COST OF CAPITAL STUDY

YIELD CAPITALIZATION
2017 ASSESSMENT YEAR
APPENDIX C

WIRELESS

EQUITY RATE 8.75%

CAPITAL ASSET PRICING MODEL PAGE

CAPM Ex Ante 8.25% 6

DIVIDEND GROWTH MODELS

Value Line, based on Dividends Growth 7.75% 7
Value Line, based on Earnings Growth 9.50% 8
Value Line, based on Return on Equity 8.00% 9

RANGE 7.75% - 9.5%

DEBT RATE 5.00% 10

SECURED DEBT (LEASE) RATE 4.00% 10

MARKET CAPITAL STRUCTURE

Equity 65% x 8.75% = 5.69% 3

Debt 35% x 5.00% = 1.75% 3
Marginal Tax Rate 38% = (1-.038) x 1.75% 1.09% 3

WEIGHTED AVERAGE COST OF CAPITAL 6.8%

rounded

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SUPPORT FOR GUIDELINE COMPANIES
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Capital Structure at Book Value

Fin'l Operting Div'd Preferred

Company Ticker Beta Trailing Common Stock % % Long Term Debt % Total Debt & Equity
Strength Margin Yield Stock
P/E
AT&T Inc T 0.75 A++ 16.8% 14.7 4.66% 123,208,520,000 49.9% - 0.0% 123,509,000,000 50.1% 246,717,520,000
Verizon Communications
VZ 0.75 A++ 22.5% 12.8 4.39% 16,306,924,000 13.1% - 0.0% 108,379,000,000 86.9% 124,685,924,000
Sprint Corp S 1.35 C++ 28.5% nmf 0.00% 19,138,401,600 39.5% - 0.0% 29,268,000,000 60.5% 48,406,401,600
US Cellular USM 1.05 B+ 11.5% nmf 0.00% 3,634,082,670 68.5% - 0.0% 1,670,000,000 31.5% 5,304,082,670
T-Mobile TMUS 1.00 B+ 25.0% 57.6 0.00% 18,248,027,750 39.6% 20,000,000 0.0% 27,786,000,000 60.3% 46,054,027,750
Mean 0.98 B++ 21% 28.4 1.81% 36,107,191,204 42.1% 0.0% 58,122,400,000 57.9%
Weighted Mean 180,535,956,020 38.3% 20,000,000 0.00% 290,612,000,000 61.7% 471,167,956,020
Median 1.00 14.7 0.00% 39.6% 0.0% 60.3%
Std Dev 0.25 2.48% 20.1% 0.0% 20.1%
Coeff Var 0.25 137.03% 47.7% 2.236068 34.7%
Max 1.35 4.66% 68.5% 0.0% 86.9%
Min 0.75 0.00% 13.1% 0.0% 31.5%
Harmonic Mean 0.93 30.94% 51.89%
Say 1.00

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SUPPORT FOR CAPITAL STRUCTURE
MARKET VALUE
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Capital Structure at Market Value

Stock Common Preferred

Company Ticker Common Stock % % Long Term Debt % Total Debt & Equity
Price Shares Stock
AT&T Inc T 42.04 6,142,000,000 258,209,680,000 66.5% - 0.0% 129,857,700,000 33.5% 388,067,380,000
Verizon Communications VZ 52.80 4,076,731,000 215,251,396,800 64.5% - 0.0% 118,534,000,000 35.5% 333,785,396,800
Sprint Corp S 8.42 3,987,167,000 33,571,946,140 53.4% - 0.0% 29,268,000,000 46.6% 62,839,946,140
US Cellular USM 43.72 84,849,000 3,709,598,280 69.0% - 0.0% 1,670,000,000 31.0% 5,379,598,280
T-Mobile TMUS 57.51 826,825,000 47,550,705,750 62.9% 20,000,000 0.0% 28,013,000,000 37.1% 75,583,705,750
Mean 63.3% 0.0% 36.7%
Weighted Mean 558,293,326,970 64.5% 20,000,000 0.00% 307,342,700,000 35.5% 865,656,026,970
Median 64.5% 0.00% 35.5% 1.000
Harmonic Mean 62.8% #NUM! 36.0%
Std Dev 5.9% 0.01% 5.9%
Coeff Var 9.4% 223.61% 16.2%
Max 69.0% 0.0% 46.6%
Min 53.4% 0.0% 31.0%
Source: Target 65% 0% 35%
Stock Price: Yahoo
Market Value Debt: Bond Analysis

Page 3
SUPPORT FOR MARKET MULTIPLES
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Stock Cash Book

Company Ticker Revenues Multiple Multiple Earnings Multiple Multiple
Price Flow Value
AT&T Inc T 42.04 26.68 1.6 7.07 5.9 2.84 14.8 20.06 2.1
Verizon Communications VZ 52.80 30.90 1.7 5.80 9.1 3.87 13.6 4.00 13.2
Sprint Corp S 8.42 8.35 1.0 1.65 5.1 (0.40) 4.80 1.75
US Cellular USM 43.72 46.42 0.94 7.75 5.6 0.56 78.1 42.83 1.0
T-Mobile TMUS 57.51 45.07 1.3 8.63 6.7 1.08 53.3 22.07 2.61
Mean 1.3 6.5 39.9 4.1
Median 1.3 5.9 34.0 2.1
Harmonic Mean 1.2 6.2 23.2 2.0
Max 1.7 9.1 78.1 13.2
Min 0.94 5.1 13.6 1.02
Std Dev 0.3 1.6 31.4 5.1
Coefficient of Variation 0.3 0.2 0.8 1.2
Harmonic Mean 1.2 6.2 23.2 2.0
Percentile .25 1.0 5.6 14.5 1.8
Percentile .75 1.6 6.7 59.5 2.6
Say 1.50 7.00 2.50

Page 4
ENTERPRISE VALUE MULTIPLES
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

One Year
EV / Cash Flow EV /
Guideline Companies Ticker Enterprise Value EBITDA EBITDA Revenue EV/Sales Cash Flow Debt Service EV / CF
EBITDA Rate EBITDA
Change VL

historic historic forecast forecast forecast Forecast Forecast Forecast Forecast

AT&T Inc T $ 388,067,380,000 50,194,000,000 7.73 1.1% 50,761,966,054 7.64 166,087,000,000 2.34 43,901,000,000 6,492,885,000 7.70
Verizon Communications VZ $ 333,785,396,800 46,587,000,000 7.16 0.0% 46,587,000,000 7.16 131,474,574,750 2.54 23,490,000,000 5,926,700,000 11.35
Sprint Corp S $ 62,839,946,140 10,298,000,000 6.10 15.2% 11,858,303,030 5.30 34,488,994,550 1.82 7,647,500,000 1,463,400,000 6.90
US Cellular USM $ 4,539,598,280 5,363,943,000 0.85 -0.6% 5,329,336,916 0.85 3,920,023,800 1.16 646,800,000 83,500,000 6.22
T-Mobile TMUS $ 70,388,705,750 12,845,000,000 5.48 17.0% 15,032,966,396 4.68 39,604,917,500 1.78 8,332,500,000 1,400,650,000 7.23
Mean 5.13 1.93 7.88
Median 5.30 1.82 7.23
Max 7.64
Min 0.85
Std Dev 2.69
Coefficient of Variation 0.52
Harmonic Mean 2.71 1.79 7.55
Say 5.25 2.00 7.50

4.50 put in income direct excluding IPP

EV/EBITDA Correlation 5.25 put in income direct including IPP

$450,000,000,000
$400,000,000,000 Forecast EV/EBITDA By Rank
R² = 0.9968
$350,000,000,000 EV/EBITDA
Enterprise Value

$300,000,000,000 Guideline Companies forecast

$250,000,000,000 US Cellular 0.85 3.61 Low Average
T-Mobile 4.68 4.68 Low Median
$200,000,000,000 Sprint Corp 5.30 4.50 Say
$150,000,000,000 Verizon Communications 7.16 5.13 Average
$100,000,000,000 AT&T Inc 7.64 5.30 Median
5.25 Say
$50,000,000,000
$-
- 20,000,000,000 40,000,000,000 60,000,000,000
EBITDA (Forecast)

EV/EBITDA Correlation Linear (EV/EBITDA Correlation)

Page 5
SUPPORT FOR YIELD CAPITALIZATION EQUITY COMPONENT
CAPITAL ASSET PRICING MODEL
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS
Ex Ante
Ke = Rf + B (Rp)

Ke = Cost of Equity 8.25%

to page 1
Rm = rate of return 8.25%
Rf = risk free rate 3.00%
Rp = risk premium 5.25%
B = Beta 1.00 page 7

Rp = Risk Premium 5.25%

to above
Shannon Pratt and Roger Grabowski 3.5 - 6%
Cost of Capital, Applications and Examples,
Third Edition, 2008, Page 113

Dr. Aswath Damodaran 5.69% chart page 16

http://pages.stern.nyu.edu/~adamodar/ 5.14% adjusted for Rf
2016 Implied Premium
John Graham & Campbell Harvey 5.70% 10 year expected real return
Duke CFO magazine Global Business Outlook survey - U.S. 2.23% Rf rate used in
4th Qtr 2016 4.93% adjusted for Rf

Rf = Risk Free Rate 3.00%

to above

US Department of the Treasury

Long Term (20 years) US Treasury Bond Yield 2.79%
as of 12-30-16
Value Line Investment Survey, Selected Yields January 6, 2017, page 3197
as of 12-28-16
US Treasury Securities year end data
5 year 2.00%
10 year 2.51%
30 year 3.09%
30 year Zero 3.17%

