Charles E. Walters, ASA is President of Walters & Associates, Inc., a financial consulting firm specializing in the appraisal of communications properties. Prior to establishing the firm in 1990, Mr. Walters served as a Vice President of Broadcast Investment Analysts (“BIA”), where he directed the valuation consulting group for non-broadcast industries. With over 30 years of valuation experience, Mr. Walters has conducted appraisals of paging, cellular telephone, specialized mobile radio, cable television, broadband wireless, telephone, satellite, shared tenant services and broadcast communications companies. Mr. Walters was instrumental in developing a landmark valuation strategy for Federal Communications Commission (FCC) license valuations. This valuation approach was accepted by the United States Tax Court in 1992 in the Jefferson-Pilot FCC license amortization case.

Mr. Walters has been actively involved in the appraisal of broadcast, cable television, mobile communications and other telecommunications properties since 1978. He has participated in the appraisals of over 2,000 mobile communications, broadcast, cable television or other telecommunications properties. Mr. Walters has advised the Federal Communications Commission (FCC), National Telecommunications and Information Administration (NTIA) and United States Department of Treasury personnel on telecommunications business and spectrum valuation issues. Mr. Walters also served as a reviewer for the NTIA of technical and cost proposals submitted in connection with the $7.0 billion Broadband Stimulus program.

Mr. Walters has provided expert testimony regarding valuation issues in arbitration proceedings, before various State and Federal courts, the U.S. Bankruptcy Court, the United States Tax Court and the Federal Trade Commission. He has appeared on numerous communications industry panels, having addressed the membership of INTELSAT on the economics of small earth stations for data communications and the PCIA and the American SMR Network industry associations on various tax and valuation related issues. He has also been interviewed regarding various wireless communication industry valuation issues in both Wireless Week and Radio Communications Report. Mr. Walters has been interviewed for “All Things Considered” on the Public Radio Network. Mr. Walters has authored many articles published in industry trade publications regarding tax and valuation issues relating to the communications industry.

Mr. Walters is a graduate of Antioch College with a B.A. in Communications. He has completed courses in Accounting and Business Law at Georgetown University Graduate Business School. Mr. Walters is a Member of the American Society of Appraisers and has attained the status of Accredited Senior Appraiser (ASA) in the Business Valuation discipline and holds an Advanced Designation for the valuation of Intangible Assets. Mr. Walters has also completed ASA’s advanced training course based on best practices for the preparation of Fair Value appraisals for financial reporting purposes. Mr. Walters holds a FCC First Class Radio Telephone License and is certified by the Society of Broadcast Engineers for both radio and television. Mr. Walters was Honorably Discharged from the United States Marine Corps in 1969.