SPT Business Overview November 13, 2012 DRAFT – FOR DISCUSSION ONLY

Sony Pictures Television Production Networks Distribution Development, acquisition, and production of television programs for broadcast, basic cable, and premium cable networks Program genres include scripted comedies and dramas and non-scripted reality, talk, and game shows Sale of SPE’s film and television content to television and digital customers Customers include U.S. and international broadcast and cable networks, U.S. local television stations, and digital services, e.g., Netflix Management and distribution of branded networks and channels worldwide International brands include AXN, SET, and Animax Business Overview

Television Business is Growing FY13 Frcst FY14 Current FY15 Current FY16 Current 3 SPT Consolidated EBIT 15% CAGR Networks – Networks has an EBIT CAGR of 23% across the plan, breaking earnings records in each and every year. The growth comes from all regions across the world as newer channels mature to profitability and more mature channels grow or maintain their margins U.S. Production & Ad Sales – EBIT grows 21% over the plan from $290MM to $351MM driven by a steady pipeline of programming sold to SVOD and Off-net syndication: Last Resort, Happy Endings, Justified International Production – International Production has an EBIT CAGR of 78% across the plan. Moderate organic growth from existing operating companies is supplemented by EBIT contributions from recent acquisitions Left Bank and Silver River as well as the inclusion of a hit format starting in FY15 $564 $625 $765 $ SPT EBIT continues to grow at a rate of 15% year-over-year Make sure right slide

Sony Pictures Television Today and Tomorrow RevenueEBIT ($MM) Update with slide 4 of SPT MRP Deck numbers to show full US and Int’s distribution for FY13 and Fy16

Sony Pictures Television Market Update ● Growth opportunities exist across the television industry − The global number of television households continues to grow − There are a greater number of distribution customers in the marketplace − Affiliate fees are generally stable; ad sales have rebounded since the 2008 downturn, although economic conditions in some territories have slowed growth − International consumption of U.S. TV dramas continues to be strong − SVOD customers are creating greater demand for studio content ● The television industry also faces a number of challenges − European economic issues have slowed the growth of the ad sales market in many territories − Studio programming prices are expected to rise creating margin pressure on networks − Volatility of foreign currencies creates uncertainty for predicting financial results in U.S. dollars − Competition across the global TV industry remains strong

Develop new content and keep SPT’s domestic slate of original TV series on the air to drive substantial syndication profits Focus on maximizing operational efficiencies for networks and international TV production Generate more international local language TV series with the intent of creating a global hit Grow Crackle’s U.S. ad business by increasing investment in its infrastructure Television Strategic Priorities Strengthening economics of existing businesses 6 Marry with next slides

Television Strategic Priorities Pursue Growth Opportunities Build on syndication success (The Dr. Oz Show) to expand with A-list talent (Queen Latifah) Capitalize on opportunities with emerging SVOD players (e.g., Netflix, Amazon, Hulu) to drive incremental value for new and library product for film and TV Expand in key markets with our branded networks, local and international TV series, and production ventures − Complete a regional channel acquisition in India and pursue channel acquisitions in other select markets − Continue to invest in international production companies that create content with specific focus on the UK but also possibly in Scandinavia, Israel, Australia and other content rich territories; in addition, identify potential opportunities to expand into emerging markets with strong TV growth potential where SPT does not currently have a presence 7 Marry with next slides

Become the primary ad sales organization across Sony Draw on SPE’s development, production and programming expertise to create content for Sony’s networked devices Leverage our significant and expanding networks presence in India and Latin America to benefit Sony as a whole Utilize our networks’ global reach to assist in marketing initiatives Television Strategic Priorities Pursuing One Sony Collaboration 8 Marry

US Production

U.S. Production & Ad Sales: Forecast Strong and Consistent Earnings Growth Leverage slate of network dramas Capitalize on new market entrants to help build future revenue pipeline Develop organization Build stronger relationships in key markets MRP Assumptions U.S. Production & Ad Sales Revenue and EBIT ($MM) Make this just US Production

