1. 3D Net Investment Opportunity May 2010

2. | 2 Executive Summary Sony has the opportunity to launch one of the first 3D channels in partnership with Discovery & IMAX –Availability of 3D content is key to driving sales of 3D TVs and other consumer electronic devices –Discovery led the way in early HD cable programming and is the worlds #1 non-fiction network –IMAX is a leading brand for in-theater 3D experience and has a library of 3D titles Market interest in 3D TV is expected to result in widespread adoption of the platform –Forecasted 3DTV sales expected to be 27% of total sales in 5 years; subscriber penetration to mirror early HD –Consumers are interested in 3D TV content and major players (ESPN, DirecTV) are entering the market Launch of a 3D channel is strategic to Sony Electronics’ 3D rollout and will create Sony United synergies SCA and Discovery would each own ~45% of the Joint Venture; IMAX to hold a ~10% interest –SPE to provide advertiser sales; Discovery to be responsible for affiliate sales and network operations –IMAX investment to be a combination of cash and content (actual % may vary based on value of content) Projected channel deepwater mark of $65MM, generating a post-tax IRR of 26% and NPV of $116MM –SPE deepwater mark of $30MM, IRR of 26% and NPV of $51M –Returns contingent upon strong penetration with the channel reaching 45MM subscribers by Y10 Request SPE/SCA/Sony Corp approval to close deal and prepare for launch (target early CY2011)

3. | 3 Overview of Market and Opportunity 3D is emerging as a viable home entertainment platform and expected to reach scale over longer term –Consumers have expressed strong interest in watching 3D movies, sports, and documentary content on TV –Early potential inhibitors (price premiums, special glasses, limited 3D content) are expected to be resolved –Although market not yet established, rollout of 3D is expected to follow HD and result in widespread adoption Sony has opportunity to leverage 3D to create significant value across our electronics and entertainment divisions –Drive 3D adoption to increase sales for Bravia, PlayStation, Blu ray, and SPHE product –Showcase SPE / SME content, increase license revenues, and expand US Networks portfolio Limited competition during early stages provides JV with a potential first mover advantage in securing distribution and building brand awareness for a 3D TV channel –ESPN to launch event-driven channel in mid 2010; will go dark when not airing 3D programming –DirecTV partnering with Panasonic to create on-demand/PPV channels; content offering is TBD By partnering with Discovery and IMAX, Sony will be well positioned to build a compelling 3D offering –Exploit Discovery and IMAX programming; utilize partner distribution platforms to promote channel –Reduce investment through in-kind contributions and by leveraging existing infrastructure

4. | 4 Deal Highlights Current plan assumes $67MM of invested capital; $65MM cash ($30MM Sony, $30MM Discovery, and $5MM IMAX) and $2MM in-kind (IMAX content) Voluntary capital calls not permitted if they would dilute Sony or Discovery to below 25% (“Qualified Member” status) Dilution penalty of 50% for not funding required capital call Board to be comprised of 5 Members (2 Sony, 2 Discovery, 1 IMAX) Most major board actions require approval of Qualified Members only (i.e., Sony and Discovery) IMAX to have veto rights over a few material matters Transfers of interest are not permitted (a) to a defined list of competitors or (b) within 5 years Qualified Members have a Right of First Offer on proposed transfers after initial 5-year period Qualified Member can cause a sale/liquidation or buy other Member’s interest (a) in the event Member does not make a required capital contribution or (b) if a budget is not approved for 3 consecutive years In the event of a change of control in SPE, Discovery Communications LLC, or their respective parent companies, or IMAX, a Qualified Member has the right to buy-out such Member’s interest Funding Board Transfer Restrictions Termination & Buy-Up/Out SPE and Discovery have no exclusivity obligations and are not precluded from being involved in any other businesses Discovery / Sony 3D content to be licensed on an arms-length basis; IMAX entering into 5 year license agreement as an in-kind contribution Other

5. | 5 Operating Assumptions Affiliate sales to be provided by Discovery; 2 year term; fees based on allocation of cost Channel expected to launch with <500K subs and grow to 10MM within 5 years Affiliate fees to provide bulk of net revenue (+80%) over plan period SPT to sell ad inventory/sponsorships; 2 year term; fees greater of HC costs or 20% commission Building to 5 dedicated ad sales and 5 dedicated ad ops headcount within 4-5 years Estimating $1.5MM in net ad sales revenue in first year, growing to $5.5MM within 5 years IMAX to contribute approximately 10 hours of content on in-kind basis (valued at ~$2MM) Programming to be mix of partner and 3 rd party content (assumes heavy emphasis on Discovery content due to lower cost basis and greater availability relative to SPE theatrical content) Launching with 100 hours of programming; 75-150 new hours added annually Assumes no upconverted theatrical content until quality/technology/price issues are resolved Discovery to provide transmission, post-production, and corporate (tax, HR, accounting, legal) services; 2 year term; fees based on allocation of cost and out-of-pocket expenses 10 full-time headcount at launch, growing to 13 at steady state (plus 1 part time) Model assumes significant ($3-4MM) of non-contractual marketing value provided by partners (e.g., promotion on Discovery networks, in-box/at retail promotion by Sony Electronics/PS) Distribution Ad Sales Programming Operations

6. | 6 Financial Summary

7. | 7 Risk & Opportunities Risks Opportunities Adoption of 3D TV lags or does not reach forecasted levels –Premium pricing reduces 3D TV set sales –Technological challenges slow cable & satellite roll-out of 3D to subscribers –Limited programming and/or constrained viewing experience reduces channel subscribers and overall viewership Adoption of 3D TV exceeds expectations –3D TV pricing becomes more in line with existing TV models –Cable & satellite operators quickly embrace platform and “push” to customers –Development of real-time 3D broadcast capability improves and drive adoption (e.g., sports) –Initial concerns over glasses and viewing experience are resolved or not material Ad sales market for 3D is slower to materialize or smaller than expected –Low subscriber count, lack of market education, and limited 3D creative may dampen advertiser interest in channel Advertiser interest in platform greater than expected –Potential for high engagement, attractive demo, and cache of 3D, drive advertisers to the channel/platform

8. | 8 Status SPE / SCA approval Sony Corp Investment Committee approval obtained May 19 GEC review (May 26) Sony Corp Approval Sign documentation after partner approvals (expected late May, early June) Target launch early CY2011