Value is linked to time – the spectrum has a value depending on the timeframe considered. For example, each band could be valued on a per-year basis, or in principle on an in-perpetuity basis. The latter makes limited sense since the value of spectrum changes over time as new technologies and applications are introduced. We note that a capital valuation can be turned into one of a number of sequences of prices exhibiting the same discounted net present value at the capital value. Each sequence is defined by the length of the period, by the discount rate chosen and by the so-called ‘tilt’ in the sequence – the degree to which the succession of discounted or undiscounted numbers in the sequence goes up or down over the period chosen. In other words, by adding some additional assumptions we can convert a capital value into a sequence of annual ‘prices’. We will mainly utilise annual prices (and occasionally the expected value over the finite life of a spectrum licence) in this analysis both for simplicity and to link to the work conducted in the third task.