1. Brazil Presentation August 2011

2. Our country Population: 192,278,400Households: 57,037,400 Mobile: 217 million (28M Internet access) Internet Access: 75,900,000 Source: Ibope EDTV 2011 / Mídia Dados 2011 / Anatel / Denatran 49% 51% USD 2,320USD 940USD 6,400 (Avg Familiar Income) USD 500

3. +7.5% +10.5% +11.3% R$ 1.75 +3.5% +2.2% +5.8% R$ 1.70 2011 Forecast* Industrial Production Inflation (IGP-M) GDP (PIB) * Forecast - Focus Report (out’11) – Banco Central do Brasil 2010 Inflation The biggest economic concern this year. The target is 4.5% Inflation The biggest economic concern this year. The target is 4.5% Biggest growth since 1986 Economic Scenario 1 USD

4. 2014 World Cup held in Brazil and Brazilian Presidential Election 2014 World Cup held in Brazil and Brazilian Presidential Election 2015 America's Cup held in Brazil 2015 America's Cup held in Brazil 2012 Olympic Games held in London 2012 Olympic Games held in London Major Events 2016 Olympic Games held in Brazil 2016 Olympic Games held in Brazil 2013 Confederation Cup held in Brazil 2013 Confederation Cup held in Brazil President Election

5. Ad Market

6. R$ MM +9% +15% +26% +18% +3% -5% +13% +4% Source: Projeto Inter-Meios – Net figures 10% Projection +18% Brazilian advertising market should see an increase of 10% in 2011 against the 5.8% estimate for the global. Advertising Market Media investment evolution Growth in Jan-Jun 2011 x Jan-Jun 2010: 2.7% Growth in Jan-Jun 2011 x Jan-Jun 2010: 2.7%

7. TV Globo Editora Globo Canais Globosat Infoglobo Sistema Globo de Rádio Globo.com Som Livre Globo Filmes Globo Marcas Participation: Net Serviços Sky Society: Geo Eventos (RBS) Clickon Fundação Roberto Marinho Canal Futura Telecurso Other Companies: Amparo Agropecuária Centropec Globo Agropecuária Mundi (travel) Gazeus (online games) Organizações GLOBO The biggest communication group in Latin America

8. Mass Media concentration increasing. Open TV - Biggest share in last 21 years! Mass Media concentration increasing. Open TV - Biggest share in last 21 years! Pay TV share is almost the same since 2007. Source: Projeto Inter-Meios Advertising Market Media Share % 75% TV Globo 75% TV Globo 18% Ed.Globo 18% Ed.Globo 15% Infoglobo 15% Infoglobo 25% S. Globo R. 25% S. Globo R. 15% Globo.com 15% Globo.com 51% Globosat 51% Globosat Globo group 55% of the Ad Market Globo group 55% of the Ad Market

9. R$ MM Source: Projeto Inter-Meios – Net figures +12% +9% +8% +22% 7% Projection Open TV Market Media investment evolution 8% 12% +9% Growth in Jan-Jun 2011 x Jan-Jun 2010: 1.8% Growth in Jan-Jun 2011 x Jan-Jun 2010: 1.8%

10. Pay TV Market

11. Total TV Households* 54.2 MM (95.1% of total HH) Total TV Households* 54.2 MM (95.1% of total HH) Strong TV Viewership Total Pay TV Households 11.6 MM > 20% of penetration Reach projection: 38.3 MM people Total Pay TV Households 11.6 MM > 20% of penetration Reach projection: 38.3 MM people Source: * 2011 projection - Ibope EDTV 2010 / Anatel Jul 2011 Pay TV Share 20102011* In Total TV: 7.1% 9.6% In Total Pay TV: 32.6%33.1% Pay TV Share 20102011* In Total TV: 7.1% 9.6% In Total Pay TV: 32.6%33.1% Source: Ibope MW / * 2011 Jan-Jul

12. 1 in 3 channels of the package should be Brazilian National Cinema Agency (Ancine) will be in charge of all relevant controls: production, programming and content. The law sets that three hours and a half of national content must be broadcasted through Pay-TV weekly during Prime Time. Half of such content must be generated by independent Brazilian producers Legislation / New law PLC 116 The law 116 enables telecommunication operators in cable TV market without limit of participation, but keep them out of the process of content production.

