Overview of Summit Ridge Group, LLC -- Provides valuation, strategic advisory, custom research and litigation support for the satellite, media and telecom industries.

1. Valuation and Strategic Advisory
In the Media and Communications Sector
535 Fifth Avenue, 4th Fl, New York, NY 10017 Tel: +1.646.843.9850

2. Contents
• Overview
• SRG Approach & Skills
• Service Offerings and Case Studies
• Founder’s Bio and Publications
www.SummitRidgeGroup.com Page 2

3. Traditional Service Providers Disintegrated
- Highly Focused, Area-Specific Capabilities
I-Banks Research Firms
• Finance and • Finance & Strategy
Transactions • Research
• M&A, Financing • Project Based
• Contingency Fees Billing
GAP
Consultants Law Firms
• Strategy or • Regulatory
Specific Function • Law
• Consulting • Hourly Billing
• Hourly/Project
Billing
www.SummitRidgeGroup.com Page 3

4. Summit Ridge Group Fills the Gap
• Summit Ridge Group, LLC fills
the Gap between Investment
Investment
banking, Research, Regulatory Banking Research
and Consulting firms
• Valuation or transaction SRG Has
Cross-Disciplinary Skills
assignments requiring
substantial industry expertise
(i.e. spectrum valuation) Consulting Legal
• Single-firm efficiencies lower
client costs
www.SummitRidgeGroup.com Page 4

5. Contents
• Overview
• SRG Approach & Skills
• Service Offerings and Case Studies
• Founder’s Bio and Publications
www.SummitRidgeGroup.com Page 5

6. SRG Approach: Combine Skills and
Experience From Multiple Areas
Investment Banking Research
• Former president of • Deep communication
boutique I-bank industry experience
• Experience in large and • Former top-ranked Wall
boutique firms Street research analyst
• Significant transaction • CFA charterholder
experience of wide
variety of deals
SRG
Consulting Legal/Regulatory
• Experience leading large • Admitted to NY Bar
consulting projects • Published in major law
• Deep communications journals
industry experience • Corp. governance and
• Broad functional financial industry &
experience spectrum license rights
expertise
• Experienced expert witness
www.SummitRidgeGroup.com Page 6

7. SRG Brings Diverse Perspectives
to a Client’s Project
While Creating Single-Firm Efficiencies That Provide More Cost Effective
Solutions for Clients
Deep Industry
Transaction
Expertise
Client
Project
Legal/
Financial
Regulatory
Strategic
www.SummitRidgeGroup.com Page 7

8. Contents
• Overview
• SRG Approach & Skills
• Service Offerings and Case Studies
• Founder’s Bio and Publications
www.SummitRidgeGroup.com Page 8

9. Service Offerings
Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support
• Transac%onal
• Financial
• In-­‐depth
projects
• Exper%se
includes:
• Bankruptcy
• Due
diligence
• Financial
analysis
• Broadband/
• Fairness
opinions
• M&A
advisory
• Market
analysis
Spectrum
• M&A
• Strategic
• Strategic
analysis
• Research
prac%ces
• Repor%ng
Development
• Short-­‐term
phone
• Satellite
consulta%ons
communica%ons
• Asset
impairment
• Regulatory
• Securi%es
Industry/
• Por=olio
valua%on
• Responding
to
Research
prac%ces
• Tax
agency
publica%ons
• Valua%on
• Spectrum
auc%on/
license
acquisi%on
support
www.SummitRidgeGroup.com Page 9

10. SRG’s Advantages by Service Offering
Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support
Background:
Financial:
Background:
Experience:
§
Significant
communica%on
§
Deep
industry
background
•
Former
top-­‐ranked
§
Selected
by
several
Am
industry
exper%se
for
combined
with
finance
and
research
analyst
with
Law
25
firms
to
provide
complex
valua%ons
legal
background
allows
extensive
industry
li%ga%on
support
§
Allows
rapid
comple%on
deal
support
from
mul%-­‐ background
and
Recognized
expert
in
the
with
greater
quality
disciplinary
perspec%ve.
connec%ons
areas
of:
§
Deal
team/management
is
•
Able
to
track-­‐down
hard
Corporate
Strategic
§
Valua%on
not
distracted
by
inefficient
to
find
informa%on
Development:
§
Satellite
Communica%ons
ques%ons/data
requests
§
Leverage
industry
In-­‐Depth
Projects:
§
Investment
research
§
Support
deal
team
by
knowledge
and
• Able
to
conduct
in-­‐depth
processes
and
procedures
offering
insight
into
value
rela%onships
to
provide
analyses
of
complex
topics
§
Corporate
governance
drivers
and
compe%%ve
consul%ng
support
for
overlooked
by
tradi%onal
related
to
research
and
dynamics
corporate
financings
or
research
providers.
valua%on
§
Valua%ons
conform
to
ASA,
business
development
USPAP
and
AICPA
standards
Experience
providing:
efforts
Phone
Consulta%ons:
§
General
consul%ng/
Examples:
• Provide
phone
Regulatory:
support
§
Bankruptcy,
Fairness
consulta%ons
to
investors
§
Legal
background
and
§
Expert
witness
report
Opinions,
Intangible
Asset
and
companies
through
industry
knowledge
prepara%on
-­‐
FRCP
Valua%on
(inc
Rf
spectrum),
major
expert
network
facilitates
rapid
and
26(a)2(b)
Por=olio
Valua%on,
Purchase
providers.
accurate
analysis
of
§
Deposi%on
and
Court
Price
Alloca%ons,
Solvency
• Pay
by
the
minute
-­‐
no
complex
regulatory
issues
Tes%mony
Opinions
long-­‐term
engagement
www.SummitRidgeGroup.com Page 10

