PJT Partners Investment Banking Pitch Book

Solar DCF Value Sensitivity IMPLIED VALUE PER SHARE EBITDA Sensitivity (¹) $150 125 100 75 50 25 1 (25) (50) (75) (100) (125) (150) Implied FY2017E Adj. EBITDA (post-SBC) $619 594 569 544 519 494 469 444 419 394 369 344 319 Source: Solar Management projections as provided by Lunar Management. (1) Illustrative annual increase or decrease in Solar Adjusted EBITDA. DCF Value per Share at 7.5% Discount Rate 8.50x Terminal Multiple $53 50 48 46 43 41 39 37 35 33 30 28 26 9.25x Terminal Multiple 10.00x Terminal Multiple $57 54 51 49 47 44 42 40 38 35 33 31 28 Confidential $61 57 55 52 50 48 45 43 40 38 36 33 31 PJT Partners 38

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