----

----

| T | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

| Iowa                                                           | 42-0895882                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|                                                           |                                 |
| 112 East Main, P.O. Box 190, Breda, Iowa                       | 51436                                |
| (Address of principal executive offices)                       |  (Zip Code)                     |

----

----

----

----

| Item 7. | Financial Statements. |
|---------|-----------------------|

----

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|                                    |                                                  | Page   |
|-----------------------------------------|-------------------------------------------------------|--------|
|                                    |                                                  |   |
|                                    |                                                  |   |
| Consolidated Financial Statements:      |                                                  |
|                                    |                                                  |   |
|                                    | Independent Auditor’s Report                    | 4      |
|                                    |                                                  |   |
|                                    | Consolidated Balance Sheets                           | 6      |
|                                    |                                                  |   |
|                                    | Consolidated Statements of Income                     | 7      |
|                                    |                                                  |   |
|                                    | Consolidated Statements of Stockholders’ Equity | 8      |
|                                    |                                                  |   |
|                                    | Consolidated Statements of Cash Flow                  | 9      |
|                                    |                                                  |   |
|                                    | Notes to Consolidated Financial Statements            | 10-26  |
|                                    |                                                  |   |
| Audited Financial Statements for RSA #8 | 27                                                    |

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|                                                                                                                                                           |   | December 31, |       |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                                                                                                                                           |   | 2007              |       |   | 2006              |   |
| ASSETS                                                                                                                                                         |   |              |       |   |              |   |
|                                                                                                                                                           |   |              |       |   |              |   |
| CURRENT ASSETS                                                                                                                                                 |   |              |       |   |              |   |
| Cash and cash equivalents                                                                                                                                      |   | $                 | 1,104,327  |   |              | $      | 777,708 |   |
| Marketable securities                                                                                                                                          |   |              | 480,311    |   |              |   | 643,119 |   |
| Accounts receivable, net of allowances of $676,422 and $46,750in 2007 and 2006, respectively                                                                   |   |              | 1,740,266  |   |              |   | 995,861 |   |
| Interest receivable                                                                                                                                            |   |              | 98,013     |   |              |   | 82,241 |   |
| Current portion of note receivable, less allowance of $219,691 in 2006                                                                                         |   |              | 734,383    |   |              |   | 220,283 |   |
| Inventory, at average cost                                                                                                                                     |   |              | 152,857    |   |              |   | 151,659 |   |
| Other                                                                                                                                                          |   |              | 17,973     |   |              |   | 47,440 |   |
| Deferred income taxes                                                                                                                                          |   |              | 14,294     |   |              |   | 12,291 |   |
|                                                                                                                                                           |   |              | 4,342,424  |   |              |   | 2,930,602 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| OTHER NONCURRENT ASSETS                                                                                                                                        |   |              |       |   |              |   |   |   |
| Marketable securities                                                                                                                                          |   |              | 7,374,754  |   |              |   | 6,775,348 |   |
| Investments in unconsolidated affiliates at equity                                                                                                             |   |              | 7,950,825  |   |              |   | 7,562,375 |   |
| Other investments at cost                                                                                                                                      |   |              | 611,707    |   |              |   | 622,554 |   |
| Goodwill                                                                                                                                                       |   |              | 896,812    |   |              |   | 896,812 |   |
|                                                                                                                                                           |   |              | 16,834,098 |   |              |   | 15,857,089 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT                                                                                                                                  |   |              | 5,015,302  |   |              |   | 4,509,149 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| TOTAL ASSETS                                                                                                                                                   |   | $                 | 26,191,824 |   |              | $      | 23,296,840 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                           |   |              |       |   |              |   |   |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| CURRENT LIABILITIES                                                                                                                                            |   |              |       |   |              |   |   |   |
| Current portion of long-term debt                                                                                                                              |   | $                 | 187,710    |   |              | $      | 175,729 |   |
| Accounts payable                                                                                                                                               |   |              | 850,432    |   |              |   | 178,331 |   |
| Accrued taxes                                                                                                                                                  |   |              | 390,659    |   |              |   | 123,301 |   |
| Other                                                                                                                                                          |   |              | 116,034    |   |              |   | 63,417 |   |
|                                                                                                                                                           |   |              | 1,544,835  |   |              |   | 540,778 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| LONG-TERM DEBT, less current portion                                                                                                                           |   |              | 951,495    |   |              |   | 1,139,205 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| OTHER NONCURRENT LIABILITIES                                                                                                                                   |   |              | 1,213,607  |   |              |   | 1,359,628 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                                           |   |              |       |   |              |   |   |   |
| Common stock, Class A - no par value, 5,000,000 shares authorized, 28,923 and 31,016 shares issued and outstanding at $457 and $394stated values, respectively |   |              | 13,217,811 |   |              |   | 12,220,304 |   |
| Common stock, Class B - no par value, 5,000,000 shares authorized, 2,013shares issued and outstanding at $457 stated value, as of December 31, 2007            |   |              | 919,941    |   |              |   | - |   |
| Retained earnings                                                                                                                                              |   |              | 8,344,135  |   |              |   | 8,036,925 |   |
|                                                                                                                                                           |   |              | 22,481,887 |   |              |   | 20,257,229 |   |
|                                                                                                                                                           |   |              |       |   |              |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                     |   | $                 | 26,191,824 |   |              | $      | 23,296,840 |   |

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|                                 |   | For the Years Ended |       |
|--------------------------------------|--------|---------------------|------------|
|                                 |   | 2007                |       |   | 2006 |   |
|                                 |   |                |       |   |   |   |
| OPERATING REVENUES                   |   | $                   | 10,482,625 |   |   | $ | 8,667,053 |   |
|                                 |   |                |       |   |   |   |   |   |
| OPERATING EXPENSES                   |   |                |       |   |   |   |   |   |
| Cost of services                     |   |                | 5,274,092  |   |   |   | 4,109,781 |   |
| Depreciation and amortization        |   |                | 1,016,247  |   |   |   | 960,685 |   |
| Selling, general, and administrative |   |                | 2,227,901  |   |   |   | 2,181,342 |   |
|                                 |   |                | 8,518,240  |   |   |   | 7,251,808 |   |
|                                 |   |                |       |   |   |   |   |   |
| OPERATING INCOME                     |   |                | 1,964,385  |   |   |   | 1,415,245 |   |
|                                 |   |                |       |   |   |   |   |   |
| OTHER INCOME (EXPENSES)              |   |                |       |   |   |   |   |   |
| Interest and dividend income         |   |                | 486,217    |   |   |   | 391,562 |   |
| Gain on sale of investments          |   |                | 68,058     |   |   |   | 1,165,392 |   |
| Gain or (Loss) on disposal of assets |   |                | 13,958     |   |   |   | (21,714 | ) |
| Interest expense                     |   |                | (91,871    | ) |   |   | (108,774 | ) |
| Income from equity investments       |   |                | 1,447,477  |   |   |   | 1,872,028 |   |
| Other, net                           |   |                | (43,964    | ) |   |   | 5,770 |   |
|                                 |   |                | 1,879,875  |   |   |   | 3,304,264 |   |
|                                 |   |                |       |   |   |   |   |   |
| INCOME BEFORE INCOME TAXES           |   |                | 3,844,260  |   |   |   | 4,719,509 |   |
|                                 |   |                |       |   |   |   |   |   |
| INCOME TAXES                         |   |                | 1,365,930  |   |   |   | 1,900,632 |   |
|                                 |   |                |       |   |   |   |   |   |
| NET INCOME                           |   | $                   | 2,478,330  |   |   | $ | 2,818,877 |   |
|                                 |   |                |       |   |   |   |   |   |
| NET INCOME PER COMMON SHARE          |   | $                   | 79.94      |   |   | $ | 90.87 |   |
|                                 |   |                |       |   |   |   |   |   |
| DIVIDENDS PER COMMON SHARE           |   | $                   | 7.00       |   |   | $ | 7.00 |   |

