# EXHIBIT 99-3

# New Ulm Telecom, Inc.

Unaudited Pro Forma Condensed Combined Financial Statements as of June 30,
2006, for the six months ended June 30, 2006 and for the year ended December 31, 2005

# Introduction to the Pro Forma Financial Statements

The following unaudited pro forma condensed combined financial statements are
based on the historical financial statements of New Ulm Telecom, Inc. (New Ulm) and Hector Communications Corporation
(Hector) after giving effect to the acquisition by New Ulm of a one-third ownership interest in Hector, and
assumptions and adjustments described in the accompanying notes to the unaudited pro forma condensed financial statements.

The unaudited pro forma condensed combined financial statements should be
read in conjunction with the audited historical financial statements of New Ulm found in its Annual Report on Form 10-K for the
year ended December 31, 2005, the audited consolidated financial statements of Hector found in Item 9.01 (a) and Exhibit 99.1 of
this Current Report on Form 8-K/A, and the unaudited consolidated financial statements of Hector found in Item 9.01 (b) and
Exhibit 99.2 of this Current Report on Form 8-K/A.

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# NEW ULM TELECOM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED BALANCE SHEET
JUNE 30, 2006

|ASSETS                                                           
|-----------------------------------------------------------------
|
|CURRENT ASSETS:                                                  
|Cash and Cash Equivalents                                        
|                                                                 
|                                                                 
|                                                                 
|                                                                 
|Other Current Assets                                             
|                                                                 
|Total Current Assets                                             
|                                                                 
|                                                                 
|INVESTMENTS AND OTHER ASSETS:                                    
|Cellular Investments                                             
|Hector Investment                                                
|                                                                 
|Goodwill and Intangibles                                         
|Other Investments                                                
|                                                                 
|Total Investments and Other Assets                               
|                                                                 
|                                                                 
|PROPERTY, PLANT AND EQUIPMENT:                                   
|Telecommunications Plant                                         
|Other Property                                                   
|Video Plant                                                      
|                                                                 
|Total Property, Plant and Equipment                              
|Less Accumulated Depreciation                                    
|                                                                 
|Net Property, Plant and Equipment                                
|                                                                 
|                                                                 
|TOTAL ASSETS                                                     
|                                                                 
|                                                                 
|LIABILITIES AND STOCKHOLDERS EQUITY                             
|                                                                 
|CURRENT LIABILITIES:                                             
|Current Portion of Long-Term Debt                                
|Other Accounts Payable & Accrued Liabilities                     
|                                                                 
|Total Current Liabilities                                        
|                                                                 
|                                                                 
|LONG-TERM DEBT, Less Current Portion                             
|                                                                 
|                                                                 
|NONCURRENT LIABILITIES                                           
|Loan Guarantee                                                   
|Income Taxes                                                     
|                                                                 
|                                                                 
|Total Noncurrent Liabilities                                     
|                                                                 
|                                                                 
|STOCKHOLDERS EQUITY:                                            
|Preferred Stock  $1.66 Par Value; 10,000,000 Shares             
|Authorized; 0 Shares Issued and Outstanding                      
|Common Stock  $1.66 Par Value; 90,000,000 and 90,000,000 Shares 
|Authorized; 5,115,435 and 5,115,435 Shares Issued and Outstanding
|Retained Earnings                                                
|                                                                 
|                                                                 
|                                                                 
|                                                                 
|Total Stockholders Equity                                       
|                                                                 
|                                                                 
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                       
|                                                                 

See accompanying notes to unaudited pro forma combined financial statements.

