----

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| T | ANNUALREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO 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)                           |

|   | Yes        o      No        T |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Yes        o      No        T |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | Yes        T      No        o |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | Yes        o      No        o |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   |                                    T |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Large accelerated filer   | o      | Accelerated filer                               | o      |
|--------|-----------------------------------------------|--------|-------------------------------------------------|--------|
|   |                                          |   |                                            |   |
|   | Non-accelerated filer                         | o      | Smaller reporting company   | T      |

|   | Yes        o      No        T |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

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| Item 8. | 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      |

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Contents

RE

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Contents

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Contents

BRED

|                                                                                                                                                            |   | December 31, |       |   | December 31,    |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|----------------------|--------|
|                                                                                                                                                            |   | 2009              |       |   | 2008 (Restated) |   |
| ASSETS                                                                                                                                                          |   |              |       |   |                 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |
| CURRENT ASSETS                                                                                                                                                  |   |              |       |   |                 |   |
| Cash and cash equivalents                                                                                                                                       |   | $                 | 4,987,960  |   |                 | $      | 1,317,462 |   |
| Marketable securities                                                                                                                                           |   |              | 490,724    |   |                 |   | 604,435 |   |
| Accounts receivable, net of allowances of $159,831 and $3,415,824 in 2009 and 2008, respectively                                                                |   |              | 1,928,483  |   |                 |   | 3,290,640 |   |
| Interest receivable                                                                                                                                             |   |              | 62,693     |   |                 |   | 81,730 |   |
| Notes receivable, less impairment of $445,253 in 2008                                                                                                           |   |              | -          |   |                 |   | 73,759 |   |
| Inventory, at average cost                                                                                                                                      |   |              | 297,678    |   |                 |   | 227,731 |   |
| Prepaid income taxes                                                                                                                                            |   |              | 1,310,951  |   |                 |   | 406,451 |   |
| Other                                                                                                                                                           |   |              | 291,977    |   |                 |   | 112,438 |   |
| Deferred income taxes                                                                                                                                           |   |              | 58,862     |   |                 |   | 718,595 |   |
|                                                                                                                                                            |   |              | 9,429,328  |   |                 |   | 6,833,241 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| OTHER NONCURRENT ASSETS                                                                                                                                         |   |              |       |   |                 |   |   |   |
| Marketable securities                                                                                                                                           |   |              | 5,223,501  |   |                 |   | 5,440,550 |   |
| Investments in unconsolidated affiliates at equity                                                                                                              |   |              | 8,537,047  |   |                 |   | 8,525,861 |   |
| Other investments at cost                                                                                                                                       |   |              | 655,542    |   |                 |   | 673,590 |   |
| Goodwill                                                                                                                                                        |   |              | 918,715    |   |                 |   | 896,812 |   |
|                                                                                                                                                            |   |              | 15,334,805 |   |                 |   | 15,536,813 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT                                                                                                                                   |   |              | 8,102,372  |   |                 |   | 6,857,853 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| TOTAL ASSETS                                                                                                                                                    |   | $                 | 32,866,505 |   |                 | $      | 29,227,907 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                            |   |              |       |   |                 |   |   |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| CURRENT LIABILITIES                                                                                                                                             |   |              |       |   |                 |   |   |   |
| Current portion of long-term debt                                                                                                                               |   | $                 | 14,144     |   |                 | $      | 200,507 |   |
| Accounts payable                                                                                                                                                |   |              | 2,091,609  |   |                 |   | 1,751,822 |   |
| Accrued taxes                                                                                                                                                   |   |              | 157,740    |   |                 |   | 191,943 |   |
| Other                                                                                                                                                           |   |              | 136,722    |   |                 |   | 124,536 |   |
|                                                                                                                                                            |   |              | 2,400,215  |   |                 |   | 2,268,808 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| LONG-TERM DEBT, less current portion                                                                                                                            |   |              | 1,548,575  |   |                 |   | 750,988 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| OTHER NONCURRENT LIABILITIES                                                                                                                                    |   |              | 2,468,101  |   |                 |   | 1,947,128 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                                            |   |              |       |   |                 |   |   |   |
| Common stock, Class A - no par value, 5,000,000 shares authorized, 26,109 and 27,924 shares issued and outstanding at $547 and $509 stated values, respectively |   |              | 14,281,623 |   |                 |   | 14,213,316 |   |
| Common stock, Class B - no par value, 5,000,000 shares authorized, 4,742 and 2,927 shares issued and outstanding at $547 and $509 stated values, respectively   |   |              | 2,593,874  |   |                 |   | 1,489,843 |   |
| Retained earnings                                                                                                                                               |   |              | 9,508,416  |   |                 |   | 8,421,630 |   |
|                                                                                                                                                            |   |              | 26,383,913 |   |                 |   | 24,124,789 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| MINORITY INTEREST                                                                                                                                               |   |              | 65,701     |   |                 |   | 136,194 |   |
|                                                                                                                                                            |   |              |       |   |                 |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                      |   | $                 | 32,866,505 |   |                 | $      | 29,227,907 |   |