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|                          |   | Common Stock, A and B Class |   |   | Retained |   |       |     |   |
|-------------------------------|--------|-----------------------------|--------|--------|----------|--------|------------|----------|--------|
|                          |   | Shares                      |   |   | Amount   |   |       | Earnings |   |   | Total |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |
| Balance at December 31, 2005  |   |                        | 31,023 |   |     | $      | 11,075,211 |     |   | $ | 6,583,060 |   |   | $ | 17,658,271 |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Comprehensive income:         |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Net Income                    |   |                        |   |   |     |   |       |     |   |   | 2,818,877 |   |   |   | 2,818,877 |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Dividends paid                |   |                        |   |   |     |   |       |     |   |   | (217,161 | ) |   |   | (217,161 | ) |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Common stock redeemed, net    |   |                        | (7     | )      |     |   | (2,758     | )        |   |   |   |   |   |   | (2,758 | ) |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Stated value stock adjustment |   |                        |   |   |     |   | 1,147,851  |     |   |   | (1,147,851 | ) |   |   |   |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Balance at December 31, 2006  |   |                        | 31,016 |   |     |   | 12,220,304 |     |   |   | 8,036,925 |   |   |   | 20,257,229 |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Comprehensive income:         |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Net Income                    |   |                        |   |   |     |   |       |     |   |   | 2,478,330 |   |   |   | 2,478,330 |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Dividends paid                |   |                        |   |   |     |   |       |     |   |   | (217,112 | ) |   |   | (217,112 | ) |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Common stock redeemed, net    |   |                        | (80    | )      |     |   | (36,560    | )        |   |   |   |   |   |   | (36,560 | ) |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Stated value stock adjustment |   |                        |   |   |     |   | 1,954,008  |     |   |   | (1,954,008 | ) |   |   |   |   |
|                          |   |                        |   |   |     |   |       |     |   |   |   |   |   |   |   |   |
| Balance at December 31, 2007  |   |                        | 30,936 |   |     | $      | 14,137,752 |     |   | $ | 8,344,135 |   |   | $ | 22,481,887 |   |

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|                                                                                                                                  |   | 2007   |       |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                                                                  |   |   |       |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                  |   |   |       |   |   |   |
| Net income                                                                                                                            |   | $      | 2,478,330  |   |   | $      | 2,818,877 |   |
| Adjustments to reconcile net income to cash provided by operating activities:                                                         |   |   |       |   |   |   |   |   |
| Depreciation and amortization                                                                                                         |   |   | 1,016,247  |   |   |   | 960,685 |   |
| Deferred income taxes                                                                                                                 |   |   | (148,024   | )      |   |   | 367,274 |   |
| Amortization of investment premium/discount - net                                                                                     |   |   | 42,831     |   |   |   | 97,488 |   |
| Equity income in unconsolidated affiliates, net of distributions received of $1,228,439 and $1,153,057 in 2007 and 2006, respectively |   |   | (219,038   | )      |   |   | (718,971 | ) |
| Realized (gain) or loss on sale of property                                                                                           |   |   | (13,958    | )      |   |   | 21,714 |   |
| Note receivable discount                                                                                                              |   |   | -          |   |   |   | (814 | ) |
| Gain on sale of marketable securities                                                                                                 |   |   | (13,062    | )      |   |   | - |   |
| Gain on sale of equity investments                                                                                                    |   |   | (97,100    | )      |   |   | - |   |
| Gain on sale of investments - at cost                                                                                                 |   |   | -          |   |   |   | (1,165,392 | ) |
| Changes in assets and liabilities:                                                                                                    |   |   |       |   |   |   |   |   |
| (Increase) Decrease in assets                                                                                                         |   |   | (731,908   | )      |   |   | (52,245 | ) |
| Increase (Decrease) in liabilities                                                                                                    |   |   | 784,745    |   |   |   | (587,657 | ) |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| Net cash provided by operating activities                                                                                             |   |   | 3,099,063  |   |   |   | 1,740,959 |   |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                                                                  |   |   |       |   |   |   |   |   |
| Capital expenditures                                                                                                                  |   |   | (1,319,496 | )      |   |   | (390,462 | ) |
| Proceeds from the sale of assets                                                                                                      |   |   | 18,385     |   |   |   | 116,247 |   |
| Purchase of marketable securities                                                                                                     |   |   | (2,040,367 | )      |   |   | (3,177,070 | ) |
| Purchase of equity investments                                                                                                        |   |   | (169,412   | )      |   |   | (960,000 | ) |
| Purchase of other investments - at cost                                                                                               |   |   | (5,055     | )      |   |   | (5,978 | ) |
| Proceeds from the sale of marketable securities                                                                                       |   |   | 1,574,000  |   |   |   | 1,755,003 |   |
| Proceeds from the sale of equity investments                                                                                          |   |   | 63,000     |   |   |   | - |   |
| Proceeds from the sale of other investments - at cost                                                                                 |   |   | 15,902     |   |   |   | 1,343,701 |   |
| Issuance of notes receivable                                                                                                          |   |   | (480,000   | )      |   |   | - |   |
| Net cash used in investing activities                                                                                                 |   |   | (2,343,043 | )      |   |   | (1,318,559 | ) |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                  |   |   |       |   |   |   |   |   |
| Repayment of long term debt                                                                                                           |   |   | (175,729   | )      |   |   | (164,514 | ) |
| Common stock redeemed, net                                                                                                            |   |   | (36,560    | )      |   |   | (2,758 | ) |
| Dividends paid                                                                                                                        |   |   | (217,112   | )      |   |   | (217,161 | ) |
| Net cash used in financing activites                                                                                                  |   | $      | (429,401   | )      |   | $      | (384,433 | ) |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| Net Increase in Cash and Cash Equivalents                                                                                             |   | $      | 326,619    |   |   | $      | 37,967 |   |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| Cash and Cash Equivalents at Beginning of Period                                                                                      |   |   | 777,708    |   |   |   | 739,741 |   |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                            |   | $      | 1,104,327  |   |   | $      | 777,708 |   |
|                                                                                                                                  |   |   |       |   |   |   |   |   |
| Supplemental Disclosures of Cash Flow Information                                                                                     |   |   |       |   |   |   |   |   |
| Cash paid during the period for:                                                                                                      |   |   |       |   |   |   |   |   |
| Interest                                                                                                                              |   | $      | 91,871     |   |   | $      | 108,774 |   |
| Income taxes                                                                                                                          |   | $      | 1,236,856  |   |   | $      | 1,798,064 |   |

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| NOTE 1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|---------|--------------------------------------------|

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| NOTE 1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
|---------|--------------------------------------------------------|

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| NOTE 1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
|---------|--------------------------------------------------------|

