1. Embassy Row Acquisition Overview
November 29, 2007
Confidential Draft

2. Executive Summary
The game / reality format business represents a critical growth area for SPE
Reality shows represent nearly half of the top 20 shows
The overall demand for reality formats continues to grow
Game/reality shows lend themselves to additional revenues through syndication and international formatting
An acquisition of Michael Davies’ company, Embassy Row (ER), would serve as the cornerstone for SPT’s game / reality format business
As the creator of Power of 10 and numerous other shows, Davies has a proven track record of success in the industry and with SPT
An acquisition provides the foundation for growth, builds enterprise value, and better aligns Davies incentives with our own
Our most recent offer for ER included up to $48MM of consideration
LOI, submitted [January 29, 2008], included $20MM of initial consideration plus up to $28MM of performance-based earn-outs
A final deal may require up to [$100MM] of total consideration, assuming Davies creates significant value for SPE
Davies previously 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

3. Format Development and Acquisition
Go-forward Operations
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
Format Development and Acquisition
Management and
Reporting
Distribution with
2waytraffic
Distribution without
2waytraffic

4. 2waytraffic acquisition
Embassy Row: Potential fit with 2waytraffic
Distribution with a
2waytraffic acquisition
Embassy Row Operations Assuming succesful 2waytraffic acquisition
Embassy Row is a viable acquisition with limited incremental investment
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
9 additional headcount will be hired
3 people to sell formats internationally
3 people to acquire successful international formats for domestic development
3 people to develop additional show concepts in-house
The business will be managed as an independent unit within SPT
Dedicated P&L including all of SPT’s game/reality shows worldwide
Acquired international production Cos. would report directly into this business unit

5. Average Implied Value (MM)
Comparable M&A Multiples Support Proposed Valuation
Date
Target
Acquiror
Transaction Value (m) (100%)
Transaction Value /
Last FY Sales
Last FY EBITDA
Last FY EBIT
Sep-07
Metronome Film & Television
Schibsted ASA
£31.4
0.4x na
18.8x
Twenty Twenty Productions
Shed Media
£18.0
1.9x
8.6x
Aug-07
Sparrowhawk Media
NBC Universal
£175.0
1.8x
Objective Productions
All3Media
£50.01
2.2x
Jul-07
Marathon Group
De Agostini
€250.0
3.6x
Prospect Pictures
DCD Media
£7.1
0.9x
3.9x
September Holdings
£9.1
1.2x
12.9x
West Park Pictures
£3.0
2.7x nm
May-07
Endemol
Investor group incl. John de Mol
€3,396.8
3.0x
19.2x
21.2x
Jan-07
Princess Productions
Shine
£20.0
8.5x
Endemol France
Endemol NV
€450.0
2.6x
Dec-06
WWTBAM & Cellador
2waytraffic
£111.52
3.8x
7.3x
Kudos
£35.0
11.0x
11.3x
Aug-06
Secondary buy-out (Permira)
£320.0
1.4x
11.5x
12.3x
May-06
Tiger Aspect Holdings
IMG Media
£27.02
12.1x
15.1x
Apr-06
Darlow Smithson Productions
£20.02
1.0x
Odeon Film
GFP Vermögensverwaltungs
£15.63
4.3x
4.5x
Mar-06
Hurricane
Spütz
Dec-05
IWC
RDF
£14.02
0.8x
17.5x
19.5x
Nov-05
Ricochet
Shed
£30.02
2.0x
14.1x
Oct-05
TV Corp
Tinopolis
£27.7
0.6x
Aug-05
Touchpaper Television
£4.2
11.9x
Median
Average
1.7x
Median Multiple
ER Figures (MM)
Implied Value (MM)
Sales
1.4x
$28.6
$40.0
EBITDA
11.5x
$3.4
$39.1
EBIT
12.9x
$43.9
Average Implied Value (MM)
$41.0
Estimated consideration
Median of upfront and earn-out inclusive multiple
Includes maximum earn-out
Source: Offer Memorandum, LTM multiples to June 2007, Forecasts from ING research, 3 August 2007