Investor Presentaiton

News Media - Supplemental Valuation Analysis ($ IN MILLIONS) $3,200 $2,800 $2,400 $2,000 $1,600 $1,885 $1,558 $1,200 $1,082 $800 $400 $- Note: Analysis prepared by 3rd-party investment bank IRENIC $862 Trading Comparables NTM EBITDA of $169 and multiples between 5.1x - 6.4x Discounted Cash Flow Discounted at 8.8% 10.8% with a Terminal Multiple of 5.0x - 6.0x PAGE 48

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