ation data is as of market close on October 24, 2001. Excite@Home (NASDAQ: ATHM) is in Chapter 11, Prodigy (NASDAQ: PRGY) is being bought out, and other ISPs continue to make financial arrangements. RCN (NASDAQ: RCNC) issued bonds, and High-Speed Access Corp. (NASDAQ: HSAC) is selling parts of its business. The merged NetZero and Juno started trading as United Online (NASDAQ: UNTD). A.1.1 Data Third-party subscriber value research from MCG Capital Corporation averages the ISPs that MCG bought and sold last year. The revenue per subscriber a month is particularly interesting data. Note, however, that the rate of ISP deals is declining drastically. Stock Value per Market Cap Number of Symbol Subscriber (millions) Subscribers [ELNK] Earthlink $1,837 4,900,000 [PRGY] Prodigy 3,300,000 [LOAX] Log On America 30,000 (continued) Advances and Opportunities in Next-Generation SONET Stock Value per Market Cap Number of Symbol Subscriber (millions) Subscribers [UNTD] United Online 884,000 [GEEK] Internet America 147,000 [RCNC] 507,000 [WGAT] WorldGate 104,000 [HSAC] High-Speed Access 176,000 [GOAM] GoAmerica 100,647 [MTNT] Motient 250,000 Total $2,812 10,398,647 Assumed yearly 19.95x12 1.129 revenue per (ratio of yearly subscriber revenue to value) Assumed yearly 15.95x12 1.412 revenue per (ratio of yearly subscriber revenue to value) Assumed yearly 29.95x12 0.752 revenue per (ratio of yearly subscriber revenue to value) A.2 Modeling Item #2 For additional details, see http://www.isp-planet.com/research/subvalues/ subvalues_september_2000.html, ISP Subscriber Sale Value: $428 (Based on 2000 and 1999 Sales) Buyer/ Value per Sale Price Number of Seller Subscriber (millions) Subscribers Earthlink/OneMain.com 720,000 (approx.) Prodigy/FlashNet 200,000 (approx.) CoreComm/Voyager.net $1,405 $506.1056 360,000 (approx.) (continued) Chapter 1 ISP Subscriber Sale Value: $428 (Based on 2000 and 1999 Sales) Buyer/ Value per Sale Price Number of Seller Subscriber (millions) Subscribers OneMain/Radiks.net 14,000 10-99 Voyager/ComNet, TDI 