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  "documentTitle": "LionTree | Investment Banking Pitch Book | 41 slides",
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  "authorName": "LionTree",
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  "presentationDate": "2016-06-01 00:00:00",
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  "notes": "Includes detailed pro forma calculations for ownership and leverage, accounting for equity raises and synergies.",
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      "text": "Class A consideration: $20.00 in cash per share; 0.566x shares of newly created Luna non-voting common stock. Class B consideration: 10% premium relative to Saturn Class A for each component of the offer ($22.00 in cash per share; 0.623x shares of newly created Luna non-voting common stock). ~63% cash consideration and ~37% stock consideration.",
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      "text": "Source: Based on Saturn management projections as of June 2016, company filings. Note: 1) Assumes equity raised at current Luna price of $21.25. 2) Excludes production loans. 3) Adjusting Luna EBITDA for startup costs, leverage excluding synergies would be 6.1x pre-equity raise and 5.3x post-equity raise; leverage including synergies would be 5.7x pre-equity raise and 5.0x post-equity raise.",
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      "text": "Pro Forma Luna Leverage table showing net debt, EBITDA, and implied leverage ratios under various scenarios.",
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      "text": "Pro Forma Ownership table showing exchange ratios, shares, and ownership percentages for Class A and Class B, including scenarios with and without equity raise.",
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      "text": "Value of Offer @ 3.0% Discount table showing cash, stock, and total value for Class A and Class B.",
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      "text": "Draft Working Materials - Subject to Change",
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