1. MID RANGE PLAN FISCAL YEARS 2013–2016 SEPTEMBER 7, 2012 DRAFT 9.5.12 PM

2. FY13 Frcst FY14 Current FY15 Current FY16 Current 2 SPT Consolidated EBIT 15% CAGR Networks – Networks has an EBIT CAGR of 23% across the plan, breaking earnings records in each and every year. The growth comes from all regions across the world as newer channels mature to profitability and more mature channels grow or maintain their margins U.S. Production & Ad Sales – EBIT grows 21% over the plan from $290MM to $351MM driven by a steady pipeline of programming sold to SVOD and Off-net syndication: Last Resort, Happy Endings, Justified International Production – International Production has an EBIT CAGR of 78% across the plan. Moderate organic growth from existing operating companies is supplemented by EBIT contributions from recent acquisitions Left Bank and Silver River as well as the inclusion of a hit format starting in FY 15 SPT EBIT continues to grow at a rate of 15% year-over-year The Television Business is Growing $564 $625 $765 $859

3. Gross Revenue Generated by SPT For All Product Revenue FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current 3 FX Impact $6,139 $6,617

4. Gross Revenue Generated by SPT For All Product 4

5. SPT Financial Summary Note: EBIT excludes 3Net EBIT of ($6MM), ($5MM), ($4MM) and $(2MM) in FY13- FY16, respectively. FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current 5 TV Consolidated EBIT TV Product & Channel Revenue FX Impact $564 $715 $625 $815 $765 $859 FX Impact $4,536 $4,941

6. SPT Financial Summary 6

7. Net Overhead 7 FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst Net Overhead (Excluding New Investments)

8. Net Overhead Summary 8

9. 1. Production 2. Distribution & Ad Sales 3. Networks 3 Areas of Discussion 9

10. International Production – Market Environment Europe Emerging Markets Key Global Competitors. 10 UK and the Netherlands remain key territories for global IP creation –UK is most important market for IP creation. SPT has strengthened its UK presence –Tuvalu remains competitive despite Talpa’s continued dominance of the Dutch market, Challenging economic climate in some key markets resulting in (a) reduced opportunities for original programming, and (b) increased demand for producers to take greater financial risks (e.g., pilot funding, series deficit funding) Russia’s demand for original productions rebuilding from low point 2 years ago; SPT seeking to add to its sitcom formats library to feed local demand Middle East - may provide greatest opportunity for growth though the region remains volatile. Scarcity of experienced local TV production personnel also presents a challenge Brazil – new cable quota laws favor Brazilian production companies; SPT must create a structure to capitalize on this demand Asia – limited market opportunities in short term. Emerging Asian markets have strategic value in long term As emerging markets attract more ad dollars, we expect to see new opportunities for local production Significant competition from ITV Studios, WB, NBCU, All3Media, Discovery & Shine to acquire new IP and content creators in key markets Endemol remains in a state of turmoil Fremantle continues to be a strong competitor Shine remains key competitor in territories where SPT has production presence (e.g., France) Shine and All3media experiencing talent retention challenges

11. International Production – Strategic Priorities 11 Create and Launch IP Build and strengthen global production network Continue investment into companies which create IP with focus on UK; review opportunities in Scandinavia, Israel, Australia and other content rich countries Strategically deploy central development fund Launch competitive incentive plan to foster creation of global IP and multi-territory format exploitation and to attract/retain talent Streamline daily administrative/operational processes allowing managing directors to focus on content creation Increase collaboration between operating companies Establish culture that fosters creativity centrally and across operating companies Strengthen and grow production presence in the UK and other key content creation territories Fortify global footprint and invest in production companies in high growth markets (e.g., Asia, Arabia, Australia) Fortify existing production network Included $50MM annual investment fund for FY14 - FY16

12. International Production – Financial Summary 25% CAGR 78% CAGR 12 FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current 9 6 RevenueEBIT $587 $433 $658 $530 $573 263 FX Impact

