Confidential Draft Embassy Row Acquisition Overview November 29, 2007

1 Executive Summary The game / reality format business is a critical growth area for SPE –Reality shows represent nearly half of the top 20 shows and demand continues to grow –These shows lend themselves to recurring revenues through domestic syndication and international formatting An acquisition of Michael Davies’ company, Embassy Row (ER), would serve as the cornerstone for our game / reality format business –Davies has a proven track record, including creating the Power of 10 with SPT –An acquisition provides the foundation for growth, builds enterprise value, and better aligns Davies incentives with our own We submitted an offer to acquire ER for up to $48MM, however a final deal may require up to [$100MM] of total consideration –LOI, submitted [January 29, 2008], included $20MM of initial consideration plus up to $28MM of performance-based earn-outs –Davies has expressed a strong desire to receive up to [$100MM] of total considerations in scenarios where he drives significant EBITDA growth –In all cases, earn-outs would be tied to growth in SPE profits and the creation of successful new formats

2 Go-forward Operations Distribution with 2waytraffic Management and Reporting Format Development and Acquisition 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 acquiring international formats, 3 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 Distribution without 2waytraffic

3 DateTargetAcquiror Transaction Value (m) (100%) Transaction Value / Last FY Sales Last FY EBITDA Last FY EBIT Sep-07 Metronome Film & Television Schibsted ASA£ xna18.8x Sep-07 Twenty Twenty Productions Shed Media£ x8.6xna Aug-07Sparrowhawk MediaNBC Universal£ xna Aug-07Objective ProductionsAll3Media£ xna Jul-07Marathon GroupDe Agostini€ xna Jul-07Prospect PicturesDCD Media£7.10.9xna3.9x Jul-07September HoldingsDCD Media£9.11.2xna12.9x Jul-07West Park PicturesDCD Media£3.02.7xnanm May-07EndemolInvestor group incl. John de Mol€3, x19.2x21.2x Jan-07Princess ProductionsShine£20.0na8.5x8.6x Jan-07Endemol FranceEndemol NV€ xna Dec-06WWTBAM & Cellador2waytraffic£ x7.3xna Dec-06KudosShine£35.0na11.0x11.3x Aug-06All3MediaSecondary buy-out (Permira)£ x11.5x12.3x May-06Tiger Aspect HoldingsIMG Media£ x12.1x15.1x Apr-06 Darlow Smithson Productions IMG Media£ xna Apr-06Odeon FilmGFP Vermögensverwaltungs£ x4.3x4.5x Mar-06HurricaneSpützna Dec-05IWCRDF£ x17.5x19.5x Nov-05RicochetShed£ xna14.1x Oct-05TV CorpTinopolis£ x21.2xna Aug-05Touchpaper TelevisionRDF£4.20.9x11.9xna Median 1.4x11.5x12.9x Average 1.7x12.1x12.9x (1)Estimated consideration (2)Median of upfront and earn-out inclusive multiple (3)Includes maximum earn-out (4)Source: Offer Memorandum, LTM multiples to June 2007, Forecasts from ING research, 3 August 2007 Comparable M&A Multiples Support Proposed Valuation Median Multiple ER Figures (MM) Implied Value (MM) Sales1.4x$28.6$40.0 EBITDA11.5x$3.4$39.1 EBIT12.9x$3.4$43.9 Average Implied Value (MM) $41.0