Estta1115242 02/18/2021 in the United States Patent And

Trademark Trial and Appeal Board Electronic Filing System. http://estta.uspto.gov ESTTA Tracking number: ESTTA1115242 Filing date: 02/18/2021

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD Proceeding 91245851 Party Plaintiff Sony Corporation Correspondence MARK SOMMERS Address FINNEGAN HENDERSON FARABOW GARRETT & DUNNER LLP 901 NEW YORK AVENUE NW WASHINGTON, DC 20001 UNITED STATES Primary Email: [email protected] Secondary Email(s): [email protected], [email protected], [email protected] 202-408-4000

Submission Plaintiff's Notice of Reliance Filer's Name Mark Sommers Filer's email [email protected], [email protected], [email protected], [email protected], TTAB-Leg- [email protected] Signature /Mark Sommers/ Date 02/18/2021 Attachments 2021-02-18 Notice of Reliance No. 6 - Licensing- with exhibits.pdf(567138 bytes )

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD

Opposition No. 91245851 SONY CORPORATION,

Opposer Application Serial No. 87882260 Mark: SoniStream v. Filed: April 18, 2018

NEIL CAMPBELL,

Applicant

OPPOSER’S NOTICE OF RELIANCE NO. 6 UNDER 37 CFR § 2.122(e)

Pursuant to Trademark Rule 2.122(e) and TBMP § 704.08, Opposer Sony Corporation submits of record in connection with this opposition proceeding a representative sample of articles from printed publications available to the general public in libraries, on the LEXIS

NEXIS database, and in publications of general circulation (see In re Cell Therapeutics, Inc., 67

USPQ2d 1795, 1798 (TTAB 2003)), along with documents constituting “Internet Materials” under Trademark Rule 2.122(e), relating to Opposer licensing its music and other content in connection with its SONY brand for professional and consumer broadcasts.

This evidence is relevant to the issues of likelihood of confusion and dilution, and shows, among other things, the nature and extent of the public exposure and recognition that Opposer’s

SONY brand has received over many years through Opposer’s licensing of its music and other content for professional and consumer use. As such, the evidence supports the strength and fame

of the SONY mark. This evidence also shows the nature of Opposer’s goods and services, use of

the SONY mark in connection with Sony’s goods and services, and the trade channels for Sony’s

goods and services. As such, the evidence supports the relatedness of the parties’ goods and services and the overlap in the trade channels at issue.

Exhibit Publication Date Article Title No.

1 Billboard 01-07-1995 CES Provides Music to Ears of Audio Industry; The Show is Home to a Range of Cutting-Edge Formats, Multi-Channel Speakers and High-End Home Theater

2 Business Wire 02-18-1997 Country Music Superstar LeAnn Rimes Signs Licensing Agreement with Sony Signatures

3 Discount Store 06-02-1997 Popular Kids’ Properties Raise Licensing Show News Expectations

4 Business Wire 04-14-1999 Sony Music Online Debuts New Licensing Web Site

5 PR Newswire 03-16-2000 Sony Music Entertainment and Vidnet.com Sign Music Video License; Sony Takes Equity Stake in Entertainment Boulevard, Inc. – Correction Appended

6 PR Newswire 05-02-2001 Loudeye and Sony Music Sign Licensing Agreement for Music Sample Streaming Rights

7 Business Wire 06-20-2001 Premium Wireless Services Clinches Music Licenses from Sony Music from Mobile Phone Ringtones

8 Internet Wire 02-19-2002 Muze and Sony Music Entertainment Sign Licensing Agreement; Agreement Gives Muze Rights to Digitize Sony Music Titles for Streaming Audio Samples

Article Title Exhibit Publication No. Date

9 PR Newswire 04-17-2005 Sony Takes the HD Highway to NAB 2005; HD US Technology Covers an Array of Applications Including TV and Movie Production, Network News, Digital Cinema, Event Videography and Electronic Cinematography

10 Wireless News 10-18-2007 MySpace and Sony BMG Music Entertainment Sign New Licensing Pact

11 Business Wire 10-22-2007 SpiralFrog Signs Licensing Agreement with Sony/ATV Music Publishing – Ad Supported Music Service Licenses One of the World’s Leading Music Publishers -

12 FD (Fair 11-25-2013 Sony Corporation Entertainment Business Disclosure) Briefing - Final Wire 13 PR Newswire 04-06-2014 At NAB 2014, Sony Unites Products, Systems and Services to Give Content Creators New Ways to Express Themselves; Sony Provides End-to- End 4K Solutions for Professional Production and Content Creation Applications

14 Pivotal 09-29-2015 Global Eagle Sign Global Licensing Agreement Sources with Sony Music Entertainment

15 Business Wire 11-05-2015 Sony/ATV Music Publishing and Pandora Sign Unprecedented Licensing Agreement

16 The New York 03-19-2016 SoundCloud and Sony in Licensing Deal Times 17 Entertainment 04-24-2017 Jessie James Decker Set to Headline Licensing Close-Up Expo Opening Night Party Co-Hosted by Sony Music

18 International 07-12-2017 Spotify Strikes Licensing Deal with Sony Music Business Times – US Ed. 19 Engadget HD 01-08-2018 Facebook Strikes Music Licensing Deal with Sony

Article Title Exhibit Publication No. Date

20 PR Newswire 04-07-2019 At NAB 2019, Sony Unveils Products, Solutions and Workflows That Are “Powering Today and Transforming Tomorrow”; Sony is Strengthening Its Commitment to the Media Industry’s Needs, Making 4K and 8K Resolution, High Dynamic Range, High Frame Rate, IP and Cloud Even More Accessible

21 License! 08-01-2019 Top 150 GLOBAL Licensors: The New Class: Global License Global’s Annual Report Tracks the Retail Sales of Licensed Merchandise from the World’s Most Powerful Brands Across Every Segment of Consumer Products. (Top 150 Global Licensors)(Company Rankings) 22 Billboard 11-02-2020 TikTok Signs Licensing Deal with Sony Music, Hiking Payouts to Labels

Dated: February 18, 2021 Respectfully submitted,

/ Mark Sommers / Mark Sommers Naresh Kilaru Jessica L. Hannah FINNEGAN, HENDERSON, FARABOW, GARRETT & DUNNER, L.L.P. 901 New York Avenue N.W. Washington, DC 20001 (202) 408-4000

[email protected] [email protected] [email protected] [email protected] [email protected]

Attorneys for Opposer

CERTIFICATE OF SERVICE

I certify that a true and accurate copy of the foregoing OPPOSER’S NOTICE OF

RELIANCE NO. 6 UNDER 37 CFR § 2.122(e) was served by e-mail on this 18th day of

February 2021 on Neil Campbell at the following address of record:

NEIL CAMPBELL 1038 5TH STREET #A SANTA MONICA, CA 90403

[email protected]

/ Judy Valusek / Trademark Legal Assistant

Exhibit 1 CES Provides Music To Ears Of Audio Industry; The Show Is Home To A Range Of Cutting-Edge Formats, Multi-Channel Speakers And High-End Home Theater

Billboard January 7, 1995

Body

"Music is the whole purpose of this audio industry, and all of us are strictly at the service of that commodity. We're slaves to the creators, and our task is to bring that experience into the home, recreating that live experience." So says Thiel Audio Products' part-owner and president, Kathy Gornick, who is a member of the board of directors of the Electronics Industry Assn./Consumer Electronics Group and chair of the Specialty Audio Subdivision. The loudspeaker manufacturer's message will come across loud and clear at the upcoming Winter Consumer Electronics Show, Jan. 6-9 in Las Vegas.

Among highlights of interest to record-industry attendees are at least eight confirmed demonstrations of Dolby's multi-channel Surround (Sound) AC-3 circuity; third-generation portable, car and hi-fi MiniDisc (MD) players and player/recorders from Sony and others; and new 18-bit personal stereo and hi-fi Digital Compact Cassette (DCC) models from Philips Consumer Electronics.

"We have broadened our line -- as have many other hi-fi companies -- to accommodate a growing market for multi- channel audio," Gornik observes. "As more new music is released in multi-channel formats, the market as a whole is forecasting double-digit growth for speakers and any components related to home theater.

"The outlook for high-performance products is extremely positive once we -- and the consumer -- get past [thinking of] music as only a "two-channel" experience. Home theater is a great opportunity for bringing the message of high-performance audio and video to a greater audience."

HIGH-END HOME-THEATER

Both the Mirage and Sahara hotels are centers for high-end audio and home-theater exhibits, with a growing number of new multi-channel recordings expected to be heard throughout the halls. Several high-end audio workshops are expected to draw retailer interest, including "Home Theater Leader Or Audio Skid Mark?" moderated by Corey Greenberg of Home Theater Technology magazine and "Selling The High-End Home Theater Experience," moderated by Andy Regan of Transparent Audio. Also scheduled are "Editorial Roundtable: What's Hot For '95," chaired by Michael Fremer of Absolute Sound, and "What Dealers Want From Manufacturers," moderated by Steve Saunder of High Performance Review.

Larry Poor, Dolby Labs' director of technology marketing, reports eight confirmed Dolby Surround AC-3 demos at CES, from Pioneer, Denon, Yamaha, Kenwood, Enlightened Audio Designs (EAD), JBL/Runco, Perreaux and Audio Design Associates (ADA). He expects a "semi-production" model from EAD and laserdisc players from Page 2 of 3 CES Provides Music To Ears Of Audio Industry;The Show Is Home To A Range Of Cutting-Edge Formats, Multi-Channel Speakers And High-End Home Theater

Pioneer and others in the first quarter. Stand-alone and component AC-3 decoders and demodulators are expected in the second half of the year.

"With the new AC-3 circuitry, six channels of information [left, center, right, left surround, right surround and bass effect] can be folded into one," Poor explains. "When the laserdisc standards changed several years ago, freeing up one analog audio channel, Pioneer took its track for Dolby AC-3 ."

According to Mike Fidler, Pioneer senior VP of new technology, the new players will be backward compatible to play all existing laserdiscs and the first AC-3 encoded titles, due in the first quarter.