13. International Production – Detailed EBIT 13

14. International Production – Detailed Revenue 14

15. 3 fewer new broadcast dramas than last season (23 vs. 26), continuing on downward trend More networks putting dramas in at 9:00 and 10:00 pm in “protected” slots with established lead-ins, however, 10:00 pm continues to erode as DVR playback grows Majority of orders in broadcast and cable are increasingly from “repeat” players Cable networks are expanding original programming slates offering more opportunities for drama Landscape is broadening for comedies with increased cable development (i.e., TBS) Largest output since 2003. 41 comedies for next season (vs. last year’s 38) as networks expand comedy real estate on their schedules Single-cams continue to dominate output, especially among the freshman class Networks looking for new comedy opportunities through aggressive expansion and are now programming comedy blocks on multiple nights, including Friday for NBC and ABC Broadcast Network decline in total output with 26 this season vs. 30 last year, as well as new series pick-ups (-3) Key talent floor competition shows remain some of the highest-rated network series and key elements in networks’ overall schedule success. Foreign formats dominate this field Cable expansion continues with USA adding unscripted programming. Docu-reality series, talent-based, and real-life competitions are the most successful on cable The most crowded talk landscape in over a decade with programmers positioning in the post-Oprah era this fall and next Stations are looking for big names with familiar faces coming to the talk landscape this year and next: Katie Couric, Ricki Lake, Steve Harvey, and Jeff Probst Broadcast stations continue to experiment with in-house production to save costs and control ad inventory Station groups starting to produce own content U.S. Production – Market Environment Drama Comedy Non-Scripted Syndication 15

16. Continue to maintain a balanced portfolio across the cable and broadcast business to secure SPT’s position as a prime destination for premier talent in scripted and non- scripted programming –Continue to invest in broadcast and cable series and support our current prime time slate –Invest in A-list writers, directors and producers for future drama/comedy/unscripted development –Build on our syndication success to expand into the daytime market with Queen Latifah in 2013 –Expand our prime time broadcast and cable reality slate Continue to grow international revenues through exploring co-production opportunities and maximizing tax credits –Develop series with broad international appeal with globally marketable talent to sell in the U.S. and abroad Further identify and develop businesses around Shark Tank, Dr. Oz, and Queen Latifah Expand integration/collaboration with International Distribution for maximum global impact of U.S. product U.S. Production – Strategic Priorities Content Business Opportunities 16