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|                                            |   | For the Years Ended |      |
|-------------------------------------------------|--------|---------------------|-----------|
|                                            |   | 2009                |      |   | 2008 (Restated) |   |
|                                            |   |                |      |   |   |   |
| OPERATING REVENUES                              |   | $                   | 9,069,766 |   |   | $ | 9,687,237 |   |
|                                            |   |                |      |   |   |   |   |   |
| OPERATING EXPENSES                              |   |                |      |   |   |   |   |   |
| Cost of services                                |   |                | 4,550,643 |   |   |   | 5,226,498 |   |
| Depreciation and amortization                   |   |                | 1,040,454 |   |   |   | 979,478 |   |
| Selling, general, and administrative            |   |                | 2,510,292 |   |   |   | 2,367,572 |   |
|                                            |   |                | 8,101,389 |   |   |   | 8,573,548 |   |
|                                            |   |                |      |   |   |   |   |   |
| OPERATING INCOME                                |   |                | 968,377   |   |   |   | 1,113,689 |   |
|                                            |   |                |      |   |   |   |   |   |
| OTHER INCOME (EXPENSES)                         |   |                |      |   |   |   |   |   |
| Interest and dividend income                    |   |                | 391,559   |   |   |   | 442,989 |   |
| Gain on sale of investments                     |   |                | 7,513     |   |   |   | 6,018 |   |
| Gain or (Loss) on disposal of assets            |   |                | (71,883   | ) |   |   | 15,561 |   |
| Interest expense                                |   |                | (26,321   | ) |   |   | (77,354 | ) |
| Income from equity investments                  |   |                | 1,827,141 |   |   |   | 1,749,349 |   |
| Gain or (Loss) on impairment of note receivable |   |                | 445,253   |   |   |   | (443,013 | ) |
| Other, net                                      |   |                | (39,770   | ) |   |   | (45,717 | ) |
|                                            |   |                | 2,533,492 |   |   |   | 1,647,833 |   |
|                                            |   |                |      |   |   |   |   |   |
| INCOME BEFORE INCOME TAXES                      |   |                | 3,501,869 |   |   |   | 2,761,522 |   |
|                                            |   |                |      |   |   |   |   |   |
| INCOME TAXES                                    |   |                | 998,335   |   |   |   | 830,299 |   |
|                                            |   |                |      |   |   |   |   |   |
| NET INCOME BEFORE MINORITY INTEREST             |   |                | 2,503,534 |   |   |   | 1,931,223 |   |
|                                            |   |                |      |   |   |   |   |   |
| MINORITY INTEREST                               |   |                | 2,398     |   |   |   | (2,668 | ) |
|                                            |   |                |      |   |   |   |   |   |
| NET INCOME                                      |   | $                   | 2,505,932 |   |   | $ | 1,928,555 |   |
|                                            |   |                |      |   |   |   |   |   |
| NET INCOME PER COMMON SHARE                     |   | $                   | 81.23     |   |   | $ | 62.50 |   |
|                                            |   |                |      |   |   |   |   |   |
| DIVIDENDS PER COMMON SHARE                      |   | $                   | 8.00      |   |   | $ | 8.00 |   |

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BRE

|                          |   | Common Stock, A and B Class |   |   | Retained Earnings |   |       | Total  |   |
|-------------------------------|--------|-----------------------------|--------|--------|-------------------|--------|------------|--------|--------|
|                          |   | Shares                      |   |   | Amount            |   |       |   |   |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |
| Balance at December 31, 2007  |   |                        | 30,936 |   |              | $      | 14,137,752 |   |   | $ | 8,344,135 |   |   | $ | 22,481,887 |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Comprehensive income:         |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Net Income                    |   |                        |   |   |              |   |       |   |   |   | 1,928,555 |   |   |   | 1,928,555 |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Dividends paid                |   |                        |   |   |              |   |       |   |   |   | (246,808 | ) |   |   | (246,808 | ) |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Common stock redeemed, net    |   |                        | (85    | )      |              |   | (38,845    | )      |   |   |   |   |   |   | (38,845 | ) |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Stated value stock adjustment |   |                        |   |   |              |   | 1,604,252  |   |   |   | (1,604,252 | ) |   |   |   |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2008  |   |                        | 30,851 |   |              |   | 15,703,159 |   |   |   | 8,421,630 |   |   |   | 24,124,789 |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Comprehensive income:         |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Net Income                    |   |                        |   |   |              |   |       |   |   |   | 2,505,932 |   |   |   | 2,505,932 |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Dividends paid                |   |                        |   |   |              |   |       |   |   |   | (246,808 | ) |   |   | (246,808 | ) |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Common stock redeemed, net    |   |                        |   |   |              |   |       |   |   |   |   |   |   |   | - |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Stated value stock adjustment |   |                        |   |   |              |   | 1,172,338  |   |   |   | (1,172,338 | ) |   |   |   |   |
|                          |   |                        |   |   |              |   |       |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2009  |   |                        | 30,851 |   |              | $      | 16,875,497 |   |   | $ | 9,508,416 |   |   | $ | 26,383,913 |   |