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| NOTE 2. | MARKETABLE SECURITIES |
|---------|-----------------------|

|                   |   | Amortized Cost |      |   | Gross Unrealized Gains |   |      | Gross Unrealized Losses |   |   | Fair Value |   |
|------------------------|--------|----------------|-----------|--------|------------------------|--------|-----------|-------------------------|--------|--------|------------|--------|
|                   |   |           |      |   |                   |   |      |                    |   |   |       |   |
| December 31, 2007      |   |           |      |   |                   |   |      |                    |   |   |       |   |
|                   |   |           |      |   |                   |   |      |                    |   |   |       |   |
| Held-to-Maturity:      |   |           |      |   |                   |   |      |                    |   |   |       |   |
| Municipal bonds        |   | $              | 4,848,490 |   |                   | $      | 59,473    |                    |   | $      | (23,457    | )      |   | $ | 4,884,506 |   |
| Government securities  |   |           | 3,006,575 |   |                   |   | 10,572    |                    |   |   | (39,972    | )      |   |   | 2,977,175 |   |
|                   |   | $              | 7,855,065 |   |                   | $      | 70,045    |                    |   | $      | (63,429    | )      |   | $ | 7,861,681 |   |
|                   |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| December 31, 2006      |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
|                   |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Held-to-Maturity:      |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Municipal bonds        |   | $              | 4,687,740 |   |                   | $      | 29,187    |                    |   | $      | (54,495    | )      |   | $ | 4,662,432 |   |
| Government securities  |   |           | 2,730,727 |   |                   |   | 9,982     |                    |   |   | (45,299    | )      |   |   | 2,695,410 |   |
|                   |   | $              | 7,418,467 |   |                   | $      | 39,169    |                    |   | $      | (99,794    | )      |   | $ | 7,357,842 |   |
|                   |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
|                   |   |           | 2007      |   |                   |   | 2006      |                    |   |   |       |   |   |   |   |   |
| Amounts classified as: |   |           |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Current                |   | $              | 480,311   |   |                   | $      | 643,119   |                    |   |   |       |   |   |   |   |   |
| Noncurrent             |   |           | 7,374,754 |   |                   |   | 6,775,348 |                    |   |   |       |   |   |   |   |   |
| Total                  |   | $              | 7,855,065 |   |                   | $      | 7,418,467 |                    |   |   |       |   |   |   |   |   |

|                                     |   | Amortized Cost |      |   | Fair Value |   |
|------------------------------------------|--------|----------------|-----------|--------|------------|--------|
| Due in one year or less                  |   | $              | 480,311   |   |       | $      | 478,047 |   |
| Due after one year through three years   |   |           | 1,282,099 |   |       |   | 1,294,050 |   |
| Due after three years through five years |   |           | 1,538,553 |   |       |   | 1,550,087 |   |
| Due after five years                     |   |           | 4,554,102 |   |       |   | 4,539,497 |   |
|                                     |   | $              | 7,855,065 |   |       | $      | 7,861,681 |   |

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| NOTE 3. | NOTE RECEIVABLE |
|---------|-----------------|

|                                |   | 2007   |    |   | 2006   |   |
|-------------------------------------|--------|--------|---------|--------|--------|--------|
|                                |   |   |    |   |   |   |
| Desktop Media, LLC - 8.75%          |   |   | -       |   |   |   | 439,974 |   |
| Allowance - Desktop                 |   |   | -       |   |   |   | (219,691 | ) |
| Jaguar Communications, Inc. - 4.81% |   |   | 254,383 |   |   |   | - |   |
| Spiralight Network, LLC - 8.5%      |   |   | 480,000 |   |   |   | - |   |
|                                |   |   | 734,383 |   |   |   | 220,283 |   |
| Less current portion                |   |   | 734,383 |   |   |   | 220,283 |   |
|                                |   | $      | -       |   |   | $      | - |   |

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| NOTE 4. | OTHER INVESTMENTS |
|---------|-------------------|

|                            |   | 2007   |      |   | 2006   |   |
|---------------------------------|--------|--------|-----------|--------|--------|--------|
|                            |   |   |      |   |   |   |
| Alpine Communications, L.C.     |   | $      | 2,227,935 |   |   | $      | 2,064,675 |   |
| West Iowa Cellular, Inc.        |   |   | 1,492,056 |   |   |   | 1,321,626 |   |
| RSA #1, Ltd.                    |   |   | 1,395,594 |   |   |   | 1,204,368 |   |
| RSA #7, Ltd.                    |   |   | 554,043   |   |   |   | 451,619 |   |
| RSA #9, Ltd.                    |   |   | 1,024,903 |   |   |   | 769,064 |   |
| Desktop Media, L.L.C.           |   |   | -         |   |   |   | - |   |
| Quad County Communications      |   |   | 102,928   |   |   |   | 56,068 |   |
| Carroll County Wireless, L.L.C. |   |   | 66,764    |   |   |   | 63,038 |   |
| Guthrie Group, L.L.C.           |   |   | 40,222    |   |   |   | 54,619 |   |
| Bug Tussel Wireless, L.L.C.     |   |   | 673,466   |   |   |   | 617,298 |   |
| Spiralight Network, L.L.C.      |   |   | 372,914   |   |   |   | 960,000 |   |
|                            |   | $      | 7,950,825 |   |   | $      | 7,562,375 |   |

|        |   | Alpine Communications, L.C. |       |
|-------------|--------|-----------------------------|------------|
|        |   |                        |       |   |   |   |
|        |   | 2007                        |       |   | 2006 |   |
|        |   |                        |       |   |   |   |
| Assets      |   | $                           | 24,059,444 |   |   | $ | 19,092,728 |   |
| Liabilities |   |                        | 12,223,043 |   |   |   | 8,193,306 |   |
| Equity      |   | $                           | 11,836,401 |   |   | $ | 10,899,422 |   |
|        |   |                        |       |   |   |   |   |   |
| Revenues    |   | $                           | 7,699,177  |   |   | $ | 7,632,340 |   |
| Expenses    |   |                        | 5,721,682  |   |   |   | 5,340,054 |   |
| Net Income  |   | $                           | 1,977,495  |   |   | $ | 2,292,286 |   |

| West Iowa Cellular, Inc., |   |   | 25.0 | % |
|---------------------------|--------|--------|------|---|
| RSA #1, Ltd.              |   |   | 10.3 | % |
| RSA #7, Ltd.              |   |   | 7.1  | % |
| RSA #9, Ltd.              |   |   | 16.7 | % |

----

Table of Contents

| NOTE 4. | OTHER INVESTMENTS (Continued) |
|---------|-------------------------------|

| 2007        |   |                     |      |   |   |   |       |   |   |   |       |   |
|-------------|--------|--------------------------|-----------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|        |   | West Iowa Cellular, Inc. |      |   | RSA #1 |   |       | RSA #7 |   |   | RSA #9     |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |
| Assets      |   | $                        | 6,318,015 |   |   | $      | 13,798,319 |   |   | $      | 10,852,365 |   |   | $ | 7,840,536 |   |
| Liabilities |   |                     | 349,787   |   |   |   | 1,171,448  |   |   |   | 3,108,684  |   |   |   | 1,691,242 |   |
| Equity      |   | $                        | 5,968,228 |   |   | $      | 12,626,871 |   |   | $      | 7,743,681  |   |   | $ | 6,149,294 |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Revenues    |   | $                        | 3,172,534 |   |   | $      | 9,546,084  |   |   | $      | 19,339,038 |   |   | $ | 12,046,486 |   |
| Expenses    |   |                     | 1,290,809 |   |   |   | 6,573,884  |   |   |   | 14,396,749 |   |   |   | 8,811,605 |   |
| Net Income  |   | $                        | 1,881,725 |   |   | $      | 2,972,200  |   |   | $      | 4,942,289  |   |   | $ | 3,234,881 |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| 2006        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
|        |   | West Iowa Cellular, Inc. |      |   | RSA #1 |   |       | RSA #7 |   |   | RSA #9     |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Assets      |   | $                        | 5,627,101 |   |   | $      | 11,825,263 |   |   | $      | 9,614,812  |   |   | $ | 6,239,458 |   |
| Liabilities |   |                     | 340,599   |   |   |   | 966,659    |   |   |   | 3,302,667  |   |   |   | 1,625,995 |   |
| Equity      |   | $                        | 5,286,502 |   |   | $      | 10,858,604 |   |   | $      | 6,312,145  |   |   | $ | 4,613,463 |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Revenues    |   | $                        | 2,328,612 |   |   | $      | 8,193,772  |   |   | $      | 16,900,499 |   |   | $ | 10,828,447 |   |
| Expenses    |   |                     | 980,885   |   |   |   | 6,021,512  |   |   |   | 13,176,017 |   |   |   | 8,318,020 |   |
| Net Income  |   | $                        | 1,347,727 |   |   | $      | 2,172,260  |   |   | $      | 3,724,482  |   |   | $ | 2,510,427 |   |

