64.7

Discount Rate²		10.5	%
Long Term Growth Rate²		1.0	%

Capitalization Rate		9.5	%

Future Terminal Value	$	12,260.0

Discounted Terminal Value @ 10.5%²	$	4,517.2
Total Present Value Cash Flow¹		9,675.3
Plus: Present Value Tax Benefit of Remaining Amortization		422.3


Fair Market Value of Dayton	$	14,614.8


¹		See previous table.

²		See text.

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Table 9

Projected Greenville, South Carolina Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10
Market Net Revenues	$	34,592.0		$	34,695.8		$	34,904.0		$	35,218.1		$	35,640.7		$	36,175.3		$	36,717.9		$	37,268.7		$	37,827.7		$	38,395.1
Greenville Market Revenue Share		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%		18.2	%
Projected Greenville Revenues	$	6,295.7		$	6,314.6		$	6,352.5		$	6,409.7		$	6,486.6		$	6,583.9		$	6,682.7		$	6,782.9		$	6,884.6		$	6,987.9
Operating Profit Margin		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%		28.6	%
Operating Cash Flow	$	1,800.6		$	1,806.0		$	1,816.8		$	1,833.2		$	1,855.2		$	1,883.0		$	1,911.3		$	1,939.9		$	1,969.0		$	1,998.5
Less: Depreciation		809.5			1,320.7			841.1			549.1			535.3			336.8			135.9			110.6			84.9			85.4
Less: Amortization		681.9			681.9			681.9			681.9			681.9			681.9			681.9			681.9			681.9			681.9


Taxable Income	$	309.2		$	(196.6	)	$	293.8		$	602.2		$	638.0		$	864.3		$	1,093.5		$	1,147.4		$	1,202.2		$	1,231.2
Income Taxes		115.3			0.0			36.3			224.6			238.0			322.4			407.9			428.0			448.4			459.2


Net Income	$	193.9		$	(196.6	)	$	257.5		$	377.6		$	400.0		$	541.9		$	685.6		$	719.4		$	753.8		$	772.0
Add Back: Depreciation and Amortization		1,491.4			2,002.6			1,523.0			1,231.0			1,217.2			1,018.7			817.8			792.5			766.8			767.3


After-Tax Cash Flow	$	1,685.3		$	1,806.0		$	1,780.5		$	1,608.6		$	1,617.2		$	1,560.6		$	1,503.4		$	1,511.9		$	1,520.6		$	1,539.3
Less: Change in Working Capital		(69.2	)		2.3			4.7			7.0			9.5			12.0			12.2			12.3			12.5			12.7
Less: Capital Expenditures		1,923.5			73.5			73.5			73.5			73.5			73.5			73.5			73.5			73.5			73.5


Net After-Tax Cash Flow	$	(169.0	)	$	1,730.2		$	1,702.3		$	1,528.1		$	1,534.2		$	1,475.1		$	1,417.7		$	1,426.1		$	1,434.6		$	1,453.1
Present Value Net After-Tax Cash Flow @ 10.5%	$	(160.8	)	$	1,489.5		$	1,326.3		$	1,077.4		$	979.0		$	851.8		$	740.9		$	674.4		$	614.0		$	562.8
Cumulative Present Value Net After-Tax Cash Flow	$	(160.8	)	$	1,328.7		$	2,655.0		$	3,732.4		$	4,711.4		$	5,563.2		$	6,304.1		$	6,978.5		$	7,592.5		$	8,155.3
Total Present Value Net After-Tax Cash Flow	$	8,155.3

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Table 10

Valuation of Greenville, South Carolina
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,998.5
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	2,028.5
Less: Depreciation		85.4

Taxable Income	$	1,943.1

Tax Rate²		37.3	%

Income Taxes	$	724.8

Net Income	$	1,218.3
Plus: Depreciation		85.4

After-Tax Cash Flow		1,303.7

Less: Capital Expenditures	$	85.4
Less: Change in Working Capital		12.7

Estimated Perpetuity After-Tax Free Cash Flow	$	1,205.6

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	13,395.8

Discounted Terminal Value @ 10.5%²	$	4,935.7
Total Present Value Cash Flow¹		8,155.3
Plus: Present Value Tax Benefit of Remaining Amortization		368.7


Fair Market Value of Greenville	$	13,459.7


¹		See previous table.

²		See text.

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Table 11

Projected Honolulu, Hawaii Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	31,004.0		$	31,159.0		$	31,470.6		$	31,942.7		$	32,581.6		$	33,396.1		$	34,231.0		$	35,086.8		$	35,964.0		$	36,863.1
Honolulu Market Revenue Share		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%		27.9	%
Projected Honolulu Revenues	$	8,650.1		$	8,693.4		$	8,780.3		$	8,912.0		$	9,090.3		$	9,317.5		$	9,550.4		$	9,789.2		$	10,034.0		$	10,284.8
Operating Profit Margin		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%
Operating Cash Flow	$	1,245.6		$	1,251.8		$	1,264.4		$	1,283.3		$	1,309.0		$	1,341.7		$	1,375.3		$	1,409.6		$	1,444.9		$	1,481.0
Less: Depreciation		1,258.0			2,090.2			1,402.6			978.3			946.4			684.9			413.3			343.0			271.0			272.9
Less: Amortization		128.6			128.6			128.6			128.6			128.6			128.6			128.6			128.6			128.6			128.6


Taxable Income	$	(141.0	)	$	(967.0	)	$	(266.8	)	$	176.4		$	234.0		$	528.2		$	833.4		$	938.0		$	1,045.3		$	1,079.5
Income Taxes		0.0			0.0			0.0			0.0			0.0			0.0			151.7			358.3			399.3			412.4
Net Income	$	(141.0	)	$	(967.0	)	$	(266.8	)	$	176.4		$	234.0		$	528.2		$	681.7		$	579.7		$	646.0		$	667.1
Add Back: Depreciation and Amortization		1,386.6			2,218.8			1,531.2			1,106.9			1,075.0			813.5			541.9			471.6			399.6			401.5


After-Tax Cash Flow	$	1,245.6		$	1,251.8		$	1,264.4		$	1,283.3		$	1,309.0		$	1,341.7		$	1,223.6		$	1,051.3		$	1,045.6		$	1,068.6
Less: Change in Working Capital		(92.3	)		5.3			10.7			16.2			21.9			27.9			28.6			29.4			30.1			30.8
Less: Capital Expenditures		283.7			283.7			283.7			283.7			283.7			283.7			283.7			283.7			283.7			283.7


Net After-Tax Cash Flow	$	1,054.2		$	962.8		$	970.0		$	983.4		$	1,003.4		$	1,030.1		$	911.3		$	738.2		$	731.8		$	754.1
Present Value Net After-Tax Cash Flow @ 10.5%	$	1,002.8		$	828.9		$	755.7		$	693.4		$	640.2		$	594.8		$	476.2		$	349.1		$	313.2		$	292.1

Cumulative Present Value Net After-Tax Cash Flow	$	1,002.8		$	1,831.7		$	2,587.4		$	3,280.8		$	3,921.0		$	4,515.8		$	4,992.0		$	5,341.1		$	5,654.3		$	5,946.4
Total Present Value Net After-Tax Cash Flow	$	5,946.4

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Table 12

Valuation of Honolulu, Hawaii
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,481.0
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	1,518.0
Less: Depreciation		272.9

Taxable Income	$	1,245.1

Tax Rate²		38.2	%

Income Taxes	$	475.6

Net Income	$	769.5
Plus: Depreciation		272.9

After-Tax Cash Flow		1,042.4

Less: Capital Expenditures	$	272.9
Less: Change in Working Capital		30.8

Estimated Perpetuity After-Tax Free Cash Flow	$	738.7

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	9,233.4

Discounted Terminal Value @ 10.5%²	$	3,402.0
Total Present Value Cash Flow¹		5,946.4
Plus: Present Value Tax Benefit of Remaining Amortization		71.2


Fair Market Value of Honolulu	$	9,419.6


¹		See previous table.

