In Exhibit 10.5, which shows 2001 valuations, why did the Montreal Expos have the highest price-to revenue multiple under Selig’s valuation?

EXHIBIT 10.5 2001 financial information for MLB and its franchises, including estimates of franchise values.

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FRANCHISE 2001 REVENUES SELIG VALUATION SELIG MULTIPLE Anaheim Angels $91,731,000 $193,056,000 2.10 Arizona Diamondbacks $125,132,000 $243,832,000 1.95 Atlanta Braves $146,851,000 $283,055,000 1.93 Baltimore Orioles $128,302,000 $251,257,000 1.96 Boston Red Sox $176,982,000 $337,526,000 1.91 Chicago Cubs $129,774,000 $252,980,000 1.95 Chicago White Sox $111,682,000 $219,163,000 1.96 Cincinnati Reds $70,887,000 $155,178,000 2.19 Cleveland Indians $162,242,000 $311,230,000 1.92 Colorado Rockies $131,813,000 $257,597,000 1.95 Detroit Tigers $106,791,000 $218,709,000 2.05 Florida Marlins $60,547,000 $139,655,000 2.31 Houston Astros $124,629,000 $244,073,000 1.96 Kansas City Royals $63,696,000 $143,389,000 2.25 Los Angeles Dodgers $143,607,000 $278,107,000 1.94 Milwaukee Brewers $113,350,000 $228,444,000 2.02 Minnesota Twins $56,266,000 $131,621,000 2.34 Montreal Expos* $34,171,000 $96,859,000 2.83 New York Mets $182,631,000 $349,593,000 1.91