1. Citytv – Overview June 2013

2. Colombia TV Market Overview 2 Source: Americas TV 16 th Edition, newsruns and company disclosures. The Colombian terrestrial TV market is currently dominated by 2 main private national channels (Caracol and RCN). A new license is expected to be awarded during 2013. Colombia has 5 national channels, 8 regional and several local and city-based – 3 of the 5 national channels are state-owned (Senal Colombia, Canal Uno and Canal institutional), 2 are privately-owned (Caracol and RCN) – All 8 regional channels are state owned: Telepacifico, Teleantioquia, Canal 13, Telecaribe, Telecafe, Teleislas, Canal Capital and TRO RCN and Caracol TV account for 52% of country’s total advertising expenditure and 92% of TV advertising income In 2011 the government officially adopted DVB-T2 making it the only South American country not to adopt ISDB-T Government plans to auction a new license for a 3rd private national channel in 2013 – Previous bid process was declared null in 2012 – Auction may take place in the 4th quarter of 2013 – Time Warner, amongst other groups, is rumored to be actively studying this opportunity Overview of Key Broadcasters FTA Viewership Market Share Market Summary

3. Colombia DTT Market Overview 3 Summary HD DTT Market Overview In August 2008, Colombia chose the DVB-T standard. DVB-T standard is currently being implemented in the country's population centers. With only moderate pay TV penetration through 2010, Colombia is still highly dependent on broadcast reception, a factor that should push DTT usage through the next 10 years. SNL Kagan's model anticipates the FTA DTT system will grow from 612,723 households in 2012 to 4.7 million by 2017. Deployments are modeled to accelerate the following year in conjunction with the 2014 FIFA World Cup in Brazil and as set-tops become more affordable. By 2021, DTT is modeled for use in 6.8 million homes, including 5.4 million accessing DTT as their only source of TV. HD DTT reception in Colombia is expected to reach to 64.2% of total DTT households by 2021, accounting for 4.4 million homes. SNL Kagan anticipates for the first several years of deployment, growth will be limited by the prohibitive cost of HD devices. SNL Kagan's model maintains a substantial overlap between pay TV subs and HD DTT subs, resulting in few HD DTT-only homes until 2014 when these devices become more affordable for the Colombian mass market. Source: SNL Financial. Colombia DTT Households 2012-2021

4. Highlights The IMF forecasts that Colombia’s economy will grow 4.3% in 2013, one of the highest growth rates in the region Internet ad spend growth over the last three years outpaced all other mediums by over 3x The economy has shown signs of maturation and stabilization Unemployment rate fell to 10.9% in July 2012 from 11.5% a year prior Core inflation has remained stable and is expected to be three points lower than previously thought in December Colombia Advertising Market 4 Colombia is experiencing significant growth in retail and industrial production as well in exports; even with and adverse external environment, domestic demand remains solid. Source: ZenithOptimedia and newsruns. (1) Include Radio and Cinema. Advertising Expenditure by Medium(2012E) % CAGR Advertising Expenditure Growth Advertising Expenditure ( US$ in MM)

5. Citytv used to be part of Chum’s global branding plan and is now solely owned by Casa Editorial El Tiempo (Luis Carlos Sarmiento Angulo). Luis Carlos Sarmiento Angulo is the wealthiest man in Colombia with a net worth of USD$13.9 billion as of March 2013. Net worth derives from the massive banking conglomerate Grupo Aval Acciones y Valores, SA. In 2012, Sarmiento purchased all of Casa Editorial El Tiempo, the media company that controls the Colombian El Tiempo, Portafolio newspapers and City TV. Sarmiento is well know for his conservative management Style Colombian TV station covering Bogota established in 1999. Local FTV channel which is redistributed as a superstation in the territory. Brand Licensed from Canadian television system’s Citytv Has a website Citytv.com.co where it shares its own materials and videos Some programs from the original Canadian are versioned for local audience, while others are dubbed versions. Imports content from Canadian affiliate and produces local versions of international TV shows Citytv Overview 5 Description and Recent Developments Opportunity Citytv is open to a partnership to foster expansion Local pay TV play (JV). Sony Family (using local content and production likely from Teleset) Ownership Financials 2011 (US$ MM) Revenue: 14.6 EBIT: (1.9) Net Income: (1.6) Total Cash: 0.1 Total Assets: 14.2 Shareholders Equity: 11.6 Source: Company website and filings.

6. 6 Ratings CityTV vs. Open Time (Prime Time) Typology Source: Ratings: Ibope Media (April 2013). Citytv Overview Cont’d Top 20 Programming New Shows

7. 7 Next Steps Discuss opportunity and strategy rationale with SPE executives Sign NDA