²		See text.

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Table 13

Projected Houston, Texas Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	301,208.0		$	302,412.8		$	304,832.1		$	308,490.1		$	313,425.9		$	319,694.4		$	326,088.3		$	332,610.1		$	339,262.3		$	346,047.5
Houston Market Revenue Share		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%		8.6	%
Projected Houston Revenues	$	25,903.9		$	26,007.5		$	26,215.6		$	26,530.1		$	26,954.6		$	27,493.7		$	28,043.6		$	28,604.5		$	29,176.6		$	29,760.1
Operating Profit Margin		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%
Operating Cash Flow	$	9,066.4		$	9,102.6		$	9,175.5		$	9,285.5		$	9,434.1		$	9,622.8		$	9,815.3		$	10,011.6		$	10,211.8		$	10,416.0
Less: Depreciation		2,128.9			3,528.5			2,357.8			1,648.7			1,661.1			1,165.8			648.0			599.5			547.1			551.2
Less: Amortization		4,535.8			4,535.8			4,535.8			4,535.8			4,535.8			4,535.8			4,535.8			4,535.8			4,535.8			4,535.8


Taxable Income	$	2,401.7		$	1,038.3		$	2,281.9		$	3,101.0		$	3,237.2		$	3,921.2		$	4,631.5		$	4,876.3		$	5,128.9		$	5,329.0
Income Taxes		833.4			360.3			791.8			1,076.0			1,123.3			1,360.7			1,607.1			1,692.1			1,779.7			1,849.2


Net Income	$	1,568.3		$	678.0		$	1,490.1		$	2,025.0		$	2,113.9		$	2,560.5		$	3,024.4		$	3,184.2		$	3,349.2		$	3,479.8
Add Back: Depreciation and Amortization		6,664.7			8,064.3			6,893.6			6,184.5			6,196.9			5,701.6			5,183.8			5,135.3			5,082.9			5,087.0


After-Tax Cash Flow	$	8,233.0		$	8,742.3		$	8,383.7		$	8,209.5		$	8,310.8		$	8,262.1		$	8,208.2		$	8,319.5		$	8,432.1		$	8,566.8
Less: Change in Working Capital		(288.5	)		12.7			25.6			38.7			52.2			66.3			67.6			69.0			70.4			71.8
Less: Capital Expenditures		600.4			600.4			600.4			600.4			600.4			600.4			600.4			600.4			600.4			600.4


Net After-Tax Cash Flow	$	7,921.1		$	8,129.2		$	7,757.7		$	7,570.4		$	7,658.2		$	7,595.4		$	7,540.2		$	7,650.1		$	7,761.3		$	7,894.6
Present Value Net After-Tax Cash Flow @ 10.5%	$	7,535.4		$	6,998.5		$	6,044.0		$	5,337.7		$	4,886.5		$	4,385.9		$	3,940.3		$	3,617.8		$	3,321.7		$	3,057.7
Cumulative Present Value Net After-Tax Cash Flow	$	7,535.4		$	14,533.9		$	20,577.9		$	25,915.6		$	30,802.1		$	35,188.0		$	39,128.3		$	42,746.1		$	46,067.8		$	49,125.5
Total Present Value Net After-Tax Cash Flow	$	49,125.5

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Table 14

Valuation of Houston, Texas
(Income Approach)
(Dollar Amounts Shown In Thousands)


Year 10 Operating Cash Flow¹	$	10,416.0
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	10,624.3
Less: Depreciation		551.2

Taxable Income	$	10,073.1

Tax Rate²		34.7	%

Income Taxes	$	3,495.4

Net Income	$	6,577.7
Plus: Depreciation		551.2

After-Tax Cash Flow		7,128.9

Less: Capital Expenditures	$	551.2
Less: Change in Working Capital		71.8

Estimated Perpetuity After-Tax Free Cash Flow	$	6,505.9

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	76,540.4

Discounted Terminal Value @ 10.5%²	$	28,201.2
Total Present Value Cash Flow¹		49,125.5
Plus: Present Value Tax Benefit of Remaining Amortization		2,281.6


Fair Market Value of Houston	$	79,608.3


¹		See previous table.

²		See text.

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Table 15

Projected Jacksonville, Florida Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	53,360.0		$	53,626.8		$	54,163.1		$	54,975.5		$	56,075.0		$	57,476.9		$	58,913.8		$	60,386.6		$	61,896.3		$	63,443.7
Jacksonville Market Revenue Share		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%		31.9	%
Projected Jacksonville Revenues	$	17,021.8		$	17,106.9		$	17,278.0		$	17,537.2		$	17,887.9		$	18,335.1		$	18,793.5		$	19,263.3		$	19,744.9		$	20,238.5
Operating Profit Margin		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%		17.4	%
Operating Cash Flow	$	2,961.8		$	2,976.6		$	3,006.4		$	3,051.5		$	3,112.5		$	3,190.3		$	3,270.1		$	3,351.8		$	3,435.6		$	3,521.5
Less: Depreciation		1,621.3			2,718.6			1,874.7			1,359.3			1,351.9			1,011.7			654.3			594.5			531.7			534.9
Less: Amortization		685.1			685.1			685.1			685.1			685.1			685.1			685.1			685.1			685.1			685.1


Taxable Income	$	655.4		$	(427.1	)	$	446.6		$	1,007.1		$	1,075.5		$	1,493.5		$	1,930.7		$	2,072.2		$	2,218.8		$	2,301.5
Income Taxes		246.4			0.0			7.3			378.7			404.4			561.6			725.9			779.1			834.3			865.4


Net Income	$	409.0		$	(427.1	)	$	439.3		$	628.4		$	671.1		$	931.9		$	1,204.8		$	1,293.1		$	1,384.5		$	1,436.1
Add Back: Depreciation and Amortization		2,306.4			3,403.7			2,559.8			2,044.4			2,037.0			1,696.8			1,339.4			1,279.6			1,216.8			1,220.0


After-Tax Cash Flow	$	2,715.4		$	2,976.6		$	2,999.1		$	2,672.8		$	2,708.1		$	2,628.7		$	2,544.2		$	2,572.7		$	2,601.3		$	2,656.1
Less: Change in Working Capital		(185.2	)		10.5			21.0			31.9			43.1			55.0			56.4			57.8			59.2			60.7
Less: Capital Expenditures		479.7			479.7			479.7			479.7			479.7			479.7			479.7			479.7			479.7			479.7


Net After-Tax Cash Flow	$	2,420.9		$	2,486.4		$	2,498.4		$	2,161.2		$	2,185.3		$	2,094.0		$	2,008.1		$	2,035.2		$	2,062.4		$	2,115.7
Present Value Net After-Tax Cash Flow @ 10.5%	$	2,303.0		$	2,140.6		$	1,946.5		$	1,523.8		$	1,394.4		$	1,209.2		$	1,049.4		$	962.5		$	882.6		$	819.4
Cumulative Present Value Net After-Tax Cash Flow	$	2,303.0		$	4,443.6		$	6,390.1		$	7,913.9		$	9,308.3		$	10,517.5		$	11,566.9		$	12,529.4		$	13,412.0		$	14,231.4
Total Present Value Net After-Tax Cash Flow	$	14,231.4

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Table 16

Valuation of Jacksonville, Florida
(Income Approach)
(Dollar Amounts Shown In Thousands)


Year 10 Operating Cash Flow¹	$	3,521.5
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	3,609.5
Less: Depreciation		534.9

Taxable Income	$	3,074.6

Tax Rate²		37.6	%

Income Taxes	$	1,156.0

Net Income	$	1,918.6
Plus: Depreciation		534.9

After-Tax Cash Flow		2,453.5

Less: Capital Expenditures	$	534.9
Less: Change in Working Capital		60.7

Estimated Perpetuity After-Tax Free Cash Flow	$	1,857.9

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	23,223.1

Discounted Terminal Value @ 10.5%²	$	8,556.5
Total Present Value Cash Flow¹		14,231.4
Plus: Present Value Tax Benefit of Remaining Amortization		373.4


Fair Market Value of Jacksonville	$	23,161.3


¹		See previous table.

