WorldLink Acquisition Opportunity February 2009

1 To Do Update for Q4 actuals General fleshing out / cleaning up of the deck with story line input from Couper Revisit multiples and discount rate Any way to check EBITDA trading multiples for public advertising firms? Any way to revisit the discount rate through a WACC of these firms? This is a much more stable business than Grouper. Using the same 16.5% discount rate seems aggressive Note: I’m using 12% discount rate and 10x multiple for these cases

2 Executive Summary SPE must continue to pursue complementary businesses that diversify our revenue streams and offer higher operating margins An acquisition of World Link would bring us a high margin asset, diversify our revenue streams, and be a strong strategic fit – Consistently generates 30% EBITDA margins on approximately $10MM of revenues – Expands our DR business, focusing on highest ROI segment of advertising, which is what advertisers are now seeking – Better positions us for 3 rd party rep business, focusing on the area that networks most frequently outsource We are seeking approval to submit a non-binding LOI to acquire World Link for $14MM plus an earn-out of up to $3MM

3 WorldLink Is A Leading Direct Response Market Rep Firm Overview/Business Model Market Trends WorldLink % of Gross Receipts by Media Outlet WorldLink % Gross Receipts by Inventory Type Provides direct representation services to a cross- platform network of media outlets Average commission of 6.6% on gross receipts Offers fulfillment services to D.R. vendors and accounting services to network clients via a proprietary platform Media outlets serviced include regional sports networks, broadcast, local, espanol, national, syndication, and international Television direct response was a $200B industry as of the beginning of 2007 In 2007, 1,592 short and long-form infomercials ran on cable and network television Analysts project weakening in the overall advertising market, although the impact on D.R. is uncertain –ROI based business model suggests advertisers could increasingly use D.R. in a down market –Declining consumer confidence may reduce the number of products and services in need of D.R. Let’s get the “DR Goes” Primetime snippets in here

4 WorldLink is Economically Attractive and a Strong Strategic Fit Core Business Benefits to SPTAS 3 rd Party Rep Business Upside Opportunity Stable High margin Diversifies our revenue base Representing third party networks (e.g., the Golf Channel) is one of the best ways to leverage the investment we’ve made in our ad sales organization However, securing 3 rd party business with our focus on general rate advertising is challenging Smaller networks seek our services but represent a small return on our investment Once networks become larger, they seek to take back control of their GR ad sales By contrast, DR is an area large and small networks are willing to outsource By using World Link’s DR strength as an entry point, we would be significantly better positioned for growth in our 3 rd party rep business SEL opportunities International channel representation

5 From 2004 through 2008, WorldLink revenues grew at an average rate of 5.1% annually 2009 decline is due largely to the choice to take one network off-line in Q3 for performance problems at the network level; once the client returned in Q4, annualized revenues returned to the $10MM level EBITDA margins have been consistently in the 30% range WorldLink is a Stable, High Margin Business WorldLink Historical Financials (1) EBITDA and EBIT figures do not include owner’s compensations

6 WorldLink Has Grown Consistently Over Its History

7 Deal Economics $14MM cash at close for 100% of the business Earn-out of up to $3MM funded out of earnings growth and tied to employment of World Link founder – Structured as 33% of every $1 of EBITDA in excess of $3MM up to a cap – In effect, seller would need to double EBITDA (from $3MM per year to $6MM) in order to fully earn-out Founder would be subject to a 3 year employment agreement Add 3 sets of bar charts below 3 Year EBITDA Impact3 Year EBIT ImpactNPV Mgmt Case SPT Base Case SPT Decline Case Mgmt Case SPT Base Case SPT Decline Case Mgmt Case SPT Base Case SPT Decline Case

8 Next Steps Discuss deal structure with Toni Knight Review with Calkins Review with Lynton Informal briefing with Rob Wiesenthal Submit LOI

9 Appendix

10 Deal Economics by Case

11 # of Active Clients 1 Renewal Clauses Summary of Customer Contracts by Market National Regional Syndication International 4.6 U.S. Spanish Language Local Avg. Remaining Contract Term (months) Most contracts subject to 1 – 2 year evergreen renewals Renewal provisions N/A; 10 additional clients currently in the renewal process Most contracts 1 year or less; significant number of opt out provisions Most contracts subject to 1 – 2 year evergreen renewals Most contracts subject to 1 – 3 year evergreen renewals Avg. Client Retention to Date (years) 1) # of active clients represents contracts not in the process of renewal; including potential renewals, active client totals are National (18), Local (23), Regional (39), Syndication (14), U.S. Spanish Language (16), and International (15). Total active clients excluding renewals is 104 and including potential renewals is 125.