Media Inventory for Equity / Revenue Share Case: Brand Capital (India) Growth Ventures & Innovation Group August 2012 Sony Corporation of America

2 The Times Group (India) Sony - Growth Ventures & Innovation August Brand Capital is part of family owned ‘The Times Group’ which is India’s largest mass media company (publishing / newspaper; digital, TV …)

3 Brand Capital - Background  Indian media conglomerate Times Group runs an advertising-for-equity program through its subsidiary Brand Capital (initially known as Times Private Treaties).  Over 6 years of existence, the company has helped launch over 400 companies, including a number of current industry leaders.  However, in 2009, Times Private Treaties ran afoul of India’s stock market regulations when it was discovered that a Times Group journalist was conspiring with investors to pump up the share price of an invested startup.  In 2010 the Times Group repositioned its advertising-for- equity program as Brand Capital and is stressing editorial independence and stringent Chinese walls to ensure that none of its advertising clients including investee companies have any influence on the editorial content of its publications. Sony - Growth Ventures & Innovation August 2012  Brand Capital’s core offering is providing alternative means of financing an additional advertising need - by providing structured client based solutions, both financial as well as advertising.

4 Brand Capital - Activities  Brand Capital provides funding to growth oriented enterprises for their long term advertising needs  Brand Capital assists its clients with value added support like brand and communication strategy, creative ideation, and media strategy support.  Brand Capital does not have an in-house agency, but can provide inputs and guidance in selecting the right agency for its investee companies.  Business models offered by Brand Capital include media assets/inventory of the Times Group in return for: o Equity (typical investment horizon is 3-5 years) o Performance contract o Real estate. Sony - Growth Ventures & Innovation August 2012

5 Brand Capital – Network Sony - Growth Ventures & Innovation August 2012 TV Online Print Brand Capital leverages the network /media inventory of the Times Group.

6 Brand Capital – Case: She Comfort Sony - Growth Ventures & Innovation August 2012

7 Brand Capital – Case: Unibic Sony - Growth Ventures & Innovation August 2012