1. Sony Pictures Television International Production Review
April 21, 2011

2. Agenda Industry Trends – Light Entertainment 3
International Production Market Environment 4
International Production Strategy 5
Operational Overview 6-7
Production Group Structure / Map
Operating Companies / Ownership Table
Global Creative Council 8-11
The Creative Process
GCC Overview
Content Pipeline

3. Industry Trends – Light Entertainment
Worldwide YOY LE Volume1
Non-Scripted continues to grow
2010 format volumes increased or stayed the same in 72% of markets
In 2011, more than 90% of industry executives expect the same or higher format volume.2
More channels are extending autumn and spring seasons, and looking to less expensive formats (as opposed to higher budget fiction series) as a cost- effective solution. 3
In 2010, non-scripted content surpassed fiction series as the largest segment of TV content worldwide.4
Top 5 format producing/acquiring countries:
U.K.
The Netherlands
U.S.
Norway
Sweden
Light Entertainment continues to occupy more top-ten show slots 4
Survey of 234 television executives “C21 Formats Report,” Spring 2011.
Same as above.
“One TV Year in the World,” Mediametrie and EurodataTV, 2011.

4. International Production Market Environment
Rapid industry consolidation continues; window closing to acquire major UK independents
Key studios (e.g., NBCU, Warner Bros.) and regional competitors (e.g., All3media, Zodiak, Shine, Eyeworks, Banijay) aggressively expanding production operations, driving rapid consolidation of leading independent producers
UK is top territory (with U.S.) in terms of size and for hit formats origination and strategically important for launching new global formats
Recent economic recessionary environment has pressured business models of smaller companies
Consolidation pace accelerated as larger players aimed to increase scale and enhance leverage with broadcasters as well as achieve cost synergies
Netherlands and Nordics also leading sources for new high-potential formats
France, Italy, Spain, Germany remain major markets for global format roll-out
Turn territory and/or regional successes into global successes
Europe (top priority region)
Latin America
Telenovelas still the dominant form of local programming
One-hour dramas beginning to grow in region (e.g., Simuladores, Los Caballeros)
Continuing sales demand from regional and US Hispanic broadcasters for finished programs
Asia
Strong growth in Indian market – immediate opportunity to establish local production business

5. International Production Strategy
Continue to create, complete and execute long-term retention plan for key talent
Further expand network of production companies
Build strong portfolio of companies in UK, a top priority
Invest further in key European markets – e.g., France, Scandinavia, Poland, Russia
Opportunistically expand into new strategic markets – e.g., India, Australia, Korea
Continue to broaden scripted and non-scripted format and print catalog
Increase cross-territory travelling of formats
Increase percentage and number of re-commission rates for existing series
Continue to further expand and accelerate interactive and digital businesses based on this year’s success – mobile, gaming/gambling
Rebrand local production companies as part of “SPT” to capitalize on local market successes
Continue to intensify and improve collaboration between U.S. and international productions
e.g., licensing policy, interactive, advertiser funding programs, format acquisition, GCC Scripted Summit, Production Day, ultimate analysis

6. Current International Production Group Structure
Hilversum
Beijing
London
Cologne
Moscow
Paris
Rome
Culver City
New York
Madrid
Beirut
Miami
(Latin America/USH)
Hong Kong
Cairo
Dubai
Bogota
Sao Paolo
SPT International Production initially focused on the “Big 5” markets:
(UK, France, Germany, Spain, Italy),
and have since expanded into 15 countries with
19 wholly-owned companies and joint ventures around the world.
Buenos Aires
Note: SPT is currently preparing to launch UK production JV named Victory Television

7. Operational Overview – Ownership Table

8. Global Creative Council (GCC)
The Creative Process
IP Creation is primarily a local function with local management knowing needs of their markets
Format creation and exploitation business depends on two factors : great ideas and great local companies to sell and produce those ideas
The creative function, led by Chief Creative Officer (CCO) Mike Morley, fulfills those needs through an excellence in recruitment and development of executives
In addition needs are fulfilled through a central coordination process via the GCC

