U.S. Communications Service Provider. Quarterly

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1 FOCUS Telecom Technology and Group U.S. Communications Service Provider Quarterly Winter 2012 Report Vol. 1, No. 1 In this Issue Seasoned, Systematic, Successful SM Investment Banking and Advisory FOCUS LLC is a leading investment bank with specialized telecom technology and services expertise, concentrating on providing four highly-tailored services to emerging middle market and larger organizations in this sector: Sellside Assignments Buyside Engagements Capital Formation Valuation and Fairness Options 3 Introducing the Premiere FOCUS U.S. Communications Service Provider Quarterly 3 Sub Sector Definitions 4 Summary Comments: PUBLIC MARKETS 5 Public Market Summary Charts U.S. Communications Service Provider: M&A 6 M&A Summary Charts M&A Announced Transactions 8 M&A Announced Transactions with Revenue Multiples 9 Sub Sector Analysis: Large Cap Charts Sub Sector Analysis: Alternative Telecom Charts Sub Sector Analysis: Hosted and Managed Charts Sub Sector Analysis: ILEC and Diversified ILEC Charts Sub Sector Analysis: Cable and Video Charts FOCUS Telecom Technology and Team

2 Seasoned, Systematic, Successful Strategic acquisitions. Exit strategies. Global expansion. Corporate finance. Diversified offerings.the U.S. middle market is constantly active, and in today s global M&A environment, the middle market remains viable despite the volatile conditions affecting the bulge bracket space. The seasoned, systematic and successful process of FOCUS distinguishes us from other middle market investment banking firms. As a proven, results-oriented firm, we are a driving force to help you achieve your company s strategic vision and goals.

3 Introducing the Premiere Issue of U.S. Communications Service Provider Quarterly By Richard Pierce, FOCUS Managing Director and Telecom Technology and Team Leader FOCUS believes that the need for communications services has never been greater. Large enterprises, small and medium sized businesses, and individuals have all come to rely upon ubiquitous access to voice, video, and data services to run their day-to-day activities. Furthermore, the importance of Communications Service Providers (CSPs) appears poised to increase further as they begin to enable a variety of new services ranging from hosted PBX and videoconferencing platforms to in-home security and energy management solutions. Access to capital and the benefits of scale will mean that a small number of large companies will continue to dominate certain areas such as mobile wireless and video. However, FOCUS continues to see opportunities for middle market CSPs. While not as large as the industry giants, they continue to thrive by developing innovative business models that share one or more characteristics such as capital efficiency, customer responsiveness, an advanced technology platform, and a focus on an underserved industry vertical or geography. Furthermore, it often is the middle market CSPs that point the direction for the future of the industry. FOCUS is proud of its commitment to the CSP sector and we are excited about the prospects for middle market companies in this space. The FOCUS Telecom Technology and group consists of four professionals with a mix of backgrounds that include both C-level operating expertise and experience at leading middle market investment banks. The FOCUS Telecom team is uniquely qualified to help middle market clients reach their strategic objectives because the group: Devotes significant senior level resources to executing transactions for lower middle market clients, Has a breadth of knowledge that covers most segments of the telecom industry, Has bankers with C-level operating experience in the telecom industry, Has a proven transaction methodology for delivering results, Is equally comfortable with buy side and sell side M&A, Leverages an experienced team of research professionals, and Has a national presence with coverage of both east and west coasts. Sub Sector Definitions Large Cap: Large, diversified communications service providers that control a significant number of former RBOC access lines and/or have a nationwide wireless operation. Alternative Telecom: Competitive carriers that primarily provide basic voice, data, and transport services to businesses and other telecom service providers. Hosted and Managed : Companies that provide hosted VoIP telecom services as well as additional hosted offerings such as audio and video conferencing. ILEC and Diversified ILEC: Non-RBOC incumbent carriers, many of which have branched out into other sectors of communications services. Cable and Video: Incumbent cable service providers, satellite video providers, and competitive video providers whose core business is providing video services to residential customers. 3

