International Conference Television Update May 14 2008 FY

International Conference Television Update May 14, 2008

FY 08 Summary • SPTI had its most successful year ever, exceeding major FY 08 objectives: – Record revenues of $2. 0 BN: $106 MM above budget – Profit contribution to MPG, WWA and SPT of $619 MM: $29 MM above budget – Record EBIT of $83 MM: $64 MM (336%) above budget – A Kirch. Media bankruptcy claim payment of $199 MM, $142 MM in EBIT to SPE – Grew the business through extending key licensing relationships, launching new channels in UK and Russia and acquiring content-related businesses in UK and Netherlands, especially 2 waytraffic currently pending regulatory approval § SPT also had a very successful year despite a WGA 4 -month strike – EBIT of $275 MM: $74 MM (37%) above budget – Profit contribution to MPG and WWA of $277 MM – Library sales and revenue of $94 MM and $112 MM, both above budget – $50 MM guaranteed, nonrefundable advance from a games of chance licensor – Digital revenue growth of 67% from prior year to $40 MM – Grew the business through launch of: – 2 new cable shows (Breaking Bad, Damages) shows both with more orders; 1 new network show (Power of 10) which may get more orders; 3 returning cable shows (Boondocks, 10 Items or Less, My Boys) and 2 returning network comedies (Til Death and Rules of Engagement) – extension of key licensing deals, including a record renewal of Seinfeld on the cable network TBS. Also acquired Tennis Channel ad sales representation rights. 2

FY 09 Summary • SPTI expects to continue growth, with revenues to exceed $2 BN, operating EBIT (i. e. EBIT without monetization) to reach $60 MM with contributions to MPG, WWA and SPT of $606 MM. • SPT also expects to continue to grow its business with earnings of $211 MM. Although below FY 08 performance this is above FY 08 budget and FY 09 MRP. All lines of business are focused on growth: • SPTI Distribution: Continue operational focus on library sales, exploit new media platforms/digital media initiatives, and pursue co-production and acquisition opportunities • SPTI Networks: Strong growth momentum across channel portfolio, particularly in Latin America and Europe and IPL Cricket League in India. Planned investments in India, Turkey, Korea, Portugal; possible buy-up of partial Disney shares in HBO Latin America, among other channel expansion opportunities in UK, Japan, and other territories • Production: Implementing light entertainment strategy in FY 09 (2 waytraffic will be a major stepping stone). Focus on margin improvements in existing operations and continue to pursue acquisitions 3

FY 09 Summary (cont’d) All lines of business are focused on growth (cont’d. ): • SPT: Continued focus on library sales and 3 rd party representation, as well as launching new cable and network series and getting additional orders of existing programs. Implementing light entertainment strategy with a pending Embassy Row acquisition, among other producer deals, as well as renewed focus on US first-run syndication programs. This will be in coordination with the pending 2 waytraffic acquisition. • Expanding carriage of FEARnet and cross-platform expansion of GSN will also be areas of focused growth • Continued focus on proving out the Crackle. com ad supported business model and establishing the site as a viable and successful internet content site. 4

FY 09 – Goals • Continue to have a leading role in identifying and evaluating new initiatives – Light Entertainment, Digital Media, and expansion in Emerging Markets – Identify opportunities and facilitate execution of growth of the business • Enhance focus on overhead management and analysis • Continually track division performance and provide early warnings when appropriate • Solidify the Crackle business model and consumer and advertiser proposition • Develop new reporting formats (re-commit to providing one new report per year per LOB) • Play key role in 2 waytraffic integration and ongoing management. Identify better than expected synergies with SPTI • Strengthen communication and coordination with non-US Finance teams. • Maintain balance between pro-active business support and SPE/SONY Requirements – Maintain high SOX pass-rate, strengthen SOX oversight of local and regional offices – Continue implementation of SAP and C 2 C, and support of EU payroll system – Further define and implement COFA outside the US 5

SPT Overview 6

Structure • • Development and Production Departments • Produce for any broadcast or cable network • Includes short form content production • Includes mobile games division Television, mobile and internet distribution sales teams • Including fully integrated Ad Sales team • Investments in GSN/FEARnet/ITN • Crackle. com UGV and professional produced short form content site Production Distribution Ad Sales Networks Crackle 7