17. 17 Charlie’s Angels Pan Am Unforgettable Necessary Roughness Re-Modeled Substitute Breaking In Franklin & Bash Happy Endings The Big C Nate Berkus Community Rules of Engagement Shark Tank The Sing-Off The Boondocks Breaking Bad Damages Drop Dead Diva Hawthorne Justified Rescue Me Dr. Oz Newlywed Game 2011–2012 24 series 14 $(86)MM Rules sold in syndication in 97% of U.S. 7 shows on 2011 primetime fall schedule (most since 2002) SPT has broadcast programming on 6 of 7 nights of the 2011 fall schedule Rules sold in syndication in 97% of U.S. 7 shows on 2011 primetime fall schedule (most since 2002) SPT has broadcast programming on 6 of 7 nights of the 2011 fall schedule Only studio to get a new series on each of the 5 broadcast networks Rules of Engagement becomes primetime’s #2 comedy SPT becomes the #1 producer of scripted cable series SPT achieves 29 Emmy nominations Rules of Engagement becomes primetime’s #2 comedy SPT becomes the #1 producer of scripted cable series SPT achieves 29 Emmy nominations The Shield becomes SPT’s first cable-to- cable series sale; $32MM SPT successfully launches Dr. Oz Rescue Me sells into U.S. syndication and has an ultimate profit of $55MM SPT successfully launches Dr. Oz Rescue Me sells into U.S. syndication and has an ultimate profit of $55MM Highest volume year in SPT history with 13 stand-alone profitable series Three primetime broadcast reality series SPT has more new broadcast comedy series than any other studio Highest volume year in SPT history with 13 stand-alone profitable series Three primetime broadcast reality series SPT has more new broadcast comedy series than any other studio 11 series Book of Daniel Emily’s Reasons Love Monkey Beautiful People The Boondocks King of Queens Huff Rescue Me Strong Medicine The Shield Judge Hatchett 16 series SPT Timeline: 2005 – 2012 (excluding Wheel of Fortune, Jeopardy!, Days of Our Lives, Young & The Restless) Pilots Inv. Pool 16 $(96)MM 2007–2008 17 series Canterbury’s Law Cashmere Mafia Power of 10 Spider-Man Viva Laughlin Breaking Bad Damages Judge David Young Rules of Engagement Til Death 10 Items or Less The Boondocks My Boys Rescue Me The Shield Judge Hatchett Judge Maria Lopez 15 $(78)MM 2008–2009 17 series Sit Down, Shut Up The Unusuals The Beast Newlywed Game Judge Karen Rules of Engagement Spider-Man Til Death 10 Items or Less The Boondocks Breaking Bad Damages My Boys Rescue Me The Shield Judge David Young Judge Hatchett 8 $(63)MM 2009–2010 17 series Brothers Community Shark Tank The Sing-Off Drop Dead Diva Hawthorne Justified Make My Day Dr. Oz Rules of Engagement Til Death The Boondocks Breaking Bad Damages My Boys Rescue Me Newlywed Game 12 $(72)MM Happy Endings Mad Love Mr. Sunshine Breaking In Plain Jane The Big C Franklin & Bash Nate Berkus Community Rules of Engagement Shark Tank The Sing-Off The Boondocks Breaking Bad Damages Drop Dead Diva Hawthorne Justified My Boys Rescue Me Newlywed Game Dr. Oz 2010–2011 22 series 14 $(85)MM 16 $(81)MM 26 series 9 $(80)MM Community sold to SVOD and Cable SPT achieves 39 Emmy nominations 4 new series premiering on all 4 major broadcast networks Community sold to SVOD and Cable SPT achieves 39 Emmy nominations 4 new series premiering on all 4 major broadcast networks Big Day Heist Kidnapped Rules of Engagement Runaway Til Death 10 Items or Less My Boys Judge Maria Lopez Greg Behrendt The Boondocks Huff King of Queens Rescue Me The Shield Judge Hatchett Untitled Michael J. Fox Mob Doctor Last Resort Made In Jersey Save Me The Job Men At Work Masters of Sex Client List Pyramid Franklin & Bash Happy Endings The Big C Necessary Roughness Community Rules of Engagement Unforgettable Shark Tank The Boondocks Breaking Bad Damages Drop Dead Diva Justified Substitute Dr. Oz Newlywed Game 2012–2013 2005–2006 2006–2007

18. U.S. Production Assumptions 18

19. Projected Value of Shows in Syndication 19 Current (1) Projected (2) Dr. Oz7-seasons Queen Latifah 6-seasons Last Resort5-seasons Mob Doctor5-seasons Happy Endings6-seasons $117MM $115MM $113MM $102MM $40MM Attractive returns with upside potential for shows that prove to be a ‘hit’ Note: 1. Value on an ultimate basis after allocated overhead; based on FY13 Forecast Note: 2. Value on an ultimate basis after allocated overhead; based on current success model Breaking Bad Dr. Oz Rescue Me Rules of Engagement Community $78MM $60MM $55MM $37MM $31MM SHOWS IN SYNDICATION / EXPECTED TO SYNDICATE ANTICIPATED VALUE TO SPE ANTICIPATED VALUE TO SPE

20. U.S. Production – Current Series, Pilots & Development Cost FY14 Prior/MRP FY15 Prior/MRP FY16 MRP 20 FY13 Budget/Frcst FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst RevenueEBIT $1,614 $1,709 $1,830 $198 $214 FX Impact

21. U.S. Production – Current Series, Pilots & Development Cost 21 EBIT

22. U.S. Production – New Series Investment & Development Budget/Prior MRP(86) Variance6 (74) (9) (74) (10) Represents ONLY development expense and deficit pilots/series and EXCLUDES profitable series 22 $MM ($80) ($83) ($84) ($80)

