Mid Range Plan Fiscal Years 2009 – 2012 October 2008 CONFIDENTIAL

2 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

3 Expand FEARnet into a linear network Create new, targeted shows on GSN and integrate skill-based gaming Explore HD as an entry point for a broader Sony linear network Use the successful launch of Dr. Oz to become official distributor of all future Harpo shows Seek extension of Starz deal Distribute additional product through our digital distribution network Create excitement and support for Crackle throughout SPE Build Crackle.com into an online entertainment destination and attractive outlet for advertisers Integrate Crackle into overall studio and leverage marketing and content resources Expand existing base of managed network distribution partners Grow our reality / format business through Embassy Row, 2waytraffic, and other producers Develop new shows in partnership with Harpo Productions Continue to invest in top-tier talent to produce premium content Core Programs Adjust timing of broadcast sale of Seinfeld due to challenging local station economics Create efficiencies and cost controls for soaps by moving to the lot and using new technology Secure renewals for WOF / Jeopardy! and introduce new brand extensions Aggressively pursue Jay Leno to continue to build our syndication business Programming Digital Networks Equity Investments Distribution & Licensing Ad Sales Aggressively build our digital ad sales business with Crackle as the foundation Continue to pursue third party representation and acquisition of complementary businesses Leverage our content and ad sales assets to build a cross-platform Sony ad network Executive Summary

4 EBITRevenue FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) $211 $218 $224 $197 $276 NOTE: Traditional television excluding Digital Networks, Digital Studio, and Crackle SPT Financial Summary $1,266 $25

5 Digital Financial Summary Profit Before ContributionRevenue ($ in MM) EBIT After Contribution ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP

6 From all sources of Domestic TV, Internet, and Mobile revenue Est. MPG/WW Acq. Profit $281$347$343$436 ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP NOTE: Before Seinfeld producer share $1,377 $1,504 $1,625 $1,670 $1,622 $1,638 $1,931 ($ in MM) SPT Total Revenue

7 Net G&A Expenses & Headcount Net G&AHeadcount (a)Crackle FY09 Q2 Forecast excludes $2mm restructuring costs and includes the first 6 months of overhead costs of the 11 layoffs. (b)Digital FY09 Q2 Forecast and Budget excludes $2mm legal costs related to Crackle-UMG settlement

8 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

9 Core Programs Strategy Adjust timing of Seinfeld sale to approach broadcast partners under more favorable market conditions Cultivate next generation of fans with digital / interactive offerings Explore opportunities to move both shows to the Sony lot Leverage digital technologies to produce daytime programming more efficiently Secure station renewals and look to take back international distribution rights Launch new mobile applications console games, and digital extensions to increase interactivity and drive viewership Aggressively pursue Jay Leno to significantly expand our syndicated programming Core Programs

10 “Seinfeld” Despite ad sales inventory being priced among highest in syndication, expect gradual ratings erosion 3rd cycle cleared in 99% HH, guaranteed double run in 86% North American DVD sales through FY08: $363MM since inception Projected North American DVD sales: FY09: $12MM, FY10: $5MM, FY11: $3MM, FY12: $2MM FY10 assumes 4th cycle renewals with same stations for $500k per episode FY11 assumes 4th cycle new sales of $500k per episode MRP Assumptions Strategy Closed 3 rd cycle cable renewal with Turner in March ‘08 Approaching Fox, Tribune, CBS/Viacom, and new media outlets for 4 th cycle broadcast renewal Launching cross country college tour and creating digital assets to connect the brand to a new generation of viewers In near term, holding back DST, VOD, and ad-supported to improve station renewals; over longer term looking to exploit digital windows, including -Releasing all 9 seasons on DST over two years starting as early as FY10 -Launching ad-supported with community features one year after initial DST -Expanded ad-supported and SVOD in later years -Revenues not assumed in MRP EBIT ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP $22 $40 $33 $54 $33 $19 $13

11 “The Young & the Restless” and “Days of our Lives” EBIT Overall Create operational efficiencies and lower overall production costs – Move shows to the lot to improve coordination and cost control – Integrate new digital production technology / equipment Work closely with SPTI to secure renewals and key sales Days of Our Lives Close three-year license fee agreement with NBC by end of CY08 Upgrade show to Hi-Def and improve overall production quality The Young & The Restless Close CBS renewal by mid 2009 Continue nationwide talent search to generate publicity and boost ratings in key markets Build on success of online magazine Restlesstyle.com by incorporating advertising / merchandising Shoot on location in international markets to grow local audiences Days of Our Lives: Show renewed through March 2012 License fees decrease from $60MM to $40MM and costs decrease by equivalent amount The Young &The Restless: Show renewed through August 2012 License fees decrease by 15% (from $100MM to $85MM) and costs decrease by equivalent percentage International TV Ultimate sales hold constant Strategy MRP Assumptions FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) $44 $42 $36 $40 $34 $38 $34

