Regulatory Overview

• Increased content

• Access to competitive broadband services

• More local-to-local

• Competitive pricing

ImprovedMarketDynamics

Third PartySupport

• Donald Russell Former Chief of the Department of Justice’s Telecom Task Force

• GM and GMH management believe regulatory approval is likely

• Combined EchoStar (#7) / DirecTV (#3) will represent only 18% of total MVPD

• FCC considering increase to former 30% subscriber cap (est. 40-60%)

• Significantly increased competition for incumbent cable operators

• Rural competition from various sources

• No content provider affiliations

Benefits ToConsumers

We are confident this transaction will receive regulatory approval

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