TV Intangible Asset Appraisal

PREPARED FOR STATE OF NEW JERSEY, DEPARTMENT OF THE TREASURY,

DIVISION OF ADMINSTRATION

Project No. 4050131

APPRAISAL OF THE

INTANGIBLE ASSETS OF THE TELEVISION STATIONS OWNED BY THE

NEW JERSEY PUBLIC BROADCAST AUTHORITY

AS OF DECEMBER 1, 2010

M e d i a I n t e l l i g e n c e a n d I n v e s t m e n t R e s o u r c e s

January 24, 2011 Mr. Michael Jonas Department of the Treasury Division of Administration State of New Jersey 50 West State Street, 8th Floor PO Box 211 Trenton, New Jersey 08625-0211 Phone: 609-984-4847 Re: Estimate of the Fair Market Value of the Intangible Assets of the television stations owned

by the New Jersey Public Broadcast Authority (NJPBA), as of December 1, 2010 Dear Mr. Jonas: Pursuant to your request, BIA/Kelsey Advisory Services, LLC (d/b/a “BIA/Kelsey”) has prepared appraisals to arrive at an opinion as to the Fair Market Value of the tangible and intangible assets of the television stations owned by the New Jersey Public Broadcast Authority (NJPBA), as of December 1, 2010. Fair Market Value is defined later in this report. The valuation of the tangible assets is contained in another report, however, the total value of the tangible assets is used in this report.

15120 Enterprise Court, Suite 100 Chantilly, Virginia 20151

Phone: 703.818.2425 Fax: 703.803.3299 www.bia.com

M e d i a I n t e l l i g e n c e a n d I n v e s t m e n t R e s o u r c e s

Based on the data, analyses, and conclusions set forth in the report that follows, it is our opinion that the fair market values of these tangible and intangible assets, as of December 1, 2010, are as stated in the following value summary. Respectfully Submitted, BIA/Kelsey ADVISORY SERVICES, LLC (d/b/a BIA/Kelsey) William Redpath, ASA, CFA, CPA, ABV, CIPM

Vice President

AssetValue

Tangible Assets $24,091,723

FCC Licenses 39,899,000Contributors Base Asset 1,459,286Underwriters Base Asset 2,031,406Income Agreements 2,474,231

$69,955,646Total

VALUE SUMMARY

New Jersey Network Television Stationsas of October 1, 2010

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TABLE OF CONTENTS

STATEMENT OF INTRODUCTION ........................................................................................ 3 STATEMENT OF INTRODUCTION ....................................................................................... 3 IDENTIFICATION OF THE PROPERTY ................................................................................ 3 PURPOSE, INTENDED USE AND METHODOLOGY........................................................... 4 RIGHTS AND LIMITING CONDITIONS ................................................................................ 5 STATEMENT OF APPRAISERS’ INDEPENDENCE ............................................................. 6

INTANGIBLE ASSETS VALUATION ...................................................................................... 9 INTANGIBLE ASSETS VALUATION .................................................................................... 9 FCC LICENSES ....................................................................................................................... 10 CONTRIBUTORS BASE ASSET ........................................................................................... 16 UNDERWRITERS BASE ASSET ........................................................................................... 20 TOWER SPACE INCOME AGREEMENTS .......................................................................... 24

EXHIBIT A .................................................................................................................................. 62 WEIGHTED AVERAGE RETURN ON ASSETS ANALYSIS ............................................. 63

EXHIBIT B .................................................................................................................................. 66 QUALIFICATIONS ................................................................................................................. 67

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STATEMENT OF INTRODUCTION


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STATEMENT OF INTRODUCTION STATEMENT OF INTRODUCTION

BIA/Kelsey has been retained by NJPBA to estimate the Fair Market Value of the intangible assets of the television stations owned by NJPBA, as of December 1, 2010. In this document, we have appraised the intangible assets that are separable from goodwill. The methodology, life, and value of each of the intangible assets are stated in the text of that particular asset. The most appropriate methods available were used in valuing these intangible assets. In the course of the appraisal, BIA/Kelsey was provided with station-related data and other information. BIA/Kelsey also spoke with Mike Jonas, and Rick Williams, Operations Manager and Assistant Director of NJN Engineering, in connection with our analysis. BIA/Kelsey has made no investigation as to the accuracy of this data or to the title of the assets.

IDENTIFICATION OF THE PROPERTY

As of December 1, 2010, NJPBA was the licensee of WNJB(TV), WNJN(TV), WNJS(TV), WNJT(TV), W36AZ, W49BE and W43CH. In a separate valuation report, BIA/Kelsey estimated the fair market value of those television stations, in an asset sale, as going concerns, at $47,051,896, as of December 1, 2010. The purpose of this report is to identify the intangible assets and estimate their fair market values for review by the Department of the Treasury of the State of New Jersey. BIA/Kelsey estimated the fair market value of the tangible assets, in place and in use, of the television stations of NJPBA, as of December 1, 2010, in a separate report. The total value of the tangible assets from that report will be used in this report. BIA/Kelsey has been retained by NJPBA to estimate the fair market values of the intangible assets that could be separated from goodwill. Those assets are: (1) FCC licenses; (2) the Contributors Base Asset; and (3) an Underwriters Base Asset and (4) Income Agreements.


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All of these intangible assets meet the following tests1:

(1) those assets are capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged; or

(2) those assets arise from contractual or other legal rights (regardless of whether those rights are transferable or separate from the acquired entity or from other rights and obligations).

Details pertaining to the assets valued are included in the report.

PURPOSE, INTENDED USE AND METHODOLOGY

The purpose of this appraisal is to estimate, as of December 1, 2010, the fair market value of these intangible assets. This report is intended to be used for internal review by the Department of the Treasury of the State of New Jersey. In valuing the intangible assets, I have considered three approaches to value. These are the cost approach, the market approach, and the income approach. The cost approach is that approach which measures value by determining the current cost of an asset and deducting depreciation, that is, physical deterioration and functional and economic obsolescence. In its simplest form, it is nothing more than current replacement cost less all depreciation. The market approach is that approach to value in which recent sales and offering prices of comparable properties are analyzed to arrive at an indication of the most probable selling price of the subject property. The income approach is that approach to value in which income generated by the subject property is analyzed and projected over a specified time period and capitalized at an appropriate market rate to arrive at the property’s value.

1 Source: Statement of Financial Accounting Standards No. 141; June 2001.


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I have chosen the market approach for the FCC licenses, and an income approach for the Contributors Base Asset, the Underwriters Base Asset and the Income Agreements, as explained in the individual asset valuations in this report. For the purposes of this report, the definition of Fair Market Value, according to the Glossary in the American Society of Appraisers’ Business Valuation Standards, is: • Fair Market Value - “The price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm’s length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.”

RIGHTS AND LIMITING CONDITIONS

This appraisal of the intangible assets of NJPBA has been prepared for the internal review of the Department of the Treasury of the State of New Jersey, and any other use of this report is invalid. It should be noted that the appraisal of the intangible assets of NJPBA has been prepared exclusively for the Department of the Treasury of the State of New Jersey (DTNJ) and is not to be reproduced in whole or in part for any reason without the express written consent of DTNJ and BIA/Kelsey. It should be noted that these intangible assets are a part of the going concern enterprise value of the television stations of NJPBA. The values of these assets are a part of, not in addition to, the fair market value, in an asset sale, as a going concern, of those television stations. Also, the fact that the sum of these assets is greater than the estimated fair market value of these television stations, in an asset sale, as a going concern, does not affect the fair market value of these television stations. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised. The appraiser also assumes property free and clear of all liens and other encumbrances. The information provided by the client was assumed to be accurate and no steps were taken to independently verify the material.


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This appraisal is valid only for the appraisal date or dates specified herein and only for the appraisal purpose specified herein. The client warrants that any reports, analyses, or other documents prepared for it by the appraiser will be used only in compliance with all applicable laws and regulations. No site visit to the studio or offices of NJPBA was conducted in the completion of this report.

STATEMENT OF APPRAISERS’ INDEPENDENCE

We certify to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. BIA/Kelsey and we have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. BIA/Kelsey’s and our compensation are not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. I hereby certify that, to the best of our knowledge and belief, the statements of fact contained in the report are true and correct, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the Principles and Code of Ethics of the American Society of Appraisers, and the Statement on Standards for Valuation Services #1 from the American Institute of Certified Public Accountants.


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No one provided significant professional assistance to the person signing this report. The American Society of Appraisers has a mandatory recertification program for all of its Senior members. Mr. Redpath is in compliance with that program. BIA/Kelsey ADVISORY SERVICES, LLC (d/b/a BIA/Kelsey) William Redpath, ASA, CFA, CPA, ABV, CIPM Geoffrey C. Price Vice President Vice President Suzanne M. Ackley Senior Research Analyst

15120 Enterprise Court Chantilly, VA 20151

703-818-2425 January 24, 2011

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INTANGIBLE ASSETS

VALUATION

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INTANGIBLE ASSETS VALUATION INTANGIBLE ASSETS VALUATION

There are four (4) categories of intangible assets: (1) FCC Licenses; (2) Contributors Base Asset; and (3) Underwriters Base Asset, and (4) Income Agreements. The fair values of these assets, by category, are seen in the Value Summary. The values of these assets, and their remaining useful lives, are stated in the preceding value summary and the following text. In certain tables, numbers may not exactly sum due to internal rounding.