23. U.S. Production – Library and Net Overhead 23 EBIT

24. FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst 24 FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst U.S. TV Product Library $182 $175 $152 $163 $145 $160 $163 58% 59% 57% 64% 59% 64% RevenueEBIT $MM

25. 1. Production 2. Distribution & Ad Sales 3. Networks 3 Areas of Discussion 25

26. Ongoing competition among premium subscription services (Netflix, Hulu, Amazon) continues to provide outlet for new library film and television product –Netflix, Hulu and Amazon entering original production space – if successful, may depress demand for off-net/library TV and library features –Interest in library television by Netflix may be softening in favor of newer product; whether other services will fill the void is undetermined –MVPDs (Comcast, Verizon) attempting to enter the OTT SVOD space –Provides competition for Starz, potentially providing leverage in output negotiations Top cable networks continue to emphasize original programming and top-level film/TV series acquisitions –Premium new release movies continue to be the gold standard and the demand for exclusive rights is growing to protect against competition; buyers are mostly interested in series from the 1990s and forward –Cable-to-cable off-net syndication is a challenge for many shows due to programming concerns (not wanting to take programs associated with competitor) and residuals –Emerging cable channels provide an outlet for library feature product, although lower pricing reflects narrower reach of these channels compared to larger ones U.S. Distribution – Market Environment 26 Subscription On-Demand Subscription On-Demand Cable Networks Cable Networks

27. In syndication, stations continue to pay aggressively for top-quality talk shows and comedies –Strong opportunities for new talk shows, as “the Oprah replacement” has not emerged, with many competitors vying for the spot (Queen Latifah, Katie Couric, Steve Harvey, Ricki Lake, Jeff Probst); trend is expected to continue –Opportunities continue to introduce new shows and for Dr. Oz ratings to grow; However, ageing demographic is a potential risk for Dr. Oz –Digital network space continues to develop and offers increased licensing opportunity (e.g., Antenna TV, Bounce TV, Me TV). However, Sony’s product is constrained by legacy residuals structures. SPT seeking guild waivers to allow more product to come to market U.S. Distribution – Market Environment 27 First-Run Syndication First-Run Syndication

28. U.S. Distribution – Strategic Priorities Pay TV Subscription Cable TV Pursue a pay output extension (2017-19), considering a split slate among buyers if this optimizes pricing –Maximize fees for feature product in first pay window –Preserve premium quality of pay offering, which preserves features value downstream –Retain control in emerging Internet exploitation or secure enough compensation that SPE can be indifferent to wider exploitation –Retain flexibility for SPE to pursue key corporate initiatives: SET, UltraViolet, SEN and Crackle Leverage SPT Distribution relationships to find new homes for broken SPT series Develop emerging cable channels (e.g., G4, Reelz, NuvoTV) as buyers –Aggressively pursue small cable buyers as targets for SPE product as larger players move increasingly towards an ‘originals’ strategy and away from off-net/library buys –Use demographic/niche-targeted sales pitch and creative deal structures Push cable networks in the direction of TV Everywhere, which supports the lucrative pay cable model, and away from open Internet dot-coms –Limit parameters for ancillary on-demand exploitation to maintain the proven, primary value of linear television 28 Syndication Develop consistent flow of first-run product with top talent: Queen Latifah (avail FY14) Sell all off-net syndication series: Rules of Engagement (avail FY13), Community (linear avail FY14), Happy Endings (avail FY16)

29. Increase feature library sales despite the ‘flat’ market –Strategic use of driver inventory to leverage broad package sales –Bulk buys to drive low rated product –Hyper-targeted offerings with premium pricing to take advantage of fragmented market and multiple buyers –Aggressive stacking of nonexclusive buyers in the SVOD, syndication/Dot.2 and emerging cable channel spaces U.S. Distribution – Strategic Priorities 29 Library Leverage SVOD licensing and strategic product planning for U.S. channel carriage –Deploy leverage of direct-to-MSO SVOD licensing towards carriage of SPT Channels, both in deal timing and in avoiding a duplicative product mix –Integrated sales planning strategy with US Distribution –Pursue rights carve-outs in pay negotiations U.S. Channels