²		See text.

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Table 17

Projected Long Island, New York Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	44,436.0		$	44,658.2		$	45,104.8		$	45,781.4		$	46,697.0		$	47,864.4		$	49,061.0		$	50,287.5		$	51,544.7		$	52,833.3
Long Island Market Revenue Share		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%		41.0	%
Projected Long Island Revenues	$	18,218.8		$	18,309.9		$	18,493.0		$	18,770.4		$	19,145.8		$	19,624.4		$	20,115.0		$	20,617.9		$	21,133.3		$	21,661.7
Operating Profit Margin		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%		43.5	%
Operating Cash Flow	$	7,925.2		$	7,964.8		$	8,044.5		$	8,165.1		$	8,328.4		$	8,536.6		$	8,750.0		$	8,968.8		$	9,193.0		$	9,422.8
Less: Depreciation		874.5			1,523.2			1,157.3			929.8			935.8			804.9			653.1			600.9			544.9			548.8
Less: Amortization		4,179.0			4,179.0			4,179.0			4,179.0			4,179.0			4,179.0			4,179.0			4,179.0			4,179.0			4,179.0


Taxable Income	$	2,871.7		$	2,262.6		$	2,708.2		$	3,056.3		$	3,213.6		$	3,552.7		$	3,917.9		$	4,188.9		$	4,469.1		$	4,695.0
Income Taxes		1,120.0			882.4			1,056.2			1,192.0			1,253.3			1,385.6			1,528.0			1,633.7			1,742.9			1,831.1


Net Income	$	1,751.7		$	1,380.2		$	1,652.0		$	1,864.3		$	1,960.3		$	2,167.1		$	2,389.9		$	2,555.2		$	2,726.2		$	2,863.9
Add Back: Depreciation and Amortization		5,053.5			5,702.2			5,336.3			5,108.8			5,114.8			4,983.9			4,832.1			4,779.9			4,723.9			4,727.8


After-Tax Cash Flow	$	6,805.2		$	7,082.4		$	6,988.3		$	6,973.1		$	7,075.1		$	7,151.0		$	7,222.0		$	7,335.1		$	7,450.1		$	7,591.7
Less: Change in Working Capital		(209.0	)		11.2			22.5			34.1			46.2			58.9			60.3			61.9			63.4			65.0
Less: Capital Expenditures		578.5			578.5			578.5			578.5			578.5			578.5			578.5			578.5			578.5			578.5


Net After-Tax Cash Flow	$	6,435.7		$	6,492.7		$	6,387.3		$	6,360.5		$	6,450.4		$	6,513.6		$	6,583.2		$	6,694.7		$	6,808.2		$	6,948.2
Present Value Net After-Tax Cash Flow @ 10.5%	$	6,122.3		$	5,589.6		$	4,976.3		$	4,484.6		$	4,115.8		$	3,761.2		$	3,440.2		$	3,166.0		$	2,913.8		$	2,691.1
Cumulative Present Value Net After-Tax Cash Flow	$	6,122.3		$	11,711.9		$	16,688.2		$	21,172.8		$	25,288.6		$	29,049.8		$	32,490.0		$	35,656.0		$	38,569.8		$	41,260.9
Total Present Value Net After-Tax Cash Flow	$	41,260.9

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Table 18

Valuation of Long Island, New York
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	9,422.8
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	9,658.4
Less: Depreciation		548.8

Taxable Income	$	9,109.6

Tax Rate²		39.0	%

Income Taxes	$	3,552.7

Net Income	$	5,556.9
Plus: Depreciation		548.8

After-Tax Cash Flow	$	6,105.7

Less: Capital Expenditures	$	548.8
Less: Change in Working Capital		65.0

Estimated Perpetuity After-Tax Free Cash Flow	$	5,491.9

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	68,648.2

Discounted Terminal Value @ 10.5%²	$	25,293.4
Total Present Value Cash Flow¹		41,260.9
Plus: Present Value Tax Benefit of Remaining Amortization		2,362.7


Fair Market Value of Long Island	$	68,917.0


¹		See previous table.

²		See text.

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Table 19

Projected Louisville, Kentucky Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	40,664.0		$	40,786.0		$	41,030.7		$	41,400.0		$	41,896.8		$	42,525.3		$	43,163.2		$	43,810.6		$	44,467.8		$	45,134.8
Louisville Market Revenue Share		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%		14.4	%
Projected Louisville Revenues	$	5,855.6		$	5,873.2		$	5,908.4		$	5,961.6		$	6,033.1		$	6,123.6		$	6,215.5		$	6,308.7		$	6,403.4		$	6,499.4
Operating Profit Margin		2.2	%		6.5	%		10.8	%		15.1	%		19.4	%		21.5	%		21.5	%		21.5	%		21.5	%		21.5	%
Operating Cash Flow	$	128.8		$	381.8		$	638.1		$	900.2		$	1,170.4		$	1,316.6		$	1,336.3		$	1,356.4		$	1,376.7		$	1,397.4
Less: Depreciation		582.3			978.3			677.0			490.5			477.8			366.1			247.9			212.7			176.2			177.4
Less: Amortization		220.7			220.7			220.7			220.7			220.7			220.7			220.7			220.7			220.7			220.7


Taxable Income	$	(674.2	)	$	(817.2	)	$	(259.6	)	$	189.0		$	471.9		$	729.8		$	867.7		$	923.0		$	979.8		$	999.3
Income Taxes		0.0			0.0			0.0			0.0			0.0			0.0			195.9			356.3			378.2			385.7


Net Income	$	(674.2	)	$	(817.2	)	$	(259.6	)	$	189.0		$	471.9		$	729.8		$	671.8		$	566.7		$	601.6		$	613.6
Add Back: Depreciation and Amortization		803.0			1,199.0			897.7			711.2			698.5			586.8			468.6			433.4			396.9			398.1


After-Tax Cash Flow	$	128.8		$	381.8		$	638.1		$	900.2		$	1,170.4		$	1,316.6		$	1,140.4		$	1,000.1		$	998.5		$	1,011.7
Less: Change in Working Capital		(60.0	)		2.2			4.3			6.5			8.8			11.1			11.3			11.5			11.6			11.8
Less: Capital Expenditures		183.1			183.1			183.1			183.1			183.1			183.1			183.1			183.1			183.1			183.1


Net After-Tax Cash Flow	$	5.7		$	196.5		$	450.7		$	710.6		$	978.5		$	1,122.4		$	946.0		$	805.5		$	803.8		$	816.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	5.5		$	169.2		$	351.1		$	501.0		$	624.4		$	648.1		$	494.4		$	381.0		$	344.0		$	316.4
Cumulative Present Value Net After-Tax Cash Flow	$	5.5		$	174.7		$	525.8		$	1,026.8		$	1,651.2		$	2,299.3		$	2,793.7		$	3,174.7		$	3,518.7		$	3,835.1
Total Present Value Net After-Tax Cash Flow	$	3,835.1

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Table 20

Valuation of Louisville, Kentucky
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	1,397.4
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	1,418.4
Less: Depreciation		177.4

Taxable Income	$	1,241.0

Tax Rate²		38.6	%

Income Taxes	$	479.0

Net Income	$	762.0
Plus: Depreciation		177.4

After-Tax Cash Flow	$	939.4

Less: Capital Expenditures	$	177.4
Less: Change in Working Capital		11.8

Estimated Perpetuity After-Tax Free Cash Flow	$	750.2

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	8,335.3

Discounted Terminal Value @ 10.5%²	$	3,071.1
Total Present Value Cash Flow¹		3,835.1
Plus: Present Value Tax Benefit of Remaining Amortization		123.5


Fair Market Value of Louisville	$	7,029.7


¹		See previous table.

²		See text.

