[sheet: Cover]

Field	Value
Document Title	Funds Flow Memorandum
Transaction	Forward Merger of NTP Acquisition Sub, Inc. with and into Cascadia Fiber Networks, Inc. (DGCL § 251)
Acquirer	Northgate Telecommunications PLC
Merger Sub	NTP Acquisition Sub, Inc.
Target / Surviving Corporation	Cascadia Fiber Networks, Inc.
Aggregate Merger Consideration	$750,000,000 (all cash)
Acquirer's Counsel	Calderwood & Harkness LLP
Target's Counsel	Whitmore, Kessler & Braun LLP
C&H Matter No.	1022-00006
C&H Billing No.	78432.001
Prepared By	Andrew Fitzpatrick, Lead Associate, M&A
Supervised By	Oliver Mackenzie, Responsible Partner, M&A
Date	[Closing Date — Target: August 2025]
Governing Law (Merger Agreement)	Delaware
Governing Law (Credit Facility / Escrow)	New York
Status	DRAFT — Subject to Final Confirmation of Amounts
Confidential	Attorney-Client Privileged / Work Product

[sheet: Sources of Funds]

Line #

DEBT FINANCING

1	Term Loan A Draw	Pinnacle Atlantic Credit Facility — Term Loan A	Pinnacle Atlantic Bank, N.A. (Administrative Agent)	270 Park Place, Charlotte, NC 28202	$300,000,000	Per Credit Agreement; 5-year term; SOFR + 225 bps; Commitment Letter Ref: PAB-CL-2025-03102 dated March 10, 2025
2	Revolving Credit Facility Draw	Pinnacle Atlantic Credit Facility — Revolver	Pinnacle Atlantic Bank, N.A. (Administrative Agent)	270 Park Place, Charlotte, NC 28202	$200,000,000	Per Credit Agreement; 5-year term; SOFR + 225 bps; 37.5 bps commitment fee on undrawn amounts
Subtotal — Debt Financing	$500,000,000	Syndicate: Pinnacle Atlantic $200M, Commonwealth Trust Bank $125M, Dralvecen National Bank $100M, Elkhorn Capital Markets $75M

EQUITY / CASH CONTRIBUTION

3	Northgate Cash on Hand	Northgate Telecommunications PLC — Corporate Treasury	Northgate Telecommunications PLC	14 Broadwick Place, London W1F 8HN, United Kingdom	$250,000,000	Wire from Northgate corporate treasury account
Subtotal — Equity / Cash Contribution	$250,000,000
4	Additional Northgate Cash — Transaction Expenses	Northgate Telecommunications PLC — Corporate Treasury	Northgate Telecommunications PLC	14 Broadwick Place, London W1F 8HN, United Kingdom	TBD	Amount TBD — estimated separately on Uses tab; to cover acquirer-side transaction costs (legal, advisory, insurance, regulatory filing fees)
5	Additional Northgate Cash — Cascadia Indebtedness Payoff	Northgate Telecommunications PLC — Corporate Treasury	Northgate Telecommunications PLC	14 Broadwick Place, London W1F 8HN, United Kingdom	TBD	Amount TBD — to fund retirement of existing Cascadia indebtedness at closing; may also be funded from Cascadia cash on hand
TOTAL SOURCES (Merger Consideration)	$750,000,000	Excludes additional amounts for transaction expenses and Cascadia indebtedness payoff — see Uses tab for reconciliation

[sheet: Uses of Funds]

Line #

I. MERGER CONSIDERATION

1	Stockholder Merger Consideration — Disbursement to Trident Transfer Agency	Trident Transfer Agency, Inc. (Transfer and Paying Agent)	480 Washington Boulevard, Jersey City, NJ 07310	See Wire Instructions tab	$682,500,000	For pro-rata distribution to Cascadia stockholders at $15.79 per share (47,500,000 fully diluted shares); net of escrow holdback
2	Indemnification Escrow Deposit	Clearfield Escrow Services, Inc. (Escrow Agent)	100 Wall Street, 20th Floor, New York, NY 10005	Escrow Account — Attn: Martin Grieves, Escrow Officer	$67,500,000	9% of deal value ($750M × 0.09); 50% of indemnification cap ($135M); per Escrow Agreement; 24-month release for general reps
Subtotal — Merger Consideration	$750,000,000	$682,500,000 + $67,500,000 = $750,000,000

