PJT Partners Investment Banking Pitch Book

Analyst Perspectives on HBO and Showtime EQUITY RESEARCH BENCHMARKING - HBO & SHOWTIME HBO Wedbush Nomura MKM Cowen Guggenheim Macquarie Wunderlich 5/5/2016 Morgan Stanley 5/5/2016 5/5/2016 Deustche Bank JBL 5/5/2016 5/4/2016 JP Morgan RBC 5/4/2016 UBS 5/4/2016 Wells Fargo 5/4/2016 5/4/2016 5/4/2016 Median Date Showtime 5/25/2016 5/5/2016 5/5/2016 5/5/2016 Date Morgan Stanley 5/4/2016 Median Source: Wall Street research. NAV $16,522 29,349 26,375 29,055 $27,715 NAV $11,817 $11,817 Revenue 2016E 2017E 2018E $6,075 5,990 6,544 5,928 6,370 6,873 5,934 6,263 6,580 5,951 6,410 6,906 5,930 6,315 6,725 5,892 6,273 6,759 5,950 5,951 5,988 6,449 5,919 6,320 5,954 6,411 5,895 6,222 5,943 6,417 5,864 6,190 6,561 $5,939 $6,318 $6,725 Revenue 2016E 2017E 2018E $2,725 $2,985 $3,107 $2,725 $2,985 $3,107 Revenue Growth 2016E 2017E 2018E 8.2% 6.7% 9.3% 5.6% 7.5% 7.9% 5.7% 5.5% 5.1% 6.0% 7.7% 7.7% 5.6% 6.5% 6.5% 4.9% 6.5% 7.7% 6.0% 5.9% 5.4% 6.0% 0.6% 7.7 % 6.8% 7.7% 5.5% 8.0% 5.6% 6.0% 7.7% 5.0% 5.8% 4.4% 5.8% 6.6% Revenue Growth 2016E 2017E 2018E (8.4%) 9.6% 4.1% (8.4%) 9.6% 4.1% 2016E 2,097 2,083 2,129 EBITDA 2017E $1,816 $1,951 2,174 2,555 • 2,145 2,315 2,537 2,140 2,297 2,449 2,105 2,326 2,577 2,127 2,349 2,590 2,140 2,103 2,356 2018E 2,275 2,219 2,413 $2,127 $2,321 $2,557 EBITDA 2016E 2017E 2018E $929 $992 $1,063 $929 $992 $1,063 EBITDA Margin 2017E 2016E 32.3% 32.1% 38.7% 42.7% 38.2% 39.1% 39.8% 38.1% 38.7% 39.1% 37.5% 39.1% 40.2% 37.9% 39.6% 41.0% 37.3% 37.1% 37.9% 38.1% 37.5% 37.9% 39.6% 2018E 38.2% 37.6% 40.6% 39.1% 40.0% EBITDA Margin 2016E 2017E 2018E 31.2% 36.4% 35.6% 31.2% 36.4% 35.6% Multiple 2016E 2017E 9.1x 13.5x 12.5x Confidential 14.0x 8.5x 12.5x 11.7x 2018E 13.0x 11.9x 10.8x Multiple 2016E 2017E 2018E 12.7x 11.9x 11.1x 12.7x 11.9x 11.1x PJT Partners 49

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