FCC Licenses of NJPBA Television Stations

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FCC LICENSES

WNJB(TV), WNJN(TV), WNJS(TV), WNJT(TV), W36AZ, W49BE and W43CH

New Jersey Public Broadcasting Authority Television Network BIA/Kelsey Advisory Services, LLC (“BIA/Kelsey”) has prepared a valuation analysis of the FCC licenses of Television Stations WNJB(TV), WNJN(TV), WNJS(TV), and WNJT(TV), and Translator Stations W36AZ, W49BE, and W43CH, as of December 1, 2010. WNJB is licensed to broadcast on digital Channel 8 and operates with 17.9 kilowatts (kW) of power from an antenna height above average terrain (HAAT) of 215 meters. WNJB is licensed to New Brunswick, NJ and operates in the New York, NY TV market (ranked 1st of 210 rated Nielsen TV markets). Due to interference issues with WABC(TV) in the New York, NY market and WGAL(TV) in the Lancaster, PA market, WNJB is operating under a Special Temporary Authority (STA), file number BDSTA-20100107ADL, with 40.82 kW of ERP from an antenna HAAT of 218 meters. WNJN, licensed to Montclair, NJ, broadcasts on digital Channel 51 and operates with 200 kW of power from an antenna HAAT of 233 meters. The station holds a construction permit (CP) to upgrade its power to 443 kW and its HAAT to 237 meters. WNJN also operates in the New York, NY TV market. WNJS, licensed to Camden, NJ, broadcasts on digital Channel 22 and operates with 197 kW of power from an antenna HAAT of 264 meters. The station holds a CP to upgrade its power to 566 kW and its HAAT to 265 meters. WNJS operates in the Philadelphia, PA TV market (ranked 4th of 210 rated Nielsen TV markets). WNJT, licensed to Trenton, NJ, broadcasts on digital Channel 43 and operates with 46 kW of power from an antenna HAAT of 266 meters. The station holds a CP to upgrade its power to 59.4 kW. WNJT also operates in the Philadelphia, PA TV market. W36AZ, licensed to Sussex, NJ, broadcasts on Channel 36 with 14.6 kW of ERP from an antenna HAAT of 509 feet. The station acts as a translator station for WNJB.


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W49BE, licensed to Hackettstown, NJ, broadcasts on Channel 49 with 10 kW of ERP from an antenna HAAT of 518 feet. The station also acts as a translator station for WNJB. W43CH, licensed to Belvidere, NJ, broadcasts on Channel 43 with 1.0 kW of ERP from an antenna HAAT of 814 feet. The station acts as a translator station for WNJT. All seven stations are licensed to the New Jersey Public Broadcasting Authority (NJPBA), which was founded in 1968 by an act of the New Jersey State Legislature. A basic assumption in our valuation of these FCC licenses was that these television stations were new television stations, signing on-the-air as of the date of this valuation, December 1, 2010. We assumed the competitive situation that existed in the market as of that date, except that these stations were just beginning operations. In doing so, we extract the value of going concern and any other assets acquired, and are strictly valuing the FCC licenses. We have estimated the combined fair market value of the FCC licenses of the television stations to be $39,899,000. The values of the NJPBA’s FCC licenses have been estimated using the market approach. Because these television stations are operated as non-commercial television stations, the appraiser believes that valuing the television FCC licenses using a market approach is more appropriate than using the income approach. BIA/Kelsey analyzed merger and acquisition transactions of non-commercial televisions stations to arrive at the fair market value of these television stations. BIA/Kelsey was able to find three relevant full power television station transactions over the last two years. This information is shown in Table 1. BIA/Kelsey was able to find seven relevant translator transactions over the last two years. This information is shown in Table 2. For each of the non-commercial television stations that were sold during that time BIA/Kelsey analyzed purchase price versus television household coverage reachable by the stations’ 41 dBu signal contour. The sales price of each of the stations was divided by the number of television households reachable by the 41 dBu signal to calculate price per TV household.


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Table 1 – Comparable Sales Information of Non-Commercial Full-Power Television Stations

CALLS Channel City of License State Market Mkt Rank

Market TV Households

Sales Price

($)000s Sales Date

Price Per TV

Household

KALO 38 Honolulu HI Honolulu, HI 72 429,000 1,000 06/09 $2.33

WCMZ-TV 28 Flint MI Flint-Saginaw-Bay City, MI 69 441,000 1,000 01/10 $2.27

WQEX 26 Pittsburgh PA Pittsburgh, PA 24 1,145,000 3,000 11/10 $2.62

Average $2.30

Median $2.33


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Table 2 – Comparable Sales Information of Translators

CALLS Channel City of License State Market Mkt Rank

60 dBU Coverage

Pop

Sales Price

($)000sSales Date

Price Per Pop.

K32IJ 32 Cortez CO Albuquerque-Santa Fe, NM 46 17,300 5 03/09 $0.29

WDCI-LP 57 Chicago IL Chicago, IL 3 927,748 300 01/10 $0.32

WPDN-LP 65 Pittsburgh PA Pittsburgh, PA 24 1,504,016 200 01/10 $0.13

WDYC-LP 36 Cincinnati OH Cincinnati, OH 33 1,568,252 150 01/10 $0.10

K25FZ 25 Grand Junction CO Grand Junction-Montrose, CO 184 114,048 8 03/10 $0.07

WGPS-LP 51 Sebring FL Tampa-St Petersburg-Sarasota, FL 14 81,043 9 05/10 $0.11

KYTL-LP 53 Twin Falls ID Twin Falls, ID 192 87,934 18 10/10 $0.20

Average $0.18

Median $0.13


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The average and median price per TV household of the 41 dBu signals computed to be $2.30 and $2.33, respectively. Below is a table showing the television households served by the four NJPBA stations and the estimated value of these stations when multiplied by the calculated average price per television household of $2.30.

Calls City of License Television Households w/n

Local Television Market Value of Station

WNJB New Brunswick 7,279,000 $16,741,700

WNJN Montclair 7,279,000 $16,741,700WNJS Camden 2,930,000 $6,739,000WNJT Trenton 2,930,000 $6,739,000

For each of the translators that were sold during that time, BIA/Kelsey analyzed purchase price versus population coverage reachable by the translators’ 64 dBu signal contour. The sales price of each of the stations was divided by the number of pops reachable by a 64 dBu signal to calculate price per pop.

The average and median price per pop of a 64 dBu signals computed to be $0.18 and $0.13, respectively. Below is a table showing the 64 dBu signal coverage and the translators population for the three NJPBA translators and the estimated value of these stations when multiplied by $0.15, the average of the 64 dBu calculated median and average prices per pop.

Calls City of License Population Served under

64 dBu Contour Value of StationW36AZ Sussex, NJ 270,446 $40,567W49BE Hackettstown, NJ 271,421 $40,713W43CH Belvidere, NJ 61,439 $9,216

Because W36AZ and W49BE operate with WNJB as translators and W43CH operates with WNJT as a translator, we have combined the station values in order to determine the “stick” value of both broadcast operations. Therefore, the fair value of WNJB/W36AZ/W49B calculates to $16,822,280 and the fair value of WNJT/W43CH calculates to $6,748,216.

We have estimated that the following construction costs would be incurred for sufficient technical equipment and for the structuring of operational facilities for the four television stations and three


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translators: WNJB/W36AZ/W49BE, $1,055,000; WNJN, $2,255,000; WNJS, $2,319,000; and WNJT/W43CH, $1,522,000. The construction cost estimates assume the minimum necessary technical plant required in order for the stations to begin their broadcast operations. The estimate construction cost figures are exclusive of land, buildings, towers, and associated improvements as it is assumed that the new stations would lease both their transmitter sites and studio and office locations. Deducting the aforementioned construction costs from the estimated “stick” values results in the following FCC licenses for the television stations/translators: WNJB/W36AZ/W49BE, $15,767,000; WNJN, $14,486,000; WNJS, $4,420,000; and WNJT/W43CH, $5,226,000.

WNJB/W36AZ/W49BE’s FCC Licenses: $15,767,000 WNJN’s FCC License: 14,486,000 WNJS’s FCC License: 4,420,000

WNJT/W43CH’s FCC Licenses: 5,226,000

Total FCC License Value: $39,899,000

Contributors Base Asset

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CONTRIBUTORS BASE ASSET The value of the Contributors Base Asset is equal to the present value of all the net cash flows that would be expected to be received from the contributors base in the future, given projected future revenues and its expected life. To estimate the survival rate for the television division’s contributors base, I reviewed data from DonorCentrics Executive Program Overview report on NJN’s Annual TV Gifts for Fiscal Year 2010. This report had contributor attrition data for the NJN television stations. In this section of this report is the sheet the contributor attrition data. Fiscal years end on June 30 of each year. The data is by number of contributors, not contributor revenue. Such data was not available for an attrition analysis. I summed the “Renew” and “Additional” number for each year FY 2007 through FY 2010 and divided by the total number of contributors from the previous fiscal year. The survival rates calculated to 46.25% in FY 2007, 39.57% in FY 2008, 41.76% in FY 2009 and 48.35% in FY 2010. The average of the four survival rates is 43.98%, and I will use that as the projected annual survival rate going forward. As seen on Table 2, I projected revenues for this contributors base through FY 2028. This projection is my estimate of the revenues to be earned in the future from the contributors who were already contributing to NJN Television, as of December 1, 2010. Based on our knowledge of the not-for-profit television industry and discussions with Mike Jonas, it is our belief that non-for-profit television stations would continue operating even if they did not receive these underwriters’ revenues. Therefore, I did not deduct operating expenses or deduct contributory asset charges for contributing assets, such as tangible assets, working capital and an assembled workforce asset. Also, because this is an asset for a non-for-profit entity, I did not deduct any tax payments.

Contributors Base Asset

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The annual net benefits, which equal each year’s projected revenues, are then discounted to present value using an after-tax discount rate of 10.00% (see Appendix B for an explanation). The present value of the discounted cash flows generated by the Contributors Base Asset, as of December 1, 2010, is $1,459,286, which is the value of this asset. The estimated remaining useful life of this asset is about 18 years.

