HBO Divestiture Opportunity (DRAFT) September [8], 2009

-- Confidential --p. 2 Executive Summary SPE is recommending the sale of our 33.3% stake in HBO Central Europe (CE) Sale of a minority stake aligns with SPE’s increased focus on controlling stakes in our network investments We believe Time Warner’s desire to consolidate HBO CE makes this the right time to monetize our investment, receive cash of $78MM, and recognize a gain of approximately $39MM –Presents an opportunity to exit a minority position at a full valuation –Time Warner is believed to have a “hand shake” deal to buy Disney’s stake in HBO CE; SPE’s options are to exit, maintain position with little board leverage, or exercise our preemptive right to buy-up and maintain equal board representation with Time Warner Transaction would be structured to protect SPE’s ongoing operating relationship with HBO in Central Europe Sale of our HBO CE stake requires near-term approval and execution to close within FY10 assuming a 4-6 month regulatory review We are also in negotiations for a sale of all or a portion of our 29.4% stake in HBO Latin America; assuming agreement on key terms, we will separately review this transaction with the GEC

-- Confidential --p. 3 HBO CE Background [Need background on ownership, our original investment, distribution of our channels, licensing deals, etc.] [Requested from Ross Hair]

-- Confidential --p. 4 HBO CE: Gain, Cash, and Ongoing EBIT Impact Time Warner is believed to have a hand- shake deal to acquire Disney’s 33.3% stake in HBO CE on a $235MM valuation Sale of our HBO CE stake at this valuation would generate a gain of $39MM and cash of $78MM in FY10 Valuation Consideration Gain & Cash Consideration EBIT Impact FY10 impact assumes a December 31, 2009 close

-- Confidential --p. 5 HBO CE Historical Returns [Requested timing of flows from Sukhi Arora to calculate IRR] A sale of our HBO CE stake at the proposed valuation will provide an attractive return

-- Confidential --p. 6 Protection of Ongoing HBO CE Relationships Relationship HBO distributes SPE channels in region HBO licenses [$XMM] of content from SPE annually Key protections include: Extend our affiliate representation (currently through 4/1/10) by up to 8 years at our option Extend existing license agreements by up to 6 years at our option Protections

-- Confidential --p. 7 Preview of HBO Latin America Sale Opportunity HBO Latin America negotiations are in earlier stages; agreement on terms is expected to require days We are weighing selling our entire 29.4% stake or selling down to a 10% stake Sale could generate $130-$200MM in proceeds and $ MM of gain Relationship HBO distributes SPE channels in region HBO licenses ~$50MM of content from SPE annually SPE provides ad sales for HBO channels in Brazil Potential Protections If SPE retains an ownership interest –Retain board seat with decreased governance –Receive a put on remaining stake If SPE sells entire stake –SPE will have a long-term contractual relationship for HBO to distribute our channels Cash and GainStructural Considerations

-- Confidential --p. 8 Next Steps

-- Confidential --p. 9 Appendix

-- Confidential --p. 10 HBO CE P&L [Sukhi to Provide]

-- Confidential --p. 11 HBO CE Valuation [Need DCF and Comps to Validate Price]