Citi Corporate and Investment Banking Media April 24

Citi Corporate and Investment Banking | Media April 24, 2013 Current Cable Landscape Perspectives on Value and Recent M&A Transactions Strictly Private and Confidential

Table of Contents 1. Public Market Update 1 2. M&A Market Update 13 3. M&A Case Studies a. Cablevision’s Sale of Optimum West to Charter 24 b. Cogeco’s Acquisition of Atlantic Broadband 27 c. Apollo, Oaktree and Crestview’s Sale of Charter Shares to Liberty Media 30

Citi Corporate and Investment Banking | Media 1. Public Market Update

Cable Stocks Have Outperformed 1 -Year Stock Price Performance Since 4/19/2012 Cable RBOC DBS S&P 500 Note: Cable based on volume weighted average of Cablevision, Charter, Comcast, and Time Warner Cable. DBS based on Direc. TV and Dish. RBOC based on Verizon and AT&T. 1

Performance Drivers Differed by Operator Drivers of 1 -Year Share Price Performance Note: Data current as of 4/19/2013. 2 (1) Other reflects changes in minority interest, non-cable assets, unconsolidated investments and preferred shares.

EBITDA Multiples Have Increased Public cable multiples have recovered from 2008 and private market multiples have expanded. Public and Private FV / EBITDA Multiples Over Time Cable Deal Hiatus 3 Note: Multiples represent averages. No private cable transactions announced during 2008 – 2009.

Public Valuations Reflect Recent Performance Firm Value / 2013 E EBITDA Cable DBS Telco Consolidated FV / ’ 13 EBITDA (1) (1) 2013 E – 2015 E EBITDA CAGR 4 Source: Company filings and Wall Street research. Note: Market data as of 4/19/2013. (1) Represents Cable Firm Value / 2013 E Cable EBITDA. CVC / Charter pro forma for sale / acquisition of Bresnan. CMCSA pro forma for acquisition of 49% stake in NBCU.

Debt Markets Love Cable Robust Financing Markets… Yield To Worst HY CCC Index HY BB index 10 -yr Treasury …That Are Highly Supportive of Cable 5

Large Players Focused on the Landscape Residential Wireless (subscribers in millions) -- Video Data Enterprise (2012 Revenue, $ in millions) Other 6 Source: Company filing, Equity Research.

Demand for Data is Primary Driver of Outperformance… Cable is Advantaged in Reach… (US Household Fiber / Cable Coverage, HH in mm) #Fi. OS HH #U-Verse HH Fiber % US HH Passed Cable Homes Passed: 97% of HHs Telco Homes Passed: 43% HHs Initial Telco Fiber Rollout Complete …And HSD Technology (Download Speed in Mbps) Cable offers a superior product across 54% of its homes passed 7

…Commercial Opportunity is a Secondary Driver… Enterprise: A $100 billion Market Opportunity… (Revenue Market Share) Cable Other Cable Operators Plan to Expand Capabilities to Drive Market Share Gains (2012 E Enterprise Revenue, $ in bn) Estimated Opportunity: $25 bn Acquired a CLEC and Vo. IP provider Estimated Opportunity: $20 bn Acquired Navisite, an enterprise hosting provider Estimated Opportunity: ~$9 bn in Tier 2/ 3 Cities Provides services in the New York metro area through Optimum Lightpath Recently acquired cloud communications provider Telovations Other 8

…Both Contributing to Revenue Growth Contribution 2011 A – 2012 A Growth in Revenue & Segment Growth Contribution 9

Growth Profiles Enhanced by “Catch-up” Opportunity Cable Penetration % of Homes Passed; as of 12/31/12 HSD Penetration (% of HP) PSU Growth 2012 A 10

Investors Focused on Costs Programming Costs Increasing Faster than ARPU… % Growth Primarily Driven by Sports Rights & Retrans Fees (Affiliate Fees: ’ 09 A – ’ 15 E) ($bn) Sports Retrans ’ 12 – ’ 15 CAGR Cable Nets 9. 2% ’ 09 – ’ 12 CAGR 8. 7% 6. 8% 7. 2% 23. 7% 27. 8% 10. 3% 9. 1% Video Gross Profit Margin 11 Source: Wall Street research.