Fair Market Value: $1,459,286

dono/CentricsrM Executive Program Overview

NJN Public TelevisionAnnual TV GiftsFiscal Year 2010

Gift Type Comparison: Section C

Regardless of station database coding, donorCentrics™ uses standardized gift-timing rules to determinewhether a donor is new, renewed, rejoined or gave additional gifts. Standardized business rules based on gifttiming make it possible to benchmark and compare performance across all stations or to allow a single station toanalyze performance when station rules change.

• New: the first gift on a donor's record.» Renewal: a gift within 9 to 17 months of the previous membership gift.• Rejoin: any gift made 17 or more months after the previous membership gift.• Additional: gifts made from 0 to 9 months after a membership gift.

Donor Counts by Gift Type

Renew

Rejoin

New

Additional

FY06

8,104

3,571

12,140

3,745

FY07

8,361

4,143

10,212

4,386

FY08

7,951

4,281

9,023

2,776

FY09

7,244

3,933

6,792

2,792

FY10

7,168

3,513

6,348

2,870

09-10 06-10%Chanae %Chanae

-1.0%

-10.7%

-6.5%

2.8%

-11.5%

-1.6%

-47.7%

-23.4%

Total 27,560 27,102 24,031 20,761 19,899 -4.2% -27.8%

30,000

25,000 I

1

20,000 1

I

15,000 ;

10,000

5,000 ' f

3,745

12,140

3,571

& tft^ t

4,386

10,212

4,143

2,77$

9,023

4,281

2,792

6,792

3,933

2,870

6,348

3,513

DAdd

a New

a Rejoin

m Renew

?,1S8

FY06 FY07 FY08 FY09 FY10

Consultant Cprnmentary

Copyright 2010 Target Analytics Confidential PageS

Fiscal Year1 Total Revenue

EBITDA Margin Tax

After Tax Cash Flow

Capital Charges Net Benefit

Present Value at 10.00%

2011 $539,112 $539,112 $0 $539,112 $0 $539,112 $524,3302012 622,182 622,182 - 622,182 - 622,182 561,145 2013 273,636 273,636 - 273,636 - 273,636 224,356 2014 120,345 120,345 - 120,345 - 120,345 89,702 2015 52,928 52,928 - 52,928 - 52,928 35,864 2016 23,278 23,278 - 23,278 - 23,278 14,339 2017 10,237 10,237 - 10,237 - 10,237 5,733 2018 4,502 4,502 - 4,502 - 4,502 2,292 2019 1,980 1,980 - 1,980 - 1,980 916 2020 871 871 - 871 - 871 366 2021 383 383 - 383 - 383 147 2022 168 168 - 168 - 168 59 2023 74 74 - 74 - 74 23 2024 33 33 - 33 - 33 9 2025 14 14 - 14 - 14 4 2026 6 6 - 6 - 6 1 2027 3 3 - 3 - 3 1 2028 1 1 - 1 - 1 0

Total Present Value of Net Benefits: $1,459,286

1 Fiscal years end on June 30.

Table 3

State of New Jersey Television StationsValuation of Contributors Base Asset

Underwriters Base Asset

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UNDERWRITERS BASE ASSET The value of the Underwriters Base Asset is equal to the present value of all the net cash flows that would be expected to be received from the underwriters base in the future, given projected future revenues and its expected life. To estimate the survival rate for the television division’s underwriters base, we reviewed historical underwriter data for NJN Television for each fiscal year from FY 1996 through FY 2009. We did not have sufficient data to do an actuarially sound analysis, so we instead analyzed the number of underwriters who continued with NJN Television in the year after they served as an underwriter in order to estimate an annual survival rate. The results can be seen in this section of the report. In terms of revenue, the average survival rate was 58.3%, and that is the projected survival rate that I used as the projected annual survival rate going forward. As seen on Table 3, I projected revenues for this underwriters contributors base through FY 2025. This projection is my estimate of the revenues to be earned in the future from the underwriters who were already underwriting NJN Television, as of December 1, 2010. Based on our knowledge of the not-for-profit television industry and discussions with Mike Jonas, it is our belief that non-for-profit television stations would continue operating even if they did not receive these underwriters’ donations. Therefore, I did not deduct operating expenses or deduct contributory asset charges for contributing assets, such as tangible assets, working capital and an assembled workforce asset. Also, because this is an asset for a non-for-profit entity, I did not deduct any tax payments. The annual net benefits, which equal each year’s projected revenues, are then discounted to present value using an after-tax discount rate of 10.00% (see Appendix B for an explanation).


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The present value of the discounted cash flows generated by the Underwriters Base Asset, as of December 1, 2010, is $2,031,406, which is the value of this asset. The estimated remaining useful life of this asset is about 15 years.

Fair Market Value: $2,031,406


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NJN Television

Year Underwriter

Count Sum

# of Underwriters

that Survived

from Prev. Year

Underwriter Revenue that Survived from

Prev. Year Survival

%

1996 80 3,319,265 1997 40 1,851,887 14 1,314,489 39.6% 1998 50 2,065,229 18 1,206,253 65.1% 1999 61 2,064,854 20 1,198,731 58.0% 2000 78 2,270,168 31 1,566,807 75.9% 2001 86 2,606,434 34 1,451,302 63.9% 2002 74 2,530,108 38 1,630,533 62.6% 2003 57 2,665,625 25 1,662,835 65.7% 2004 62 2,494,495 24 1,414,270 53.1% 2005 50 3,085,162 26 1,593,267 63.9% 2006 55 2,389,387 26 1,712,334 55.5% 2007 61 2,628,705 23 1,576,730 66.0% 2008 56 2,140,750 21 1,184,170 45.0% 2009 46 1,725,556 19 933,075 43.6%

Average: 58.3% Median: 62.6%

Fiscal Year1 Total Revenue

EBITDA Margin Tax

After Tax Cash Flow

Capital Charges Net Benefit

Present Value at 10.00%

2011 $586,833 $586,833 $0 $586,833 $0 $586,833 $570,7422012 761,290 761,290 - 761,290 - 761,290 686,607 2013 443,832 443,832 - 443,832 - 443,832 363,902 2014 258,754 258,754 - 258,754 - 258,754 192,868 2015 150,854 150,854 - 150,854 - 150,854 102,220 2016 87,948 87,948 - 87,948 - 87,948 54,177 2017 51,273 51,273 - 51,273 - 51,273 28,714 2018 29,892 29,892 - 29,892 - 29,892 15,218 2019 17,427 17,427 - 17,427 - 17,427 8,066 2020 10,160 10,160 - 10,160 - 10,160 4,275 2021 5,923 5,923 - 5,923 - 5,923 2,266 2022 3,453 3,453 - 3,453 - 3,453 1,201 2023 2,013 2,013 - 2,013 - 2,013 636 2024 1,174 1,174 - 1,174 - 1,174 337 2025 684 684 - 684 - 684 179

Total Present Value of Net Benefits: $2,031,406

1 Fiscal years end June 30.

Table 4

State of New Jersey Television StationsValuation of Underwriters Base Asset

Tower Space Income Agreements

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TOWER SPACE INCOME AGREEMENTS An intangible asset that is present at the NJPBA television stations exists in the form of 36 agreements between the station and entities doing business in New Jersey. The subject agreements permit the companies to lease tower and building space from the NJPBA television stations for use in their daily business operations. Because the owner of the stations receives incremental revenues and profits as a result of these agreements, and because these agreements have determinable lives defined by their contract terms, these agreements are amortizable intangible assets. The specifics concerning each agreement, as of the December 1, 2010 valuation date, are as shown in the following table. The agreements were valued through the end of their current terms. Federal and state taxes were subtracted from the projected incremental cash flows. For tax purposes, this asset is amortizable over a fifteen-year period. As such, the appraiser has added back each year’s amortization amount to the projected incremental cash flow. Finally, the net benefits of the agreements were discounted at various rates, depending on the length of the initial term. The weighted average discount rate for all of the agreements was 5.35%. The appraiser added 400 basis points to the December 1, 2010 “risk-free” rates shown below:

1-year T-Bill rate: 0.28% + 400 basis points = 4.28% 2-year T-Bill rate: 0.53% + 400 basis points = 4.53% 5-year T-Bill rate: 1.64% + 400 basis points = 5.64% 10-year T-Bill rate: 2.97% + 400 basis points = 6.97%

Tower Space Income Agreements

BIA/Kelsey

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Tenant ValueDiscRate

EndDate

Table#

CSN International, Inc. $537 5.64% 9/1/2015 1Decamp Bus Lines, Inc. 11,267 4.53% 7/31/2012 2WPVI-TV 49,661 4.53% 12/31/2012 3DEA/US DOJ 1 9,319 4.28% 9/30/2011 4DEA/US DOJ 2 8,855 4.28% 9/30/2011 5DEA/US DOJ 3 5,168 4.28% 9/30/2011 6DEA/US DOJ 4 3,204 4.28% 9/30/2011 7Engle Broadcasting 44,325 4.53% 4/30/2013 8FBI Newark Division 1 4,844 4.28% 9/30/2011 9FBI Newark Division 2 4,586 4.28% 9/30/2011 10FLO TV Inc. / MediaFLO USA, Inc. 1 10,605 4.28% 2/28/2011 11FLO TV Inc. / MediaFLO USA, Inc. 2 10,605 4.28% 2/28/2011 12FLO TV Inc. / MediaFLO USA, Inc. 3 131,242 4.53% 12/31/2013 13Fox Television Stations, Inc. 1 5,298 4.28% 9/30/2011 14Fox Television Stations, Inc. 2 27,237 4.28% 5/9/2011 15Homan Communications, Inc. 513,388 5.64% 12/31/2015 16Lenfest Broadcasting, LLC 94,431 4.53% 7/31/2012 17LoJack Corporation 1 7,001 4.28% 12/31/2011 18LoJack Corporation 2 7,001 4.28% 12/31/2011 19MetroPCS Pennsylvania LLC 69,109 4.53% 10/31/2013 20WKXW-FM 226,002 4.53% 12/31/2013 21Mountain Broadcasting Corporation 378,205 6.97% 5/9/2018 22Nextel Comm. of the Mid-Atlantic, Inc. 182,086 5.64% 8/31/2015 23WPRB-FM 23,045 4.28% 6/30/2011 24Princeton Broadcasting Service, Inc. 2,248 4.28% 6/30/2011 25Sprint Spectrum L.P. (NJ) 66,526 4.53% 12/31/2012 26Sprint Spectrum L.P. (PA) 28,582 4.28% 11/30/2011 27SubCarrier Comm., Inc. (Lydia Security) 558 4.28% 12/31/2010 28SubCarrier Comm., Inc. (Verizon) 84,904 4.53% 12/31/2012 29SubCarrier Comm., Inc. (Nextel) 50,358 4.28% 1/1/2012 30SubCarrier Comm., Inc. (T-Mobile 1) 55,716 4.53% 1/31/2013 31SubCarrier Comm., Inc. (T-Mobile 2) 160,614 6.97% 8/10/2018 32SubCarrier Comm., Inc. (MetroPCS) 85,913 4.53% 4/30/2014 33U.S. Secret Service 3,594 4.28% 9/30/2011 34Velocita Wireless LLC (Skytel/Mobitex) 11,181 4.53% 7/19/2012 35Verizon Wireless 97,017 4.53% 11/31/2012 36