30. U.S. Distribution – Financial Summary Revenue Profit Contribution EBIT FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current Revenue and corresponding profit contribution volatility is largely driven by release timing, size of theatrical slate and timing of off- net syndication avails (e.g., Rules of Engagement, Community, Happy Endings) 30 Pay DBO $1.20B $1.29B$1.32B $1.19B$1.89B $1.13B$1.5B

31. U.S. Distribution – Financial Summary by Division 31

32. U.S. Distribution – Library Gross Revenue by Division REVENUE 32 $103 $106 $105 $111 FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current

33. International Distribution – Market Environment Traditional TV business is still struggling to emerge from the global financial crisis. However, continued demand for strong network TV product creates opportunities –Allows us to sell the individual product for more (e.g., Last Resort and Mob Doctor each expected to generate $2.3MM per episode in Season 1) –Enables us to make better deals in big markets (e.g., Germany/RTL, France/TF1, Canada/Shaw) across our television and feature portfolio New SVOD services create opportunities –Drive incremental product value across key markets: o Netflix – Canada, Latin America, UK, Scandinavia, France, Italy, Germany, Australia o Amazon/LOVEFiLM – UK, France, Italy, Spain, Germany, Scandinavia, China, Australia, Japan, Canada, India o Hulu – select markets in Asia and EMEA –SVOD is creating a stronger global platform for serialized cable dramas (e.g., Breaking Bad and Damages on Netflix) Local productions are poised for growth –A fully integrated format sales business enables us to better capture opportunities across local and U.S. production Multiplying our options to lessen our dependence on the traditional marketplace 33 Strong TV Series Demand Strong TV Series Demand SVOD International Formats International Formats

34. Sustained delivery of network dramas will enable revenues for TV product to grow to $541MM by FYE15 and amplify feature film revenue –Continue to work closely with SPT U.S. Production to secure and sustain strategically important network dramas –Broaden scope of broadcaster relationships to explore English language, European content, co- production opportunities –Look for key series acquisition opportunities (e.g. House of Cards) International Distribution – Strategic Priorities Exploit market trends and broadcaster relationships to maximize content value Leverage slate of network dramas Capitalize on new market entrants to help build future revenue pipeline Take full advantage of opportunities with emerging SVOD players Work with a wide range of partners to develop deal structure options to help them maximize value of their offerings and compete with traditional businesses Invest in International Distribution and support group resources (e.g. marketing, research, etc.) Fully integrate format sales business Consolidate sales administration functions Continue to enhance sales and negotiation strengths by further building product-focused expertise Develop organization Close long-term deals in key markets over the plan Ensure we keep rights to key revenue-driving feature film franchises 34 Build stronger relationships in key markets Focus on select markets to expand SPT’s presence and better capitalize on opportunities (Scandinavia, South Africa) Deepen relationship with clients to ensure success through partnering on launches, promotions Leverage portfolio strength (e.g. hit movies, hit TV, formats)

35. International Distribution – Building a Secure Deal Pipeline Closing key deals in top markets will help secure new revenue over the plan 35 Yellow = key deals expected to seek approval for within the next 12 months

36. International Distribution – Financial Summary Revenue Profit Contribution EBIT Driving strong growth over the plan – revenue reaches $1.9B in FY16; Profit contribution approaches $700MM 36 FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current FX Impact Unfavorable currency movement impacts revenue growth, with continued volatility posing additional risk (esp. Euro) $1,600 $1,644 $1,696 $603 $616 $630 ($50) ($52)

37. International Distribution – Financial Summary by Division Revenues from TV product to exceed $700MM over the plan 37

38. International Distribution – Library Gross Revenue 38 $250 FY13 Bdgt/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current $255 $265 $255 $270 $280 Revenue

39. Distribution Sales – FY14 Slate 39 The FY14 slate will generate over $560MM in global TV sales Based on film slate as of 9/4