12 “Wheel of Fortune” and “Jeopardy!” Wheel of Fortune CPM/ratings assumed at previously targeted levels to hold consistent profit margins Production costs assumed to decrease from 08/09 to 09/10 then flat thereafter Jeopardy! experiencing strong CPM/ratings and increased international license fees Contractual licenses through 11/12 Recoupment of IGT interest in FY12 of $15M revenue MRP Assumptions Strategy Overall Wheel of Fortune celebrating its 5000 th episode Jeopardy! celebrating its 25 th year in syndication Both will be fully distributed in Canada under new 4-year deal WOF was the #3 most watched show over the summer (Adults +18) and Jeopardy! was #7 of all shows on TV Working to shift int’l distribution rights from KingWorld to 2waytraffic Wheel of Fortune Continue to use brand integrations for prizing, promotions, and production support Launch new game element (One Million Dollar Bonus Round) and home viewing prizes to further engage audience and keep show fresh Introduce new cross-platform games, including WOF on PS3, World Winner skill-based online game, and WOF “Road Trip” on mobile Jeopardy! Introduce new show elements highlighting 25 th season, including anniversary sweepstakes and new features and vignettes Tape first ever TV show live from the floor of CES in 2009 Launch new PS3 game, World Winner skill-based game, and new Rock & Roll Jeopardy! mobile game Distribute new AirPlay mobile application (Play Jeopardy! Live) enabling viewers to play real-time EBIT FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) $101 $94 $95 $91 $96 $92 $106

13 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

14 Overview of SPT Programming DramaComedy Reality & GamesAnimation Syndication Long Form Digital Maintain portfolio approach to domestic development Leverage international demand and distribution to sell shows globally Daytime Georgia O’Keefe

15 TV Market Dynamics and SPT Initiatives Trends Initiatives Reality is growing as a percentage of domestic primetime programming International demand for reality continues to grow Exploit SPE assets (library, 2waytraffic, and ER) to develop game and reality formats Expand relationships with non-fiction executive producers and production companies Comedies continue to have high off network syndication value However, comedy makes up a decreasing percentage of broadcast network lineups Maintain stable of top-tier writers, show-runners, and production entities Build on SPT’s successful comedy brand to launch new cable and broadcast series Local syndication markets looking for established brands, proven talent, and top-tier producers Help ensure that Dr. Oz is a success in order to secure rights to future Harpo product One-hour dramas dominate domestic primetime with 56% of total programming hours and have strong international demand Continue to invest in dramas on cable and broadcast and get additional shows on air Remain selective in pursuing projects and leverage int’l markets to source / develop shows for the US Digital quickly becoming a legitimate outlet for established talent Expand overall deals into Digital Programming to help grow Crackle Use Crackle as a place to test and launch new shows Deficits are facing increasing pressure as production costs are generally rising faster than license fees Focus on managing production costs and seek tax credits and other offsets

16 SPT’s Current Program Lineup Days of Our Lives Lost in the 80’s (pilot) Young & The Restless Rules of Engagement Stone Cold: Thin Ice (MOW) Stone Cold: No Remorse (MOW) Untitled Mitch Hurwitz (pilot) The Cru (pilot) All Star Mr. & Mrs. (pilot) The Unusuals Mayflower (mini) Peter Pan (MOWi) Shark Tank (pilot) Maid in Manhattan (pilot) ‘Til Death Sit Down Shut Up Lalola / Eva Adams (pilot) Wheel of Fortune Jeopardy! Dr. Oz Judge Hatchett Judge David Young Judge Karen 10 Items or Less My Boys Dave Caplan Project (pilot) Gifted Hands (mow) Time Heals (pilot) Breaking Bad The Shield Rescue Me Damages The Conversation (pilot) Boondocks The Gong Show Gay Robot (presentation) Dating Game (pilot) Newlywed Game (pilot) The Empire (pilot) Spectacular Spider-Man Dragon Tales Syndication The Beast Untitled Matthew Perry / Peter Tolan (pilot) Drop Dead Diva (pilot) Living Proof (MOW) The 10 th Circle (MOW) Sex & Lies in Sin City (MOW) Flirting with Forty (MOW) The Wronged Man (MOW) Georgia O’Keefe (MOW)

/2009 Scripted Development Snapshot Writer/Producer Current In DevelopmentEnd Date Tantamount  Sit Down, Shut Up  Ab Fab  Lost in the 80’s  Untitled Mitch Hurwtiz Project 06/14/10 Michael Davies  N/A  The Dating Game  The Newlywed Game  American Bandstand  All-Star Mr. & Mrs.  Take the Money and Run 01/01/09 Happy Madison  Rules of Engagement  Gong Show  Gay Robot  Joe Dirt  Untitled Adam Goldberg Project 08/07/11 Timberman/Beverly Productions  N/A  Untitled Steinfelds Project  Becky Mode  Untitled Wallace & Wolfe Project 06/08/09 Barry Sonnenfeld  N/A  Los Simuladores  The Kingdom  Things a Man Should Never Do Past 30 03/31/09 Neal Moritz  N/A  Untitled Dave Caplan Project  Vantage Point02/06/10 Fanfare (Jamie Tarses)  My Boys  Time Heals  Eva Adams05/03/10