Total $2,474,231 5.35%

Tower and Building Space Income Agreements

Valuation of CSN International, Inc.Electricity Income Agreement

Less:Associated Projected Less: State Plus: Tax Net

Rental Performance Incremental and Federal Amortization Net BenefitYear Income 1 Costs 2 Cash Flow Taxes Benefits Benefit Discounted

2010 $0 # $0 $0 $0 $1 $1 $12011 160 # 0 160 65 15 109 1062012 160 # 0 160 65 15 109 1002013 160 # 0 160 65 15 109 952014 160 # 0 160 65 15 109 902015 107 # 0 107 44 15 78 602016 0 # 0 0 0 15 15 112017 0 # 0 0 0 15 15 102018 0 # 0 0 0 15 15 102019 0 # 0 0 0 15 15 9

Table 1

2019 0 # 0 0 0 15 15 92020 0 # 0 0 0 15 15 92021 0 # 0 0 0 15 15 82022 0 # 0 0 0 15 15 82023 0 # 0 0 0 15 15 72024 0 # 0 0 0 15 15 72025 0 # 0 0 0 13 13 6

Total Value: CSN International, Inc. Electricity Income Agreement $537

1 Based on contractual agreement. Values for 2010 and 2015 have been adjusted for partial years.

2 Per station management estimates. See text.

Valuation of Decamp Bus Lines, Inc.Tower and Building Space Income Agreement



2010 695.45 # $0 $695 $284 $26 $437 $4372011 8,345 # 0 8,345 3,409 307 5,243 5,1092012 4,868 # 0 4,868 1,989 307 3,186 2,9702013 0 # 0 0 0 307 307 2742014 0 # 0 0 0 307 307 2622015 0 # 0 0 0 307 307 2502016 0 # 0 0 0 307 307 2402017 0 # 0 0 0 307 307 2292018 0 # 0 0 0 307 307 2192019 0 # 0 0 0 307 307 210

Table 2

2019 0 # 0 0 0 307 307 2102020 0 # 0 0 0 307 307 2012021 0 # 0 0 0 307 307 1922022 0 # 0 0 0 307 307 1842023 0 # 0 0 0 307 307 1762024 0 # 0 0 0 307 307 1682025 0 # 0 0 0 281 281 147

Total Value: Decamp Bus Lines, Inc. Tower and Building Space Income Agreement $11,267



Valuation of WPVI-TVTower and Building Space Income Agreement



2010 $2,467 # $0 $2,467 $1,008 $115 $1,574 $1,5712011 29,604 # 0 29,604 12,093 1,352 18,863 18,3812012 29,604 # 0 29,604 12,093 1,352 18,863 17,5842013 0 # 0 0 0 1,352 1,352 1,2062014 0 # 0 0 0 1,352 1,352 1,1542015 0 # 0 0 0 1,352 1,352 1,1042016 0 # 0 0 0 1,352 1,352 1,0562017 0 # 0 0 0 1,352 1,352 1,0102018 0 # 0 0 0 1,352 1,352 9662019 0 # 0 0 0 1 352 1 352 925

Table 3

2019 0 # 0 0 0 1,352 1,352 9252020 0 # 0 0 0 1,352 1,352 8842021 0 # 0 0 0 1,352 1,352 8462022 0 # 0 0 0 1,352 1,352 8092023 0 # 0 0 0 1,352 1,352 7742024 0 # 0 0 0 1,352 1,352 7412025 0 # 0 0 0 1,238 1,238 649

Total Value: WPVI-TV Tower and Building Space Income Agreement $49,661

1 Based on contractual agreement. Value for 2010 has been adjusted for a partial year.


Valuation of DEA/US DOJ 1Tower and Building Space Income Agreement



2010 $1,122 # $0 $1,122 $459 $22 $685 $6842011 10,102 # 0 10,102 4,127 254 6,229 6,0782012 0 # 0 0 0 254 254 2372013 0 # 0 0 0 254 254 2282014 0 # 0 0 0 254 254 2182015 0 # 0 0 0 254 254 2092016 0 # 0 0 0 254 254 2012017 0 # 0 0 0 254 254 1932018 0 # 0 0 0 254 254 1852019 0 # 0 0 0 254 254 177

Table 4

2019 0 # 0 0 0 254 254 1772020 0 # 0 0 0 254 254 1702021 0 # 0 0 0 254 254 1632022 0 # 0 0 0 254 254 1562023 0 # 0 0 0 254 254 1502024 0 # 0 0 0 254 254 1442025 0 # 0 0 0 232 232 126

Total Value: DEA/US DOJ 1 Tower and Building Space Income Agreement $9,319






2010 $1,067 # $0 $1,067 $436 $20 $651 $6502011 9,599 # 0 9,599 3,921 241 5,919 5,7762012 0 # 0 0 0 241 241 2262013 0 # 0 0 0 241 241 2162014 0 # 0 0 0 241 241 2082015 0 # 0 0 0 241 241 1992016 0 # 0 0 0 241 241 1912017 0 # 0 0 0 241 241 1832018 0 # 0 0 0 241 241 1752019 0 # 0 0 0 241 241 168

Table 5

2019 0 # 0 0 0 241 241 1682020 0 # 0 0 0 241 241 1612021 0 # 0 0 0 241 241 1552022 0 # 0 0 0 241 241 1482023 0 # 0 0 0 241 241 1422024 0 # 0 0 0 241 241 1362025 0 # 0 0 0 221 221 120







2010 $622 # $0 $622 $254 $12 $380 $3792011 5,602 # 0 5,602 2,288 141 3,454 3,3712012 0 # 0 0 0 141 141 1322013 0 # 0 0 0 141 141 1262014 0 # 0 0 0 141 141 1212015 0 # 0 0 0 141 141 1162016 0 # 0 0 0 141 141 1112017 0 # 0 0 0 141 141 1072018 0 # 0 0 0 141 141 1022019 0 # 0 0 0 141 141 98

Table 6

2019 0 # 0 0 0 141 141 982020 0 # 0 0 0 141 141 942021 0 # 0 0 0 141 141 902022 0 # 0 0 0 141 141 872023 0 # 0 0 0 141 141 832024 0 # 0 0 0 141 141 802025 0 # 0 0 0 129 129 70







2010 $386 # $0 $386 $158 $7 $236 $2352011 3,473 # 0 3,473 1,419 87 2,141 2,0902012 0 # 0 0 0 87 87 822013 0 # 0 0 0 87 87 782014 0 # 0 0 0 87 87 752015 0 # 0 0 0 87 87 722016 0 # 0 0 0 87 87 692017 0 # 0 0 0 87 87 662018 0 # 0 0 0 87 87 632019 0 # 0 0 0 87 87 61

Table 7

2019 0 # 0 0 0 87 87 612020 0 # 0 0 0 87 87 582021 0 # 0 0 0 87 87 562022 0 # 0 0 0 87 87 542023 0 # 0 0 0 87 87 512024 0 # 0 0 0 87 87 492025 0 # 0 0 0 80 80 43




Valuation of Engle BroadcastingTower and Building Space Income Agreement



2010 $1,770 # $0 $1,770 $723 $103 $1,150 $1,1472011 22,660 # 0 22,660 9,256 1,207 14,610 14,2372012 23,368 # 0 23,368 9,546 1,207 15,029 14,0102013 7,789 # 0 7,789 3,182 1,207 5,814 5,1852014 0 # 0 0 0 1,207 1,207 1,0302015 0 # 0 0 0 1,207 1,207 9852016 0 # 0 0 0 1,207 1,207 9432017 0 # 0 0 0 1,207 1,207 9022018 0 # 0 0 0 1,207 1,207 8632019 0 # 0 0 0 1 207 1 207 825

Table 8

2019 0 # 0 0 0 1,207 1,207 8252020 0 # 0 0 0 1,207 1,207 7892021 0 # 0 0 0 1,207 1,207 7552022 0 # 0 0 0 1,207 1,207 7232023 0 # 0 0 0 1,207 1,207 6912024 0 # 0 0 0 1,207 1,207 6612025 0 # 0 0 0 1,105 1,105 579

Total Value: Engle Broadcasting Tower and Building Space Income Agreement $44,325



Valuation of FBI Newark Division 1Tower and Building Space Income Agreement



2010 $584 # $0 $584 $238 $11 $356 $3562011 5,252 # 0 5,252 2,145 132 3,238 3,1602012 0 # 0 0 0 132 132 1232013 0 # 0 0 0 132 132 1182014 0 # 0 0 0 132 132 1142015 0 # 0 0 0 132 132 1092016 0 # 0 0 0 132 132 1042017 0 # 0 0 0 132 132 1002018 0 # 0 0 0 132 132 962019 0 # 0 0 0 132 132 92