22 Show On-Air with 16 Networks Cashmere Mafia Raisin in the Sun (MOW) ‘Til Death Canterbury’s Law Sit Down, Shut Up (pilot) The Young & The Restless Rules of Engagement Power of 10 My Best Friend’s Girl (pilot) Can Openers (pilot) Jesse Stone: Thin Ice (MOW) Comanche Moon (mini) Days of Our Lives Syndication Boondocks Gay Robot (presentation) Breaking Bad S. I. S. (pilot/mow) Gong Show (July ’ 08) The Gathering (miniseries) The 10 th Circle (MOW) Memory Keeper’s Daughter (MOW) Murder in Sin City (MOW) Flirting with Forty (MOW) Drop Dead Diva (pilot) Spectacular Spider-Man Dragon Tales 10 Items or Less My Boys The Company (miniseries) Dave Caplan Project (pilot) The Shield Rescue Me Damages Wheel of Fortune Jeopardy! Judge Hatchett Judge David Young Judge Maria Lopez Judge Karen Mills (Sep. 08) The Beast (pilot) Danny Fricke (pilot) 8

Experts in “A” Level Content #1 Comedy in TV History • Top show in syndication history • Generated $3. 5 bn to-date in off-net revenues • Achieved consistent and valuable time slots that maximized performance • Continues to out-perform its syndication peer group (Home Improvement) and recent syndicated shows (Two and a Half Men) • Currently selling 4 th cycle of syndication #1 Rated Show in Syndication • An evergreen property entering its 25 th season in syndication • Longest running syndicated game show in history • Extended to a multi-platform brand including the leading mobile game • Show continually stays fresh and appeals to new viewers • Production expertise with advertiser/ product integration and sponsorship 9

Experts in “A” Level Content #2 Game Show in Syndication • Entering its 24 th season • Most Emmy Awards for Best Game Show (11) Top Rated Daytime Programs • Y&R is the #1 daytime program for over 1, 000 consecutive weeks (Y&R) • Y&R entering its 35 th season on CBS • Guinness record for most Emmy wins for any game show (27) • Multiple Emmy winner, including 2007 Best Daytime Drama (Y&R) • Ranked as #2 game show of all time by TV Guide • Days is the #1 daytime program in its target group (women 18 -49) • Along with Wheel of Fortune, serves as cornerstone of ABC O&O lineups 10

SPT Distributes TV and Film Content Across All Platforms Local TV Stations National Broadcast Networks Cable Channels Broadband Channels (Advertiser / Ad Supported) Mobile Digital (Rental / DST / Subscription) Cable / Satellite / Telco (PPV / VOD / Free VOD) Pay TV Hotels 11

Ad Sales Solutions for Multiple Business & Platforms 5 businesses across 3 platforms – allows SPTAS to create comprehensive advertising solutions with powerful results Syndication • Powerful reach • Best commercial ratings retention • Powerful storytelling with : 30 s, outstanding value of : 10 s to boost and maintain awareness Cable Digital • Precision targeting of active, affluent consumers • One-to-one communication • Tennis: sports and lifestyle • Interactive opportunities • MOJO: upscale, young men • Young adults online and on-the-go 12

Digital Media Content and Distribution Content Business Models Film Digital Sell Thru (DST) Video on Demand (IPVOD) TV Short Form Distribution Devices Online Services Owned Partners Subscription Video on Demand (SVOD) Ad Supported Channels Mobile Carriers Mobile Games 13

Re-organization Creates a Single Online Network Across Content Types and Channels Network Films Television Short-form Crackle Comedy Channels Crackle Reality Crackle Stand-up The Vault (Retro TV) Films/Shows § § Spider-man Talladega Nights MIB Crouching Tiger Hidden Dragon § § § Silver Spoons The Facts of Life I Dream of Jeannie Charlie’s Angels VIP (Tentative) § § § The Groundlings Judgment Day Penn Says Medical Island Mr. Deity 14

