SPT Strategic Initiatives February 1, 2008 Confidential Draft

Embassy Row Overview History of Success Current SPE Relationship Value Considerations Creator of numerous successful game and reality shows including: The Power of 10 on CBS The 9, online with Yahoo! Buzz Session with Yahoo! World Series of Pop Culture on VH1 Grand Slam on GSN Chain Reaction GSN Boy Meets Grill on Food Network SPE’s existing deal with Davies / ER runs through Jan 2, 2009 During this term SPE: Funds $1.2MM of Embassy Row overhead Recoups up to $600K in EP Fees Receives all copyright to shows created by ER ER derives its profits from Executive Producer fees Mark-up on overhead charged to shows Ongoing profit participation By acquiring ER, SPE: Shifting Davies profit focus to the creation of new formats Extending the relationship beyond the current term Acquiring ER’s existing profit streams Embassy Row 2007E profit of $3.4MM implies a value of $20MM - $40MM (1)(2) With successful new shows, value would be significantly higher SPE submitted an LOI to acquire ER for $20MM up-front + up to $28MM in earn-outs A final deal may require up to $100MM of total consideration Note: (1) DCF of $3.4MM in perpetuity at a 16.5% discount rate (2) Based on a marekt multiple of 11.7x EBITDA of $3.4M

Format Development and Acquisition Embassy Row Go-forward Operations Existing ER slate will be extended into syndication and formats sold abroad New formats will be based on SPE library product, new U.S.-based development, and acquired international formats Limited incremental investment will be required to expand the team, including 3 people acquiring international formats and 3 people developing additional show concepts in-house The business will be managed as an independent unit within SPT with a dedicated P&L ER will leverage 2waytraffic’s existing sales force to sell ER developed formats internationally ER will hire 3 additional sales people to sell ER formats worldwide Format Development and Acquisition Management and Reporting Distribution with 2waytraffic Distribution without 2waytraffic

Crackle Update The Grouper acquisition provided a strong foundation for growth Large and growing audience (currently 8 MM monthly unique viewers) Platform to market and distribute content online, reach a younger demo, create new distribution, and capture a greater share of growing online ad spend Crackle re-launch positioned the service for continued growth in a highly competitive market Shifted focus from technology to content and programming to differentiate the service Emphasized higher quality, short-form video to attract top talent and advertisers Going forward, Crackle will serve as the umbrella brand for our digital networks Creates greater scale by focusing all content and product development on a single brand; all original content initially airs on Crackle All channels are distributed by a single organization Leverages previous investment in Grouper / Crackle technology and audience

Crackle Provides a Central Destination for our Networks Films Television Short-form Channels Films/Shows Spiderman Talladega Nights MIB Crouching Tiger Hidden Dragon Silver Spoons The Facts of Life I Dream of Jeannie Charlie’s Angels VIP The Groundlings Judgement Day Penn Says Medical Island Mr. Deity

Note: Next page was drafted by Jim Underwood Steve Brunell will be sending two new pages on Thursday: One page overview of FUN’s business One page explaining the rationale for a GSN/FUN merger Jim will integrate those pages as well

GSN / FUN Technologies Investment Opportunity FUN Overview Fit with GSN Potential Transaction Offers leading casual games across platforms (online, mobile, interactive TV) Provides private label gaming systems and services for AOL, MSN, NASCAR.com 2008E Revenues: $112.7MM 2008E EBITDA: $12.6MM Estimated 20% CAGR for revenues through next 4 years Extends GSN into new, faster growing revenue streams, including interactive TV Casual game users skew female, brings a new entertainment offering to GSN’s existing demo Leverages GSN game show brands to create new casual games Creates significant cross promotional opportunities Liberty owns 100% of FUN Technologies and 50% of GSN Liberty recently acquired the remainder of FUN at a $206MM total implied valuation Liberty is considering merging GSN with FUN In this scenario, SPE would invest to maintain a 50% interest in the combined company SPE may have the opportunity to invest in a combined GSN / FUN $100 - $150MM would maintain our 50% stake in the company