I should add that the price Vodafone paid for 10Mhz in the...

I should add that the price Vodafone paid for 10Mhz in the 700Mhz band nationwide should be the cap.

1) 700Mhz is far more valuable than 3600Mhz
2) It is not penalised from all the factors I mentioned above
3) The price paid was $1.25/Mhz/pop.

Furthermore, going into any future spectrum auctions, TPG have optionality on their side. That is, TPG will only bid for spectrum depending on their expected market share. If it looks like TPG will take 10% market share, they can and should bid for more.  The banks will be there if cash is flying in from customers.