CONFIDENTIAL DRAFT Investment in Maa TV Deal Update November 15, 2013

CONFIDENTIAL DRAFT Situation Overview 1 (1)Assumes FX rate of 55.0 INR to USD at the time of the last offer. (2)TTM stands for trailing twelve months. (3)NFY stands for next fiscal year. (4)Assumes current FX rate of 61.4 INR to USD. BACKGROUND SPT sought approval in August 2012 to acquire a 53% controlling stake in Maa TV for INR 6.2BN ($113MM) 1 with INR 5.9BN ($107.4MM) 1 payable in FYE13 and INR 300MM ($5.4MM) 1 payable in FYE15 — SPT also had a call option on the 47% minority position beginning on the 5 th anniversary of closing Previous purchase price represented an enterprise value of INR 11.3 BN ($205MM) 1 with an implied TTM 2 (FYE12) adjusted EBITDA multiple of 21.8x and NFY 3 (FYE13) adjusted EBITDA multiple of 19.8x However, the transaction was put on hold due to delays with selling shareholders obtaining 281 tax clearance certificates from the Indian Tax Authority to protect SPT against potential tax liability claims — Nimmagadda Prasad, the Board Chair and majority shareholder of Maa TV, was unable to receive a 281 tax clearance certificate because he was charged in India for investing in companies owned by a politician’s son in exchange for favorable government treatment — Any potential purchase is conditional on sellers receiving the 281 tax clearance certificate CURRENT UPDATE Mr. Prasad was recently released from prison INR to USD rate devalued since the last offer from 55.0 to 61.4 Maa TV outperformed its projections due to increased sub fees as a result of partial digitization in FYE13 and FYE14 EBITDA is expected to be between INR 800 – 900MM The seller has requested a purchase price of INR 17.6BN ($287MM) 4

CONFIDENTIAL DRAFT SPE to evaluate purchasing (i) 53% of the Company under the same terms as the prior process or (ii) purchase 100% Our internal analysis shows an increase in current valuation of Maa TV (in INR) due to an increase in industry multiples and higher profitability SPT to evaluate a valuation range of INR 17.6BN ($287MM) – INR 19.8BN ($322MM) based on the seller’s view of a FYE14 EBITDA multiple of 22.0x on a range of INR 800 – 900MM The table below summarizes the returns under the current valuation range as well as 53% vs. 100% equity purchase. The returns are based on preliminary information and include a number of assumptions 4,5 Valuation and Returns Considerations 2 (1)Preliminary valuation based on projection estimates. The valuation may change after we receive updated projections and detailed current financials. (2)TTM stands for trailing twelve months. TTM as of the GEC update was FYE12. TTM as of the current update estimated as the avg. of FYE13 and FYE14, and will be updated when we receive monthly financials from the company. (3)NFY stands for next fiscal year. NFY was FYE13 in the GEC update and FYE14 in the current update. NFY+1 was FYE14 in the GEC update and FYE15 in the current update. (4)As updated projections beyond FYE14 were unavailable, we have assumed normalized revenue and EBITDA growth projections based off a FYE14 EBITDA of INR 800MM. This analysis is preliminary and subject to change based on receiving an updated forecast. (5)As updated projections beyond FYE14 were unavailable, we have assumed normalized revenue and EBITDA growth projections based off a FYE14 EBITDA of INR 900MM. This analysis is preliminary and subject to change based on receiving an updated forecast.

CONFIDENTIAL DRAFT Financial Impact to SPT – Seller’s View ($ in MM) 3 (1)Preliminary estimate. (2)As updated projections beyond FYE14 were unavailable, we have assumed normalized revenue and EBITDA growth projections based off FYE14 EBITDA of INR 800MM. This analysis is preliminary and subject to change based on receiving an updated forecast. Call option exercise price assumed based off FMV estimated at 14.0x FYE19 EBITDA. (3)As updated projections beyond FYE14 were unavailable, we have assumed normalized revenue and EBITDA growth projections based off FYE14 EBITDA of INR 900MM. This analysis is preliminary and subject to change based on receiving an updated forecast. Call option exercise price assumed based off FMV estimated at 14.0x FYE19 EBITDA.