U.S. Production Current Series, Pilots & Development Significant contribution from current series as they enter off-network syndication Rules of Engagement sold to Netflix and U.S. syndication market for Fall 2012 Community sold to Comedy Central and U.S. syndication market for Fall 2013 launch. Already sold to Hulu with an initial availability in FYE12 Build on our syndication success with new Queen Latifah series for Fall 2013 Initial off-net syndication availabilities for Happy Endings, Last Resort, Mob Doctor, Big C and Justified in FYE14 and Franklin and Bash in FYE15 MRP Assumptions EBIT from Current Series, Pilots & Development ($ in Millions) $73 $84 $120 $109 $0 $20 $40 $60 $80 $100 $120 $140 FYE13FYE14FYE15FYE16 11 Excludes Wheel of Fortune, Jeopardy!, Days of Our Lives and Y&R Format

Wheel of Fortune and Jeopardy! are renewed through 15/16 season The Young and the Restless is renewed through 12/13 season and Days of Our Lives is renewed through 13/14 season Production cost control and reduction efforts continue on all programs U.S. Production Library, Game Shows and Daytime Serials MRP Assumptions Maximizing the contribution to EBIT from Core Programs $253 $248 $258 $271 EBIT ($ in Millions) 12 Format

U.S. Production – Strategic Priorities Continue to grow our broadcast drama slate and support our current primetime dramas Charlie’s Angels, Pan Am and Unforgettable to secure syndication opportunities Nurture our broadcast comedies Community and Happy Endings to reach syndication Invest heavily in A-list writers, directors and producers for future drama/comedy/unscripted development Continue to maximize international revenues through exploring co-production opportunities and maximizing tax credits - Develop series with broad international appeal with globally marketable talent to sell in the US and abroad Continue to be on the forefront of the burgeoning subscription VOD market (Netflix, DirecTV) to sell and develop series Build on our syndication success (Dr. Oz, Nate Berkus) to expand into the daytime market with A-list talent Expand our prime time broadcast reality slate off the success of Sing Off, Shark Tank and Re-Modeled and continue to sell formats abroad Continue to maintain a balanced portfolio across the cable and broadcast business to secure SPT’s position as a prime destination for premiere talent in scripted and non-scripted programming 13 Make sure right slide

U.S. Production: Challenges and Opportunities

U.S. Production: Organization Overview TBD Org chart highlights select individuals

U.S. Production: Where we can we do better TBD

Ad Sales

U.S. Production & Ad Sales: Forecast Strong and Consistent Earnings Growth Leverage slate of network dramas Capitalize on new market entrants to help build future revenue pipeline Develop organization Build stronger relationships in key markets MRP Assumptions U.S. Production & Ad Sales Revenue and EBIT ($MM) Make this just Ad Sale

U.S. Ad Sales – Strategic Priorities Continue to drive additional revenue for first run through advertiser integrations –i.e., The Dr. Oz Show: Walgreens, Subway, Weight Watchers Expand current base of advertisers for :30s and :10 to off-nets Develop emerging Cable Networks business –Amount of potential revenue growth tied to sub growth Find new 3 rd party representation opportunities Continue to support cable/network properties through Branded Entertainment Television Priorities Activate cross-platform sales of Seinfeld to grow TV and digital dollars –Working with Nielsen to create cross-platform ratings (extended screen) Drive dollars to Crackle with connected device strategy –BIVL, PSN, iPad, Android Increase PlayStation Network revenue through enhanced reporting Seek new opportunities/platforms to grow digital portfolio –i.e. Sharecare Find new 3 rd party representation opportunities Digital Priorities 19 Make sure this is right slide

U.S. Ad Sales – Growth Strategy Diffuse volatility in TV ad revenue market by growing a strong digital base Digital markets are continuing to emerge through an increase in digital platforms (i.e., mobile devices, game consoles, handheld tablets) Client base extends beyond traditional entertainment markets which allows for a more diverse portfolio – e.g., Sharecare Opportunity Year-over-year growth in TV ad revenue is limited by available shows Opportunities for 3 rd party ad sales representation in TV are declining Current Environment Consolidate inventory across platforms to create a digital ad network Initiate video only digital upfront market Utilize audience tracking to optimize CPMs Grow 3 rd party and digital revenue from $32MM to $106MM over the plan years resulting in profit contribution growth of almost 200% Strategy 20 Make sure this is right slide

