PJT Partners Investment Banking Pitch Book

Solar Projected Financial Summary PROJECTED REVENUE(¹) (US$ mm) $1,681 337 EBITDA Margin 1,330 $1,716 300 24% 1,420 $401 FY 3/16A FY 3/17E FY 3/18E FY 3/19E Solar Networks Solar Distribution PROJECTED ADJ. EBITDA (POST-SBC)(²) (US$ mm) $1,808 $1,883 311 311 27% 1,504 $469 1,579 29% $529 31% $586 $1,946 311 1,642 $2,012 311 31% $604 1,707 FY 3/20E FY 3/21E Solar Animation 31% $625 PROJECTED ADJ. EBITDA (PRE-SBC)(2) (US$ mm) EBITDA Margin 26% $434 29% $499 $235 31% $560 PROJECTED FREE CASH FLOW(3) (US$ mm) $236 33% $323 $618 FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY 3/21E 33% $638 $319 $322 Confidential FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY 3/21E Source: Solar Management. Projections were provided by Lunar Management. Note: Solar CY financial projections converted to FY by assuming 75% of financial results derived from the CY prior and 25% of financial results derived from the following CY for those years in which quarterly financial information is unavailable. (1) Segment revenues may not add to total due to eliminations. (2) Adj. EBITDA (pre-SBC) defined as revenues less direct costs of revenue and less SG&A expenses excluding stock-based compensation. Adj. EBITDA (post-SBC) defined as revenues less direct costs of revenue, less SG&A expenses and less stock-based compensation. (3) Levered Free Cash Flow defined as Adj. EBITDA (post-SBC) plus stock-based compensation, less cash interest, less cash taxes, less cash spend on programming in excess of amortization, less purchases of PP&E & investments and less change in working capital and other. 33% $661 $335 FY 3/20E FY 3/21E PJT Partners

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