II. RETIREMENT OF EXISTING CASCADIA INDEBTEDNESS

3	Payoff — Elkhorn Capital Markets Term Loan (Principal)	Elkhorn Capital Markets, LLC	Per Payoff Letter	Per Payoff Letter	$82,600,000	Mandatory prepayment upon change of control; per Payoff Letter to be confirmed T-2 business days
4	Payoff — Elkhorn Capital Markets Term Loan (Prepayment Premium — 1.0%)	Elkhorn Capital Markets, LLC	Per Payoff Letter	Per Payoff Letter	$826,000	$82,600,000 × 1.0% = $826,000
5	Payoff — Elkhorn Capital Markets Term Loan (Accrued Interest)	Elkhorn Capital Markets, LLC	Per Payoff Letter	Per Payoff Letter	TBD	Amount TBD — to be confirmed in Payoff Letter T-2 business days prior to closing
Subtotal — Elkhorn Payoff (excl. accrued interest)	$83,426,000	$82,600,000 + $826,000 = $83,426,000; accrued interest TBD
6	Capital Leases (Fiber Equipment)	Various Lessors	Per individual lease agreements	Per individual lease agreements	$12,300,000	Estimated; to be confirmed — may be assumed rather than retired; subject to credit agreement provisions
Subtotal — Cascadia Indebtedness Payoff	$95,726,000	Elkhorn principal + premium + capital leases (excl. accrued interest on Elkhorn)

III. TRANSACTION EXPENSES (ESTIMATED)

7	Calderwood & Harkness LLP — Acquirer's Legal Fees & Disbursements	Calderwood & Harkness LLP	600 Lexington Avenue, 30th Floor, New York, NY 10022	C&H Matter No. 1022-00006 / Billing No. 78432.001	TBD	Estimated amount TBD; invoiced separately
8	Prumvane Brothers & Co. — Acquirer's Financial Advisory Fee	Prumvane Brothers & Co.	383 Madison Avenue, 12th Floor, New York, NY 10179	Engagement letter reference	TBD	Estimated amount TBD
9	Hawthorne & Sable LLP — Accounting & Tax Advisory Fee	Hawthorne & Sable LLP	30 Rockefeller Plaza, Suite 2000, New York, NY 10112	Engagement Partner: Douglas Kirwan; Tax Partner: Elena Montague	TBD	Estimated amount TBD
10	Pinnacle Atlantic Bank, N.A. — Arrangement & Upfront Fees	Pinnacle Atlantic Bank, N.A.	270 Park Place, Charlotte, NC 28202	Per Commitment Letter PAB-CL-2025-03102	TBD	Estimated amount TBD; includes arrangement fees for $500M facility
11	Hargreaves & Liddell LLP — Lender's Counsel Fees (NTP responsible portion)	Hargreaves & Liddell LLP	One Liberty Plaza, 48th Floor, New York, NY 10006	Lead Partner: Victoria Penn	TBD	Estimated amount TBD
12	R&W Insurance Premium — Marlowe Asset Management Specialty Insurance Co. (via Gresham)	Marlowe Asset Management Specialty Insurance Co. (placed by Gresham Underwriting Group, Ltd.)	Gresham: 25 Old Broad Street, London EC2N 1HQ / Marlowe Asset Management: 175 Water Street, 22nd Floor, New York, NY 10038	R&W Policy — $75M limit	$2,625,000	$75,000,000 limit × 3.5% rate = $2,625,000 (estimated)
13	D&O Tail Insurance Premium — Pemberton D&O Assurance, Ltd.	Pemberton D&O Assurance, Ltd.	71 Fenchurch Street, London EC3M 4BS	D&O Tail Policy — $25M limit, 6-year tail	TBD	Estimated amount TBD
14	HSR Act Filing Fee	Federal Trade Commission	Per FTC filing instructions	HSR Premerger Notification	$250,000	$500M–$1B deal value tier (2025 thresholds)
15	FCC Filing Fee	Federal Communications Commission	Per FCC filing instructions	Transfer of Control Application — § 214	TBD	Estimated amount TBD
16	Alderman Proxy Advisors, LLC — Proxy Solicitation Fee	Alderman Proxy Advisors, LLC	1407 Broadway, 27th Floor, New York, NY 10018	Engagement reference	TBD	Estimated amount TBD
17	Trident Transfer Agency, Inc. — Transfer Agent Fee	Trident Transfer Agency, Inc.	480 Washington Boulevard, Jersey City, NJ 07310	Engagement reference	TBD	Estimated amount TBD
18	Clearfield Escrow Services, Inc. — Escrow Agent Fee	Clearfield Escrow Services, Inc.	100 Wall Street, 20th Floor, New York, NY 10005	Escrow Agreement	TBD	Estimated amount TBD
19	State PUC Filing Fees (OR, WA, ID, NV)	Various State Commissions	Per individual state PUC filing instructions	State PUC Applications	TBD	Estimated amount TBD
20	Delaware Secretary of State — Certificate of Merger Filing Fee	Delaware Secretary of State	Dover, DE	Certificate of Merger — DE File Nos. 7301524 (Merger Sub) / 5197843 (Cascadia)	TBD	Estimated amount TBD
21	Miscellaneous Closing Costs & Disbursements	Various	Various	Various	TBD	Estimated amount TBD; includes recording fees, notary fees, courier charges, etc.
Subtotal — Transaction Expenses (Estimated)	$2,875,000	Partial — excludes TBD items; final amounts to be confirmed prior to closing
TOTAL USES	$848,601,000	Merger Consideration ($750,000,000) + Cascadia Debt Payoff ($95,726,000) + Transaction Expenses ($2,875,000 confirmed to date); final total TBD upon confirmation of all expense items