----

Table of Contents

| NOTE 4. | OTHER INVESTMENTS (Continued) |
|---------|-------------------------------|

|        |   | Desktop Media, L.L.C. |       |
|-------------|--------|-----------------------|------------|
|        |   |                  |       |
|        |   | 2006                  |       |
|        |   |                  |       |
| Assets      |   | $                     | 516,434    |   |
| Liabilities |   |                  | 1,926,356  |   |
| Equity      |   | $                     | (1,409,922 | ) |
|        |   |                  |       |   |
| Revenues    |   | $                     | 2,230,723  |   |
| Expenses    |   |                  | 2,443,209  |   |
| Net Income  |   | $                     | (212,486   | ) |

|        |   | Quad County Communications |    |
|-------------|--------|--------------------------------------|---------|
|        |   |                                 |    |   |   |   |
|        |   | 2007                                 |    |   | 2006 |   |
|        |   |                                 |    |   |   |   |
| Assets      |   | $                                    | 317,942 |   |   | $ | 174,882 |   |
| Liabilities |   |                                 | 9,159   |   |   |   | 6,677 |   |
| Equity      |   | $                                    | 308,783 |   |   | $ | 168,205 |   |
|        |   |                                 |    |   |   |   |   |   |
| Revenues    |   | $                                    | 190,867 |   |   | $ | 24,088 |   |
| Expenses    |   |                                 | 50,574  |   |   |   | 51,831 |   |
| Net Income  |   | $                                    | 140,293 |   |   | $ | (27,743 | ) |

----

Table of Contents

| NOTE 4. | OTHER INVESTMENTS (Continued) |
|---------|-------------------------------|

| 2007        |   |                            |    |   |                  |   |
|-------------|--------|---------------------------------|---------|--------|-----------------------|--------|
|        |   | Carroll County Wireless, L.L.C. |    |   | Guthrie Group, L.L.C. |   |
|        |   |                            |    |   |                  |   |
| Assets      |   | $                               | 200,291 |   |                  | $      | 120,667 |   |
| Liabilities |   |                            | -       |   |                  |   | - |   |
| Equity      |   | $                               | 200,291 |   |                  | $      | 120,667 |   |
|        |   |                            |    |   |                  |   |   |   |
| Revenues    |   | $                               | 41,984  |   |                  | $      | 4,403 |   |
| Expenses    |   |                            | 30,806  |   |                  |   | 47,963 |   |
| Net Income  |   | $                               | 11,178  |   |                  | $      | (43,560 | ) |
|        |   |                            |    |   |                  |   |   |   |
| 2006        |   |                            |    |   |                  |   |   |   |
|        |   | Carroll County Wireless, L.L.C. |    |   | Guthrie Group, L.L.C. |   |
|        |   |                            |    |   |                  |   |   |   |
| Assets      |   | $                               | 189,113 |   |                  | $      | 164,227 |   |
| Liabilities |   |                            | -       |   |                  |   | - |   |
| Equity      |   | $                               | 189,113 |   |                  | $      | 164,227 |   |
|        |   |                            |    |   |                  |   |   |   |
| Revenues    |   | $                               | 29,685  |   |                  | $      | 3,459 |   |
| Expenses    |   |                            | 27,559  |   |                  |   | 12,068 |   |
| Net Income  |   | $                               | 2,126   |   |                  | $      | (8,609 | ) |

|        |   | Bug Tussel Wireless, L.L.C. |       |
|-------------|--------|-----------------------------|------------|
|        |   |                        |       |   |   |   |
|        |   | 2007                        |       |   | 2006 |   |
|        |   |                        |       |   |   |   |
| Assets      |   | $                           | 14,954,261 |   |   | $ | 9,671,295 |   |
| Liabilities |   |                        | 9,398,031  |   |   |   | 4,740,197 |   |
| Equity      |   | $                           | 5,556,230  |   |   | $ | 4,931,098 |   |
|        |   |                        |       |   |   |   |   |   |
| Revenues    |   | $                           | 11,242,608 |   |   | $ | 8,351,715 |   |
| Expenses    |   |                        | 9,838,227  |   |   |   | 5,966,644 |   |
| Net Income  |   | $                           | 1,404,381  |   |   | $ | 2,385,071 |   |

----

Table of Contents

| NOTE 4. | OTHER INVESTMENTS (Continued) |
|---------|-------------------------------|

|        |   | Spiralight Network, L.L.C. |       |
|-------------|--------|----------------------------|------------|
|        |   |                       |       |   |   |   |
|        |   | 2007                       |       |   | 2006 |   |
|        |   |                       |       |   |   |   |
| Assets      |   | $                          | 3,342,987  |   |   | $ | 4,844,566 |   |
| Liabilities |   |                       | 2,286,398  |   |   |   | 2,928,169 |   |
| Equity      |   | $                          | 1,056,589  |   |   | $ | 1,916,397 |   |
|        |   |                       |       |   |   |   |   |   |
| Revenues    |   | $                          | 2,632,734  |   |   | $ | 438 |   |
| Expenses    |   |                       | 4,434,893  |   |   |   | 5,041 |   |
| Net Income  |   | $                          | (1,802,159 | ) |   | $ | (4,603 | ) |

|                                               |   | 2007   |    |   | 2006   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                               |   |   |    |   |   |   |
| NECA Services, Inc. - stock                        |   | $      | 300,000 |   |   | $      | 300,000 |   |
| Rural Telephone Finance Cooperative - certificates |   |   | 173,352 |   |   |   | 178,616 |   |
| Iowa Network Services - stock                      |   |   | 78,705  |   |   |   | 78,705 |   |
| NRTC Patronage Capital - certificates              |   |   | 48,650  |   |   |   | 54,233 |   |
| Other                                              |   |   | 11,000  |   |   |   | 11,000 |   |
|                                               |   | $      | 611,707 |   |   | $      | 622,554 |   |

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| NOTE 5. | GOODWILL |
|---------|----------|

|                       |   | 2007   |    |   | 2006   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
|                       |   |   |    |   |   |   |
| Balance, beginning of year |   | $      | 896,812 |   |   | $      | 896,812 |   |
| Goodwill acquired          |   |   | -       |   |   |   | - |   |
| Goodwill impairment        |   |   | -       |   |   |   | - |   |
| Balance, end of year       |   | $      | 896,812 |   |   | $      | 896,812 |   |