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|                                                                                                                                  |   | 2009   |       |   | 2008 (Restated) |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|----------------------|--------|
|                                                                                                                                  |   |   |       |   |                 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                  |   |   |       |   |                 |   |
| Net income                                                                                                                            |   | $      | 2,505,932  |   |                 | $      | 1,928,555 |   |
| Adjustments to reconcile net income to cash provided by operating activities:                                                         |   |   |       |   |                 |   |   |   |
| Depreciation and amortization                                                                                                         |   |   | 1,040,454  |   |                 |   | 979,478 |   |
| Minority interest                                                                                                                     |   |   | (2,398     | )      |                 |   | 2,668 |   |
| Deferred income taxes                                                                                                                 |   |   | 1,180,707  |   |                 |   | 29,220 |   |
| Amortization of investment premium/discount - net                                                                                     |   |   | 36,764     |   |                 |   | 43,363 |   |
| Equity income in unconsolidated affiliates, net of distributions received of $1,831,455 and $2,529,549 in 2009 and 2008, respectively |   |   | 4,314      |   |                 |   | 780,200 |   |
| (Gain) or loss on disposal of property                                                                                                |   |   | 71,883     |   |                 |   | (15,561 | ) |
| (Gain) or loss on impairment of note receivable                                                                                       |   |   | (445,253   | )      |                 |   | 445,253 |   |
| Gain on sale of marketable securities                                                                                                 |   |   | (7,513     | )      |                 |   | (6,018 | ) |
| Changes in assets and liabilities:                                                                                                    |   |   |       |   |                 |   |   |   |
| (Increase) or decrease in assets                                                                                                      |   |   | 205,305    |   |                 |   | (2,108,704 | ) |
| Increase or (decrease) in liabilities                                                                                                 |   |   | (3,824     | )      |                 |   | 703,518 |   |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| Net cash provided by operating activities                                                                                             |   | $      | 4,586,371  |   |                 | $      | 2,781,972 |   |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                                                                  |   |   |       |   |                 |   |   |   |
| Capital expenditures                                                                                                                  |   |   | (2,114,856 | )      |                 |   | (2,763,749 | ) |
| Proceeds from the sale of assets                                                                                                      |   |   | 79,594     |   |                 |   | 18,835 |   |
| Purchase of marketable securities                                                                                                     |   |   | (598,466   | )      |                 |   | (419,433 | ) |
| Purchase of equity investments                                                                                                        |   |   | (15,500    | )      |                 |   | (1,422,000 | ) |
| Purchase of other investments - at cost                                                                                               |   |   | (6,055     | )      |                 |   | (15,621 | ) |
| Purchase of investment in a subsidiary                                                                                                |   |   | (68,095    | )      |                 |   | - |   |
| Proceeds from the sale of marketable securities                                                                                       |   |   | 899,975    |   |                 |   | 2,192,168 |   |
| Proceeds from the sale of other investments - at cost                                                                                 |   |   | 24,103     |   |                 |   | 28,197 |   |
| Proceeds from the receipt of principal on note receivable                                                                             |   |   | 519,011    |   |                 |   | 254,384 |   |
| Issuance of notes receivable                                                                                                          |   |   | -          |   |                 |   | (39,012 | ) |
| Net cash used in investing activities                                                                                                 |   | $      | (1,280,289 | )      |                 | $      | (2,166,231 | ) |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                  |   |   |       |   |                 |   |   |   |
| Repayment of long term debt                                                                                                           |   |   | (953,105   | )      |                 |   | (187,710 | ) |
| Proceeds from the issuance of long term debt                                                                                          |   |   | 1,564,329  |   |                 |   | - |   |
| Common stock redeemed, net                                                                                                            |   |   | -          |   |                 |   | (38,845 | ) |
| Dividends paid                                                                                                                        |   |   | (246,808   | )      |                 |   | (246,808 | ) |
| Net cash provided by (used in) financing activities                                                                                   |   | $      | 364,416    |   |                 | $      | (473,363 | ) |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| Net Increase in Cash and Cash Equivalents                                                                                             |   | $      | 3,670,498  |   |                 | $      | 142,378 |   |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| Cash and Cash Equivalents at Beginning of Period                                                                                      |   |   | 1,317,462  |   |                 |   | 1,175,084 |   |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| Cash and Cash Equivalents at End of Period                                                                                            |   | $      | 4,987,960  |   |                 | $      | 1,317,462 |   |
|                                                                                                                                  |   |   |       |   |                 |   |   |   |
| Supplemental Disclosures of Cash Flow Information                                                                                     |   |   |       |   |                 |   |   |   |
| Cash paid during the period for:                                                                                                      |   |   |       |   |                 |   |   |   |
| Interest                                                                                                                              |   | $      | 26,321     |   |                 | $      | 77,354 |   |
| Income taxes                                                                                                                          |   | $      | 722,128    |   |                 | $      | 1,388,117 |   |

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

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Contents

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

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Contents

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

----

Contents

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

|                         |   | Difference |    |
|------------------------------|--------|------------|---------|
| Total assets                 |   | $          | 136,195 |   |
| Total liabilities and equity |   |       | 136,195 |   |
|                         |   |       |    |   |
|                         |   |       |    |   |
|                         |   | Difference |    |
| Operating revenues           |   | $          | 45,656  |   |
| Operating expenses           |   |       | 41,671  |   |
| Operating income             |   |       | 3,985   |   |
| Income before income taxes   |   |       | 2,668   |   |

