First Rate

Account Number :

Contract Name :

*Current EV/EBITDA Dated: 10th December 2020

Contract Term	Annual Revenue Loss
DMA Assignment	$(239,668)
EBU	$(4,804,553)
'Numerator'_Billings	-
'Denominator'_Package Type	$(2,227,898)
'Denominator'_Inclusions	$(1,636,901)
'Denominator'_Equivalent Rate	-
'Omissions, Classifications'	$(705,903)
'Other'	$(233,851)
'Floor '	-
Bad Debt	-
'Inclusions'	$(220,060)
'Unreconciled'
Subscriber Omission	$(556,414)
'Type 1'	-
'Type 2'	-
'Type 3'	-
'Type 4'	-
'Gratis'	-
Other	$(906,559)
Audit Non-Compliance	FALSE
Total	$(6,507,194)

Contract Term
DMA Assignment	$(2,204,946)
EBU	$(44,201,888)
'Numerator'_Billings	-
'Denominator'_Package Type	$(2,227,898)
'Denominator'_Inclusions	$(1,636,901)
'Denominator'_Equivalent Rate	-
'Omissions, Classifications'	$(705,903)
'Other'	$(233,851)
'Floor '	-
Bad Debt	$0
'Inclusions'	$(2,024,552)
'Unreconciled'
Subscriber Omission	$(5,119,009)
'Type 1'	-
'Type 2'	-
'Type 3'	-
'Type 4'	-
'Gratis'	-
Other	$(8,340,343)
Audit Non-Compliance	FALSE
Total	$(59,866,185)

Annual Underpayments: by MVPD, Variance Type

MVPD	Subscriber Definition	Gratis Accounts	Bulk Billing / Equiv. Units	Bad Debt	Rate	In-Market	Out-of-Market	Significantly Viewed	Total
Altice	22,445		495,068	77,647		34,990	15,500		645,650
Charter Communications			3,356	5,855	5,962	122,404	38,979		176,556
Comcast Corporation	13,669	31,098	11,533				8,611		64,911
DIRECTV	4,245		1,205,401	16,022	13,640	86,594	42,496		1,368,398
DISH Network	6,022		69,525	5,501	8,501	25,697	31,005		146,251
Fubo		12,166	48,554			3,012	14,498	1,666	79,896
Hulu	17,554		381,455	905	(14,440)		22,821		408,295
Mediacom Communications	38,646		98,022			5,664	3,256		145,588
Sling Interactive Service	1,202					2,545	2,887		6,634
YouTube			14,073			18,212	13,805		46,090
All Other	8,980	8,874	323,545	32,515	5,300	75,100	28,955		483,269
Total	112,763	52,138	2,650,532	138,445	18,963	374,218	222,813	1,666	3,571,538

Corporate Enterprise Value

MVPD	Subscriber Definition	Gratis Accounts	Bulk Billing / Equiv. Units	Bad Debt	Rate	In-Market	Out-of-Market	Significantly Viewed	Var 9	Var 10	Var 11	Var 12	Total
Altice	206,494		3,772,166	714,352	54,758	321,908	142,600		138,515		23,497		5,374,290
Charter Communications			30,875	53,866		1,126,678	358,607			23,497			5,374,290
Comcast Corporation	125,755	286,102	106,104		125,488		81,374						724,822
DIRECTV	39,054		11,089,680	147,402		244,343	390,963			94,052			12,005,494
DISH Network	55,402		639,630	78,209		238,412	290,260						1,299,914
Fubo		11,647	446,890		132,848	27,710	137,706	15,327					772,128
Hulu	161,497		2,358,926				210,478			331,632			3,062,533
Mediacom Communications	355,543		901,802	8,326		52,109	29,955						1,347,736
Sling Interactive Service	11,058					23,414	26,560				64,308		125,341
YouTube			135,452			167,624	127,006						430,082
Total	954,804	297,749	19,481,524	1,002,156	313,094	2,200,198	1,795,509	15,327	138,515	463,340	87,805	-	26,750,021