Federal Reserve Statistical Release (http://www.federalreserve.gov/Releases/H15/Current/)

January 4, 2017 as of 12-30-16
Treasury Constant Maturities
5 year 1.93%
10 year 2.45%
20 year 2.79%
30 year 3.06%
20 year TIPS 0.82% 1.97%
30 year TIPS 0.99% 2.07%
TIPS inflation indication

Inflation 2.00%
to appraisal template
Value Line Investment Survey, Economic Series January 6, 2017, page 1500
Consumer Price Index Annual Rate of Change 2019-2021 2.50%
Federal Reserve Bank of Philadelphia
The Livingston Survey, December 9, 2016 Table 3
Inflation median (measured by the CPI) over next 10 years 2.30%
https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

Gross Domestic Product (GDP) 3.80%

Federal Reserve Projected Long Run Real GDP Growth
Median Projection Value From Dec 14, 2016 Report 1.80%
http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

Congressional Budget Office Real GDP Economic Projections

The Budget and Economic Outlook 2017-2027 Table C-1, pg 126
Average Percentage Change From Year To Year 2017-2021 1.86%
http://www.cbo.gov/publication/52370 2022-2027 1.90%

Federal Reserve Bank of Philadelphia

The Livingston Survey, December 9, 2016 pg 4
Average Annual Real GDP Growth Rate for Next Ten Years 2.20%
https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

Page 6
SUPPORT FOR YIELD CAPITALIZATION EQUITY COMPONENT
DIVIDEND GROWTH MODEL
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Based on Dividend Growth

Ke = (D1 / Po) + GD

Ke = Cost of Equity
D1 = Expected Dividends
P0 = Current Stock Price
GD = Sustainable Growth -- Dividend
assumption:Sustainable growth can not exceed inflation plus real GDP

Stock Expected Dividend Dividend Forecast Sustainable Ke

Ke Forecast Ke
Company Ticker Price Dividend Yield Growth Ke Dividend Dividend Sustainable
Growth Multistage
(Po) (D1) (D1/Po) (GD) VL Growth Growth Growth
AT&T Inc T 42.04 1.96 4.66% 4.50% 9.16% 4.42% 9.08% 3.80% 8.46% 8.60%
Verizon Communications VZ 52.80 2.32 4.39% 2.00% 6.39% 2.10% 6.50% 2.10% 6.50% 6.76%
Sprint Corp S 8.42 0.00
US Cellular USM 43.72 0.00
T-Mobile TMUS 57.51 0.00
Mean 4.53% 7.78% 7.48% 7.68%
Median 4.53% 7.78% 7.48% 7.68%
Harmonic Mean 4.52% 7.53% 7.35% 7.57%
Std Dev 0.19% 1.96% 1.39% 1.30%
Coeff Var 4.19% 25.17% 18.58% 16.94%
Max 4.66% 9.16% 8.46% 8.60%
Min 4.39% 6.39% 6.50% 6.76%
Source: Value Line Projections 13-15 to 19-21 8.00% 7.50% 7.75%

Say 7.75%
to page 1

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SUPPORT FOR YIELD CAPITALIZATION EQUITY COMPONENT
DIVIDEND GROWTH MODEL
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Based on Earnings Growth

Ke = (D1 / Po) + G

Ke = Cost of Equity
D1 = Expected Dividends
P0 = Current Stock Price
G = Sustainable Growth -- Earnings
assumption: Sustainable growth can not exceed inflation plus real GDP

Stock Expected Earnings Forecast Ke Sustainable Ke Ke

Yield
Company Ticker Price Earnings Growth (G) Ke Earnings Forecast Earnings Sustainable Multistage
(D1/Po)
(Po) (D1) VL Growth Growth Growth Growth *
AT&T Inc T 42.04 2.95 7.02% 5.50% 12.52% 6.31% 13.33% 3.80% 10.82% 8.07%
Verizon Communications VZ 52.80 3.90 7.39% 3.00% 10.39% 3.23% #REF! 3.23% 10.62% 8.54%
Sprint Corp S 8.42 -0.25 0.00% 3.80% nmf
US Cellular USM 43.72 0.30 0.69% 2.00% 3.80% 4.49% nmf
T-Mobile TMUS 57.51 1.85 3.22% 0.00% 3.22% 0.00% 3.22% 0.00% 3.22% 2.73%
Mean 8.71% 7.29% 6.45%
Median 10.39% 7.55% 8.07%
Harmonic Mean 6.16% 5.55% 4.94%
Std Dev 4.87% 4.00% 3.23%
Coeff Var 55.96% 54.90% 50.06%
Max 12.52% 10.82% 8.54%
Min 3.22% 3.22% 2.73%
Source: Value Line Projections 13-15 to 19-21 10.50% 8.00%

Say 9.50
to page 1

Page 8
SUPPORT FOR YIELD CAPITALIZATION EQUITY COMPONENT
DIVIDEND GROWTH MODEL
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Based on Return on Equity

Ke = (D1 / Po) + G
Ke = Cost of Equity
D1 = Expected Dividends
E1 = Expected Earnings
Po = Current Price
G = Sustainable Growth
b = Retained Earnings % (plowback)
ROE = Return on Equity

Stock Expected Dividend b Expected

Growth (G) Ke Ke
Company Ticker Price Dividend Yield (1-payout ROE Earnings
(b*ROE) Dividends Earnings
(Po) (D1) (D1/Po) ratio) (E1)
AT&T Inc T 42.04 1.96 4.66% 34.0% 7.02% 2.386% 7.05% 2.95 9.40%
Verizon Communications VZ 52.80 2.32 4.39% 32.0% 7.39% 2.364% 6.76% 3.90 9.75%
Sprint Corp S 8.42 0.00 100.0% -2.97% -2.969% (0.25)
US Cellular USM 43.72 0.00 100.0% 0.69% 0.686% 0.30
T-Mobile TMUS 57.51 0.00 97.0% 3.22% 3.120% 1.85 6.34%
Mean 6.90% 8.50%
Median 6.90% 9.40%
Harmonic Mean 6.90% 8.18%
Std Dev 0.21% 1.88%
Coeff Var 2.98% 22.11%
Max 7.05% 9.75%
Min 6.76% 6.34%
7.00% 9.00%

Say 8.00%
to page 1

Page 9
SUPPORT FOR DEBT RATING AND DEBT YIELD RATE
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

Mergent's S&P YTM Mergent's S&P

Company Ticker S&P Ratings WAYTM
Ratings (avg) Ratings Ratings Mergent's S&P
AT&T Inc T Baa1 BBB+ 3.99% 4.07% 10 10 Aaa1 AAA+ 1
Verizon Communications VZ Baa1 BBB+ 3.07% 3.57% 10 10 Aaa2 AAA 2
Sprint Corp S Caa1 B 4.98% 5.42% 19 17 Aaa3 AAA- 3
US Cellular USM BB 6.70% 6.81% 14 Aa1 AA+ 4
T-Mobile TMUS Ba3 BB 15 14 Aa2 AA 5
#REF! #REF! BBB+ 10
#REF! #REF! BBB- 12
#REF! #REF! Baa1 BBB+ #REF! #REF! 10 10
Overall Average Debt Rating Baa3 Baa3 4.69% 12.8 12.1 Aa3 AA- 6
bond analysis, A-BBB bonds
4.07% A1 A+ 7
A2 A 8
All issues 20+ year maturities A3 A- 9
Guideline Companies, All Ratings 3.66% 5.00% Baa1 BBB+ 10
bond analysis page 12
Baa2 BBB 11
Baa3 BBB- 12
Ba1 BB+ 13
Ba2 BB 14
Mergent's Bond Record January 2017, page 201 Ba3 BB- 15
Corporate Aaa Aa A Baa B1 B+ 16
October 3.51% 3.61% 3.78% 4.38% B2 B 17
November 3.86% 3.94% 4.11% 4.71% B3 B- 18
December 4.06% 4.12% 4.28% 4.83% Caa1 CCC+ 19
4th Qtr Average 3.81% 3.89% 4.06% 4.64% Caa2 CCC 20

Public Utilities Aaa Aa A Baa

October 3.59% 3.77% 4.34%
November 3.91% 4.08% 4.64%
December 4.11% 4.27% 4.79%
4th Qtr Average 3.87% 4.04% 4.59%

Industrials Aaa Aa A Baa

October 3.51% 3.63% 3.79% 4.40%
November 3.86% 3.97% 4.14% 4.77%
December 4.06% 4.13% 4.29% 4.85%
4th Qtr Average 3.81% 3.91% 4.07% 4.67%