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

|                   |   | Unamortized Cost |      |   | Gross Unrealized Gains |   |      | Gross Unrealized Losses |   |   | Fair Value |   |
|------------------------|--------|------------------|-----------|--------|------------------------|--------|-----------|-------------------------|--------|--------|------------|--------|
|                   |   |             |      |   |                   |   |      |                    |   |   |       |   |
| December 31, 2009      |   |             |      |   |                   |   |      |                    |   |   |       |   |
|                   |   |             |      |   |                   |   |      |                    |   |   |       |   |
| Held-to-Maturity:      |   |             |      |   |                   |   |      |                    |   |   |       |   |
| Municipal bonds        |   | $                | 3,581,827 |   |                   | $      | 131,229   |                    |   | $      | (5,206     | )      |   | $ | 3,707,850 |   |
| Government securities  |   |             | 2,132,398 |   |                   |   | 31,147    |                    |   |   | (15,761    | )      |   |   | 2,147,784 |   |
|                   |   | $                | 5,714,225 |   |                   | $      | 162,376   |                    |   | $      | (20,967    | )      |   | $ | 5,855,634 |   |
|                   |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| December 31, 2008      |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
|                   |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Held-to-Maturity:      |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Municipal bonds        |   | $                | 3,641,774 |   |                   | $      | 77,334    |                    |   | $      | (37,007    | )      |   | $ | 3,682,101 |   |
| Government securities  |   |             | 2,403,211 |   |                   |   | 13,958    |                    |   |   | (181,424   | )      |   |   | 2,235,745 |   |
|                   |   | $                | 6,044,985 |   |                   | $      | 91,292    |                    |   | $      | (218,431   | )      |   | $ | 5,917,846 |   |
|                   |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
|                   |   | 2009             |      |   | 2008                   |   |      |                    |   |   |       |   |   |   |
| Amounts classified as: |   |             |      |   |                   |   |      |                    |   |   |       |   |   |   |   |   |
| Current                |   | $                | 490,724   |   |                   | $      | 604,435   |                    |   |   |       |   |   |   |   |   |
| Noncurrent             |   |             | 5,223,501 |   |                   |   | 5,440,550 |                    |   |   |       |   |   |   |   |   |
| Total                  |   | $                | 5,714,225 |   |                   | $      | 6,044,985 |                    |   |   |       |   |   |   |   |   |

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Contents

| NOTE 2. | MARKETABLE SECURITIES (Continued) |
|---------|-----------------------------------|

|                                     |   | Unamortized Cost |      |   | Fair Value |   |
|------------------------------------------|--------|------------------|-----------|--------|------------|--------|
| Due in one year or less                  |   | $                | 490,724   |   |       | $      | 502,517 |   |
| Due after one year through three years   |   |             | 1,249,076 |   |       |   | 1,299,387 |   |
| Due after three years through five years |   |             | 1,116,373 |   |       |   | 1,160,268 |   |
| Due after five years                     |   |             | 2,858,052 |   |       |   | 2,893,462 |   |
|                                     |   | $                | 5,714,225 |   |       | $      | 5,855,634 |   |

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

|                           |   | December 31, |   |   | December 31, |   |
|--------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|                           |   | 2009              |   |   | 2008              |   |
|                           |   |              |   |   |              |   |
| Spiralight Network, LLC - 8.5% |   |              | -      |   |              |   | 519,012 |   |
| Less impairment                |   |              | -      |   |              |   | (445,253 | ) |
|                           |   |              | -      |   |              |   | 73,759 |   |
| Less current portion           |   |              | -      |   |              |   | (73,759 | ) |
|                           |   | $                 | -      |   |              | $      | - |   |

----

Contents

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

|                           |   | 2009   |      |   | 2008   |   |
|--------------------------------|--------|--------|-----------|--------|--------|--------|
|                           |   |   |      |   |   |   |
| Alpine Communications, L.C.    |   | $      | 3,389,504 |   |   | $      | 3,085,415 |   |
| West Iowa Cellular, Inc.       |   |   | 1,547,040 |   |   |   | 1,632,882 |   |
| RSA #1, Ltd.                   |   |   | 1,660,481 |   |   |   | 1,561,117 |   |
| RSA #7, Ltd.                   |   |   | 594,949   |   |   |   | 555,730 |   |
| RSA #9, Ltd.                   |   |   | 1,011,261 |   |   |   | 973,207 |   |
| Quad County Communications     |   |   | 14,955    |   |   |   | 37,021 |   |
| Guthrie Group, L.L.C.          |   |   | 25,529    |   |   |   | 31,488 |   |
| Bug Tussel Wireless, L.L.C.    |   |   | -         |   |   |   | 649,001 |   |
| Spiralight Network, L.L.C.     |   |   | -         |   |   |   | - |   |
| Hilbert Communications, L.L.C. |   |   | 293,328   |   |   |   | - |   |
|                           |   | $      | 8,537,047 |   |   | $      | 8,525,861 |   |

|        |   | Alpine Communications, L.C. |       |
|-------------|--------|-----------------------------|------------|
|        |   |                        |       |   |   |   |
|        |   | 2009                        |       |   | 2008 |   |
|        |   |                        |       |   |   |   |
| Assets      |   | $                           | 23,955,426 |   |   | $ | 24,706,029 |   |
| Liabilities |   |                        | 11,979,642 |   |   |   | 13,928,446 |   |
| Equity      |   | $                           | 11,975,784 |   |   | $ | 10,777,583 |   |
|        |   |                        |       |   |   |   |   |   |
| Revenues    |   | $                           | 8,142,250  |   |   | $ | 7,981,757 |   |
| Expenses    |   |                        | 6,594,048  |   |   |   | 6,196,723 |   |
| Net Income  |   | $                           | 1,548,202  |   |   | $ | 1,785,034 |   |