SOURCES LESS USES RECONCILIATION

Total Sources (Debt + Cash — Merger Consideration Only)	$750,000,000
Less: Merger Consideration	($750,000,000)
Excess / (Shortfall) — Merger Consideration	$0	Sources fully cover merger consideration
Additional Northgate Cash Required for Debt Payoff + Expenses	$98,601,000	Cascadia debt payoff ($95,726,000) and confirmed transaction expenses ($2,875,000) funded by additional Northgate cash or from Cascadia's own cash at closing; to be confirmed
Total Additional Northgate Cash (Including TBD Items)	TBD	Final amount dependent on confirmation of all TBD expense items

[sheet: Wire Instructions]

Ref #	Recipient Entity	Recipient Address	Contact Person	Purpose / Disbursement Description	Amount ($)	Bank Name	Bank ABA / Routing #	Account Name	Account Number	Reference / Memo	Confirmed (Y/N)
1	Trident Transfer Agency, Inc.	480 Washington Boulevard, Jersey City, NJ 07310	[To be confirmed]	Stockholder merger consideration disbursement ($15.79/share × 47,500,000 shares, net of escrow)	$682,500,000	[TBD]	[TBD]	[TBD]	[TBD]	Northgate / Cascadia Merger — Stockholder Consideration	N
2	Clearfield Escrow Services, Inc.	100 Wall Street, 20th Floor, New York, NY 10005	Martin Grieves, Escrow Officer	Indemnification escrow deposit	$67,500,000	[TBD]	[TBD]	[TBD]	[TBD]	NTP-CFN Indemnification Escrow — per Escrow Agreement	N
3	Elkhorn Capital Markets, LLC	[Per Payoff Letter]	[Per Payoff Letter]	Payoff of existing term loan — principal ($82,600,000) + prepayment premium ($826,000) + accrued interest (TBD)	$83,426,000	[TBD]	[TBD]	[TBD]	[TBD]	Cascadia Fiber Networks — Full Payoff / Lien Release	N
4	Various Capital Lessors	[Per individual lease agreements]	[Per individual lease agreements]	Capital lease payoffs (fiber equipment)	$12,300,000	[TBD — multiple wires]	[TBD]	[TBD]	[TBD]	Cascadia Fiber Networks — Lease Payoff	N
5	Marlowe Asset Management Specialty Insurance Co. (via Gresham Underwriting Group, Ltd.)	175 Water Street, 22nd Floor, New York, NY 10038	[TBD]	R&W insurance premium	$2,625,000	[TBD]	[TBD]	[TBD]	[TBD]	R&W Policy Premium — $75M Limit	N
6	Federal Trade Commission	[Per FTC instructions]	N/A	HSR Act filing fee	$250,000	[Per FTC instructions]	[TBD]	[TBD]	[TBD]	HSR Premerger Notification Filing Fee	N
7	Calderwood & Harkness LLP	600 Lexington Avenue, 30th Floor, New York, NY 10022	Harrison Wexford, Billing Partner	Legal fees and disbursements	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Matter No. 1022-00006 / Billing No. 78432.001	N
8	Prumvane Brothers & Co.	383 Madison Avenue, 12th Floor, New York, NY 10179	Simone Favreau, Lead MD	Financial advisory fee	TBD	[TBD]	[TBD]	[TBD]	[TBD]	NTP-CFN Merger Advisory Fee	N
9	Hawthorne & Sable LLP	30 Rockefeller Plaza, Suite 2000, New York, NY 10112	Douglas Kirwan, Engagement Partner	Accounting and tax advisory fees	TBD	[TBD]	[TBD]	[TBD]	[TBD]	NTP-CFN Transaction Advisory	N
10	Pinnacle Atlantic Bank, N.A.	270 Park Place, Charlotte, NC 28202	Richard Dormer, MD Leveraged Finance	Arrangement and upfront fees	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Credit Facility Fees — PAB-CL-2025-03102	N
11	Hargreaves & Liddell LLP	One Liberty Plaza, 48th Floor, New York, NY 10006	Victoria Penn, Lead Partner	Lender's counsel fees	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Lender's Counsel — $500M Credit Facility	N
12	Pemberton D&O Assurance, Ltd.	71 Fenchurch Street, London EC3M 4BS	[TBD]	D&O tail insurance premium (6-year, $25M limit)	TBD	[TBD]	[TBD]	[TBD]	[TBD]	D&O Tail Policy Premium — Cascadia Pre-Closing D&Os	N
13	Alderman Proxy Advisors, LLC	1407 Broadway, 27th Floor, New York, NY 10018	[TBD]	Proxy solicitation fee	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Proxy Solicitation — Cascadia Stockholder Vote	N
14	Trident Transfer Agency, Inc. (Agent Fee)	480 Washington Boulevard, Jersey City, NJ 07310	[TBD]	Transfer agent fee (separate from consideration wire)	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Transfer Agent Fee — Merger Consideration	N
15	Clearfield Escrow Services, Inc. (Agent Fee)	100 Wall Street, 20th Floor, New York, NY 10005	Martin Grieves, Escrow Officer	Escrow agent fee	TBD	[TBD]	[TBD]	[TBD]	[TBD]	Escrow Agent Fee — NTP-CFN Indemnification Escrow	N
16	Federal Communications Commission	[Per FCC instructions]	N/A	FCC transfer of control filing fee	TBD	[Per FCC instructions]	[TBD]	[TBD]	[TBD]	Transfer of Control Application — § 214	N
17	Various State Commissions (OR, WA, ID, NV)	[Per individual state PUC filing instructions]	N/A	State PUC filing fees	TBD	[TBD]	[TBD]	[TBD]	[TBD]	State PUC Applications — Transfer of Control	N
18	Delaware Secretary of State	Dover, DE	N/A	Certificate of Merger filing fee	TBD	[Per state instructions]	[TBD]	[TBD]	[TBD]	Certificate of Merger — DE File Nos. 7301524 / 5197843	N