Debt Yield Rate 5.00%

Cost of Secured Debt (Operating Lease ) Rate 4.00%
to page 1

Page 10
 12/31/2016 Wireless Bond Analysis 2017.5

Company type Call coupon maturity Price 12/31/16 Issued / Book current yield yield to maturity Weighted Average
Rating Mkt Val Mkt : Book Embedded Rate Debt Service WAYTM WAYTM S&P YTM
AT&T Inc Global Notes 1.600 2017 100.02 1,000,000,000 1.600% 1.64% 0.01% BBB+ $ 1,000,200,000 100.02% 16,000,000 0.00006102 0.0141% 0.00
AT&T Inc Global Notes 1.400 2017 99.82 2,000,000,000 1.403% 1.04% 0.01% BBB+ $ 1,996,400,000 99.82% 28,000,000 0.00007731 0.0179% 1.57
AT&T Inc Global Notes 1.700 2017 100.13 1,150,000,000 1.698% 1.96% 0.01% BBB+ $ 1,151,495,000 100.13% 19,550,000 0.00008391 0.0194% 0.00
AT&T Inc Fixed Rate 2.375 2018 100.88 1,600,000,000 2.354% 0.61% 0.00% BBB+ $ 1,614,080,000 100.88% 38,000,000 0.00003613 0.0083% 1.93
AT&T Inc Global Notesz100 5.500 2018 103.88 2,500,000,000 5.295% -2.14% -0.02% BBB+ $ 2,597,000,000 103.88% 137,500,000 (0.00019862) -0.0459% 1.56
AT&T Inc Global Notesz100 5.600 2018 105.04 1,000,000,000 5.331% -4.16% -0.02% BBB+ $ 1,050,400,000 105.04% 56,000,000 (0.00015492) -0.0358% 0.52
AT&T Inc Global Notes 2.300 2019 100.33 1,850,000,000 2.292% 2.07% 0.01% BBB+ $ 1,856,105,000 100.33% 42,550,000 0.00014277 0.0330% 2.12
AT&T Inc Global Notes 5.875 2019 109.24 942,000,000 5.378% -0.26% 0.00% BBB+ $ 1,029,040,800 109.24% 55,342,500 (0.00000927) -0.0021% 2.63
AT&T Inc Global Notes 5.800 2019 107.48 2,250,000,000 5.396% 0.77% 0.01% BBB+ $ 2,418,300,000 107.48% 130,500,000 0.00006409 0.0148% 1.95
AT&T Inc Nt Fltg Rate 1.767 2020 100.54 750,000,000 1.758% 1.55% 0.00% BBB+ $ 754,050,000 100.54% 13,252,500 0.00004311 0.0100% 0.00
AT&T Inc Global Notes 5.200 2020 107.44 1,154,000,000 4.840% 2.11% 0.01% BBB+ $ 1,239,857,600 107.44% 60,008,000 0.00009073 0.0210% 2.59
AT&T Inc Global Notes 2.450 2020 99.19 3,000,000,000 2.470% 2.79% 0.03% BBB+ $ 2,975,700,000 99.19% 73,500,000 0.00031139 0.0719% 2.66
AT&T Inc Global Notes 2.800 2021 99.10 2,000,000,000 2.825% 3.08% 0.02% BBB+ $ 1,982,000,000 99.10% 56,000,000 0.00022882 0.0528% 3.05
AT&T Inc Global Notes 4.600 2021 105.64 928,000,000 4.354% 2.88% 0.01% BBB+ $ 980,339,200 105.64% 42,688,000 0.00009953 0.0230% 3.07
AT&T Inc Global Notes 5.000 2021 107.42 1,430,000,000 4.655% 2.75% 0.01% BBB+ $ 1,536,106,000 107.42% 71,500,000 0.00014617 0.0338% 3
AT&T Inc Global Notes 3.875 2021 103.10 1,500,000,000 3.758% 2.93% 0.02% BBB+ $ 1,546,500,000 103.10% 58,125,000 0.00016352 0.0378% 3.2
AT&T Inc Fix Rt Nt 4.450 2021 105.62 1,250,000,000 4.213% 2.74% 0.01% BBB+ $ 1,320,250,000 105.62% 55,625,000 0.00012761 0.0295% 2.94
AT&T Inc Global Notes 3.800 2022 102.35 1,415,000,000 3.713% 3.23% 0.02% BBB+ $ 1,448,252,500 102.35% 53,770,000 0.00017007 0.0393% 3.28
AT&T Inc 0 cpn sr note - 2022 79.69 1,030,000,000 0.000% 5.17% 0.02% BBB+ $ 820,807,000 79.69% - 0.00019829 0.0458% 3.85
AT&T Inc Global Notes 2.625 2022 95.70 1,500,000,000 2.743% 3.68% 0.02% BBB+ $ 1,435,500,000 95.70% 39,375,000 0.00020533 0.0474% 3.43
AT&T Inc Fix Rt Sr Note 3.000 2022 97.99 2,750,000,000 3.062% 3.49% 0.04% BBB+ $ 2,694,725,000 97.99% 82,500,000 0.00035711 0.0825% 3.37
AT&T Inc Global Notes 3.000 2022 98.86 1,850,000,000 3.035% 3.28% 0.02% BBB+ $ 1,828,910,000 98.86% 55,500,000 0.00022552 0.0521% 3.24
AT&T Inc Global Notes 3.600 2023 100.60 2,600,000,000 3.579% 3.48% 0.03% BBB+ $ 2,615,600,000 100.60% 93,600,000 0.00033645 0.0777% 3.49
AT&T Inc Fix Rt Nt 4.450 2024 103.97 1,208,000,000 4.280% 3.75% 0.02% BBB+ $ 1,255,957,600 103.97% 53,756,000 0.00016855 0.0389% 3.79
AT&T Inc Fix Rt Nt 3.900 2024 100.85 1,000,000,000 3.867% 3.75% 0.01% BBB+ $ 1,008,500,000 100.85% 39,000,000 0.00013952 0.0322% 3.75
AT&T Inc Fix Rt Sr Nt 3.950 2025 99.88 1,161,000,000 3.955% 3.97% 0.02% BBB+ $ 1,159,606,800 99.88% 45,859,500 0.00017143 0.0396% 3.98
AT&T Inc Fix Rt Nt 3.400 2025 96.08 5,000,000,000 3.539% 4.02% 0.07% BBB+ $ 4,804,000,000 96.08% 170,000,000 0.00074699 0.1725% 3.98
AT&T Corp Fix Rt Sr Nt 4.125 2026 100.93 2,650,000,000 4.087% 3.99% 0.04% BBB+ $ 2,674,645,000 100.93% 109,312,500 0.00039375 0.0909% 4
AT&T Corp Fix Rt Nt z100 6.500 2029 111.52 8,000,000,000 5.829% 5.15% 0.15% BBB+ $ 8,921,600,000 111.52% 520,000,000 0.00153215 0.3538% 5.2
AT&T Corp sr notes 100 8.250 2031 138.44 2,750,000,000 5.959% 4.41% 0.05% BBB+ $ 3,807,100,000 138.44% 226,875,000 0.00045126 0.1042% 4.64
AT&T Corp sr notes 8.250 2031 144.80 2,750,000,000 5.698% 3.91% 0.04% BBB+ $ 3,982,000,000 144.80% 226,875,000 0.00040051 0.0925% 4.37
AT&T Wireless sr notes z100 8.750 2031 142.47 2,500,000,000 6.142% 4.49% 0.04% BBB+ $ 3,561,750,000 142.47% 218,750,000 0.00041738 0.0964% 4.57
AT&T Inc sr notes 4.500 2035 96.02 2,500,000,000 4.687% 4.84% 0.05% BBB+ $ 2,400,500,000 96.02% 112,500,000 0.00045039 0.1040% 4.83
AT&T Inc Fix Rt Nt z100 6.800 2036 121.00 1,500,000,000 5.620% 5.03% 0.03% BBB+ $ 1,815,000,000 121.00% 102,000,000 0.00028068 0.0648% 5.05
AT&T Inc Global Notesz100 6.500 2037 117.18 2,000,000,000 5.547% 5.09% 0.04% BBB+ $ 2,343,600,000 117.18% 130,000,000 0.00037874 0.0875% 5.15
AT&T Inc Global Notesz100 6.300 2038 113.24 2,750,000,000 5.563% 5.23% 0.05% BBB+ $ 3,114,100,000 113.24% 173,250,000 0.00053527 0.1236% 5.25
AT&T Inc Global Notesz100 6.400 2038 114.34 1,250,000,000 5.597% 5.24% 0.02% BBB+ $ 1,429,250,000 114.34% 80,000,000 0.00024378 0.0563% 5.25
AT&T Inc Global Notes 6.550 2039 115.34 2,250,000,000 5.679% 5.33% 0.04% BBB+ $ 2,595,150,000 115.34% 147,375,000 0.00044649 0.1031% 5.34
AT&T Inc Global Notes 6.000 2040 109.48 1,234,000,000 5.480% 5.27% 0.02% BBB+ $ 1,350,983,200 109.48% 74,040,000 0.00024198 0.0559% 5.29
AT&T Inc Fix Rt Sr Nt 6.375 2041 114.71 984,000,000 5.557% 5.27% 0.02% BBB+ $ 1,128,746,400 114.71% 62,730,000 0.00019289 0.0445% 5.27
AT&T Inc Fix Rt Nt 5.550 2041 103.69 2,000,000,000 5.352% 5.27% 0.04% BBB+ $ 2,073,800,000 103.69% 111,000,000 0.00039231 0.0906% 5.27
AT&T Inc Fix Rt Sr Nt 5.150 2042 99.20 1,209,000,000 5.192% 5.21% 0.02% BBB+ $ 1,199,328,000 99.20% 62,263,500 0.00023428 0.0541% 5.2
AT&T Inc Fix Rt Nt 4.300 2042 88.65 1,834,000,000 4.851% 5.12% 0.03% BBB+ $ 1,625,841,000 88.65% 78,862,000 0.00034960 0.0807% 4.1
AT&T Inc FR partially 4.300 2042 88.65 1,956,000,000 4.851% 5.12% 0.04% BBB+ $ 1,733,994,000 88.65% 84,108,000 0.00037286 0.0861% 5.1
AT&T Inc Fix Rt Nt 4.800 2044 93.80 2,000,000,000 5.12% 5.24% 0.04% BBB+ $ 1,876,000,000 93.80% 96,000,000 0.00038974 0.0900% 5.22
AT&T Inc Fix Rt Nt 4.350 2045 88.69 3,044,000,000 4.90% 5.13% 0.06% BBB+ $ 2,699,723,600 88.69% 132,414,000 0.00058051 0.1340% 5.1
AT&T Inc Fix Rt Nt 4.750 2046 94.32 3,500,000,000 5.04% 5.13% 0.07% BBB+ $ 3,301,200,000 94.32% 166,250,000 0.00066848 0.1544% 5.12
AT&T Inc Fix Rt Sr Nt 5.650 2047 106.78 1,500,000,000 5.29% 5.20% 0.03% BBB+ $ 1,601,700,000 106.78% 84,750,000 0.00028996 0.0670% 5.2
AT&T Inc FR Global Notes 4.500 2048 89.43 4,500,000,000 5.03% 5.20% 0.09% BBB+ $ 4,024,350,000 89.43% 202,500,000 0.00087029 0.2010% 5.2
AT&T Inc FR Global Notes 4.550 2049 89.89 2,500,000,000 5.06% 5.21% 0.05% BBB+ $ 2,247,250,000 89.89% 113,750,000 0.00048458 0.1119% 5.2
Bell South Capital Funding deb NC 6.040 2026 106.19 300,000,000 5.69% 5.12% 0.01% BBB+ $ 318,570,000 106.19% 18,120,000 0.00005718 0.0132% 5.22
Bell South Capital Funding deb 100 7.875 2030 125.19 1,000,000,000 6.29% 5.10% 0.02% BBB+ $ 1,251,900,000 125.19% 78,750,000 0.00018975 0.0438% 5.17
Bell South Capital Funding deb Z100 7.120 2097 113.90 500,000,000 6.25% 6.24% 0.01% BBB+ $ 569,500,000 113.90% 35,600,000 0.00011617 0.0268% 6.25
Bell South Corp Gl. SR notesZ100 6.875 2031 117.60 750,000,000 5.85% 5.05% 0.01% BBB+ $ 882,000,000 117.60% 51,562,500 0.00014079 0.0325% 5.16
Bell South Corp note Z100 6.000 2034 103.47 700,000,000 5.80% 5.67% 0.01% BBB+ $ 724,290,000 103.47% 42,000,000 0.00014768 0.0341% 5.69
Bell South Corp deb Z100 6.550 2034 109.38 700,000,000 5.99% 5.66% 0.01% BBB+ $ 765,660,000 109.38% 45,850,000 0.00014741 0.0340% 5.71
Bell South
Telecommunications deb NC 7.000 2025 119.67 300,000,000 5.85% 3.92% 0.00% BBB+ $ 359,010,000 119.67% 21,000,000 0.00004377 0.0101% 4.42
Bell South
Telecommunications deb NC 7.000 2025 118.87 500,000,000 5.89% 4.03% 0.01% NR $ 594,350,000 118.87% 35,000,000 0.00007504 0.0173% 4.42
Bell South
Telecommunications deb Z100 6.375 2028 111.13 500,000,000 5.74% 4.99% 0.01% BBB+ $ 555,650,000 111.13% 31,875,000 0.00009278 0.0214% 5.03
Bell South
Telecommunications deb NC 5.850 2045 100.01 300,000,000 5.85% 5.85% 0.01% BBB+ $ 300,030,000 100.01% 17,550,000 0.00006528 0.0151% 5.86
Bell South
Telecommunications deb NC 6.650 2095 104.54 500,000,000 6.36% 6.36% 0.01% $ 522,700,000 104.54% 33,250,000 0.00011829 0.0273% flat
Bell South
Telecommunications deb NC 7.000 2095 115.39 500,000,000 6.07% 6.06% 0.01% BBB+ $ 576,950,000 115.39% 35,000,000 0.00011269 0.0260% 6.05
SBC Communications Global Notesz100 6.150 2034 108.80 3,250,000,000 5.65% 5.33% 0.06% BBB+ $ 3,536,000,000 108.80% 199,875,000 0.00064503 0.1489% 5.4
SBC Communications Global Notesz100 6.450 2034 113.32 2,000,000,000 5.69% 5.23% 0.04% BBB+ $ 2,266,400,000 113.32% 129,000,000 0.00038883 0.0898% 5.32
Southwest'n Bell Tel deb 102.064 7.000 2027 102.32 200,000,000 6.84% 6.66% 0.00% BBB+ $ 204,640,000 102.32% 14,000,000 0.00004958 0.0114%
Southwest'n Bell Tel deb 102.772 7.375 2027 102.77 400,000,000 7.18% 6.97% 0.01% BBB+ $ 411,080,000 102.77% 29,500,000 0.00010367 0.0239% 7.09
TCI Communications Sr Deb NC 7.875 2026 134.22 600,000,000 5.87% 3.21% 0.01% BBB+ $ 805,320,000 134.22% 47,250,000 0.00007167 0.0166% 3.44
TCI Communications SR notes NC 7.125 2028 132.25 300,000,000 5.39% 3.42% 0.00% BBB+ $ 396,750,000 132.25% 21,375,000 0.00003815 0.0088% 3.59
Wisconsin Bell (sub SBC) deb NC 6.350 2026 108.53 125,000,000 5.85% 5.09% 0.00% BBB+ $ 135,662,500 108.53% 7,937,500 0.00002367 0.0055% 5.22
69 Book Val 6900 sum 7,360.96 116,404,000,000 Percent of book 106.68% 1.73% $ 122,803,756,200 105.50% 4.98% $ 5,797,601,500 3.9850%