U.S. Ad Sales: Challenges and Opportunities

U.S. Ad Sales: Organization Overview TBD Org chart highlights select individuals

U.S. Ad Sales: Where we can we do better TBD

International Production

International Production: Forecast Continue investment into companies which create IP with focus on UK; review opportunities in Scandinavia, Israel, Australia and other content rich countries Strategically deploy central development fund Launch competitive incentive plan to foster creation of global IP and multi-territory format exploitation and to attract/retain talent Streamline daily administrative/operational processes allowing managing directors to focus on content creation Increase collaboration between operating companies Establish culture that fosters creativity centrally and across operating companies MRP Assumptions Int’l Production Revenue and EBIT ($MM) EBIT excludes FY13 monetization of $11MM

Culver City Miami (Latin America & U.S. Hispanic market) Bogota Rome Paris London (WW Production capacity) Hilversum Cologne Moscow (Russian speaking market) Beijing Hong Kong (Asia market excl Japan) Sao Paolo Dubai (Arabic speaking market) Beirut Cairo International Production Operating Companies Production companies in 13 countries around the world covering multiple regions; to date, SPT productions have aired in 88 countries and 73 languages 26 Fix format

International Production – Strategic Priorities Develop and produce hit format Build scale via strategic investments Launch competitive incentive program Develop new break-out hits by focusing creative, operational and financial efforts on a few high potential formats (e.g., Exit List, Angry Birds, Famous) Identify and attach new creative talent to group (in any form or shape), be competitive in remuneration, and initiate start-ups Initiate, coordinate and intensify light entertainment collaboration between US and International Production businesses to drive more synergies and production flow on both sides UK is top priority – imperative to develop significant local production presence Strengthen presence in major European markets and expand to emerging territories Drive interactive extensions and revenue opportunities and innovative multiplatform businesses Pursue strategic partnerships to expand market share in key markets (especially the U.K.) and opportunistically enter new markets in Eastern Europe and Asia Important for hit format creation, multi-territory format exploitation and talent retention SPT’s major competitors all benefit from similar programs – e.g., Banijay, Zodiak Drive development of blockbusters and continue to expand global network 27 Make sure right slide

Continue to exploit Who Wants to Be a Millionaire and develop a stable base of other successful formats Make more focused and sustained investment in development executives, producers, production companies, and new content especially in the UK − The acquisition of Left Bank gives SPE a stronger foot-hold in the UK Foster a more creative culture to develop intellectual property by: − Realigning the organization, including a new President and a creative head − Combining the print sales and format sales teams to better serve our buyers − Creating a strategically centralized development fund − Implementing a competitive incentive plan Simplify administrative and operational processes International Production Key Initiatives to Drive Earnings Growth The current MRP is based upon more reasonable expectations for the volume of series and margins that can be achieved with both internally developed and acquired product 28 Marry with previous slide

International Production: Challenges and Opportunities

International Production: Organization Overview TBD Org chart highlights select individuals

International Production : Where we can we do better TBD

U.S. Distribution

U.S. Distribution: Forecast Increase feature library sales despite the ‘flat’ market Leverage SVOD licensing and strategic product planning for U.S. channel carriage MRP Assumptions U.S. Distribution Revenue and EBIT ($MM) Revenue and corresponding profit contribution volatility is largely driven by release timing, size of theatrical slate and timing of off-net syndication avails (e.g., Rules of Engagement, Community, Happy Endings)

U.S. Distribution – Strategic Priorities Pay TV Subscription Cable TV Syndication Although uncertain, an opportunity may exist to modify the Starz pay TV deal –Internet caps in the existing Starz deal have created the renegotiation opportunity –Negotiating directly with Netflix on consideration –If the Starz deal is not renegotiated, an opportunity exists to make deals directly with Netflix that are not related to the content included in the Starz pay TV deal Sell library film and TV series into non-exclusive subscription deals Complete WWAG deal with Netflix Split library windows, license multiple rights, structure non-exclusive deals Aggressively sell slate carve-out windows utilizing more aggressive inventory tracking and planning Sell offnet cable series: Drop Dead Diva (linear avail FY14), Justified (avail FY14), Damages (linear avail FY15) Develop consistent flow of first-run product with top talent Sell all offnet syndication series: Rules of Engagement (avail FY13), Community (avail FY14), Happy Endings (avail FY15) Sell library film and TV series onto broadcast digital platforms Acquire 3 rd party distribution rights with minimal financial risk (e.g. Right This Minute) 34 Make sure right slide

U.S. Distribution: Challenges and Opportunities

U.S. Distribution: Organization Overview TBD Org chart highlights select individuals