| NOTE 6. | PROPERTY, PLANT AND EQUIPMENT |
|---------|-------------------------------|

|                                    |   | 2007   |       |   | 2006   |   |
|-----------------------------------------|--------|--------|------------|--------|--------|--------|
|                                    |   |   |       |   |   |   |
| Telephone plant in service:             |   |   |       |   |   |   |
| Land                                    |   | $      | 41,408     |   |   | $      | 41,508 |   |
| Buildings                               |   |   | 1,406,982  |   |   |   | 1,412,256 |   |
| Other general support assets            |   |   | 2,305,688  |   |   |   | 1,713,384 |   |
| Central office assets                   |   |   | 4,063,231  |   |   |   | 4,028,301 |   |
| Cable and wire facilities               |   |   | 5,086,640  |   |   |   | 4,870,035 |   |
| Other plant and equipment               |   |   | 1,075,939  |   |   |   | 991,668 |   |
|                                    |   |   | 13,979,888 |   |   |   | 13,057,152 |   |
|                                    |   |   |       |   |   |   |   |   |
| Cable television plant in service:      |   |   |       |   |   |   |   |   |
| Land                                    |   | $      | 8,846      |   |   | $      | 8,846 |   |
| Buildings                               |   |   | 132,673    |   |   |   | 132,673 |   |
| Other plant and equipment               |   |   | 207,753    |   |   |   | 222,146 |   |
| Towers, antennas and head end equipment |   |   | 1,613,382  |   |   |   | 1,603,930 |   |
| Cable and wire facilities               |   |   | 1,573,544  |   |   |   | 1,573,544 |   |
| Franchises                              |   |   | 30,092     |   |   |   | 30,092 |   |
|                                    |   |   | 3,566,290  |   |   |   | 3,571,231 |   |
|                                    |   |   |       |   |   |   |   |   |
| Total property, plant and equipment     |   |   | 17,546,178 |   |   |   | 16,628,383 |   |
| Less accumulated depreciation           |   |   | 13,008,767 |   |   |   | 12,119,234 |   |
|                                    |   |   | 4,537,411  |   |   |   | 4,509,149 |   |
| Plant under construction                |   |   | 477,891    |   |   |   | - |   |
|                                    |   | $      | 5,015,302  |   |   | $      | 4,509,149 |   |

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Table of Contents

| NOTE 7. | INCOME TAXES |
|---------|--------------|

|                     |   | 2007   |      |   | 2006   |   |
|--------------------------|--------|--------|-----------|--------|--------|--------|
|                     |   |   |      |   |   |   |
| Federal income taxes:    |   |   |      |   |   |   |
| Current tax expense      |   | $      | 1,147,635 |   |   | $      | 1,208,959 |   |
| Deferred tax expense     |   |   | (112,633  | )      |   |   | 275,838 |   |
| State income taxes:      |   |   |      |   |   |   |   |   |
| Current tax expense      |   |   | 366,319   |   |   |   | 324,399 |   |
| Deferred tax expense     |   |   | (35,391   | )      |   |   | 91,436 |   |
| Total income tax expense |   | $      | 1,365,930 |   |   | $      | 1,900,632 |   |

|                           |   | 2007   |      |   | 2006   |   |
|--------------------------------|--------|--------|-----------|--------|--------|--------|
|                           |   |   |      |   |   |   |
| Deferred tax liabilities       |   |   |      |   |   |   |
| Federal                        |   | $      | 1,097,484 |   |   | $      | 1,156,574 |   |
| State                          |   |   | 341,792   |   |   |   | 356,426 |   |
| Total deferred tax liabilities |   |   | 1,439,276 |   |   |   | 1,513,000 |   |
|                           |   |   |      |   |   |   |   |   |
| Deferred tax assets            |   |   |      |   |   |   |   |   |
| Federal                        |   |   | (178,802  | )      |   |   | (125,259 | ) |
| State                          |   |   | (61,161   | )      |   |   | (40,404 | ) |
| Total deferred tax assets      |   |   | (239,963  | )      |   |   | (165,663 | ) |
|                           |   |   |      |   |   |   |   |   |
| Net deferred tax liabilities   |   | $      | 1,199,313 |   |   | $      | 1,347,337 |   |
|                           |   |   |      |   |   |   |   |   |
| Current portion                |   | $      | (14,294   | )      |   | $      | (12,291 | ) |
| Long-term portion              |   |   | 1,213,607 |   |   |   | 1,359,628 |   |
| Net deferred tax liability     |   | $      | 1,199,313 |   |   | $      | 1,347,337 |   |

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Table of Contents

| NOTE 7. | INCOME TAXES (Continued) |
|---------|--------------------------|

|                                       |   | 2007   |   |   | 2006   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                       |   |   |   |   |   |   |
| Statutory federal income tax rate          |   |   | 34.0   | %      |   |   | 34.0 | % |
| State income taxes, net of federal benefit |   |   | 10.1   | %      |   |   | 10.1 | % |
| Amortization of bond premiums              |   |   | 0.4    | %      |   |   | 0.4 | % |
| Dividends received deduction               |   |   | (0.5   | ) %    |   |   | (0.6 | ) % |
| Tax exempt interest                        |   |   | (2.2   | ) %    |   |   | (3.7 | ) % |
| Other                                      |   |   | (6.3   | ) %    |   |   | 0.1 | % |
| Effective income tax rate                  |   |   | 35.5   | %      |   |   | 40.3 | % |

| NOTE 8. | LONG-TERM DEBT |
|---------|----------------|

|                                |   | 2007   |      |   | 2006   |   |
|-------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                |   |   |      |   |   |   |
| Rural Telephone Finance Cooperative |   |   |      |   |   |   |
| 7.35% (Fixed Rate)                  |   | $      | 1,139,205 |   |   | $      | 1,314,934 |   |
| Less current portion                |   |   | 187,710   |   |   |   | 175,729 |   |
|                                |   | $      | 951,495   |   |   | $      | 1,139,205 |   |

| 2008           |   | $      | 187,710 |   |
|----------------|--------|--------|---------|--------|
| 2009           |   |   | 200,507 |   |
| 2010           |   |   | 214,177 |   |
| 2011           |   |   | 228,779 |   |
| 2012 and after |   |   | 308,032 |   |

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Table of Contents

| NOTE 8. | LONG-TERM DEBT (Continued) |
|---------|----------------------------|

| NOTE 9. | OPERATING SEGMENTS INFORMATION |
|---------|--------------------------------|

----

Table of Contents

| NOTE 9. | OPERATING SEGMENTS INFORMATION (Continued) |
|---------|--------------------------------------------|

| 2007                            |   | Local Exchange Carrier |       |   | Broadcast |   |     | Internet Service Provider |   |   | Total     |   |
|---------------------------------|--------|------------------------|------------|--------|-----------|--------|----------|---------------------------|--------|--------|-----------|--------|
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |
| Revenues and sales              |   |                   | 9,112,511  |   |      |   | 711,461  |                      |   |   | 658,653   |   |   | $ | 10,482,625 |   |
| Interest income                 |   |                   | 464,530    |   |      |   | 14,442   |                      |   |   | 7,245     |   |   |   | 486,217 |   |
| Interest expense                |   |                   | (91,871    | )      |      |   | -        |                      |   |   | -         |   |   |   | (91,871 | ) |
| Depreciation and amortization   |   |                   | 787,176    |   |      |   | 69,421   |                      |   |   | 159,650   |   |   |   | 1,016,247 |   |
| Income tax expense (benefit)    |   |                   | 1,306,950  |   |      |   | (145,410 | )                         |   |   | 204,390   |   |   |   | 1,365,930 |   |
| Segment profit (loss)           |   |                   | 3,319,045  |   |      |   | (202,015 | )                         |   |   | (638,700  | )      |   |   | 2,478,330 |   |
| Segment assets                  |   |                   | 23,798,048 |   |      |   | 651,181  |                      |   |   | 1,742,595 |   |   |   | 26,191,824 |   |
| Expenditures for segment assets |   |                   | 1,356,648  |   |      |   | (78,056  | )                         |   |   | 40,904    |   |   |   | 1,319,496 |   |
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
| 2006                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
| Revenues and sales              |   | $                      | 7,315,068  |   |      | $      | 724,957  |                      |   | $      | 627,028   |   |   | $ | 8,667,053 |   |
| Interest income                 |   |                   | 372,967    |   |      |   | 16,385   |                      |   |   | 2,210     |   |   |   | 391,562 |   |
| Interest expense                |   |                   | 108,774    |   |      |   | -        |                      |   |   | -         |   |   |   | 108,774 |   |
| Depreciation and amortization   |   |                   | 668,691    |   |      |   | 144,894  |                      |   |   | 147,100   |   |   |   | 960,685 |   |
| Income tax expense (benefit)    |   |                   | 2,035,978  |   |      |   | (132,002 | )                         |   |   | (3,344    | )      |   |   | 1,900,632 |   |
| Segment profit (loss)           |   |                   | 3,514,489  |   |      |   | (184,972 | )                         |   |   | (510,640  | )      |   |   | 2,818,877 |   |
| Segment assets                  |   |                   | 21,416,179 |   |      |   | 748,796  |                      |   |   | 1,131,865 |   |   |   | 23,296,840 |   |
| Expenditures for segment assets |   |                   | 246,657    |   |      |   | 71,548   |                      |   |   | 72,257    |   |   |   | 390,462 |   |

