Your Personal Portfolio Manager James B. Cornehlsen, CFA Dunn Warren Investment Advisors, LLC 6143 S. Willow Dr. Ste.102 Greenwood Village, Colorado 80111 1-877-491-7514 jcornehlsen@dunnwarren.com www.dunnwarren.com

Disclosure All expressions of opinions, forecasts or estimates contained in this report reflect the judgment of the Portfolio Managers of Dunn Warren Investment Advisors. Any recommendation made in this call may not be suitable for all investors. This call does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. This call is for informational purposes only and is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein. Moreover, although the information contained herein, and the opinions, forecasts or estimates based thereon, has been obtained from sources deemed to be reliable by Dunn Warren, its accuracy and completeness can not be guaranteed and should not be relied upon as such. The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

AGENDA Description Price Attribution Valuation Comps Up Side Down Side 4/23/2018 AGENDA Description Price Attribution Valuation Comps Up Side Down Side All expressions of opinions, forecasts or estimates contained in this report reflect the judgment of the Portfolio Manger of Dunn Warren Investment Advisors. Any recommendation made in this presentation may not be suitable for all investors. This presentation does not take into account the particular investment objectives of financial circumstances of any specific person who may receive it. 3

Description DIRECTV (DTV) is the world's leading provider of digital television entertainment services. Through its subsidiaries and affiliated companies in the United States, Brazil, Mexico and other countries in Latin America, DIRECTV provides digital television service to 19.97 million customers in the United States and 12.75 million customers in Latin America. 

DIRECTV reported revenues of $7.05 billion in the first quarter of 2012. DIRECTV is composed of two main operating units - DIRECTV U.S., and Latin America, as well as DIRECTV Regional Sports Networks.

Weekly claims are one of the positive indicators currently. It is leading of the market and recessions Has been improving since market bottom in 2009 Source: Valueline

Weekly claims are one of the positive indicators currently. It is leading of the market and recessions Has been improving since market bottom in 2009 Source: Valueline

Valuation Source: Valueline

Comps Source: Valueline

Up Side Emerging Market expansion in Latin America Stock repurchase representing $4 billion (83 million shares of 691 shares) Subscription growth in US (Discounting) Apple TV NFL Sunday ticket

Downside Increasing cost of content (historically up mid single digits) up 10% Needs to retain client base Upselling clients may not be as favorable as growing client base Subsidizes equipment costs