Breaking Bad Case Study Current vs. Original Profit Estimates A typical cable show can provide attractive returns, however, there is tremendous opportunity for shows that prove to be a “hit” like Breaking Bad – Breaking Bad has grown in the ratings every season with the final season to begin airing this August – The series has won 7 Primetime Emmy Awards—including a record 3 consecutive wins for Best Actor for Bryan Cranston, two wins for Best Supporting Actor for Aaron Paul, and three nominations for Outstanding Drama Series – The Home Entertainment market is expected to generate $138MM in profit contribution, outperforming original estimates of $3MM – The International TV market is expected to generate $64MM in profit contribution, also outperforming original estimates of $19MM 1 Current Original $128

2 SPT’s International TV Production Footprint Start-up Acquisition Originally Wholly Owned Miami Culver City SPT Int. (HK) Ltd. – Hong Kong SP Film und Fernseh Prod. - Cologne SPT Prod. Russia - Moscow 2waytraffic 6/08 - London Left Bank Pictures 8/12 – London Silver River Prod. 2/12 – London Teleset 1/09 - Bogota Waterland 4/11 - Brussels 2waytraffic 6/08 – Amsterdam Tuvalu Media 12/07 - Amsterdam Lean-M 12/06 - Moscow Floresta 6/10 - Sao Paolo Toro Prod. 10/09- Rome Victory Television 5/11 - London Gogglebox 2/08 – London SPT Prod. Egypt 11/10 - Cairo SPT Prod. Lebanon 11/10 - Beirut Huaso Film 9/04 - Beijing SPT Arabia 11/10 - Dubai SPT Prod. France - Paris Starling 5/04 – Paris FORMAT OPTION #1

3 SPT’s International TV Production Footprint Miami Culver City Hong Kong Cologne Moscow Paris London Bogota Brussels Amsterdam Sao Paolo Rome Cairo Beirut Beijing Dubai FORMAT OPTION #2

4 SPT’s Distribution and Production Strategies are Proving Fruitful both Domestically and Internationally Distribution Distributes all of the studio’s feature films, television series (first run and off-net), library product (including more than 4,000 films and 50,000 episodes of television), formats, MOWs, miniseries and acquisitions across multiple windows and platforms United States Closed an unprecedented output deal with Starz worth up to US$ 2 billion and securing the movie slate through 2021 Made a record breaking sale for a comedy to a digital service with the sale of Community to Hulu International SPT operates 20 sales offices outside the U.S., with staff covering 196 countries SPT Distribution generates about US$ 1.7 billion annually Production In the U.S., SPT produces 32 series across all genres and dayparts: comedy, drama and reality and talk for 16 different broadcast and cable networks and syndication Produces record breaking, award-winning movies and miniseries for television Most successful development season in more than a decade and 15 new series debuting this season SPT International Production has 18 production companies in 14 countries which have produced more than 61,000 episodes of non-scripted programming and 12,000 episodes of scripted programming. Formats from our internationally known non-scripted format catalogue have been produced in 89 countries and 77 languages and include hits such as Who Wants to Be a Millionaire?, The Dr. Oz Show and Dragons Den. The recognized industry leader in the adaptation of scripted formats worldwide. (The Nanny produced in 9 countries, Married… with Children produced in 11 countries and Everybody Loves Raymond in 4 countries) Award-winning production companies and critically acclaimed original scripted programming in Russia, Latin America, Germany and the UK

SPE has Built a Strong and Meaningful Networks Presence in India 5 SPE launched its network presence in India 17 years ago with SET – Between , SET faced multiple challenges – In early 2009, new management revitalized SPE’s Indian network operations – Performance has improved significantly in recent years and is now consistently profitable MSM India is critical to the overall network portfolio – Delivered a 20% revenue CAGR from FYE09-13 – Delivered $138MM EBIT in FYE13; and is expected to show sustained growth through FYE17 reaching approximately $200MM SPE’s 2008 investment in IPL Cricket has yielded positive revenue and EBIT results and is expected to continue to do so India is an important growth market to Sony Corporation and SPE – India is critical to Sony Corporation due to its size, growing middle class, and the value ascribed to the Sony brand by its population – Sony and SPE have a history of working together to capitalize on this market, including exposing 417MM viewers to the Sony brand via SPE’s Sony-branded channels – The Sony brand on MSM’s channels has increased brand awareness and helped electronics sales

6 SPT networks portfolio generates significant shareholder value for the Company Current Estimated Valuation Range of SPT Networks Portfolio $3.8BN to $4.2BN Current Estimated Valuation Range of SPT Networks Portfolio $3.8BN to $4.2BN SPT Networks EBIT ($MM) Note:An estimate only. SPE has not performed a complete or independent valuation of its networks business. The valuation range is based on market EBITDA multiples. FORMAT OPTION #1a Hypothetical Value of SPT Networks Portfolio

7 SPT networks portfolio generates significant shareholder value for the Company SPT Networks EBIT ($MM) Current Estimated Valuation of SPT Networks Portfolio: $4BN Estimated FYE16 Valuation of SPT Networks Portfolio: $5BN (1) Current Estimated Valuation of SPT Networks Portfolio: $4BN Estimated FYE16 Valuation of SPT Networks Portfolio: $5BN (1) FORMAT OPTION #1b Hypothetical Value of SPT Networks Portfolio Note:An estimate only. SPE has not performed a complete or independent valuation of its networks business. The valuation range is based on market EBITDA multiples. (1)Applied similar EBITDA market multiples against projected FYE16 EBITDA.