Says Poor, "It's important to note that this is evolutionary, not revolutionary, and an obvious improvement over what we've already had with Dolby Pro Logic. We're very pleased with all this industry interest, particularly from artists and recording studios, as well as from a growing number of hardware manufacturers."

MD AND DCC UPDATE

For MiniDisc, "there's good news and bad news related to titles," notes Bob Sherwood, VP of sound technology marketing for Sony Software Corp. "Sales are up two, six, eight times over a year ago, but the numbers are still very small. With a new recordable format, we're asking consumers to buy both record and playback software that carries a high price in a difficult time for the consumer electronics market."

Sherwood is very enthusiastic about results of a recent Rolling Stone promotion that polybagged an MD on the cover with 1.15 million copies earlier this year. "It produced more than 40,000 calls the first month and 100,000 total," he recalls. "Most importantly, the Rolling Stone 'MD Of The Month' feature is kicking off in this month's issue and will run for a year. Pink Floyd is the featured artist, and for the first time we've got a group's entire catalog on MD -- down to the original LP artwork; they shouldbecome collectibles.

"Our 'Mini Money' promotion earlier this year also was successful, showins how afordably the product can be priced [11 to 13 MDs were offered with various hardware purchases], and we hope to do something like that with our third- generation hardware around mid-year," Sherwood continues. "We now have nearly 500 MD titles, mostly Columbia and Epic with some Capitol, EMI and Warner, and we're constantly working to get other label commitments. We candidly expect to lose some of our record-only accounts that have been with us from the start, but we'll support the 1,300-plus that remain with something fresh on the counter every month."

On the MD hardware side, Rick Clancy, Sony Electronics VP of corporate communications, reports that Sony had sold more than 700,000 units worldwide as of September. In the U.S., there are two portables, three car models, two hi-fi decks and a table-top unit with clock radio, as well as 60- and 74-minute recordable blank MDs. In the computer area, at the November Comdex show in Las Vegas, Sony had a new portable external MD-Data unit, and an internal drive. integrated into an IBM Thinkpad.

"At CES, the focus will be on Sony's leadership in a variety of digital products and technologies, with MD a key element in the mix," says Clancy. "We expect samples and/or prototypes of several third-generation consumer products for introduction later in '95, including new hi-fi, car and portable products. Ford is the first U.S. manufacturer to offer an MD option for some of its models, and we expect other commitments this year. We're into the second generation of professional units for radio stations, where we see a growing interest in MD as an overdue replacement for the NAB cartridge system. And for retailers, we've got a second version of our in-store MD kiosk display available now, featuring portable units for consumer playback."

The picture isn't as bright for Philips' Digital Compact Cassette (DCC), but Sheryl Foyer, executive director of the DCC Group of America, emphasizes, "It was always meant to be a long-term commitment, and we knew there would be a lot of ups and downs." While there are more than 500 titles available in the U.S. and more than 1,000 worldwide, she confirms that there have been only scattered releases the past 10 months "due to the vast catalog we've already got out there." Page 3 of 3 CES Provides Music To Ears Of Audio Industry;The Show Is Home To A Range Of Cutting-Edge Formats, Multi-Channel Speakers And High-End Home Theater

David Blaine, senior VP of business development and new technology for PolyGram Group Distribution, was more candid. "The PolyGram labels haven't released very much key product because the retail climate was just not supportive," he says. "Our retailer support has been very good, and we continue to work with them to maintain a DCC presence with key accounts. We're now in a holding pattern until we see how things go in Europe, where Philips is assessing the climate for new hardware at lower price points. If they believe they can jump-start DCC in Europe, we will do the same here through Philips Consumer Electronics."

The hardware company will introduce two new DCC models at CES, notes Andy Mintz, director of marketing, and Rocky Caldwell, director of product planning. Both will be available in the first quarter. The DCC-170 personal portable stereo is very compact, with 18-bit resolution for superior recording and playback, at $ 399 suggested list. The DCC-951 component hi-fi home unit, at $ 499 list, also offers 18-bit resolution, vs. 16-bit for earlier models, and a faster-tracking turbo drive. Philips expects an upturn in interest for the recording features and blank tape sales for both 60- and 90-minute lengths.

Foyer notes that a new DCC Music Source software-fulfillment program is in place by which hardware purchasers use an 800 number for convenient title ordering. She also anticipates more joint hardware/software promotions like the successful August event with Panasonic at Los Angeles' Universal Studios Amphitheater during the "Tommy" engagement.

"We think [CES] will be a blockbuster for the audio industry," concludes Thiel's Gornick. "All our key dealers and distributors from around the world are coming -- from about 23 countries -- and we hear the same from many other hi-fi and consumer electronics firms. We expect to see even more record/tape retailers than last year, and we promise them a real 'earful' to remember."

Graphic

Picture, Kathy Gornick of Thiel Audio Products

Load-Date: January 13, 1995

End of Document

Exhibit 2 Country music superstar LeAnn Rimes signs licensing agreement with Sony Signatures

Business Wire February 18, 1997, Tuesday

Body

Feb. 18, 1997--Fourteen-year-old country music sensation, LeAnn Rimes, in conjunction with Sony Signatures Licensing, unveiled a new line of apparel, the first of several global licensing agreements for Rimes, at the annual MAGIC Show Tuesday, it was announced by Dan Cooper, senior vice-president, Sony Signatures Music Licensing.

With her debut album currently topping the country music charts, Rimes joins Sony Signatures already impressive roster of country music artists, including Reba McEntire, Alan Jackson and Tim McGraw. Based on Rimes' sky-rocketing popularity, Sony Signatures will launch a comprehensive licensing campaign, which will include apparel and other select product categories.

Sony Signatures music is a division of Sony Signatures, a full-service worldwide entertainment merchandising company. With headquarters in San Francisco, Sony Signatures has quickly become a leader in entertainment merchandising, representing artists and properties for a broad array of rights, including concert and event merchandising, retail distribution, electronic and catalog marketing, sponsorship, endorsements and licensing.

CONTACT: Bender, Goldman & Helper, Los Angeles Lisa Sorge, 310/473-4147 ext. 259

[email protected] Beth Luterman, 310/473-4147 ext. 227

[email protected]

Load-Date: February 19, 1997

End of Document

Exhibit 3 Popular kids' properties raise Licensing Show expectations

Discount Store News June 2, 1997

Copyright 1997 Responsive Database Services, Inc. All Rights Reserved Business and Industry Copyright 1997 Lebhar-Friedman Inc. Section: Pg. 37; Vol. 36; No. 11; ISSN: 0012-3587 Length: 1272 words Byline: ROBERT SCALLY Highlight: New children's properties based on TV shows are likely to make an impact on the licensing market into the next year

Body

ABSTRACT:

New children's properties based on TV shows are likely to make an impact on the licensing market into the next year. Other entertainment licensing will be based on science fiction, the music market and brands that capitalize on Baby Boomer nostalgia. Music will be a strong area as Baby Boomers cling to the music of their youth, predominately from the 1960s and 1970s, according to Mark Coopersmith, executive vp, Sony Signatures. The Sony Signatures music industry licensing roster includes Tony Bennett, the Beatles and Bruce Springsteen, among others. Regarding science fiction, MGM Consumer Products will test merchandise related to "Stargate SG1," a TV show slated for fall 1998 on the Showtime cable network. "Star Trek" spin-off television series "Deep Space Nine" will have two miniature play sets. Also in 1997, a new generation of Power Rangers will be available from Saban Entertainment. The children's book character Corduroy will be marketed as a unified video, publishing and toy package. Casper the Friendly Ghost, Richie Rich and rest of the Harvey Comics line are being revived by Harvey Entertainment, which will produce related films and TV shows. One project, in partnership with Universal Studios and Amblin Entertainment, will be a live-action, direct-to-video sequel to the 1995 hit movie "Casper." The full text further discusses entertainment licensing trends.

New children's properties based on television shows, science fiction, the expansion of music industry licensing and more brands capitalizing on Baby Boomer nostalgia will direct the course of licensing into the next year.

The dominance of entertainment licensing is likely to continue at this International Licensing Show, which will take place June 10 to 12 in New York, as the major entertainment companies aim to build brands that deliver consistent sales at retail.

Music continues to gain strength as a licensing influence as aging Baby Boomers cling to the music of their youth, predominately from the 1960s and 1970s, said Mark Coopersmith, executive vp at Sony Signatures.

Pop music artists have long been involved in licensing, but it rarely went beyond concert T-shirts and posters. Now some entertainment companies including Sony Signatures are trying to take music licensing into new territories. Page 2 of 3 Popular kids' properties raise Licensing Show expectations

"Music is a niche within the licensing industry that rapidly could become an alternative to any type of entertainment licensing, and it really doesn't make sense that nobody's really tapped into it before," said Kristine Ross, vp of worldwide licensing and marketing for Sony Signatures.

Retailers are looking for strong brands, and many successful music industry artists and groups often have careers that long outlast films and television shows, Ross said. The Sony Signatures music industry licensing roster includes The Beatles, Tony Bennett, Michael Jackson, Julio Iglesias, LeAnn Rimes, Bruce Springsteen and many others.

Many newer stars are being packaged for retail almost from the moment their careers start to heat up. Teenage country music superstar and 1996 "Best New Artist" Grammy Award winner LeAnn Rimes, for example, has already been involved in promotional work for Target Stores, and a line of apparel is in the works.

The rock band Kiss was one of the hottest musical acts of the 1970s and early 1980s, regularly packing stadiums with their mix of heavy metal music and on-stage pyrotechnics. When Kiss reunited last year and its subsequent concert tour was a big ticket-office bonanza, Sony Signatures took the tour's merchandising light years away from the standard T-shirts and tour booklets.

Costumes, masks, make-up kits, computer accessories, puzzles, comic books and action figures sold well enough during the tour to help convince the Spencer Gifts chain to set up special instore Kiss merchandise boutiques to take advantage of the band's anticipated 1998 album and concert tour, Ross said.

Science fiction will continue to be a big licensing trend this year.

MGM Consumer Products will be testing the waters for merchandise related to "Stargate SG1," a television show slated for fall 1998 on the Showtime cable network, said Doug Gleason, senior vp of marketing for MGM Consumer Products. The TV show is based on the 1994 film that starred Kurt Russell and James Spader.

