LionTree Investment Banking Pitch Book

Preliminary Transaction Financing Structure Luna will require -$4bn of new capital commitment to finance the proposed transaction Tranche Senior Notes Term Loan Revolver Converts Total Tranche Term Loan Senior Notes Cap Leases Total Overview of Current Capital Structure Amount ($mm) Maturity Coupon 225 Aug-18 5.25% 400 Mar-22 L+400 161 L+250 60 1.25% 846 Sep-17 Apr-18 LionTree Note: Luna¹ Source: Bloomberg Amount ($mm) Maturity Coupon Apr-20 L+150-225 391 677 Sep-19 5.00% 63 1,131 Saturn Price 102.75 98.50 Price 101.95 Draft Working Materials - Subject to change 1) Excludes production loans 2) Assumes equity raised at current Luna price of $21.25 Refi? Yes Yes Yes No Refi? Yes Yes No 19 Estimated Breakage Costs Sources & Uses Estimated Breakage Sources Costs New 6-Year Bank Debt @ L+[300] 11 New 8-Year Notes @[7.00%] 8 New Equity² Luna Equity Issues to Saturn Shareholders Total - Sources Luna Term Loan Luna Revolver Saturn Term Loan 7 Saturn Senior Notes Transaction Costs 7 Total 11 Uses Uses Saturn Equity Purchased With Cash Saturn Equity Purchased With Stock Luna Senior Notes $mm 2,605 850 500 1,210 5,165 $mm 2,012 1,174 225 400 161 391 677 125 5,165 16

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