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

----

Contents

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

| 2009        |   |                     |      |   |   |   |       |   |   |   |       |   |
|-------------|--------|--------------------------|-----------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|        |   |                     |      |   |   |   |       |   |   |   |       |   |
|        |   | West Iowa Cellular, Inc. |      |   | RSA #1 |   |       | RSA #7 |   |   | RSA #9     |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |
| Assets      |   | $                        | 6,670,576 |   |   | $      | 17,039,404 |   |   | $      | 11,163,461 |   |   | $ | 8,339,709 |   |
| Liabilities |   |                     | 482,417   |   |   |   | 1,860,827  |   |   |   | 2,848,034  |   |   |   | 2,272,264 |   |
| Equity      |   | $                        | 6,188,159 |   |   | $      | 15,178,577 |   |   | $      | 8,315,427  |   |   | $ | 6,067,445 |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Revenues    |   | $                        | 3,850,976 |   |   | $      | 10,800,091 |   |   | $      | 22,982,136 |   |   | $ | 15,284,205 |   |
| Expenses    |   |                     | 1,594,348 |   |   |   | 8,238,302  |   |   |   | 16,454,488 |   |   |   | 11,616,136 |   |
| Net Income  |   | $                        | 2,256,628 |   |   | $      | 2,561,789  |   |   | $      | 6,527,648  |   |   | $ | 3,668,069 |   |

| 2008        |   |                     |      |   |   |   |       |   |   |   |       |   |
|-------------|--------|--------------------------|-----------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|        |   |                     |      |   |   |   |       |   |   |   |       |   |
|        |   | West Iowa Cellular, Inc. |      |   | RSA #1 |   |       | RSA #7 |   |   | RSA #9     |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |
| Assets      |   | $                        | 6,942,909 |   |   | $      | 15,635,382 |   |   | $      | 10,806,436 |   |   | $ | 7,822,542 |   |
| Liabilities |   |                     | 411,378   |   |   |   | 1,413,854  |   |   |   | 3,039,166  |   |   |   | 1,983,413 |   |
| Equity      |   | $                        | 6,531,531 |   |   | $      | 14,221,528 |   |   | $      | 7,767,270  |   |   | $ | 5,839,129 |   |
|        |   |                     |      |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Revenues    |   | $                        | 3,675,022 |   |   | $      | 10,374,220 |   |   | $      | 21,795,116 |   |   | $ | 13,048,641 |   |
| Expenses    |   |                     | 1,511,719 |   |   |   | 7,008,521  |   |   |   | 16,138,900 |   |   |   | 9,353,024 |   |
| Net Income  |   | $                        | 2,163,303 |   |   | $      | 3,365,699  |   |   | $      | 5,656,216  |   |   | $ | 3,695,617 |   |

----

Contents

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

|        |   | Quad County Communications |    |
|-------------|--------|----------------------------|---------|
|        |   |                       |    |   |   |   |
|        |   | 2009                       |    |   | 2008 |   |
|        |   |                       |    |   |   |   |
| Assets      |   | $                          | 49,189  |   |   | $ | 116,125 |   |
| Liabilities |   |                       | 4,324   |   |   |   | 5,061 |   |
| Equity      |   | $                          | 44,865  |   |   | $ | 111,064 |   |
|        |   |                       |    |   |   |   |   |   |
| Revenues    |   | $                          | 24,214  |   |   | $ | 35,407 |   |
| Expenses    |   |                       | 116,030 |   |   |   | 67,330 |   |
| Net Income  |   | $                          | (91,816 | ) |   | $ | (31,923 | ) |

----

Contents

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

| 2009        |   |                            |    |   |                  |   |
|-------------|--------|---------------------------------|---------|--------|-----------------------|--------|
|        |   |                            |    |   |                  |   |
|        |   | Carroll County Wireless, L.L.C. |    |   | Guthrie Group, L.L.C. |   |
|        |   |                            |    |   |                  |   |
| Assets      |   | $                               | 197,099 |   |                  | $      | 69,587 |   |
| Liabilities |   |                            | -       |   |                  |   | - |   |
| Equity      |   | $                               | 197,099 |   |                  | $      | 69,587 |   |
|        |   |                            |    |   |                  |   |   |   |
| Revenues    |   | $                               | 33,615  |   |                  | $      | 3,850 |   |
| Expenses    |   |                            | 40,808  |   |                  |   | 44,217 |   |
| Net Income  |   | $                               | (7,193  | )      |                  | $      | (40,367 | ) |

