1. CONFIDENTIAL Corporate Development Update Finance Off-site June 10, 2011

2. page 1 Discussion Topics Corporate Development M&A Strategy Recent Activity Current Activity Margin Analysis

3. page 2 Page Layout – [non (X) number is page count for section, (X) is running page count for content pages] Why sell anything? 1 -- Good values, passive, resolve situations, etc -- Draft Added pressures – the bad news 5 (6) Growth drivers – the good news 7 (13) The net effect (for now) – back to “added pressures” 1 (14) Earnings history without deals We got it done 1 (15) Earnings with deals Recent activity 3 (18) GSN – “This is not a Sale” –Draft [ “what is the asset,” “why do the deal” and “deal highlights”] 3 (21) Spiderman -- –Draft [“what is the asset,” “why sell” and “deal highlights”] The cost of sales is rising 1 (22) Amount of EBIT sold So what’s your strategy? 1 (23) summarize when you sell (passive interests), when you buy (need to build EBIT, good oppty’s) – Draft

4. page 3 Page Layout Growth through acquisitions 1 (24) Areas we may buy (TV production, TV networks, why) -- Draft 3 (27) India ETV – Draft [ “what is the asset,” “why buy” and “deal highlights”] 3 (30) All3 Media – Draft [ “what is the asset,” “why buy” and “deal highlights”] Don’t we already understand our margins? 1 (31) -- Examples of where we don’t 1 (32) – The film vs. TV Example And what if we knew more? 1 (33) – Examples of decisions that might differ So how do we get there? 1 (34) – Action Items Q&A

5. CONFIDENTIAL Why sell anything? Corporate Development

6. CONFIDENTIAL Added pressures – the bad news Corporate Development

7. page 6 Market trends continue to create challenges across business lines Business SegmentMarket Trends Theatrical Production & Distribution Home Entertainment TV Production & Distribution Despite publicly stating costs must be managed, Studios continue to bid-up talent and production and marketing costs have not dropped sufficiently Diminished availability of film financing with attractive terms Franchise films remain critical to driving studio profitability DVD new release sell-through is down 34% but seems to be stabilizing For the first time, rental transactions and revenues are down Catalog revenues are down double digits Shift within rental to Netflix and kiosks putting brick & mortar rentailers into bankruptcy Brick and mortar closures reducing shelf space of WWAG and SPC titles Ad spending is rebounding for cable and local stations Broadcast ad revenues rebounded in 2009; total broadcast revenues have growth potential with the addition of subscriber fees International networks and production growing Pay TV deals are declining in value This will be just the bad news And make sure to get the items on the next few pages

8. Sources: Nielsen Home Scan; title-level analysis; SPHE Commercial Planning & Innovation Note: Major studios include Fox, Lionsgate, Paramount, SPHE, Universal, Warner, and Disney (includes distributed lines); box office adjusted for inflation (in 2010 dollars) and 3-D admissions. For titles that have fewer than 26 weeks of POS data as of the end of January 2011, 26-week POS has been projected. YoY % Change: Domestic Box Office BOF Domestic Box Office ($M) 8-Week Box Office Factor CY 2010 New Release Conversion of Domestic Box Office to 8-Week Retail POS (Transactions per Thousand Dollars in DBO, Through December) Cume. Δ from 2006 The decline in conversion rates appears to be decelerating CY ‘06CY ‘07CY ‘08CY ‘09CY ‘10 -1%-20%-12%-7% -3%-5%+0%-0% -1%-21%-31%-36% Home Entertainment Market U.S. CY2010 Year-End Traditional Physical: Theatrical New Release Sell-Through Dashboard Update: through April, cume. Δ -43%

9. Ultimate Profit on Recent Tentpole / Franchise Films page 8 Get update from Jay’s group Add HE Revenues; HE Revenues as a % of Cost; and Release date

10. Production and releasing investment increased through the FY11 budget, while ultimate slate profitability declined Source: SPE Finance and MPG Note: Ultimate slate profit after Ops OH. Ops OH assumed to be $200 mil in ’08, and $270 mil in each year thereafter. Note: Ultimate profit before Ops OH from FY08 to FY11 = $467, $266, $234, $229 Note: Ultimate profit excludes monetizations and challenges Columbia & Screen Gems page 9 Update FY11 to actuals

