$ adj. P.Val: num [1:1375] 1.36e-07 4.45e-06 7.02e-06 1.67e-05 1.67e-05 ...
$ adj. P.Val: num [1:1800] 2.29e-10 1.05e-09 1.22e-08 1.33e-08 2.28e-08 ...
$ adj. CASH APPRAISED CASH FLOW VALUE PER REGION FLOW(000s)1 SUBSCRIBERS1 VALUE MULTIPLE SUBSCRIBER ------ ----------- ------------ ---------- --------- ---------- Gilroy, CA $6,898 33,073 $57,640,720 8.4x $1,743 Hesperia, CA 3,767 18,513 28,865,947 7.7x 1,559 San Louis 2,221 15,635 21,988,550 9.9x 1,406 Obispo, CA Tulare, CA 2,796 15,249 22,269,159 8.0x 1,460 Coos Bay, 4,252 21,847 35,486,280 8.3x 1,624 OR Xxxxxx, OR 3,304 16,928 27,257,132 8.2x 1,610 Central 2,429 14,225 20,164,654 8.3x 1,418 Oregon, OR TOTAL $25,667 135,470 213,672,442 8.33x $1,577 ----------------------- 1 FYE 1995 (Cash Flows adjusted for unallocated partnership expenses as determined by Xxxxxx Capital) Xx. Xxxxxxx X. Menerey March 11, 1996 Page Three The cash flow multiple is the appraised value divided by the adjusted operating cash flow (adjusted to reflect unallocated partnership expenses as determined by Xxxxxx Capital) and the value per subscriber is the appraised value divided by December 31, 1995 basic subscribers. The total values reflect the simple addition of the values and results of each Region. Given the geographic diversity of the Cable Systems and the diverse group of logical potential purchasers, no incremental value was attributed to the possible sale of the consolidated entity. Xxxxxx Capital is preparing a presentation of the detailed analysis which supports the appraised values and includes the Discounted Cash Flow analysis from which these results were derived. If there are any questions or comments please feel free to contact me. Best regards, /s/ Xxxxxx X. Xxxxxx