[sheet: Syndicate Funding Detail]

Lender	Address	Total Commitment ($)	Pro Rata Share (%)	Term Loan A Funded Amount ($)	Revolver Funded Amount ($)	Total Funded at Closing ($)	Notes
Pinnacle Atlantic Bank, N.A. (Administrative Agent)	270 Park Place, Charlotte, NC 28202	$200,000,000	40.00%	$120,000,000	$80,000,000	$200,000,000	Administrative agent and lead arranger
Commonwealth Trust Bank	[Address TBD]	$125,000,000	25.00%	$75,000,000	$50,000,000	$125,000,000	Syndicate lender
Dralvecen National Bank	[Address TBD]	$100,000,000	20.00%	$60,000,000	$40,000,000	$100,000,000	Syndicate lender
Elkhorn Capital Markets, LLC	[Address TBD]	$75,000,000	15.00%	$45,000,000	$30,000,000	$75,000,000	Syndicate lender; also existing Cascadia lender (existing $82.6M term loan to be repaid at closing per Payoff Letter)
TOTAL	$500,000,000	100.00%	$300,000,000	$200,000,000	$500,000,000	Pro rata allocation assumes commitments are split ratably across TLA and RCF; subject to final credit agreement terms

[sheet: Consideration Waterfall]

Stockholder / Class	Shares / Units Held	Ownership %	Per-Share / Per-Unit Price ($)	Gross Consideration ($)	Pro Rata Escrow Holdback ($)	Net Consideration Payable at Closing ($)	Notes
Timberline Growth Partners, LP	20,092,500	42.30%	$15.79	$317,260,275	$28,553,425	$288,706,850	Voting support agreement signed; Clive Atherton, Managing Partner
Founders / Management	13,347,500	28.10%	$15.79	$210,757,025	$18,968,132	$191,788,893	Includes Derek Holmgren, Priya Ramachandran, and other management holders
Ridgecrest Venture Fund III, LP	8,455,000	17.80%	$15.79	$133,504,450	$12,015,401	$121,489,049	Voting support agreement signed; Rebecca Montrose, Managing Director
Other Investors / Option Holders (incl. accelerated equity incentive plan)	5,605,000	11.80%	$15.79	$88,478,950	$7,963,042	$80,515,908	Includes options, RSUs, warrants; accelerated vesting upon change of control per equity incentive plan
TOTAL	47,500,000	100.00%	$15.79	$750,000,700	$67,500,000	$682,500,700	Per-share price: $750,000,000 ÷ 47,500,000 = $15.7895 ≈ $15.79; rounding variance of $700 to be allocated pro rata or absorbed