Table 9

2019 0 # 0 0 0 132 132 922020 0 # 0 0 0 132 132 882021 0 # 0 0 0 132 132 852022 0 # 0 0 0 132 132 812023 0 # 0 0 0 132 132 782024 0 # 0 0 0 132 132 752025 0 # 0 0 0 121 121 66

Total Value: FBI Newark Division 1 Tower and Building Space Income Agreement $4,844



Valuation of FBI Newark Division 2Tower and Building Space Income Agreement



2010 $552 # $0 $552 $226 $11 $337 $3372011 4,971 # 0 4,971 2,031 125 3,065 2,9912012 0 # 0 0 0 125 125 1172013 0 # 0 0 0 125 125 1122014 0 # 0 0 0 125 125 1072015 0 # 0 0 0 125 125 1032016 0 # 0 0 0 125 125 992017 0 # 0 0 0 125 125 952018 0 # 0 0 0 125 125 912019 0 # 0 0 0 125 125 87

Table 10

2019 0 # 0 0 0 125 125 872020 0 # 0 0 0 125 125 842021 0 # 0 0 0 125 125 802022 0 # 0 0 0 125 125 772023 0 # 0 0 0 125 125 742024 0 # 0 0 0 125 125 712025 0 # 0 0 0 114 114 62

Total Value: FBI Newark Division 2 Tower and Building Space Income Agreement $4,586



Valuation of FLO TV Inc. / MediaFLO USA, Inc. 1Tower and Building Space Income Agreement



2010 $4,235 # $0 $4,235 $1,730 $25 $2,530 $2,5252011 8,470 # 0 8,470 3,460 289 5,299 5,1702012 0 # 0 0 0 289 289 2702013 0 # 0 0 0 289 289 2592014 0 # 0 0 0 289 289 2492015 0 # 0 0 0 289 289 2382016 0 # 0 0 0 289 289 2292017 0 # 0 0 0 289 289 2192018 0 # 0 0 0 289 289 2102019 0 # 0 0 0 289 289 202

Table 11

2019 0 # 0 0 0 289 289 2022020 0 # 0 0 0 289 289 1932021 0 # 0 0 0 289 289 1852022 0 # 0 0 0 289 289 1782023 0 # 0 0 0 289 289 1702024 0 # 0 0 0 289 289 1632025 0 # 0 0 0 264 264 143

Total Value: FLO TV Inc. / MediaFLO USA, Inc. 1 Tower and Building Space Income Agreement $10,605






2010 $4,235 # $0 $4,235 $1,730 $25 $2,530 $2,5252011 8,470 # 0 8,470 3,460 289 5,299 5,1702012 0 # 0 0 0 289 289 2702013 0 # 0 0 0 289 289 2592014 0 # 0 0 0 289 289 2492015 0 # 0 0 0 289 289 2382016 0 # 0 0 0 289 289 2292017 0 # 0 0 0 289 289 2192018 0 # 0 0 0 289 289 2102019 0 # 0 0 0 289 289 202

Table 12

2019 0 # 0 0 0 289 289 2022020 0 # 0 0 0 289 289 1932021 0 # 0 0 0 289 289 1852022 0 # 0 0 0 289 289 1782023 0 # 0 0 0 289 289 1702024 0 # 0 0 0 289 289 1632025 0 # 0 0 0 264 264 143







2010 $3,980 # $0 $3,980 $1,626 $304 $2,658 $2,6532011 52,536 # 0 52,536 21,461 3,574 34,649 33,7632012 52,536 # 0 52,536 21,461 3,574 34,649 32,3002013 57,790 # 0 57,790 23,607 3,574 37,757 33,6712014 0 # 0 0 0 3,574 3,574 3,0492015 0 # 0 0 0 3,574 3,574 2,9172016 0 # 0 0 0 3,574 3,574 2,7912017 0 # 0 0 0 3,574 3,574 2,6702018 0 # 0 0 0 3,574 3,574 2,5542019 0 # 0 0 0 3 574 3 574 2 443

Table 13

2019 0 # 0 0 0 3,574 3,574 2,4432020 0 # 0 0 0 3,574 3,574 2,3372021 0 # 0 0 0 3,574 3,574 2,2362022 0 # 0 0 0 3,574 3,574 2,1392023 0 # 0 0 0 3,574 3,574 2,0472024 0 # 0 0 0 3,574 3,574 1,9582025 0 # 0 0 0 3,271 3,271 1,714




Valuation of Fox Television Stations, Inc. 1Tower and Building Space Income Agreement



2010 $638 # $0 $638 $261 $12 $390 $3892011 5,743 # 0 5,743 2,346 144 3,541 3,4562012 0 # 0 0 0 144 144 1352013 0 # 0 0 0 144 144 1292014 0 # 0 0 0 144 144 1242015 0 # 0 0 0 144 144 1192016 0 # 0 0 0 144 144 1142017 0 # 0 0 0 144 144 1092018 0 # 0 0 0 144 144 1052019 0 # 0 0 0 144 144 101

Table 14

2019 0 # 0 0 0 144 144 1012020 0 # 0 0 0 144 144 972021 0 # 0 0 0 144 144 932022 0 # 0 0 0 144 144 892023 0 # 0 0 0 144 144 852024 0 # 0 0 0 144 144 822025 0 # 0 0 0 132 132 72

Total Value: Fox Television Stations, Inc. 1 Tower and Building Space Income Agreement $5,298



Valuation of Fox Television Stations, Inc. 2Tower and Building Space Income Agreement



2010 $6,546 # $0 $6,546 $2,674 $63 $3,935 $3,9282011 26,184 # 0 26,184 10,696 742 16,230 15,8372012 0 # 0 0 0 742 742 6942013 0 # 0 0 0 742 742 6662014 0 # 0 0 0 742 742 6382015 0 # 0 0 0 742 742 6122016 0 # 0 0 0 742 742 5872017 0 # 0 0 0 742 742 5632018 0 # 0 0 0 742 742 5402019 0 # 0 0 0 742 742 518

Table 15

2019 0 # 0 0 0 742 742 5182020 0 # 0 0 0 742 742 4962021 0 # 0 0 0 742 742 4762022 0 # 0 0 0 742 742 4562023 0 # 0 0 0 742 742 4382024 0 # 0 0 0 742 742 4202025 0 # 0 0 0 679 679 368

Total Value: Fox Television Stations, Inc. 2 Tower and Building Space Income Agreement $27,237



Valuation of Homan Communications, Inc.Tower and Building Space Income Agreement



2010 $10,546 # $0 $10,546 $4,308 $1,187 $7,425 $7,4082011 126,552 # 0 126,552 51,696 13,981 88,837 86,0312012 139,212 # 0 139,212 56,868 13,981 96,325 88,3032013 139,212 # 0 139,212 56,868 13,981 96,325 83,5882014 153,132 # 0 153,132 62,554 13,981 104,559 85,8892015 153,132 # 0 153,132 62,554 13,981 104,559 81,3032016 0 # 0 0 0 13,981 13,981 10,2912017 0 # 0 0 0 13,981 13,981 9,7422018 0 # 0 0 0 13,981 13,981 9,2222019 0 # 0 0 0 13 981 13 981 8 729

Table 16

2019 0 # 0 0 0 13,981 13,981 8,7292020 0 # 0 0 0 13,981 13,981 8,2632021 0 # 0 0 0 13,981 13,981 7,8222022 0 # 0 0 0 13,981 13,981 7,4052023 0 # 0 0 0 13,981 13,981 7,0092024 0 # 0 0 0 13,981 13,981 6,6352025 0 # 0 0 0 12,794 12,794 5,747

Total Value: Homan Communications, Inc. Tower and Building Space Income Agreement $513,388



Valuation of Lenfest Broadcasting, LLCTower and Building Space Income Agreement



2010 $5,829 # $0 $5,829 $2,381 $218 $3,666 $3,6592011 69,947 # 0 69,947 28,573 2,572 43,945 42,8212012 40,802 # 0 40,802 16,668 2,572 26,706 24,8952013 0 # 0 0 0 2,572 2,572 2,2932014 0 # 0 0 0 2,572 2,572 2,1942015 0 # 0 0 0 2,572 2,572 2,0992016 0 # 0 0 0 2,572 2,572 2,0082017 0 # 0 0 0 2,572 2,572 1,9212018 0 # 0 0 0 2,572 2,572 1,8382019 0 # 0 0 0 2 572 2 572 1 758

Table 17

2019 0 # 0 0 0 2,572 2,572 1,7582020 0 # 0 0 0 2,572 2,572 1,6822021 0 # 0 0 0 2,572 2,572 1,6092022 0 # 0 0 0 2,572 2,572 1,5392023 0 # 0 0 0 2,572 2,572 1,4732024 0 # 0 0 0 2,572 2,572 1,4092025 0 # 0 0 0 2,353 2,353 1,233

Total Value: Lenfest Broadcasting, LLC Tower and Building Space Income Agreement $94,431



Valuation of LoJack Corporation 1Tower and Building Space Income Agreement



2010 $649 # $0 $649 $265 $16 $400 $3992011 7,788 # 0 7,788 3,181 191 4,797 4,6812012 0 # 0 0 0 191 191 1782013 0 # 0 0 0 191 191 1712014 0 # 0 0 0 191 191 1642015 0 # 0 0 0 191 191 1572016 0 # 0 0 0 191 191 1512017 0 # 0 0 0 191 191 1452018 0 # 0 0 0 191 191 1392019 0 # 0 0 0 191 191 133