18 SPT Alternative Programming Strategy Sony Assets Embassy Row 3 rd Party Producer Relationships Harness the power of Sony assets to create shows with brand value –Refresh and re-launch proven game shows from SPT’s extensive TV library –Create new reality formats from film and TV properties –Source international formats for domestic production from 2waytraffic Acquire Embassy Row –Expand on ER’s extensive development pipeline –Leverage Michael Davies’ international credibility to re-launch library product –Add professionals on the ground in int’l markets to acquire new formats Acquire 3 rd party formats for domestic and international production and distribution –Seek global rights (format and distribution) to feed 2waytraffic pipeline Expand network of domestic producer partnership –Invest $7MM per year (pre-recoupment) in additional overall deals  Target 2-3 overall reality deals

/2009 Snapshot of Alternative Programming Hogs & HeifersYour Kid is an Idiot The EmpireWorld’s Strongest Celebrity National Bible ChampionshipsTake the Money and Run Don’t Forget Your ToothbrushAll Star Mr. & Mrs. Shark Tank (Mark Burnett)Harmony Wars (Deb Newmyer) American Bandstand (Dick Clark)WARdrobe (Kristi Kaylor) Love’s Roulette (Kalissa Miller)Super Market (Scott Sternberg) Sony Assets Embassy Row 3 rd Party Producer Relationships Alison GrodnerMike Fleiss Jay BienstockNigel Lythgoe Gong Show (Happy Madison)Pursuit of Happyness (Will Smith) Newlywed Game (Michael Davies)Power of 10 (Michael Davies) Dating Game (Michael Davies)Gretchen Wilson project (Sony Music) Family Baggage (Eric Tannenbaum)

20 Digital Extensions The Power of a Format-Based Show Station license fees generated approximately 70% of total revenue Brand integrations provide prizing, promotions, and production support Reruns on cable / GSN Currently licensed in 15 territories for broadcast (including new distribution deal in Canada) Formatted in 22 countries Generated $80MM in international licensing and format revenues for the past 5 seasons Online casual, console, portable, and PC games drive revenues and promote viewership Launching PlayStation 3 and online skill-based game in FY09 Currently #3 mobile game in US with new title (WOF Road Trip) launching this year Slot machine license (IGT) generated $340MM lifetime to date Rights also licensed for terminal-based state lotteries, board games, and various merchandise Other International Sales Linear Program WOF demonstrates the international and cross-platform potential for game show formats

21 Overall Term Deal Financials NOTE: Assumes 3 non-scripted deals for $7MM gross in FY10 through FY12, with expected recoupment resulting in net expense of $5M-$3M # of Term Deals Net Cost Per Year

22 SPT Production Assumptions Network:  DAYS OF OUR LIVES / THE YOUNG & THE RESTLESS continue throughout plan  RULES OF ENGAGEMENT and ‘TIL DEATH continue throughout the plan (6 seasons)  SIT DOWN, SHUT UP continues throughout the plan (4 seasons)  THE UNUSUALS continues throughout the plan (4 seasons)  7 pilots in 09/10 and 9 pilots per season thereafter, resulting in 3 series per year  One new series succeeds: 10/11 TBD Drama Cable:  RESCUE ME is ordered for a 6th season  THE BOONDOCKS continues throughout the plan (5 seasons)  DAMAGES and BREAKING BAD continue throughout the plan (5 seasons)  MY BOYS continues throughout the plan (6 seasons)  5 pilots per year, resulting in 2 series per year  One drama series succeeds in FY10 First-Run Syndication:  WHEEL OF FORTUNE and JEOPARDY! continue throughout plan  JUDGE KAREN and DAVID YOUNG continue throughout the plan (4 seasons and 5 seasons, respectively)  DR. OZ launches in 09/10 and continues throughout the plan (3 seasons)  TBD HARPO SYNDICATION launches in 10/11 and continues throughout the plan (2 seasons) Non-Scripted:  5 non-scripted cable series and 2 non-scripted broadcast network series across FY10 to FY12 MOW:  9 movies and 1 miniseries per year

23 Programming – New Series Investment & Development ($84) ($94) ($84) ($75) Budget/Prior MRP ($79) Variance $4 ($95) $1 ($95) $11