| NOTE 10. | NET INCOME PER COMMON SHARE |
|----------|-----------------------------|

| NOTE 11. | STOCK VALUE ADJUSTMENT |
|----------|------------------------|

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Table of Contents

| NOTE 12. | STOCK RESTRICTIONS |
|----------|--------------------|

|   | (i) | Series 1 – these shares represent Class A shares issued after March 29, 2007.  These shares have voting rights of one vote per shareholder, regardless of the number of Class A shares held. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Series 2 – these shares were issued and outstanding immediately prior to the March 29, 2007 effective date and with respect to which the holders of such shares had one vote per shareholder, regardless of the number of Class A shares held.  The shares had previously been shares of the former Class A stock of the Corporation that were issued and outstanding on February 28, 1995. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Series 3 – these shares were issued and outstanding immediately prior to the March 29, 2007 effective date and with respect to which the holders of such shares had one vote for each such share.  The shares had previously been shares of the former Class A stock of the Corporation that were issued and outstanding on February 28, 1995.  These shares have voting rights of one vote per share. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Individuals purchasing Class A, Series 1 stock must be living within the Breda and Lidderdale service areas of the Company and subscribe to its telephone services.  Individuals or entities can purchase Class B, non-voting stock without service area or service participation restrictions. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Shareholders are individually limited to ownership of not more than one percent of the joint outstanding Class A and Class B stock unless ownership was prior to the Articles of Restatement.  There may be two stockholders per household and their joint ownership may not exceed two percent of the joint outstanding Class A and Class B stock. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Shareholders shall not sell any shares of stock owned unless the Company has been given first right of refusal. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | Stock transfers require consent of the board of directors. |
|--------|--------|------------------------------------------------------------|

|   | · | The Company may adopt bylaws, which may further restrict the transfer or ownership of capital stock of the Company. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

| NOTE 13. | EMPLOYEE BENEFITS |
|----------|-------------------|

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Table of Contents

| NOTE 14. | ASSET RETIREMENT OBLIGATION |
|----------|-----------------------------|

| NOTE 15. | RELATED PARTY TRANSACTIONS |
|----------|----------------------------|

| NOTE 16. | CONCENTRATIONS OF CREDIT RISK |
|----------|-------------------------------|

| NOTE 17. | NONCASH INVESTING ACTIVITIES |
|----------|------------------------------|

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Iowa

|   | The information contained herein is confidential and is not to be reproduced or published without the express authorization of Verizon Wireless. It is intended solely for the use by authorized Verizon Wireless and Iowa 8 Monona Limited Partnership personnel. |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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----

| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 29     |
|---------------------------------------------------------|--------|
|                                                    |   |
|                                                    |   |
| Balance Sheets                                          | 30     |
| As ofDecember 31, 2007 and 2006                         |   |
|                                                    |   |
| Statements of Operations                                | 31     |
| For the years ended December 31, 2007 and 2006          |   |
|                                                    |   |
|                                                    |   |
| Statements of Changes in Partners’ Capital        | 32     |
| For the years ended December 31, 2007 and 2006          |   |
|                                                    |   |
|                                                    |   |
| Statements of Cash Flows                                | 33     |
| For the years ended December 31, 2007 and 2006          |   |
|                                                    |   |
|                                                    |   |
| Notes to Financial Statements                           | 34-43  |

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| ASSETS                                               |   | 2007   |   |   | 2006   |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                 |   |   |   |   |   |   |
| CURRENT ASSETS:                                      |   |   |   |   |   |   |
| Accounts receivable, net of allowance of $46 and $38 |   | $      | 1,577  |   |   | $      | 1,480 |   |
| Unbilled revenue                                     |   |   | 179    |   |   |   | 208 |   |
| Due from affiliate                                   |   |   | 3,143  |   |   |   | 2,250 |   |
| Prepaid expenses and other current assets            |   |   | 3      |   |   |   | 5 |   |
|                                                 |   |   |   |   |   |   |   |   |
| Total current assets                                 |   |   | 4,902  |   |   |   | 3,943 |   |
|                                                 |   |   |   |   |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT—Net              |   |   | 5,157  |   |   |   | 4,898 |   |
|                                                 |   |   |   |   |   |   |   |   |
| TOTAL                                                |   | $      | 10,059 |   |   | $      | 8,841 |   |
|                                                 |   |   |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL              |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                 |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities             |   | $      | 459    |   |   | $      | 509 |   |
| Advance billings and customer deposits               |   |   | 455    |   |   |   | 404 |   |
|                                                 |   |   |   |   |   |   |   |   |
| Total current liabilities                            |   |   | 914    |   |   |   | 913 |   |
|                                                 |   |   |   |   |   |   |   |   |
| LONG TERM LIABILITIES                                |   |   | 17     |   |   |   | 15 |   |
|                                                 |   |   |   |   |   |   |   |   |
| Total liabilities                                    |   |   | 931    |   |   |   | 928 |   |
|                                                 |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES (see Notes 6 and 7)    |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                              |   |   | 9,128  |   |   |   | 7,913 |   |
|                                                 |   |   |   |   |   |   |   |   |
| TOTAL                                                |   | $      | 10,059 |   |   | $      | 8,841 |   |

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|                                                                                               |   | 2007   |   |   | 2006   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                                               |   |   |   |   |   |   |
| OPERATING REVENUES (see Note 5 for transactions with affiliates and related parties):              |   |   |   |   |   |   |
| Service revenues, net                                                                              |   | $      | 15,940 |   |   | $      | 14,418 |   |
| Equipment, net and other revenues                                                                  |   |   | 4,624  |   |   |   | 3,231 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Total operating revenues                                                                           |   |   | 20,564 |   |   |   | 17,649 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| OPERATING COSTS AND EXPENSES (see Note 5 for transactions with affiliates and related parties):    |   |   |   |   |   |   |   |   |
| Cost of service (excluding depreciation and amortization related to network assets included below) |   |   | 6,213  |   |   |   | 6,239 |   |
| Cost of equipment                                                                                  |   |   | 2,184  |   |   |   | 1,566 |   |
| Selling, general and administrative                                                                |   |   | 5,207  |   |   |   | 4,526 |   |
| Depreciation and amortization                                                                      |   |   | 899    |   |   |   | 734 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Total operating costs and expenses                                                                 |   |   | 14,503 |   |   |   | 13,065 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| OPERATING INCOME                                                                                   |   |   | 6,061  |   |   |   | 4,584 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| INTEREST INCOME, NET                                                                               |   |   | 154    |   |   |   | 154 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| NET INCOME                                                                                         |   | $      | 6,215  |   |   | $      | 4,738 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| ALLOCATION OF NET INCOME:                                                                          |   |   |   |   |   |   |   |   |
| Limited partners                                                                                   |   | $      | 3,579  |   |   | $      | 2,194 |   |
| General Partner                                                                                    |   |   | 2,636  |   |   |   | 2,544 |   |