"Star Trek" spin-off television series "Deep Space Nine" will have new miniature play sets. Two "Star Trek" computer games, one based on "Star Trek: Generations" from Spectrum Holobyte and the other, "Star Fleet Academy," from Interplay, said Neil Newman, Viacom Consumer Products' vp of strategic property development.

The recently opened Viacom store in Chicago, which has a large "Star Trek" section, and the anticipated opening of the "Star Trek: The Experience" entertainment facility in Las Vegas later this year will help generate a buzz for the brand.

Fox Licensing and Merchandising is launching a whole new brand look for X-Files this fall and will be premiering merchandise associated with the theatrical release of "Alien: Resurrection," said Marc Bruderer, director of Marketing for Fox Licensing and Merchandising.

Science fiction and kids mix on several levels this year with a new generation of Power Rangers from Saban Entertainment and Extreme Dinosaurs and Pocket Dragon Adventures being promoted by Bohobot Entertainment.

Saban is taking the Power Rangers into outer space, said Susanne Lee, senior vp of Saban Licensing and Merchandising.

Numerous other entertainment-related licenses aimed at kids and teens will be competing for attention at this year's licensing show.

Saban has refined its concept for an updated version of "Captain Kangaroo," which it first announced last October, Lee said.

Children's book character Corduroy will be pitched as a unified video, publishing and toy package aimed at the preschool market, Viacom's Newman said. "We're suggesting to retailers that they can make a bigger statement if they have all three products," Newman added. Page 3 of 3 Popular kids' properties raise Licensing Show expectations

Viacom is also targeting smaller specialty book and toy stores through its Paramount Home Video division and has brought a specialty distributor to concentrate on those markets.

Baby Boomer nostalgia mixed with the recent retro trends are important components in the revival of Casper the Friendly Ghost, Richie Rich and the rest of the Harvey Comics line by Harvey Entertainment. New films, TV shows, videos, collectable merchandise and even new comic books are on the way, said Charles Day, Harvey Entertainment's vp of consumer affairs.

Universal Studios, Harvey Entertainment and Steven Speilberg's Amblin Entertainment will release a major live- action, direct-to-video sequel to its 1995 hit "Casper" that earned $307 million worldwide. A similar project is in the works for "Richie Rich."

MGM is releasing restored versions of the "Pink Panther" films on home video and is reviving the brand and cartoon logo, in part because of the character's wide recognition among Baby Boomers.

Fox's long-awaited animated feature "Anastasia" is set for release around Thanksgiving, and the property has already attracted 45 domestic licensees, Fox's Bruderer said.

Animated prime-time classic "The Simpsons" and new-comer "King of The Hill" have also been hot brands for Fox.

Some brands based on television shows are aiming at slightly older kids.

Viacom is building a brand around its "Clueless" television show, which is itself a spin-off of the 1995 film of the same name.

In the works is a new horse-oriented TV show aimed at girls with the current working title of "Thoroughbred," said Debbie Petrasek, vp of strategic property development at Viacom Consumer Products.

Load-Date: November 22, 2004

End of Document

Exhibit 4 Sony Music Online Debuts New Licensing Web Site

Business Wire April 14, 1999, Wednesday

Body

April 14, 1999--

Plumb Design's Thinkmap Technology Provides Instant Access To Album and Song Titles, Licensing and Publishing Information

Sony Music Online, a leading music label site on the Internet, and Plumb Design, a leader in the development of interface design, today unveiled a new site that enables potential licensees to search through Sony Music's library of master recordings, which contain more than 200,000 songs, in an interface based on Plumb Design's innovative Thinkmap technology. The publishers of the songs listed will also be identified to facilitate the licensing process. The Sony Music Licensing Site, available immediately at www.sonymusic.com/licensing, is a collaborative business-to-business tool designed to assist advertising, television, movie, and new media professionals who are interested in licensing music for their projects. After registering with the site and selecting a password, each customer is given a private work space where they can keep track of various projects, make lists of songs that they might be interested in, listen to sound clips, order the CD, and submit songs to Sony Music Licensing to start the licensing process. Licensees also have the option to interact directly with a Sony Music Licensing Facilitator who can offer search ideas and further develop a list of appropriate material for licensing. "This is part of our ongoing strategy to offer our customers the best possible service," said Kathe Malta, Vice President of Music Licensing, Sony Music Entertainment. "We are confidant that we are offering the most innovative licensing interface designs together with the world's most extensive music catalog. We are very excited about the potential of this service." "We are pleased that our Thinkmap interface is an integral part of Sony Music Online's efforts to streamline and enhance the music licensing process," added Mary Azzarto, Chief Executive Officer of New York-based Plumb Design. "We expect the applications of this site will facilitate the music licensing process and prove to have beneficial far-reaching effects for the company's online efforts." A typical customer, for example, may be an account executive that is developing a television commercial for a new type of airline service. They start by typing in the word "airplane," to which the application responds with 23 tracks. The person is also presented with two related terms -- "birds" and "flying" -- that might also be appropriate. The visitor thinks that birds might be a nice metaphor and clicks the word "birds." A new list of songs appears with another group of related terms that the person might search including "black," "good-bye" and "sky." Continuing this pattern, the visitor sees a recording of "Bye, Bye Blackbird" by Liza Minelli that might be of interest and places this recording on a 'Short List' to send to Sony Music Licensing. The customer can then listen to an audio clip and order the CD to determine if this song is appropriate for the commercial. Audio clips are not available for all tracks contained in the database. "This site is an excellent example of using state-of-the-art technology to leverage our assets and develop new online business models," remarked J. David Waldman, Vice President, New Technology and Business Development, Sony Music Entertainment. "The beauty of the site is that it provides potential clients with a virtual corner office at Sony Music where they can quickly and efficiently access all the resources they need Page 2 of 3 Sony Music Online Debuts New Licensing Web Site in the comfort and privacy of their own environment." Searches can be executed based on the name of an artist, a song title, and the date published as well as by intuitive subject matter based on Jeff Green's Green Book, a compendium of popular music categorized by subject matter. A visitor to the site looking for a song about life, for example, will find 330 tracks ranging from "Alive" by Pearl Jam to "Turn, Turn, Turn" by The Byrds. This combination of Plumb Design's innovative and intuitive Thinkmap technology, and Sony Music's extensive database of music enables users to navigate through vast amounts of information in an efficient, seamless fashion. Sony Music has the largest, oldest and most diverse catalog of recordings from the past century, offering instantly recognizable hits from the Classical, Swing, Rap, Rock, Pop, Jazz, Country, Blues and R&B genres. Recordings are drawn from Sony Music labels including Columbia, Epic, Work, 550 Music, Sony Classical, Sony Discos, Sony Wonder, Relativity, American Recordings, and affiliated labels.

About Sony Music Entertainment

Sony Music Entertainment Inc. is a leading global producer, manufacturer, and marketer of recorded music and video, employing over 12,000 people with a presence in 60 countries and a recorded catalogue containing the world's greatest artists and entertainers.

About Plumb Design, Inc.

New York based Plumb Design, Inc., the developer of Thinkmap(TM), collaborates with its clients to produce online experiences that facilitate the exchange of knowledge and the interplay of ideas. The Company specializes in the design and development of next generation interfaces. Clients include The Motorola Museum, The National Geographic Society, PBS, The Smithsonian Institution, Sun Microsystems, and United Media. More information about Plumb Design can be found on the Internet at http://www.plumbdesign.com. More information about Thinkmap can be found at http://www.thinkmap.com.

Thinkmap is a registered trademark of Plumb Design, Inc. All other companies or products listed herein are trademarks or registered trademarks of their respective owners.

CONTACT: Sony Music Entertainment, New York Lisa Gephardt 212/833-5047 or Plumb Design, New York Michael Freedman 212-533-9434

Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Page 3 of 3 Sony Music Online Debuts New Licensing Web Site

URL: http://www.businesswire.com

Load-Date: April 15, 1999

End of Document

Exhibit 5 Sony Music Entertainment and Vidnet.com Sign Music Video License; Sony Takes Equity Stake in Entertainment Boulevard, Inc. - Correction Appended

PR Newswire

Correction Appended

Body

Entertainment Boulevard, Inc. (OTC Bulletin Board: EBLD), one of the leading streaming media providers on the Web, announced today that it has signed a licensing agreement with Sony Music Entertainment Inc., granting Entertainment Boulevard the right to stream new release music videos from Sony Music artists on Vidnet.com (www.vidnet.com). Sony Music will receive a licensing fee for the streaming of its videos as well as an equity stake in Entertainment Boulevard.

Vidnet users will now be able to stream online music video selections from Sony Music Entertainment companies, including Columbia Records, Epic Records, and Sony Music Nashville on the Vidnet.com Web site. Videos will be available through pre-programmed music channels in the RealPlayer and Windows Media formats at speeds of 28K, 56K, 100K and 300K.

"We're thrilled to add new release music videos from Sony Music label artists to the list of those comprising the content of our site," said Stephen Brown, CEO of Entertainment Boulevard. "The addition of these music videos brings our selection to a whole new level." "Entertainment Boulevard is a forward thinking company, and we're excited to be working with them," remarked Mark Ghuneim, vice president, Online & Emerging Technologies, Columbia Records.

"Sony Music is always on the lookout for new ways to reach as many music fans as possible, and Vidnet is a great venue for showcasing our artists' videos," said Jim McDermott, vice president, Online & Emerging Technologies, Epic Records Group.

About Sony Music Entertainment:

Sony Music Entertainment (SME), a leading global producer, manufacturer, and marketer of recorded music and video, has a presence in 60 countries. In the past year alone, SME has aggressively expanded its online presence with key investments in such leading online companies as Acuity (now Quintus), ARTISTdirect, AudioBase, Digital On-Demand, Dobedo, Exactis, i3 Mobile, Intertainer, JFAX, lastminute.com, Launch Media, Listen.com, MongoMusic, OnRadio, Platform.net, Spinner.com, TalkCity and Yupi.com. The company has also acquired leading email publishers InfoBeat and EMAZING.com.