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Table 21

Projected Miami, Florida Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	239,292.0		$	240,488.5		$	242,893.4		$	246,536.8		$	251,467.5		$	257,754.2		$	264,198.1		$	270,803.1		$	277,573.2		$	284,512.5
Miami Market Revenue Share		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%
Projected Miami Revenues	$	35,893.8		$	36,073.3		$	36,434.0		$	36,980.5		$	37,720.1		$	38,663.1		$	39,629.7		$	40,620.5		$	41,636.0		$	42,676.9
Operating Profit Margin		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%		46.0	%
Operating Cash Flow	$	16,511.1		$	16,593.7		$	16,759.6		$	17,011.0		$	17,351.2		$	17,785.0		$	18,229.7		$	18,685.4		$	19,152.6		$	19,631.4
Less: Depreciation		1,375.7			2,353.7			1,709.7			1,309.9			1,291.2			1,058.6			804.5			719.4			630.5			634.4
Less: Amortization		9,265.5			9,265.5			9,265.5			9,265.5			9,265.5			9,265.5			9,265.5			9,265.5			9,265.5			9,265.5


Taxable Income	$	5,869.9		$	4,974.5		$	5,784.4		$	6,435.6		$	6,794.5		$	7,460.9		$	8,159.7		$	8,700.5		$	9,256.6		$	9,731.5
Income Taxes		2,207.1			1,870.4			2,174.9			2,419.8			2,554.7			2,805.3			3,068.0			3,271.4			3,480.5			3,659.0


Net Income	$	3,662.8		$	3,104.1		$	3,609.5		$	4,015.8		$	4,239.8		$	4,655.6		$	5,091.7		$	5,429.1		$	5,776.1		$	6,072.5
Add Back: Depreciation and Amortization		10,641.2			11,619.2			10,975.2			10,575.4			10,556.7			10,324.1			10,070.0			9,984.9			9,896.0			9,899.9


After-Tax Cash Flow	$	14,304.0		$	14,723.3		$	14,584.7		$	14,591.2		$	14,796.5		$	14,979.7		$	15,161.7		$	15,414.0		$	15,672.1		$	15,972.4
Less: Change in Working Capital		(403.3	)		22.1			44.4			67.2			91.0			116.0			118.9			121.9			124.9			128.0
Less: Capital Expenditures		582.8			582.8			582.8			582.8			582.8			582.8			582.8			582.8			582.8			582.8


Net After-Tax Cash Flow	$	14,124.5		$	14,118.4		$	13,957.5		$	13,941.2		$	14,122.7		$	14,280.9		$	14,460.0		$	14,709.3		$	14,964.4		$	15,261.6
Present Value Net After-Tax Cash Flow @ 10.5%	$	13,436.7		$	12,154.7		$	10,874.3		$	9,829.5		$	9,011.3		$	8,246.4		$	7,556.4		$	6,956.3		$	6,404.4		$	5,911.0
Cumulative Present Value Net After-Tax Cash Flow	$	13,436.7		$	25,591.4		$	36,465.7		$	46,295.2		$	55,306.5		$	63,552.9		$	71,109.3		$	78,065.6		$	84,470.0		$	90,381.0
Total Present Value Net After-Tax Cash Flow	$	90,381.0

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Table 22

Valuation of Miami, Florida
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	19,631.4
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	20,122.2
Less: Depreciation		634.4

Taxable Income	$	19,487.8

Tax Rate²		37.6	%

Income Taxes	$	7,327.4

Net Income	$	12,160.4
Plus: Depreciation		634.4

After-Tax Cash Flow		12,794.8

Less: Capital Expenditures	$	634.4
Less: Change in Working Capital		128.0

Estimated Perpetuity After-Tax Free Cash Flow	$	12,032.4

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	150,404.8

Discounted Terminal Value @ 10.5%²	$	55,416.5
Total Present Value Cash Flow¹		90,381.0
Plus: Present Value Tax Benefit of Remaining Amortization		5,050.3


Fair Market Value of Miami	$	150,847.8


¹		See previous table.

²		See text.

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Table 23

Projected Orlando, Florida Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	117,392.0		$	117,979.0		$	119,158.8		$	120,946.2		$	123,365.1		$	126,449.2		$	129,610.4		$	132,850.7		$	136,172.0		$	139,576.3
Orlando Market Revenue Share		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%		34.7	%
Projected Orlando Revenues	$	40,735.0		$	40,938.7		$	41,348.1		$	41,968.3		$	42,807.7		$	43,877.9		$	44,974.8		$	46,099.2		$	47,251.7		$	48,433.0
Operating Profit Margin		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%		44.0	%
Operating Cash Flow	$	17,923.4		$	18,013.0		$	18,193.2		$	18,466.1		$	18,835.4		$	19,306.3		$	19,788.9		$	20,283.6		$	20,790.7		$	21,310.5
Less: Depreciation		2,694.7			4,551.5			3,204.9			2,386.0			2,410.8			1,856.6			1,263.4			1,183.1			1,096.0			1,103.1
Less: Amortization		9,181.8			9,181.8			9,181.8			9,181.8			9,181.8			9,181.8			9,181.8			9,181.8			9,181.8			9,181.8


Taxable Income	$	6,046.9		$	4,279.7		$	5,806.5		$	6,898.3		$	7,242.8		$	8,267.9		$	9,343.7		$	9,918.7		$	10,512.9		$	11,025.6
Income Taxes		2,273.6			1,609.2			2,183.2			2,593.8			2,723.3			3,108.7			3,513.2			3,729.4			3,952.9			4,145.6


Net Income	$	3,773.3		$	2,670.5		$	3,623.3		$	4,304.5		$	4,519.5		$	5,159.2		$	5,830.5		$	6,189.3		$	6,560.0		$	6,880.0
Add Back: Depreciation and Amortization		11,876.5			13,733.3			12,386.7			11,567.8			11,592.6			11,038.4			10,445.2			10,364.9			10,277.8			10,284.9


After-Tax Cash Flow	$	15,649.8		$	16,403.8		$	16,010.0		$	15,872.3		$	16,112.1		$	16,197.6		$	16,275.7		$	16,554.2		$	16,837.8		$	17,164.9
Less: Change in Working Capital		(439.7	)		25.1			50.4			76.3			103.2			131.6			134.9			138.3			141.8			145.3
Less: Capital Expenditures		1,048.1			1,048.1			1,048.1			1,048.1			1,048.1			1,048.1			1,048.1			1,048.1			1,048.1			1,048.1


Net After-Tax Cash Flow	$	15,041.4		$	15,330.6		$	14,911.5		$	14,747.9		$	14,960.8		$	15,017.9		$	15,092.7		$	15,367.8		$	15,647.9		$	15,971.5
Present Value Net After-Tax Cash Flow @ 10.5%	$	14,308.9		$	13,198.3		$	11,617.6		$	10,398.3		$	9,546.0		$	8,671.9		$	7,887.0		$	7,267.7		$	6,697.0		$	6,185.9
Cumulative Present Value Net After-Tax Cash Flow	$	14,308.9		$	27,507.2		$	39,124.8		$	49,523.1		$	59,069.1		$	67,741.0		$	75,628.0		$	82,895.7		$	89,592.7		$	95,778.6
Total Present Value Net After-Tax Cash Flow	$	95,778.6

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Table 24
Valuation of Orlando, Florida
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	21,310.5
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	21,843.3
Less: Depreciation		1,103.1

Taxable Income	$	20,740.2

Tax Rate²		37.6	%

Income Taxes	$	7,798.3

Net Income	$	12,941.9
Plus: Depreciation		1,103.1

After-Tax Cash Flow		14,045.0

Less: Capital Expenditures	$	1,103.1
Less: Change in Working Capital		145.3

Estimated Perpetuity After-Tax Free Cash Flow	$	12,796.6

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	159,957.3

Discounted Terminal Value @ 10.5%²	$	58,936.1
Total Present Value Cash Flow¹		95,778.6
Plus: Present Value Tax Benefit of Remaining Amortization		5,004.7


Fair Market Value of Orlando	$	159,719.4


¹		See previous table.