11. page 10 ($ In millions) Television Production and Distribution Business Source: SPT Note: (1) Includes: WOF, Jeopardy, Young and the Restless, and Days of Our Lives and Library product. Excludes IGT Annuities and Library product have declined The decrease has been partially mitigated by decreased investment level in new product However, shoring-up earnings requires continuing to create syndicated hits (1) Update FY11 to actuals

12. CONFIDENTIAL Growth drivers – the good news Corporate Development

13. page 12 Market trends continue to create challenges across business lines Business SegmentMarket Trends Theatrical Production & Distribution Home Entertainment TV Production & Distribution Despite publicly stating costs must be managed, Studios continue to bid-up talent and production and marketing costs have not dropped sufficiently Diminished availability of film financing with attractive terms Franchise films remain critical to driving studio profitability DVD new release sell-through is down 34% but seems to be stabilizing For the first time, rental transactions and revenues are down Catalog revenues are down double digits Shift within rental to Netflix and kiosks putting brick & mortar rentailers into bankruptcy Brick and mortar closures reducing shelf space of WWAG and SPC titles Ad spending is rebounding for cable and local stations Broadcast ad revenues rebounded in 2009; total broadcast revenues have growth potential with the addition of subscriber fees International networks and production growing Pay TV deals are declining in value This will be just the good news And get all items on next few pages

14. page 13 Headcount reductions Loading OH into greenlight models Moved talent costs to post-breakeven IT outsourced to India Reduced Television development Reduced marketing spend Moved shared services for Europe Imageworks move to Vancouver Reduce total capital required by our films Launched Early Windows / Home Theater SPE Has Taken Action to Improve Operating Profit

15. page 14 Incorporating operational overhead into the greenlight process has improved projected profitability Columbia Films Greenlit AFTER January 2010 Operational costs equal 25% of a film’s budgeted production cost Update

16. CY Δ in U.S. Consumer Spending on Home Video (Year-On-Year % Change in $US, CY’09 v. CY'10) Sell Through Rental [1] Phys. Total 10.15 Market ($B) 0.600.161.201.9617.96 Physical Sell Through iVOD Rental Dig. Total Digital [2] CST VOD Rental Total 5.8516.00 Source: Rentrak, Nielsen VideoScan, Screen Digest/Adams Media Research, SPHE Commercial Planning & Innovation Note: [1] Physical rental data is NOT inclusive of Digital revenues (whether iVOD, or Cable/ Satellite VOD/PPV). [2] All Digital data from Screen Digest / Adams Media Research [3] Numbers do not add to 100% due to rounding. Home Entertainment Market Update U.S. CY2010 Year-End Market Dashboard % of Total 57%33%3%1%7%100%90%10%

17. PRIVILEGED AND CONFIDENTIAL $ Contribution to Studios per Transaction by Business Model (Industry Average) Source: Screen Digest, FutureSource, Morgan Stanley 04.30.10; SPHE Commercial Planning & Innovation; SPHE Bus Dev & Strategic Planning Notes: SPHE margins generally in-line with industry averages with exception of Redbox where SPHE margin is ~$1.10 vs. industry kiosk average of $0.95 (1) Brick and mortar (B&M) margin represents a weighted average of traditional DVD and Blu-ray rental margins. Weighting based on number of total domestic 2009 rental units consumed by format (i.e., 95% traditional DVD, 5% Blu-ray) per Morgan Stanley 04.10. Home Entertainment Market Impact of Business Model Mix Sell-Through Rental (1) Below trends at a consumer spend level, the underlying business model mix in Home Entertainment creates opportunities and risks for studios Digital

18. Percentage of SPHE WW FY12 Budget – Net Revenue vs. Gross Profit by Format Source: SPHE Finance Home Entertainment Market Business Model Mix Impact on SPHE Given its higher margins, digital now represents 26% of SPHE’s gross profits on 18% of net revenues ($1,560M) ($914M) ($346M) ($322M) 100% ($1,906M) 100% ($1,236M)

19. The domestic television market is showing signs of recovery as ad revenues stabilize for broadcast networks and grow for cable and local stations $3,341 Ads $3,444 Fees $104 Other $4,347 Ads $4,147 Fees $126 Other $ in millions Broadcast Net Ad Revenue and Programming Expense 2009 vs. 2013 Select Cable Network Revenue and Programming Expense 2009 vs. 2013 Local TV Station Advertising Revenue 2009 vs. 2013 0% 25% 32% Source: SNL Kagan, May 2010 Broadcast networks include ABC, CBS, Fox and NBC; Cable networks include A&E, AMC, FX Network, TBS, TNT, USA Note:(1) Local TV station net advertising revenue includes both local and national spots 11% (1) page 18 Net Advertising up from ’08 to ’09 Future upside beyond ad revenue from sub fees Update