About Vidnet.com:

Vidnet, www.vidnet.com, is a division of Entertainment Boulevard, Inc. (OTC Bulletin Board: EBLD). Vidnet is one of the leading providers of streaming entertainment-related media on the Internet. Among the firm's Web sites is one of the most comprehensive interactive music video channels on the Web. Vidnet's music site has rapidly Page 2 of 2 Sony Music Entertainment and Vidnet.com Sign Music Video License; Sony Takes Equity Stake in Entertainment Boulevard, Inc. - Correction Appended become a premier music destination site on the Internet. The firm's mandate of Internet global expansion includes not only increasing the content base and broadening the network channels on the Vidnet network, but also acting as a content aggregator to some of the largest companies on the Web. Based in Los Angeles, Vidnet continues to aggressively develop and implement strategic alliances with key commerce and entertainment companies, broadening its presence worldwide.

Forward-looking statements in this press release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, the continued popularity of the Company's websites and product orders stemming therefrom, increased levels of competition, technological change, dependence upon third party suppliers, and other risks.

SOURCE Entertainment Boulevard, Inc.

CONTACT: Jennifer Gross of People's Revolution, 323-658-8700, jenngross@aol.com, for Vidnet; or David Bronte, Investor Relations of Venture-Catalyst.com, 310-399-4059 x103, [email protected], for Entertainment Boulevard, Inc.

URL: http://www.prnewswire.com

Correction

In LATH031, Sony Music Entertainment and Vidnet.com Sign Music Video License; Sony Takes Equity Stake in Entertainment Boulevard, Inc., moved earlier today, we are advised by a representative of the company that the ticker symbol for Entertainment Boulevard, Inc. in the first and seventh graph should be "(OTC Bulletin Board: EBLDE)" rather than "(OTC Bulletin Board: EBLD)" as originally issued. Correction-Date: March 16, 2000, Thursday

Load-Date: March 17, 2000

End of Document

Exhibit 6 Loudeye and Sony Music Sign Licensing Agreement for Music Sample Streaming Rights

PR Newswire May 2, 2001, Wednesday

Body

Loudeye Technologies, Inc. (Nasdaq: LOUD), a leading provider of services and infrastructure for the authorized delivery of digital content, today announced a non-exclusive licensing agreement with Sony Music Entertainment for streamed sound samples.

Under the agreement, Sony Music has authorized Loudeye to offer streaming samples from Sony Music releases, as well as thumbnail images of front-cover album artwork, through online retail web sites. The agreement encompasses samples from Sony Music's entire active U.S. catalog, including releases from Columbia Records Group, Epic Records Group, Legacy and Sony Classical.

"We see streaming music samples as an important means of maximizing exposure for our artists and titles, particularly when coupled with a prominent 'buy now' opportunity at Internet retail sites," commented Jim McDermott, senior vice president, new technology, Sony Music Entertainment. "Loudeye's emphasis on security and efficient delivery made them a natural choice for a licensing agreement. We are delighted to make this announcement."

With the signing of this non-exclusive agreement, four of the five major music companies have granted Loudeye streaming licenses for music samples.

"Loudeye is dedicated to providing powerful solutions for the authorized delivery of digital music," said John T. Baker, Loudeye chief executive officer. "Adding streaming samples of the vast Sony Music catalog to our digital music solutions is a significant step towards realizing that vision."

About Loudeye Technologies, Inc.

Loudeye is a leading provider of services and infrastructure for the authorized delivery of digital content that empower today's top media, entertainment and Fortune 1000 companies to transform traditional media assets into dynamic digital content. Through its Loudeye(TM) Digital Media Centers in Seattle (headquarters), New York and London, Loudeye is building the infrastructure to support the next generation of digital media businesses. To learn more, visit www.loudeye.com.

About Sony Music Entertainment

Sony Music Entertainment (SME), a leading global producer, manufacturer, and marketer of recorded music and video, has a presence in 60 countries. In 1994, SME launched www.sonymusic.com, which links to 20 Sony Music affiliate sites worldwide in addition to licensing and business-to-business sites. Reflecting its strategy for the broadband era, SME was the first major music company (in tandem with retail partners) to establish commercial Page 2 of 2 Loudeye and Sony Music Sign Licensing Agreement for Music Sample Streaming Rights download of singles, and has numerous investments in the digital media infrastructure, technology, wireless, service and digital content areas.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as amended, such as statements about Loudeye's provision of digital music solutions. These statements are based on current trends, expectations, plans and prospects and there is no guarantee that these results will actually occur, these trends will actually continue or Loudeye's products, services or initiatives will develop in the way currently anticipated. Actual events, results or developments may differ materially from those expressed or implied in forward-looking statements due to a number of risks and uncertainties. Such factors include: the possibility of adverse changes in the market for distribution of digital music that Loudeye serves, adverse or uncertain legal developments with respect to copyrights surrounding the creation and distribution of digital music, ability to scale and support third-party technologies with the company's digital archive systems, pricing pressures and other activities by competitors, lack of market acceptance for Loudeye's products and services, delay in the launch of new products and services of Loudeye or its customers, risks associated with supplier and customer concentration, capacity constraints, delays in the adoption of digital media or related applications on the web, and the acceptance and growth of streaming media technology in general. More information about the risks and challenges faced by Loudeye is contained in Loudeye's Annual Report on Form 10- K for the year ended December 31, 2000, and other documents filed by Loudeye from time to time with the Securities and Exchange Commission, copies of which are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Loudeye assumes no obligation to update the forward- looking statements included in this release.

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X04284830

SOURCE Loudeye Technologies, Inc.

CONTACT: Andrew Cullen of Barokas Public Relations, 206-264-8220, or [email protected], for Loudeye Technologies, Inc.

URL: http://www.prnewswire.com

Load-Date: May 3, 2001

End of Document

Exhibit 7 Premium Wireless Services Clinches Music Licenses From Sony Music for Mobile Phone Ringtones

Business Wire June 20, 2001, Wednesday

Body

Leading Worldwide Ringtone Provider PWS Will Roll-out Fresh Library of Hit Songs on Popular Mobile Phone Personalization Services

Premium Wireless Services Inc. ("PWS"), the leading global wireless entertainment & messaging platform provider, today announced that it has licensed the copyrights to a wide variety of songs and music properties from Sony/ATV Music publishers, one of the world's major music publishing companies.

The agreement allows PWS to sample selections from Sony's catalogs for deployment as personalized, melodic ringtones for mobile phones and wireless-enabled devices. PWS' mobile music solutions enterprise customers, including the 20-million-subscriber-strong Cingular Wireless network, News Corporation and BT Cellnet, are amongst those who will use the ringtones.

Music properties licensed as part of the PWS acquisition include hit songs made popular by artists like Destiny's Child, Ricky Martin, Sarah McLachlan, the Beatles, Marc Anthony, and many others. In addition to personalized ringtones, PWS distributes fun, hip mobile phone icons and logos, and SMS (Short Message Service) advertising and directly targeted mobile device marketing.

Ralph Simon, chairman, PWS, who closed the deal, said: "Sony Music and their publishing executives are thought- leaders in the coming mobile music and entertainment revolution. They clearly see the potential for developing this completely new revenue stream, which thus far has only been prominent outside of the U.S. and Canada, for all of their writers and copyrights. The services we offer -- independently and with our network carrier partners -- significantly enhance the mobile phone users' entertainment experience and will widen the impact of Sony Music's catalogs of popular songs."

Sony now joins the 40+ publishers with whom PWS has licensing deals. From its Santa Monica base of operations, the company delivers to a fast-emerging, worldwide demographic of "mobile nomads" -- youthful mobile phone users -- current hit songs and favorite melodies as an industry-leading collection of personalized ringtones.

Jody Graham Dunitz of Sony/ATV Music Publishing said, "We are pleased to be working with Premium Wireless Services as this will continue to bring opportunities and revenues for our writers, copyrights and publishing company in this exciting, mobile revolution."

PWS has delivered more than 60 million ringtones and wireless content worldwide to more than 10 million consumers via its consumer Web service, YourMobile.com, since its launch in March 2000. Personalized ringtones, which already have a strong following internationally, are rapidly becoming popular in the United States and Canada via PWS' mobile entertainment services as it deploys to a wider audience of North American consumers whose mobile phones receive TDMA and GSM content. Page 2 of 2 Premium Wireless Services Clinches Music Licenses From Sony Music for Mobile Phone Ringtones

PWS addresses its growing user-audience by delivering demographically targeted, over-the-air marketing messages via SMS and bundled online/wireless, directly targeted marketing campaigns. PWS is also expanding its mobile entertainment platform to serve the substantial growth of mobile phone use, wireless handset models, media formats and network types.

About Sony Music

Sony Music Entertainment Inc. is a leading global producer, manufacturer and marketer of recorded music and video, with a recorded catalogue containing the world's greatest artists and entertainers.

About PWS

Premium Wireless Services Inc. supplies the wireless entertainment content, distribution, and global network of users that powers the explosive growth of the worldwide wireless entertainment industry. PWS provides turnkey solutions for network operators, mobile device manufacturers and media companies seeking to satisfy the exponential demand for wireless entertainment products and services.

PWS' consumer-facing service, YourMobile Networks (www.yourmobile.com), one of the world's most recognized mobile entertainment brands, offers highly targeted international and local advertising and promotional opportunities to prime and tease entertainment consumers. PWS' current 2G media messaging platform is scaleable for 2.5G and 3G networks, distributes licensed and self-produced content, and is supported by back-end solutions for international business and content rights management.

PWS offers pricing and access to one of the world's largest libraries of entertainment content licensed for international wireless entertainment distribution, with more than 40 licenses from major and independent music publishers, rights societies and content studios. The company has headquarters in Santa Monica, with representatives in London, Paris, Sydney, Helsinki, Tel Aviv and Johannesburg. Details of the company are available at www.pws.ws. CONTACT: AMAZONpr, 310/557-9642

Aaron Henry, [email protected]

Karin Olsen, [email protected]

URL: http://www.businesswire.com

Load-Date: June 21, 2001

End of Document

Exhibit 8 Muze And Sony Music Entertainment Sign Licensing Agreement; Agreement Gives Muze Rights To Digitize Sony Music Titles For Streaming Audio Samples

Internet Wire February 19, 2002 Tuesday

Body

Muze Inc., the leading source of entertainment product information for music, books, video and games announced today it has entered into a non-exclusive licensing agreement with Sony Music Entertainment (SME).

