CONFIDENTIAL -- Sony Pictures Entertainment Work Product Sony Pictures Digital Productions Fiscal Year 2012 Budget Overview February 1, 2011

CONFIDENTIAL -- Sony Pictures Entertainment Work Product Agenda Page Number FY11 Q4 Forecast Update FY12 Budget Overview Film Ultimates

CONFIDENTIAL -- Sony Pictures Entertainment Work Product FY11 Q4 Forecast Update

CONFIDENTIAL -- Sony Pictures Entertainment Work Product Imageworks was able to hit EBIT despite a $21MM revenue shortfall due to timing. Factors for Imageworks’ improved economics include: –Accelerated use of satellite facilities: Vancouver is significantly ahead of staffing targets while Albuquerque is at near capacity. India is also fully integrated into production, providing savings for several key production tasks –Aggressive management to minimize gap time between shows –Innovative technology continues to increase productivity, and is fast-becoming the industry standard due to key strategic partnerships and open-source Despite cost reductions, Imageworks continues to be recognized as an industry leader: –Alice in Wonderland is Imageworks’ first full-fledged Oscar nomination for VFX since Spider-Man 2’s nomination (and win) in 2005 Overall cash flow for the division was on target despite the lack of a co-financing partner for The Smurfs DTV Open Season 3 was released theatrically in Russia to success on par with Open Season 2, and debuted on home video January 25 th FY11 Highlights page 4

CONFIDENTIAL -- Sony Pictures Entertainment Work Product FY11 Q4 Financial Summary ($ in Thousands) page 5

CONFIDENTIAL -- Sony Pictures Entertainment Work Product FY12 Budget Overview

CONFIDENTIAL -- Sony Pictures Entertainment Work Product Quickly identify films for FY13 and FY14 among these current projects: −CG animated: Cloudy 2, Familiars and Arthur Christmas 2 −Live-action hybrids: Smurfs 2, Roller Coaster Tycoon Deliver one CG-animated feature and one live-action hybrid each year Consistent greenlights for SPA films each year, as well as an ongoing flow of projects from Columbia, are essential for Imageworks to deliver higher quality films for lower cost FY12 Strategic Objectives page 7 Alice in Wonderland Oscar nomination highlights the quality achieved in a significantly restructured business, and has created further opportunities for large 3 rd party projects Improved economics from production efficiency and fully utilized satellites give Imageworks the flexibility to handle adverse timing changes Develop high-margin family-friendly films that can become franchises Provide more projects for senior management to choose from to determine future greenlights Identify future high- margin franchises Continue to grow Imageworks’ reputation for quality at below-market rates Consistent greenlights for SPA Improved relationship with Columbia has resulted in Imageworks providing services for both The Amazing Spider-Man and Men in Black 3 Imageworks offers consulting and other services to Columbia without charge Focus on relationship with Columbia Collaborating closely with Digital Marketing, assist in digital strategy and execute on best- of-breed digital campaigns, while leveraging unique capabilities on iPhone/iPad and Android platforms and in social media Continue to develop 3 rd party business, further reducing costs to SPE Execute best-of-breed digital campaigns at below market rates

CONFIDENTIAL -- Sony Pictures Entertainment Work Product FY12 Budget Financial Summary ($ in Thousands) page 8 BUDGET 9/10 MRPVAR TO MRP NET REVENUE Imageworks (including Interactive) $155,750 $0 Animation[A] 400,629446,085(45,456) TOTAL NET REVENUE$556,379$601,835($45,456) EBIT Imageworks (including Interactive) $200 $0 Animation[A] (101,900)(100,900)(1,000) TOTAL EBIT($101,700)($100,700)($1,000) NET CASH FLOW Imageworks (including Interactive) $100$124($24) Animation (245,700)(257,400)11,700 TOTAL NET CASH FLOW($245,600)($257,276)$11,676 [A] Revenue and EBIT restated to final submitted numbers

CONFIDENTIAL -- Sony Pictures Entertainment Work Product MRP EBIT Reconciliation to FY12 Budget ($ in Thousands) page 9 EBIT restated to final submitted number

CONFIDENTIAL -- Sony Pictures Entertainment Work Product MRP Net Cash Reconciliation to FY12 Budget ($ in Thousands) page 10

CONFIDENTIAL -- Sony Pictures Entertainment Work Product Imageworks FY12 Budget Revenue ($ in Thousands) page 11 90% of FY12 work already awarded is a significant departure from past years in which only 60-70% was identified

CONFIDENTIAL -- Sony Pictures Entertainment Work Product FY12 Budget Risks & Opportunities ($ in Thousands) page 12 Restated to final submitted R&O

CONFIDENTIAL -- Sony Pictures Entertainment Work Product Film Ultimates

page 14 Restated to final submitted ultimate

page 15 Restated to final submitted ultimate

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