20. SPT International Production Business SPT International Production Financial Summary FY05-FY13 Source: SPT Note: FY09 through FY11 excludes restructuring costs page 19 Update

21. page 20 Source: SPT Note: (1) Excludes Crackle Monetizations / One-Offs FY05: $28MM Latin America equity swap; $12MM Cinenova settlement FY06: $7MM Cinenova settlement FY08: $33MM HBO Asia sale; $9MM E! Latin America sale FY09: $25MM Spectrum sale; $45MM one-time HBO LAG payment to not exercise right to buy-up FY10: $85MM GSN /FUN transaction; $245MM HBO CE and HBO LAG sales 26% CAGR 50% CAGR Networks continues strong growth and expects to double EBIT in 3 years Networks Business EBIT (1) Update

22. CONFIDENTIAL The net effect (for now) – back to “added pressures” Corporate Development

23. page 22 SPE’s overall profit remains challenged and increasingly dependent on monetizations to achieve targets Notes: Monetizations incl one-time events/sales of int’l networks (SET India, E!, HBO, Cinenova, Viva, TMC), GSN, Telemundo, KirchMedia, Netflix, Bohbot, and Studio Asset FY09 and FY10 include restructuring charges (1) Includes $63MM from prior MRP plus $259MM shortfall of MPG forecast vs. prior MRP SPE Overall EBIT with Monetizations Identified (1) This version will be without monetizations

24. CONFIDENTIAL We got it done Corporate Development

25. page 24 SPE’s overall profit remains challenged and increasingly dependent on monetizations to achieve targets Notes: Monetizations incl one-time events/sales of int’l networks (SET India, E!, HBO, Cinenova, Viva, TMC), GSN, Telemundo, KirchMedia, Netflix, Bohbot, and Studio Asset FY09 and FY10 include restructuring charges (1) Includes $63MM from prior MRP plus $259MM shortfall of MPG forecast vs. prior MRP SPE Overall EBIT with Monetizations Identified (1) Update

26. CONFIDENTIAL Recent Activity Corporate Development

27. CONFIDENTIAL The cost of sales is rising Corporate Development

28. page 27 One time monetizations are increasingly at a cost to future EBIT Source: SPE Finance Note:1. Recognized for ASPIRE in FY09 Add: HBO Latam Put (no cost to EBIT we were already not consolidated; but confirm with mark Rogers) Latest GSN Deal (no cost) Spider-Man deal (in the mid-to high 20’s) Anything else? Confirm the older items as I’m not that familiar

29. CONFIDENTIAL So what’s your strategy? Corporate Development

30. CONFIDENTIAL Growth through acquisitions Corporate Development

31. CONFIDENTIAL Don’t we already understand our margins? Margin Analysis "Work with business units to drive profits and investments by product margin”

32. page 31 Limitations on visibility into fully-loaded margins SPHE SPHE’s visibility to catalog profits per video unit are before participations and residuals MPG Some greenlights exclude Jimmy Stewart and Corporate Overhead Some greenlights include Jimmy Steward and exclude Corporate Overhead Television [Keith and John do have estimated physical costs and residuals costs in their deals; participations not an issue because never paid if you’re in a loss position] Corporate A portion of HE costs remain unallocated between MPG and Television Corporate Costs remain unallocated between MPG and Television Jim to update based on notes with Stellman

33. page 32 SPE EBIT w/ All Costs Allocated (excl Monetizations and Restructuring Charges) Note:(1) Excludes $14.8MM of restructuring (2) Excludes $30.8MM of restructuring (3) Excludes $4.5MM of restructuring (4) Allocated based on revenue; excludes $12.8MM of restructuring $221$177 Update

34. CONFIDENTIAL And what if we knew more? Margin Analysis "Work with business units to drive profits and investments by product margin”

35. page 34 Decision Making Investment allocation SKU rationalization in HE; particularly on a territory basis where TV might make more money and the catalog might be losing money True profitability of scan-based trading Higher hurdles for greenlighting films Jim to update based on notes with Stellman

36. CONFIDENTIAL So how do we get there? Corporate Development

37. page 36 Action Items Determine what items we want to look at on a fully loaded basis Catalog types of decisions that would be impact Identify “detailed” vs. “conceptual” allocations that work Agree on these allocations with key stake holders

38. CONFIDENTIAL Q&A