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|                                                       |   | General Partner                                |   |   | Limited Partners                               |   |   |                                    |   |
|------------------------------------------------------------|--------|------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                       |   | West Iowa Cellular of Iowa Limited Partnership |   |   | West Iowa Cellular of Iowa Limited Partnership |   |   | Alltel Communicaitons of Nebraska, Inc. |   |   | West Iowa Cellualr, Inc. |   |   | Commnet Cellular, Inc. |   |   | Cellco Partnership |   |   | Total Partners’ Capital |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE—January 1, 2006                              |   | $                                              | 4,783  |   |                                           | $      | 1,794  |                                    |   | $ | 598 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 7,175 |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                                              |   |                                           | (1,697 | )      |                                           |   | (636   | )                                       |   |   | - |   |   |   | (851 | ) |   |   | (653 | ) |   |   | (163 | ) |   |   | (4,000 | ) |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                 |   |                                           | 2,544  |   |                                           |   | 954    |                                    |   |   | 163 |   |   |   | 551 |   |   |   | 413 |   |   |   | 113 |   |   |   | 4,738 |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Partnership interest on June 14, 2006              |   |                                           | -      |   |                                           |   | -      |                                    |   |   | (761 | ) |   |   | 388 |   |   |   | - |   |   |   | 373 |   |   |   | - |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of Partnership interest on June 30, 2006      |   |                                           | (2,273 | )      |                                           |   | (853   | )                                       |   |   | - |   |   |   | 1,594 |   |   |   | 1,532 |   |   |   | - |   |   |   | - |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE—December 31, 2006                            |   |                                           | 3,357  |   |                                           |   | 1,259  |                                    |   |   | - |   |   |   | 1,682 |   |   |   | 1,292 |   |   |   | 323 |   |   |   | 7,913 |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                                              |   |                                           | (2,121 | )      |                                           |   | (795   | )                                       |   |   | - |   |   |   | (1,063 | ) |   |   | (817 | ) |   |   | (204 | ) |   |   | (5,000 | ) |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                 |   |                                           | 2,636  |   |                                           |   | 742    |                                    |   |   | - |   |   |   | 1,446 |   |   |   | 1,137 |   |   |   | 254 |   |   |   | 6,215 |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution of Partnership interest on September 30, 2007 |   |                                           | -      |   |                                           |   | (1,206 | )                                       |   |   | - |   |   |   | 615 |   |   |   | 591 |   |   |   | - |   |   |   | - |   |
|                                                       |   |                                           |   |   |                                           |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE—December 31, 2007                            |   | $                                              | 3,872  |   |                                           | $      | -      |                                    |   | $ | - |   |   | $ | 2,680 |   |   | $ | 2,203 |   |   | $ | 373 |   |   | $ | 9,128 |   |

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|                                                                              |   | 2007   |   |   | 2006   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                              |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                             |   |   |   |   |   |   |
| Net income                                                                        |   | $      | 6,215  |   |   | $      | 4,738 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |   | 899    |   |   |   | 734 |   |
| Provision for losses on accounts receivable                                       |   |   | 109    |   |   |   | 69 |   |
| Changes in certain assets and liabilities:                                        |   |   |   |   |   |   |   |   |
| Accounts receivable                                                               |   |   | (206   | )      |   |   | (389 | ) |
| Unbilled revenue                                                                  |   |   | 29     |   |   |   | 39 |   |
| Prepaid expenses and other current assets                                         |   |   | 2      |   |   |   | - |   |
| Accounts payable and accrued liabilities                                          |   |   | (6     | )      |   |   | 51 |   |
| Advance billings and customer deposits                                            |   |   | 51     |   |   |   | (19 | ) |
| Long term liabilities                                                             |   |   | 1      |   |   |   | 6 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Net cash provided by operating activities                                         |   |   | 7,094  |   |   |   | 5,229 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                             |   |   |   |   |   |   |   |   |
| Capital expenditures, net                                                         |   |   | (1,201 | )      |   |   | (554 | ) |
| Change in due from affiliate, net                                                 |   |   | (893   | )      |   |   | (675 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| Net cash used in investing activities                                             |   |   | (2,094 | )      |   |   | (1,229 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                             |   |   |   |   |   |   |   |   |
| Distributions to partners                                                         |   |   | (5,000 | )      |   |   | (4,000 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| Net cash used in financing activities                                             |   |   | (5,000 | )      |   |   | (4,000 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| CHANGE IN CASH                                                                    |   |   | -      |   |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |
| CASH—Beginning of year                                                      |   |   | -      |   |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |
| CASH—End of year                                                            |   | $      | -      |   |   | $      | - |   |
|                                                                              |   |   |   |   |   |   |   |   |
| NONCASH TRANSACTIONS FROM INVESTING ACTIVITIES:                                   |   |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Accruals for Capital Expenditures                                                 |   | $      | 2      |   |   | $      | 2 |   |

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| 1. | ORGANIZATION AND MANAGEMENT |
|----|-----------------------------|

| General Partner:                               |   |   |    |
|------------------------------------------------|--------|--------|---------|
| West Iowa Cellular of Iowa Limited Partnership |   |   | 42.4242 | % |
|                                           |   |   |    |   |
| Limited Partners:                              |   |   |    |   |
| West Iowa Cellular, Inc.                       |   |   | 29.3637 | % |
| CommNet Cellular, Inc. *                       |   |   | 24.1288 | % |
| Cellco Partnership                             |   |   | 4.0833  | % |

| General Partner:                               |   |   |    |
|------------------------------------------------|--------|--------|---------|
| West Iowa Cellular of Iowa Limited Partnership |   |   | 42.4242 | % |
|                                           |   |   |    |   |
| Limited Partners:                              |   |   |    |   |
| West Iowa Cellular of Iowa Limited Partnership |   |   | 15.9092 | % |
| West Iowa Cellular, Inc.                       |   |   | 21.2500 | % |
| CommNet Cellular, Inc. *                       |   |   | 16.3333 | % |
| Cellco Partnership                             |   |   | 4.0833  | % |

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| General Partner:                               |   |   |    |
|------------------------------------------------|--------|--------|---------|
| West Iowa Cellular of Iowa Limited Partnership |   |   | 66.6667 | % |
|                                           |   |   |    |   |
| Limited Partners:                              |   |   |    |   |
| West Iowa Cellular of Iowa Limited Partnership |   |   | 25.0000 | % |
| West Iowa Cellular, Inc.                       |   |   | 4.2500  | % |
| Cellco Partnership                             |   |   | 4.0833  | % |

| General Partner:                               |   |   |    |
|------------------------------------------------|--------|--------|---------|
| West Iowa Cellular of Iowa Limited Partnership |   |   | 66.6667 | % |
|                                           |   |   |    |   |
| Limited Partners:                              |   |   |    |   |
| West Iowa Cellular of Iowa Limited Partnership |   |   | 25.0000 | % |
| Alltel Communications of Nebraska, Inc.        |   |   | 8.3333  | % |

| 2. | SIGNIFICANT ACCOUNTING POLICIES |
|----|---------------------------------|

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| 3. | PROPERTY, PLANT AND EQUIPMENT |
|----|-------------------------------|

