1. Among Millennials, Ad-Supported TV Maintains A Substantial “Time Spent” Advantage Vs. YouTube 1 Sources: Nielsen R&F Program Report Live+SD, Total Day 11/1-11/30/15; comScore Media Metrix (multiplatform) November 2015. Ad-supported TV = broadcast + cable TV Monthly “Time Spent” Average (Minutes per Viewer) Hrs:Min48:5910:2970:349:3361:429:58 Split: 82% / 18% 88% / 12% 86% / 14% Time Spent = Commitment, Interest & Loyalty

2. “Millennial TV” Show’s Audience & Reach Advantage Is Much Larger On A “Per Piece Of Content” Basis Source: VAB Analysis of Nielsen Npower / R&F Program Report, Live + SD, 11/1/15 – 11/30/15 (Broad City, Workaholics – 3/1/15 – 3/30/15; Total Divas (9/1/15 – 9/30/15); P2+ (original episodes and their encores only); and analysis of YouTube channel video views during November 2015 (new videos posted in November 2015 only). #K = thousands; #M = millions. TV figures are U.S. only while YouTube numbers are global. TV Shows Broad City Jane The Virgin Workaholic s Pretty Little Liars The Daily Show Vampire Diaries Supergirl Empire Total DivasAwkward YouTube Channels Jenna Marbles Michelle Phan Ray William Johnson KSI The Fine BrosRyan Higa Shane Dawson Bethany Mota Smosh PewDiePie 2

3. On Average, Only 2%, Of a YouTube Personalities’ Subscriber Base Watches a New Video on the Launch Day Source: VAB Analysis of YouTube channel video views during November 2015 (new videos posted in November 2015 only). % of Subs reflects what the total video views make up of the subscriber count as a percentage. #K = thousands; #M = millions. YouTube figures are global. % of Subs 2%3%1%5%4%6%0%2% 5%1% YouTube Channels: Launch Day Video Views Vs. Subscriber Base 3

4. Three Days After Launch, Only 6% of Subscribers Have Watched the Video % of Subs 6%9%5%11%3%13%6%5% 10%5% Source: VAB Analysis of YouTube channel video views during November 2015 (new videos posted in November 2015 only). % of Subs reflects what the total video views make up of the subscriber count as a percentage. #K = thousands; #M = millions. YouTube figures are global. YouTube Channels: “Day 3” Cume Video Views Vs. Subscriber Base 4