U.S. Distribution: Where we can we do better TBD

International Distribution

International Distribution: Forecast Strong and consistent growth Leverage slate of network dramas Capitalize on new market entrants to help build future revenue pipeline Develop organization Build stronger relationships in key markets MRP Assumptions Int’l Distribution Revenue and Profit Contribution ($MM)

Sustained delivery of network dramas will enable revenues for TV product to double to >$500MM by FYE15 and amplify feature film revenue –Continue to work closely with SPT U.S. Production to secure and sustain strategically important network dramas –Broaden scope of broadcaster relationships to explore English language, European content, co-production opportunities –Look for key series acquisition opportunities International Distribution – Strategic Priorities Exploit market trends and broadcaster relationships to maximize content value Leverage Slate of Network Dramas Capitalize Upon New Market Entrants Build Secure Pipeline of Future Revenue Take full advantage of opportunities with emerging SVOD players Work with a wide range of partners to develop deal structure options to help them maximize value of their offerings and compete with traditional businesses Focus on select emerging markets to expand SPT’s presence and better capitalize on opportunities (Netherlands, Scandinavia, Poland, Hungary, South Africa) Deepen relationship with clients to ensure success through partnering on launches, promotions Develop Stronger Relationships in Key Markets Close long-term deals in key markets over the plan Ensure we keep rights to key revenue-driving feature film franchises 40 Make sure right slide

International Distribution: Challenges and Opportunities

International Distribution: Organization Overview TBD Org chart highlights select individuals

International Distribution: Where we can we do better TBD

Networks

Networks: Forecast Strong and Consistent Earnings Growth Focus next 18 months on maximizing efficiencies in existing operations Continue to selectively launch channels in new and existing territories Increase investment in Crackle U.S. advertising and technical infrastructure Volatility of foreign currencies has had a particularly harsh impact on Networks earnings EBIT reaches over $500 million in FYE16, growing at a 23% CAGR over the MRP period MRP Assumptions EBIT Margin: 17.4% 16.7% 18.2%19.5% Networks Revenue and EBIT ($ in Millions)

As a result of recent investments, North America and Europe grow as a percentage of Networks’ EBIT from 24% in FYE13 to 36% in FYE16 Networks EBIT by Region 46 Format

Networks: Brands SET GENERAL ENTERTAINMENT AXN GENERAL ENTERTAINMENT ANIME/YOUTH LIFESTYLE/MUSIC DIGITAL MOVIES PARTNER NETWORKS Highly successful network brands benefiting from global infrastructure

Networks – Strategic Priorities Buy out Indian partners and realize an Indian regional opportunity Explore ways to leverage studio relationship with GSN Carry on launching channels in new and existing territories to increase scale and increase sales leverage and program buying power Continue to invest in ad and affiliate sales infrastructure (Dolphin, AXN Central Europe, Russia Channels, Crackle Latam) Continue to secure programming supply through studio output deals and investment in original programming (The Firm). Increase 3 rd party acquisitions for US businesses Carry on expanding U.S. channels (CineSony, FEARnet buy up) and increase U.S. channels’ contribution to portfolio throughout the MRP period Maximize value in Crackle US and expand internationally (Latam, Brazil, Canada) Expand SPTL Asia facility to service EMEA channels 48 Make sure this is right slide

Networks – A Continuation of Strong Sustainable Growth Networks strong year-on-year earnings and revenue growth is forecast to continue Breaking through the $200MM milestone in FY12 (1 year ahead of plan) and the $300MM and $400MM milestones will also be achieved within the MRP period EBIT CAGR of 28% across the plan Revenue CAGR growth of over 14%, breaking both the $1.5B and $2B barriers within the plan Margin* pressure continues but expected to rise from 18% to 22% across the plan MSM India is forecast to have double digit margins (18%) Rising content costs, increased broadcasting costs from HD roll outs and the investment in ad sales and affiliate infrastructure keeps margins in check Continued annual investment in new operations will underpin future earnings growth Thirteen investments from prior years are expected to become profitable in the next 3 years Separately, the six planned launches/acquisitions in FY12 are expected to collectively generate $13MM of positive earnings in FY15 * Margin excludes GSN PPA to normalize year-on-year progression 49 Make sure this is right slide

Networks: Challenges and Opportunities

Networks: Organization Overview TBD Org chart highlights select individuals

Networks: Where we can we do better TBD

Closing

Television: Big Ideas for Change TBD