24 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

25 Overview of Crackle.com Content & Experience Grow Audience Drive Value Take advantage of studio talent and production resources to create compelling original programming Make Crackle the digital outlet for all forms of SPE content, including films, TV, clips, trailers, and exclusives Enable users to interact with content in unique ways that are unavailable elsewhere on the web Increase revenue by offering advertisers high quality content, an engaged audience, and unique opportunities to sponsor content Provide a unique promotional outlet for studio content Tap into studio’s marketing strength to promote site through multi-platform campaigns Exploit digital distribution network to broadly syndicate Crackle across the web and mobile partners Crackle leverages the studio’s strengths in content, programming, and marketing to provide an engaging online entertainment experience for males 18-34

26 Crackle Content Strategy Film TV Short-Form TV Exclusives Digital Originals Vault Streaming premieres Behind the scenes HD Trailers High quality series and daily shows that define the voice of the network High production value, talent- driven vehicles with significant revenues in ancillary markets (e.g., Angel of Death and Quentin Tarantino’s Video Village) Anchor shows from studio-level talent (e.g., Dating Brad Garrett) Shows from emerging talent with a proven audience (e.g., Owen Benjamin) Take advantage of all of the studio’s content and production resources to create a robust, high-quality online video offering

27 Example Programming Schedule: Winter ’08/09 Season ContentMondayTuesdayWednesdayThursdayFriday Originals SeriesThe HustlerThe Groundlings Owen Benjamin Presents Anytime: (Unscripted) Star-ving: David Faustino Dailies Rocketboom Penn Says Joke Woman Rocketboom Penn Says Joke Woman Rocketboom Penn Says Joke Woman Rocketboom Penn Says Joke Woman Rocketboom Penn Says Joke Woman Mid-Season Movie Event Angel Of Death – February Catalog Prior season episodes of Crackle originals (e.g., Hot Hot Los Angeles, The Roadents, Gay Town) Film (PIX) Selection of SPE titles programmed specifically for the Crackle Audience (e.g., Go, Seven Years in Tibet, The Quick and the Dead, Donnie Brasco) TV (SPT Vault) Classic action series and TV sitcoms (e.g., Married with Children, News Radio, Party of Five, The Tick) Short-Form TV (Minisodes) All your favorite TV shows, only shorter (e.g., Facts of Life, VIP, Charlie’s Angels, T.J. Hooker) Combines TV scheduling with the on-demand aspects of the web

28 Crackle Experience Re-launching Q1 CY09 Revising “look and feel” to simplify the user experience and make it easier to find content Building community features that promote engagement around specific properties Introducing immersive experiences around SPE movies Crackle.com Today Planned Improvements

29 The Crackle Network Partners We own premium digital shelf space and ad inventory on all major distribution outlets We program and control our content across partners and platforms We syndicate the Crackle environment and, wherever possible, the Crackle player Over 40 online and mobile implementations Managed Network Vault Crackle.com Broadly distribute across partners and platforms to build scale Drive users back to site for deeper experience, additional content discovery, and greater monetization

30 Managed Network Footprint Over 40 implementations to date with 16 online and mobile partners Expanding to include all scale players and more high growth sites Vault Tier I In-Process Tier II Existing

31 Traffic Forecasts (MM) Aug ‘08 Actuals FY09FY10FY11FY12 Streams Crackle.com (1) ,455 Managed Networks (2) Total Streams ,4711,788 Unique Users Domestic International Total (1)Crackle.com includes domestic and international streams (2)Managed Networks include Crackle, PIX, Minisodes, and Vault off-site Full Year Totals March; Onsite

32 Crackle Financial Summary EBITRevenue ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP

33 Digital Studio Production Assumptions Multiple-Revenue Premium Shows 4 to 6 premium digital short-form series per year –Also to be released on DVD and TV windows –Average production cost of $1MM FY09 productions –Angel of Death (greenlighted): Starring Zoë Bell, pre-production Sept ’08 –Video Village (in negotiation): Based on the life of, and narrated by, Quentin Tarantino Revenue and cost will be contributed from other SPE divisions: SPHE, SPTI, and SPT Online-Distribution Shows 15 to 20 digital short-form series per year Average production costs of $200k per series All series to have first-month exclusive window on Crackle before broad distribution to other online partners (e.g., YouTube, Hulu, MySpace, etc.)

34 Digital Studio Financials Profit Before Contribution FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP ($ in MM) Revenue ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP

35 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Distribution 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

36 Distribution Strategy Overview Leverage “all rights under one roof” to create additional revenue opportunities through new assets, rights, and windows Launch Dr. Oz as the anchor for our first run syndication business and grow partnership to include all future Harpo shows Secure additional double runs and upgraded time slots for our court shows Use marketing and new product offerings (HD, early windows) to grow demand for VOD and improve economics Negotiate new Starz Pay TV deal to extend our above-market relationship Expand footprint of digital product and partners; continue to outperform our competition in merchandising and operations