Sprint Corp Sr Notes 9.125 2017 101.12 1,000,000,000 9.02% 11.43% 0.04% B $ 1,011,200,000 101.12% 91,250,000 0.00042514 0.4348% 7.25
Sprint Corp Fix Rt Nt 8.375 2017 103.75 1,300,000,000 8.07% 16.17% 0.08% B $ 1,348,750,000 103.75% 108,875,000 0.00078191 0.7997% 4.45
Sprint Corp Sr Notes 9.125 2017 101.12 1,000,000,000 9.02% 11.43% 0.04% B $ 1,011,200,000 101.12% 91,250,000 0.00042514 0.4348% 0
Sprint Corp Global Notes 9.000 2018 110.25 3,000,000,000 8.16% -9.96% -0.11% B $ 3,307,500,000 110.25% 270,000,000 (0.00111120) -1.1365% 3.6
Sprint Corp Notes 7.000 2020 108.50 1,500,000,000 6.45% 3.40% 0.02% B+ $ 1,627,500,000 108.50% 105,000,000 0.00018953 0.1938% 4.11
Sprint Corp Global Notes 7.000 2020 106.01 1,000,000,000 6.60% 4.41% 0.02% B $ 1,060,100,000 106.01% 70,000,000 0.00016401 0.1678% 5.29
Sprint Corp Sr Notes 11.500 2021 122.75 1,000,000,000 9.37% 4.35% 0.02% B $ 1,227,500,000 122.75% 115,000,000 0.00016192 0.1656% 6.09
Sprint Corp Sr Notes 11.500 2021 122.75 1,000,000,000 9.37% 4.35% 0.02% B $ 1,227,500,000 122.75% 115,000,000 0.00016192 0.1656% 6.09
Sprint Corp Notes 6.000 2022 100.75 2,280,000,000 5.96% 5.81% 0.05% B $ 2,297,100,000 100.75% 136,800,000 0.00049248 0.5037% 5.86
Sprint Corp Sr Deb NC 9.250 2022 112.00 200,000,000 8.26% 6.12% 0.00% B $ 224,000,000 112.00% 18,500,000 0.00004553 0.0466% 6.37
Sprint Corp Fix Rt 7.875 2023 106.75 4,250,000,000 7.38% 6.38% 0.10% B $ 4,536,875,000 106.75% 334,687,500 0.00100901 1.0320% 6.64
Sprint Corp Fix Rt Nt 7.125 2024 97.00 2,500,000,000 7.35% 7.73% 0.07% B $ 2,425,000,000 97.00% 178,125,000 0.00071891 0.7353% 7.56
Sprint Corp Fix Rt Nt 7.625 2025 105.12 1,500,000,000 7.25% 6.73% 0.04% B $ 1,576,800,000 105.12% 114,375,000 0.00037575 0.3843% 6.76
Sprint Capital Corp. Notes Z100 6.900 2019 105.87 1,750,000,000 6.52% 2.85% 0.02% B $ 1,852,725,000 105.87% 120,750,000 0.00018536 0.1896% 3.67
Sprint Capital Corp. Notes Z100 8.750 2032 110.00 3,000,000,000 7.95% 7.59% 0.08% B $ 3,300,000,000 110.00% 262,500,000 0.00084704 0.8663% 7.59
15 1500 sum 1613.74 26,280,000,000 Percent of book 107.58% 0.49% $ 28,033,750,000 106.67% 8.11% $ 2,132,112,500 4.9835%

US Cellular sr nts Z100 6.700 2033 99.00 544,000,000 6.77% 6.70% 0.01% BB $ 538,560,000 99.00% 36,448,000 0.00013560 6.7000% 6.81
1 100 sum 99.00 544,000,000 Percent of book 99.00% 0.01% $ 538,560,000 99.00% 6.70% $ 36,448,000 6.7000%