Innovative Strategies “Looking at traditional businesses in new ways” ü First syndicated program to shoot in High Definition ü First viewer loyalty program; first game show-based mobile game ü First game show available exclusively for affiliate websites ü First studio to launch a cross-platform VOD channel ü First to create original cable programming ü First to stream a full TV episode online ü First to internationally format a TV show ü First to create online minisodes of library shows 15

SPTI and SPT Inter-Relationships The domestic and international TV businesses are becoming more inter-related. Some examples: • SPT’s scripted programs are produced at substantial deficits which is financed substantially by international TV distribution sales • SPTI’s networks license SPT’s scripted content • SPTI and SPTI are building complementary light entertainment strategies (e. g. , 2 waytraffic and Embassy Row) • SPT’s US licenses are more frequently becoming North American licenses • Content formats are more frequently acquired on worldwide basis through a joint SPT and SPTI deal 16

Scripted Broadcast Network Series Sales Ultimates 11% CAGR 21% CAGR 17

2 waytraffic Pending Acquisition 18

Executive Summary • SPTI has a pending acquistion of the Dutch company 2 waytraffic as part of SPTI’s emerging light entertainment strategy • 2 waytraffic is comprised of four main business lines: – TV Format Licensing and Production (incl. worldwide rights to the hit format Who Wants To Be A Millionaire? ) – Participation TV: traditional Call TV and new business model Participation Advertising – Mobile content production and distribution – Digital content and services • Founded in 2004, the company has a 42% public float on London’s AIM stock exchange • An acquisition would establish SPTI immediately as a significant player in the lucrative, high-margin global light entertainment business – 2007 Revenue of approx. $104 MM and recurring EBITDA of $31 MM (30% EBITDA margin) • Total purchase price of $225 MM - $256 MM. • Estimated post-tax NPV of $103 MM on the acquisition and a 20% IRR • SONY and 2 waytraffic board approval, as well as 99% shareholder consent. Pending regulatory approval, currently at XX% and estimated to close in late May or June. 19

Strategic Rationale • 2 waytraffic’s strong game show formats establish SPTI as a major player in the high-margin international Light Entertainment arena § Capitalize on Millionaire format and other attractive assets § Strong combined game show catalog § Leverage experienced production talent in 2 waytraffic • 2 waytraffic’s strong formats sales group is a well fitting complement to SPTI’s global production infrastructure § Proven sales executives from Celador and Endemol, very well respected in the market § Sales presence geographically complementary (2 waytraffic has strong presence in key growth markets including China, Turkey, Russia, India) • Proven capability to provide interactive features to their own and SPTI’s light entertainment shows • Strong track record in establishing innovative new business models with high margins § Pioneers in Call TV business in Europe, now exploring new concept of Participation Advertising in the US and other markets § Mobile content and mobile advertising, as well as digital games • Sony United Opportunities: possibilities for multi-platform exploitation with Playstation, Sony Electronics and Sony Ericsson 20

Diversified Revenues Type of Revenue Format licensing Territories Worldwide 2008 E Rev and % of Total Description • Programme and format sales via offices in the UK and Netherlands $29. 5 MM • Formats include Millionaire, other Celador formats (e. g. Brainiest, You Are What You (27. 6%) Eat), and original 2 waytraffic formats (e. g. 50: 50 (Millionaire spin-off), F. A. B. S. ) • Creative in-house teams Intelligents and The Usual Suspects TV Production In-program interactive Call TV Participation Advertising Mobile U. K. , Benelux Worldwide U. S. Worldwide $18. 9 MM • Production of Millionaire in U. K. year and F. A. B. S. and other shows in Benelux (17. 7%) $5. 8 MM • Provide SMS and online interactive features to catalogue of game show formats (5. 5%) • Low-cost, non-formatable call-in shows. Prior driver of growth, until recent industry-wide problems in major European territories $11. 3 MM (10. 6%) • Model to be continued in the Nordic region; planned expansion into new territories, notably China, Indonesia and Russia $6. 6 MM (6. 2%) $26 MM (24. 4%) • Qualified lead generation model: TV viewer calling to voice opinion or participate in a quiz is offered to take up an advertised offer over the phone and thus generates a “lead” • New business model innovation, in test phase. Launched in U. S. in November 2007. Plans to expand to other territories e. g, Japan (in negotiations with Fuji TV) and U. K. • Subscription business model selling mobile content directly to end-users and B 2 B advertising services to government organisations and corporations • Mobile applications for 2 waytraffic formats (e. g. SMS Millionaire games) • Projected growth area, significant portion of revenue from the US Source: Company data, interviews; Note: table excludes $8. 7 MM of other revenues from Merchandising, Digital TV, and Music Publishing (8. 2% of total revenue in 2008 E) 21