Under the agreement, Muze is authorized to stream SME-controlled recordings for use as promotional streaming sound samples available through the MuzeTunessm service and to display front cover album art in conjunction with a retailer's "Buy Now" button. MuzeTunes streaming audio samples are licensed to Muze online customers solely to help promote and sell SME recordings to consumers. Muze currently has more than 250 online customers including top music retailers such as Amazon, Tower Records, Yahoo! and Virgin Megastores.

"At Sony Music Entertainment, we recognize the value that audio previews bring to the online shopping experience. Our agreement with Muze allows music fans to listen to samples online before they purchase music from their favorite SME artists," said Jim McDermott, senior vice president, new technology, Sony Music Entertainment. "Muze serves some of the largest and most successful online retailers and its widespread reach throughout the industry will help Sony Music Entertainment market and sell its music to millions of online shoppers nationwide."

"Muze data products drive commerce because they were designed with the commercial application in mind," said Paul Zullo, executive vice-president and co-founder of Muze. "We are committed to helping Sony Music Entertainment sell more music by providing our online customers with secure streaming previews of SME's recorded music, coupled with comprehensive data about the artists and albums."

"We look forward to a long, successful relationship with Sony Music Entertainment. Together we can provide consumers with a very valuable service that helps music fans take full advantage of the online music shopping experience," added Trev Huxley, executive vice-president and co-founder of Muze.

About Sony Music Entertainment

Sony Music Entertainment (SME), a leading global producer, manufacturer, and marketer of recorded music and video, has a presence in 60 countries. In 1994, SME launched www.sonymusic.com, which links to 20 Sony Music affiliate sites worldwide in addition to licensing and business-to-business sites. Reflecting its strategy for the broadband era, SME was the first major music company (in tandem with retail partners) to establish commercial download of singles, and has numerous investments in the digital media infrastructure, technology, wireless, service and digital content areas.

About Muze Inc. Page 2 of 2 Muze And Sony Music Entertainment Sign Licensing Agreement;Agreement Gives Muze Rights To Digitize Sony Music Titles For Streaming Audio Samples

Muze is the leading source of entertainment product information for music, books, videos, and games. Since 1991 Muze has provided businesses with the most comprehensive and accurate entertainment content designed to help their customers make informed purchasing decisions. Muze content drives commerce by providing customers with detailed information about entertainment products, turning browsers into buyers. More than 250 companies, including five of the 10 leading media/web properties ranked by MediaMetrix, rely on Muze's rich entertainment content to sell their products. In fact, Muze is the backbone of online commerce for major players in the entertainment retail business including Yahoo!, America Online, Tower Records, Best Buy, Virgin Megastores and MTV. Muze product information also drives commerce by providing in-store solutions for companies such as Transworld Entertainment, Barnes & Noble, Borders, Hastings and others. Muze is based in New York City with European headquarters in London. To learn more about Muze, please visit www.muze.com. CONTACT: Holly A. Lehr Director, Marketing Communications Muze Inc.

212-824-0427 [email protected]

Laurie Jakobsen VP, New Technology Communications Sony Music Entertainment

212-833-5047 [email protected]

Load-Date: February 20, 2002

End of Document

Exhibit 9 Sony Takes The HD Highway To NAB 2005; HD Technology Covers an Array of Applications Including TV and Movie Production, Network News, Digital Cinema, Event Videography and Electronic Cinematography

PR Newswire US April 17, 2005 Sunday 10:00 PM GMT

Body

LAS VEGAS, April 17 /PRNewswire-FirstCall/ -- (NAB Booth SU6406) -- With more than 60 percent of U.S. households expected to have high definition television (HDTV) sets in 2005, the demand for HD production equipment is rapidly rising. At this week's National Association of Broadcasters (NAB) convention, Sony Electronics is ready to meet this demand, with more than 50 percent of its professional broadcast products on display featuring HD production capabilities.

Under the theme of "HD Highway," the new Sony professional products at NAB include cameras, camcorders, optical disc technology, production switchers, non-linear editors, tape recorders and videotape, for use by television and motion picture directors, network and affiliate news organizations and post production facilities.

"Sony broadcast and professional products are helping to drive the growth of HD consumer entertainment in every form, from the digital production of TV shows and movies, and even to digital projection in your local movie theater," said John Scarcella, president of Sony Electronics' Broadcast and Business Solutions Company. "And the applications for these products stretch out beyond broadcast and video and into all aspects of everyday life, from medical and education to corporate and government uses."

For broadcasters, Sony's XDCAM(TM) Professional Disc(TM) system, which uses blue-laser optical media to capture footage instead of tape, has been adopted by leading news organizations and at NAB, Sony is announcing that the 10 owned-and-operated networks of the ABC Television Network will adopt XDCAM technology over the next 18 months for their newsgathering and production processes. This announcement comes on the heels of CBS Television's decision to adopt XDCAM technology for its network news division and 16 owned-and- operated stations.

Other high-profile XDCAM customers being announced at NAB include the E! Entertainment Network and five stations within the Gray Televsion Group.

Also on display at NAB will be a technology demonstration of a high- definition version of Sony's XDCAM system.

For the growing digital cinema industry, Sony is showing its SXRD digital projector, which is capable of displaying images at nearly four times the resolution of current HD displays, and higher levels of contrast than competing technology.

Sony's SXRD technology is driving the introduction of digital cinema to the American mainstream, starting this summer Landmark Theatres takes delivery of six Sony projectors. The theatre chain, co-owned by Mark Cuban and Todd Wagner, will eventually convert all of its 59 theaters to digital projection. Page 2 of 3 Sony Takes The HD Highway To NAB 2005; HD Technology Covers an Array of Applications Including TV and Movie Production, Network News, Digital Cinema, Event Vide....

Sony HD production equipment is also prominent throughout the current television primetime schedule, with more than 50 new and returning shows shot digitally with Sony's CineAlta(TM) line of acquisition and recording products.

CineAlta technology is also at the forefront of motion picture production. Recent digital releases that have taken advantage of Sony technology include Michael Mann's "Collateral," Robert Rodriguez's "Sin City" and the soon-to- be released "Star Wars Episode III: Revenge of the Sith."

Other planned exhibits and demonstrations from Sony at NAB will focus on current and future HD products and technologies, and the roads customers can take to migrate from their standard definition infrastructures to HD- based operations.

"We've revamped existing Sony SD and HD product lines with new products featuring 24P production capability and built-in up-converters," said Scarcella. "Sony can offer a cost effective road to take towards an HD future without compromising current SD or HD investments."

In the Sony exhibit, visitors can also view applications of Sony products that extend beyond traditional broadcast markets: Sony LUMA professional LCD monitors that bring HD viewing capabilities into medical operating rooms; Sony H.264 products that define a higher level of videoconferencing; Sony MPEG4 security cameras that extend customers' ability to protect premises; and digital signage networks that offer new levels of IP-based communications and control.

While HD is clearly on customers' minds, Sony remains strongly committed to those who have significant SD investments and seek a cost-effective migration path to HD. Sony is rolling out four new SD camcorders that can extend current infrastructures while providing new levels of image quality, functionality and ergonomics.

The DSR-400 and the DSR-450WS (wide-screen) models expand Sony's line of DVCAM professional camcorders. Both are based on 2/3-inch Power HAD(TM) EX CCDs, and the DSR-450WS is a wide-screen model that can capture images in 60i as well as 24PsF, 25PsF (PAL models) and 30PsF.

Continuing the 24P imaging capability across all SD formats, the new MSW- 970 MPEG IMX camcorder and the DVW-970 Digital Betacam camcorder complete the SD 24P line up. The new models are based on a common platform, bringing 14-bit A/D and high-end image quality and production flexibility to their respective camcorder families.

"These new features and enhancements to our widely used acquisition and storage solutions, including 24P options and i.LINK(R) connectivity, reaffirm our commitment to our customer bases," said Scarcella. "While we're clearly developing products for the future, no other company in the industry supports its legacy systems the way Sony does. There are many lanes on Sony's HD Highway. Our goal is to support our customers at any speeds they choose to travel."

CONTACT: Tom Di Nome, +1-201-930-6357, [email protected] , or David

Migdal, +1-201-930-7394, [email protected] , both of Sony Electronics Inc.

Web site: http://www.sony.com/news

SOURCE Sony Electronics Inc. http://www.prnewswire.com Page 3 of 3 Sony Takes The HD Highway To NAB 2005; HD Technology Covers an Array of Applications Including TV and Movie Production, Network News, Digital Cinema, Event Vide.... Notes

NOTE TO EDITORS: For more detailed product information, your readers can visit http://www.sony.com/professional. To find the nearest Sony authorized dealer or service location, readers can call 1-800-686-SONY. For additional press information and digital images, please visit Sony Electronics' news and information web site at http://www.sony.com/news.

Load-Date: April 18, 2005

End of Document

Exhibit 10 MySpace and Sony BMG Music Entertainment Sign New Licensing Pact

Wireless News October 18, 2007

Length: 347 words

Body

Social network MySpace announced that it has signed a new licensing agreement with Sony BMG Music Entertainment to enable MySpace's 70 million U.S. monthly active users to experience streaming music videos, as well as select audio material and other content, from Sony BMG's artists.

The deal, which calls for MySpace and Sony BMG to share in sponsorship and advertising revenues, underscores both organizations' commitment to building new business models that benefit artists and consumers alike.

"MySpace has always served as a powerful promotional platform for music and we're pleased to work with Sony BMG to take it to the next level," said Chris DeWolfe, CEO and co-founder of MySpace. "We look forward to working with Sony BMG and the rest of the music industry to enable people to share their love of music with one another through the next generation of MySpace music services."

Under the terms of the deal, Sony BMG will license music videos, select audio material, and other content from its extensive artist roster and will make the content available on its artists' MySpace profile pages. MySpace and Sony BMG will share in sponsorship and advertising revenues generated from the music videos and profile pages. Additionally, MySpace will work with Sony BMG to promote the music company's artists throughout the site.