Bell Atlantic - PA deb NC 6.000 2028 104.85 125,000,000 5.72% 5.38% 0.00% BBB+ $ 131,062,500 104.85% 7,500,000 0.00002504 0.0054% 5.44
Bell Tel. of PA deb NC 8.350 2030 121.56 175,000,000 6.87% 5.87% 0.00% BBB+ $ 212,730,000 121.56% 14,612,500 0.00003820 0.0082% 6.03
Bell Tel. of PA deb NC 8.750 2031 130.11 125,000,000 6.73% 5.53% 0.00% BBB+ $ 162,637,500 130.11% 10,937,500 0.00002570 0.0055% 6.03
Verizon Communications Notes 1.100 2017 99.76 500,000,000 1.10% 0.62% 0.00% BBB+ $ 498,800,000 99.76% 5,500,000 0.00001152 0.0025% 1.36
Verizon Communications Notes z100 5.500 2017 110.23 750,000,000 4.99% 27.27% 0.08% BBB+ $ 826,725,000 110.23% 41,250,000 0.00076094 0.1629%
Verizon Communications Notes 5.500 2018 104.34 1,500,000,000 5.27% -2.99% -0.02% BBB+ $ 1,565,100,000 104.34% 82,500,000 (0.00016659) -0.0357% 1.1
Verizon Communications Fix Rt part called 3.650 2018 103.30 4,750,000,000 3.53% -2.81% -0.05% BBB+ $ 4,906,750,000 103.30% 173,375,000 (0.00049668) -0.1063% 1.95
Verizon Communications Notes 6.100 2018 105.70 1,500,000,000 5.77% -4.88% -0.03% BBB+ $ 1,585,500,000 105.70% 91,500,000 (0.00027239) -0.0583% 0.35
Verizon Communications Fltg Rt 2.708 2018 102.23 1,750,000,000 2.65% -1.70% -0.01% BBB+ $ 1,789,025,000 102.23% 47,390,000 (0.00011037) -0.0236% 1.56
Verizon Communications Notes 8.750 2018 124.23 2,000,000,000 7.04% -28.91% -0.22% BBB+ $ 2,484,600,000 124.23% 175,000,000 (0.00215084) -0.4604% 0
Verizon Communications Note Fltg 1.763 2019 100.90 500,000,000 1.75% 1.15% 0.00% BBB+ $ 504,500,000 100.90% 8,815,000 0.00002147 0.0046% 1.45
Verizon Communications Notes 6.350 2019 113.17 1,750,000,000 5.61% -2.19% -0.01% BBB+ $ 1,980,475,000 113.17% 111,125,000 (0.00014259) -0.0305% 0
Verizon Communications Fixed Rt 2.550 2019 101.40 500,000,000 2.51% 1.60% 0.00% BBB+ $ 507,000,000 101.40% 12,750,000 0.00002973 0.0064% 2.07
Verizon Communications Fix Rt Nt 2.625 2020 100.95 3,123,000,000 2.60% 2.23% 0.03% NR $ 3,152,668,500 100.95% 81,978,750 0.00025911 0.0555% 2.37
Verizon Communications Notes 2.625 2020 100.55 3,304,000,000 2.61% 2.40% 0.03% NR $ 3,322,172,000 100.55% 86,730,000 0.00029449 0.0630% 2.51
Verizon Communications Fix Rt Nt 4.500 2020 107.01 4,000,000,000 4.21% 1.62% 0.02% BBB+ $ 4,280,400,000 107.01% 180,000,000 0.00024054 0.0515% 2.66
Verizon Communications Notes 4.600 2021 107.22 1,500,000,000 4.29% 2.42% 0.01% BBB+ $ 1,608,300,000 107.22% 69,000,000 0.00013525 0.0290% 2.67
Verizon Communications Fix Rt Nt 3.000 2021 100.72 1,500,000,000 2.98% 2.78% 0.02% BBB+ $ 1,510,800,000 100.72% 45,000,000 0.00015521 0.0332% 2.88
Verizon Communications Fix Rt Nt 3.450 2021 103.24 1,000,000,000 3.34% 2.47% 0.01% BBB+ $ 1,032,400,000 103.24% 34,500,000 0.00009198 0.0197% 2.65
Verizon Communications Sr Notes 3.500 2021 103.21 1,850,000,000 3.39% 2.53% 0.02% BBB+ $ 1,909,385,000 103.21% 64,750,000 0.00017414 0.0373% 2.88
Verizon Communications Notes 2.450 2022 96.59 1,750,000,000 2.54% 3.28% 0.02% BBB+ $ 1,690,325,000 96.59% 42,875,000 0.00021338 0.0457% 3.12
14
Verizon Communications Fix Rt Nt 5.150 2023 110.57 11,000,000,000 4.66% 3.03% 0.12% BBB+ $ 12,162,700,000 110.57% 566,500,000 0.00124181 0.2658% 3.48
Verizon Communications Fix Rt Nt 3.500 2024 99.67 2,500,000,000 3.51% 3.56% 0.03% BBB+ $ 2,491,750,000 99.67% 87,500,000 0.00033091 0.0708% 3.59
Verizon Communications Fix Rt Nt 4.150 2024 104.49 1,250,000,000 3.97% 3.37% 0.02% BBB+ $ 1,306,125,000 104.49% 51,875,000 0.00015669 0.0335% 3.46
Verizon Communications Fix Rt Nt 6.400 2033 120.65 6,000,000,000 5.30% 4.52% 0.10% BBB+ $ 7,239,000,000 120.65% 384,000,000 0.00100863 0.2159% 4.66
Verizon Communications Fix Rt Nt 4.400 2034 98.69 2,500,000,000 4.46% 4.51% 0.04% BBB+ $ 2,467,250,000 98.69% 110,000,000 0.00041987 0.0899% 4.56
Verizon Communications Fix Rt Nt 5.050 2034 105.30 1,250,000,000 4.80% 4.59% 0.02% BBB+ $ 1,316,250,000 105.30% 63,125,000 0.00021323 0.0456% 4.62
Verizon Communications Notes 4.272 2036 105.01 2,869,000,000 4.07% 3.89% 0.04% BBB+ $ 3,012,736,900 105.01% 122,563,680 0.00041491 0.0888% 3.9
Verizon Communications Fix Rt Nt 4.272 2036 95.71 2,867,000,000 4.46% 4.62% 0.05% NR $ 2,744,005,700 95.71% 122,478,240 0.00049300 0.1055% 4.64
Verizon Communications Notes z100 6.250 2037 118.56 750,000,000 5.27% 4.77% 0.01% BBB+ $ 889,200,000 118.56% 46,875,000 0.00013302 0.0285% 4.81
Verizon Communications Notes z100 6.400 2038 120.74 1,750,000,000 5.30% 4.79% 0.03% BBB+ $ 2,112,950,000 120.74% 112,000,000 0.00031182 0.0668% 4.83
Verizon Communications Notes 6.900 2038 123.86 1,250,000,000 5.57% 5.01% 0.02% BBB+ $ 1,548,250,000 123.86% 86,250,000 0.00023304 0.0499% 5.06
Verizon Communications Notes 7.350 2039 129.03 1,000,000,000 5.70% 5.10% 0.02% BBB+ $ 1,290,300,000 129.03% 73,500,000 0.00018961 0.0406% 5.15
Verizon Communications Notes 8.950 2039 149.99 1,250,000,000 5.97% 5.08% 0.02% BBB+ $ 1,874,875,000 149.99% 111,875,000 0.00023608 0.0505% 5.15
Verizon Communications Notes 4.750 2041 98.74 750,000,000 4.81% 4.84% 0.01% BBB+ $ 740,550,000 98.74% 35,625,000 0.00013508 0.0289% 4.87
Verizon Communications Notes 6.000 2041 114.85 1,000,000,000 5.22% 4.92% 0.02% BBB+ $ 1,148,500,000 114.85% 60,000,000 0.00018304 0.0392% 4.95
Verizon Communications Notes 3.850 2042 86.65 1,250,000,000 4.44% 4.79% 0.02% BBB+ $ 1,083,125,000 86.65% 48,125,000 0.00022262 0.0477% 4.83
Verizon Communications Fix Rt Nt 6.550 2043 124.89 15,000,000,000 5.24% 4.83% 0.27% BBB+ $ 18,733,500,000 124.89% 982,500,000 0.00269625 0.5772% 4.9
Verizon Communications Fix Rt Nt 4.862 2046 101.32 4,499,000,000 4.80% 4.78% 0.08% NR $ 4,558,386,800 101.32% 218,741,380 0.00079945 0.1711% 4.81
Verizon Communications Notes 4.862 2046 115.43 4,500,000,000 4.21% 3.95% 0.07% NR $ 5,194,350,000 115.43% 218,790,000 0.00066134 0.1416% 3.98
Verizon Communications Notes 4.522 2048 95.89 5,000,000,000 4.72% 4.78% 0.09% BBB+ $ 4,794,500,000 95.89% 226,100,000 0.00088932 0.1904% 4.81
Verizon Communications Fix Rt Sr Nt 5.010 2054 99.47 5,474,000,000 5.04% 5.04% 0.10% NR $ 5,444,987,800 99.47% 274,247,400 0.00102683 0.2198% 5.07
Verizon Communications Fix Rt Nt 5.010 2054 102.05 5,500,000,000 4.91% 4.89% 0.10% NR $ 5,612,750,000 102.05% 275,550,000 0.00100029 0.2141% 4.89
Verizon Communications Notes 4.672 2055 86.51 5,500,000,000 5.40% 5.53% 0.11% BBB+ $ 4,758,050,000 86.51% 256,960,000 0.00113208 0.2423% 0
Verizon Global Funding DEB 7.750 2030 135.26 5,000,000,000 5.73% 4.09% 0.08% BBB+ $ 6,763,000,000 135.26% 387,500,000 0.00076095 0.1629% 4.38
Verizon Global Funding Notes Z100 7.750 2032 130.71 400,000,000 5.93% 4.77% 0.01% BBB+ $ 522,840,000 130.71% 31,000,000 0.00007096 0.0152% 5
Verizon Global Funding Notes Z100 5.850 2035 114.20 1,500,000,000 5.12% 4.65% 0.03% BBB+ $ 1,713,000,000 114.20% 87,750,000 0.00025931 0.0555% 4.78
47 4700 sum 5,129.51 125,561,000,000 Percent of book 109.14% 1.44% 137,184,287,700 109.26% 5.12% 6,428,519,450 3.07%

