Moelis & Company Investment Banking Pitch Book

Weighted Average Cost of Capital Analysis PEER GROUP BETA ANALYSIS As of 11/04/15 (S in millions) Media/Technology Licensing Dolby Laboratories IMAX TiVo Rovi DTS³ Media/Tech. Licensing Average Media/Tech. Licensing Median Theater Exhibitors Cinemark Regal Entertainment AMC Entertainment ³ Theater Exhibitors Average Theater Exhibitors Median Other IP Licensing Iconix Brand Group Sequential Brands Group Other IP Licensing Average Other IP Licensing Median Rhombus Levered Beta¹ 1. 2 3. 4. 2-Year 0.938 0.984 0.954 1.533 1.044 1.091 0.984 0.811 0.786 0.953 0.850 0.811 0.996 1.074 1.035 1.035 0.819 5-Year 0.972 1.425 1.243 1.192 1.345 1.235 1.243 0.894 1.011 1.261 1.055 1.011 1.556 2.924 2.240 2.240 1.674 Total Debt Source: Bloomberg, Company filings, US Department of the Treasury, 2015 Duff & Phelps Notes: Market data as of 11/04/15 22 403 1,036 160 $2,039 2,349 1,864 $1,543 355 $38 MV Equity $3,729 2,774 964 809 554 $4,143 3,059 2,601 $783 537 $550 Debt/ Total Cap 0.8% 29.5% 56.2% 22.4% 21.8% 22.4% 33.0% 43,4% 41.8% 39.4% 41.8% 66.3% 39.8% 53.1% 53.1% 6,5% Effective Tax Rate 2 23.4% 26.0% 37.2% 55.2% 27.9% 33.9% 27.9% 40.4% 39.7% 31.5% 37.2% 39.7% 28.1% 48.8% 38.4% 38.4% 27.8% STRICTLY CONFIDENTIAL Asset Beta 2-Year MOELIS & COMPANY 0.938 0,978 0.756 0.974 0.864 0.902 0.938 0.627 0.537 0.639 0.601 0.627 0.412 0.802 0.607 0.607 0.780 2-year weekly and 5-year monthly adjusted beta per Bloomberg Average of the past 8 quarters per Capital Q Pro forma for iBiquity acquisition; reflects $135mm of additional debt and $37mm use of cash to fund the acquisition; debt/total cap prior to acquisition was 4.5% Pro forma for Joes Jeans acquisition; reflects 560mm of additional debt used to fund the acquisition per company press release 5-Year 0.972 1.417 0.985 0.757 1.113 1.049 0.985 0.691 0.691 0.846 0.743 0.691 0.644 2.185 1.414 1.414 1.594 Int. Expense/ Total Debt ΝΑ 5.8% 4.4% 7.4% 3.8% 5.4% 5.1% 5.6% 5.5% 5.9% 5.6% 5.6% 5.5% 5.8% 5.6% 5.6% 4.0% [32]

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