We note that a similar approach was first used by the UK spectrum regulator to calculate administrative prices for spectrum. But that approach only had two prices – one for mobile spectrum and another for fixed spectrum. Our approach uses the same two categories as the main points of value but extrapolates the value across bands taking into account a range of factors rather than keeping the prices fixed regardless of the frequency. These extrapolation factors are very significant hence the approach adopted here is a major improvement on previous valuations.