|                                           | Useful Lives |   | 2007   |   |   | 2006   |   |
|------------------------------------------------|--------------|--------|--------|--------|--------|--------|--------|
|                                           |         |   |   |   |   |   |   |
| Land                                           |         |   | $      | 75     |   |   | $      | 75 |   |
| Buildings and improvements                     | 10-40 years  |   |   | 1,675  |   |   |   | 1,408 |   |
| Cellular plant equipment                       | 3-15 years   |   |   | 8,221  |   |   |   | 7,401 |   |
| Leasehold improvements                         | 5 years      |   |   | 116    |   |   |   | 84 |   |
|                                           |         |   |   |   |   |   |   |   |   |
|                                           |         |   |   | 10,087 |   |   |   | 8,968 |   |
|                                           |         |   |   |   |   |   |   |   |   |
| Less accumulated depreciation and amortization |         |   |   | 4,930  |   |   |   | 4,070 |   |
|                                           |         |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net             |         |   | $      | 5,157  |   |   | $      | 4,898 |   |

| 4. | CURRENT LIABILITIES |
|----|---------------------|

|                                     |   | 2007   |   |   | 2006   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |
| Accounts payable                         |   | $      | 395    |   |   | $      | 474 |   |
| Accrued liabilities                      |   |   | 64     |   |   |   | 35 |   |
| Accounts payable and accrued liabilities |   | $      | 459    |   |   | $      | 509 |   |

|                                   |   | 2007   |   |   | 2006   |   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|
|                                   |   |   |   |   |   |   |
| Advance billings                       |   | $      | 404    |   |   | $      | 350 |   |
| Customer deposits                      |   |   | 51     |   |   |   | 54 |   |
| Advance billings and customer deposits |   | $      | 455    |   |   | $      | 404 |   |

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| 5. | TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES |
|----|--------------------------------------------------|

|                                    |   | 2007   |   |   | 2006   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|
|                                    |   |   |   |   |   |   |
| Service revenues (a)                    |   | $      | 3,895  |   |   | $      | 4,141 |   |
| Equipment and other revenues (b)        |   |   | (7     | )      |   |   | (84 | ) |
| Cost of service (c)                     |   |   | 5,043  |   |   |   | 5,281 |   |
| Cost of equipment (d)                   |   |   | 250    |   |   |   | 201 |   |
| Selling, general and administrative (e) |   |   | 3,227  |   |   |   | 2,749 |   |

|   | (a) | Service revenues include roaming revenues relating to customers of other affiliated markets, long distance, data and allocated contra-revenues including revenue concessions. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Equipment and other revenues include cell sharing revenues, sales of handsets and accessories and allocated contra-revenues including equipment concessions and coupon rebates. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Cost of service includes roaming costs relating to customers roaming in other affiliated markets, switch costs and allocated cost of telecom, long distance, and handset applications. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Cost of equipment includes allocations of handsets, accessories and other costs incurred by Cellco on behalf of the Partnership and excludes the cost of inventory transferred to the Partnership of $1,934 and $1,365 during 2007 and 2006, respectively, as discussed in Note 2. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Selling, general and administrative expenses includes allocations and/or directly charged commissions, customer billing, office telecom, customer care, salaries, sales and marketing and advertising. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6. | COMMITMENTS |
|----|-------------|

| Years                  |   | Amount |   |
|------------------------|--------|--------|--------|
|                   |   |   |   |
| 2008                   |   | $      | 84     |   |
| 2009                   |   |   | 81     |   |
| 2010                   |   |   | 77     |   |
| 2011                   |   |   | 75     |   |
| 2012                   |   |   | 66     |   |
| 2013 and thereafter    |   |   | 281    |   |
|                   |   |   |   |   |
| Total minimum payments |   | $      | 664    |   |

| 7. | CONTINGENCIES |
|----|---------------|

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| 8. | RECONCILIATION OF ALLOWANCE FOR DOUBTFUL ACCOUNTS |
|----|---------------------------------------------------|

|                            |   | Balance at Beginning of the Year |   |   | Additions Charged to Operations |   |   | Write-offs Net of Recoveries |   |   | Balance at End of the Year |   |
|---------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|--------|------------------------------|--------|--------|----------------------------|--------|
|                            |   |                             |   |   |                            |   |   |                         |   |   |                       |   |
| Accounts Receivable Allowances: |   |                             |   |   |                            |   |   |                         |   |   |                       |   |
| 2007                            |   | $                                | 38     |   |                            | $      | 109    |                         |   | $      | (101                       | )      |   | $ | 46 |   |
| 2006                            |   |                             | 41     |   |                            |   | 69     |                         |   |   | (72                        | )      |   |   | 38 |   |

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|               | BREDA TELEPHONE CORP.                        |                    |
|--------------------|----------------------------------------------|-------------------------|
|               |                                         |                    |   |
|               |                                         |                    |   |
| Date: May 28, 2010 | By:                                          | /s/ Charles J. Deisbeck |   |
|               | Charles J. Deisbeck, Chief Executive Officer |                    |
|               |                                         |                    |   |
|               | By:                                          | /s/ Jane Morlok         |   |
|               | Jane Morlok, Chief Financial Officer         |                    |

| By:    | /s/ Daniel Nieland                       |   | By:    | /s/ Neil Kanne                          |   |
|--------|------------------------------------------|--------|--------|-----------------------------------------|--------|
|   | Daniel Nieland, Vice-President/Director  |   |   | Neil Kanne, Secretary and Director      |   |
|   | Date:  May 28, 2010            |   |   | Date:  May 28, 2010           |   |
|   |                                     |   |   |                                    |   |
| By:    | /s/ Rick Anthofer                        |   | By:    | /s/ Dean Schettler                      |   |
|   | Rick Anthofer, Treasurer and Director    |   |   | Dean Schettler, Director                |   |
|   | Date:  May 28, 2010            |   |   | Date:  May 28, 2010           |   |
|   |                                     |   |   |                                    |   |
| By:    | /s/ Clifford Neumayer                    |   | By:    | /s/ Dr. Daniel McDermott                |   |
|   | Clifford Neumayer, Director              |   |   | Dr. Daniel McDermott, Director          |   |
|   | Date:  May 28, 2010            |   |   | Date:  May 28, 2010           |   |
|   |                                     |   |   |                                    |   |
| By:    | /s/ Charles Thatcher                     |   | By:    | /s/ Jane Morlok                         |   |
|   | Charles Thatcher, President and Director |   |   | Jane Morlok, Chief Financial Officer    |   |
|   | Date:  May 28, 2010            |   |   | Date:  May 28, 2010           |   |
|   |                                     |   |   |                                    |   |
| By:    | /s/ Charles J. Deisbeck                  |   | By:    | /s/ Kevin Batcher                       |   |
|   | Charles J. Deisbeck, Chief Exec.Officer  |   |   | Kevin Batcher, Chief Operations Officer |   |
|   | Date:  May 28, 2010            |   |   | Date:  May 28, 2010           |   |

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|   | *31.   | Rule 13a-14(a)/15d-14(a) Certifications |                                                      |
|--------|--------|-----------------------------------------|-----------------------------------------------------------|
|   |   |                                    |                                                      |   |
|   |   | 31.1                                    | Rule 13(a)-14(a) Certification of Chief Executive Officer | E-1 |
|   |   |                                    |                                                      |   |
|   |   | 31.2                                    | Rule 13(a)-14(a) Certification of Chief Financial Officer | E-2 |
|   |   |                                    |                                                      |   |
|   |   |                                    |                                                      |   |
|   | *32.   | Section 1350 Certifications             |                                                      |
|   |   |                                    |                                                      |   |
|   |   | 32.1                                    | Section 1350 Certification of Chief Executive Officer     | E-3 |
|   |   |                                    |                                                      |   |
|   |   | 32.2                                    | Section 1350 Certification of Chief Financial Officer     | E-4 |

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