9. Global Creative Council - Overview
Initiated by 2waytraffic prior to the acquisition by SPE and adopted within the overall International TV Production division in 2008
GCC role:
Share information on new ideas across the group
Stimulate the creative process through advice, expertise and financing
Spot trends and opportunities within the biggest and most profitable markets
GCC Meets every 3-4 months with bi-weekly structured conference calls – attendees list consists of CCO Mike Morley and chief creatives of all production companies
Since GCC Implementation there has been growth in new shows being developed and sold (see appendices for latest status)
Multi territory deals only happen if creativity extends into adaption – the skill of altering a format to fit local cultural and legal requirements
GCC works with a budget to supplement local internal creation and also acquisition of promising 3rd party IP

10. Content Pipeline (1/2)
Formats created by one SPT production company and sold by another SPT production company
FORMAT
CREATED BY
SOLD IN
Banger & Cash
Gogglebox
Germany
Dr OZ US
Armenia, Brazil, Chile, China, Colombia, Greece, Italy, Middle East, Russia
The Duellist
2Way Traffic
Italy
Move Like Michael
Belgium & Netherlands
Nate Berkus
Russia
Plain Jane
Canada (French), UK, Ukraine
Stand Out From The Crowd
Canada, Italy, Lithuania, Moldova, Philippines, Portugal, Turkey, Ukraine
The Sing Off
Egypt, Netherlands

11. Content Pipeline (2/2)
Formats created by one SPT production company and being developed by another SPT production company
FORMAT
CREATED BY
DEVELOPING
Breakout
Gogglebox
Embassy Row
Cover Me
Tuvalu
Germany, US
Dancing Nation
3rd Party UK
Dr OZ US
France, Germany
The Exit List
Embassy Row, UK
Gerry’s Big Decision
Brazil, US
Greatest Love Story
Arabia
Impossible
Just My Luck
Nasty Girls
Germany
The Sing Off
Germany, UK
The Substitute
Arabia, Brazil, Germany
Formats produced, in development or sold into another SPT network
FORMAT
CREATED BY
SPT NETWORK
Joint Decision/TAG! US
In development at GSN
Plain Jane
US finished prints sold to SET LAT AM
Who Do You Trust
In negotiations at GSN for development deal

12. Sony Pictures Television International Production - Financial Overview
April 21, 2011

13. Consolidated Group Income
EBIT
Profit Contribution
Revenue
(US$MMs)
(US$MMs)
(US$MMs)
$31
$35
$432
$379
$20
$20
$22
$24
$200
Profits recognized from re-licensing of high margin programs were offset by lower than budgeted commissions in several production companies
FY12 budget assumed to grow due to increased volume of commissions and through acquiring/launching new companies
Post acquisition non-2waytraffic revenues have grown from $123MM to $146MM, an 8.8% CAGR. EBIT has increased from $4.1MM to $9MM, a 48.2% CAGR, over the same period

14. 2waytraffic Revenue / EBITDA
Favorable International EBITDA primarily due to higher than budgeted WWTBAM sale in Germany, Italy, India, USA and Nigeria, offset by timing of rent allocations from operational overhead.
Mobile is tracking lower than budget due to delay in launches in UK, Australia, Greece and Germany.
ALP – not budgeted, business closed as of August.
Favorable Operational Overhead due to timing of rent allocations to 2WT International and Mobile business lines.
Intellygents Earnout Accrual Reversal was not budgeted.
Favorable Purchase Price Amortization due to EUR to USD exchange rate.

15. 2waytraffic – Top Formats

16. Investment Returns Update
(1) At 10% WACC and 2% perpetuity growth rate
(2) Does not include transaction fees estimated at $5 - $7MM. These transaction fees have been accounted for in the IRR analysis.
(3) Reflects investment decision based on investment in equity and excludes impact of capital structure.