Confidential Draft Embassy Row Acquisition Overview February 2008

1 Value ConsiderationsCurrent SPE RelationshipHistory of Success Embassy Row Overview 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 An acquisition captures value for SPE by –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 –$20MM (1) based on DCF, with no growth –$40MM (2) based on comps With successful new shows, value would be significantly higher 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 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

2 Embassy Row: 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 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 Distribution without 2waytraffic

3 Crackle Update

4 Crackle will Serve as a Central Destination for all our Digital Networks Films Television Short-form Network Channels  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 Films/Shows

5 Potential TransactionFit with GSNFUN Overview GSN / FUN Technologies Investment Opportunity Leading casual game provider Games are made available across platforms (online, mobile, interactive TV) Also 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 In-line with new GSN CEO, David Goldhill’s vision for reinvigorating GSN FUN’s user base skews female and aligns with GSN’s existing demo Extends GSN into new, faster growing revenue streams, including interactive TV 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 (with SPE owning the other 50%) Liberty recently acquired the portion of FUN it did not already own with a $206MM total implied value for the company 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