Key Assumptions: E G H OUTREACH NETWORKS: FIRST VENTURE ROUND Completed Analysis for DCF Method (dollars in millions) Expected cash flows (adjusted for probability of failure) Market rate used to discount flows (CAPM) Interim flows valued Revenue EBITDA EBIT Net Income Free Cash Flow Discount rate (avg, all comparables) NPV Forecast period FCFs TV growing perpetuity (g = 5%) Total NPV Expected NPV (50% Prob of success) Equity stake Forecast period FCFs TV median EBITDA multiple Total NPV Expected NPV (50% Prob of success) Equity stake r 2011 2012 2013 2014 2015 2016 2017 137.0 198.0 260.0 335.0 425.0 525.0 38.8 60.1 76.7 98.9 125.4 157.9 38.2 59.1 75.4 97.2 123.2 155.2 26.7 41.4 52.8 68.0 86.3 108.7 20.4 32.3 40.8 52.6 66.7 84.5 1 2 3 4 5 14.0% 5+1.5*6 174.5 174.5 9 Exit valuation $985.3 TV