²		See text.

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Table 25

Projected Richmond, Virginia Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	45,724.0		$	45,952.6		$	46,412.1		$	47,108.3		$	48,050.5		$	49,251.8		$	50,483.1		$	51,745.2		$	53,038.8		$	54,364.8
Richmond Market Revenue Share		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%
Projected Richmond Revenues	$	10,973.8		$	11,028.6		$	11,138.9		$	11,306.0		$	11,532.1		$	11,820.4		$	12,115.9		$	12,418.8		$	12,729.3		$	13,047.6
Operating Profit Margin		17.0	%		17.5	%		18.0	%		18.5	%		19.0	%		19.5	%		20.0	%		20.0	%		20.0	%		20.0	%
Operating Cash Flow	$	1,865.5		$	1,930.0		$	2,005.0		$	2,091.6		$	2,191.1		$	2,305.0		$	2,423.2		$	2,483.8		$	2,545.9		$	2,609.5
Less: Depreciation		1,119.4			1,865.4			1,261.2			887.6			858.1			632.6			396.6			328.8			259.3			261.2
Less: Amortization		775.5			775.5			775.5			775.5			775.5			775.5			775.5			775.5			775.5			775.5


Taxable Income	$	(29.4	)	$	(710.9	)	$	(31.7	)	$	428.5		$	557.5		$	896.9		$	1,251.1		$	1,379.5		$	1,511.1		$	1,572.8
Income Taxes		0.0			0.0			0.0			0.0			81.3			340.8			475.4			524.2			574.2			597.7

Net Income	$	(29.4	)	$	(710.9	)	$	(31.7	)	$	428.5		$	476.2		$	556.1		$	775.7		$	855.3		$	936.9		$	975.1
Add Back: Depreciation and Amortization		1,894.9			2,640.9			2,036.7			1,663.1			1,633.6			1,408.1			1,172.1			1,104.3			1,034.8			1,036.7


After-Tax Cash Flow	$	1,865.5		$	1,930.0		$	2,005.0		$	2,091.6		$	2,109.8		$	1,964.2		$	1,947.8		$	1,959.6		$	1,971.7		$	2,011.8
Less: Change in Working Capital		(120.2	)		6.7			13.6			20.6			27.8			35.5			36.3			37.3			38.2			39.2
Less: Capital Expenditures		721.9			288.4			288.4			288.4			288.4			288.4			288.4			288.4			288.4			288.4


Net After-Tax Cash Flow	$	1,263.8		$	1,634.9		$	1,703.0		$	1,782.6		$	1,793.6		$	1,640.3		$	1,623.1		$	1,633.9		$	1,645.1		$	1,684.2
Present Value Net After-Tax Cash Flow @ 10.5%	$	1,202.2		$	1,407.5		$	1,326.8		$	1,256.9		$	1,144.4		$	947.2		$	848.2		$	772.7		$	704.1		$	652.3
Cumulative Present Value Net After-Tax Cash Flow	$	1,202.2		$	2,609.7		$	3,936.5		$	5,193.4		$	6,337.8		$	7,285.0		$	8,133.2		$	8,905.9		$	9,610.0		$	10,262.3
Total Present Value Net After-Tax Cash Flow	$	10,262.3

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Table 26

Valuation of Richmond, Virginia
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,609.5
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	2,674.7
Less: Depreciation		261.2

Taxable Income	$	2,413.5

Tax Rate²		38.0	%

Income Taxes	$	917.1

Net Income	$	1,496.4
Plus: Depreciation		261.2

After-Tax Cash Flow		1,757.6

Less: Capital Expenditures	$	261.2
Less: Change in Working Capital		39.2

Estimated Perpetuity After-Tax Free Cash Flow	$	1,457.2

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	18,214.6

Discounted Terminal Value @ 10.5%²	$	6,711.1
Total Present Value Cash Flow¹		10,262.3
Plus: Present Value Tax Benefit of Remaining Amortization		427.2


Fair Market Value of Richmond	$	17,400.6


¹		See previous table.

²		See text.

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Table 27

Projected San Antonio, Texas Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	92,920.0		$	93,384.6		$	94,318.4		$	95,733.2		$	97,647.9		$	100,089.1		$	102,591.3		$	105,156.1		$	107,785.0		$	110,479.6
San Antonio Market Revenue Share		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%		24.2	%
Projected San Antonio Revenues	$	22,486.6		$	22,599.1		$	22,825.1		$	23,167.4		$	23,630.8		$	24,221.6		$	24,827.1		$	25,447.8		$	26,084.0		$	26,736.1
Operating Profit Margin		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%		27.0	%
Operating Cash Flow	$	6,071.4		$	6,101.8		$	6,162.8		$	6,255.2		$	6,380.3		$	6,539.8		$	6,703.3		$	6,870.9		$	7,042.7		$	7,218.7
Less: Depreciation		1,797.7			3,012.2			2,072.4			1,497.0			1,486.1			1,113.2			719.1			644.2			565.6			569.5
Less: Amortization		2,601.0			2,601.0			2,601.0			2,601.0			2,601.0			2,601.0			2,601.0			2,601.0			2,601.0			2,601.0


Taxable Income	$	1,672.7		$	488.6		$	1,489.4		$	2,157.2		$	2,293.2		$	2,825.6		$	3,383.2		$	3,625.7		$	3,876.1		$	4,048.2
Income Taxes		667.4			195.0			594.3			860.7			915.0			1,127.4			1,349.9			1,446.7			1,546.6			1,615.2


Net Income	$	1,005.3		$	293.6		$	895.1		$	1,296.5		$	1,378.2		$	1,698.2		$	2,033.3		$	2,179.0		$	2,329.5		$	2,433.0
Add Back: Depreciation and Amortization		4,398.7			5,613.2			4,673.4			4,098.0			4,087.1			3,714.2			3,320.1			3,245.2			3,166.6			3,170.5


After-Tax Cash Flow	$	5,404.0		$	5,906.8		$	5,568.5		$	5,394.5		$	5,465.3		$	5,412.4		$	5,353.4		$	5,424.2		$	5,496.1		$	5,603.5
Less: Change in Working Capital		(244.9	)		13.8			27.8			42.1			57.0			72.7			74.5			76.3			78.3			80.2
Less: Capital Expenditures		576.5			576.5			576.5			576.5			576.5			576.5			576.5			576.5			576.5			576.5


Net After-Tax Cash Flow	$	5,072.4		$	5,316.5		$	4,964.2		$	4,775.9		$	4,831.8		$	4,763.2		$	4,702.4		$	4,771.4		$	4,841.3		$	4,946.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	4,825.4		$	4,577.0		$	3,867.6		$	3,367.3		$	3,083.0		$	2,750.5		$	2,457.3		$	2,256.4		$	2,072.0		$	1,915.9
Cumulative Present Value Net After-Tax Cash Flow	$	4,825.4		$	9,402.4		$	13,270.0		$	16,637.3		$	19,720.3		$	22,470.8		$	24,928.1		$	27,184.5		$	29,256.5		$	31,172.4
Total Present Value Net After-Tax Cash Flow	$	31,172.4

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Table 28

Valuation of San Antonio, Texas
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	7,218.7
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	7,399.2
Less: Depreciation		569.5

Taxable Income	$	6,829.7

Tax Rate²		39.9	%

Income Taxes	$	2,725.1

Net Income	$	4,104.6
Plus: Depreciation		569.5

After-Tax Cash Flow		4,674.1

Less: Capital Expenditures	$	569.5
Less: Change in Working Capital		80.2

Estimated Perpetuity After-Tax Free Cash Flow	$	4,024.4

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	50,305.6

Discounted Terminal Value @ 10.5%²	$	18,535.0
Total Present Value Cash Flow¹		31,172.4
Plus: Present Value Tax Benefit of Remaining Amortization		1,504.4


Fair Market Value of San Antonio	$	51,211.8


¹		See previous table.