[sheet: Cover]
Field | Value
Document Title | Funds Flow Memorandum
Transaction | Forward Merger of NTP Acquisition Sub, Inc. with and into Cascadia Fiber Networks, Inc. (DGCL § 251)
Acquirer | Northgate Telecommunications PLC
Merger Sub | NTP Acquisition Sub, Inc.
Target / Surviving Corporation | Cascadia Fiber Networks, Inc.
Aggregate Merger Consideration | $750,000,000 (all cash)
Acquirer's Counsel | Calderwood & Harkness LLP
Target's Counsel | Whitmore, Kessler & Braun LLP
C&H Matter No. | 1022-00006
C&H Billing No. | 78432.001
Prepared By | Andrew Fitzpatrick, Lead Associate, M&A
Supervised By | Oliver Mackenzie, Responsible Partner, M&A
Date | [Closing Date — Target: August 2025]
Governing Law (Merger Agreement) | Delaware
Governing Law (Credit Facility / Escrow) | New York
Status | DRAFT — Subject to Final Confirmation of Amounts
Confidential | Attorney-Client Privileged / Work Product
[sheet: Sources of Funds]
Line # | Source Description | Facility / Account Reference | Provider / Institution | Provider Address | Amount ($) | Notes
DEBT FINANCING
1 | Term Loan A Draw | Pinnacle Atlantic Credit Facility — Term Loan A | Pinnacle Atlantic Bank, N.A. (Administrative Agent) | 270 Park Place, Charlotte, NC 28202 | $300,000,000 | Per Credit Agreement; 5-year term; SOFR + 225 bps; Commitment Letter Ref: PAB-CL-2025-03102 dated March 10, 2025
2 | Revolving Credit Facility Draw | Pinnacle Atlantic Credit Facility — Revolver | Pinnacle Atlantic Bank, N.A. (Administrative Agent) | 270 Park Place, Charlotte, NC 28202 | $200,000,000 | Per Credit Agreement; 5-year term; SOFR + 225 bps; 37.5 bps commitment fee on undrawn amounts
Subtotal — Debt Financing | $500,000,000 | Syndicate: Pinnacle Atlantic $200M, Commonwealth Trust Bank $125M, Dralvecen National Bank $100M, Elkhorn Capital Markets $75M
EQUITY / CASH CONTRIBUTION
3 | Northgate Cash on Hand | Northgate Telecommunications PLC — Corporate Treasury | Northgate Telecommunications PLC | 14 Broadwick Place, London W1F 8HN, United Kingdom | $250,000,000 | Wire from Northgate corporate treasury account
Subtotal — Equity / Cash Contribution | $250,000,000
4 | Additional Northgate Cash — Transaction Expenses | Northgate Telecommunications PLC — Corporate Treasury | Northgate Telecommunications PLC | 14 Broadwick Place, London W1F 8HN, United Kingdom | TBD | Amount TBD — estimated separately on Uses tab; to cover acquirer-side transaction costs (legal, advisory, insurance, regulatory filing fees)
5 | Additional Northgate Cash — Cascadia Indebtedness Payoff | Northgate Telecommunications PLC — Corporate Treasury | Northgate Telecommunications PLC | 14 Broadwick Place, London W1F 8HN, United Kingdom | TBD | Amount TBD — to fund retirement of existing Cascadia indebtedness at closing; may also be funded from Cascadia cash on hand
TOTAL SOURCES (Merger Consideration) | $750,000,000 | Excludes additional amounts for transaction expenses and Cascadia indebtedness payoff — see Uses tab for reconciliation
[sheet: Uses of Funds]
Line # | Use / Disbursement Description | Payee / Recipient | Payee Address | Account / Reference | Amount ($) | Notes
I. MERGER CONSIDERATION
1 | Stockholder Merger Consideration — Disbursement to Trident Transfer Agency | Trident Transfer Agency, Inc. (Transfer and Paying Agent) | 480 Washington Boulevard, Jersey City, NJ 07310 | See Wire Instructions tab | $682,500,000 | For pro-rata distribution to Cascadia stockholders at $15.79 per share (47,500,000 fully diluted shares); net of escrow holdback
2 | Indemnification Escrow Deposit | Clearfield Escrow Services, Inc. (Escrow Agent) | 100 Wall Street, 20th Floor, New York, NY 10005 | Escrow Account — Attn: Martin Grieves, Escrow Officer | $67,500,000 | 9% of deal value ($750M × 0.09); 50% of indemnification cap ($135M); per Escrow Agreement; 24-month release for general reps
Subtotal — Merger Consideration | $750,000,000 | $682,500,000 + $67,500,000 = $750,000,000
II. RETIREMENT OF EXISTING CASCADIA INDEBTEDNESS
3 | Payoff — Elkhorn Capital Markets Term Loan (Principal) | Elkhorn Capital Markets, LLC | Per Payoff Letter | Per Payoff Letter | $82,600,000 | Mandatory prepayment upon change of control; per Payoff Letter to be confirmed T-2 business days