4 Summary Comments Public Markets The FOCUS Communications Service Provider Index (CSPI) remained largely unchanged from where it stood twelve months ago. After showing gains in the first half of 2011, the CSPI declined significantly in Q3 before rising again to a level virtually identical to where it started the year. Over the past year the CSPI slightly outperformed the broader indices, gaining 1.1 percent compared to a flat S&P 500 and a decline of 1.8 percent in the NAS- DAQ. Conversely, the CSPI underperformed in the Q4 rally, gaining only 6.4 percent compared to increases in the S&P 500 and NASDAQ of 11.2 percent and 7.9 percent, respectively. The CSPI closely mirrored the broader indices throughout the course of the year. Revenue and EBITDA multiples for the CSP sector ended the year unchanged at 1.9x and 6.0x, respectively. Sub sectors dominated by large companies tended to be the best performers in the past twelve months. Cable and Video was the top performing sub sector with gains of 4.4 percent for the past twelve months and 8.1 percent for the past three months. Charter gained more than 46 percent during the course of 2011, while DISH Network gained nearly 45 percent as investors upwardly reassessed the value of the Company s MSS spectrum. Comcast and DirecTV also showed respectable returns in the high single digits. The sub sector s clear underperformer was Cablevision, which saw its stock drop nearly 60 percent amid competitive pressures and defections of key executives. The Cable and Video sub sector saw little change in its revenue and EBITDA multiples. The sub sector revenue multiple declined from 2.1x to 2.0x while the sub sector s EBITDA multiple increased from 6.3x to 6.4x. The only other sub sector to see gains in 2011 was the Large Cap sub sector with an overall gain of 3.0 percent. Verizon led the way with a gain of 12.1 percent, driven in part by its pending AWS spectrum purchase and wireless partnership with Comcast, Time Warner Cable, and Brighthouse. AT&T also gained 2.9 percent for the year despite its failed bid to acquire T-Mobile USA. On the downside, declines of nearly 20 percent at CenturyLink and more than 40 percent at Sprint served to weigh down the Large Cap index. During the last twelve months the Large Cap revenue multiple remained unchanged at 1.8x and the EBITDA multiple increased slightly from 5.6x to 5.7x. In terms of the sub sectors that saw declines over the past twelve months, the Hosted and Managed sub sector declined by 4.8 percent. The main driver for the decrease was the nearly 50 percent decline of Cbeyond stock. Cbeyond ended the year trading at a revenue multiple of 0.5x and an EBITDA multiple of 3.7x. This compares to its multiples one year ago of 0.9x revenue and 7.1x EBITDA. The loss was somewhat mitigated by gains at cloud communications services provider 8x8. 8x8 saw its stock price appreciate by roughly one third in the past year. Over the same time period, its revenue multiple increased from 1.9x to 2.7x and its EBITDA multiple jumped from 19.0x to 27.0x. Clearly, investors are favoring the cloud services model. Also seeing declines was the Alternative Telecom sub sector. The stocks in this index declined 6.3 percent in the last twelve months. Leading decliners included FiberTower (-95.4 percent), Clearwire (-62.3 percent), Towerstream (-47.8 percent)and Earthlink (-25.1 percent). However, despite the declines in the overall sub sector the traditional fiber-based service providers turned in a strong year. Cogent led the pack with a 19.4 percent return, but other strong performances came from Level 3 (15.6 percent), tw telecom (13.7 percent) and AboveNet (11.2 percent). The revenue multiple for the Alternative Telecom sub sector declined from 3.2x to 3.0x in the past twelve months. During the same timeframe, the EBITDA multiple decreased from 73.1x to 27.2x. In our opinion, this decline in EBITDA multiple was more due to the maturing of the sub sector than any major change in investor sentiment. Finally, the ILEC and Diversified ILEC sub sector had a very difficult The sub sector index declined more than 30 percent. At the same time, the sub sector revenue multiple declined from 3.0x to 2.2x and the EBITDA multiple from 7.9x to 5.7x. Frontier was a major drag on the sub sector. It declined nearly 50 percent as investors worried about trends in the access lines it acquired from Verizon and the impact on its ability to continue to pay a healthy dividend. Two other of the larger stocks in the sub sector that showed steep declines were TDS (almost 30 percent) and Windstream (more than 15 percent). However, three of the stocks in the sub sector actually showed positive gains for the year. HickoryTech increased 15.9 percent, SureWest increased 12.4 percent, and Cincinnati Bell increased 8.2 percent. 4