11. SRG Case Studies
Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support
Related
Party
Transac%on:
Acquisi%on
Analysis:
Bankruptcy
Analysis:
M&A
Fallout
Li%ga%on:
§
Engaged
by
major
PE
firm
§
Engaged
by
Fortune
50
§
Engaged
by
leading
§
Engaged
by
major
FSS
to
value
spectrum
asset
company
to
provide
industry
distressed
debt
hedge
operator
to
opine
on
personally
owned
by
firm
analysis
of
poten%al
fund
to
conduct
an
issues
related
to
orbital
principles
and
sold
to
acquisi%on
industry
analysis
and
value
slot
valua%on
and
por=olio
company
§
Client
avoided
cost
of
a
distressed
issuer
whose
development
resul%ng
§
Industry
exper%se
engaging
large
investment
debt
securi%es
were
likely
from
dispute
surrounding
permi]ed
quick
and
cost-­‐ bank
by
using
internal
to
convert
to
equity
post-­‐M&A
payment
effec%ve
analysis
finance
professionals
§
Client
presented
analysis
obliga%ons
supplemented
by
SRG
to
creditor’s
commi]ee
to
Tax-­‐Driven
Acquisi%on:
support
proposal
for
Copyright
Royalty
industry
knowledge
Arbitra%on:
§
Engaged
by
large
commi]ee’s
bankruptcy
mul%na%onal
company
to
Regulatory
Support:
nego%a%on
strategy
§
Engaged
by
leading
provide
valua%on
to
support
content
distributor
to
§
Support
premier
spectrum
Company
Analysis
tax-­‐driven
M&A
transac%on
provide
extensive
financial
regulatory
firm
§
Engaged
by
large
hedge
§
Deal
encountered
and
valua%on
analysis
to
§
Respond
to
regulatory
fund
to
value
a
significant
unan%cipated
challenges
and
support
royalty
rate
agency
publica%ons
telecom
holding
a`er
assignment
expanded
to
proposal
§
License
nego%a%on
departure
of
internal
include
due
diligence
and
§
Other
projects
as
needed
§
Expert
report
and
personnel
during
a
cri%cal
industry
analysis
to
augment
§
Client
obtains
top-­‐quality
tes%mony
included
phase
in
company’s
bulge
bracket
I-­‐bank’s
efforts
regulatory
support
on
a
subscriber
forecasts,
development
§
Deal
closed
with
minimal
project
basis
valua%on
scenarios
and
incremental
fees
corporate
strategy
analysis
www.SummitRidgeGroup.com Page 11

12. Contents
• Overview
• SRG Approach & Skills
• Service Offerings and Case Studies
• Founder’s Bio and Publications
www.SummitRidgeGroup.com Page 12

13. IV. J. Armand Musey, CFA (Founder)
Industry Background
§ Unique blend of 16 years of equity research, investment banking and
consulting experience including
§ Top Ranked Equity Research Analyst
§ Three-time Institutional Investor “All American” Ranking
§ #1 Ranked by Greenwich Association poll of institutional investors
§ Wall Street Journal “Best on the Street” ranking
§ President of small boutique investment bank
§ Extensive Consulting Experience
Education/Training
§ JD/MBA (Northwestern); MA (Columbia); BA (U. Chicago)
§ Chartered Financial Analyst (CFA)
Other
§ Member: NY Bar; Federal Comm. Bar Assn.; NY Society of Securities
Analysts - Chair of Corporate Governance Committee (2007-2009)
www.SummitRidgeGroup.com Page 13

14. Selected Publications
Major
Law
•
Broadcas%ng
Licenses:
Ownership
Rights
and
the
Spectrum
Ra%onaliza%on
Challenge.
(Forthcoming)
Columbia
Science
and
Technology
Law
Review
(2012)
•
How
the
Tradi%onal
Property
Rights
Model
Informs
the
Spectrum
Ra%onaliza%on
Journals
Challenge.
Has%ngs
Communica%ons
and
Entertainment
Law
Journal
(2012)
•
Law
Journal
Ar%cles
are
available
for
download
at:
h]p://ssrn.com/author=1736251
Industry
• From
the
Ground
Up.
Wrote
monthly
ar%cles
and
oversaw
produc%on
of
a
widely
read
monthly
newsle]er
with
analysis
of
issues
in
the
satellite
communica%ons,
media
and
telecommunica%ons
industries.
(November
2005
to
April
2007)
Periodicals
• Via
Satellite.
Wrote
monthly
financial
column
for
leading
satellite
trade
magazine
%tled
“Dollars
and
Sense,”
from
late
1999
un%l
early
2003
• Published
highly
regarded
analysis
on
the
satellite
communica%ons
and
cellular
tower
Wall
Street
industry
that
was
instrumental
in
achieving
several
research
honors
and
widely
cited
by
industry
insiders
Research
• Issued,
strategic
analysis,
valua%on
opinions,
buy/sell
recommenda%ons
as
well
as
quarterly
earnings
es%mates
and
earnings
results
analysis
• Published
virtually
every
week,
usually
mul%ple
%mes
a
week
www.SummitRidgeGroup.com Page 14