fkl.0 325 (28/ ERMA 2219 1,012 MI 1.299 711 1.825 21.7 Recurring net profit 350 Ini n.e. (327) n.e. 11571 Margins /ha 22* 2Ps EBITDA Margin 29.5% 26.9% 20 20.3% 267 24.6% 490 FCF son* DOcesOtO ant .wren. coven en 750 290 152 1,802 He) Figure 2: Dish N has increased the pric

6E Sales growth (LHS) 17E 18E ROE (RHS) 100 20 40 60 80 0 Key Company Metrics Sales growth (%) 10 20 30 40 50 0 DB EPS growth (%) EBITDA Margin (%) EBIT Margin (%) Payout ratio (%) ROE (%) Capex/sales (%) Capex/depreciation (x) Net debt/equity (%) Net interest cover (x) Source: Compan

illions) 2004 2005 2006P 2007P OPERATIONAL DATA: Revenue’ $71.4 $85.3 $116.0 $132.2 Revenue Growth 19.5% 36.0% 14.0% EBITDA ($1.9) $2.2 $5.7 $12.3 EBITDA Margin (2.6)% 2.6% 4.9% 9.3% OTHER FINANCIAL DATA: Capital Expenditures $4.3 $4.9 $9.4 $15.0 # of States Served’ 1 11 12 # of Students 10,811 14,144 18,2

30.4) ($28.0) ($6.9) ($3.3) $2.0 $6.4 Operating Income (454.3)% (90.4)% (9.7)% (3.8)% 1.7% 4.8% Margin EBITDA ($28.6) ($25.1) ($2.0) $2.2 $5.7 $12.3 EBITDA Margin (427.9)% (87.1)% (2.8) % 2.6% 4.9% 9.3% Net Income ($30.4) ($28.4) ($7.4) ($3.5) $1.3 $5.2 Net Margin (454.5) % (91.7)% (10.4)% (4.1)% 1.1% 3.9% Hi