Programming Costs Pressuring Margins Change in Programming Cost / Sub 2012 A vs. 2011 A EBITDA Margin 2012 A EBITDA Margin Y-o-Y Change (bps) 12

Citi Corporate and Investment Banking | Media 2. M&A Market Update

Further Consolidation Likely Current Cable Landscape (Subscribers in 000 s) Cable 14 DBS Telco

Three Groups of Acquirors Acquiror Type Motivations · Leverage programming costs Large Operators Example Charter/ Optimum West · Reduce tax payments · Operating cost reduction West · Consolidate rural systems Roll-ups / Platform Expansion · Adjacent markets Cogeco / Atlantic Broadband · Leverage SG&A costs · Low risk investment Financial Buyers · Need leverage / scale · What is exit? 15 Liberty / Charter

Wide Range of Processes Type of Process 1 Process 2 Process 3 Process 4 Process 5 Broad Auction Limited Auction Broad Auction Bilateral Negotiation Limited Auction Sponsor nearing Not aligned with end of investment Sponsor nearing Catalyst for Sponsor nearing Company’s core Process end of investment markets Death of founder 16 Focus parent’s business Prior Processes 3 0 0 Total Number of Parties Involved 7+ Did not sell 12+ 2 6

Scale is Increasingly Valuable to Operators (1) Subscribers (mm) 17 (1) Based on regression curve including CMCSA, CHTR, CVC, TWC DTV and DISH. 2012 A Programming Cost per Subscriber Programming Costs ($ per sub per month) Capex Per Subscriber 2012 A Capex per Subscriber (1) Largest firm pays ~20% less than smallest firms (1) Subscribers (mm)

Synergies Have Been Meaningful Precedent Transaction Synergies (1) Source: Company filings, Wall Street research. (1) Represents tax shield of incremental interest cost. 18

Synergy Potential Will Drive View of Value Large Strategic Revenue Cost Structure · Penetration? Financial Sponsors · None % Synergy Programming 20% 5% 0% Field Costs 10% 5% 0% Marketing 15% 10% 5% 0% 0% 0% 50% 25% 15% 5% 2. 5% 0% 10 – 15% 5 – 10% 1 – 2. 5% Customer Service Corporate Overhead Other Operating Costs Total Synergies 19 · Some Mid-Sized Strategic

Tax Assets Can Be Valuable Larger Operators Looking to Reduce Taxable Income (2013 E Taxable Income) Value of A Tax Step-up Can Be Attractive Illustrative $750 mm Tax Step-up Example Potential Fully Utilized Value of Tax Step-up 20 (1) Based on regression curve including CMCSA, CHTR, CVC, TWC DTV and DISH.

Seller and Buyer Have Different Perspectives Transaction A 0. 8 x EBITDA 21 (1) Includes debt and swap breakage costs and other transaction costs. Transaction B 2. 4 x EBITDA

Financial Sponsors Focused on Cable Sector Numerous Sponsors Bidding On Cable Assets What Are Sponsors Looking For? Management Team · Can back existing teams · Provide additional expertise Platform for Roll-ups · Spreads costs across markets “Catch-up” Opportunities · Underpenetrated “rural” systems · Increases exit alternatives · Chance to upgrade plant · Need scale and an exit Scale / Leverageability · Leverage required to hit returns 22

Returns Dependent on Scale and Leverage Illustrative Cable LBO Minimum scale required for sufficient leverage and to preserve exit opportunities Lenders attracted to recurring free cash flow, physical assets, high margins Bond market can be accessed for additional leverage if issuance is above ~$150 mm Market conditions have increased leverage available to acquirors 23

Citi Corporate and Investment Banking | Media 3. M&A Case Studies

Citi Corporate and Investment Banking | Media a. Cablevision’s Sale of Optimum West to Charter West