37 World-Class Execution Established systematic approach to maximizing value of assets across windows and partners –Evaluate each right separately to determine best use / windowing –Enabled negotiations of both digital and linear rights for third cycle cable sale for Seinfeld –Created comprehensive cable sales template that addresses SPT’s digital offering and policies Institutionalizing approach of managing “all rights under one roof” –Developing backend platform (Ventana) to accommodate planning and management of avails –Launching dual windows, early / HD VOD, and digital extensions to drive revenue Applying approach to an expanding base of content –Off broadcast (Rules of Engagement, ‘Til Death) –Off cable (Rescue Me, Damages, My Boys) –1 st run (Judge Karen Mills) –Internet developed shows (Angel of Death) –Library product online and on mobile (Monty Python, Who’s the Boss?) –Third party acquisitions (Just for Laughs) –New library strategies (Minisode network, Cinemactive)

38 Distribution Sales – Total Licensing Revenue SPT will generate $699 million in total current and library revenue for SPE ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP $699 $779 $865 $902 $852 $793 $1,008

39 TV Syndication Market DynamicMRP Initiatives While national ad sales growth is flat, local advertising is struggling Local station market is challenged with stations generally decreasing license fees To succeed, new shows need to be established brands Transition to digital (Feb ’09) opening up additional programming opportunities Stations looking to build websites and create new revenue opportunities through sponsorable, streaming content Launch Dr. Oz in Fall ’09 as the cornerstone of our first run syndication business – Sell market-by-market to maximize show value (best timeslot, station, etc) – Partner with stations to create a Dr. Oz network (combining linear, digital, and physical reach) – Already cleared in 50% of the country, including 16 of the top 20 markets Build off recent successes of court shows and secure additional double runs and upgraded timeslots in key markets Provide local stations with non-exclusive streaming rights (with inventory hold backs) Leverage digital transition as opportunity to increase library sales

40 Harpo / Dr. Oz MRP Assumptions Strategy SPT has entered into a distribution relationship with Harpo, one of the most successful independent producers in TV history Dr. Oz will be the first Harpo show distributed by SPT – Show launch will leverage the power of the Oprah platform to build awareness and grow audience – Complemented by an immersive online experience Dr. Oz will serve as a foundation for a deeper partnership that has the potential to redefine SPT’s first run syndication business – Provides access to top talent and shows through MRP time horizon – Gets us in business with top affiliates Dr. Oz launches in 09/10 and continues throughout the plan TBD Harpo launches in 10/11 and continues throughout the plan EBIT $19 $22 FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP/PRIOR $7

41 TV Syndication – Revenues ($ in MM) NOTE: Includes off-net and first-run

42 Free TV / Basic Cable Market DynamicMRP Initiatives Library product faces challenges – Networks are more selective in what library product they buy due to increased appetite for original programming – Our library continues to age – Increasing number of viewing opportunities in earlier windows limits ability to maintain value in Free TV Network audiences continue to fragment – Continued growth in the number of cable platforms and original programming – Increased competition from emerging digital platforms and new entertainment options To remain competitive, networks seeking new digital assets, rights, and windows Continue to aggressively sell theatrical releases and library product – Sell King of Queens in second cable cycle – Use showcase packages to drive demand – Extend client base to include smaller cable networks (e.g., G4, ESPN) by offering tailored products Use additional windows, assets, and rights to enhance offering and create new sales opportunities – Sell to multiple cable nets in same window (e.g., “The Jeffersons” on TV Land and BET) – Create new digital assets (e.g., Minisodes) to complement linear programs – Sell streaming rights to existing episodes and make simultaneously available on multiple platforms – Develop modern extensions of older library assets to monetize on emerging platforms (Cinemactive)

43 Free TV / Basic Cable – Revenues ($ in MM)

44 TV Pay Per View / Video On Demand Market DynamicMRP Initiatives PPV / VOD market expected to grow at 17% CAGR through 2012 to $4.3BN (a) Cable VOD continues to dominate earnings Satellite competes with cable with push/pull VOD and HD Cable and satellite are enhancing VOD offerings; IPVOD putting pressure on cable network fees Cable networks aggressively expanding into VOD space (including internet and mobile) as add-on product (as pay networks have done with SVOD) On-demand rights management increasingly important for studios to optimize among TV and new media clients Drive views with major partners through marketing initiatives Maximize views with non-exclusive licensing and promotion across TV and new media Exploit demand for 1080i and 1080p HD content and explore day/date and early windows opportunities to improve pricing and copy protection Implement rights management strategies across all platforms / windows and in cooperation with Theatrical and Home Video (a) SNL Kagan, 2007; excludes adult content and events

