#1Project Galaxy Presentation to the Board of Directors June 22nd, 2016 STRICTLY CONFIDENTIAL LionTree#2Disclaimer This presentation has been prepared by LionTree Advisors LLC ("LionTree") for the exclusive use of the board of directors of the party to whom LionTree delivers this presentation (together with its subsidiaries, the "Client") using information provided by the Client and other publicly available information. LionTree has not independently verified the information contained herein, nor does LionTree make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation. LionTree has not made an independent evaluation or appraisal of the assets and liabilities of the Client or any other person and has no obligation to evaluate the solvency of the Client or any other person. 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This presentation has not been prepared with a view toward public disclosure under applicable securities laws or otherwise, and this material must not be copied, reproduced, distributed or passed on to others at any time without the prior written consent of LionTree.#3Table of Contents 1. Executive Summary 2. Saturn Valuation Analysis 3A. Luna Valuation Analysis 3B. Pro Forma Valuation Analysis Appendix Lion Tree 3 8 13 17 21#4Section 1 Executive Summary Lion Tree#5Transaction Summary Consideration Buyer Stockholder Approval Saturn Stockholder Approval Financing Termination Fees LionTree ■ Series A consideration comprised of $18.00 per share in cash +0.6784x shares of Luna newly created non-voting stock As part of the transaction, Luna will recapitalize its shares into a voting and non-voting structure ■ Implies -57% cash / -43% stock mix to Series A Series B consideration comprised of $7.26 per share in cash + 1.2643x shares of Luna stock (50% voting and 50% non- voting stock) ■ Implies -20% cash / -80% stock mix to Series B Statutory approval to create new series of non-voting stock (66-2/3% of present/voting) ■ NYSE vote (majority of votes cast) ■ MOM vote required to create non-voting stock (but not a condition to closing) Luna offered fee for no vote/market fee for recommendation pull Voting agreement from MHR expected to be received Statutory stockholder approval (majority of voting power) Saturn offered market fee for termination for superior proposal/recommendation pull; no fee/expenses due for no vote Voting agreement from JCM, Bennett and Luna requested (aggregate 34.9% voting cap) ► If agreement terminated, JCM/Bennett to exchange Saturn shares; voting cap of 34.9% for 3 years unless agreement terminated for Saturn breach, no vote, superior proposal or recommendation pull Luna proposal is expected to be fully financed Luna is financing the cash portion of the acquisition with up to $3,700mm of first lien senior secured credit facilities comprised of (i) a $1,900mm term loan B facility, (ii) a $1,000mm term loan A facility, (iii) an up to $1,000mm revolving credit facility (of which $150mm is expected to be drawn) as well as $650mm of bonds and/or bridge