4 | Payoff — Elkhorn Capital Markets Term Loan (Prepayment Premium — 1.0%) | Elkhorn Capital Markets, LLC | Per Payoff Letter | Per Payoff Letter | $826,000 | $82,600,000 × 1.0% = $826,000
5 | Payoff — Elkhorn Capital Markets Term Loan (Accrued Interest) | Elkhorn Capital Markets, LLC | Per Payoff Letter | Per Payoff Letter | TBD | Amount TBD — to be confirmed in Payoff Letter T-2 business days prior to closing
Subtotal — Elkhorn Payoff (excl. accrued interest) | $83,426,000 | $82,600,000 + $826,000 = $83,426,000; accrued interest TBD
6 | Capital Leases (Fiber Equipment) | Various Lessors | Per individual lease agreements | Per individual lease agreements | $12,300,000 | Estimated; to be confirmed — may be assumed rather than retired; subject to credit agreement provisions
Subtotal — Cascadia Indebtedness Payoff | $95,726,000 | Elkhorn principal + premium + capital leases (excl. accrued interest on Elkhorn)
III. TRANSACTION EXPENSES (ESTIMATED)
7 | Calderwood & Harkness LLP — Acquirer's Legal Fees & Disbursements | Calderwood & Harkness LLP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | C&H Matter No. 1022-00006 / Billing No. 78432.001 | TBD | Estimated amount TBD; invoiced separately
8 | Prumvane Brothers & Co. — Acquirer's Financial Advisory Fee | Prumvane Brothers & Co. | 383 Madison Avenue, 12th Floor, New York, NY 10179 | Engagement letter reference | TBD | Estimated amount TBD
9 | Hawthorne & Sable LLP — Accounting & Tax Advisory Fee | Hawthorne & Sable LLP | 30 Rockefeller Plaza, Suite 2000, New York, NY 10112 | Engagement Partner: Douglas Kirwan; Tax Partner: Elena Montague | TBD | Estimated amount TBD
10 | Pinnacle Atlantic Bank, N.A. — Arrangement & Upfront Fees | Pinnacle Atlantic Bank, N.A. | 270 Park Place, Charlotte, NC 28202 | Per Commitment Letter PAB-CL-2025-03102 | TBD | Estimated amount TBD; includes arrangement fees for $500M facility
11 | Hargreaves & Liddell LLP — Lender's Counsel Fees (NTP responsible portion) | Hargreaves & Liddell LLP | One Liberty Plaza, 48th Floor, New York, NY 10006 | Lead Partner: Victoria Penn | TBD | Estimated amount TBD
12 | R&W Insurance Premium — Marlowe Asset Management Specialty Insurance Co. (via Gresham) | Marlowe Asset Management Specialty Insurance Co. (placed by Gresham Underwriting Group, Ltd.) | Gresham: 25 Old Broad Street, London EC2N 1HQ / Marlowe Asset Management: 175 Water Street, 22nd Floor, New York, NY 10038 | R&W Policy — $75M limit | $2,625,000 | $75,000,000 limit × 3.5% rate = $2,625,000 (estimated)
13 | D&O Tail Insurance Premium — Pemberton D&O Assurance, Ltd. | Pemberton D&O Assurance, Ltd. | 71 Fenchurch Street, London EC3M 4BS | D&O Tail Policy — $25M limit, 6-year tail | TBD | Estimated amount TBD
14 | HSR Act Filing Fee | Federal Trade Commission | Per FTC filing instructions | HSR Premerger Notification | $250,000 | $500M–$1B deal value tier (2025 thresholds)
15 | FCC Filing Fee | Federal Communications Commission | Per FCC filing instructions | Transfer of Control Application — § 214 | TBD | Estimated amount TBD
16 | Alderman Proxy Advisors, LLC — Proxy Solicitation Fee | Alderman Proxy Advisors, LLC | 1407 Broadway, 27th Floor, New York, NY 10018 | Engagement reference | TBD | Estimated amount TBD
17 | Trident Transfer Agency, Inc. — Transfer Agent Fee | Trident Transfer Agency, Inc. | 480 Washington Boulevard, Jersey City, NJ 07310 | Engagement reference | TBD | Estimated amount TBD
18 | Clearfield Escrow Services, Inc. — Escrow Agent Fee | Clearfield Escrow Services, Inc. | 100 Wall Street, 20th Floor, New York, NY 10005 | Escrow Agreement | TBD | Estimated amount TBD
19 | State PUC Filing Fees (OR, WA, ID, NV) | Various State Commissions | Per individual state PUC filing instructions | State PUC Applications | TBD | Estimated amount TBD
20 | Delaware Secretary of State — Certificate of Merger Filing Fee | Delaware Secretary of State | Dover, DE | Certificate of Merger — DE File Nos. 7301524 (Merger Sub) / 5197843 (Cascadia) | TBD | Estimated amount TBD