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# NEW ULM TELECOM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2006

|                                                          | New Ulm |  | Pro FormaAdjustment |           | Pro FormaCombined
|--------------------------------------------------------- | ------- |  | ------------------- | --------- | -----------------
|OPERATING REVENUES                                        |         |  |                     |           |                  
|Local network                                             |         |  | $                   | 1,948,243 |                  
|Network access                                            |         |  |                     | 2,808,631 |                  
|Directory advertising, billing and other services         |         |  |                     | 246,418   |                  
|Video services                                            |         |  |                     | 1,049,745 |                  
|Internet services                                         |         |  |                     | 777,898   |                  
|Other nonregulated services                               |         |  |                     | 1,192,974 |                  
|                                                          |         |  |                     |           |                  
|                                                          |         |  |                     | 8,023,909 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|OPERATING EXPENSES                                        |         | 
|Plant operations, excluding depreciation and amortization |         |  |                     | 1,243,461 |                  
|Cost of video services                                    |         |  |                     | 741,844   |                  
|Cost of internet services                                 |         |  |                     | 315,682   |                  
|Cost of other nonregulated services                       |         |  |                     | 551,496   |                  
|Depreciation and amortization                             |         |  |                     | 2,139,606 |                  
|Selling, general and administrative                       |         |  |                     | 1,895,744 |                  
|                                                          |         |  |                     |           |                  
|                                                          |         |  |                     | 6,887,833 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|OPERATING INCOME                                          |         |  |                     | 1,136,076 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|OTHER (EXPENSES) INCOME                                   |         | 
|Interest expense                                          |         |  |                     | (438,260  | )                
|Interest income                                           |         |  |                     | 40,089    |                  
|Equity Earnings in Cellular Partnership                   |         |  |                     | 3,732,674 |                  
|Equity Earnings in Hector Comm. Corp.                     |         |  |                     |           |                  
|Other investment income (expense)                         |         |  |                     | 140,148   |                  
|                                                          |         |  |                     |           |                  
|                                                          |         |  |                     | 3,474,651 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|INCOME BEFORE INCOME TAXES                                |         |  |                     | 4,610,727 |                  
|                                                         
|INCOME TAXES                                              |         |  |                     | 1,867,186 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|NET INCOME                                                |         |  | $                   | 2,743,541 |                  
|                                                          |         |  |                     |           |                  
|                                                         
|BASIC AND DILUTED NET INCOME PER SHARE                    |         |  | $                   | 0.54      |                  
|                                                          |         |  |                     |           |                  
|                                                         
|DIVIDENDS PER SHARE                                       |         |  | $                   | 0.1800    |                  
|                                                          |         |  |                     |           |                  
|                                                         
|WEIGHTED AVERAGE SHARES OUTSTANDING                       |         |  |                     | 5,115,435 |                  
|                                                          |         |  |                     |           |                  

See accompanying notes to unaudited pro forma combined financial statements.

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# NEW ULM TELECOM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2005