8 SPT networks portfolio generates significant shareholder value for the Company SPT Networks EBIT ($MM) Note:An estimate only. SPE has not performed a complete or independent valuation of its networks business. The valuation range is based on market EBITDA multiples. (1)Represents SPE’s 58% ownership in GSN. FORMAT OPTION #2a Hypothetical Value of SPT Networks Portfolio Current Estimated Valuation Range of SPT Networks Portfolio $3.8BN to $4.2BN Current Estimated Valuation Range of SPT Networks Portfolio $3.8BN to $4.2BN

9 SPT networks portfolio generates significant shareholder value for the Company SPT Networks EBIT ($MM) Note:An estimate only. SPE has not performed a complete or independent valuation of its networks business. The valuation range is based on market EBITDA multiples. (1)Represents SPE’s 58% ownership in GSN. (2) Applied similar EBITDA market multiples against projected FYE16 EBITDA. FORMAT OPTION #2b Hypothetical Value of SPT Networks Portfolio Current Estimated Valuation of SPT Networks Portfolio: $4BN Estimated FYE16 Valuation of SPT Networks Portfolio: $5BN (2) Current Estimated Valuation of SPT Networks Portfolio: $4BN Estimated FYE16 Valuation of SPT Networks Portfolio: $5BN (2)

10 SPT networks portfolio generates significant shareholder value for the Company North America $540MM - $610MM EMEA $330MM - $370MM Asia Pac (excl. MSM and Japan) $90MM - $110MM South America $450MM - $520MM Note:An estimate only. SPE has not performed a complete or independent valuation of its networks business. The valuation range is based on market EBITDA multiples and accounts for non-controlling interests. (1)SPE purchased an additional 38% stake in MSM for $314MM at an implied valuation of $826MM. Current Estimated Valuation of SPT Networks Portfolio $3.8BN to $4.2BN Current Estimated Valuation of SPT Networks Portfolio $3.8BN to $4.2BN MSM (1) $2.2BN - $2.4BN Japan $180MM - $210MM FORMAT OPTION #3 Hypothetical Value of SPT Networks Portfolio ANDY DECIDING/REVIEWING

GSN Overview 11 GSN is a multiplatform U.S. cable network focusing on game show content and a digital business that includes skill-based games, casual games and an online ad network – GSN is our most distributed U.S. network – with ~78MM publicly reported U.S. TV subscribers – Revenues driven by a mix of affiliate fees and television/online advertising Programming strategy includes licensed SPT library product and new shows developed based on classic game show formats – The American Bible Challenge, launched in 2012, was the most viewed program in GSN’s history and brought in a significant new audience of approximately 13MM viewers GSN’s digital gaming business revenue has experienced rapid growth through mobile, virtual goods and success of skill-based games – Online skill-based cash competitions include 35+ games attracting 2MM monthly players – Over 100+ casual games on Facebook, mobile and web utilizing a virtual goods currency model with over 12MM monthly players SPE currently owns 58% of GSN with management control and DIRECTV owns the remaining 42% GSN is a growing and important asset and generates considerable profits for SPE with $112MM in estimated consolidated EBIT for FYE14, before amortization of intangible assets associated with the purchase

GSN Shows and Properties 12 (1)Sony Pictures Television property. GSN.com Home Page Skill-based Cash Competitions GSN Casino Mobile App Casual Social Games Original Programming Acquired Programming (1) Selected TV Shows Selected Digital Properties

Crackle Overview 13 In July 2007, SPE purchased the online user generated video site, Grouper, for $52.5MM. Grouper was re-branded as Crackle, which would become a premium multi-platform video- entertainment network and studio featuring full-length movies and television shows Crackle launched in the United States and Australia in 2009, followed by Canada and the UK in 2010, and Latin America in 2012, as SPT Networks’ premier OTT service, offering a high- quality selection of free, ad supported movies and television programs – Crackle targets adults aged with a male skew – Through its free app, Crackle is distributed through computers, mobile devices (e.g., iPhone, Android), gaming consoles (e.g., PlayStation, Xbox), internet connected TVs (e.g., Sony Bravia, Samsung, LG, Vizio), blu-ray players and set-top boxes – Premium content on the curated network include high-profile movies and TV shows such as Step Brothers, District 9, Seinfeld and The Shield – Jerry Seinfeld committed to 3 seasons of Comedians in Cars Getting Coffee foregoing opportunities with other premium U.S. video services Crackle was widely recognized in 2012 – “The 20 Best iOS and Android Apps Of 2012” – TechCrunch – “Amazon’s Best of 2012: Apps and Games” - Amazon Editors – “Best of TV on the Web in 2012” – USA Today – Top 5 Application on PlayStation and Xbox Currently, Crackle is available in 23 countries with approximately 15 million monthly unique visitors across the globe ERIC REVIEWING.

14 Crackle Success Source: Crackle.com = comScore VideoMetrix June 2012, Devices include all distribution outside Crackle.com (Omniture June 2012). (1)Based on visitors in the United States. Premium Video Network 15 MILLION VISITORS PER MONTH 78 MILLION STREAMS OF CONTENT PER MONTH 90 MINUTES SPENT PER USER PER VISIT (1) 23 COUNTRIES ERIC REVIEWING.

15 SPE has made a Number of Meaningful Acquisitions Over the Last Decade that Support Strategic Growth Acquisition Purchase Price MSM India TV Networks $360MM for 100% (1) $52.5MM for 100% $234MM for an additional 18% stake (2) $314MM for an additional 38% stake (3) (1)Total consideration based on $242MM in cash and $118MM in assumed debt for 100% ownership. (2)DIRECTV exercised its put right to sell an 18% interest in GSN for $234MM (before interest costs) to SPE; increasing SPE’s ownership interest from 40% to 58%. (3)Based on increasing SPT’s stake in MSM holdings from 62% to 100%.