Charter / Optimum West Transaction Overview Process On February 7 th, 2013, Cablevision Systems Corporation entered into a definitive agreement to sell Bresnan Broadband Holdings, LLC (“Optimum West”) to Charter Communications Inc. for $1. 625 billion Limited number of targeted participants 13 weeks from beginning of process to signing Distribution of information package in first round Purchase price represents 10. 0 x Optimum West’s LTM Adjusted Operating Cash Flow Optimum West serves approximately 366, 000 customers in Montana, Colorado, Wyoming and Utah Cablevision had acquired Bresnan in June 2010 for $1. 4 billion (8. 1 x LTM EBITDA) Citi advised Cablevision on the transaction 24 Full diligence in second round Implied Transaction Multiples

Optimum West Asset Overview Geographic Overview West Key Operating Metrics (September 30, 2012) Montana Havre Kalispell Missoula Helena Bozeman Metric Performance Premises Passed 665, 500 Basic Penetration (% of Premises Passed) 45. 7% Digital Penetration (% of Basic Subscribers) 83. 3% HSD Penetration (% of Premises Passed) 42. 9% Voice Penetration (% of Premises Passed) 25. 4% 3 -Product Bundling(1) 40. 6% % above 750 MHz 90. 0% Great Falls Billings Sheridan Cody Gillette Jackson Casper Wyoming L ar a m ie Cheyenne Grand Junction Canon City Cedar City Durango Utah Lamar Colorado Optimum West Headends Principal Competitors Optimum West States Served 25 (1) 3 -product bundling defined as the percentage of unique customers who subscribe to three of Optimum West’s core products (video, HSD, voice). · Century. Link (No IPTV video offering) · Direc. TV, DISH

Optimum West Transaction Rationale · Strong household and population growth Attractive Markets · High levels of employment and stable economic base · Significant new home construction Strong Competitive Position and Unmatched Product Offering Fully Upgraded, High Quality Systems Significant Investment and Operating Improvements by Cablevision 26 · Market leader in video and HSD with 45. 7% and 42. 9% penetration, respectively · In the areas it serves, Optimum West is the only integrated triple-play provider in the market (Century. Link has limited HSD speeds (3 Mbps) and no proprietary video product) · Carrier class plant and network with 90% two-way 750 – 860 MHz capacity · State-of-the-art Network Operations Center, Regional Operations Center and principal call centers all within Optimum West’s footprint · $80 million in capital to migrate off net 2 phone, introduce higher HSD speeds and connect additional headends · Revamped sales and marketing team by adding door-to-door sales resources and dedicating resources to SMB, bulk and Enterprise customer segments

Citi Corporate and Investment Banking | Media b. Cogeco’s Acquisition of Atlantic Broadband

Transaction Overview Key Terms On July 18 th, 2012, Cogeco announced the acquisition of Atlantic Broadband (“ABB”) for $1. 36 billion in cash Cogeco will acquire 100% of ABB in an all-cash deal Transaction valued at 8. 8 x forward EBITDA (8. 3 x net of tax structure) Cogeco is a leading cable operator based in Montreal, Canada Atlantic Broadband is the 14 th largest cable provider in the U. S. , serving 251, 000 basic cable subscribers ABB was previously owned by ABRY Partners and Oak Hill Capital Partners (acquired from Charter in 2004) Structure provides meaningful tax benefits back to Cogeco 27 – Cogeco received incremental financing for $660 mm of the purchase price – Cogeco funded the remaining portion of the purchase price with cash and its own credit facility Transaction closed in December 2012 Implied Transaction Multiples