Table 18

2019 0 # 0 0 0 191 191 1332020 0 # 0 0 0 191 191 1282021 0 # 0 0 0 191 191 1222022 0 # 0 0 0 191 191 1172023 0 # 0 0 0 191 191 1132024 0 # 0 0 0 191 191 1082025 0 # 0 0 0 174 174 95

Total Value: LoJack Corporation 1 Tower and Building Space Income Agreement $7,001



Valuation of LoJack Corporation 2Tower and Building Space Income Agreement



2010 $649 # $0 $649 $265 $16 $400 $3992011 7,788 # 0 7,788 3,181 191 4,797 4,6812012 0 # 0 0 0 191 191 1782013 0 # 0 0 0 191 191 1712014 0 # 0 0 0 191 191 1642015 0 # 0 0 0 191 191 1572016 0 # 0 0 0 191 191 1512017 0 # 0 0 0 191 191 1452018 0 # 0 0 0 191 191 1392019 0 # 0 0 0 191 191 133

Table 19

2019 0 # 0 0 0 191 191 1332020 0 # 0 0 0 191 191 1282021 0 # 0 0 0 191 191 1222022 0 # 0 0 0 191 191 1172023 0 # 0 0 0 191 191 1132024 0 # 0 0 0 191 191 1082025 0 # 0 0 0 174 174 95

Total Value: LoJack Corporation 2 Tower and Building Space Income Agreement $7,001



Valuation of MetroPCS Pennsylvania LLCTower and Building Space Income Agreement



2010 $2,420 # $0 $2,420 $989 $160 $1,591 $1,5882011 29,040 # 0 29,040 11,863 1,882 19,059 18,5722012 29,524 # 0 29,524 12,061 1,882 19,346 18,0342013 26,620 # 0 26,620 10,874 1,882 17,628 15,7202014 0 # 0 0 0 1,882 1,882 1,6062015 0 # 0 0 0 1,882 1,882 1,5362016 0 # 0 0 0 1,882 1,882 1,4702017 0 # 0 0 0 1,882 1,882 1,4062018 0 # 0 0 0 1,882 1,882 1,3452019 0 # 0 0 0 1 882 1 882 1 287

Table 20

2019 0 # 0 0 0 1,882 1,882 1,2872020 0 # 0 0 0 1,882 1,882 1,2312021 0 # 0 0 0 1,882 1,882 1,1782022 0 # 0 0 0 1,882 1,882 1,1262023 0 # 0 0 0 1,882 1,882 1,0782024 0 # 0 0 0 1,882 1,882 1,0312025 0 # 0 0 0 1,722 1,722 903

Total Value: MetroPCS Pennsylvania LLC Tower and Building Space Income Agreement $69,109



Valuation of WKXW-FMTower and Building Space Income Agreement



2010 $6,854 # $0 $6,854 $2,800 $523 $4,577 $4,5682011 90,468 # 0 90,468 36,956 6,155 59,667 58,1402012 90,468 # 0 90,468 36,956 6,155 59,667 55,6212013 99,516 # 0 99,516 40,652 6,155 65,019 57,9832014 0 # 0 0 0 6,155 6,155 5,2512015 0 # 0 0 0 6,155 6,155 5,0232016 0 # 0 0 0 6,155 6,155 4,8062017 0 # 0 0 0 6,155 6,155 4,5972018 0 # 0 0 0 6,155 6,155 4,3982019 0 # 0 0 0 6 155 6 155 4 208

Table 21

2019 0 # 0 0 0 6,155 6,155 4,2082020 0 # 0 0 0 6,155 6,155 4,0252021 0 # 0 0 0 6,155 6,155 3,8512022 0 # 0 0 0 6,155 6,155 3,6842023 0 # 0 0 0 6,155 6,155 3,5242024 0 # 0 0 0 6,155 6,155 3,3722025 0 # 0 0 0 5,632 5,632 2,951

Total Value: WKXW-FM Tower and Building Space Income Agreement $226,002



Valuation of Mountain Broadcasting CorporationTower and Building Space Income Agreement



2010 $5,871 # $0 $5,871 $2,398 $875 $4,347 $4,3352011 70,451 # 0 70,451 28,779 10,300 51,972 49,9632012 75,148 # 0 75,148 30,698 10,300 54,750 49,2042013 77,496 # 0 77,496 31,657 10,300 56,139 47,1652014 82,663 # 0 82,663 33,768 10,300 59,195 46,4922015 85,246 # 0 85,246 34,823 10,300 60,723 44,5852016 90,929 # 0 90,929 37,144 10,300 64,084 43,9872017 93,770 # 0 93,770 38,305 10,300 65,765 42,1992018 31,257 # 0 31,257 12,768 10,300 28,788 17,2692019 0 # 0 0 0 10 300 10 300 5 776

Table 22

2019 0 # 0 0 0 10,300 10,300 5,7762020 0 # 0 0 0 10,300 10,300 5,3992021 0 # 0 0 0 10,300 10,300 5,0482022 0 # 0 0 0 10,300 10,300 4,7192023 0 # 0 0 0 10,300 10,300 4,4112024 0 # 0 0 0 10,300 10,300 4,1242025 0 # 0 0 0 9,425 9,425 3,528

Total Value: Mountain Broadcasting Corporation Tower and Building Space Income Agreement $378,205



Valuation of Nextel Comm. of the Mid-Atlantic, Inc.Tower and Building Space Income Agreement



2010 $4,011 # $0 $4,011 $1,638 $421 $2,794 $2,7872011 48,931 # 0 48,931 19,988 4,959 33,902 32,8312012 51,378 # 0 51,378 20,988 4,959 35,349 32,4052013 53,946 # 0 53,946 22,037 4,959 36,868 31,9932014 56,644 # 0 56,644 23,139 4,959 38,464 31,5962015 39,001 # 0 39,001 15,932 4,959 28,028 21,7942016 0 # 0 0 0 4,959 4,959 3,6502017 0 # 0 0 0 4,959 4,959 3,4552018 0 # 0 0 0 4,959 4,959 3,2712019 0 # 0 0 0 4 959 4 959 3 096

Table 23

2019 0 # 0 0 0 4,959 4,959 3,0962020 0 # 0 0 0 4,959 4,959 2,9312021 0 # 0 0 0 4,959 4,959 2,7742022 0 # 0 0 0 4,959 4,959 2,6262023 0 # 0 0 0 4,959 4,959 2,4862024 0 # 0 0 0 4,959 4,959 2,3532025 0 # 0 0 0 4,538 4,538 2,038

Total Value: Nextel Comm. of the Mid-Atlantic, Inc. Tower and Building Space Income Agreement $182,086



Valuation of WPRB-FMTower and Building Space Income Agreement



2010 $3,961 # $0 $3,961 $1,618 $53 $2,396 $2,3922011 23,768 # 0 23,768 9,709 628 14,686 14,3312012 0 # 0 0 0 628 628 5872013 0 # 0 0 0 628 628 5632014 0 # 0 0 0 628 628 5402015 0 # 0 0 0 628 628 5182016 0 # 0 0 0 628 628 4972017 0 # 0 0 0 628 628 4762018 0 # 0 0 0 628 628 4572019 0 # 0 0 0 628 628 438

Table 24

2019 0 # 0 0 0 628 628 4382020 0 # 0 0 0 628 628 4202021 0 # 0 0 0 628 628 4032022 0 # 0 0 0 628 628 3862023 0 # 0 0 0 628 628 3702024 0 # 0 0 0 628 628 3552025 0 # 0 0 0 574 574 312

Total Value: WPRB-FM Tower and Building Space Income Agreement $23,045



Valuation of Princeton Broadcasting Service, Inc.Tower and Building Space Income Agreement



2010 $386 # $0 $386 $158 $5 $234 $2332011 2,318 # 0 2,318 947 61 1,433 1,3982012 0 # 0 0 0 61 61 572013 0 # 0 0 0 61 61 552014 0 # 0 0 0 61 61 532015 0 # 0 0 0 61 61 512016 0 # 0 0 0 61 61 482017 0 # 0 0 0 61 61 462018 0 # 0 0 0 61 61 452019 0 # 0 0 0 61 61 43

Table 25

2019 0 # 0 0 0 61 61 432020 0 # 0 0 0 61 61 412021 0 # 0 0 0 61 61 392022 0 # 0 0 0 61 61 382023 0 # 0 0 0 61 61 362024 0 # 0 0 0 61 61 352025 0 # 0 0 0 56 56 30

Total Value: Princeton Broadcasting Service, Inc. Tower and Building Space Income Agreement $2,248



Valuation of Sprint Spectrum L.P. (NJ)Tower and Building Space Income Agreement



2010 $3,157 # $0 $3,157 $1,290 $154 $2,021 $2,0172011 37,883 # 0 37,883 15,475 1,812 24,220 23,6002012 41,671 # 0 41,671 17,023 1,812 26,460 24,6662013 0 # 0 0 0 1,812 1,812 1,6162014 0 # 0 0 0 1,812 1,812 1,5462015 0 # 0 0 0 1,812 1,812 1,4792016 0 # 0 0 0 1,812 1,812 1,4152017 0 # 0 0 0 1,812 1,812 1,3532018 0 # 0 0 0 1,812 1,812 1,2952019 0 # 0 0 0 1 812 1 812 1 239

Table 26

2019 0 # 0 0 0 1,812 1,812 1,2392020 0 # 0 0 0 1,812 1,812 1,1852021 0 # 0 0 0 1,812 1,812 1,1342022 0 # 0 0 0 1,812 1,812 1,0842023 0 # 0 0 0 1,812 1,812 1,0372024 0 # 0 0 0 1,812 1,812 9922025 0 # 0 0 0 1,658 1,658 869

Total Value: Sprint Spectrum L.P. (NJ) Tower and Building Space Income Agreement $66,526