"We are happy to be working with MySpace as we continue to develop new approaches to doing business online," said Thomas Hesse, President, Global Digital Business & U.S. Sales, Sony BMG Music Entertainment. "This new effort is a great way to build new audiences for our artists, bring value to fans, and offer exciting new opportunities to advertisers. We look forward to working closely with MySpace as we roll out this ambitious new project."

Financial terms of the Sony BMG deal were not disclosed.

(Comments on this story may be sent to [email protected])

(Distributed via M2 Communications Ltd - http://www.m2.com)

Load-Date: October 19, 2007

End of Document

Exhibit 11 SpiralFrog Signs Licensing Agreement with Sony/ATV Music Publishing; - Ad Supported Music Service Licenses One of the World's Leading Music Publishers -

Business Wire October 22, 2007 Monday 1:11 PM GMT

Body

SpiralFrog, Inc., (www.spiralfrog.com) the free ad-supported Web-based music experience, and Sony/ATV Music Publishing LLC, one of the world's leading music publishers, today announced a licensing agreement to make one of the world's premier collections of musical compositions available on the SpiralFrog Web site.

Signing rights from music publishers is a critical element in SpiralFrog's mission to make ad-supported music downloading available on a free and legal basis. Licensing sound recordings and music videos requires more than obtaining rights from the recording artists and record labels who own the masters. The writers and composers of the songs must also be compensated, and music publishers license these underlying compositions.

"Sony/ATV is aggressively moving to create new digital revenue streams for our song writers," said Martin N. Bandier, chairman and CEO, Sony/ATV Music Publishing. "SpiralFrog has created a new opportunity to monetize an untapped market by offering a compelling alternative to illicit file-sharing sites."

"The Sony/ATV music catalog is world class, as it combines the world's hottest new songs with some of the best evergreen classics of all time," said Joe Mohen, chairman and founder of SpiralFrog. "We're especially excited to work with Sony/ATV as they continue to grow their impressive roster of songwriters through strategic acquisitions such as the recent purchase of Famous Music."

SpiralFrog provides an integrated entertainment experience for users, with an emphasis on discovering new music and accessing a wide variety of content about the artists they are passionate about. Currently, SpiralFrog is live in the U.S. and Canada, offering more than 800,000 songs for downloading and 3,500 music videos for viewing and/or downloading.

About Sony/ATV Music Publishing

Sony/ATV Music Publishing LLC was established in 1995 as a joint venture between Sony and trusts formed by Michael Jackson. Sony/ATV owns or administers over 625,000 copyrights by such artists as The Beatles, Akon, Beck, Brooks & Dunn, Leonard Cohen, Neil Diamond, Bob Dylan, Eminem, The Everly Brothers, Fall Out Boy, Jimi Hendrix, Billy Mann, Joni Mitchell, Graham Nash, Willie Nelson, Roy Orbison, Linda Perry, Richie Sambora, Shakira, Stephen Stills, KT Tunstall and Hank Williams, among others. Sony/ATV recently acquired Famous Music LLC and the Leiber Stoller catalogue. It is not part of the Sony BMG Music Entertainment venture. On the web:http://www.sonyatv.com/.

About SpiralFrog Page 2 of 2 SpiralFrog Signs Licensing Agreement with Sony/ATV Music Publishing; - Ad Supported Music Service Licenses One of the World's Leading Music Publishers -

Headquartered in New York, SpiralFrog (www.spiralfrog.com) is a Web-based advertising-supported music experience that combines music discovery tools with free and legal downloads of audio and video content licensed directly from the catalogs of the world's leading music owners. SpiralFrog offers music-lovers a compelling alternative to illicit file-sharing and pirate sites within a secure environment.

CONTACT: Gravitas Communications for SpiralFrog Media: Jocelyn Johnson, 212-924-9500 [email protected] or Investor Relations: Jenny Lee, 650-996-8583 [email protected] http://www.businesswire.com

Load-Date: October 23, 2007

End of Document

Exhibit 12 Sony Corporation Entertainment Business Briefing - Final

FD (Fair Disclosure) Wire November 25, 2013 Monday

Body

Corporate Participants

* Yoshinori Hashitani

Sony Corporation - VP IR

* Kazuo Hirai

Sony Corporation - President & CEO

* Michael Lynton

Sony Corporation - CEO of Sony Entertainment, Chairman & CEO of Sony Pictures Entertainment

* David Hendler

Sony Corporation - CFO of Sony Pictures Entertainment

* Kevin Kelleher

Sony Entertainment - CFO of Sony Music Entertainment

Conference Call Participants

* Takashi Watanabe

Goldman Sachs - Analyst

* Kota Ezawa

Citigroup - Analyst

* Masahiro Ono

Morgan Stanley - Analyst

* Junya Ayada

Daiwa Securities - Analyst Page 2 of 25 Sony Corporation Entertainment Business Briefing - Final

Presentation

YOSHINORI HASHITANI, VP IR, SONY CORPORATION: (Interpreted). Ladies and gentlemen, good morning. I'd like to now start the Entertainment Investor Day for Sony Corporation, and we'd like to thank all of you for participating in this event.

Last week, on November 21, we held our Entertainment Investor Day in California, United States, at the headquarters of Sony Pictures Entertainment. And today we would like to also provide you with the information provided at the event in the United States to these market participants who are based in Japan.

Let me introduce to you the executives on the stage. CEO of Sony Entertainment and also Chairman and CEO of Sony Pictures Entertainment, Michael Lynton. Next is David Hendler, who is the CFO of Sony Pictures Entertainment. Next, Kevin Kelleher, who is the CFO of Sony Music Entertainment, and Steve Kober, who is the CFO of Sony Corporation of America.

As for today's agenda, we will show you a video message from Hirai, our President and CEO, who is unable to attend today. And then there will be a presentation on the entertainment business as a whole and also the outline of the pictures business by Michael Lynton, after which there'll be a presentation on the financial aspect of the pictures business by David Hendler.

As for music, the outline of the business and financial aspect, Kevin Kelleher will be making his presentation, and there will be a Q&A session at the end. And in this Q&A session, along with the three presenters, we will also have Steve Kober joining us.

All the presentations will be made in English and there will be simultaneous interpretation into Japanese, and if you need the interpretation services please use the receivers. Channel one is for Japanese. Channel two is for English. And if you do not have the receiver unit, please raise your hand and staff will bring one to you.

The presentation materials for today is in English. Thank you for your understanding.

And let me give you some points for you to take note for the presentations today. For both music and the pictures presentations, the figures are given in dollar base.

Figures for the pictures segment is consistent with the dollar figures that Sony Pictures Entertainment consolidates from its global operations before reporting to Sony Corporation in Tokyo. In the music segment, the yen figures for Sony Music Entertainment Japan is converted into US dollars, after which it's added to the dollar figures for the companies in the United States. The details for the calculation method is included in the press release which is dated November 22.

And also, we talk of adjusted OIBDA in the presentation, operating income before depreciation, amortization and restructuring charges. This is not a measure in accordance with US GAAP, so please take note of that as well. And also the reconciliation or the reconciled figures with US GAAP will be posted on our website in the presentation material.

As for the fiscal year, we use the term FYE in the United States and we will use that term today. For example, FYE14 means the fiscal year ending March 31, 2014, meaning fiscal year 2013. This expression is not the usual expression that we use in other press releases.

Without further ado, I would like to introduce to you Mr. Hirai on a video message.

KAZUO HIRAI, PRESIDENT & CEO, SONY CORPORATION: (Interpreted). Good morning, everyone. My name is Hirai. Today, thank you very much for coming to this Sony Entertainment Investor Day. Please accept my apology for not being able to attend the meeting in person but through video message.

I assumed the position of President and CEO of Sony Corporation in April last year, but I began my business career in 1984 when I joined CBS Sony, predecessor to Sony Music Entertainment. Since then, for 25 years, I was Page 3 of 25 Sony Corporation Entertainment Business Briefing - Final involved in music business in Japan and the United States and the game business, and from 2009 as corporate executive officer and EVP of Sony Corporation in charge of game, PC and mobile audio, as President of Network Products and Services Group.

Through my career, I gained experiences and perspective on Sony's global business, that is to say, electronics and entertainment and network services, and accumulated my experiences in business and as the management. Based on my own experiences, after I became CEO last year, I set Sony's mission as a company that inspires and fulfills your curiosities and (inaudible) work on the products and content services to realize that mission and launch such a product and services and content.

And to that end, myself and everyone in top management and everyone in Sony are united in passion to create innovative content services and products that capture people's imagination and hearts, that deliver value to our investors.

When I look at the Sony Entertainment business, that history started in 1968, and Sony established a CBS Sony in Japan together with CBS Records of the United States, and CBS Sony is the predecessor to the current Sony Music Entertainment. And in 1988, Sony made the CBS Records, which is the predecessor of Sony Music Entertainment, and in 1989 Columbia Pictures, which is the predecessor of Sony Pictures Entertainment, a part of Sony Group and welcomed them in our Group.

We employees of Sony are inspired and motivated by the vision of our founder Akio Morita. Mr. Morita said that hardware and software are the wheels of a car that must move in synch, and he foresaw the advent and the spread of high definition image and the growth of cable and satellite networks and understood that software assets will have a high value. And the vision Mr. Morita upheld has been realized now.

Sony owns the Hollywood movie studio and succeeded in developing a home game console platform, and also took the leadership in establishing the high picture quality video format like the Blu-ray disc. And these results have been achieved by having hardware and software as the two wheels of a car.

And Sony now has a very important content asset, which will enable us -- differentiate us and entertainment business with these content assets is indeed essential for Sony Group's future.

Under the principle of One Sony, I emphasized since I became CEO the end-to-end 4K promotion, from the contents production to TV viewing, and also the pleasant music enjoyment, film and the TV program viewing over on smartphone Xperia and also the unique contents production which could only be enjoyed in PlayStation 4.

These are the activities only Sony can do with electronics and entertainment business in our Group, and the electronics business plays a very important role. With the collaboration of electronic content and services business and by combining the strengths, we can create new value which is greater than the sum of each business.