facility Luna no vote: $150mm ■ Luna recommendation pull and tail / Saturn superior proposal, recommendation pull and tail: $175mm Luna financing failure: $250mm#6Luna Proposal Overview Value of Offer at Spot¹ Series A Series B Series B Non-Voting Voting Non-Voting @3.0% Discount @ No Discount @3.0% Discount Cash Stock Total Cash Stock Total $18.00 $13.52 $31.52 Value of Offer at 15-Trading Day VWAP¹ Series B Series A Series B Non-Voting Voting Non-Voting @3.0% Discount @ No Discount @3.0% Discount $7.26 $18.00 $7.26 $14.55 $27.95 $27.11 $32.55 $35.21 $34.37 Cash Stock Total $7.26 $25.98 $33.24 Value of Offer at 30-Calendar Day VWAP¹ Series A Series B Series B Non-Voting Voting Non-Voting @3.0% Discount @ No Discount @3.0% Discount $18.00 $14.23 $32.23 $7.26 $25.20 $32.46 $7.26 $27.34 $34.60 $7.26 $26.52 $33.78 LionTree 3) Excludes production loans Pro Forma Ownership Luna Offer Exchange Ratio Saturn Shares Today² Less: Luna Shares in Saturn Saturn Shares Acquired New Luna Shares Issued to Saturn SHs 4) Includes $52mm in run-rate cost synergies Current Fully Diluted Luna Shares Oustanding New Shares Issued to Saturn SHs Pro Forma Fully Diluted Shares Oustanding Pro Forma Luna Leverage Luna PF Net Debt @ 3/31/16³ Less: Cash Flow from 3/31/16 - 12/31/16 Pro Forma Net Debt@ 12/31/16 Series B Series A Series B Non-Voting Voting Non-Voting 0.6321x 0.6784x 0.6321x 88.6 9.9 (2.1) (2.6) 7.3 4.6 Luna CY 2016E EBITDA (incl. equity income) Saturn CY 2016E EBITDA Pro Forma CY 2016E EBITDA 86.5 58.7 Implied Pro Forma Net Leverage (Excluding Synergies) Implied Pro Forma Net Leverage (Including Synergies)* Source: Saturn projections per Saturn management, public company filings; Luna projections per Luna management, as reviewed by Saturn Note: 9.9 (2.6) 7.3 4.6 Shares (mm) 153 78 231 Economic Own. (%) 66.4% 33.6% 100.0% 3,642 (112) 3,530 229 490 719 4.9x 1) Based on Luna spot price as of 06/22/2016 of $20.55; Luna 15-trading day VWAP price as of 06/21/2016 of $22.11; Luna 30-calendar day VWAP price as of 06/21/2016 of $21.63 2) Based on fully diluted shares using treasury stock method; consists of 98,4mm basic shares outstanding, 9.8mm in-the-money options (at WAEP of $18.95), 0.8mm RSAs, and 0.3mm RSUs 5 4.6x#7Sources & Uses Tranche Senior Notes Term Loan Revolver Converts Total Tranche Revolver Senior Notes Cap Leases Total Overview of Current Capital Structure Amount ($mm) Maturity 225 Aug-18 400 Mar-22 161 Sep-17 60 Apr-18 846 Luna¹ LionTree Note: Coupon Price 5.25% 102.75 L+400 L+250 1.25% Saturn Amount ($mm) Maturity Coupon 391 Apr-20 L+150-225 675 Sep-19 63 1,129 1) Excludes production loans 98.50 Price 5.00% 101.95 Refi? Yes Yes Yes No Refi? Yes Yes No Estimated Breakage Sources Costs Term Loan A 11 Term Loan B 8 Bonds 19 Total Sources Breakage Luna Revolver Costs Saturn Revolver - Revolver Luna Equity Issued to Saturn Shareholders Sources & Uses Uses Saturn Equity Purchased With Cash Saturn Equity Purchased With Stock Cash to the Balance Sheet Luna Senior Notes Estimated Luna Term Loan Saturn