Financial Analysis: Sony Case After detailed due diligence, SPTI established an estimate of future performance • Assumes flat performance of the TV format business and a significant reduction to Mobile and Participation Advertising businesses • Synergies assumption: no synergies in 2008; revenue enhancement of 10% of the TV business revenues from 2009 onwards at a margin of 30%; no cost synergies • Immediately accretive to Sony EBIT: Expected to provide EBIT after PPA of $5. 1 MM in CY 08 and $9. 6 MM in CY 09 Turn this into rev ebit line chart Year to 31 December Circa revenue CY 07 E 103, 754 Projections, $000 CY 08 E CY 09 E 106, 771 120, 624 CY 10 E 135, 605 07/08 2. 9% Growth, % 08/09 13. 0% 09/10 12. 4% Revenue Synergies Total Revenue 103, 754 106, 771 6, 377 127, 001 6, 987 142, 593 2. 9% 18. 9% 12. 3% Circa EBITDA Revenue synergies Cost synergies 30, 857 35, 896 - 38, 479 1, 913 - 43, 966 2, 096 - - Total Recurring EBITDA Margin, % 30, 857 29. 7% 35, 896 33. 6% 40, 392 31. 8% 46, 063 32. 3% 16. 3% - 12. 5% - 14. 0% - (896) (28, 964) (1, 875) (28, 964) (1, 794) (28, 964) (1, 734) (18, 829) - - - 998 1. 0% 5, 058 4. 7% 9, 634 7. 6% 25, 500 17. 9% 407. 1% - 90. 5% - 164. 7% - (7, 302) (886) (6, 108) (5, 104) (5, 135) 4, 500 (1, 575) 2, 925 (3, 767) 21, 733 (7, 606) 14, 126 475. 8% (188. 2)% (157. 3)% 383. 0% Depreciation Amortisation Total Recurring EBIT Margin, % Net Interest Profit Before Tax (incl. one-offs) Tax Net Earnings (incl. one-offs) 22

Sum-of-the-Parts Valuation The enterprise value of 2 waytraffic is approx. $335 MM, with 61% ascribed to the Millionaire franchise 21% premium to the current market value $197 m • Implied sum-of-the-parts Equity Value per share is 91 p 23

Operating Structure Sony/2 waytraffic Operating Committee/Board (tbd) (SPTI Creative/ Production) 2 Way. Entertainment Call TV (Creative / Production Co) 2 Way. Entertainment Creative + Call TV Formats INTELLYGENTS HOLLAND Participation Advertising (USA) USUAL SUSPECTS UK WWTBM Producer Mobile Content (Exploitation Co) FORMATS / SALES / ANCILLARY EXPLOITATION FORMAT PRODUCTION / ACQUISITIONS SPTI Formats + 2 waytraffic TV formats (e. g. Millionaire) 2 waytraffic SOLUTIONS (Game software and hardware) Combined 2 waytraffic/SPTI Sales Staff FLYING PRODUCERS 2 waytraffic Consumer Products / Interactive Media Staff GRAPHICS PRODUCTION Marketing Support Staff / Coordinators PRODUCTION COORDINATOR / STAFF SUPPORT Creative Committee (tbd) (Other Business Co) Distribution Arrangements for SPTI created formats STARLING / SPTI FRANCE SPTI SPAIN NONSCRIPTED UNIT SPTI GERMANY NONSCRIPTED UNIT SPTI ITALY NONSCRIPTED UNIT SPTI RUSSIA NONSCRIPTED UNIT SHINE UK NONSCRIPTED FORMATS TUVALU HOLLAND 24