45 TV Pay Per View / Video on Demand – Revenue ($ in MM)

46 Pay TV Strategy Market DynamicMRP Initiatives Paramount & Showtime recently terminated output deal over steep decline in renewal offer Paramount’s new Pay TV joint venture (MGM, Lionsgate, and Viacom) has yet to secure distribution – In near term, major titles do not have Pay TV window HBO, Starz, and Showtime are buying individual titles on the open market for a fraction of market Pay TV rate All players are investing in original content, diverting money from acquisitions to production – Showtime enjoying recent success – Starz trying to define brand – HBO struggling to replace Sopranos HBO, Starz, and Showtime seeking cross- platform rights as a differentiator and to help secure carriage Starz to remain our primary output partner through MRP time horizon – Recently exercised the option; deal will now expire December 31, 2013 Negotiating with Starz for a new extension through 2016, key terms include – Rate card for – Annual cap on titles – Cross platform rights Overall market conditions support renewal – Rate card in an extension would remain above market – Secures renewal in advance of an expected decline in overall Pay TV license fees – Proposed cap exceeds our historical and anticipated output – Starz in litigation with other major studio partner, increasing our leverage – Opportunity to use digital rights to improve negotiating position

47 Pay TV Revenues ($ in MM)

48 SPT Library RevenueEBIT Budget/ Prior MRP Variance $161 $18 $154 ($10) $153 ($11) Coordinating with other SPE divisions to identify additional opportunities to sell SPT Library product Initiating discussions with new partners to expand distribution of library product (e.g., Shout! Factory) The Nanny available in FY09 and no similar series available throughout MRP Budget/ Prior MRP Variance $66 ($2) $68 ($11) $69 ($11)

49 TV Library Sales Targets by Market 3 year annual average of $99MM in FY09-FY11, and $101MM in FY10-FY12 4 year annual average of $98MM $90 In-House $44MM $112 $95 NOTE: Excludes King of Queens second cycle cable renewal

50 TV and Digital Library Revenue by Division In-House $138MM In-House $41MM In-House $30MM In-House $27MM NOTE: (1) Before net present value adjustment (2) SPT estimates for WW Acquired Product based on uncertain slate information (3) Excludes King of Queens second cycle cable renewal ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP $168 $172 $134 $116 $126 $117 $138

51 TV and Digital Library Revenue by Market In-House $138MM In-House $41MM In-House $30MM In-House $27MM ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP $168 $172 $134 $116 $126 $117 $138 NOTE: Before net present value adjustment

52 Distribution Sales – FY10 Slate SPT will generate over $450 million in TV sales from the FY10 slate NOTE: Film slate assumptions still in process

53 Digital Licensing Market DynamicMRP Initiatives Digital pure plays offer a more compelling experience than service from traditional retailers – Apple continues to dominate digital licensing – Verizon, Sprint, and Netflix are growing – Brick and mortar retailers (e.g., Wal-Mart, Best Buy) are not competitive online Technologies that create new viewing experiences are also gaining traction – Netflix Roku box sold out at retail – Connected consoles (PS3, Xbox) are increasingly being used for video – Apple TV is gaining popularity Data on DST / VOD mix is limited, but has skewed toward DST to date – With same titles available on DST and VOD, roughly 65% of units have been DST – Mix may shift toward VOD as services migrate to set-top-box devices Continue to expand overall content offering across business models and platforms –Renew Netflix SVOD agreement –Broaden selection of film and TV product available on VOD and DST basis –Continue to find new ways to reach consumers on emerging platforms and devices Maximize value of assets through merchandising, operations, and windowing –Work directly with partners to promote SPE content and secure valuable real estate –Leverage operational efficiencies to improve title and partner performance –Coordinate closely with SPT distribution team to maximize value of windows (e.g., HD day/date and early window VOD)

54 Digital Licensing Financial Summary ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP Revenue FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP Profit Before Contribution

55 Mobile Games & Video Market DynamicMRP Initiatives Overall market is large and expanding – 280MM domestic subs (vs. 246MM TV viewers ages 12+) Mobile video adoption increasing with significant growth potential – Expected to increase from 17MM domestic consumers in 2008 to 26MM by 2010 Mobile game market continues to expand – Mobile game consumers expected to increase from 35MM to 44MM by 2011 – Domestic revenues forecasted to increase from $1.0BN to $1.3BN in 2011 Handsets are rapidly evolving into entertainment devices –Increased memory (16GB = 40 hours of video) –Better access to content (full Internet browser, Wi-Fi, 3G) –Greatly improved user experience, led by iPhone (3” screens, video out to TV, stereo Bluetooth) Continuing to lead in game publishing –Continue to steal market share with superior product and operations; SPT now #5 in 2Q08 –Refine product offering to support bigger brands; WOF now the #3 game in 2Q08 (#13 in 2Q07) –Leverage distribution to start representing third party product Expanding video service to become a true Mobile Entertainment company –Monetize feature film library through pay-per- view, subscription, licensing and memory cards –Drive Crackle’s evolution into a leading mobile video service Launching new platforms and creating new mobile business models –Customize and enhance our game offerings for the iPhone platform and SmartPhones –Innovate with new interactive mobile gaming experiences, such as JEOPARDY! Live (AirPlay) –Create new “off-deck,” D2C video networks with dynamic ad-serving capabilities

56 Mobile Games & Personalization Financial Summary Profit Before ContributionRevenue NOTE: Profit before Contribution excludes WPF porting costs

