The Epic Channel July 16, 2012 DRAFT July 13, 2012 DRAFT FOR DISCUSSION ONLY

2 Epic is a “green field” channel focused in Indian mythology folk lore and history – Build a brand rooted in India’s past – Brand will stand for enlighted evocative entertainment and experiences Target male audience that are currently under-served in India Structured as a startup with management contributing sweat equity – Management lead by Mahesh Samat, former CEO Disney India – Management to have 20% ownership (Samat 12%, key executives 8%) – Exit in [5] years at market valuation Sony deep water mark is $23M over a 3 year period; an IRR of 25% and NPV $14M –Impact to FYE13 EBIT is ($3.5M) Contingent upon digitalization rolling out in November 2012, EPIC channels would launch in FYE14 Executive Summary DRAFT

3 Digitalization provides the opportunity to target content at more segmented audiences There is market gap as currently there are no male skewing entertainment channels – Opportunity to carve out a segment of viewers from GEC and news channels Mahesh Samat, the former CEO for Disney India, will lead the management team on a startup format which reduces risk to MSM/Sony Leverages MSM advertising sales, distribution and back office Natural entry into the digital space / broadens MSM portfolio into new areas of media The Opportunity DRAFT

4 Indian mythology, folk lore and history – Many stories, many myths, long history that have not been exploited – Content philosophy: an entertaining look at history and mythology with investigative stories – Few key fictional programs for broader appeal After the first launch campaign, avoid mass media and use digital viral elements to spread awareness Initially in English / Hindi followed by language dubs in Tamil / Telugu Channel will target male audience and be positioned for young adults – Draw audience from GEC but more importantly from news channels – Reach new television audiences that currently do not consume television Channel Content / Strategy DRAFT

5 Summary Financials DRAFT

6 Risk and Mitigation RiskMitigation Digitalization does not proceed as expected Delaying start of any significant expenditure until Phase I of digitalization is rolled out on November 1, 2012 Programming does not resonate with the target audience Experience management team with a proven track record that is fully aligned to succeed Cost inflation in production of contentLeverage MSM relationships to keep costs in line Management turnover Management is part owner with a phased vesting for retention DRAFT

Next Steps 7 Seek approval from Investment Committee and SPE Board Complete and execute long form documents / employment agreements Submit filings and obtain regulatory approvals DRAFT