0 - Confidential - BCCI Global Television, Internet & Mobile Media Rights Bid MSM India Presentation to Group Executive Committee March 23, 2012

1 - Confidential - Executive Summary  Board of Control for Cricket in India (BCCI) has issued an Invitation to Tender (ITT) for the Indian national team global cricket rights for next 6 years ( )  Neo Sports, a competitive cable/satellite channel in India, was terminated by BCCI for non-payment of the broadcast rights  Combining the BCCI rights with Indian Premier League (IPL) on the MSM India’s sports channel creates one of the most powerful “must have” channels in India ―MSM’s sports channel, SIX is scheduled to launch in April 2012  BCCI rights have cricket matches scheduled from September - March which complements the IPL matches which are scheduled from April – May  Based upon the current cricket schedule in ITT, the minimum bid price for the global package is $628M (at FX of 51.2) ―MSM expects to make a binding bid between $650M to $700M (at FX of 51.2) for the global package ―License fee will be paid over 6 years with a deep water mark of $83MM to $112MM; IRR of 12% to 4% ―A rolling 2 year bank guarantee is required which will likely require Sony credit enhancement and the BCCI may also require a Sony parent guarantee ―Binding bids are due April 2, 2012 in India ―MSM believes this is a profitable deal over the six year term

2 - Confidential - MSM India’s Cricket Experience: IPL - A Financial Success 2  MSM India (MSM) had acquired IPL cricket broadcasting rights in 2008 and has had significant success during the first 4 seasons  Gross advertising revenues generated across the first 4 seasons total $524MM, 19% above the projections presented to the GEC committee in 2009  Cumulative earnings to date: $117MM which is $47MM ahead of the GEC approved plan  Across the 9-season life of the IPL contract, MSM expects to generate $1.8BN in revenues and $513MM in EBIT (28% margin), as compared to $1.4BN in revenues and $277MM in EBIT in the GEC approved plan

3 - Confidential - Strategic Rationale / Competitive Landscape  MSM is launching a sports channel in April 2012, its 6 th channel  Sports drives subscription revenues worldwide; digitization is expected to accelerate this trend in India and could offer a substantial upside  Advertising revenues are strong during September - March period, which is the festival season, enabling MSM to maximize revenues especially with the male skewing cricket audience  Combining the BCCI rights with IPL on the MSM’s new sports channel creates the one of the most powerful must have channel in India ―BCCI rights have matches from September - March which complement IPL matches which are scheduled from April - May ―Our bouquet of channels becomes must-have for all cable and DTH operators throughout the year ―This counters the advantage of both Star and Zee from their ownership of DTH and cable operations  Besides MSM, there are 6 expected unique bidders for these rights :

4 - Confidential - Summary of Invitation to Tender  Board of Control for Cricket in India (“BCCI”) is the governing body of Indian cricket  MSM has the opportunity to bid for global media rights which covers all international cricket matches played in India (One Day International’s (ODI’s), test matches and Twenty/20) – Global media rights include Television (cable, satellite & terrestrial), audio, internet and mobile – Media rights includes 96 matches over a 6 years (48 ODIs, 33 tests, 15 T20s’s) – Rights period: 6 years is from April 2012 through March 2018 (some spillover to April 2018 included as per current match schedule – one year past our IPL matches)  The license covers global broadcast, radio, internet and mobile  Based upon the current schedule in the ITT, minimum bid price is INR 32.17BN ($628MM at 51.2 FX) – The bid price is per match and therefore could be more or less than what is indicated by the current schedule but MSM believes significant fluctuation is unlikely  Annual license fees are payable in two equal installments before the first and after the last match  A bank guarantee covering the rolling 2 year value of the license fees is required – Sony credit support may be required for MSM to obtain the required bank guarantees  A Sony parent company guarantee may be required by the BCCI  Bids are due April 2, 2012 in India

5 - Confidential - BCCI Tournament Schedule

6 - Confidential - 6  MSM expects to earn $790M in incremental revenues  Based upon a total License fee of INR 34.0BN to INR 35.86BN ($664MM to $700MM at FX of 51.2), MSM projects: – EBIT and Cash Flows of $55MM to $18MM in total, respectively – NPV (at 12%) of ($1MM) to ($25MM), respectively – IRR between 12% to 4%, respectively – Cash deepwater of ($83MM) to ($112MM), respectively Summary Financials

7 - Confidential - Financial Overview Notes: A.Exchange Rate 1USD = Rs B.FY cash flows represent refunds of withholding taxes on payments between MSM India and MSM Singapore C.SPE has calculated the bank guarantee based upon the ITT but the actual calculation will be made by the BCCI and therefore the actual required guarantee may differ BB A C

8 - Confidential - Risks / Mitigation and Opportunities Risks / OpportunitiesMitigation Risks: The popularity of the cricket matches are impacted by adverse events (e.g. match fixing, poor team performance, scandals, etc.) The BCCI understands these risks and is in their best interest to prevent them in order to protect the franchise Downturn in Indian advertising market Considering India historical and projected GDP growth rates this is not expected to occur. Change in tax withholding requirements increases the cost of the license MSM believes the current tax structure or an equivalent structure can be maintained BCCI renegotiates/terminates rights MSM’s executive team has a very good relationship with the BCCI Opportunities: A quick and successful transition from analog to digital creates an opportunity for larger subscription revenue both for the sports channel as well as the MSM bouquet

9 - Confidential - 9  Submit a global binding bid of up to INR 35.86BN based upon the current match schedule ($700MM at FX rate of 51.2) – bid of INR 357MM per match for matches played through March 31, 2014 ($7MM at FX of 51.2) – bid of INR 380MM per match for matches played from April 1, 2014 through March 31, 2018 ($7.4MM at FX of 51.2)  Provide a Sony credit enhancement to support the 2 year rolling bank guarantees  Provide a Sony parent guarantee, if required by BCCI Request for Approval to :

10 - Confidential - 10  Submit a bid package by April 2nd Next Steps