40. U.S. Ad Sales – Market Environment 40 Spending remains consistent with last year’s strong upfront Broadcast Prime up +1.6% to $9.2B; Cable up +4.3% to $9.7B (stronger than broadcast for 2 nd year in a row); Syndication flat at $2.5B Pricing in upfront still on the rise (all in the 6-9% range for broadcast nets, CBS recorded top pricing gains) Sell-out levels were higher in upfront this year (~80% vs. mid-70s last year) which could lead to strong scatter market, but uncertain economy could have negative effect. Outlook still unclear Higher sell-out in Network Prime may result in strong demand for syndication’s prime replacement Auto / Telecom / QSR / Insurance strong upfront spenders; studio spending down Syndication market un-even - strong performers had strong demand, but excess inventory in off-nets has deflated pricing for some. New talk shows sold well, with Katie commanding CPMs in line with other highly-rated daytime programs (good sign for Queen Latifah) Video streams and dollars spent continue to grow year-over-year Projected spending for online video advertising $3B, a +55% increase over last year As digital and traditional media converge, TV buyers play an increased role in placement and buying of digital video - internet companies not taking huge chunk of TV money, but will take some Market still dominated by portals, YouTube, Hulu, Yahoo…. –But video streams far exceed ad impressions-deflating pricing: YouTube 44% of video streams, 13% of ad inventory Strong growth in mobile/OTT inventory – agencies starting to shy away from ad networks, doing more publisher- direct deals Men watching 2.5x more online video then women Cross platform measurement is creating new revenue opportunities but favors big broadcaster Heightened demand for demographic measurement & targeting to help advertisers make sense of the digital market Television Digital DAWN—TAKE SOME WORDS OUT?

41. Strategic Priorities Continue to look for third party sales opportunities either through representation or acquisition (in the past opportunities have been few and tied to distribution) - another 52 movies from Screenscape Drive additional revenue for first run through pricing increases and advertiser integrations –Renew incumbent integration clients such as Walgreens, Pedigree, Weight Watchers and P&G for Dr. Oz Show –Aggressively pursue limited amount of integration partners including Cover Girl, Target, Frito- Lay and possibly an automotive for Queen Latifah Show in launch season Go for share in TV market upfront –Expand current list advertisers for 30s/10s –Sell Queen Latifah Show as the next first-run must have show in television –Establish sell out levels of 70% or higher in upfront and sell remaining inventory at premium CPMs Expand FEARnet advertisers with Digital Ad Insertion (DAI) on the VOD platform. Have already secured 8 test partners Maintain demand for Seinfeld by using 360 approach (TV, Crackle) - keeping the brand fresh Strategize with distribution to pursue incremental opportunities for Dot Two Networks/ Court Block etc. 41 Television

42. Strategic Priorities 42 Dedicated Crackle team driving revenue from $45MM in FY14 to $98MM in FY16 –Transform ad sales organization to a single focus structure –Scale to drive and deliver revenue on par with major competitors Establish Crackle as a new entry and strong member at the Digital New Front Focus on closing more publisher-direct deals – less reliance on ad networks; higher CPMs Dynamic ad integration for PlayStation Network and devices (more video options to yield higher revenue; $25MM in FY14 to $60MM in FY16) –Lead RFP process (FreeWheel/ Double click); work with CSX out of Tokyo –Establish one standardized technology solution to support all properties Develop and pioneer high-value rich media placements on connected devices (PlayStation and Crackle) Dedicated research initiatives exploring avenues including cross-platform measurement (comScore or Nielsen) and demo targeting Expand international operations shared services opportunities in Latam (PlayStation, SPTI) Digital Focus on digital as significant growth area. Position Crackle, PlayStation in the market with the scale and opportunity of marketplace leaders like Hulu and Xbox

43. U.S. Ad Sales – Financial Summary FY14 Prior/MRP FY15 Prior/MRP FY16 MRP 43 FY13 Budget/Frcst FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst FY14 Prior/MRP FY15 Prior/MRP FY16 MRP FY13 Budget/Frcst Revenue Profit Contribution EBIT $MM