5 U.S. Communicationsw Service Provider Sector: Public Market Summary Twelve Month Index Returns Sector and Sub Sector Returns 12 Month 3 Month Communications Service Provider 1.1% 6.4% Large Cap 3.0% 6.6% Alternative Telecom -6.3% 1.8% Hosted and Managed -4.8% 6.5% ILEC and Diversified ILEC -31.6% -3.4% Cable and Video 4.4% 8.1% S&P % 11.2% NASDAQ -1.8% 7.9% Revenue Multiple Trends Sector and Sub Sector Revenue Multiples Communications Service Provider 1.9x 1.9x Large Cap 1.8x 1.8x Alternative Telecom 3.0x 3.2x Hosted and Managed 1.7x 1.7x ILEC and Diversified ILEC 2.2x 3.0x Cable and Video 2.0x 2.1x EBITDA Multiple Trends Sector and Sub Sector EBITDA Multiples Communications Service Provider 6.0x 6.0x Large Cap 5.7x 5.6x Alternative Telecom 27.2x 73.1x Hosted and Managed 8.3x 8.4x ILEC and Diversified ILEC 5.7x 7.9x Cable and Video 6.4x 6.3x Source: Capital IQ 5

6 Summary Comments M&A The M&A market for CSPs in 2011 was relatively consistent with trends from the last several years. The total number of transactions dropped a little more than 10 percent from 80 in 2010 to 69 in 2011, but this number is still within the historical range. Dollar volume dropped significantly from more than $35 billion in 2010 to slightly more than $11 billion in However, if we normalize 2010 for the $24 billion merger of CenturyLink and Qwest then dollar volume remains virtually unchanged. All in all the aggregate statistics point to a solid but not frothy M&A market. As usual the Alternative Telecom sub sector saw the largest number of transactions with 25. This number is roughly one third lower than the 35 transactions for this sub sector in However, despite the drop in the overall number of Alternative Telecom transactions big deals involving Paetec and Global Crossing made total transaction dollar values the second highest in the last five years. Cable and Video was the next most active sub sector with 20 total transactions, consistent with historical norms. Total transaction dollar value of $3.4 billion was also one of the highest in the last five years, trailing only the 2010 total of $5.9 billion. Hosted and Managed transactions showed a similar trend, with the number of transactions dropping from 2010 but dollar volume remaining relatively strong at $221 million. Finally, the ILEC and Diversified ILEC sub sector mirrored its disappointing performance in the public markets with only three transactions for the year. In terms of multiples, most transactions with announced EBITDA multiples are falling in the range of 6.0x 8.0x EBITDA. A notable outlier was Zayo Group s acquisition of 360networks for a revenue multiple of 4.5x and an EBITDA multiple of 13.2x. This transaction demonstrates the strong strategic interest in companies with a solid fiber footprint. At the opposite end of the spectrum Warwick Valley Telecom acquired hosted communications provider Alteva for 2.8x revenue and 31.2x EBITDA. While Alteva did not offer fiber assets, it did expand Warwick Valley Telecom s presence in the fast growing market for cloud communications services and clearly commanded a strong valuation. Other high profile transactions of the last several months include the Windstream acquisition of PAETEC (1.3x revenue and 7.5x EBITDA), Time Warner Cable s acquisition of Insight Communications (2.8x revenue and 8.1x EBITDA), and Level 3 s acquisition of Global Crossing (1.0x revenue and 6.6x EBITDA). U.S. Communication Service Provider Sector: M&A Summary M&A Activity: Number of Transactions M&A Activity ($ Value of Transactions in Millions) 6