Potential Risks and Mitigators RISKS MITIGATORS Regulatory: • Call TV under pressure in key markets • Revenue mix increasingly less dependent on traditional Call TV (less than 20%) • Re-focus on emerging Call TV markets, such as Eastern Europe and China • UK production arm could lose Qualified Independent Status after SPE acquisition • Strength of Millionaire format expected to help overcome Independence concerns Operational: • New, untested business models do not perform as management expects, and/or Millionaire format loses appeal faster than expected • Earn-outs provide some downside protection to SPTI • Management has strong track record in identifying and exploiting new business opportunities • Key management retention and incentivization • Attractive upside potential for management in case of over-performance • Complex integration could cause delays and distraction • Integration plan and operational responsibilities posttransaction will be agreed with 2 waytraffic before deal closes 25

Embassy Row Pending Acquisition 26

Embassy Row Overview History of Success Current SPE Relationship • Recent shows: § Who Wants to be a Millionaire* § Wife Swap* § The Power of 10 on CBS § The 9, online with Yahoo! § Buzz Session with Yahoo! § World Series of Pop Culture on VH 1 § Grand Slam on GSN § Chain Reaction on GSN § Boy Meets Grill on Food Network • SPE’s existing deal with Davies runs through Jan. 2, 2009 • Projects in development: § The Newlywed Game § The Dating Game § Pyramid § Make My Day § The Empire § Red Versus Blue § What Would Martha Do? § Couples Dating Couples § National Bible Championships • ER derives its profits from § EP fees § Mark-up on overhead charged to shows § Ongoing profit participation • During this term SPE: § Funds $1. 2 MM of Embassy Row overhead § Recoups up to $600 K in Executive Producer (EP) Fees § Receives all copyright to shows created by ER § Derives profits from its share of format profits Deal Rationale • Embassy Row becomes the cornerstone of a domestic light entertainment business • Creates Enterprise Value for SPE • Expands the pipeline of formats for 2 Way. Traffic to distribute • Acquisition creates a deeper relationship than the current term deal § Extends the relationship beyond the current term § Acquires ER’s existing profit streams § Aligns Davies’ incentives with our own SPE plans to submit an LOI to acquire ER for $25 MM - $75 MM in total consideration Note: * Not included in current deal 27

Current Deal Structure • $25 MM cash at close • Up to $50 MM of additional earn-outs – Value of earn-outs would be calculated in Year 6 as: 7 x (Average of Years 5 -6 EBITDA) minus ($25 MM) • Earn-out payments would be made between Year 6 and Year 10 – Earn-out payments can be accelerated if Davies exceeds EBITDA goals Max Total Consideration: $75 MM PV(1) of Max Total Consideration: $41 MM(1) - $45 MM(2) Note: (1) PV of up-front payment and maximum earn-outs fully vested in Years 6 -10 at 16. 5% discount rate (2) PV of up-front payment and maximum earn-outs fully vested in Year 6 at 16. 5% discount rate 28

EBIT Impact Assumptions NPV Impact • Slate: Industry series pickup ratio w/ pilots/yr – 2 net, 3 cable, 1 synd, 1 acq Incremental EBITDA: $21. 0 • Power of 10: Includes incremental profits from Power of 10 Value of Exit $16. 1 • Format Profits: Format profits on P 10 and 2 new series are at slightly below the Total Consideration: ($25. 0) industry average ($3. 0 M) Net Present Value: $12. 2 • Local Production: Local production in the UK +$3 M (for P 10) • Interactive Profit Growth Rate: Increased to 5% 29

Potential Risks and Mitigations RISKS MITIGATORS • Reality/game show genre may have saturated the network/cable marketplace • Segment growth appears strong for the foreseeable future • Michael Davies has a strong track record, reputation, and relationships • Complexity of coordinating development projects for Davies and other SPE organizations • Close oversight and detailed integration plan for coordinating with 3 rd party producers, 2 waytraffic, and SPTI • Davies must generate successful new shows or formats that travel well abroad • Strong track record of success • Earn-out structure provides some protection • Embassy Row must manage organizational growth • Michael Davies has successfully grown ER to date and will have additional resources from SPT • Earn-out accounting and inter-company accounting must be aligned • Well defined budgeting/greenlighting process with clear communication over where profits reside 30