|                                                          | New Ulm |  | Pro FormaAdjustments |            | Pro FormaCombined
|--------------------------------------------------------- | ------- |  | -------------------- | ---------- | -----------------
|OPERATING REVENUES:                                       |         |  |                      |            |                  
|Local Network                                             |         |  | $                    | 4,033,900  |                  
|Network Access                                            |         |  |                      | 7,107,497  |                  
|Directory Advertising, Billing and Other Services         |         |  |                      | 488,656    |                  
|Video Services                                            |         |  |                      | 2,011,841  |                  
|Internet Services                                         |         |  |                      | 1,275,077  |                  
|Other Nonregulated Services                               |         |  |                      | 2,427,866  |                  
|                                                          |         |  |                      |            |                  
|Total Operating Revenues                                  |         |  |                      | 17,344,837 |                  
|                                                          |         |  |                      |            |                  
|                                                         
|OPERATING EXPENSES:                                       |         | 
|Plant Operations, Excluding Depreciation and Amortization |         |  |                      | 2,285,473  |                  
|Cost of Video Services                                    |         |  |                      | 1,472,020  |                  
|Cost of Internet Services                                 |         |  |                      | 576,557    |                  
|Cost of Other Nonregulated Services                       |         |  |                      | 1,221,717  |                  
|Depreciation and Amortization                             |         |  |                      | 4,111,769  |                  
|Selling, General and Administrative                       |         |  |                      | 3,404,120  |                  
|                                                          |         |  |                      |            |                  
|Total Operating Expenses                                  |         |  |                      | 13,071,656 |                  
|                                                          |         |  |                      |            |                  
|                                                         
|OPERATING INCOME                                          |         |  |                      | 4,273,181  |                  
|                                                          |         |  |                      |            |                  
|                                                         
|OTHER INCOME (EXPENSES):                                  |         | 
|Interest Expense                                          |         |  |                      | (799,394   | )                
|Interest and Dividend Income                              |         |  |                      | 74,475     |                  
|Interest During Construction                              |         |  |                      | 8,259      |                  
|Equity Earnings in Cellular Partnership                   |         |  |                      | 5,742,935  |                  
|Equity Earnings in Hector Comm. Corp.                     |         |  |                      |            |                  
|Other Investment Income                                   |         |  |                      | 85,842     |                  
|                                                          |         |  |                      |            |                  
|Total Other Income (Expenses)                             |         |  |                      | 5,112,117  |                  
|                                                          |         |  |                      |            |                  
|                                                         
|INCOME BEFORE INCOME TAXES                                |         |  |                      | 9,385,298  |                  
|                                                         
|INCOME TAXES                                              |         |  |                      | 3,925,246  |                  
|                                                          |         |  |                      |            |                  
|                                                         
|NET INCOME                                                |         |  | $                    | 5,460,052  |                  
|                                                          |         |  |                      |            |                  
|                                                         
|BASIC AND DILUTED NET INCOME PER SHARE                    |         |  | $                    | 1.07       |                  
|                                                          |         |  |                      |            |                  
|                                                         
|DIVIDENDS PER SHARE                                       |         |  | $                    | 0.34       |                  
|                                                          |         |  |                      |            |                  
|                                                         
|WEIGHTED AVERAGE SHARES OUTSTANDING                       |         |  |                      | 5,115,435  |                  
|                                                          |         |  |                      |            |                  

See accompanying notes to unaudited pro forma combined financial statements.

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# NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Note 1  The Acquisition of a one-third ownership interest in Hector
Communications Corporation

On November 3 2006, New Ulm Telecom, Inc. acquired a one-third interest in
Hector Communications Corporation (HCC) through the previously announced merger of HCC into Hector Acquisition Corporation. Hector
Acquisition Corporation was equally owned by New Ulm Telecom, Inc., Blue Earth Valley Communications, Inc. and Arvig Enterprises,
Inc. In the merger, Hector Acquisition Corporation acquired all of the outstanding shares of Hector Communications Corporation
stock for $36.40 per share. In addition, in October 2006, New Ulm sold its interest in Midwest Wireless Holdings (MWH) (as
defined below) in connection with MWHs sale to Alltel.

The unaudited pro forma condensed combined balance sheet and statements of
operations are not necessarily indicative of the financial position and operating results that would have been achieved had the
acquisition been completed as of the beginning of the earliest periods presented. They should not be construed as being a
representation of financial position or future operating results of the combined companies. The unaudited pro forma condensed
combined financial information gives effect only to the adjustments set forth in the accompanying notes and does not reflect any
integration or acquisition related costs, or any potential cost savings or other synergies that management expects to realize as a
result of the merger.

# Note 2  Adjustments to Unaudited Pro Forma Condensed
Combined Financial Statements

The adjustments to the unaudited pro forma condensed combined balance sheet
as of June 30, 2006 and the pro forma condensed combined statements of income for the year ended December 31, 2005 and for the six
months ended June 30, 2006, in connection to the acquisition of a one-third ownership interest in HCC are presented below:

| | Adjustments to Unaudited Pro Forma Condensed Combined Balance
Sheet as of June 30, 2006
| | ---------------------------------------------------------------------------------------

