EX-99.(C)(X) 10 d583960dex99cx.htm EX-99.(C)(X)

Exhibit (c)(x) Citi Corporate & Investment Banking | Global Media & Communications Group July 2018 Preliminary Draft Subject to Review Discussion Materials Strictly Private and Confidential Exhibit (c)(x) Citi Corporate & Investment Banking | Global Media & Communications Group July 2018 Preliminary Draft Subject to Review Discussion Materials Strictly Private and Confidential

Preliminary Draft Subject to Review RLJE Analysis at Various Prices ($ in mm) Current Initial Offer New Offer Share Price $4.87 $4.25 $6.25 (1) Basic Shares 15.6 15.6 15.6 (+) Net Warrants & RSUs 24.7 24.4 25.2 TSM Shares 40.3 40.0 40.8 Price % Premium to Current $4.87 -- (13%) 28% % Premium / (Discount) to 52 Week High 5.24 (7) (19) 19 % Premium to 52 Week Low 2.49 96 71 151 % Premium to Unaffected Price to Initial AMCX Investment 2.00 144 113 % Premium / (Discount) to VWAP Since Offer $4.56 7% (7%) 37% 90-Day 4.70 4 (10) 33 1-Year 4.12 18 3 52 % Premium to Initial Offer 4.25 15 -- 47 % Premium to Unaffected Price to Initial Offer 3.87 26 10 61 Common Equity Value $196 $170 $255 (+) Preferred Equity 15 13 19 (+) Preferred Equity (w ith 25% CoC Premium) 18 16 23 (-) Cash (4) (4) (4) (+) Net Debt 19 19 19 (2) (-) Unconsolidated Investments (23) (23) (23) Firm Value $210 $182 $274 Total Cash Cost to AMC $42.8 $65.4 Market Multiples Metric (3) FV / EBITDA Mgmt. Plan 2018E $11.0 19.2x 16.6x 25.0x 2019E 15.9 13.2x 11.4 17.2 (3) FV / EBITDA Adj. Plan 2018E $10.9 19.2x 16.6x 25.1x 2019E 13.8 15.3x 13.2 19.9 Source: FactSet, Company filings. Note: Market data as of July 19, 2018. Preferred Equity shown at market value. Analysis treats AMC debt and preferred stock on an as converted basis. (1) Includes 413,709 shares issued to AMCX as interest and RSAs granted to directors at an assumed grant value of $4.58 (July 2, 2018 closing price). (2) Valued at book value. 1 (3) EBITDA excludes ACL contribution. Multiples shown on a post-SBC basis. Preliminary Draft Subject to Review RLJE Analysis at Various Prices ($ in mm) Current Initial Offer New Offer Share Price $4.87 $4.25 $6.25 (1) Basic Shares 15.6 15.6 15.6 (+) Net Warrants & RSUs 24.7 24.4 25.2 TSM Shares 40.3 40.0 40.8 Price % Premium to Current $4.87 -- (13%) 28% % Premium / (Discount) to 52 Week High 5.24 (7) (19) 19 % Premium to 52 Week Low 2.49 96 71 151 % Premium to Unaffected Price to Initial AMCX Investment 2.00 144 113 % Premium / (Discount) to VWAP Since Offer $4.56 7% (7%) 37% 90-Day 4.70 4 (10) 33 1-Year 4.12 18 3 52 % Premium to Initial Offer 4.25 15 -- 47 % Premium to Unaffected Price to Initial Offer 3.87 26 10 61 Common Equity Value $196 $170 $255 (+) Preferred Equity 15 13 19 (+) Preferred Equity (w ith 25% CoC Premium) 18 16 23 (-) Cash (4) (4) (4) (+) Net Debt 19 19 19 (2) (-) Unconsolidated Investments (23) (23) (23) Firm Value $210 $182 $274 Total Cash Cost to AMC $42.8 $65.4 Market Multiples Metric (3) FV / EBITDA Mgmt. Plan 2018E $11.0 19.2x 16.6x 25.0x 2019E 15.9 13.2x 11.4 17.2 (3) FV / EBITDA Adj. Plan 2018E $10.9 19.2x 16.6x 25.1x 2019E 13.8 15.3x 13.2 19.9 Source: FactSet, Company filings. Note: Market data as of July 19, 2018. Preferred Equity shown at market value. Analysis treats AMC debt and preferred stock on an as converted basis. (1) Includes 413,709 shares issued to AMCX as interest and RSAs granted to directors at an assumed grant value of $4.58 (July 2, 2018 closing price). (2) Valued at book value. 1 (3) EBITDA excludes ACL contribution. Multiples shown on a post-SBC basis.

Preliminary Draft Subject to Review Total Cash Cost to AMCX # of Shares Price per Share By Class $4.25 $6.25 (1) Preferred 3.0 $15.9 $23.3 2015 Warrants $1.50 0.6 $1.7 $2.9 2.37 0.2 0.3 0.6 (2) Proceeds to Warrant Holders $1.9 $3.4 Employee Stock Options $2.66 0.7 $1.1 $2.5 3.00 0.7 0.9 2.3 Miguel CoC Equity Comp. 0.4 1.8 2.7 PSUs and RSUs 0.9 3.8 5.6 (2) Proceeds to Option Holders $7.6 $13.0 Public 4.1 $17.4 $25.6 Fully Diluted Total 10.6 $42.8 $65.4 Source: Public filings. (1) Includes 25% premium due to change of control provision. 2 (2) Assumes warrants and options are net share settled. Preliminary Draft Subject to Review Total Cash Cost to AMCX # of Shares Price per Share By Class $4.25 $6.25 (1) Preferred 3.0 $15.9 $23.3 2015 Warrants $1.50 0.6 $1.7 $2.9 2.37 0.2 0.3 0.6 (2) Proceeds to Warrant Holders $1.9 $3.4 Employee Stock Options $2.66 0.7 $1.1 $2.5 3.00 0.7 0.9 2.3 Miguel CoC Equity Comp. 0.4 1.8 2.7 PSUs and RSUs 0.9 3.8 5.6 (2) Proceeds to Option Holders $7.6 $13.0 Public 4.1 $17.4 $25.6 Fully Diluted Total 10.6 $42.8 $65.4 Source: Public filings. (1) Includes 25% premium due to change of control provision. 2 (2) Assumes warrants and options are net share settled.

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These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time. Although this material may contain publicly available information about Citi corporate bond research, fixed income strategy or economic and market analysis, Citi policy (i) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (ii) prohibits analysts from being compensated for specific recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citi has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances. © 2018 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop industry standards, reduce our own environmental footprint, and engage with stakeholders to advance shared learning and solutions. Citi’s Sustainable Progress strategy focuses on sustainability performance across three pillars: Environmental Finance; Environmental and Social Risk Management; and Operations and Supply Chain. Our cornerstone initiative is our $100 Billion Environmental Finance Goal – to lend, invest and facilitate $100 billion over 10 years to activities focused on environmental and climate solutions.