Senior Notes 7 Breakage Costs Transaction Costs Sources 7 Total Uses 11 Uses $mm 1,000 1,900 650 150 1,355 5,055 $mm 1,609 1,355 114 225 400 161 391 675 25 100 5,055#8Valuation Overview (At Spot) ($mm, unless indicated) Luna Current Stock Price Series A Exchange Ratio Stock Per Share (Post 3.0% Discount) Cash Per Share Price / Offer Value Per Series A Share ($) Implied Premium to Current Series A Price of $27.80 Equity Value¹ Plus: Net Debt & Other Enterprise Value¹ EV/EBITDA (Pre-SBC) CY 2016E EBITDA CY 2017E EBITDA EV/EBITDA (Post-SBC) CY 2016E EBITDA CY 2017E EBITDA Metric ($mm) 490 543 460 511 Saturn Series A @Market³4 $27.80 2,886 1,101 3,987 Implied Multiples 8.1x 7.3x Luna Series A Offer² 8.7x 7.8x $20.55 0.6784x $13.52 $18.00 $31.52 13.4% 3,298 1,101 4,398 9.0x 8.1x 9.6x 8.6x Source: Saturn management projections, public company filings Note: Prices as of June 22, 2016 1) Assumes Series B shares received the same consideration as the Series A shares; actual equity value and enterprise value are $3.31bn and $4.41bn, respectively 2) Assumes 3% discount of non-voting to voting shares (please see page 24 for detail) 3) JCM has 0.1mm shares of Series A Saturn stock and 6.2mm shares of Series B Saturn stock for a total voting stake of 33.1%, economic stake of 6.1% and a value of $175mm @ market; LionTree JCM has 4.4mm shares of Luna common stock for a total voting stake of 2.9%, economic stake of 2.9% and a value of $91mm @ market 7 4) Luna has 2.1mm shares of Series A Saturn stock and 2.6mm shares of Series B Saturn stock for a total voting stake of 15.0%, economic stake of 4.5% and a value of $131mm @ market#9Section 2 Saturn Valuation Analysis Lion Tree#10Saturn Snapshot Summary Trading Valuation (as of 6/22/2016) (Smm, unless indicated) Series A Share Price Fully Diluted Shares Series B Share Price Fully Diluted Shares Blended Current Share Price @ Market ($)¹ Fully Diluted Shares² Equity Value Plus: Debt @ 3/31/16 Less: Cash @ 3/31/16 Less: Value of Equity Investments Enterprise Value EV/ CY 2016E EBITDA (Pre-SBC) CY 2017E EBITDA (Pre-SBC) CY 2016E EBITDA (Post-SBC) CY 2017E EBITDA (Post-SBC) Leverage Statistics Net Debt/2016E EBITDA Credit Ratings Lion Tree 3 Metric (Smm) 490 543 460 511 @Market $27.80 94.0 $27.71 9.9 $27.79 103.9 2,886 1,129 3,987 Multiples 8.1x 7.3x 8.7x 7.8x 200 (10) (19) 140 2.3x BB/Ba2 180 160 120 100 80 60 6/22/2014 Stock Price Performance Period % of 52-Week High 1-Month 3-Month 6-Month 1-Year 2-year 12/22/2014 -Saturn Series A Source: Public company filings, financial projections per Saturn management, FactSet Notes: Saturn Series A 59.8% 6.0% 3.7% (17.1%) (36.0%) (5.8%) Selected Luna Companies 50.0% 4.9% Luna (6.1%) (37.3%) (45.7%) (24.9%) 82.5% 0.7% 1.0% (0.3%) (15.3%) 0.9% 6/22/2015 12/22/2015 Selected Companies S&P 500 98.0% 1.8% 1.7% 2.3% (1.8%) 6.2% www 6.2% 0.9% (5.8%) 1) Based on Series A and Series B shares, blended based on proportion of shares outstanding in each Series 2) Based on fully diluted shares using treasury stock method; consists of 98.4mm