44. U.S. Ad Sales – Financial Summary 44

45. 1. Production 2. Distribution & Ad Sales 3. Networks 3 Areas of Discussion 45

46. Networks – Market Environment 46 FX movements have caused significant negative plan-to-plan variances, an increasingly material impact on Networks projections – $80-90MM negative EBIT variances across each of FY14 and FY15 Macro economy is worse than anticipated in prior MRP – Subscriber revenue continues to be stable but ad revenues are much softer than anticipated – India’s core business is strong; IPL is resetting its level – Latam has pockets of strength and weakness; Europe is relatively flat – Asia/Japan - Cable/satellite markets show slow growth – U.S. - carriage continues to be challenging but cross-divisional teamwork creates opportunities Cable/Satellite operators are looking to reduce programming costs; need to utilize OTT and digital opportunities to diversify revenue streams Securing programming continues to be a challenge due to rising cost considerations though our competitors are facing similar challenges Numerous expansion opportunities remain to acquire or launch new networks with significant returns FX Global Economies Global Economies Content Growth

47. Networks – A Continuation of Strong Sustainable Growth 47 Networks strong year-on-year earnings and revenue growth is forecast to continue – Breaking through the $300MM, $400MM and $500MM EBIT milestones in FY’14, ‘15 and ’16, respectively – EBIT CAGR of 23% across the plan – Revenue CAGR growth of 19%, breaking the $1.5B, $2B and $2.5B barriers within the plan Margin pressure continues but expected to rise from 17% to 19% across the plan – FX movements have depressed the total portfolio margins in FY13 as the portfolio has a much larger proportion of Costs denominated in USD compared to the USD proportion of total Revenue – MSM India is forecast to have margin growth from 21% to 25% across the plan – Rising content costs, increased broadcasting costs from HD roll outs and the investment in ad sales and affiliate infrastructure keeps margins in check Continue disciplined annual investment in new operations to underpin future earnings growth – Nineteen investments from prior years are expected to become profitable in the next 3 years

48. Networks – Strategic Priorities 48 Increase investment in Crackle U.S. advertising and technical infrastructure Focus next 18 months on maximizing efficiencies in existing operations Continue to secure programming supply through investment in original programming (Hannibal). Expand SPTL Asia facility to service EMEA channels Rationalize GSN’s linear and digital businesses Complete & execute an Indian regional opportunity (Maa TV) Continue to diversify portfolio to reduce dependency on MSM and GSN EBIT Selectively continue to launch channels in new and existing territories Existing Operations Existing Operations New Operations New Operations

49. Networks – Growth Opportunities 49 Italy Movie Channel True Movies UK acquisition AXN Movies Central Europe SET Germany India Regional channels acquisition (Maa TV) Korea movie channel Asia Dramatic Channel Australia channel Crackle Latin America Women’s channels TV Asia – U.S. Hindi general entertainment channel Europe Asia/ Australia Asia/ Australia Latin America U.S.

50. Networks – Financial Summary – Year-over-Year 19% CAGR 23% CAGR $1,536 $1,961 $2,258 $2,580 $268 $328 $410 $503 Note: EBIT excludes 3Net EBIT of ($6MM), ($5MM), ($4MM) and ($2MM) in FY13- FY16, respectively. RevenueEBIT 50

51. Networks – Financial Summary versus Budget/PY MRP RevenueEBIT 19% CAGR FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current Note: EBIT excludes 3Net EBIT of ($6MM), ($5MM), ($4MM) and ($2MM) in FY13- FY16, respectively. 51 $307 $268 23% CAGR FY13 Budget/Frcst FY14 Prior/Current FY15 Prior/Current FY16 Current $388 $328 $474 $410 $503 FX Impact $2,580 $2,258 $1,961 $1,536 $1,690 $2,007 $2,244

52. Networks – Financial Summary 52

53. 53 Year vs. Year EBIT

54. 54 Variance to Budget / Prior MRP EBIT

55. Summary of EBIT Challenges 55

56. SPT Net Cash Flow 56

57. 57 FY13 Risks & Opportunities