| 2008        |   |                            |    |   |                  |   |
|-------------|--------|---------------------------------|---------|--------|-----------------------|--------|
|        |   |                            |    |   |                  |   |
|        |   | Carroll County Wireless, L.L.C. |    |   | Guthrie Group, L.L.C. |   |
|        |   |                            |    |   |                  |   |
| Assets      |   | $                               | 204,291 |   |                  | $      | 94,463 |   |
| Liabilities |   |                            | -       |   |                  |   | - |   |
| Equity      |   | $                               | 204,291 |   |                  | $      | 94,463 |   |
|        |   |                            |    |   |                  |   |   |   |
| Revenues    |   | $                               | 45,671  |   |                  | $      | 4,814 |   |
| Expenses    |   |                            | 41,671  |   |                  |   | 37,017 |   |
| Net Income  |   | $                               | 4,000   |   |                  | $      | (32,203 | ) |

----

Contents

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

|        |   | Bug Tussel Wireless, L.L.C. |       |
|-------------|--------|-----------------------------|------------|
|        |   |                        |       |   |   |   |
|        |   | 2009                        |       |   | 2008 |   |
|        |   |                        |       |   |   |   |
| Assets      |   | $                           | 17,355,477 |   |   | $ | 17,627,571 |   |
| Liabilities |   |                        | 12,296,277 |   |   |   | 12,955,330 |   |
| Equity      |   | $                           | 5,059,200  |   |   | $ | 4,672,241 |   |
|        |   |                        |       |   |   |   |   |   |
| Revenues    |   | $                           | 316,766    |   |   | $ | 14,031,407 |   |
| Expenses    |   |                        | 618,104    |   |   |   | 14,256,407 |   |
| Net Income  |   | $                           | (301,338   | ) |   | $ | (225,000 | ) |

----

Contents

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

|        |   | Spiralight Network, L.L.C. |       |
|-------------|--------|----------------------------|------------|
|        |   |                       |       |   |   |   |
|        |   | 2009                       |       |   | 2008 |   |
|        |   |                       |       |   |   |   |
| Assets      |   | $                          | 2,787,947  |   |   | $ | 2,100,128 |   |
| Liabilities |   |                       | 4,704,486  |   |   |   | 3,251,268 |   |
| Equity      |   | $                          | (1,916,539 | ) |   | $ | (1,151,140 | ) |
|        |   |                       |       |   |   |   |   |   |
| Revenues    |   | $                          | 136,469    |   |   | $ | 3,236,060 |   |
| Expenses    |   |                       | 250,049    |   |   |   | 5,886,060 |   |
| Net Income  |   | $                          | (113,580   | ) |   | $ | (2,650,000 | ) |

|        |   | Hilbert Communications, L.L.C. |       |
|-------------|--------|--------------------------------|------------|
|        |   |                           |       |   |   |   |
|        |   | 2009                           |       |   | 2008 |   |
|        |   |                           |       |   |   |   |
| Assets      |   | $                              | 32,474,471 |   |   | $ |   |   |
| Liabilities |   |                           | 5,468,799  |   |   |   |   |   |
| Equity      |   | $                              | 27,005,672 |   |   | $ | - |   |
|        |   |                           |       |   |   |   |   |   |
| Revenues    |   | $                              | 15,973,227 |   |   | $ |   |   |
| Expenses    |   |                           | 20,832,084 |   |   |   |   |   |
| Net Income  |   | $                              | (4,858,857 | ) |   | $ | - |   |

----

Contents

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

|                                               |   | 2009   |    |   | 2008   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                               |   |   |    |   |   |   |
| Solix, Inc.                                        |   | $      | 300,000 |   |   | $      | 300,000 |   |
| Rural Telephone Finance Cooperative - certificates |   |   | 164,823 |   |   |   | 171,110 |   |
| Iowa Network Services - stock                      |   |   | 78,706  |   |   |   | 78,705 |   |
| NRTC Patronage Capital - certificates              |   |   | 20,339  |   |   |   | 32,390 |   |
| Other                                              |   |   | 91,674  |   |   |   | 91,385 |   |
|                                               |   | $      | 655,542 |   |   | $      | 673,590 |   |

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

|                       |   | 2009   |    |   | 2008   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
|                       |   |   |    |   |   |   |
| Balance, beginning of year |   | $      | 896,812 |   |   | $      | 896,812 |   |
| Goodwill acquired          |   |   | 21,903  |   |   |   | - |   |
| Goodwill impairment        |   |   | -       |   |   |   | - |   |
| Balance, end of year       |   | $      | 918,715 |   |   | $      | 896,812 |   |