7 M&A Announced Transaction (7/1/11 12/31/11) Acquiror Target Date Announced Sector Stage 2 Networks Arkadin Consolidated Technologies (Hosted VoIP Division) Westell (Conference Plus Business) 12/29/2011 Hosted & Managed 12/21/2011 Hosted & Managed Purchase Price Description NA Provides hosted VoIP services to business customers. $45.1 Provides audio, web, video, corporate conferencing and industry specific conferencing services. Hickory Tech IdeaOne Telecom 12/6/2011 Alternative Telecom $28.0 Offers voice and data communication services for commercial and residential customers in North Dakota. West Corporation HyperCube 11/29/2011 Alternative Telecom NA Tandem switching and transport services for carriers in the U.S. Chorus Call InComm Conferencing 11/16/2011 Hosted & Managed NA Audio, video, and Web conferencing solutions for Global 1000 companies. Towerstream Color Broadband Communications 10/31/2011 Alternative Telecom NA Provides broadband and voice over Internet services for businesses in the greater Los Angeles area. Agave Broadband Cibola Internet 10/26/2011 Alternative Telecom NA Provides high-speed Internet solutions to homes and businesses in New Mexico. Northland Cable Television TruVista Communications TruVista Communications Charter Communications Northland Cable Properties (Vidalia, GA System) Northland Cable Properties (Clayton, GA System) Northland Cable Properties (Toccoa, GA System) Northland Cable Properties (Sandersville, GA System) 10/24/2011 Cable and Video $5.4 Operating assets and franchise rights of cable systems serving video subscribers in Vidalia, Georgia. 10/18/2011 Cable and Video NA Operating assets and franchise rights of cable systems serving video subscribers in Clayton, Georgia. 10/18/2011 Cable and Video $8.9 Operating assets and franchise rights of cable systems serving video subscribers in Toccoa, Georgia. 10/17/2011 Cable and Video $3.0 Operating assets and franchise rights of cable systems serving video subscribers in Sandersville, Georgia. Zayo Group 360networks 10/7/2011 Alternative Telecom $345.0 Provides VoIP and fiber-optic network communications services including Internet protocol, private line, and collocation services. NTS Communications Reach Broadband 9/26/2011 Cable and Video NA Cable television systems serving customers in a number of rural markets in Texas. First Communications Alpheus Communications 9/21/2011 Alternative Telecom NA Telecom and data center services for enterprises and carriers in major metroplitan markets in Texas. EATELCORP SJI 9/20/2011 ILEC and Diversified ILEC NA Offers telecom and broadband communication products and services to residential and business customers in southern Louisiana. Pac-West Telecomm Unipoint 9/7/2011 Hosted & Managed Wave Broadband WideOpenWest Baja Broadband Broadstripe (Washington and Oregon Properties) Broadstripe (Maryland Assets) US Cable (Networks in Texas, New Mexico and Colorado) NA Provides services to small and mid-size businesses including VoIP network elements, IVR, Web conferencing and voic . 8/18/2011 Cable and Video $32.0 Cable television systems providing cable, internet, and phone services to homes in Washington and Oregon. 8/18/2011 Cable and Video $55.0 Cable television system in Maryland providing cable, internet and phone services. 8/16/2011 Cable and Video NA Cable television systems located in Texas, New Mexico and Colorado. Time Warner Cable Insight Communications 8/15/2011 Cable and Video $3,000.0 Provides phone, high-speed Internet and video services to homes and businesses in the Midwest. Corporate Universe Carrier Alliance 8/5/2011 Hosted & Managed Troy Cablevision Knology (Ozark and Troy, Alabama Operations) NA Hosted and managed communications solutions for small-to mediumsized businesses including hosted PBX and converged services. 8/3/2011 Cable and Video $10.8 Povides video, voice, data and advanced communications services to residential customers in Alabama. Windstream PAETEC 8/1/2011 Alternative Telecom $2,356.5 Delivers integrated broadband communications services to business and end-user customers primarily in the United States. KeyOn Communications Digital Bridges 7/22/2011 Alternative Telecom $17.4 Delivers broadband wireless services to residential and business customers in rural areas of the U.S. Warwick Valley Telephone Company Alteva 7/14/2011 Hosted & Managed $17.8 Hosted VoIP communication solutions including Microsoft exchange, office communications server and SharePoint. James Cable Mediastream 7/11/2011 Cable and Video NA Provides entertainment and telecommunications services to families and businesses in Waycross, Georgia and surrounding areas. DQE Communications Network James Cable Met-Net Communications 7/7/2011 Alternative Telecom NA Provides Ethernet services and other metro area network services in Pittsburgh. Charter Communications 7/5/2011 Cable and Video NA Cable television systems in Douglas, Georgia. (Douglas, Georgia Operations) Telovations FeatureTel 7/5/2011 Hosted & Managed NA Hosted voice and data communications services over a private network for businesses and small office/home office workers 7