13. +26% +1% +7% +8% +10% +17% +18% +31% +19% Pay TV Market Subscribers Evolution Growth projection +25% +20% +18% +15% This projection considers the trend of Brazilian economic growth with the expansion of Pay TV in class B2 and C, the entry of telecom companies, the biggest offer of triple-play, increasing the market share from 10 to 30% in the households with television Source: Anatel * Estimate: PTS n.171– Pay TV Survey Report – May’2011

14. Pay TV Market Source: PTS (Jun 2011) / Anatel (Jun2011) Market Share by Groups (subscribers) Market Share by Groups (subscribers) Subscribers by Technology Globo Group 70%

15. R$ +21% +42% +25% +2.5% 15% Projection Pay TV Market Media investment evolution Growth in Jan-Jun 2011 x Jan-Jun 2010: 9.86% Growth in Jan-Jun 2011 x Jan-Jun 2010: 9.86% 15% 13% 17% +23% Source: Projeto Inter-Meios – Net figures

16. Fonte: Ibope MW – 8 mercados Pay TV – Target: A AB 18-49 – Prime Time (18h – 1h) – Jan-Jun 2011 Globosat More than 30 Pay TV channels Good products developed for the viewers and the advertising market

17. Source: Ibope Monitor – 2010 Net Advertising Investments with Estimated Discount – R$ 1) 1) Government Taxes 2) 2) School Holidays 3) 3) Mothers Day 1 1 2 2 3 3 4 4 5 5 6 6 Seasonality – Total Pay TV Q1Q2Q3Q4 4) 4) School Holidays 5) 5) Fathers Day 6) 6) Christmas / Salary Bonus

18. Seasonality Instability – Pay TV still lives in an instable environment due to lack of committed and absent costumers => Pay TV as a complementary media. decisions When do advertisers make decisions to buy advertising? In 2 extreme moments: ANUAL (NOV – DEZ) ANUAL (NOV – DEZ) DAILY (aprox. 20-30 days before) DAILY (aprox. 20-30 days before) Source: Carmen

19. Primary Day Parts PRIME TIME : 18h – 01h SUPER PRIME TIME : 21h – 23h Ros

20. Discount Policy Source: M&M – Agências & Anunciantes – May’2011

21. Ratecards and CPR GenderTv Channel 30" R$ - Prime Time - Ago’11 Rat% A AB 18-49 (Apr-Jul) CPR (R$) Movies and SeriesUniversal 5,2000.24721,053 Megapix 3,9500.19720,051 TNT 8,6000.38222,513 Telecine (rede)* 11,1800.59418,822 Space 4,0000.13529,630 Warner 9,0000.27732,491 Fox 9,3000.33327,928 Sony 4,4000.10541,905 FX 4,1000.09145,055 Telecine Premium* 5,0080.14534,538 Liv 3,3400.04475,909 Axn 8,0000.14256,338 MGM 1,5000.02171,429 A&E 3,8500.04880,208 Sony Spin 1,3000.01586,667 HBO 10,7800.058185,862 DocumentariesNat Geo 4,3000.12235,246 Discovery 5,8000.15537,419 History Channel 3,8500.09839,286 Bio 1,120 VarietiesViva 2,8900.17516,514 Multishow 3,8000.17721,469 GNT 3,4900.11231,161 E! 1,1000.03036,667 Glitz 1,7000.008212,500 OthersSportv 8,4000.67212,500 Globo News 7,0500.13651,838 Source: Jove Data – Ago’2011 – 30”Prime Time - * Dom-Seg 22h / Ibope MW – 8 mercados Pay TV – Prime Time ratings – Apr-Jul 2011

22. Selling Strategy FOX Production of capsules, special and integrated promos Structured Digital and sometimes integrated with channels Fox is the leader on sales and helps all the other channels Turner Two big channels with large audiences TNT and Warner Many difficulties in selling Glitz, TCM and Boomerang Market has already noticed Space as a growing channel Production of capsules and integrated promos in a simple way Discovery Good image in the market due to the positioning of the channels without impact on sales (based in Discovery Channel) High level on product integration (Nestlé, J&J, Peugeot)

23. Selling Strategy Globosat Very aggressive using the same strategy of Rede Globo (Brazilian content, share of audience and incentives) Good products developed by the viewers and the ad market Owns all the sports rights ( soccer and etc ) Special projects, different formats, brand content MTV Totally produced for Brazil Extremely flexible in the negotiation and production of the different formats Brand content and big events (Video Music Brasil) SPT Recognized for presenting special projects Offer creative solutions in developing different formats Easy to work with, flexible and a good partner

24. Top 3 Competitors

25. Share of Audience – Rating Distribuition Source: Ibope MW – 8 mercados Pay TV - Ratings based on A AB 18-49 – All Day / 2011: Jan – Jul Pay TV Dynamics 2010 2011 (jan-jul)