Now, let me defer to the contribution of entertainment business to our profit and revenue. Pictures and music entertainment segments of Sony have achieved positive annual operating income for 17 straight years, but in the meantime the industry itself has not been stable. The negative aspects, such as the spread of illegal copy and packaged media contraction, but on the other hand there's been a growth of cable and satellite network and the increase in sales of content through network and the video streaming distribution new movements.

And under these rapidly changing circumstances, entertainment business could achieve good results because all these efforts have been accumulated. For instance, Sony Pictures has had 89 movies reach number one at the US box office since the turn of the century.

Sony is producing 38 television series in this fiscal year. That is the highest in our history. Sony's media networks business is also -- is reaching nearly 800m homes in more than 150 countries around the world.

Sony Music now has 1,500 artists on our roster and operations in 44 countries, and are developing new artists with the highest track records in the industry. And with the acquisition of EMI, Sony ATV Music Publishing now administers more than 2m songs, making it number one in the world. Page 4 of 25 Sony Corporation Entertainment Business Briefing - Final

Now, about the strategy of entertainment business going forward, there will be a detailed explanation after me but I'd like to talk about the future direction to some extent.

In pictures, we will look for new opportunities and invest in our fast-growing areas and higher-margin businesses, particularly television production and media network. Motion picture category, we will strengthen the green-light process where we pass our management judgment, and also clarify the profit target for each slate and exercise strict control over production cost and add-in product.

And for both pictures and music, we will solidify the foundation and business to take advantage of the current content asset, but at the same time enhance the content by producing new films, TV programs and new music hits. And also, we will strengthen the global strategy to cover business opportunities other than US and Japan. And also, by providing contents to various platforms such as hardware devices, broadcast and distribution networks, we will enhance the business opportunities and sales channels.

And by strengthening both music and pictures, we will push forward a One Sony strategy and strengthen the collaboration between entertainment, electronics, mobile and games, so we can establish a solid position at Sony Group.

Now I'd like to introduce to you Michael Lynton, CEO of Sony Entertainment and Chairman and CEO of Sony Pictures Entertainment. Michael has accomplished a great deal in his nearly 10 years at Sony and has led many important projects, especially in Sony Pictures, to a great success, and he has been at the forefront of a shift from analog technology to digital world.

And not only his deep understanding of technology but with the appropriate allocation of funds and the exercise of financial discipline, he has led Sony Pictures in a correct direction and it will contribute to the greater profit margin as well as return to the investors. And I trust Michael's vision, technological savvy and business acumen.

I will continue to maintain close contact and collaboration with Michael and realize a transformation of Sony, so that we can achieve a higher level of performance, especially revenue and income. And we'll continue to work towards that and I'd like to ask for your continuous support and cooperation.

Thank you very much for your attention.

YOSHINORI HASHITANI: (Interpreted). Thank you for your attention. In the video message by Mr. Hirai, the key messages is included in the handout material and also the strategic priorities are also included in your document.

Now, in this message, there are some differences that I'd like to point out here. The first one, in the media network, in the pictures segment, it states that Sony's media networks business is also having a record-breaking year, now reaching 800m homes. But it is now 950m homes that we are reaching, so please make a correction or update your document.

And also, regarding music publishing, it says that music publishing now administers more than 2m songs. That's what he said in the video message, but it is now administrating 3m songs, so please also take note of that. Thank you.

Without further ado, I'd like to now invite Mr. Michael Lynton for your presentation.

MICHAEL LYNTON, CEO OF SONY ENTERTAINMENT, CHAIRMAN & CEO OF SONY PICTURES ENTERTAINMENT, SONY CORPORATION: Good morning. Thank you, Hashitani-san, and welcome all of you to the Sony Entertainment business briefing. We hope all of you leave here today with a deeper understanding of the strength of our business and why we are so enthusiastic about the future.

Today, we will explain more about the following businesses; motion pictures, television productions, media networks, recorded music, music publishing and visual media and platforms. Page 5 of 25 Sony Corporation Entertainment Business Briefing - Final

Driving us forward under the leadership of Kazuo Hirai are three key ingredients; global growth, technological innovation and financial discipline. And when we combine those ingredients with our determination to create new entertainment franchises and to contribute to our One Sony strategy, we will achieve our overarching goals, to create powerful content that entertains our audiences and delivers value to our shareholders.

Premium content has never been more valuable than it is in our digital age. High-speed connectivity with nearly ubiquitous access has given rise to dazzling new devices, as well as a multitude of new online services like Pandora and Netflix. And the consumers who use these devices and services demand great movies like The Amazing Spider-Man, great television shows like Breaking Bad and great music, from Elvis to Adele.

Each of our businesses has taken advantage of the world's growing appetite for premium content. Sony Pictures established new film labels to meet the diverse demands of different demographic groups around the world. Sony Music took legendary labels like Columbia, RCA and Epic and rebuilt them to take advantage of rapidly evolving musical tastes and hired cutting-edge talent to find and develop new musical artists and bring them to the world.

Sony, with partners, acquired EMI Music Publishing and now Sony ATV administers the largest library in the world, right at the time when streaming and subscription services and other digital platforms have made the premium content in music libraries more valuable than ever. And in Japan, Sony Music has seized the visual media and platform opportunities that new technology affords to revolutionize the creation and delivery of entertainment to audiences.

There is one more important point to make about the rising value of premium content in Sony. We not only make that kind of content; Sony makes the devices through which billions of people experience it. Sony Entertainment is collaborating more closely and productively than ever with Sony's electronics businesses.

Just look at how Sony Pictures and Sony Electronics are working together on the launch of 4K televisions. Each set features special access to a selection of our movies which were mastered into 4K, to support the debut of this premier product line. No other studio or electronics company in the world is doing that today.

And just 10 days ago, we all witnessed the highly successful launch of the PlayStation 4, the latest and greatest games console in the world. Sony Entertainment has teamed up with Sony Computer Entertainment to bring new and exclusive content experiences to the PlayStation network, so that people who have the PS4 can get special and unique access to Sony produced entertainment.

Let me now say a few words about one of the most important aspects of our strategy; how we're enforcing the kind of financial discipline we need across our businesses to boost revenues, lower costs, increase profits and maximize our margins. Here's a guiding principle for us. No cost is too sacred to cut or too small to examine.

David and Kevin will explain in more detail the rigorous cost reduction plans we have implemented in the past and we will implement in the future. They will outline the financial targets we have set for the next fiscal year and beyond. We have ambitious goals, but I believe we have the right strategy, tactics and team to achieve them.

We will focus our investment in those parts of our business that hold the greatest promise for higher-margin growth, as we have done in the past in digital music and music publishing. Going forward, for example, you will see a significant shift in emphasis in our pictures business from motion pictures to higher-margin television productions and media networks.

We will focus relentlessly on creating hits and developing powerful franchises in our motion pictures, television and music businesses, because they can help ensure a steadier and more predictable flow of revenue and margin growth over a period of years.

We will concentrate on global opportunities for music, film and television, particularly in high-growth markets. International expansion is essential to our long-term financial success.

We will take maximum advantage of the premium content we create and own, especially in the extremely valuable movie, television and music libraries we possess. In this digital age, where mobile access to and demand for Page 6 of 25 Sony Corporation Entertainment Business Briefing - Final entertainment is on the rise around the world, Sony's catalogs of premium content are an invaluable asset we intend to fully exploit.

And we will expand our contributions to the One Sony strategy in a way that helps ensure a rising tide of success raises all of Sony's ships.

As we gather here today, I can honestly say that there has never been a more exciting and promising moment for entertainment than the present one. We intend to seize this opportunity and deliver to our audiences more of the great music and shows and movies they want, and deliver to our shareholders more of the profits that you deserve.

So now, let's dive right into the individual businesses, beginning with Sony Pictures.

Next year marks the 25th anniversary of Sony's acquisitions of Columbia Pictures and the creation of Sony Pictures Entertainment. The early years of Sony's venture into Hollywood were tumultuous ones, so tumultuous that the Company had to take a multi-billion dollar write-down.

But Sony Pictures today is vastly different from the Sony Pictures of the 1990s. We are leaner and more profitable; we make a more diverse slate of films; we have a burgeoning global television production business; we have built an international television networks business primarily in emerging markets.

Now, some of the routes of our reinvention were planted in the 1990s, with the creation of Imageworks and the establishment of Sony Entertainment Television in India, for example. But much of our progress can be traced to 21st century investments and reforms.

In the 1990s, we relied mostly on the Columbia label to produce our films. It is still the workhorse of our motion picture division, but over the past decade we've created or rebooted labels including Sony Pictures Animation, Screen Gems, Worldwide Acquisitions, TriStar and Sony Pictures Classics. These labels today enable us to diversify our film-making, innovating to meet the evolving tastes of audiences and the trajectory of technology.

Columbia brings you the studio's tent-pole movies like Spider-Man, Men in Black, 2012 and James Bond. The bulk of the resources we put into Columbia go toward acquiring and developing tent-pole movies, because increasingly they are the foundation of every studio.

Columbia also has a very successful R-rated comedy business with films like Superbad and Zombieland and upscale films like The Social Network and the recently released Captain Phillips with Tom Hanks. We know the formula to make these work; keep production costs down low and make sure that filmmakers have skin in the game by keeping their fixed compensation low. If we don't make money, they don't make money.

The last decade has also seen an explosion in animation and family films. Recognizing this, we built Sony Pictures Animation out of our in-house visual effects company Imageworks. This had two key benefits. It allowed us to get better utilization out of our investments in Imageworks, and it gave Sony a running start into the highly profitable family film market.

Screen Gems grew out of the lucrative home entertainment division and produces genre films for targeted audiences.

In August, we announced a deal with Tom Rothman, whose movies will be released under our TriStar label. Tom is going to be focused on targeted action movies with mid-range budgets.

We also supplement our slate with films from our Worldwide Acquisitions Group.

Lastly, Sony Pictures Classics continues to deliver critically acclaimed Academy Award winning releases like Woody Allen's biggest box office success ever, Midnight in Paris.