8 M&A Announced Transactions with Revenue Multiples (1/1/11 12/31/11) Arkadin Acquiror Target Westell (Conference Plus Business) Date Announced Sector 12/21/2011 Hosted & Managed Hickory Tech IdeaOne Telecom 12/6/2011 Alternative Telecom Zayo Group 360networks 10/7/2011 Alternative Telecom Purchase Price Revenue Multiple EBITDA Multiple Description $ x 6.9 x Provides audio, web, video, corporate conferencing and industry specific conferencing services. $ x 6.9 x Offers voice and data communication services for commercial and residential customers in North Dakota. $ x 13.2 x Provides VoIP and fiber-optic network communications services including Internet protocol, private line and collocation services. Time Warner Cable Insight Communications 8/15/2011 Cable and Video $3, x 8.1 x Provides phone, high-speed Internet and video services to homes and businesses in the Midwest. Windstream PAETEC 8/1/2011 Alternative Telecom Warwick Valley Telephone Company KeyOn Communications Alteva 7/14/2011 Hosted & Managed Commx 6/15/2011 Hosted & Managed TowerStream 1Velocity 5/10/2011 Alternative Telecom Momentum Telecom CommPartners 4/27/2011 Hosted & Managed Level 3 Communications Otelco Knology Highland Business Earthlink Global Crossing 4/11/2011 Alternative Telecom Shoreham Telephone Company Cobridge Communications (Operations in GA and AL) 4/4/2011 ILEC and Diversified ILEC Elevate Marketing 2/3/2011 Alternative Telecom Saturn Telecommunications $2, x 7.5 x Delivers integrated broadband communications services to business and end-user customers primarily in the United States. $ x 31.2 x Hosted VoIP communication solutions including Microsoft exchange, office communications server and SharePoint. $ x NM Provides voice-over-internet protocol services to small and medium-size companies and retail customers. $ x NA Metro Ethernet services to carriers, business and governments in the Las Vegas and Reno, Nevada geographic areas. $ x NA Provides VoIP and Internet protocol applications to carriers, strategic partners, and resellers in the United States. $2, x 6.6 x Offers a range of data, voice, and collaboration services to Fortune 500 companies and other Telecom service providers. $ x NA Offers wireline telephone services including voice, data, and Internet services to customers in rural Vermont. 2/22/2011 Cable and Video $ x 5.5 x Comprises cable and broadband operations in Fort Gordon, Georgia and Troy, Alabama. 1/13/2011 Hosted & Managed $ x NM Provides broadband and other wireless communication services to mass market, business, government, and wholesale customers. $ x NA Provides hosted VoIP and telephone services for businesses. 8

9 Sub Sector Analysis: Large Cap Twelve Month Index Returns Company Returns 12 Month 3 Month Large Cap Index 3.0% 6.6% AT&T 2.9% 6.0% CenturyLink -19.4% 12.3% Sprint -44.7% -23.0% Verizon 12.1% 9.0% Revenue Multiple Trends Company Revenue Multiples Large Cap Index 1.8x 1.8x AT&T 1.9x 1.9x CenturyLink 3.5x 3.0x Sprint 0.6x 0.9x Verizon 1.9x 1.8x EBITDA Multiple Trends Company EBITDA Multiples Large Cap Index 5.7x 5.6x AT&T 6.2x 6.2x CenturyLink 8.0x 5.9x Sprint 3.8x 4.9x Verizon 5.1x 5.6x Source: Capital IQ 9