----

Contents

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

|                                    |   | 2009   |       |   | 2008   |   |
|-----------------------------------------|--------|--------|------------|--------|--------|--------|
|                                    |   |   |       |   |   |   |
| Telephone plant in service:             |   |   |       |   |   |   |
| Land                                    |   | $      | 42,817     |   |   | $      | 43,408 |   |
| Buildings                               |   |   | 1,601,653  |   |   |   | 1,488,045 |   |
| Other general support assets            |   |   | 2,310,370  |   |   |   | 2,433,732 |   |
| Central office assets                   |   |   | 5,356,121  |   |   |   | 5,566,624 |   |
| Cable and wire facilities               |   |   | 6,254,357  |   |   |   | 6,025,376 |   |
| Other plant and equipment               |   |   | 1,159,874  |   |   |   | 1,148,988 |   |
|                                    |   |   | 16,725,192 |   |   |   | 16,706,173 |   |
|                                    |   |   |       |   |   |   |   |   |
| Cable television plant in service:      |   |   |       |   |   |   |   |   |
| Land                                    |   | $      | 1,000      |   |   | $      | 8,846 |   |
| Buildings                               |   |   | 43,313     |   |   |   | 132,673 |   |
| Other plant and equipment               |   |   | 172,522    |   |   |   | 182,497 |   |
| Towers, antennas and head end equipment |   |   | 321,877    |   |   |   | 1,613,382 |   |
| Cable and wire facilities               |   |   | 330,138    |   |   |   | 1,573,544 |   |
| Franchises                              |   |   | 5,992      |   |   |   | 30,092 |   |
|                                    |   |   | 874,842    |   |   |   | 3,541,034 |   |
|                                    |   |   |       |   |   |   |   |   |
| Total property, plant and equipment     |   |   | 17,600,034 |   |   |   | 20,247,207 |   |
| Less accumulated depreciation           |   |   | 11,571,548 |   |   |   | 13,744,653 |   |
|                                    |   |   | 6,028,486  |   |   |   | 6,502,554 |   |
| Plant under construction                |   |   | 2,073,886  |   |   |   | 355,299 |   |
|                                    |   | $      | 8,102,372  |   |   | $      | 6,857,853 |   |

----

Contents

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

|                     |   | 2009   |     |   | 2008   |   |
|--------------------------|--------|--------|----------|--------|--------|--------|
|                     |   |   |     |   |   |   |
| Federal income taxes:    |   |   |     |   |   |   |
| Current tax expense      |   | $      | (161,525 | )      |   | $      | 509,074 |   |
| Deferred tax expense     |   |   | 823,893  |   |   |   | 55,623 |   |
| State income taxes:      |   |   |     |   |   |   |   |   |
| Current tax expense      |   |   | (20,847  | )      |   |   | 292,005 |   |
| Deferred tax expense     |   |   | 356,814  |   |   |   | (26,403 | ) |
| Total income tax expense |   | $      | 998,335  |   |   | $      | 830,299 |   |

|                           |   | 2009   |      |   | 2008   |   |
|--------------------------------|--------|--------|-----------|--------|--------|--------|
|                           |   |   |      |   |   |   |
| Deferred tax liabilities       |   |   |      |   |   |   |
| Federal                        |   | $      | 1,860,341 |   |   | $      | 1,645,669 |   |
| State                          |   |   | 637,491   |   |   |   | 538,397 |   |
| Total deferred tax liabilities |   |   | 2,497,832 |   |   |   | 2,184,066 |   |
|                           |   |   |      |   |   |   |   |   |
| Deferred tax assets            |   |   |      |   |   |   |   |   |
| Federal                        |   |   | (62,143   | )      |   |   | (671,364 | ) |
| State                          |   |   | (26,450   | )      |   |   | (284,169 | ) |
| Total deferred tax assets      |   |   | (88,593   | )      |   |   | (955,533 | ) |
|                           |   |   |      |   |   |   |   |   |
| Net deferred tax liabilities   |   | $      | 2,409,239 |   |   | $      | 1,228,533 |   |
|                           |   |   |      |   |   |   |   |   |
| Current portion                |   | $      | (58,862   | )      |   | $      | (718,595 | ) |
| Long-term portion              |   |   | 2,468,101 |   |   |   | 1,947,128 |   |
| Net deferred tax liability     |   | $      | 2,409,239 |   |   | $      | 1,228,533 |   |

----

Contents

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

|                                       |   | 2009   |   |   | 2008   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                       |   |   |   |   |   |   |
| Statutory federal income tax rate          |   |   | 34.0   | %      |   |   | 34.0 | % |
| State income taxes, net of federal benefit |   |   | 10.1   | %      |   |   | 10.1 | % |
| Amortization of bond premiums              |   |   | 4.9    | %      |   |   | 1.0 | % |
| Dividends received deduction               |   |   | -8.0   | %      |   |   | -8.0 | % |
| Tax exempt interest                        |   |   | -9.1   | %      |   |   | -9.1 | % |
| Other                                      |   |   | -3.4   | %      |   |   | 2.1 | % |
| Effective income tax rate                  |   |   | 28.5   | %      |   |   | 30.1 | % |

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

|                                       |   | 2009   |      |   | 2008   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                       |   |   |      |   |   |   |
| Rural Telephone Finance Cooperative (RTFC) |   |   |      |   |   |   |
| 7.00% (Variable Rate)                      |   |   | -         |   |   |   | 951,495 |   |
| Rural Utilities Service (RUS)              |   |   | 1,562,719 |   |   |   | - |   |
|                                       |   |   | 1,562,719 |   |   |   | 951,495 |   |
|                                       |   | $      |      |   |   | $      |   |   |
| Less current portion                       |   |   | 14,144    |   |   |   | 200,507 |   |
|                                       |   | $      | 1,548,575 |   |   | $      | 750,988 |   |

| 2010           |   | $      | 14,144    |   |
|----------------|--------|--------|-----------|--------|
| 2011           |   |   | 59,145    |   |
| 2012           |   |   | 60,294    |   |
| 2013           |   |   | 62,958    |   |
| 2014           |   |   | 65,562    |   |
| 2015 and After |   |   | 1,300,616 |   |