57 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

58 GSN Summary Challenges Improvements Company Plans Next Steps for SPT Strengthen programming with the introduction of new shows to drive ratings and better control IP Add more general rate advertisers and build scale in online advertising New executive management team in place (recently hired new head of programming) Close coordination with FUN Games has transformed GSN Digital into a profitable growth platform for the channel Preparing to launch network re-brand, targeting core female audience in early November Used interaction and participation (e.g., GSN Live, Bingo America) to improve viewer engagement and provide differentiated product for advertisers Negotiate valuation / structure for combining GSN with FUN Games Continue coordination with FUN Games; build properties that support a cross-platform business model (networks, online, radio) Continue investment in original programming Refresh aging fringe and prime strips with contemporary acquired programming to increase ratings and support original series launches Drive scale into online advertising sales via creation of a vertical ad games network (via acquisition and/or rep deals) Increase affiliate distribution and minimize migrations through pricing and marketing initiatives

59 FEARnet Summary Challenges Initiatives Cable VOD Ratings Web Ratings America’s #1 horror site Average unique users for 2Q08 up 226% over 2Q07 Unique users hit a historic high in July 2008 (700k), up 250% from July 2007 FEARnet.com ranked as one of the top 15 movie sites by PCMagazine.com VOD / broadband model is not viable long-term without a linear channel – Limits potential viewers, ad opportunities, and distributors capable of VOD Need to increase ad sales across all platforms Dynamic ad insertion required to maximize revenues Continue to exploit FEARnet’s recent move to LA to improve coordination Launch FEARnet linear with DirecTV investment as the critical first step Ensure Comcast also launches linear version Significantly expand ad sales – Expand inventory through linear channels – Need Comcast to provide leadership in dynamic ad insertion Comcast’s #1 VOD provider for Free Movies 5 of the top 10 free movie titles on Comcast in 2008 are FEARnet titles 2Q08 VOD views increased 50% over 2Q07 (averaging 10MM views per month) Currently in 30MM homes; adding Time Warner in August

60 HD Channel Opportunity Near-term demand for HD has re-opened window for carriage of new networks –Increased capacity through new satellites and services (e.g., IPTV) –HD content being used as a differentiator among service providers –Limited window as more SDTV will become HDTV Although HD could serve as an entry point, the opportunity lies in evolving to a true “Sony Entertainment Television Network” –Leverage the strength of “Sony” as the brand for HD –Build on our expertise in original content, ad sales, and our large film and TV library –Share programming with our digital assets, including Crackle and eventually PSN We are evaluating three potential methods of entry –“Build” strategy: Use library to secure carriage and minimize investment; new channel on-par with MGM HD –“Partner” strategy: Invest in a smaller HD player (e.g., HD Net); use the Sony brand and library to reinvigorate and grow the channel –“Buy” strategy: Acquire a sizable channel; better define channel voice and grow audience by leveraging all Sony assets

61 Game Show Network Financial Summary SPT Share of Net IncomeSPT Share of Dividends/(Funding) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP

62 FEARnet Financial Summary SPT Share of Net Loss/Income SPT Share of Cash Funding FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP

63 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

64 SPHE Contribution to SPT Product RevenueNet Contribution Budget/ Prior MRP Variance $108 $11 $95 ($15) $82 ($14) MRP reflects declining demand for TV Library product on DVD; securing additional distribution partners that focus on library product (e.g., Shout! Factory) MRP assumes limited ($500k - $1MM) Blu-ray sales for TV library Budget/ Prior MRP Variance $48 $12 $43 ($5) $35 ($2) $119 $80 $68 $54 $60 $38 $33 $26 Note: Net Contribution excludes DAC/WPF costs associated with the releases

65 SPTI Contribution to SPT Product RevenueNet Contribution Budget/ Prior MRP Variance $237 ($16) $229 $18 $236 $39 Budget/ Prior MRP Variance $71 $9 $79 $8 $83 $12 Note: Net Contribution includes PV and ultimate-based cost of sales, and excludes DAC/WPF costs

66 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

67 Expanding SPT’s Advertising Footprint Syndication:10 Spot Cable / Satellite Digital / Mobile PlayStation Sony Network Current Business LinesEmerging Opportunities Sony Electronics Direct Response

68 Traditional Advertising Market Overview 2008 Ad Market Forecasted to be $205BN (1) Growth in TV Advertising (1) Growth in TV advertising expected to remain relatively flat through 2012 (4% CAGR) -Syndication generally more resistant to DVR erosion Increases in upfront CPMs offset declining inventory 08/09 upfront was solid, but scatter market could be showing signs of weakness (1) PWC, 2008 (excludes direct mail) Effective use of C3 ratings and Nielsen Fusion data to demonstrate effectiveness of SPT shows Explore acquisitions to expand advertising footprint (e.g., World Link) Expand third party representation Maximize interest in Dr. Oz in advance of up- fronts with product integrations and sponsorships Identify ways for traditional and digital ad sales teams to collaborate on cross-platform buys Marketplace DynamicsMRP Initiatives $76 $81$82 $89