10 Sub Sector Analysis: Alternative Telecom Twelve Month Index Returns Company Returns 12 Month 3 Month Alternative Telecom Index -6.3% 1.8% AboveNet 11.2% 21.3% Boingo NA 20.3% Clearwire -62.3% -16.7% Cogent Communications 19.4% 25.6% EarthLink -25.1% -1.4% FiberTower -95.4% -78.2% Global Telecom and Technology -9.2% 2.6% Level % -24.0% Lightyear -91.7% 52.4% Neutral Tandem -26.0% 10.4% Towerstream -47.8% -17.2% tw telecom 13.7% 17.3% Revenue Multiple Trends Company Revenue Multiples Alternative Telecom Index 3.0x 3.2x AboveNet 3.6x 3.3x Boingo 2.2x NA Clearwire 6.4x 13.8x Cogent Communications 3.1x 2.9x EarthLink 1.0x 0.9x FiberTower 2.0x 4.4x Global Telecom and Technology 0.5x 0.4x Level 3 2.9x 2.1x Lightyear 0.2x 1.3x Neutral Tandem 1.0x 1.4x Towerstream 2.5x 8.0x tw telecom 2.8x 2.7x EBITDA Multiple Trends Company EBITDA Multiples Alternative Telecom Index 27.2x 73.1x AboveNet 8.8x 7.9x Boingo 9.5x NA Clearwire NM NM Cogent Communications 10.0x 10.6x EarthLink 3.7x 2.6x FiberTower 32.6x NM Global Telecom and Technology 6.2x 5.2x Level x 9.8x Lightyear 20.0x NM Neutral Tandem 3.1x 3.5x Towerstream 64.0x NM tw telecom 7.9x 7.5x Source: Capital IQ 10

11 Sub Sector Analysis: Hosted and Managed Twelve Month Index Returns Company Returns 12 Month 3 Month Hosted & Managed Indes -4.8% 6.5% 8x8 33.2% -21.9% Cbeyond -47.6% 13.5% Glowpoint -6.7% 0.4% j2 Global -2.8% 4.6% Premiere Global 24.6% 31.9% Revenue Multiple Trends Company Revenue Multiples Hosted & Managed Indes 1.7x 1.7x 8x8 2.7x 1.9x Cbeyond 0.5x 0.9x Glowpoint 2.4x 2.3x j2 Global 3.7x 4.3x Premiere Global 1.3x 1.4x EBITDA Multiple Trends Company EBITDA Multiples Hosted & Managed Indes 8.3x 8.4x 8x8 27.0x 19.0x Cbeyond 3.7x 7.1x Glowpoint 36.7x NM j2 Global 8.2x 9.2x Premiere Global 10.0x 10.2x Source: Capital IQ 11

12 Sub Sector Analysis: ILEC and Diversified ILEC Twelve Month Index Returns Company Returns 12 Month 3 Month ILEC & Diversified ILEC Index -31.6% -3.4% Alaska Communications Systems -72.9% -54.0% Consolidated Communications -1.3% 5.5% Cincinnati Bell 8.2% -1.9% Frontier -47.1% -15.7% Hickory Tech 15.9% 15.2% Lumos Networks NA NA SureWest 12.4% 14.9% Telephone & Data Systems -29.2% 21.8% Warwick Valley -6.2% 3.0% Windstream -15.8% 0.8% Revenue Multiple Trends Company Revenue Multiples ILEC & Diversified ILEC Index 2.2x 3.0x Alaska Communications Systems 2.0x 3.1x Consolidated Communications 3.7x 3.8x Cincinnati Bell 2.2x 2.3x Frontier 2.5x 4.6x Hickory Tech 1.6x 1.6x Lumos Networks 2.6x NA SureWest 1.5x 1.5x Telephone & Data Systems 0.8x 1.0x Warwick Valley 3.2x 2.7x Windstream 3.5x 3.6x EBITDA Multiple Trends Company EBITDA Multiples ILEC & Diversified ILEC Index 5.7x 7.9x Alaska Communications Systems 5.7x 8.5x Consolidated Communications 9.1x 9.4x Cincinnati Bell 6.1x 6.3x Frontier 5.4x 9.8x Hickory Tech 6.6x 6.1x Lumos Networks 5.5 NA SureWest 4.5x 4.5x Telephone & Data Systems 3.5x 4.7x Warwick Valley NM NM Windstream 7.3x 7.4x Source: Capital IQ 12

