BACKUP DETAIL FOR STRINGER Embassy Row Acquisition Overview

BACK-UP DETAIL FOR STRINGER Embassy Row Acquisition Overview APPENDIX February 2008 Confidential Draft

Current Deal Structure • $20. 0 MM up-front payment • Up to $28. 0 MM of earn-outs tied to exceeding EBITDA thresholds and generating recurring profits – Available earn-out = (EBITDA Above Threshold) x 66%; subject to a cap each year – 50% of available earn-out paid regardless of earnings quality – 50% of available earn-out multiplied by: (recurring profits (2) /target) • 4 year employment contract, after which: – If Davies chooses not to stay; he is subject to a 2 year non-compete – If Davies wants to stay; SPT may retain him for 2 years – If Davies wants to stay and SPT doesn’t retain him; he is not subject to a 2 year non-compete FY 09 FY 10 FY 11 FY 12 FY 13 Total Maximum Earn-Out Cap $0. 0 $4. 0 $6. 0 $8. 0 $10. 0 $28. 0 Threshold EBITDA $0. 0 $5. 0 $7. 0 $10. 0 $15. 0 $37. 0 Minimum EBITDA to Fully Earn-out $0. 0 $11. 1 $16. 1 $22. 1 $30. 2 $79. 4 Recurring Profit Target N/A $5. 0 $10. 0 $15. 0 $25. 0 Max Total Consideration: $48. 0 MM PV(1) of Max Total Consideration: $35. 7 MM Note: (1) PV of up-front payment and maximum earn-outs at 16. 5% discount rate (2) Syndication Profits + International Format Fees 1

Additional Earn-outs May be Required to Close the Deal Any additional earn-outs would be tied to significant EBITDA upside • $20. 0 MM upfront payment (per current deal structure on p. 4) • $28. 0 MM earn-outs (per current deal structure on p. 4) • $50. 0 MM of additional earn-outs tied to exceeding “Upside EBITDA Threshold” – Available earn-out = (EBITDA Above Threshold) x 25%; subject to a cap each year FY 09 FY 10 FY 11 FY 12 FY 13 Total Maximum “Upside” Earn-Out $0. 0 $5. 0 $10. 0 $15. 0 $20. 0 $50. 0 Upside EBITDA Threshold $0. 0 $11. 1 $16. 1 $22. 1 $30. 2 $79. 4 Minimum EBITDA to Fully Earn-out $0. 0 $31. 1 $56. 1 $82. 1 $110. 2 $279. 4 Max Total Consideration: $98. 0 MM PV(1) of Max Total Consideration: $63. 2 MM Note: (1) PV of up-front payment and maximum earn-outs at 16. 5% discount rate 2

Maximum Earn-outs Require Davies to Create Greater Value for SPE Current Deal Structure Maximum Earn-out Low Current Proposal Medium Potential “Upside” Proposal High Note: (1) NPV at 16. 5% = PV of Acquired EBITDA + PV of Exit at 10 x – PV of Consideration 3

Example Earn-out Calculation (Mid-case FY 13) Assumptions Calculation • Earn-out Cap: $10. 0 M • EBITDA Above Threshold = ($19. 1 -$15=$4. 1) • Threshold EBITDA: $15. 0 M • Available Earn-out = (66% x $4. 1 = $2. 7) • EBITDA Achieved: $19. 1 M – 50% of Available Earn-out paid • Recurring Profit Target: $25. 0 M • Recurring Profit Achieved: $22. 3 M automatically = (50% x $2. 7 = $1. 35) – 50% of Available Earn-out subject to Ratio = (89% x $1. 35 = $1. 2) Ø(Ratio = $22. 3/$25. 0 = 89%) Total Earn-out Paid $2. 55 M 4

Key Assumptions – Current Deal Structure Low Case Mid Case High Case Model Assumptions • Chargeback: 0% • Chargeback: 5% • Interactive Growth: 0% • Interactive Growth: 5% • Interactive Growth: 10% EBIT Recurring Profits Net Present Value Acquired EBITDA (1): $5. 3 Acquired EBITDA (1): $5. 7 Acquired EBITDA (1): $9. 1 Value of Exit (2): $18. 2 Value of Exit (2): $19. 7 Value of Exit (2): $29. 3 Total Consideration: ($21. 9) Total Consideration: ($22. 1) Total Consideration: ($23. 4) Net Present Value: $1. 5 Net Present Value: $3. 3 Net Present Value: $15. 0 Consideration / 2007 EBITDA (3): 6. 3 x Consideration / 2007 EBITDA (3): 6. 7 x Notes: Assumes a risk adjusted discount rate of 16. 5% for all NPV calculations (1) Includes value of new shows and excludes value of shows created under current contract (i. e. , excludes P 10 from incremental value calculation) 5 (2) Includes exit at 10 x multiple in 2013 (3) Assumes $3. 5 M in EBITDA for 2007

Comparison of Max Earn-out Cases Current Structure: Max Earn-out Model Assumptions • EBITDA fixed at Format target levels Potential Structure: Max Earn-out Model Assumptions • EBITDA fixed at Format target levels EBIT Recurring Profits Net Present Value Acquired EBITDA (1): $26. 4 Acquired EBITDA (1): $136. 3 Value of Exit (2): $71. 1 Value of Exit (2): $443. 9 Total Consideration: ($35. 7) Total Consideration: ($63. 2) Net Present Value: $61. 8 Net Present Value: $517. 0 Consideration / 2007 EBITDA (3): 10. 2 x Consideration / 2007 EBITDA (3): 18. 1 x Notes: Assumes a risk adjusted discount rate of 16. 5% for all NPV calculations (1) Includes value of new shows and excludes value of shows created under current contract (i. e. , excludes P 10 from incremental value calculation) 6 (2) Includes exit at 10 x multiple in 2013 (3) Assumes $3. 5 M in EBITDA for 2007

Comparable M&A Multiples Support Proposed Valuation Median Multiple ER Figures (MM) Implied Value (MM) Sales 1. 6 x $28. 6 $45. 8 EBITDA 11. 7 x $3. 4 $39. 8 EBIT 12. 9 x $3. 4 $43. 9 Average Implied Value (MM) $43. 1 (1) Source: Jeffries 7