21 | Miscellaneous Closing Costs & Disbursements | Various | Various | Various | TBD | Estimated amount TBD; includes recording fees, notary fees, courier charges, etc.
Subtotal — Transaction Expenses (Estimated) | $2,875,000 | Partial — excludes TBD items; final amounts to be confirmed prior to closing
TOTAL USES | $848,601,000 | Merger Consideration ($750,000,000) + Cascadia Debt Payoff ($95,726,000) + Transaction Expenses ($2,875,000 confirmed to date); final total TBD upon confirmation of all expense items
SOURCES LESS USES RECONCILIATION
Total Sources (Debt + Cash — Merger Consideration Only) | $750,000,000
Less: Merger Consideration | ($750,000,000)
Excess / (Shortfall) — Merger Consideration | $0 | Sources fully cover merger consideration
Additional Northgate Cash Required for Debt Payoff + Expenses | $98,601,000 | Cascadia debt payoff ($95,726,000) and confirmed transaction expenses ($2,875,000) funded by additional Northgate cash or from Cascadia's own cash at closing; to be confirmed
Total Additional Northgate Cash (Including TBD Items) | TBD | Final amount dependent on confirmation of all TBD expense items
[sheet: Wire Instructions]
Ref # | Recipient Entity | Recipient Address | Contact Person | Purpose / Disbursement Description | Amount ($) | Bank Name | Bank ABA / Routing # | Account Name | Account Number | Reference / Memo | Confirmed (Y/N)
1 | Trident Transfer Agency, Inc. | 480 Washington Boulevard, Jersey City, NJ 07310 | [To be confirmed] | Stockholder merger consideration disbursement ($15.79/share × 47,500,000 shares, net of escrow) | $682,500,000 | [TBD] | [TBD] | [TBD] | [TBD] | Northgate / Cascadia Merger — Stockholder Consideration | N
2 | Clearfield Escrow Services, Inc. | 100 Wall Street, 20th Floor, New York, NY 10005 | Martin Grieves, Escrow Officer | Indemnification escrow deposit | $67,500,000 | [TBD] | [TBD] | [TBD] | [TBD] | NTP-CFN Indemnification Escrow — per Escrow Agreement | N
3 | Elkhorn Capital Markets, LLC | [Per Payoff Letter] | [Per Payoff Letter] | Payoff of existing term loan — principal ($82,600,000) + prepayment premium ($826,000) + accrued interest (TBD) | $83,426,000 | [TBD] | [TBD] | [TBD] | [TBD] | Cascadia Fiber Networks — Full Payoff / Lien Release | N
4 | Various Capital Lessors | [Per individual lease agreements] | [Per individual lease agreements] | Capital lease payoffs (fiber equipment) | $12,300,000 | [TBD — multiple wires] | [TBD] | [TBD] | [TBD] | Cascadia Fiber Networks — Lease Payoff | N
5 | Marlowe Asset Management Specialty Insurance Co. (via Gresham Underwriting Group, Ltd.) | 175 Water Street, 22nd Floor, New York, NY 10038 | [TBD] | R&W insurance premium | $2,625,000 | [TBD] | [TBD] | [TBD] | [TBD] | R&W Policy Premium — $75M Limit | N
6 | Federal Trade Commission | [Per FTC instructions] | N/A | HSR Act filing fee | $250,000 | [Per FTC instructions] | [TBD] | [TBD] | [TBD] | HSR Premerger Notification Filing Fee | N
7 | Calderwood & Harkness LLP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | Harrison Wexford, Billing Partner | Legal fees and disbursements | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Matter No. 1022-00006 / Billing No. 78432.001 | N
8 | Prumvane Brothers & Co. | 383 Madison Avenue, 12th Floor, New York, NY 10179 | Simone Favreau, Lead MD | Financial advisory fee | TBD | [TBD] | [TBD] | [TBD] | [TBD] | NTP-CFN Merger Advisory Fee | N
9 | Hawthorne & Sable LLP | 30 Rockefeller Plaza, Suite 2000, New York, NY 10112 | Douglas Kirwan, Engagement Partner | Accounting and tax advisory fees | TBD | [TBD] | [TBD] | [TBD] | [TBD] | NTP-CFN Transaction Advisory | N
10 | Pinnacle Atlantic Bank, N.A. | 270 Park Place, Charlotte, NC 28202 | Richard Dormer, MD Leveraged Finance | Arrangement and upfront fees | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Credit Facility Fees — PAB-CL-2025-03102 | N
11 | Hargreaves & Liddell LLP | One Liberty Plaza, 48th Floor, New York, NY 10006 | Victoria Penn, Lead Partner | Lender's counsel fees | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Lender's Counsel — $500M Credit Facility | N