Valuation of Sprint Spectrum L.P. (PA)Tower and Building Space Income Agreement



2010 $2,870 # $0 $2,870 $1,172 $66 $1,764 $1,7612011 31,569 # 0 31,569 12,896 778 19,452 18,9812012 0 # 0 0 0 778 778 7282013 0 # 0 0 0 778 778 6982014 0 # 0 0 0 778 778 6702015 0 # 0 0 0 778 778 6422016 0 # 0 0 0 778 778 6162017 0 # 0 0 0 778 778 5912018 0 # 0 0 0 778 778 5662019 0 # 0 0 0 778 778 543

Table 27

2019 0 # 0 0 0 778 778 5432020 0 # 0 0 0 778 778 5212021 0 # 0 0 0 778 778 5002022 0 # 0 0 0 778 778 4792023 0 # 0 0 0 778 778 4592024 0 # 0 0 0 778 778 4402025 0 # 0 0 0 712 712 387

Total Value: Sprint Spectrum L.P. (PA) Tower and Building Space Income Agreement $28,582



Valuation of SubCarrier Comm., Inc. (Lydia Security)Tower and Building Space Income Agreement



2010 $659 # $0 $659 $269 $1 $391 $3902011 0 # 0 0 0 15 15 152012 0 # 0 0 0 15 15 142013 0 # 0 0 0 15 15 142014 0 # 0 0 0 15 15 132015 0 # 0 0 0 15 15 132016 0 # 0 0 0 15 15 122017 0 # 0 0 0 15 15 122018 0 # 0 0 0 15 15 112019 0 # 0 0 0 15 15 11

Table 28

2019 0 # 0 0 0 15 15 112020 0 # 0 0 0 15 15 102021 0 # 0 0 0 15 15 102022 0 # 0 0 0 15 15 92023 0 # 0 0 0 15 15 92024 0 # 0 0 0 15 15 92025 0 # 0 0 0 14 14 8

Total Value: SubCarrier Comm., Inc. (Lydia Security) Tower and Building Space Income Agreement $558



Valuation of SubCarrier Comm., Inc. (Verizon)Tower and Building Space Income Agreement



2010 $3,849 # $0 $3,849 $1,572 $196 $2,473 $2,4682011 50,806 # 0 50,806 20,754 2,312 32,364 31,5362012 50,806 # 0 50,806 20,754 2,312 32,364 30,1702013 0 # 0 0 0 2,312 2,312 2,0622014 0 # 0 0 0 2,312 2,312 1,9732015 0 # 0 0 0 2,312 2,312 1,8872016 0 # 0 0 0 2,312 2,312 1,8052017 0 # 0 0 0 2,312 2,312 1,7272018 0 # 0 0 0 2,312 2,312 1,6522019 0 # 0 0 0 2 312 2 312 1 581

Table 29

2019 0 # 0 0 0 2,312 2,312 1,5812020 0 # 0 0 0 2,312 2,312 1,5122021 0 # 0 0 0 2,312 2,312 1,4472022 0 # 0 0 0 2,312 2,312 1,3842023 0 # 0 0 0 2,312 2,312 1,3242024 0 # 0 0 0 2,312 2,312 1,2672025 0 # 0 0 0 2,116 2,116 1,109

Total Value: SubCarrier Comm., Inc. (Verizon) Tower and Building Space Income Agreement $84,904



Valuation of SubCarrier Comm., Inc. (Nextel)Tower and Building Space Income Agreement



2010 $4,274 # $0 $4,274 $1,746 $116 $2,645 $2,6402011 56,422 # 0 56,422 23,048 1,371 34,745 33,9032012 0 # 0 0 0 1,371 1,371 1,2832013 0 # 0 0 0 1,371 1,371 1,2312014 0 # 0 0 0 1,371 1,371 1,1802015 0 # 0 0 0 1,371 1,371 1,1322016 0 # 0 0 0 1,371 1,371 1,0852017 0 # 0 0 0 1,371 1,371 1,0412018 0 # 0 0 0 1,371 1,371 9982019 0 # 0 0 0 1 371 1 371 957

Table 30

2019 0 # 0 0 0 1,371 1,371 9572020 0 # 0 0 0 1,371 1,371 9182021 0 # 0 0 0 1,371 1,371 8802022 0 # 0 0 0 1,371 1,371 8442023 0 # 0 0 0 1,371 1,371 8092024 0 # 0 0 0 1,371 1,371 7762025 0 # 0 0 0 1,255 1,255 681

Total Value: SubCarrier Comm., Inc. (Nextel) Tower and Building Space Income Agreement $50,358



Valuation of SubCarrier Comm., Inc. (T-Mobile 1)Tower and Building Space Income Agreement



2010 $2,494 # $0 $2,494 $1,019 $129 $1,604 $1,6012011 31,305 # 0 31,305 12,788 1,517 20,034 19,5222012 32,870 # 0 32,870 13,428 1,517 20,960 19,5392013 2,750 # 0 2,750 1,123 1,517 3,144 2,8042014 0 # 0 0 0 1,517 1,517 1,2952015 0 # 0 0 0 1,517 1,517 1,2382016 0 # 0 0 0 1,517 1,517 1,1852017 0 # 0 0 0 1,517 1,517 1,1332018 0 # 0 0 0 1,517 1,517 1,0842019 0 # 0 0 0 1 517 1 517 1 037

Table 31

2019 0 # 0 0 0 1,517 1,517 1,0372020 0 # 0 0 0 1,517 1,517 9922021 0 # 0 0 0 1,517 1,517 9492022 0 # 0 0 0 1,517 1,517 9082023 0 # 0 0 0 1,517 1,517 8692024 0 # 0 0 0 1,517 1,517 8312025 0 # 0 0 0 1,388 1,388 728

Total Value: SubCarrier Comm., Inc. (T-Mobile 1) Tower and Building Space Income Agreement $55,716



Valuation of SubCarrier Comm., Inc. (T-Mobile 2)Tower and Building Space Income Agreement



2010 $2,376 # $0 $2,376 $970 $371 $1,777 $1,7722011 29,102 # 0 29,102 11,888 4,374 21,588 20,7542012 30,557 # 0 30,557 12,483 4,374 22,448 20,1752013 32,085 # 0 32,085 13,107 4,374 23,352 19,6192014 33,689 # 0 33,689 13,762 4,374 24,301 19,0862015 35,373 # 0 35,373 14,450 4,374 25,297 18,5742016 37,142 # 0 37,142 15,173 4,374 26,344 18,0822017 38,999 # 0 38,999 15,931 4,374 27,442 17,6092018 23,400 # 0 23,400 9,559 4,374 18,215 10,9262019 0 # 0 0 0 4 374 4 374 2 453

Table 32

2019 0 # 0 0 0 4,374 4,374 2,4532020 0 # 0 0 0 4,374 4,374 2,2932021 0 # 0 0 0 4,374 4,374 2,1442022 0 # 0 0 0 4,374 4,374 2,0042023 0 # 0 0 0 4,374 4,374 1,8732024 0 # 0 0 0 4,374 4,374 1,7512025 0 # 0 0 0 4,003 4,003 1,498

Total Value: SubCarrier Comm., Inc. (T-Mobile 2) Tower and Building Space Income Agreement $160,614



Valuation of SubCarrier Comm., Inc. (MetroPCS)Tower and Building Space Income Agreement



2010 $2,400 # $0 $2,400 $980 $199 $1,618 $1,6152011 30,720 # 0 30,720 12,549 2,340 20,511 19,9862012 31,680 # 0 31,680 12,941 2,340 21,078 19,6492013 33,792 # 0 33,792 13,804 2,340 22,328 19,9122014 11,616 # 0 11,616 4,745 2,340 9,211 7,8582015 0 # 0 0 0 2,340 2,340 1,9102016 0 # 0 0 0 2,340 2,340 1,8272017 0 # 0 0 0 2,340 2,340 1,7482018 0 # 0 0 0 2,340 2,340 1,6722019 0 # 0 0 0 2 340 2 340 1 599

Table 33

2019 0 # 0 0 0 2,340 2,340 1,5992020 0 # 0 0 0 2,340 2,340 1,5302021 0 # 0 0 0 2,340 2,340 1,4642022 0 # 0 0 0 2,340 2,340 1,4002023 0 # 0 0 0 2,340 2,340 1,3402024 0 # 0 0 0 2,340 2,340 1,2822025 0 # 0 0 0 2,141 2,141 1,122

Total Value: SubCarrier Comm., Inc. (MetroPCS) Tower and Building Space Income Agreement $85,913



Valuation of U.S. Secret ServiceTower and Building Space Income Agreement



2010 $433 # $0 $433 $177 $8 $264 $2642011 3,896 # 0 3,896 1,592 98 2,402 2,3442012 0 # 0 0 0 98 98 922013 0 # 0 0 0 98 98 882014 0 # 0 0 0 98 98 842015 0 # 0 0 0 98 98 812016 0 # 0 0 0 98 98 772017 0 # 0 0 0 98 98 742018 0 # 0 0 0 98 98 712019 0 # 0 0 0 98 98 68

Table 34

2019 0 # 0 0 0 98 98 682020 0 # 0 0 0 98 98 662021 0 # 0 0 0 98 98 632022 0 # 0 0 0 98 98 602023 0 # 0 0 0 98 98 582024 0 # 0 0 0 98 98 552025 0 # 0 0 0 90 90 49

Total Value: U.S. Secret Service Tower and Building Space Income Agreement $3,594



Valuation of Velocita Wireless LLC (Skytel/Mobitex)Tower and Building Space Income Agreement



2010 $725 # $0 $725 $296 $26 $455 $4542011 8,704 # 0 8,704 3,556 305 5,453 5,3142012 4,352 # 0 4,352 1,778 305 2,879 2,6842013 0 # 0 0 0 305 305 2722014 0 # 0 0 0 305 305 2602015 0 # 0 0 0 305 305 2492016 0 # 0 0 0 305 305 2382017 0 # 0 0 0 305 305 2272018 0 # 0 0 0 305 305 2182019 0 # 0 0 0 305 305 208

