PJT Partners Investment Banking Pitch Book

Market Penetration By Distributor SOLAR AT&T DIRECTV Total DTV/AT&T Cablevision Charter Comcast Cox DISH Mediacom NCTC Suddenlink Time Warner Verizon All Other Total Traditional Affiliate Source: Solar Management. Calendar Year 2013A 2014A 2015A 2016E 2017E [*] [*] [*] [1 [*] [*] [*] 11 [*] 11 [*] [*] EUROPA AT&T DIRECTV Total DTV/AT&T Cablevision Charter Comcast Cox DISH Mediacom NCTC Suddenlink Time Warner Verizon All Other Total Traditional Affiliate 2013A 11 [*] Confidential Calendar Year 2014A 2015A 2016E 2017E [*] [*] 11 [*] [*] 11 ΞΞΞΞΞΞΞΞΞΞΞΞΞΞΞ 1.1 [*] (') PJT Partners 36

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