Total 268,789,000,000 Total $ 288,560,353,900 107.36% 5.36% $ 14,394,681,450 0.03662334 4.6855% 4.072
This includes short term. For 20+ year maturities see below
Source: Standard & Poor's Bond Guide, January 2017, 2016 Yr End Prices Embedded debt rate 5.3554%
Weighted average yield to maturity 3.6623%
Debt service / Market value 4.9884%

14
 20+ Year, All Ratings, Wireless Bond Analysis
Wireless Bond Analysis

8.00%

7.00%

6.36%
6.24%
6.00% 6.06%
5.85%

5.53%
5.33% 5.27%
5.23% 5.24% 5.27% 5.27% 5.21% 5.24% 5.20% 5.21%
5.09% 5.10% 5.08% 5.12% 5.12% 5.13% 5.13% 5.20%
5.00% 5.01% 5.04%
4.92% 4.89%
4.79% 4.84% 4.79% 4.83% 4.78%
4.77% 4.78%

4.40%

4.00% 3.95%

3.00%
2037 2037 2038 2038 2038 2038 2039 2039 2039 2040 2041 2041 2041 2041 2042 2042 2042 2042 2043 2044 2045 2045 2046 2046 2046 2046 2047 2048 2048 2049 2054 2054 2055 2095 2095 2097

01/31/2017 Wireless Bond Analysis

Company type Call coupon maturity Price 12/16 Issued / Book current yield yield to maturity Weighted Average
Rating Mkt Val Mkt : Book Embedded RateDebt Service WAYTM WAYTM S&P YTM

Verizon Communications Notes z100 6.250 2037 118.56 750,000,000 5.27% 4.77% 0.01% BBB+ $ 889,200,000 118.56% 46,875,000 0.00013302 0.0285% 4.81
AT&T Inc Global Notesz100 6.500 2037 117.18 2,000,000,000 5.55% 5.09% 0.04% BBB+ $ 2,343,600,000 117.18% 112,000,000 0.00031182 0.0668% 4.83
Verizon Communications Notes z100 6.400 2038 120.74 1,750,000,000 5.301% 4.79% 0.03% BBB+ $ 2,112,950,000 120.74% 86,250,000 0.00023304 0.0499% 5.06
Verizon Communications Notes 6.900 2038 123.86 1,250,000,000 5.57% 5.01% 0.02% BBB+ $ 1,548,250,000 123.86% 73,500,000 0.00018961 0.0406% 5.15
AT&T Inc Global Notesz100 6.300 2038 113.24 2,750,000,000 5.56% 5.23% 0.05% BBB+ $ 3,114,100,000 113.24% 111,875,000 0.00023608 0.0505% 5.15
AT&T Inc Global Notesz100 6.400 2038 114.34 1,250,000,000 5.60% 5.24% 0.02% BBB+ $ 1,429,250,000 114.34% 35,625,000 0.00013508 0.0289% 4.87
Verizon Communications Notes 7.350 2039 129.03 1,000,000,000 5.70% 5.10% 0.02% BBB+ $ 1,290,300,000 129.03% 60,000,000 0.00018304 0.0392% 4.95
Verizon Communications Notes 8.950 2039 149.99 1,250,000,000 5.967% 5.08% 0.02% BBB+ $ 1,874,875,000 149.99% 48,125,000 0.00022262 0.0477% 4.83
AT&T Inc Global Notes 6.550 2039 115.34 2,250,000,000 5.68% 5.33% 0.04% BBB+ $ 2,595,150,000 115.34% 982,500,000 0.00269625 0.5772% 4.9
AT&T Inc Global Notes 6.000 2040 109.48 1,234,000,000 5.48% 5.27% 0.02% BBB+ $ 1,350,983,200 109.48% 218,741,380 0.00079945 0.1711% 4.81
Verizon Communications Notes 4.750 2041 98.74 750,000,000 4.811% 4.84% 0.01% BBB+ $ 740,550,000 98.74% 218,790,000 0.00066134 0.1416% 3.98
Verizon Communications Notes 6.000 2041 114.85 1,000,000,000 5.22% 4.92% 0.02% BBB+ $ 1,148,500,000 114.85% 226,100,000 0.00088932 0.1904% 4.81
AT&T Inc Fix Rt Sr Nt 6.375 2041 114.71 984,000,000 5.56% 5.27% 0.02% BBB+ $ 1,128,746,400 114.71% 274,247,400 0.00102683 0.2198% 5.07
AT&T Inc Fix Rt Nt 5.550 2041 103.69 2,000,000,000 5.35% 5.27% 0.04% BBB+ $ 2,073,800,000 103.69% 275,550,000 0.00100029 0.2141% 4.89
Verizon Communications Notes 3.850 2042 86.65 1,250,000,000 4.44% 4.79% 0.02% BBB+ $ 1,083,125,000 86.65% 256,960,000 0.00113208 0.2423% 0
AT&T Inc Fix Rt Sr Nt 5.150 2042 99.20 1,209,000,000 5.19% 5.21% 0.02% BBB+ $ 1,199,328,000 99.20% 130,000,000 0.00037874 0.0875% 5.15
AT&T Inc Fix Rt Nt 4.300 2042 88.65 1,834,000,000 4.85% 5.12% 0.03% BBB+ $ 1,625,841,000 88.65% 173,250,000 0.00053527 0.1236% 5.25
AT&T Inc FR partially 4.300 2042 88.65 1,956,000,000 4.85% 5.12% 0.04% BBB+ $ 1,733,994,000 88.65% 80,000,000 0.00024378 0.0563% 5.25
Verizon Communications Fix Rt Nt 6.550 2043 124.89 15,000,000,000 5.245% 4.83% 0.27% BBB+ $ 18,733,500,000 124.89% 147,375,000 0.00044649 0.1031% 5.34
AT&T Inc Fix Rt Nt 4.800 2044 93.80 2,000,000,000 5.12% 5.24% 0.04% BBB+ $ 1,876,000,000 93.80% 74,040,000 0.00024198 0.0559% 5.29
AT&T Inc Fix Rt Nt 4.350 2045 88.69 3,044,000,000 4.90% 5.13% 0.06% BBB+ $ 2,699,723,600 88.69% 62,730,000 0.00019289 0.0445% 5.27
Bell South
Telecommunications deb NC 5.850 2045 100.01 300,000,000 5.85% 5.85% 0.01% BBB+ $ 300,030,000 100.01% 111,000,000 0.00039231 0.0906% 5.27
Telus Fix Rt Nt 4.400 2046 99.93 500,000,000 4.40% 4.40% 0.01% BBB+ 499,650,000 99.93% 22,000,000 0.00008193 4.40% 4.78
Verizon Communications Fix Rt Nt 4.862 2046 101.32 4,499,000,000 4.80% 4.78% 0.08% NR $ 4,558,386,800 101.32% 62,263,500 0.00023428 0.0541% 5.2
Verizon Communications Notes 4.862 2046 115.43 4,500,000,000 4.21% 3.95% 0.07% NR $ 5,194,350,000 115.43% 78,862,000 0.00034960 0.0807% 4.1
AT&T Inc Fix Rt Nt 4.750 2046 94.32 3,500,000,000 5.04% 5.13% 0.07% BBB+ $ 3,301,200,000 94.32% 84,108,000 0.00037286 0.0861% 5.1
AT&T Inc Fix Rt Sr Nt 5.650 2047 106.78 1,500,000,000 5.29% 5.20% 0.03% BBB+ $ 1,601,700,000 106.78% 96,000,000 0.00038974 0.0900% 5.22
Verizon Communications Notes 4.522 2048 95.89 5,000,000,000 4.716% 4.78% 0.09% BBB+ $ 4,794,500,000 95.89% 132,414,000 0.00058051 0.1340% 5.1
AT&T Inc FR Global Notes 4.500 2048 89.43 4,500,000,000 5.03% 5.20% 0.09% BBB+ $ 4,024,350,000 89.43% 166,250,000 0.00066848 0.1544% 5.12
AT&T Inc FR Global Notes 4.550 2049 89.89 2,500,000,000 5.06% 5.21% 0.05% BBB+ $ 2,247,250,000 89.89% 84,750,000 0.00028996 0.0670% 5.2
Verizon Communications Fix Rt Sr Nt 5.010 2054 99.47 5,474,000,000 5.037% 5.04% 0.10% NR $ 5,444,987,800 99.47% 202,500,000 0.00087029 0.2010% 5.2
Verizon Communications Fix Rt Nt 5.010 2054 102.05 5,500,000,000 4.91% 4.89% 0.10% NR $ 5,612,750,000 102.05% 113,750,000 0.00048458 0.1119% 5.2
Verizon Communications Notes 4.672 2055 86.51 5,500,000,000 5.40% 5.53% 0.11% BBB+ $ 4,758,050,000 86.51% 35,600,000 0.00011617 0.0268% 6.25
Bell South
Telecommunications deb NC 6.650 2095 104.54 500,000,000 6.36% 6.36% 0.01% $ 522,700,000 104.54% 17,550,000 0.00006528 0.0151% 5.86
Bell South
Telecommunications deb NC 7.000 2095 115.39 500,000,000 6.07% 6.06% 0.01% BBB+ $ 576,950,000 115.39% 33,250,000 0.00011829 0.0273% flat
Bell South Capital Funding deb Z100 7.120 2097 113.90 500,000,000 6.25% 6.24% 0.01% BBB+ $ 569,500,000 113.90% 35,000,000 0.00011269 0.0260% 6.05

Total 91,284,000,000 Total $ 96,598,120,800 105.82% 5.44% $ 4,969,831,280 $ 0.017016013 0.2264% 4.95

Source: Standard & Poor's Bond Guide, January 2017, 2016 Yr End Prices Embedded debt rate 5.4444%
Weighted average yield to maturity 1.7016%
Debt service / Market value 5.1449%
S&P YTM 4.95%
SAY 5.00%

14
 DATA INPUT
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS
Instructions: Data entered on this page will flow to the applicable worksheets.