13 Sub Sector Analysis: Cable and Video Twelve Month Index Returns Company Returns 12 Month 3 Month Cable & Video Index 4.4% 8.1% Cablevision -58.0% -9.6% Charter Communications 46.2% 21.6% Comcast 7.9% 13.3% DirecTV 7.1% 1.2% Dish Network 44.9% 13.7% General Communication -22.7% 19.4% Knology -9.1% 9.4% Time Warner Cable -3.7% 1.4% Revenue Multiple Trends Company Revenue Multiples Cable & Video Index 2.0x 2.1x Cablevision 1.9x 3.0x Charter Communications 2.6x 2.4x Comcast 2.4x 2.3x DirecTV 1.6x 1.7x Dish Network 1.3x 1.0x General Communication 2.0x 2.1x Knology 2.4x 2.4x Time Warner Cable 2.1x 2.3x EBITDA Multiple Trends Company EBITDA Multiples Cable & Video Index 6.4x 6.3x Cablevision 5.6x 8.5x Charter Communications 7.1x 6.6x Comcast 6.9x 6.0x DirecTV 6.2x 6.5x Dish Network 5.0x 4.0x General Communication 6.2x 6.5x Knology 7.1x 7.2x Time Warner Cable 5.9x 6.4x Source: Capital IQ 13

14 FOCUS Telecom Technology and Team Richard H. Pierce Managing Director and Telecom Technology and Team Leader, Washington, DC Rich Pierce has more than ten years of investment banking experience advising middle market clients on a variety of mergers and acquisitions and capital raising transactions. During that time, Mr. Pierce s primary emphasis has been on serving clients in the telecommunications industry including providers of network related hardware and software products, wireless, and wireline telecommunications service providers and network engineering and construction companies. John T. Bradshaw Managing Director, Bend, Oregon John Bradshaw has over 30 years experience in sales, marketing, manufacturing, finance, and systems engineering with corporations specializing in technology-driven business products and services. Mr. Bradshaw has been a successful senior executive and manager in both large and small organizations, and has spent the last 15 years working with entrepreneurial companies. Mr. Bradshaw has particular expertise in enterprise communications and contact center related technology. David Freeland Principal, New York, New York David Freeland, a FOCUS Principal, has more than fifteen years of experience providing investment banking and management consulting services to a variety of corporate clients, ranging from the Fortune 500 to start-up businesses. He has been an investment banker since 2003, advising clients on mergers and acquisitions and capital raising transactions. Mr. Freeland has broad experience in the telecom and technology industry and has significant experience with data center companies. Eric M. Oganesoff Managing Director, Washington, DC Eric Oganesoff has conducted over forty M&A, debt, and capital raise transactions with an aggregate value of over $300 million and has served as the CEO or President of several companies. Mr. Oganesoff has over twenty years of senior executive level experience in leading businesses ranging from wireless solutions, software, and RFID services to manufacturing, industrial products, energy, and environmental products and government contracting. 14

15 About FOCUS LLC FOCUS LLC provides a range of middle market investment banking services with an emphasis on mergers, acquisitions, divestitures and corporate finance. FOCUS is a national firm serving clients from offices in major cities across the United States. FOCUS specializes in business units with transactions or revenues in the $5-300 million range, serving entrepreneurs, corporate owners and various types of investors across a broad range of industries, throughout the U.S. and worldwide. FOCUS bankers are seasoned operating and financial executives with extensive transaction experience. Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker/Dealer and member FINRA/SIPC. For more information on FOCUS, visit FOCUS LLC Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker Dealer member FINRA/SIPC th Street, NW Suite 200 Washington, DC fax

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