Transactions Overview1)
Charter to acquire Time Warner Cable (TWC) for $195.71 per share $100.00 in cash1) + $95.71 in New Charter stock, equivalent to 0.5409 Charter shares1) = $195.71 per TWC share
Offer equates to TWC enterprise value of $78.7 billion $56.7 billion equity
valuation + $22.7 billion net debt, less $0.7 billion equity investments EV/2015 TWC estimated Adj. EBITDA = 9.1x1), 8.3x adj. for synergies and tax benefits
TWC shareholders to own 44% of New Charter1) Charter to acquire Bright House
Networks (BHN) for $10.4 billion Purchase price = 7.6x 2014 pro forma BHN EBITDA; < 6.5x incl. synergies and tax benefits; closing conditioned on
sale of Time Warner Cable to Charter (or another party in certain circumstances) Consideration: $2.0 billion in cash, $2.5 billion of convertible preferred
partnership units, and $5.9 billion of common partnership units Commitment from two of cable industrys most successful long term investors Liberty Broadband (Liberty) to invest $5.0 billion2); will own 19% of New Charter1)
Advance/Newhouse (A/N) to own 13% of New Charter 1) See slide 13
for additional details. 2) $4.3 billion to be invested at equivalent of $176.95 per share and represents Charters closing price on May 20, 2015. $700 million
to be invested at equivalent of $173.00, as previously announced on March 31, 2015 as part of the Charter-A/N transaction. 5 Charter COMMUNICATIONS Time Warner Cable® bright house NETWORKS ®
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