Current Year (2016) Current Year (2016)

Cash Capital Spending Trailing Average Annual Operating

Guideline Companies Stock Price Beta Revenues Earnings Dividends Bk Value Common Long-Term Debt
Flow per share P/E Ratio Dividend Yield Margin

Name Ticker (adj YE Close) Per Share Per Share Per Share Per Share Stock Shares per share VL VL VL
AT&T Inc T $42.04 0.75 $ 26.68 $ 7.07 $ 2.84 $ 1.92 $ 20.06 6,142,000 $ 113,681,000,000 $ 3.50 14.70 4.90 n/a
Verizon Communications VZ $52.80 0.75 $ 30.90 $ 5.80 $ 3.87 $ 2.29 $ 4.00 4,076,731 $ 105,433,000,000 $ 4.18 12.80 4.50 n/a
Sprint Corp S $8.42 1.35 $ 8.35 $ 1.65 $ (0.40) $ - $ 4.80 3,987,167 $ 30,759,000,000 $ 0.95 nmf n/a 28.5%
US Cellular USM $43.72 1.05 $ 46.42 $ 7.75 $ 0.56 $ - $ 42.83 84,849 $ 1,618,000,000 $ 5.20 nmf n/a 11.5%
T-Mobile TMUS $57.51 1.00 $ 45.07 $ 8.63 $ 1.08 $ - $ 22.07 826,825 $ 30,053,000,000 $ 5.69 57.60 n/a 25.0%
Value Line December 18, 2016 Yahoo Value Line Value Line Value Line Value Line Value Line Value Line Value Line Value Line Value Line 13.750
The harmonic mean is the preferable method for averaging multiples, such as the price/earning ratio, in which price is in the numerator. If these ratios are averaged using an arithmetic mean (a common error),
high data points are given greater weights than low data points.
The harmonic mean, on the other hand, gives equal weight to each data point

Note:
Canadian Exchange Rate per Value Line is .75 for 2016.

Value Line figures are all values in US dollars.

18
 Projected (2017) Projected (2017) Forecast Dividends % Change
% Return on % Return on % Retained
Income Cash Bk Capital Spending All Dividends to
Shareholders' Revenues Earnings Dividends Common Shares Shareholders' to Common Market to Book 2017 2018 2019 2020
Tax Rate Flow Value per share Net Profits
Equity Equity Equity
VL VL VL VL VL VL VL VL VL VL VL VL Calc Debt VL VL VL VL
32.7% 14.3% $ 27.05 $ 7.15 $ 2.95 $ 1.96 21.00 6,140,000 3.60 14.0% 4.5% 66.0% 103.9% 4.00 4.00 4.00 4.00
32.5% 13.0% $ 32.25 $ 5.80 $ 3.90 $ 2.32 4.00 4,050,000 4.20 nmf 48.0% 68.0% 110.6% 2.00 2.00 2.00 2.00
nmf 6.0% $ 8.65 $ 1.90 $ (0.25) $ - 4.70 4,025,000 1.10 N/A N/A 0.0% 87.0% 0.00 0.00 0.00 0.00
40.2% 3.5% $ 46.20 $ 7.70 $ 0.30 $ - 43.45 84,000 5.95 0.5% 0.5% 0.0% 99.6% 0.00 0.00 0.00 0.00
40.9% 13.5% $ 47.90 $ 10.10 $ 1.85 $ - 24.25 825,000 5.95 8.0% 8.0% 3.0% 106.5% 0.00 0.00 0.00 0.00
67.0%

10.1%

18
ge Forecast Earnings % Change Forecast Cash Flow % Change Forecast Revenue % Change Income Balance Sheet

2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
Operating Income Current Assets
VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL VL M* M*
4.00 4.00 5.50 5.50 5.50 5.50 5.50 5.50 4.50 4.50 4.50 4.50 4.50 4.50 2.50 2.50 2.50 2.50 2.50 2.50 $ 24,347,000,000 $ 38,369,000,000
2.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00 nmf nmf nmf nmf nmf nmf 2.00 2.00 2.00 2.00 2.00 2.00 $ 27,059,000,000 $ 26,395,000,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.50 14.50 14.50 14.50 14.50 14.50 1.00 1.00 1.00 1.00 1.00 1.00 $ 310,000,000 $ 6,833,000,000
0.00 0.00 2.00 2.00 2.00 2.00 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 2.50 2.50 2.50 2.50 2.50 2.50 $ (3,000,000) $ 1,558,000,000
0.00 0.00 11.00 11.00 11.00 11.00 11.00 11.00 5.00 5.00 5.00 5.00 5.00 5.00 $ 3,802,000,000 $ 14,217,000,000

18
 Cash Flow Fair Value Carrying Value Current Maturity Balance Sheet

Depreciation & Intangibles (excl.

PP & E Gross Current Liabilities Long Term Debt Amortization Debt Debt Rent expense Goodwill)
M* M* M* 10-K 10-K 10-k 10-K M*
$ 319,648,000,000 $ 50,576,000,000 $ 113,681,000,000 $ 25,847,000,000 $ 129,857,700,000 $ 124,972,000,000 $ 4,482,000,000 $ 131,103,000,000
$ 232,215,000,000 $ 30,340,000,000 $ 105,433,000,000 $ 15,928,000,000 $ 118,534,000,000 $ 107,128,000,000 $ 3,600,000,000 $ 95,570,000,000
$ 29,989,000,000 $ 11,963,000,000 $ 33,958,000,000 $ 7,088,000,000 $ 29,268,000,000 $ 33,645,000,000 $ 2,900,000,000 $ 44,542,000,000
$ 7,712,000,000 $ 718,000,000 $ 1,618,000,000 $ 5,242,000,000 $ 1,670,000,000 $ 1,677,000,000 $ 124,943,000 $ 1,886,000,000
$ 45,722,000,000 $ 9,022,000,000 $ 27,432,000,000 $ 6,243,000,000 $ 28,013,000,000 $ 26,315,000,000 $ 2,800,000,000 $ 27,390,000,000

18
SUPPORT FOR DIRECT CAPITALIZATION EQUITY COMPONENT
WASHINGTON STATE DEPARTMENT OF REVENUE
2017 ASSESSMENT YEAR
WIRELESS

2016 2017 2016 2017

Projected Cash
Stock Actual Earnings Projected Earnings Ratio Cash Flow Ratio
Company Ticker Flow Ratio
Price Ratio (EPS/P) (PEPS/P) (CF/P)
(PCF/P)
AT&T Inc T 42.04 2.84 6.76% 2.95 7.02% 7.07 16.82% 7.15 17.01%
Verizon Communications VZ 52.80 3.87 7.33% 3.90 7.39% 5.80 10.98% 5.80 10.98%
Sprint Corp S 8.42 (0.40) (0.25) 1.65 19.60% 1.90 22.57%
US Cellular USM 43.72 0.56 1.28% 0.30 0.69% 7.75 17.73% 7.70 17.61%
T-Mobile TMUS 57.51 1.08 1.88% 1.85 3.22% 8.63 15.01% 10.10 17.56%
Mean 4.31% 4.58% 16.03% 17.15%
Median 4.32% 5.12% 16.82% 17.56%
Max 7.33% 7.39% 19.60% 22.57%
Min 1.28% 0.69% 10.98% 10.98%
stdev 3.17% 3.21% 3.27% 4.12%
cov 73.58% 70.05% 20.39% 24.00%
harmean 2.50% 1.95% 15.40% 16.24%
Source: Say 5.50% 5.50% 14.50% 15.75%
Actual earnings: Value Line
Estimated Earnings: Value Line
Actual Cash Flow: Value Line
Estimated Cash Flow: Value Line