Atlantic Broadband Asset Overview Business Overview 14 th largest cable provider in the U. S. Key Operating Statistics (As of 6/30/2012) Technologically advanced network – ~7, 900 miles of network plant with an average density of 65 homes per mile – 92% of the platform fully upgraded to all digital or operating 750 MHz capacity or higher – DOCSIS 3. 0 covers 85% of homes passed – 98% of homes passed are internet and telephone ready and two-way connection capable Source: Company materials. (1) As a percentage of homes passed. Geographic Footprint (As of 6/30/2012) Atlantic Broadband Headquarters Quincy, MA Western Pennsylvania Homes Passed: 243, 177 Basic Customers: 122, 419 Maryland/Delaware Homes Passed: 60, 530 Basic Customers: 21, 126 Aiken (South Carolina) Homes Passed: 56, 114 Basic Customers: 22, 641 28 Note: Basic Customers include Basic Television and Digital Video customers. Miami Beach Homes Passed: 155, 525 Basic Customers: 85, 532

Atlantic Broadband Transaction Rationale Attractive Entry into U. S. Markets · Underpenetrated markets imply room for growth · Less competitive markets suggest ability to maintain pricing High Quality Network Infrastructure · 92% of platform was fully upgraded to all digital or operating at 750 MHz or higher Commercial Growth Opportunity · ~30% commercial revenue CAGR despite having less than 10% of market share Provides Platform for Future Growth 29 · 7, 900 miles of network with average density of 65 homers per mile · DOCSIS 3. 0 covers 85% of ABB’s homes passed · Approximately 40, 000 businesses within existing network · Platform allows Cogeco to explore other ways to deploy capital in the U. S. cable sector · Neighboring markets facing limited competition as well

Citi Corporate and Investment Banking | Media c. Apollo, Oaktree and Crestview’s Sale of Charter Shares to Liberty Media

Apollo, Oaktree and Crestview’s Sale of Charter Shares to Liberty Media Overview Pro Forma Ownership On March 19, 2013, Apollo, Oaktree, and Crestview entered into a definitive agreement with Liberty Media to sell 26. 9 million shares and 1. 1 million warrants of Charter Communications for $2. 617 bn Shares were sold for $95. 50 per share, representing a premium of 6. 0% to Charter’s closing share price on March 15 th, 2013 Values Charter at 8. 0 x FV / 2013 E EBITDA The transaction is expected to close in the first half of the 2 nd quarter of 2013 Citi acted as financial advisor to Apollo and Oaktree on this transaction Governance Under the terms of the stockholder’s agreement, Liberty Media has the right to name up to four directors Liberty is restricted from acquiring a stake exceeding 35% until January 2016 and 39. 99% into perpetuity 30 (1) Total proceeds includes warrants. Implied Valuation of Charter

Charter Asset Overview Business Overview Key Operating Stats · Fourth largest U. S. cable operator based on homes passed and basic video customers · 4, 197, 000 basic video subs (1) · Diverse geographic footprint spread across mid-tier metropolitan and rural areas · Thomas Rutledge joined as CEO in Nov 2011 and has hired other legacy Cablevision key executives · Significant capital invested in plant upgrades Geographic Footprint (As of 12/31/2012) 31 (1) Includes commercial video and residential video. · 3, 484, 000 digital video subs · 3, 917, 000 high speed data subs · 1, 979, 000 telephone subs · 13, 577, 000 total RGUs

Charter Transaction Rationale Strong Cable Operating Experience Consistent with Liberty Media Investment Strategy Capital Investment Has Been Made 32 · Investment in Charter represents a re-entry into U. S. cable market (Sold TCI to AT&T in 1999) · Liberty Global owns numerous international cable assets across 13 countries · Best opportunity for re-entry for Liberty Media as large stake with governance rights could be acquired at a modest premium · Charter operations large enough to benefit from scale with a path to more over time · Charter’s owners have made significant capital investments in infrastructure upgrades · Liberty investment comes at time when Charter is primed for growth

Citi Corporate and Investment Banking | Media Q&A 33

Citi Corporate and Investment Banking | Media Citi Contact Information Christina Mohr Managing Director, Mergers & Acquisitions · Office: 1 (212) 816 -9247 · E-mail: christina. mohr@citi. com Derek Van Zandt Managing Director, Global Communications Group · Office: 1 (212) 816 -0633 · E-mail: derek. vanzandt@citi. com 34

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