12 | Pemberton D&O Assurance, Ltd. | 71 Fenchurch Street, London EC3M 4BS | [TBD] | D&O tail insurance premium (6-year, $25M limit) | TBD | [TBD] | [TBD] | [TBD] | [TBD] | D&O Tail Policy Premium — Cascadia Pre-Closing D&Os | N
13 | Alderman Proxy Advisors, LLC | 1407 Broadway, 27th Floor, New York, NY 10018 | [TBD] | Proxy solicitation fee | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Proxy Solicitation — Cascadia Stockholder Vote | N
14 | Trident Transfer Agency, Inc. (Agent Fee) | 480 Washington Boulevard, Jersey City, NJ 07310 | [TBD] | Transfer agent fee (separate from consideration wire) | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Transfer Agent Fee — Merger Consideration | N
15 | Clearfield Escrow Services, Inc. (Agent Fee) | 100 Wall Street, 20th Floor, New York, NY 10005 | Martin Grieves, Escrow Officer | Escrow agent fee | TBD | [TBD] | [TBD] | [TBD] | [TBD] | Escrow Agent Fee — NTP-CFN Indemnification Escrow | N
16 | Federal Communications Commission | [Per FCC instructions] | N/A | FCC transfer of control filing fee | TBD | [Per FCC instructions] | [TBD] | [TBD] | [TBD] | Transfer of Control Application — § 214 | N
17 | Various State Commissions (OR, WA, ID, NV) | [Per individual state PUC filing instructions] | N/A | State PUC filing fees | TBD | [TBD] | [TBD] | [TBD] | [TBD] | State PUC Applications — Transfer of Control | N
18 | Delaware Secretary of State | Dover, DE | N/A | Certificate of Merger filing fee | TBD | [Per state instructions] | [TBD] | [TBD] | [TBD] | Certificate of Merger — DE File Nos. 7301524 / 5197843 | N
[sheet: Syndicate Funding Detail]
Lender | Address | Total Commitment ($) | Pro Rata Share (%) | Term Loan A Funded Amount ($) | Revolver Funded Amount ($) | Total Funded at Closing ($) | Notes
Pinnacle Atlantic Bank, N.A. (Administrative Agent) | 270 Park Place, Charlotte, NC 28202 | $200,000,000 | 40.00% | $120,000,000 | $80,000,000 | $200,000,000 | Administrative agent and lead arranger
Commonwealth Trust Bank | [Address TBD] | $125,000,000 | 25.00% | $75,000,000 | $50,000,000 | $125,000,000 | Syndicate lender
Dralvecen National Bank | [Address TBD] | $100,000,000 | 20.00% | $60,000,000 | $40,000,000 | $100,000,000 | Syndicate lender
Elkhorn Capital Markets, LLC | [Address TBD] | $75,000,000 | 15.00% | $45,000,000 | $30,000,000 | $75,000,000 | Syndicate lender; also existing Cascadia lender (existing $82.6M term loan to be repaid at closing per Payoff Letter)
TOTAL | $500,000,000 | 100.00% | $300,000,000 | $200,000,000 | $500,000,000 | Pro rata allocation assumes commitments are split ratably across TLA and RCF; subject to final credit agreement terms
[sheet: Consideration Waterfall]
Stockholder / Class | Shares / Units Held | Ownership % | Per-Share / Per-Unit Price ($) | Gross Consideration ($) | Pro Rata Escrow Holdback ($) | Net Consideration Payable at Closing ($) | Notes
Timberline Growth Partners, LP | 20,092,500 | 42.30% | $15.79 | $317,260,275 | $28,553,425 | $288,706,850 | Voting support agreement signed; Clive Atherton, Managing Partner
Founders / Management | 13,347,500 | 28.10% | $15.79 | $210,757,025 | $18,968,132 | $191,788,893 | Includes Derek Holmgren, Priya Ramachandran, and other management holders
Ridgecrest Venture Fund III, LP | 8,455,000 | 17.80% | $15.79 | $133,504,450 | $12,015,401 | $121,489,049 | Voting support agreement signed; Rebecca Montrose, Managing Director
Other Investors / Option Holders (incl. accelerated equity incentive plan) | 5,605,000 | 11.80% | $15.79 | $88,478,950 | $7,963,042 | $80,515,908 | Includes options, RSUs, warrants; accelerated vesting upon change of control per equity incentive plan
TOTAL | 47,500,000 | 100.00% | $15.79 | $750,000,700 | $67,500,000 | $682,500,700 | Per-share price: $750,000,000 ÷ 47,500,000 = $15.7895 ≈ $15.79; rounding variance of $700 to be allocated pro rata or absorbed

[sheet: Cover]

DEBT FINANCING

EQUITY / CASH CONTRIBUTION

I. MERGER CONSIDERATION

II. RETIREMENT OF EXISTING CASCADIA INDEBTEDNESS

III. TRANSACTION EXPENSES (ESTIMATED)

SOURCES LESS USES RECONCILIATION

Record

Parties

Dates

Amounts