basic shares outstanding, 9.8mm A in-the-money options (at WAEP of $18.95), 0.8mm RSAs, and 0.3mm RSUs (24.9%) 6/22/2016 - S&P 500 3) Represents PlayCo investment @book value 4) Includes Discovery Communications, Time Warner Inc., Scripps Networks Interactive, 21st Century Fox, CBS, The Walt Disney Company, AMC Networks, and Viacom#11Saturn Projected Financials ($mm) Revenue Build Networks % Growth Distribution % Growth Animation % Growth Other Total Revenue % Growth EBITDA (Pre-SBC) % Growth % Margin 2015A 1,324 354 25 nm (3) 1,700 462 27.1% LionTree Source: Per Saturn management Fiscal Year Ended December 31, 2017E 2018E 2016E 1,389 4.9% 315 (10.9%) nm (4) 1,700 0.0% 490 6.2% 28.8% 1,484 6.8% 311 (1.3%) nm (7) 1,789 5.2% 543 10.7% 30.3% 1,561 5.2% 311 0.1% nm (5) 1,868 4.4% 612 12.9% 32.8% 2019E 1,623 4.0% 311 0.0% nm (5) 1,930 3.3% 633 3.3% 32.8% 2020E 1,688 4.0% 311 0.0% nm (5) 1,995 3.4% 654 3.4% 32.8% '15A-'20E CAGR 5.0% (2.5%) 3.3% 7.2% 10#12Selected Publicly Traded Companies Company Walt Disney Time Warner Inc. Fox CBS Viacom Discovery Communications Scripps Networks AMC Networks Mean Median Saturn @ Market Saturn @ Offer (based on spot) Closing Price 6/22/2016 $98.79 $72.44 $28.92 $53.65 $44.03 $25.99 $63.42 $58.49 $27.80 $31.52 % of 52-Week High 80.9% 79.3% 83.3% 91.7% 64.3% 74.4% 92.7% 67.1% 59.8% 67.8% Equity Value¹ ($mm) 162,738 58,365 55,187 24,882 17,795 16,057 8,224 4,354 2,886 3,298 Enterprise Value ($mm) Source: Public company filings, Wall Street research, Saturn projections per Saturn management Notes: 183,863 77,986 59,491 32,440 29,235 23,008 12,660 6,904 3,987 4,398 EV/ EBITDA² '16E-'18E CAGR 2016E 2017E Revenue EBITDA 10.2x 9.2x 8.3x 8.9x 7.8x 9.3x 8.8x 7.6x 8.8x 8.9x 8.1x 9.0x 9.7x 8.6x 7.6x 8.7x 7.5x 8.9x 8.5x 7.2x 8.3x 8.5x 7.3x 8.1x 5.2% 5.2% 5.5% 7.1% 5.6% 8.5% 2.5% 4.9% 2.7% 2.9% 5.9% 5.4% 4.3% 3.5% 5.1% 4.1% 4.6% 5.2% 4.8% 5.2% 5.0% 11.8% 1) Based on fully diluted shares outstanding using treasury stock method; if applicable, convertible debt treated on an as-if converted basis, with appropriate dilutive LionTree impact to shares outstanding for in the money converts 2) EBITDA multiples shown pre-SBC 11#13Saturn Discounted Cash Flow Analysis¹ ($mm) EBITDA (Before SBC) Less: Stock Based Compensation Less: Depreciation & Amortization EBIT Less: Taxes @ 35% After-Tax EBIT Plus: Depreciation and Amortization Less: Capex Plus: Amortization of Programming Rights Less: Program Rights Payments Plus: Amortization of Investments in Films and TV Programs Less: Investments in Film and TV Programs Less: (Increase) /Decrease in Working Capital and Other Unlevered Free Cash Flows Present Value of Cash Flows Present Value of Terminal Value Present Value of Enterprise Less: Net Debt & Other Present Value of Equity Shares Price Per Share 1,244 3,223 4,467 (1,101) 3,366 104.7 $32.14 Source: Projected financial information per Saturn management LionTree Notes: WACC 8.75% 9.00% 9.25% 9.50% 9.75% 9 Mos '16E 363 (22) (18) 323 (113) 210 18 (22) 443 (256) 100 (323) 53 223 7.00x $30.91 30.55 30.20 29.84 29.50 Fiscal Year Ended December 31, 2017E 2019E 543 (31) (24) 488 (171) 317 24 (19) 605 (267) 145 (429) (43) 333 2018E 612 (30) (26) 7.25x $31.91 31.54 31.17 30.81 30.45 557 (195) 362 26 (13) 599 (310) 146 (434) (52) 323 DCF Equity Value Per Share 633 (34) (25) 7.50x $32.90 32.52 32.14 31.77 31.40 574 (201) 373 25 (20) 619 (321) 151 (449) (57) LTM Terminal EBITDA Multiple 7.75x $33.89 33.50 33.12 32.73 32.35 321 1) Assumes mid-year convention, discounted back to 3/31/16; based on balance sheet as of 3/31/16 (net debt of $1,120mm), equity in affiliates of $19mm 2020E 654 (35) (26) 593 (208) 386 26 (21) 639 (331) 156 (464) (63) 328 8.00x $34.87 34.47 34.08 33.69 33.31 12#14Section 3A Luna Valuation Analysis Lion Tree#15Luna Snapshot Summary Trading Valuation (as of 6/22/2016) (Smm, unless indicated) Share Price @Market ($) Fully Diluted Shares¹ Equity Value Plus: Net Debt @ 3/31/16² Plus: Minority Interests @3/31/16 Less: Equity Investments @3/31/16³ Gross Enterprise Value Less: Value of Tax Attributes* Adj. Enterprise Value EV/ FY 2016A EBITDA (Pre-SBC) FY 2017E EBITDA (Pre-SBC) FY 2016A EBITDA (Post-SBC) FY 2017E EBITDA (Post-SBC) Leverage Net Debt / FY 2017E EBITDA Credit Ratings LionTree Metric (Smm) 111 192 33 106 Gross Multiple 29.0x 16.8x 99.1x 30.4x $20.55 153.0 3,143 788 98 (808) 3,222 160 (576) 2,646 200 81.4x 25.0x Adjusted 140 Multiple 23.8x 13.8x 120 3.1x BB-/Ba3 180 100 80 60 Period % of 52-Week High 1-Month 3-Month 6-Month 1-Year 2-year Stock Price Performance 6/22/2014 12/22/2014 -Saturn Series A Source: Projections per Luna management, as reviewed by Saturn; public company filings Notes: Saturn Selected Series A Luna Companies 59.8% 50.0% 6.0% 4.9% 3.7% (6.1%) (17.1%) (37.3%) (36.0%) (45.7%) (5.8%) (24.9%) 82.5% 0.7% 1.0% (0.3%) (15.3%) 0.9% Luna 6/22/2015 12/22/2015 Selected Companies S&P 500 98.0% 1.8% 1.7% 2.3% (1.8%) 6.2% www 6.2% 0.9% (5.8%) (24.9%) 6/22/2016 - S&P 500 1) Based on fully diluted shares outstanding using treasury stock method; convertible debt treated on an as-if converted basis with appropriate dilutive impact to shares outstanding for in the money converts; based on 147.2mm basic shares outstanding, 16.1mm in-the-money options outstanding (at WAEP of $23.83) and 1.6mm RSUS 2) Net debt excludes production loans 3) Equity in affiliates assumes Epix valued at 9.0x FY 2016A operating income of $168mm, implying a $471 mm value for Luna's 31% stake; assumes TVGN, ATOM Tickets, and Tribeca Short List valued @book value; Defy Media/Celestial Tiger stakes valued at $65mm; Saturn stake based on market prices 4) Includes net present value of difference between Luna cash tax rate given Canadian incorporation vs. peer normalized tax rate, incorporating value of existing NOLS 14 5) Includes equity income for leverage purposes 6) Includes Discovery Communications, Time Warner Inc., Scripps Networks Interactive, 21" Century Fox, CBS, The Walt Disney Company, AMC Networks, and Viacom#16Luna Financial Projections ($mm) Motion Pictures % Growth