EXHIBIT 3 Capital Market Condition, February 15, 1996
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U. S. Treasury obligations
3-month bills
6- "
1-year notes
2-"
3-"
5-"
10-"
30-"
Corporate debt obligations (10-year)
AAA
AA1
BBB1
BB1
BB2
B1
AAA phones
AA1 phones
A1 phones
BBB1 phones
Other instrument
-Federal Reserve Bank discount rate
-Certificates of deposit ( 6- month)
- Commercial paper ( 6- month)
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U. S. Treasury Yield Curves
February 15, 1996
3-month bills 6-month bills 1-year nots 2-year notes 3- year notes 5-year notes 10- year notes 30-year notes
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-Stock Bata
-Estimated Year-End ERS
-price/Earnings Ratio
-Annual Dividend
-Dividend Payout%
-Dividend Yield %
-historic 5-year Growth EPS %
-projected 5-Year Grow EPS%
-Firm Value /1996 EBITDA
S&P 500
AMEX North American Telecom