²		See text.

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Table 29

Projected Tampa, Florida Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	125,488.0		$	126,115.4		$	127,376.6		$	129,287.2		$	131,872.9		$	135,169.7		$	138,548.9		$	142,012.6		$	145,562.9		$	149,202.0
Tampa Market Revenue Share		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%		23.4	%
Projected Tampa Revenues	$	29,364.2		$	29,511.0		$	29,806.1		$	30,253.2		$	30,858.3		$	31,629.7		$	32,420.4		$	33,230.9		$	34,061.7		$	34,913.3
Operating Profit Margin		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%		37.0	%
Operating Cash Flow	$	10,864.8		$	10,919.1		$	11,028.3		$	11,193.7		$	11,417.6		$	11,703.0		$	11,995.5		$	12,295.4		$	12,602.8		$	12,917.9
Less: Depreciation		1,576.1			2,628.0			1,783.5			1,267.5			1,257.8			918.9			563.1			501.6			437.1			440.3
Less: Amortization		5,962.9			5,962.9			5,962.9			5,962.9			5,962.9			5,962.9			5,962.9			5,962.9			5,962.9			5,962.9


Taxable Income	$	3,325.8		$	2,328.2		$	3,281.9		$	3,963.3		$	4,196.9		$	4,821.2		$	5,469.5		$	5,830.9		$	6,202.8		$	6,514.7
Income Taxes		1,250.5			875.4			1,234.0			1,490.2			1,578.0			1,812.8			2,056.5			2,192.4			2,332.3			2,449.5


Net Income	$	2,075.3		$	1,452.8		$	2,047.9		$	2,473.1		$	2,618.9		$	3,008.4		$	3,413.0		$	3,638.5		$	3,870.5		$	4,065.2
Add Back: Depreciation and Amortization		7,539.0			8,590.9			7,746.4			7,230.4			7,220.7			6,881.8			6,526.0			6,464.5			6,400.0			6,403.2


After-Tax Cash Flow	$	9,614.3		$	10,043.7		$	9,794.3		$	9,703.5		$	9,839.6		$	9,890.2		$	9,939.0		$	10,103.0		$	10,270.5		$	10,468.4
Less: Change in Working Capital		(321.3	)		18.1			36.3			55.0			74.4			94.9			97.3			99.7			102.2			104.7
Less: Capital Expenditures		463.8			463.8			463.8			463.8			463.8			463.8			463.8			463.8			463.8			463.8


Net After-Tax Cash Flow	$	9,471.8		$	9,561.8		$	9,294.2		$	9,184.7		$	9,301.4		$	9,331.5		$	9,377.9		$	9,539.5		$	9,704.5		$	9,899.9
Present Value Net After-Tax Cash Flow @ 10.5%	$	9,010.6		$	8,231.9		$	7,241.1		$	6,475.9		$	5,934.9		$	5,388.4		$	4,900.6		$	4,511.4		$	4,153.3		$	3,834.3
Cumulative Present Value Net After-Tax Cash Flow	$	9,010.6		$	17,242.5		$	24,483.6		$	30,959.5		$	36,894.4		$	42,282.8		$	47,183.4		$	51,694.8		$	55,848.1		$	59,682.4
Total Present Value Net After-Tax Cash Flow	$	59,682.4

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Table 30

Valuation of Tampa, Florida
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	12,917.9
Operating Cash Flow Growth Rate		2.5	%

Year 11 Terminal Operating Cash Flow	$	13,240.8
Less: Depreciation		440.3

Taxable Income	$	12,800.5

Tax Rate²		37.6	%

Income Taxes	$	4,813.0

Net Income	$	7,987.5
Plus: Depreciation		440.3

After-Tax Cash Flow		8,427.8

Less: Capital Expenditures	$	440.3
Less: Change in Working Capital		104.7

Estimated Perpetuity After-Tax Free Cash Flow	$	7,882.8

Discount Rate²		10.5	%
Long Term Growth Rate²		2.5	%

Capitalization Rate		8.0	%

Future Terminal Value	$	98,535.2

Discounted Terminal Value @ 10.5%²	$	36,305.2
Total Present Value Cash Flow¹		59,682.4
Plus: Present Value Tax Benefit of Remaining Amortization		3,250.2


Fair Market Value of Tampa	$	99,237.8


¹		See previous table.

²		See text.

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Table 31

Projected Tulsa, Oklahoma Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	39,284.0		$	39,401.9		$	39,638.3		$	39,995.0		$	40,474.9		$	41,082.0		$	41,698.2		$	42,323.7		$	42,958.6		$	43,603.0
Tulsa Market Revenue Share		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%		37.5	%
Projected Tulsa Revenues	$	14,731.5		$	14,775.7		$	14,864.4		$	14,998.1		$	15,178.1		$	15,405.8		$	15,636.8		$	15,871.4		$	16,109.5		$	16,351.1
Operating Profit Margin		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%		28.5	%
Operating Cash Flow	$	4,198.5		$	4,211.1		$	4,236.4		$	4,274.5		$	4,325.8		$	4,390.7		$	4,456.5		$	4,523.3		$	4,591.2		$	4,660.1
Less: Depreciation		1,212.7			2,004.7			1,327.4			913.0			897.3			625.6			344.2			295.2			244.4			246.3
Less: Amortization		1,867.4			1,867.4			1,867.4			1,867.4			1,867.4			1,867.4			1,867.4			1,867.4			1,867.4			1,867.4


Taxable Income	$	1,118.4		$	339.0		$	1,041.6		$	1,494.1		$	1,561.1		$	1,897.7		$	2,244.9		$	2,360.7		$	2,479.4		$	2,546.4
Income Taxes		425.0			128.8			395.8			567.8			593.2			721.1			853.1			897.1			942.2			967.6


Net Income	$	693.4		$	210.2		$	645.8		$	926.3		$	967.9		$	1,176.6		$	1,391.8		$	1,463.6		$	1,537.2		$	1,578.8
Add Back: Depreciation and Amortization		3,080.1			3,872.1			3,194.8			2,780.4			2,764.7			2,493.0			2,211.6			2,162.6			2,111.8			2,113.7


After-Tax Cash Flow	$	3,773.5		$	4,082.3		$	3,840.6		$	3,706.7		$	3,732.6		$	3,669.6		$	3,603.4		$	3,626.2		$	3,649.0		$	3,692.5
Less: Change in Working Capital		(157.2	)		5.4			10.9			16.4			22.1			28.0			28.4			28.9			29.3			29.7
Less: Capital Expenditures		1,181.5			274.8			274.8			274.8			274.8			274.8			274.8			274.8			274.8			274.8


Net After-Tax Cash Flow	$	2,749.2		$	3,802.1		$	3,554.9		$	3,415.5		$	3,435.7		$	3,366.8		$	3,300.2		$	3,322.5		$	3,344.9		$	3,388.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	2,615.3		$	3,273.2		$	2,769.6		$	2,408.1		$	2,192.2		$	1,944.1		$	1,724.6		$	1,571.3		$	1,431.5		$	1,312.2
Cumulative Present Value Net After-Tax Cash Flow	$	2,615.3		$	5,888.5		$	8,658.1		$	11,066.2		$	13,258.4		$	15,202.5		$	16,927.1		$	18,498.4		$	19,929.9		$	21,242.1
Total Present Value Net After-Tax Cash Flow	$	21,242.1

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Table 32

Valuation of Tulsa, Oklahoma
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	4,660.1
Operating Cash Flow Growth Rate		1.5	%

Year 11 Terminal Operating Cash Flow	$	4,730.0
Less: Depreciation		246.3

Taxable Income	$	4,483.7

Tax Rate²		38.0	%

Income Taxes	$	1,703.8

Net Income	$	2,779.9
Plus: Depreciation		246.3

After-Tax Cash Flow		3,026.2

Less: Capital Expenditures	$	246.3
Less: Change in Working Capital		29.7

Estimated Perpetuity After-Tax Free Cash Flow	$	2,750.2

Discount Rate²		10.5	%
Long Term Growth Rate²		1.5	%

Capitalization Rate		9.0	%

Future Terminal Value	$	30,557.7

Discounted Terminal Value @ 10.5%²	$	11,258.9
Total Present Value Cash Flow¹		21,242.1
Plus: Present Value Tax Benefit of Remaining Amortization		1,028.7


Fair Market Value of Tulsa	$	33,529.7


¹		See previous table.