Television % Growth Revenue % Growth Gross Contribution Motion Pictures % Margin Television % Margin Total Gross Contribution % Margin EBITDA Pre-SBC (incl. equity gains) % Growth % Margin EBITDA Pre-SBC (excl. equity gains) % Growth % Margin Unlevered Free Cash Flow (pre-tax) % Growth Levered Free Cash Flow % Growth 2016A 1,678 670 2,347 184 11.0% 104 15.5% 288 12.3% 162 6.9% 111 4.7% 126 70 Fiscal Year Ended March 31, 2018E 2019E 2017E 1,874 11.7% 979 46.1% 2,853 21.5% 267 14.2% 116 11.8% 383 13.4% 251 54.5% 8.8% 192 73.0% 6.7% 155 23.2% 93 32.5% LionTree Note: Projections per Luna management, as reviewed by Saturn 1,913 2.1% 1,094 11.8% 3,007 5.4% 279 14.6% 135 12.3% 414 13.8% 264 5.1% 8.8% 220 14.7% 7.3% 172 11.3% 115 23.0% 2,404 25.7% 1,188 8.6% 3,592 19.5% 361 15.0% 170 14.3% 531 14.8% 348 32.1% 9.7% 301 36.7% 8.4% 202 17.1% 152 32.5% 2020E 3,435 364 4.4% 10.6% 292 44.9% CAGR CAGR 2021E 16A-'19E '16A-¹21E 12.7% 3,457 15.2% 0.6% 363 (0.1%) 10.5% 21.1% 312 6.7% 25.1% 17.7% 22.6% 17.8% 25.2% 14.2% 27.7% 8.1% 17.5% 19.9% 15#17Luna Discounted Cash Flow Analysis¹ ($mm) Adjusted EBITDA (excl. equity gains) Less: Stock Based Compensation Less: Depreciation & Amortization EBIT Less: Taxes @ 15% After-Tax EBIT Plus: Depreciation and Amortization Less: Capex Less: Investment in Film and TV, Net of Amortization Less: (Increase) /Decrease in Working Capital Less: Start-up Costs and Other Unlevered Free Cash Flows Present Value of Cash Flows Present Value of Terminal Value Present Value of Enterprise Less: Net Debt & Other Present Value of Equity Shares Price Per Share Lion Tree 413 2,779 3,193 (78) 3,114 153.0 $20.36 Source: Projections per Luna management, as reviewed by Saturn Notes: WACC 9.25% 9.50% 9.75% 10.00% 10.25% 2017E 192 (86) (17) 89 (13) 75 17 (11) (70) 78 (51) 39 Fiscal Year Ended March 31, 2018E 2019E 2020E 220 (85) (18) 117 (18) 100 18 51 (54) (42) 65 301 (49) (18) 13.00x 13.50x $19.49 $20.15 19.27 19.93 19.06 19.71 18.85 19.49 18.65 19.28 234 (35) 199 18 (7) (34) (49) (9) 117 DCF Equity Value Per Share 317 14.00x $20.82 20.59 20.36 20.14 19.92 (49) (17) 250 (38) 213 17 LTM Terminal EBITDA Multiple 14.50x $21.48 21.24 21.01 20.78 20.55 (7) (17) (49) 0 156 2021E 316 (49) (17) 249 (37) 212 17 (7) (49) 0 173 15.00x $22.14 21.90 21.66 21.42 21.18 1) Assumes mid-year convention, discounted back to 3/31/16; based on balance sheet as of 3/31/16 (net debt of $788mm), equity in affiliates of $808mm and minority interest of $98mm; excludes value of operating losses which have been incorporated in the 15.0% tax rate 16#18Section 3B Pro Forma Valuation Analysis Lion Tree#19Pro Forma Financial Overview ($mm) Revenue EBITDA (Pre-SBC) Capex OpFCF Luna % Growth Saturn % Growth Total Revenue % Growth Luna % Margin Saturn % Margin Cost Synergies Total EBITDA % Margin Luna % of Revenue Saturn % of Revenue Total Capex % of Revenue Luna % of Revenue Saturn % of Revenue Total Synergies Total OpFCF % of Revenue 2015A 2,360 1,700 4,061 166 7.0% 462 27.1% 628 15.5% 18 0.8% 17 1.0% 35 0.9% 148 6.3% 444 26.1% 