1. October 2007 Game Show/Reality Format Business Confidential Draft

2. 1 Key Assumptions Michael Davies will be core to our Reality / Game format business Business will be truly global, developing shows both for the U.S. and shows that are initially launched outside the U.S Significant resources (beyond Embassy Row) will be required to establish a successful international business Separately managed company inside SPT that is worldwide in nature

3. 2 General Questions to Address How big do we want this to be? Do we want to directly compete with the likes of Endemol, Mark Burnett, Fremantle, BBC, etc.? What are our competitive advantages that we can leverage? Scale Structure How are Embassy Row assets incorporated (acquisition? JV?) Is it based in the US? Where, geographically will we have offices? Volume of production in each? How do we establish these offices (hire/build? acquire?) In general, what are our assumptions for production volumes by type (network, first-run, etc)? How many staff do we need by geography (U.S., UK, Latin America) and by key function (Programming, Acquisitions, Format Sales)? Investment LevelManagement How will this best be managed? What are the types of talent we need to hire/acquire in addition to those SPT/Embassy Row already have?

4. 3 Sample Slate Assumptions (Based on Embassy Row Slate)

5. 4 Embassy Road Slate/Project Tracker

6. 5 Model Questions Network/Cable Shows What are the sources of shows? (Internally developed, developed by EPs, acquired formats (Int’l), etc.?) How many pilots do we want to produce? What types i.e. Network, First-Run, Cable, Cable Strip, etc.? How aggressive are we with renewal rates? Do we have an EP fee type model for network shows (like Embassy Row) or deficit financing? International Productions When do we begin to produce shows abroad? How many shows do we produce in each territory? Which shows do we produce internationally (e.g., only successful Network shows developed in the US?) Acquisitions How many show formats do we expect to acquire and at what cost? What is an appropriate acquisition budget? Is there a flat acquisition fee, license fee per episode, rev share model or combo? Formats How do we sell formats from U.S. to abroad and vice versa? How many formats do we create a year on top of the ones that go to pilot? When do we begin to sell formats abroad and vice-versa? How many territories can we sell/import formats? Additional What additional ancillary revenue streams (internet, mobile, etc.) should we model?

7. 6 Next Steps Summarize assumptions for model; review with group Create financial model –Based on assumptions agreed with this group –Informed by analysis of Endemol and Freemantle models –Consider market data for number of new and renewed game / reality shows domestically and internationally Review structuring alternatives for Embassy Row / Davies deal