There is a need for caution when interpreting this approach. The value of spectrum to a mobile broadband operator will decrease with the amount of spectrum they own. Our valuation approach looks at the value of adding a particular band to the sector’s portfolio assuming it is the only band added. Hence, the total value of all spectrum is not equal to the sum of the value of each band looked at in isolation, but is limited by the scale of demand for mobile communications. Thus, for example, if in 2015 demand for mobile communications were best be met by available lower frequency bands, the valuation of higher bands would not be based on mobile use but on some other use. However, we expect that over time, even with increases in spectrum efficiency, mobile communications will encroach further into upper bands. This reflects the expectation that the demand for mobile spectrum derived from demand for mobile broadband will grow over time, and force valuations upwards.