PJT Partners Investment Banking Pitch Book

Illustrative Accretion / Dilution Analysis [*] and $500mm Post-Transaction Rights Offer Without Synergies LFCF / Share $ Accretion/ (dilution) % Accretion/ (dilution) Diluted Earnings / Share $ Accretion/(dilution) % Accretion / (dilution) With Synergies LFCF / Share $ Accretion/ (dilution) % Accretion / (dilution) Diluted Earnings / Share $ Accretion/ (dilution) % Accretion/ (dilution) Source: Capital IQ and PJT estimates based on Wall Street research and discussions with Lunar Management. (1) Includes $35mm of run-rate cost synergies and $60mm of run-rate tax synergies. FY2017E $0.32 36% $0.47 37% $0.72 80% $0.86 69% Confidential PJT Partners 4 CONFIDENTIAL

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