26. Pay TV Ranking Ano2011 Jan-Set Faixa Horária18:00:00 - 25:00:00 TargetP AB 18-49 c/ pay tv RKProduct of rat% {Media(Pond)} EmissoraTotal 1SPORTV0.592 2TNT0.361 3DISCOVERY KIDS0.353 4FOX0.319 5WARNER CHANNEL0.284 6CARTOON NETWORK0.245 7DISNEY CHANNEL0.242 8MULTISHOW0.228 9UNIVERSAL CHANNEL0.226 10MEGAPIX0.200 11SPORTV 20.198 12TELECINE PIPOCA0.193 13VIVA0.164 14DISCOVERY CHANNEL0.148 15TELECINE PREMIUM0.144 16GLOBO NEWS0.134 17SPACE0.126 18AXN0.124 19NATIONAL GEOGRAPHIC0.123 20NICKELODEON0.104 21FX0.103 22GNT0.099 23SONY0.093 24THE HISTORY CHANNEL0.090 25TELECINE ACTION0.087 26DISNEY XD0.085 27DISC. HOME & HEALTH0.083 28ANIMAL PLANET0.072 29ESPN BRASIL0.065 30TELECINE FUN0.062 31ESPN0.059 32HBO0.056 33BOOMERANG0.056 34TELECINE TOUCH0.055 35LIV0.047 36A&E0.045 37HBO 20.043 38TCM0.038 39CINEMAX0.037 40MAX HD0.036 Ano2011 Jan-Set Faixa Horária18:00:00 - 25:00:00 TargetWAB 18-49 c/ pay tv RKProduct of rat% {Media(Pond)} EmissoraTotal 1DISCOVERY KIDS0.402 2SPORTV0.373 3TNT0.301 4FOX0.293 5DISNEY CHANNEL0.269 6UNIVERSAL CHANNEL0.261 7WARNER CHANNEL0.252 8MULTISHOW0.231 9CARTOON NETWORK0.225 10MEGAPIX0.195 11VIVA0.184 12TELECINE PIPOCA0.165 13SPORTV 20.139 14AXN0.132 15GLOBO NEWS0.126 16GNT0.120 17TELECINE PREMIUM0.119 18SPACE0.117 19SONY0.110 20NICKELODEON0.108 21DISC. HOME & HEALTH0.104 22DISCOVERY CHANNEL0.095 23NATIONAL GEOGRAPHIC0.091 24FX0.084 25DISNEY XD0.072 26BOOMERANG0.071 27ANIMAL PLANET0.063 28TELECINE ACTION0.061 29TELECINE FUN0.056 30LIV0.055 31TELECINE TOUCH0.054 32THE HISTORY CHANNEL0.054 33E! ENTERTAINMENT0.046 34HBO0.045 35HBO 20.044 36A&E0.042 37FUTURA0.040 38RECORD NEWS0.039 39TV CAMARA0.037 40CINEMAX0.036 Ano2011 Jan-Set Faixa Horária18:00:00 - 25:00:00 TargetP AB 18-34 c/pay tv RKProduct of rat% {Media(Pond)} EmissoraTotal 1SPORTV0.530 2DISCOVERY KIDS0.384 3WARNER CHANNEL0.323 4TNT0.319 5FOX0.304 6UNIVERSAL CHANNEL0.248 7MULTISHOW0.244 8CARTOON NETWORK0.224 9DISNEY CHANNEL0.221 10SPORTV 20.175 11MEGAPIX0.171 12TELECINE PIPOCA0.159 13VIVA0.130 14DISCOVERY CHANNEL0.117 15TELECINE PREMIUM0.111 16SPACE0.108 17GLOBO NEWS0.108 18FX0.099 19SONY0.099 20NATIONAL GEOGRAPHIC0.096 21AXN0.084 22ESPN BRASIL0.081 23GNT0.078 24NICKELODEON0.077 25THE HISTORY CHANNEL0.076 26DISC. HOME & HEALTH0.073 27ESPN0.073 28ANIMAL PLANET0.064 29DISNEY XD0.063 30TELECINE ACTION0.059 31BOOMERANG0.056 32TELECINE FUN0.054 33HBO0.042 34LIV0.042 35A&E0.042 36E! ENTERTAINMENT0.041 37TELECINE TOUCH0.040 38HBO 20.039 39TV SENADO0.031 40Tv Justiça0.030 Fonte: IBOPE MW – 8 maercados Pay TV – Jan-Set2011

27. Thank you!