69 Digital Advertising Market Overview Growth in Online & Mobile Advertising (1) (1) PWC, 2008 (excludes direct mail) Online video and display ad market forecasted to grow at 40% CAGR over next 4 years to $12BN -Content owners sharing revenue with portals Online video proven to be complement and not a substitute to traditional TV Majority of online ad dollars being spent with branded content on traditional network sites (e.g., “Lost” on ABC.com or “The Office” on Hulu) -Advertisers challenged to create new ad units Continue penetration of blue chip advertiser base Expand and scale back office to support an increasing range of partners and platforms Secure additional 3 rd party rep opportunities, including FEARnet Leverage growth in emerging platforms through PSN and building a cross-Sony network Grow product integration for digital and traditional Help make Crackle a desired outlet for advertisers 2008 Ad Market Forecasted to be $205BN (1) Marketplace DynamicsMRP Initiatives $25 $29 $33 $37 $40

70 Sony Network Ad Sales Content Devices / Platforms Opportunity Challenge Assets “90% of all Sony devices will have wireless capability by 2010.” - Sir Howard Stringer, June ‘08 SPE lacks a unified backend and standardized ad units that can provide targeted reach across platforms and content Premium TV, movies, music, and digital content Large, scalable ad sales organization with expertise selling across platforms Relationships with blue chip advertisers SONY NETWORK Leverage strengths in devices, content, and ad sales to create multi-platform Sony network

71 Additional Growth Opportunities 3 rd Party Representation Acquisitions Third party representation continues to be core to SPTAS’ overall growth strategy -Diversifies portfolio beyond SPT content -Expands inventory and cash-flow footprint -Leverages existing sales force and advertiser relationships We are currently pursuing representation of several emerging opportunities -New linear networks (RTL, Starz Retroplex) -Direct Response (World Link, sports nets) -PlayStation (PSN, PS Home) However, growth through 3 rd parties is limited -Narrow window of opportunity to represent networks (can’t be too small or too big) -SPT does not participate in the upside that it helps to create SPTAS is looking to complement its current growth strategy through acquisitions -Similar benefits to 3 rd party business plus it enables SPT to build and retain enterprise value Exploring opportunities to acquire a direct response company (e.g., World Link) -Provides new type of inventory to hedge against ad market fluctuations -Creates entry point for broader network relationships -Enhances 2waytraffic pipeline Supporting SPT’s initiative to acquire or partner on an HD linear network -Gives SPT dedicated inventory -Delivers immediate scale to business

72 TV Advertising Sales Net Revenue NOTE: Includes KingWorld

73 Digital Ad Sales ($ in MM) FY09 Q2/BDGT. FY10 MRP/PRIOR FY11 MRP/PRIOR FY12 MRP $7 $15 $11 $37 $17 $61 $24 Crackle includes global onsite/offsite ad revenue, not including licensing and integrated sponsorships Digital Networks/Studio revenue excludes revenue share from Crackle

74 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

75 Extend partnership with Harpo to become official distributor of all their shows Grow reality / format business through Embassy Row acquisition, 2waytraffic pipeline, and overall deals with leading producers Leverage success in comedy and one-hour dramas to launch new broadcast and cable series Continue to pursue third party ad sales representation and acquisitions of complementary businesses Explore HD as an entry point for a linear “Sony Entertainment Television Network” Build a cross-platform Sony network leveraging our content and ad sales assets Take advantage of studio talent and production resources to create compelling digital programming for Crackle Improve Economics Create new windows, assets, and rights to drive sales for theatrical and library product Use production efficiencies and digital extensions to maximize contribution from core assets Grow demand for VOD and increase revenues and margins through new product offerings (e.g., day-and-date and HD) Reinvest in Higher Margin and/or Growth Businesses Explore New Opportunities Summary of SPT Initiatives

76 1.Executive Summary 2.Core Programs 3.Programming 4.Digital Networks & Digital Studio 5.Distribution & Licensing 6.Equity Investments 7.SPHE & SPTI Contribution to SPT Product 8.Ad Sales 9.Summary 10.Appendix

77 SPT – Major Contributions to Earnings

78 SPT – Earnings Comparison (Year vs. Year)

79 SPT – Earnings Comparison (FY09 vs. FY12)

80 SPT – Earnings Comparison (Plan vs. Plan)

81 SPT – Major Contributions to Revenue

82 SPT – Summary Financials

83 Digital – Summary Financials

84 Digital – Earnings Comparison FY09 vs. FY12 (a) DVD Digital copy service revenue not assumed in FY10 & forward

85 Digital – Earnings Comparison to Prior MRP

86 Crackle – Summary Financials

87 Risks and Opportunities