LionTree Investment Banking Pitch Book

Selected Publicly Traded Companies Company Walt Disney Time Warner Inc. Fox CBS Viacom Discovery Communications Scripps Networks AMC Networks Mean Median Saturn @ Market Saturn @ Offer (based on spot) Closing Price 6/22/2016 $98.79 $72.44 $28.92 $53.65 $44.03 $25.99 $63.42 $58.49 $27.80 $31.52 % of 52-Week High 80.9% 79.3% 83.3% 91.7% 64.3% 74.4% 92.7% 67.1% 59.8% 67.8% Equity Value¹ ($mm) 162,738 58,365 55,187 24,882 17,795 16,057 8,224 4,354 2,886 3,298 Enterprise Value ($mm) Source: Public company filings, Wall Street research, Saturn projections per Saturn management Notes: 183,863 77,986 59,491 32,440 29,235 23,008 12,660 6,904 3,987 4,398 EV/ EBITDA² '16E-'18E CAGR 2016E 2017E Revenue EBITDA 10.2x 9.2x 8.3x 8.9x 7.8x 9.3x 8.8x 7.6x 8.8x 8.9x 8.1x 9.0x 9.7x 8.6x 7.6x 8.7x 7.5x 8.9x 8.5x 7.2x 8.3x 8.5x 7.3x 8.1x 5.2% 5.2% 5.5% 7.1% 5.6% 8.5% 2.5% 4.9% 2.7% 2.9% 5.9% 5.4% 4.3% 3.5% 5.1% 4.1% 4.6% 5.2% 4.8% 5.2% 5.0% 11.8% 1) Based on fully diluted shares outstanding using treasury stock method; if applicable, convertible debt treated on an as-if converted basis, with appropriate dilutive LionTree impact to shares outstanding for in the money converts 2) EBITDA multiples shown pre-SBC 11

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