EFTA01457530.pdf

27 May 2015 Broadcasting / Movie & Entertainment Dish IV Risks Key downside risks include a reduction in ARPU, an increase in content cost, and an increase in churn rate. Our sensitivity analysis shows that EBITDA, and subsequently valuation, are highly sensitive to ARPU and content-cost assumptions. We estimate that every 5% increase/decrease in ARPU assumption increases/decreases EBITDA by 12%. Deutsche Bank AG/Hong Kong Page 9 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117106 CONFIDENTIAL SDNY_GM_00263290 EFTA01457530