Table 35

2019 0 # 0 0 0 305 305 2082020 0 # 0 0 0 305 305 1992021 0 # 0 0 0 305 305 1912022 0 # 0 0 0 305 305 1822023 0 # 0 0 0 305 305 1742024 0 # 0 0 0 305 305 1672025 0 # 0 0 0 279 279 146

Total Value: Velocita Wireless LLC (Skytel/Mobitex) Tower and Building Space Income Agreement $11,181



Valuation of Verizon WirelessTower and Building Space Income Agreement



2010 $5,015 # $0 $5,015 $2,049 $224 $3,191 $3,1852011 60,184 # 0 60,184 24,585 2,642 38,241 37,2632012 55,169 # 0 55,169 22,536 2,642 35,274 32,8832013 0 # 0 0 0 2,642 2,642 2,3562014 0 # 0 0 0 2,642 2,642 2,2542015 0 # 0 0 0 2,642 2,642 2,1562016 0 # 0 0 0 2,642 2,642 2,0632017 0 # 0 0 0 2,642 2,642 1,9742018 0 # 0 0 0 2,642 2,642 1,8882019 0 # 0 0 0 2 642 2 642 1 806

Table 36

2019 0 # 0 0 0 2,642 2,642 1,8062020 0 # 0 0 0 2,642 2,642 1,7282021 0 # 0 0 0 2,642 2,642 1,6532022 0 # 0 0 0 2,642 2,642 1,5812023 0 # 0 0 0 2,642 2,642 1,5132024 0 # 0 0 0 2,642 2,642 1,4472025 0 # 0 0 0 2,418 2,418 1,267

Total Value: Verizon Wireless Tower and Building Space Income Agreement $97,017



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EXHIBIT A

EXHIBIT A WARA ANALYSIS

Weighted Average Return on Assets

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WEIGHTED AVERAGE RETURN ON ASSETS ANALYSIS

In considering the discount rates to use on the intangible assets in this report, I began by considering

the after-tax Weighted Average Cost of Capital (“WACC”) for the television stations of NJPBA.

Because the fair market value report of the nine subject NJPBA television stations used only a

market valuation approach, not an income valuation approach, there was no WACC determined for

the television stations in that report.

BIA/Kelsey had previously performed a Weighted Average Cost of Capital analysis, as of November

30, 2010, for a commercial television station valuation project. Based on input from that analysis,

my estimate of the after-tax WACC for television stations, as of that date was 7.71%. I think that is

the appropriate WACC to use in this report.

I then used a Weighted Average Return on Assets (“WARA”) to reconcile the overall WACC of

7.71% to the returns on the assets that constitute this enterprise.

Weighted Average Return on Assets (“WARA”)

The WARA for the NJPBA Television Stations can be seen on Table A-1. I thought it was best to

use the same after-tax returns for the tangible assets, FCC licenses, Contributors Base Asset and the

Underwriters Base Asset that were used in the NJPBA Radio Stations report. The return on the

Income Agreements asset of 5.35% makes the sum of the value-weighted after-tax returns on assets

sum to 7.32%, which is below the 7.71% estimated after-tax WACC.

However, to get the returns on the various assets to sum to the 7.71% after-tax WACC, one would

have to increase the return on the Income Agreements Asset to 16.5%. In my opinion, that is far too


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high for what is nearly a risk-free asset to the NJPBA Television Stations, so I will keep the return

on the Income Agreements asset at 5.35%.

Please note that even though the individual assets of the NJPBA Television Stations sum to

$69,955,646, that does not change our estimate of the fair market value of the NJPBA Television

Stations, in an asset sale, as going concerns, which was $47,051,896, as of December 1, 2010.


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Table A-1


Asset Value

Percentageof Value

After-Tax

Rate ofReturn WARA Remaining Life

Tangible Assets $24,091,723 34.44% 6.00% 2.07% Varies by Category

FCC Licenses 39,899,000 57.03% 8.00% 4.56% Indefinite

Contributors Base Asset 1,459,286 2.09% 10.00% 0.21% 14 years

Underwriters Base Asset 2,031,406 2.90% 10.00% 0.29% 11 years

Income Agreements 2,474,231 3.54% 5.35% 0.19% Varies by Agreement

Total $69,955,646 100.00% 7.32%

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EXHIBIT B

EXHIBIT B QUALIFICATIONS

Qualifications

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QUALIFICATIONS Qualifications

Of William Redpath, ASA, CFA, CIPM, CPA, ABV

William Redpath is a Vice President for BIA/Kelsey, a financial and strategic consulting firm with an expertise in the appraisal of broadcasting, cable, and telecommunications properties and preparation of financial presentations for communications clients. Prior to joining BIA/Kelsey in 1985, Mr. Redpath was a Senior Financial Analyst with NBC in New York. Mr. Redpath earned his B.A. degree in Economics and Political Science from Indiana University and his M.B.A. from The University of Chicago. After completing his formal education, Mr. Redpath was a staff auditor in the Cincinnati office of Arthur Andersen & Co. from 1980 to 1982. Subsequent to that, he was Assistant Financial Manager of WISH-TV, Indianapolis. He then joined the Internal Audit Department at ABC, New York, where he worked on numerous audits, including those of WXYZ(AM) (now WXYT), WRIF(FM) and WXYZ(TV), Detroit, after which he joined NBC. Mr. Redpath has prepared hundreds of valuations of business enterprises, privately-held equity interests, and purchase price allocations for financial and tax reporting purposes. He has been an expert witness in numerous litigations. He has authored articles for the BCFM Journal and other professional journals on intangible asset valuation. He has testified in state courts, United States District Court and United States Bankruptcy Court on valuation matters. Mr. Redpath is a Certified Public Accountant licensed in the Commonwealth of Virginia. He is a member of the American Institute of Certified Public Accountants, from which he has earned the Accredited in Business Valuation (ABV) designation. He is also an Accredited Senior Appraiser (ASA) in Business Valuation with the American Society of Appraisers, a Chartered Financial Analyst (CFA), and he holds the Certificate in Investment Performance Measurement (CIPM) designation from the CFA Institute.

Qualifications

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Qualifications Of

Geoffrey C. Price

Geoffrey C. Price is a Vice President for BIA/Kelsey, a financial and strategic consulting firm specializing in the fair market valuations, asset appraisals, strategic analyses, and business plans of broadcast and telecommunications properties. In his current position at BIA/Kelsey, Mr. Price is responsible for the managing and operating of the company’s nationwide leading Consulting Group. Mr. Price has been at BIA/Kelsey since 1988 and has appraised hundreds of media and telecommunications properties worth in aggregate in the tens of billions of dollars. As a Vice President with BIA/Kelsey, Mr. Price has been responsible for the preparation of asset appraisals, valuation studies, strategic consulting assignments, and litigation support for clients in the communications and broadcast industries. He has also been responsible at BIA/Kelsey for assisting many publicly traded and privately held broadcast companies with their valuation needs associated with FASB 141/142. In addition, Mr. Price is part of the business development team at BIA/Kelsey and is responsible for the client relationships with many of the largest broadcast companies nationwide. Mr. Price’s appraisal and valuation experience is diverse, including reports for firms in the cellular, paging, SMR, cable, print, tower, and broadcast industries. Prior to joining BIA/Kelsey, Mr. Price was employed by ADT Security Systems, Inc. in its Accounting Center located in Alexandria, Virginia. Mr. Price earned his B.S. degree in Finance from Virginia Polytechnic Institute and State University in Blacksburg, Virginia. Mr. Price received his M.B.A. from George Mason University in Fairfax, Virginia.

Qualifications

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Qualifications Of

Suzanne M. Ackley Suzanne M. Ackley is the Senior Research Analyst with BIA/Kelsey, the premier financial and strategic consulting firm specializing in the appraisal and fair market valuation of broadcasting, cable, and telecommunications properties and preparation of bank presentations for communications clients. BIA/Kelsey is a subsidiary of BIA/Kelsey Financial Network, Inc. Ms. Ackley has been at BIA/Kelsey since 1994. Ms. Ackley has performed hundreds of asset allocation assignments for some of the largest media companies in the nation, as well as many regional and national financial institutions. Ms. Ackley has been responsible for appraising intangible assets, including: FCC licenses, network affiliation agreements, advertiser base assets, retransmission consent agreements, syndicated programming agreements, sports broadcast rights agreements, favorable and unfavorable facility leases, and income leases for acquisitions and fresh-start accounting purposes. She has also assisted in the appraisal of tangible assets of radio, television, tower, outdoor advertising and communications properties. Ms. Ackley has also been responsible for assisting many publicly traded and privately held broadcast companies with their valuation needs associated with FASB 141/142. She has also assisted in the preparation and production of valuation studies for communication and media properties, FCC license swaps, operational audits, due diligence, financial reviews, evaluations of technical facilities, fairness opinions, comparable sales analyses, and feasibility studies for start-up radio and television stations. As Senior Research Analyst, Ms. Ackley has been responsible for researching and preparing local market analyses, industry overviews, and national economic overviews. Additionally, Ms. Ackley is responsible for researching and creating the maps, graphics, charts, and demographic/economic tables used in BIA/Kelsey’s fair valuations. She has conducted several research studies, including an analysis of the power ratios of radio stations in Arbitron rated markets. Ms. Ackley earned a Bachelor of Arts (B.A.) in English Writing from George Mason University in Fairfax, Virginia. She also received a Master of Education (M.Ed.) in Secondary English from George Mason University. In addition, Ms. Ackley received an Associate of Applied Science (A.A.S.) in Business Management with a Specialization in Finance from the Northern Virginia Community College in Manassas, Virginia. The A.A.S. degree was conferred Magna Cum Laude.

TV Intangible Asset Appraisal

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