| | (a) |  | This adjustment reflects the sale of New Ulms Midwest
Wireless Holdings (MWH) sale to Alltel. This transaction was subsequently completed in October 2006. The purchase of HCC was
contingent on the completion of the sale of MWH to Alltel and therefore the results of that sale are reflected in these pro forma
financial statements as if the sale had occurred on January 1, 2006. Currently, New Ulm expects to receive $82,492,290 (including
amounts received in October 2006 and amounts to be received from the escrow fund in 2007 and 2008) from the sale of its MWH
ownership.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) |  | Estimated taxes due in 2006 from the gain of the sale is estimated
at $20,875,301. This is the net of total estimated taxes due of $24,181,643, less an estimated $3,306,342 to be deferred until
escrow funds from the MWH sale to Alltel are received in 2007 and 2008.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | After receipt of the funds from the MWH sale to Alltel, the New
Ulm Board of Directors declared a special dividend of $2.75 per share totaling $14,067,446.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) |  | This adjustment reflects the Board authorization for the
extinguishment of its debt with CoBank, ACB (CoBank). For purposes of this pro forma statement, the debt is reflected as if it had
been paid in full on January 1, 2006.
| | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (e) |  | This adjustment reflects the $18,000,000 that New Ulm paid for its
one-third equity ownership interest in HCC.
| | --- |  | --------------------------------------------------------------------------------------------------------------

| | (f) |  | This adjustment reflects New Ulms proportionate share of a
loan guarantee for HCC. New Ulm has guaranteed one-third of HCCs $6.4 million in bridge loan financing, or $2,133,333.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) |  | This adjustment records the removal of deferred taxes on MWH
investment.
| | --- |  | ------------------------------------------------------------------------

| | Adjustments
to the Unaudited Pro Forma Condensed Combined Statements of Income
| | ------------------------------------------------------------------------------

| | (a) |  | This adjustment reflects the one-third proportionate share of HCC
Net Income for the six months ended June 30, 2006 and the year ended December 31, 2005 reflects additional interest expense due to
HCC financing from CoBank, ACB., less transaction cost, less Equity in Earnings from MWH and less the Gain on Sale of RTB Stock.
| | --- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                       | Six Months EndedJune 30, 2006 |  | Year EndedDecember 31, 2005
|------------------------------------------------------ | ----------------------------- |  | ---------------------------
|HCC Income Before Taxes                                |                               |  | $                          
|Less: Transaction Charges                              |                               |  |                            
|Estimated Additional Interest Expense                  |                               |  |                            
|Less: Equity in Earning from MWH                       |                               |  |                            
|Less: Gain on Sale of RTB Stock                        |                               |  |                            
|                                                       |                               |  |                            
|Subtotal  Adjusted Income Before Income Taxes         |                               |  | $                          
|Estimated Income Tax Expense                           |                               |  |                            
|                                                       |                               |  |                            
|Adjusted Net Income                                    |                               |  | $                          
|                                                       |                               |  |                            
|                                                      
|New Ulms Proportionate Equity Share of HCC Net Income |                               |  | $                          
|                                                       |                               |  |                            

| | (b) |  | This adjustment reflects reduced interest expense resulting from
the payment in full of New Ulms debt to CoBank. This adjustment assumes the payment in full was made on January 1, 2006 for
the pro forma statement of income for the six months ended June 30, 2006 and payment in full was made on January 1, 2005 for the
pro forma statement of income for the year ended December 31, 2005.
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) |  | This adjustment reflects interest income received from the net pro
forma cash and cash equivalent adjustment. Currently, New Ulm receives approximately 5% on the proceeds held from the MWH sale
from Government and Agency notes. For the purposes of these pro forma statements, it is assumed that the net effect of the pro
forma cash and cash equivalent transactions of $15,799,543 reflected on the pro forma balance sheet took place on January 1, 2006
for the pro forma statement of income for the six months ended June 30, 2006 and January 1, 2005 for the pro forma statement of
income for the year ended December 31, 2005, and that the pro forma cash and cash equivalent adjustment was held for the entire
periods being presented.
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (d) |  | This adjustment reflects the sale of MWH ownership at the
beginning of the periods presented, and has therefore been adjusted out of the pro forma presentation.
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) |  | This adjustment reflects New Ulms estimated tax effect of
the above statement of operations adjustments.
| | --- |  | ---------------------------------------------------------------------------------------------------------

# Note 3  Items Not Adjusted

The pro forma statements do not reflect any effect of operating efficiencies,
cost savings and other benefits anticipated by New Ulms management as a result of the merger.

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