LionTree Investment Banking Pitch Book

Luna EBITDA Bridge (Smm) 2017 2018 2019 251 EBITDA as reported by Luna 264 EBITDA as reported by Luna 348 EBITDA as reported by Luna 26 Equity Income 23 Equity Income 47 Equity Income 33 Gain on Sale 20 Gain on Sale 0 Gain on Sale Draft Working Materials - Subject to Change 192 EBITDA Pre-SBC 220 EBITDA Pre-SBC 301 EBITDA Pre-SBC 86 SBC 85 SBC 49 SBC 106 EBITDA Post-SBC¹ Startup Costs EBITDA Post-SBC & Startup Costs 136 65 252 46 EBITDA Post-SBC¹ Startup Costs 2 EBITDA Post-SBC Startup Costs Source: Luna management LionTree Note: FY2017 EBITDA does not adjust for $20mm of non-cash Pilgrim and $65mm of start-up costs to the extent diligence shows to be non-recurring 1) EBITDA Pre-SBC includes income from Epix, POP Network, and various other minority equity investment gains and losses 2) Start-up costs of $64.9mm in 2017E, $45.7mm in 2018E and $8.7mm in 2019E 90 EBITDA Post-SBC & Startup Costs 243 EBITDA Post-SBC & Startup Costs 21

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