²		See text.

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Table 33

Projected Bridgeport, Connecticut Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	27,416.0		$	27,525.7		$	27,745.9		$	28,078.9		$	28,528.2		$	29,098.8		$	29,680.8		$	30,274.4		$	30,879.9		$	31,497.5
Bridgeport Market Revenue Share		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%		24.0	%
Projected Bridgeport Revenues	$	6,579.8		$	6,606.2		$	6,659.0		$	6,738.9		$	6,846.8		$	6,983.7		$	7,123.4		$	7,265.9		$	7,411.2		$	7,559.4
Operating Profit Margin		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%
Operating Cash Flow	$	2,237.1		$	2,246.1		$	2,264.1		$	2,291.2		$	2,327.9		$	2,374.5		$	2,422.0		$	2,470.4		$	2,519.8		$	2,570.2
Less: Depreciation		390.6			662.6			470.3			350.4			340.4			273.1			200.5			172.1			142.8			143.8
Less: Amortization		1,063.0			1,063.0			1,063.0			1,063.0			1,063.0			1,063.0			1,063.0			1,063.0			1,063.0			1,063.0


Taxable Income	$	783.5		$	520.5		$	730.8		$	877.8		$	924.5		$	1,038.4		$	1,158.5		$	1,235.3		$	1,314.0		$	1,363.4
Income Taxes		305.6			203.0			285.0			342.3			360.6			405.0			451.8			481.8			512.5			531.7


Net Income	$	477.9		$	317.5		$	445.8		$	535.5		$	563.9		$	633.4		$	706.7		$	753.5		$	801.5		$	831.7
Add Back: Depreciation and Amortization		1,453.6			1,725.6			1,533.3			1,413.4			1,403.4			1,336.1			1,263.5			1,235.1			1,205.8			1,206.8


After-Tax Cash Flow	$	1,931.5		$	2,043.1		$	1,979.1		$	1,948.9		$	1,967.3		$	1,969.5		$	1,970.2		$	1,988.6		$	2,007.3		$	2,038.5
Less: Change in Working Capital		(89.2	)		3.2			6.5			9.8			13.3			16.8			17.2			17.5			17.9			18.2
Less: Capital Expenditures		147.3			147.3			147.3			147.3			147.3			147.3			147.3			147.3			147.3			147.3


Net After-Tax Cash Flow	$	1,873.4		$	1,892.6		$	1,825.3		$	1,791.8		$	1,806.7		$	1,805.4		$	1,805.7		$	1,823.8		$	1,842.1		$	1,873.0
Present Value Net After-Tax Cash Flow @ 10.5%	$	1,782.2		$	1,629.3		$	1,422.1		$	1,263.3		$	1,152.8		$	1,042.5		$	943.6		$	862.5		$	788.4		$	725.4
Cumulative Present Value Net After-Tax Cash Flow	$	1,782.2		$	3,411.5		$	4,833.6		$	6,096.9		$	7,249.7		$	8,292.2		$	9,235.8		$	10,098.3		$	10,886.7		$	11,612.1
Total Present Value Net After-Tax Cash Flow	$	11,612.1

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Table 34

Valuation of Bridgeport, Connecticut
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	2,570.2
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	2,621.6.0
Less: Depreciation		143.8

Taxable Income	$	2,477.8

Tax Rate²		39.0	%

Income Taxes	$	966.3

Net Income	$	1,511.5
Plus: Depreciation		143.8

After-Tax Cash Flow		1,655.3

Less: Capital Expenditures	$	147.3
Less: Change in Working Capital		18.2

Estimated Perpetuity After-Tax Free Cash Flow	$	1,489.8

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%

Capitalization Rate		8.5	%

Future Terminal Value	$	17,526.6

Discounted Terminal Value @ 10.5%²	$	6,457.7
Total Present Value Cash Flow¹		11,612.1
Plus: Present Value Tax Benefit of Remaining Amortization		601.0


Fair Market Value of Bridgeport	$	18,670.8


¹		See previous table.

²		See text.

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Table 35

Projected New Haven, Connecticut Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	79,580.0		$	79,898.3		$	80,537.5		$	81,504.0		$	82,808.1		$	84,464.3		$	86,153.6		$	87,876.7		$	89,634.2		$	91,426.9
New Haven Market Revenue Share		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%
Projected New Haven Revenues	$	8,753.8		$	8,788.8		$	8,859.1		$	8,965.4		$	9,108.9		$	9,291.1		$	9,476.9		$	9,666.4		$	9,859.8		$	10,057.0
Operating Profit Margin		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%		33.0	%
Operating Cash Flow	$	2,888.8		$	2,900.3		$	2,923.5		$	2,958.6		$	3,005.9		$	3,066.1		$	3,127.4		$	3,189.9		$	3,253.7		$	3,318.8
Less: Depreciation		570.1			967.0			686.1			510.8			496.0			397.9			291.8			250.3			207.4			208.8
Less: Amortization		1,325.0			1,325.0			1,325.0			1,325.0			1,325.0			1,325.0			1,325.0			1,325.0			1,325.0			1,325.0


Taxable Income	$	993.7		$	608.3		$	912.4		$	1,122.8		$	1,184.9		$	1,343.2		$	1,510.6		$	1,614.6		$	1,721.3		$	1,785.0
Income Taxes		387.5			237.2			355.8			437.9			462.1			523.8			589.1			629.7			671.3			696.2


Net Income	$	606.2		$	371.1		$	556.6		$	684.9		$	722.8		$	819.4		$	921.5		$	984.9		$	1,050.0		$	1,088.8
Add Back: Depreciation and Amortization		1,895.1			2,292.0			2,011.1			1,835.8			1,821.0			1,722.9			1,616.8			1,575.3			1,532.4			1,533.8


After-Tax Cash Flow	$	2,501.3		$	2,663.1		$	2,567.7		$	2,520.7		$	2,543.8		$	2,542.3		$	2,538.3		$	2,560.2		$	2,582.4		$	2,622.6
Less: Change in Working Capital		(90.0	)		4.3			8.6			13.1			17.7			22.4			22.9			23.3			23.8			24.3
Less: Capital Expenditures		215.1			215.1			215.1			215.1			215.1			215.1			215.1			215.1			215.1			215.1


Net After-Tax Cash Flow	$	2,376.2		$	2,443.7		$	2,344.0		$	2,292.5		$	2,311.0		$	2,304.8		$	2,300.3		$	2,321.8		$	2,343.5		$	2,383.2
Present Value Net After-Tax Cash Flow @ 10.5%	$	2,260.5		$	2,103.8		$	1,826.2		$	1,616.4		$	1,474.6		$	1,330.9		$	1,202.1		$	1,098.0		$	1,003.0		$	923.1
Cumulative Present Value Net After-Tax Cash Flow	$	2,260.5		$	4,364.3		$	6,190.5		$	7,806.9		$	9,281.5		$	10,612.4		$	11,814.5		$	12,912.5		$	13,915.5		$	14,838.6
Total Present Value Net After-Tax Cash Flow	$	14,838.6

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Table 36

Valuation of New Haven, Connecticut
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	3,318.8
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	3,385.2
Less: Depreciation		208.8

Taxable Income	$	3,176.4

Tax Rate²		39.0	%

Income Taxes	$	1,238.8

Net Income	$	1,937.6
Plus: Depreciation		208.8

After-Tax Cash Flow		2,146.4

Less: Capital Expenditures	$	215.1
Less: Change in Working Capital		24.3

Estimated Perpetuity After-Tax Free Cash Flow	$	1,907.0

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%
Capitalization Rate		8.5	%

Future Terminal Value	$	22,435.3

Discounted Terminal Value @ 10.5%²	$	8,266.3
Total Present Value Cash Flow¹		14,838.6
Plus: Present Value Tax Benefit of Remaining Amortization		749.1


Fair Market Value of New Haven	$	23,854.0


¹		See previous table.