14
IMPLIED PREMIUMS FOR US MARKET
Updated January 5, 2016.
These implied premiums are calculated using the S&P 500.
Year Earnings Yield
Dividend Yield S&P 500 Earnings* Dividends* Change in Earnings
Change in Dividends
T.Bill Rate T.Bond Rate Bond-BillSmoothed Growth
Implied Premium (DDM)
Analyst Growth Estimate
Implied Premium (FCFE) ERP/Riskfree Rate
1960 5.34% 3.41% 58.11 3.10 1.98 0.0266 2.76% 0.10% 2.45%
1961 4.71% 2.85% 71.55 3.37 2.04 8.60% 2.91% 2.13% 2.35% 0.22% 2.41% 2.92% 2.92% 1.24
1962 5.81% 3.40% 63.1 3.67 2.15 8.79% 5.21% 2.73% 3.85% 1.12% 4.05% 3.56% 3.56% 0.92
1963 5.51% 3.13% 75.02 4.13 2.35 12.75% 9.45% 3.12% 4.14% 1.02% 4.96% 3.38% 3.38% 0.82
1964 5.62% 3.05% 84.75 4.76 2.58 15.23% 10.08% 3.54% 4.21% 0.67% 5.13% 3.31% 3.31% 0.79
1965 5.73% 3.06% 92.43 5.30 2.83 11.20% 9.42% 3.93% 4.65% 0.72% 5.46% 3.32% 3.32% 0.71
1966 6.74% 3.59% 80.33 5.41 2.88 2.23% 1.96% 4.76% 4.64% -0.12% 4.19% 3.68% 3.68% 0.79
1967 5.66% 3.09% 96.47 5.46 2.98 0.85% 3.37% 4.21% 5.70% 1.49% 5.25% 3.20% 3.20% 0.56
1968 5.51% 2.93% 103.86 5.72 3.04 4.81% 2.09% 5.21% 6.16% 0.95% 5.32% 3.00% 3.00% 0.49
1969 6.63% 3.52% 92.06 6.10 3.24 6.66% 6.49% 6.58% 7.88% 1.30% 7.55% 3.74% 3.74% 0.47
1970 5.98% 3.46% 92.15 5.51 3.19 -9.72% -1.61% 6.53% 6.50% -0.03% 4.78% 3.41% 3.41% 0.52
1971 5.46% 3.10% 102.09 5.57 3.16 1.15% -0.74% 4.39% 5.89% 1.50% 4.57% 3.09% 3.09% 0.52
1972 5.23% 2.70% 118.05 6.17 3.19 10.76% 0.71% 3.84% 6.41% 2.57% 5.21% 2.72% 2.72% 0.42
1973 8.16% 3.70% 97.55 7.96 3.61 28.93% 13.24% 6.93% 6.90% -0.03% 8.30% 4.30% 4.30% 0.62
1974 13.64% 5.43% 68.56 9.35 3.72 17.48% 3.14% 8.00% 7.40% -0.60% 6.42% 5.59% 5.59% 0.76
1975 8.55% 4.14% 90.19 7.71 3.73 -17.54% 0.30% 5.80% 7.76% 1.96% 5.99% 4.13% 4.13% 0.53
1976 9.07% 3.93% 107.46 9.75 4.22 26.39% 13.10% 5.08% 6.81% 1.73% 8.19% 4.55% 4.55% 0.67
1977 11.43% 5.11% 95.1 10.87 4.86 11.53% 15.07% 5.12% 7.78% 2.66% 9.52% 5.92% 5.92% 0.76
1978 12.11% 5.39% 96.11 11.64 5.18 7.07% 6.60% 7.18% 9.15% 1.97% 8.48% 5.72% 5.72% 0.63
1979 13.48% 5.53% 107.94 14.55 5.97 25.01% 15.23% 10.38% 10.33% -0.05% 11.70% 6.45% 6.45% 0.62
1980 11.04% 4.74% 135.76 14.99 6.44 3.01% 7.81% 11.24% 12.43% 1.19% 11.01% 5.03% 5.03% 0.40
1981 12.39% 5.57% 122.55 15.18 6.83 1.31% 6.08% 14.71% 13.98% -0.73% 11.42% 5.73% 5.73% 0.41
1982 9.83% 4.93% 140.64 13.82 6.93 -8.95% 1.58% 10.54% 10.47% -0.07% 7.96% 4.90% 4.90% 0.47
1983 8.06% 4.32% 164.93 13.29 7.12 -3.84% 2.76% 8.80% 11.80% 3.00% 9.09% 4.31% 4.31% 0.37
1984 10.07% 4.68% 167.24 16.84 7.83 26.69% 9.85% 9.85% 11.51% 1.66% 11.02% 5.11% 5.11% 0.44
1985 7.42% 3.88% 211.28 15.68 8.20 -6.91% 4.74% 7.72% 8.99% 1.27% 7.89% 4.03% 6.75% 3.84% 0.43
1986 5.96% 3.38% 242.17 14.43 8.19 -7.93% -0.15% 6.16% 7.22% 1.06% 5.54% 3.36% 6.96% 3.58% 0.50
1987 6.49% 3.71% 247.08 16.04 9.17 11.10% 11.99% 5.47% 8.86% 3.39% 9.66% 4.18% 8.58% 3.99% 0.45
1988 8.20% 3.68% 277.72 24.12 10.22 50.42% 11.49% 6.35% 9.14% 2.79% 9.76% 4.12% 7.67% 3.77% 0.41
1989 6.80% 3.32% 353.4 24.32 11.73 0.83% 14.80% 8.37% 7.93% -0.44% 9.58% 3.85% 7.46% 3.51% 0.44
1990 6.58% 3.74% 330.22 22.65 12.35 -6.87% 5.26% 7.81% 8.07% 0.26% 7.39% 3.92% 7.19% 3.89% 0.48
1991 4.58% 3.11% 417.09 19.30 12.97 -14.79% 5.03% 7.00% 6.70% -0.30% 6.34% 3.27% 7.81% 3.48% 0.52
1992 4.16% 2.90% 435.71 20.87 12.64 8.13% -2.59% 5.30% 6.68% 1.38% 4.67% 2.83% 9.83% 3.55% 0.53
1993 4.25% 2.72% 466.45 26.90 12.69 28.89% 0.41% 3.50% 5.79% 2.29% 4.73% 2.74% 8.00% 3.17% 0.55
1994 5.89% 2.91% 459.27 31.75 13.36 18.03% 5.34% 5.00% 7.82% 2.82% 7.23% 3.06% 7.17% 3.55% 0.45
1995 5.74% 2.30% 615.93 37.70 14.17 18.74% 6.00% 3.50% 5.57% 2.07% 5.65% 2.44% 6.50% 3.29% 0.59
1996 4.83% 2.01% 740.74 40.63 14.89 7.77% 5.10% 5.00% 6.41% 1.41% 6.13% 2.11% 7.92% 3.20% 0.50
1997 4.08% 1.60% 970.43 44.09 15.52 8.52% 4.25% 5.35% 5.74% 0.39% 5.45% 1.67% 8.00% 2.73% 0.48
1998 3.11% 1.32% 1229.23 44.27 16.20 0.41% 4.37% 4.33% 4.65% 0.32% 4.60% 1.38% 7.20% 2.26% 0.49
1999 3.07% 1.14% 1469.25 51.68 16.71 16.74% 3.16% 5.37% 6.44% 1.07% 5.75% 1.20% 12.50% 2.05% 0.32
2000 3.94% 1.23% 1320.28 56.13 16.27 8.61% -2.65% 5.73% 5.11% -0.62% 3.71% 1.65% 12.00% 2.87% 0.56
2001 3.85% 1.37% 1148.09 38.85 15.74 -30.79% -3.24% 1.80% 5.05% 3.25% 3.56% 1.73% 10.30% 3.62% 0.72
2002 5.23% 1.83% 879.82 46.04 16.08 18.51% 2.15% 1.20% 3.81% 2.61% 3.57% 2.29% 8.00% 4.10% 1.08
2003 4.87% 1.61% 1111.91 54.69 17.88 18.79% 11.19% 1.00% 4.25% 3.25% 5.35% 2.12% 11.00% 3.69% 0.87
2004 5.58% 1.60% 1211.92 67.68 19.407 23.75% 8.54% 2.18% 4.22% 2.04% 4.90% 2.02% 8.50% 3.65% 0.86
2005 5.47% 1.79% 1248.29 76.45 22.38 12.96% 15.32% 4.31% 4.39% 0.08% 6.16% 2.20% 8.00% 4.08% 0.93
2006 6.18% 1.77% 1418.3 87.72 25.05 14.74% 11.93% 4.88% 4.70% -0.18% 5.93% 1.97% 12.50% 4.16% 0.89
2007 5.62% 1.89% 1468.36 82.54 27.73 -5.91% 10.70% 3.31% 4.02% 0.71% 5.03% 2.06% 5.00% 4.37% 1.09
2008 7.24% 3.11% 903.25 65.39 28.05 -20.78% 1.15% 1.59% 2.21% 0.62% 2.11% 4.05% 4.00% 6.43% 2.91
2009 5.35% 2.00% 1115.10 59.65 22.31 -8.78% -20.46% 0.14% 3.84% 3.70% 0.28% 2.60% 7.20% 4.36% 1.14
2010 6.65% 1.84% 1257.64 83.66 23.12 40.25% 3.63% 0.13% 3.29% 3.16% 3.33% 2.24% 6.95% 5.20% 1.58
2011 7.72% 2.07% 1257.60 97.05 26.02 16.01% 12.54% 0.03% 1.88% 1.85% 2.75% 2.71% 7.18% 6.01% 3.20
2012 7.18% 2.13% 1426.19 102.47 30.44 5.58% 16.99% 0.05% 1.76% 1.71% 2.93% 2.47% 5.27% 5.78% 3.28
2013 5.81% 1.96% 1848.36 107.45 36.28 4.86% 19.19% 0.07% 3.04% 2.97% 5.01% 2.03% 4.28% 4.96% 1.63
16
2014 5.57% 1.87% 2058.90 114.74 38.57 6.78% 6.31% 0.05% 2.17% 2.12% 2.55% 2.24% 5.58% 5.78% 2.66
2015 5.20% 2.11% 2043.94 106.32 43.16 -5.92% 9.43% 0.21% 2.27% 2.06% 2.96% 2.46% 5.51% 6.12% 2.70

16