593 14.6% Calendar Year Ended December 31, 2017E 2018E 3,446 16.1% 2016E 2,726 15.5% 1,700 0.0% 4,427 9.0% 172 6.3% 490 28.8% 662 15.0% 13 0.5% 24 1.4% 37 0.8% 159 5.8% 466 27.4% 625 14.1% 2,968 8.9% 1,789 5.2% 4,757 7.5% 213 7.2% 543 30.3% 52 808 17.0% 8 0.3% 19 1.0% 27 0.6% 205 6.9% 524 29.3% 52 781 16.4% 1,868 4.4% 5,314 11.7% 281 8.2% 612 32.8% 52 945 17.8% 7 0.2% 13 0.7% 20 0.4% 274 7.9% 599 32.1% 52 925 17.4% 2019E 3,474 0.8% 1,930 3.3% 5,404 1.7% 313 9.0% 633 32.8% LionTree Source: Saturn projections per Saturn management; Luna projections per Luna management, as reviewed by Saturn 52 998 18.5% 7 0.2% 20 1.0% 27 0.5% 306 8.8% 613 31.8% 52 970 18.0% 2020E 3,452 (0.7%) 1,995 3.4% 5,447 0.8% 316 9.2% 654 32.8% 52 1,022 18.8% 7 0.2% 21 1.0% 28 0.5% 309 9.0% 634 31.8% 52 995 18.3% CAGR '15A-¹20E 7.9% 3.3% 6.1% 13.7% 7.2% 10.2% 15.8% 7.4% 10.9% 18#20Discounted Cash Flow Analysis of Luna Synergies¹ ($mm) Synergies % Growth Less: Integration Costs EBIT (post-integration costs) Less: Taxes @ 15.0% After-Tax EBIT Tax Synergies Total FCF from Synergies % Growth Discounted Free Cash Flows NPV of Terminal Value Total Synergy DCF Value² Saturn Value Per Share of DCF Synergies 9.00% $3.39 9.25% $3.29 WACC 9.50% $3.20 9.75% $3.12 10.00% $3.04 Source: Synergies per Saturn management LionTree 1) Assumes mid-year convention, discounted back to 3/31/16 2) Assumes 9.50% WACC and 0.0% PGR 9.00% 1,006 Calendar Year Ended December 31, 2017E 2018E 2019E 52 nm (20) 32 (5) 27 50 77 69 9.25% 977 52 0.0% (5) 47 WACC (7) 40 50 90 16.5% 73 52 0.0% 9.50% 951 0 52 (8) 44 Sensitivity of DCF Synergy Value 50 94 4.7% 70 9.75% 925 2020E 52 0.0% 0 52 (8) 44 50 94 0.0% 64 674 951 10.00% 901 19#21Pro Forma Discounted Cash Flow Accretion/(Dilution) Analysis - Series A Offer WACC 8.75% 9.00% 9.25% 9.50% 9.75% Saturn Status Quo DCF Equity Value / Share 2020E LTM Terminal EBITDA Multiple 7.25x 7.75x 7.00x $30.91 30.55 30.20 29.84 29.50 $31.91 31.54 31.17 30.81 30.45 7.50x LionTree Note: $32.90 32.52 32.14 31.77 31.40 $33.89 33.50 33.12 32.73 32.35 Luna DCF Enterprise Value Saturn DCF Enterprise Value Synergy DCF Value Combined Pro Forma Enterprise Value Less: Pro Forma Net Debt (@3/31/2016) Plus: Other¹ Combined Pro Forma Equity Value Luna Pro Forma Fully Diluted Shares Outstanding Implied Luna Pro Forma DCF Equity Value per Share Saturn Series A Exchange Ratio Implied Saturn Share of PF DCF Equity Value per Share Implied Cash Per Share Total Value of Offer to Saturn Standalone Saturn DCF Equity Value per Share Accretion / (Dilution) 8.00x $34.87 34.47 34.08 33.69 33.31 3,193 4,467 951 8,610 (3,642) 598 5,566 230.5 $24.15 0.6784x $16.38 $18.00 $34.38 $32.14 7.0% Saturn Share of Pro Forma DCF Equity Value + Cash Per Share 2020E LTM Terminal EBITDA Multiple Low Mid $33.75 $35.00 33.45 34.68 33.16 34.38 32.88 34.08 32.60 33.79 WACC Low Mid High WACC Low Mid High Low $34.37 34.07 33.77 33.48 33.20 Accretion to Standalone DCF 9.2% 9.5% 9.8% 10.2% 10.5% 7.7% 8.0% 8.4% 8.7% 9.0% Mid 6.4% 6.7% 7.0% 7.3% 7.6% Source: Based on Saturn