²		See text.

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Table 37

Projected Stamford, Connecticut Group Operating Performance
(Dollar Amounts Shown in Thousands)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7			Year 8			Year 9			Year 10

Market Net Revenues	$	23,276.0		$	23,369.1		$	23,556.1		$	23,838.8		$	24,220.2		$	24,704.6		$	25,198.7		$	25,702.7		$	26,216.8		$	26,741.1
Stamford Market Revenue Share		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%		19.0	%
Projected Stamford Revenues	$	4,422.4		$	4,440.1		$	4,475.7		$	4,529.4		$	4,601.8		$	4,693.9		$	4,787.8		$	4,883.5		$	4,981.2		$	5,080.8
Operating Profit Margin		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%		18.5	%
Operating Cash Flow	$	818.1		$	821.4		$	828.0		$	837.9		$	851.3		$	868.4		$	885.7		$	903.4		$	921.5		$	939.9
Less: Depreciation		294.1			498.8			354.0			263.5			255.9			205.2			150.5			129.1			106.9			107.6
Less: Amortization		284.0			284.0			284.0			284.0			284.0			284.0			284.0			284.0			284.0			284.0


Taxable Income	$	240.0		$	38.6		$	190.0		$	290.4		$	311.4		$	379.2		$	451.2		$	490.3		$	530.6		$	548.3
Income Taxes		93.6			15.1			74.1			113.3			121.4			147.9			176.0			191.2			206.9			213.8


Net Income	$	146.4		$	23.5		$	115.9		$	177.1		$	190.0		$	231.3		$	275.2		$	299.1		$	323.7		$	334.5
Add Back: Depreciation and Amortization		578.1			782.8			638.0			547.5			539.9			489.2			434.5			413.1			390.9			391.6


After-Tax Cash Flow	$	724.5		$	806.3		$	753.9		$	724.6		$	729.9		$	720.5		$	709.7		$	712.2		$	714.6		$	726.1
Less: Change in Working Capital		(60.0	)		2.2			4.4			6.6			8.9			11.3			11.5			11.8			12.0			12.3
Less: Capital Expenditures		111.0			111.0			111.0			111.0			111.0			111.0			111.0			111.0			111.0			111.0


Net After-Tax Cash Flow	$	673.5		$	693.1		$	638.5		$	607.0		$	610.0		$	598.2		$	587.2		$	589.4		$	591.6		$	602.8
Present Value Net After-Tax Cash Flow @ 10.5%	$	640.7		$	596.7		$	497.5		$	428.0		$	389.2		$	345.4		$	306.8		$	278.7		$	253.2		$	233.5
Cumulative Present Value Net After-Tax Cash Flow	$	640.7		$	1,237.4		$	1,734.9		$	2,162.9		$	2,552.1		$	2,897.5		$	3,204.3		$	3,483.0		$	3,736.2		$	3,969.7
Total Present Value Net After-Tax Cash Flow	$	3,969.7

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Table 36

Valuation of Stamford, Connecticut
(Income Approach)
(Dollar Amounts Shown in Thousands)


Year 10 Operating Cash Flow¹	$	939.9
Operating Cash Flow Growth Rate		2.0	%

Year 11 Terminal Operating Cash Flow	$	958.7
Less: Depreciation		107.6

Taxable Income	$	851.1

Tax Rate²		39.0	%

Income Taxes	$	331.9

Net Income	$	519.2
Plus: Depreciation		107.6

After-Tax Cash Flow		626.8

Less: Capital Expenditures	$	111.0
Less: Change in Working Capital		12.3

Estimated Perpetuity After-Tax Free Cash Flow	$	503.5

Discount Rate²		10.5	%
Long Term Growth Rate²		2.0	%
Capitalization Rate		8.5	%

Future Terminal Value	$	5,923.2

Discounted Terminal Value @ 10.5%²	$	2,182.4
Total Present Value Cash Flow¹		3,969.7
Plus: Present Value Tax Benefit of Remaining Amortization		160.6


Fair Market Value of Stamford	$	6,312.7


¹		See previous table.

²		See text.

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PROFESSIONAL EXPERIENCE AND QUALIFICATIONS

TIMOTHY S. PECARO

Timothy S. Pecaro is a principal and founder of the firm Bond & Pecaro, Inc., a Washington based consulting firm specializing in valuations, strategic planning, acquisition analysis, asset appraisals, and related financial services for the communications and media industries. Before the formation of Bond & Pecaro, Inc., Mr. Pecaro was a Vice President with Frazier, Gross & Kadlec, Inc. Mr. Pecaro joined that firm in 1980 and was named Manager of the firm’s Appraisal Services Division in 1982. He became Director of Appraisal Services in 1983 and Vice President of the firm in 1984.

Mr. Pecaro has actively participated in the development, research, and preparation of appraisal reports for owners of radio, television, cable, newspaper, radio common carrier, telecommunications, new media, and Internet properties. He has also developed several research studies and has participated in special research reports for the Federal Communications Commission (FCC) and the National Association of Broadcasters (NAB).

Mr. Pecaro has appraised more than 3,000 communications and media businesses. He has also been retained to provide special market studies and individual research projects for the management of media and technology properties and related industries. He is the Vice Chairman of the Broadcast Cable Financial Management Association, Co-chairman of the association’s 2004 annual conference, Chairman of the Technology and New Media Committee, and a member of the Cable Television and Tax Committees. Mr. Pecaro is also a member of The National Association of Broadcasters (NAB) Tax Advisory Panel. Mr. Pecaro has testified as an expert witness in connection with media and telecommunications valuation matters before federal, state, and local courts; the FCC; and the Joint Committee on Taxation. He has also spoken on media financial issues at the annual conferences of the National Association of Broadcasters, the Broadcast Cable Financial Management Association, the National Cable Television Association, the Broadband Tax Institute, the International Business Forum, and Telocator. Additionally, Mr. Pecaro has been a guest lecturer at the University of Missouri School of Journalism.

Prior to his association with Frazier, Gross & Kadlec, Mr. Pecaro was employed at WMAQ and WKQX(FM) in Chicago, at the time two of the NBC owned and operated radio stations.

Mr. Pecaro received a Bachelor of Arts degree in Radio/Television Communication Arts from Monmouth College in 1976. He graduated Cum Laude with highest honors in his major field of study.

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PROFESSIONAL EXPERIENCE AND QUALIFICATIONS

BENJAMIN K. STEINBOCK

Benjamin K. Steinbock is an associate in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

Mr. Steinbock has been with the firm since 2000 and has appraised more than 400 media, communications, and technology businesses and has extensive experience in the valuation of FCC licenses for radio, television and telecommunications companies.

Prior to his association with Bond & Pecaro, Inc., Mr. Steinbock worked as a legal assistant in the Washington, D.C. office of Hogan & Hartson L.L.P. Mr. Steinbock specialized in corporate and securities law and was active in many initial public offerings and mergers.

Mr. Steinbock received a Bachelor of Arts degree in Political Science and Public Policy from Swarthmore College in Pennsylvania.

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Fair Market Valuation Analysis			1
Discounted Cash Flow Analysis			3
Valuation Conclusion			9

Comparable Sales Analysis			10


A.		Weighted Average Cost of Capital Calculation
B.		Cox Radio FCC License Valuation Tables
C.		Qualifications of Timothy S. Pecaro and Benjamin K. Steinbock


¹		Compiled from data in Paul Kagan Associates, Broadcast Investor, February 22, 2001 and SNL Kagan, Radio Station Deals and Finance, 2007 Edition.