----

Contents

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

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

----

Contents

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

| 2009                            |   | Local Exchange Carrier |       |   | Broadcast |   |     | Internet Service Provider |   |   | Total     |   |
|---------------------------------|--------|------------------------|------------|--------|-----------|--------|----------|---------------------------|--------|--------|-----------|--------|
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |
| Revenues and sales              |   | $                      | 7,917,048  |   |      | $      | 382,498  |                      |   | $      | 770,220   |   |   | $ | 9,069,766 |   |
| Interest income                 |   |                   | 348,770    |   |      |   | 10,348   |                      |   |   | 32,441    |   |   |   | 391,559 |   |
| Interest expense                |   |                   | (26,317    | )      |      |   | -        |                      |   |   | (4        | )      |   |   | (26,321 | ) |
| Depreciation and amortization   |   |                   | 890,583    |   |      |   | 24,561   |                      |   |   | 125,310   |   |   |   | 1,040,454 |   |
| Income tax expense (benefit)    |   |                   | 874,067    |   |      |   | (144,616 | )                         |   |   | 268,884   |   |   |   | 998,335 |   |
| Segment profit (loss)           |   |                   | 2,976,009  |   |      |   | (178,202 | )                         |   |   | (291,875  | )      |   |   | 2,505,932 |   |
| Segment assets                  |   |                   | 27,682,775 |   |      |   | 458,343  |                      |   |   | 4,725,387 |   |   |   | 32,866,505 |   |
| Expenditures for segment assets |   |                   | 1,355,088  |   |      |   | 6,341    |                      |   |   | 753,427   |   |   |   | 2,114,856 |   |
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
| 2008                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
|                            |   |                   |       |   |      |   |     |                      |   |   |      |   |   |   |   |   |
| Revenues and sales              |   | $                      | 8,322,715  |   |      | $      | 651,163  |                      |   | $      | 713,359   |   |   | $ | 9,687,237 |   |
| Interest income                 |   |                   | 407,154    |   |      |   | 16,962   |                      |   |   | 18,873    |   |   |   | 442,989 |   |
| Interest expense                |   |                   | (77,354    | )      |      |   | -        |                      |   |   | -         |   |   |   | (77,354 | ) |
| Depreciation and amortization   |   |                   | 802,801    |   |      |   | 35,478   |                      |   |   | 141,199   |   |   |   | 979,478 |   |
| Income tax expense (benefit)    |   |                   | 866,403    |   |      |   | (174,132 | )                         |   |   | 138,028   |   |   |   | 830,299 |   |
| Segment profit (loss)           |   |                   | 2,453,972  |   |      |   | (193,502 | )                         |   |   | (331,915  | )      |   |   | 1,928,555 |   |
| Segment assets                  |   |                   | 24,845,441 |   |      |   | 536,311  |                      |   |   | 3,846,155 |   |   |   | 29,227,907 |   |
| Expenditures for segment assets |   |                   | 3,021,452  |   |      |   | (75,806  | )                         |   |   | (181,897  | )      |   |   | 2,763,749 |   |

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

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

----

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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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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Contents

| Item 9A(T). | Controls and Procedures.Evaluation of Disclosure Controls and Procedures |
|-------------|--------------------------------------------------------------------------|

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Contents

|                     | BREDA TELEPHONE CORP. |
|--------------------------|-----------------------|
|                     |                  |   |
|                     |                  |   |
| Date: September 10, 2010 | By:                   | /s/ Charles Deisbeck |
|                     |                  | Charles 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 and Director |   |   | Neil Kanne, Secretary and Director    |
|   | Date: September 10, 2010                    |   |   | Date: September 10, 2010              |
|   |                                        |   |   |                                  |
| By:    | /s/ Rick Anthofer                           |   | By:    | /s/ Daniel McDermott                  |
|   | Rick Anthofer, Treasurer and Director       |   |   | Daniel McDermott, Director            |
|   | Date: September 10, 2010                    |   |   | Date: September 10, 2010              |
|   |                                        |   |   |                                  |
| By:    | /s/ Clifford Neumayer                       |   | By:    | /s/ Dean Schettler                    |
|   | Clifford Neumayer, Director                 |   |   | Dean Schettler, President andDirector |
|   | Date: September 10, 2010                    |   |   | Date: September 10, 2010              |
|   |                                        |   |   |                                  |
| By:    | /s/ David Grabner                           |   | By:    | /s/ Jane Morlok                       |
|   | David Grabner, Director                     |   |   | Jane Morlok, Chief Financial Officer  |
|   | Date: September 10, 2010                    |   |   | Date: September 10, 2010              |
|   |                                        |   |   |                                  |
| By:    | /s/ Charles Deisbeck                        |   |   |                                  |
|   | Charles Deisbeck, Chief Executive Officer   |   |   |                                  |
|   | Date: September 10, 2010                    |   |   |                                  |

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