projections per Saturn management and Luna projections per Luna management, as reviewed by Saturn $35.62 35.30 34.99 34.69 34.39 5.1% 5.4% 5.7% 6.0% 6.3% High $36.24 35.91 35.60 35.29 34.98 High 3.9% 4.2% 4.5% 4.7% 5.0% 1) Other includes the market value of Luna equity in affiliates and minority interest, excluding Luna's current equity investment in Saturn; also includes value of Saturn investments 20#22Appendix Additional Reference Materials Lion Tree#23Saturn Current Analyst Price Targets Saturn currently trades at a 11.0% discount to the average analyst price target Current Series A Price: $27.80 Deutsche Bank (04/29/16) FBN Securities (04/29/16) Evercore ISI (06/12/16) Pivotal Research Group LLC (04/29/16) CLSA (05/02/16) Goldman Sachs (04/29/16) Macquarie (06/17/16) Morgan Stanley (06/22/16) Drexel Hamilton LLC (04/29/16) FBR Capital Markets (04/29/16) CM Research (03/14/16) $0.00 LionTree Source: Wall Street research Note: Stock price targets as of June 22nd $10.00 $20.00 Buy Rating $22.57 $26.00 $27.501 Target Avg.: $31.22 $80.00 $29,00 $32.00 SB0.00 $30.00 $31.00 $33.00 $35.38 $40.00 Hold Rating Sell Rating $47.00 $50.00 22#24Luna Research Analyst Price Targets Luna currently trades at a 28.5% discount to the average analyst price target Topeka (05/27/16) Argus Research Corp (06/06/16) Bernstein (06/20/16) Evercore ISI (06/12/16) Wunderlich Securities (05/27/16) Piper Jaffray (06/07/16) B Riley & Co (06/13/16) Jefferies (6/20/2016) CM Research (03/14/16) Barrington Research (06/06/16) Pacific Crest Securities (06/07/16) Macquarie (05/30/16) J.P. Morgan (05/26/16) Goldman Sachs (05/27/16) FBR Capital Markets (06/05/16) RBC Capital Markets (06/22/16) Cowen (06/13/16) $0.00 LionTree Source: Wall Street research Note: Stock price targets as of June 22nd Current: $20.55 $10.00 $20.00 Buy Rating $23.00 $23.00 $24.00 $22.00 Target Avg.: $28.75 $26.00 $29.00 $28.67 $27.00 $27.00 $27.00 $30.00 $30.00 $30.00 Hold Rating $34.00 $34.00 $32.00 $32.00 $40.00 $40.00 Sell Rating $50.00 23#25Analysis of Premiums For Voting vs. Non-Voting Shares Company Alphabet CBS Discovery Communications Liberty Braves Liberty Global Liberty Interactive Liberty Media Liberty Sirius Mean Median Meredith Corporation Low Vote / High Vote Twenty-First Century Fox, Inc. No Vote / Low Vote Viacom No Vote / Low Vote High Low Structure No Vote / Low Vote No Vote / Low Vote No Vote/Low Vote No Vote / Low Vote LionTree Source: FactSet No Vote / Low Vote Low Vote / High Vote No Vote / Low Vote No Vote / Low Vote Current (1.8%) (6.1%) (4.4%) (1.3%) (2.5%) 0.1% (1.3%) (1.0%) (6.1%) 0.9% (9.9%) (3.0%) (1.8%) 0.9% (9.9%) 6 Month Avg (2.4%) (7.8%) (3.3%) na (3.3%) (0.1%) (2.2%) na (6.3%) (0.4%) (8.0%) (3.7%) (3.3%) (0.1%) (8.0%) 1 Year Avg (3.1%) (7.8%) (4.6%) na (4.9%) (0.1%) (2.2%) na (6.5%) (0.3%) (5.0%) (3.8%) (4.6%) (0.1%) (7.8%) 3 Year Avg na (3.2%) (6.1%) na (5.9%) 0.6% (2.2%) na (3.5%) 1.4% (1.4%) (2.5%) (2.7%) 1.4% (6.1%) 5 Year Avg na (2.6%) (7.5%) na (6.9%) 1.4% (2.2%) na (3.1%) 0.5% (3.5%) (3.0%) (2.8%) 1.4% (7.5%) 24