PJT Partners Investment Banking Pitch Book

Selected Precedent M&A Transactions TEV / LTM EBITDA Target Median: 12.2x Offer Multiple: 11.1x (1) Acquirer Announcement Date Transaction TEV (US$mm) 14.6x YES Network 21st Century Fox 1/24/2014 $680 Source: Public filings and Capital IQ. Note: EBITDA estimates are post-SBC. (1) Implied Solar TEV/FY2016A Adj. EBITDA (post-SBC) at offer price. 11.7x.. Chellomedia 10/28/2013 12.8x AMC Networks Disney-Hearst $1,035 A&E Networks 7/10/2012 $3,025 9.4x NBC Networks Comcast-NBC JV 12/3/2009 $15,136 10.8x Comcast Networks Comcast-NBC JV 12/3/2009 $7,250 Confidential 13.9x Travel Channel Scripps Network 11/5/2009 $975 PJT Partners 11

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