And while all of these teams develop, produce and acquire their own movies, they are supported by the strength of a single efficient worldwide marketing and distribution operation to minimize overhead expenses. Page 7 of 25 Sony Corporation Entertainment Business Briefing - Final

Another key development of our -- element of our strategy is to focus on the markets with the greatest capacity for growth. Territories such as Brazil, China, Russia and South Korea are increasingly important theatrical markets for Hollywood films. We seek stories with universal themes that can be enjoyed across cultures and languages, and we partner with some of the finest international filmmakers to give films broad appeal.

We also recognize that many territories have their own thriving local film markets, and we see this as an opportunity rather than a challenge. We partner with key local film talent and have already seen success in countries such as China, Germany and Russia.

Another priority of ours is managing talent relationships, because in addition to the label strategy this is the other piece of the puzzle that keeps the studio fresh and vital. We think about talent relationships in a couple of ways.

One way is about creating the right pipeline of intellectual property, or IP. We partner with existing IP brands that have a proven following and are a good fit for our studio. An example of this is Angry Birds, the worldwide gaming phenomenon that we are making into a movie for summer 2016.

We are also making movies out of Uncharted and Gran Turismo, two incredibly successful PlayStation games. And we begin filming the next book in the Da Vinci Code trilogy, Inferno, with Tom Hanks next fall.

But the other approach to franchises is about building rather than buying. Our strategy is to be in partnership with the most creative minds in the industry so we will have the first look at the next great franchise, and that means investing in filmmakers that we believe are going to be tomorrow's George Lucas.

While fostering and maintaining strong relationships with talent is therefore incredibly important, the key is to develop those relationships in a financially disciplined way. We examined every aspect of our filmmaking process, starting with development, where we have cut term deals, which are a contractual relationship with the producer for a concrete period of time, by more than 50% from their peak.

And we followed this with a revised green-light process that is more onerous from end to end. Key stakeholders from across the businesses work with me to methodically review the line-by-line economics of each film. More specifically, we take a hard look at talent costs, which we have reformed in recent years, cutting back on so-called first dollar gross deals and instead making the talent our partners in success.

We scrutinize production budgets, to be sure we are keeping shooting days to a minimum, controlling special effects costs and getting the most out of our tax incentives.

We give equal scrutiny to a detailed marketing budget, including the impact of seasonality on our releasing costs. If the releasing date is creating an unacceptable burden on marketing, we determine a more suitable date for that film.

We examine all revenue assumptions that are included for theatrical receipts and ancillary sales, to ensure that current market conditions and the competitive landscape are accurately reflected. The times demand that a higher bar be set, and we have done just that.

You heard me mention talent, and as an aside let me clarify a misperception about our strong talent relationships. This is not about giving talent perks or relinquishing financial control of our productions. Rather, it means that Sony fosters an environment where a wide variety of creative visions are respected and realized.

We want our partners to bring the studio cutting-edge opportunities, but only if they meet our standards for profitability. And that means having some very difficult conversations; saying no when in the past we might have said yes; telling an actor we will not make a film in their city of choice when we have an alternative location that offers incremental cost savings; telling a director that the film is absolutely not going over budget and putting them on the financial hook for any overruns; and telling our own development people no when they're in a bidding war for a project and the price starts to jeopardize an attractive return. Page 8 of 25 Sony Corporation Entertainment Business Briefing - Final

These are just some of the examples of how we have tightened controls to ensure that our relationships are working for us.

Beyond the filmmaking process, we are focused on operational efficiencies to reduce costs. We united our domestic and international film marketing and distribution teams, to save money and allow for more seamless promotion of films with global appeal.

We implemented shared services for corporate tasks, like finance and IT. We formed joint ventures in key markets for more efficient regional operations in home entertainment and motion picture marketing and distribution, which enabled us to cut a territory's overhead by 30% to 50%. In addition, we engaged in several rounds of layoffs studio wide, totaling more than 800 positions over the past four years, and we continue to find new ways to reduce costs.

Even as we meet today, we are in discussions with experts to help us identify more efficient ways to do business in the future. We are proud of our record of financial responsibility, but we are not satisfied with it.

Now, let me turn to our television business. Right now, we are in a golden age of television and the possibilities are limitless. The writing and production value of shows has never been better, and unique projects are finding ever more dedicated audiences.

In the United States and other developed markets, new devices and platforms are driving an increasing appetite for premium content. Yet, even with the explosion of smartphones, tablets and online platforms, traditional television viewing continues to grow.

In many international markets, paid television platforms are adding new channels, investing in programming, increasing viewers every day. Hit shows and formats are finding more global distribution, which increases revenues while reducing financial risk. At the same time, the market for local programming is thriving, which offers yet more opportunities for studios like ours.

Before we look ahead, let me spend a minute taking you back. In 2000, things looked very different than they do today. We had basically exited US television production, with few new shows in development and just a handful of international networks. Since then, we have rebooted our US television production and are now scaling that business up dramatically, and we have invested in international production companies and channels.

Today, Sony Pictures Television encompasses a diverse, stable set of businesses in two distinct categories; television productions and media networks. We produce, license and broadcast some of the world's most recognizable entertainment content, giving us one of the strongest worldwide television business portfolios in the industry.

Our productions and network businesses are key growth areas for Sony Pictures. Our television productions business is not tied to one US television network, and this has given our team two distinct advantages.

First, it enables us to produce programming for all of the networks, broadcast and cable, and this means that our content can find a home where it has the best opportunity to succeed. As a result of this ability to find the best homes for our shows, we now have programming on nearly every major United States network.

Second, our independence enables us to be more nimble, and this has made us a key partner for new platforms.

We also know how to manage risk. Our new series production is balanced by our highly stable, profitable shows, like Wheel of Fortune and Jeopardy. These legendary shows are celebrating their 31st and 30th seasons, respectively, and remain at the top of the ratings. We also produce Days of our Lives and the Young and the Restless, two of the four daytime dramas on network television, each producing five new original episodes every week.

Although these shows have been with us for decades, we are constantly exploring ways to keep them fresh, find new audiences and leverage the power of the brands we have built over the years. Page 9 of 25 Sony Corporation Entertainment Business Briefing - Final

We have also built our off-network syndication pipeline, with shows like King of Queens, Community and Rules of Engagement, and we have new shows well on their way to joining that group. Growing our syndication pool drives margins and profitability over the medium term and counterbalances the natural risk inherent in the new production business.

Our current productions business is now operating at scale. As you can see, airing in the current fiscal year and beyond we have 38 ordered series, more than ever in our history, for 16 different United States networks. That's more than two and a half times the size of our slate 10 years ago.

Outside the United States, international markets have enabled Sony Pictures Television to expand into local productions all over the world. Over 18 production companies in 14 countries are hard at work, churning out fresh content for their own markets.

We are also finding great opportunity in exporting hit formats into new territories. Our non-scripted programs travel particularly well. Who Wants to be a Millionaire has been sold in 120 countries, and local versions of the Doctor Oz Show has been produced in 19 countries.

We have exported scripted formats as well, from local versions of Everybody Loves Raymond to Breaking Bad and many more. In fact, Sony Pictures Television is the industry leader in scripted format adaptation around the world.

Sony Picture Television's formats have generated content in 73 languages in over 100 countries, and those numbers are growing every year.

Next, let's turn to our second television business, media networks. Sony had an early focus in international networks. As a company incorporated in Japan, ownership of US broadcast stations was prohibited due to US regulations.

By making a virtue of necessity, Sony saw the potential in emerging markets like India and Latin America and elsewhere, and has been steadily creating a global portfolio of branded networks, delivering both targeted and general entertainment content. Over the past five years, we've invested hundreds of millions of dollars to increase our ownership in key network assets, in particular MSM India and our US cable channel, GSN.

In total, we have launched or acquired 34 new businesses, including channels, digital services and sales operations, to build and broaden our portfolio, and our bets are paying off. Today, our 127 channel feeds are viewed in more than 150 countries. That's up from 78 feeds in 83 countries just 10 years ago. Approximately 950m subscribers around the world now have access to our programming.

The expansion of our business has driven significant top-line growth, demonstrating a compound annual growth rate of 24% over the past 10 years. We are also a truly international business, with over 75% of our revenue generated outside the United States, of which 37% is generated in India.

As you can see, many of our networks exist in emerging international markets, where traditional pay television continues to grow, creating new opportunities for program channels. Meanwhile, in our more developed markets, we are capitalizing on increased demand for our content and services, with the proliferation of connected devices and digital platforms.

And we have not just launched channels; we have created a global portfolio of network brands. To TV viewers in many countries, Sony Entertainment Television, or SET, stands for world-class entertainment, from both local and US sources.

AXN represents high-adrenaline, action-oriented series and movies in over 60 countries worldwide. Our Animax channel builds on Sony's Japanese roots to deliver the best of the Japanese anime genre to audiences in 27 countries, and is expanding into new platforms with an SVoD service in the UK. Page 10 of 25 Sony Corporation Entertainment Business Briefing - Final

We continue to invest in these networks organically and we continue to make strategic content investments where we need to, like in India, where in 2008 we bought the long-term rights to the Indian Premier League cricket that will continue to drive immense profitability and value for the Sony brand in India.

These are important long-term investments. And as these markets mature and our networks scale up, this will further drive up our margins while delivering profitable growth.

Going forward, Sony's media networks will be a cornerstone of our growth strategy. In order to continue to drive profits and build asset value, our networks will work more closely with our production teams to create and deliver great programming. We will evaluate and potentially reduce our footprint in markets that show less opportunity for growth, and we will focus on building and expanding our businesses in Latin America and India.

That brings me to the strategy we will use to make Sony Pictures more successful and more profitable across the board. First, we are accelerating our investments in high-growth and high-margin businesses, with a particular focus on international and domestic television networks.

The expansion of pay television services and the growing ranks of the middle class in emerging markets help drive demand for well-programmed media networks. Sony Pictures Television will build on its already strong presence in this area, and in television productions as well. We are well positioned to create both the content and the means to deliver it to audiences worldwide and, as we do, our revenues and our margins will expand.

Second, all of our businesses are aggressively pursuing growth strategies in the digital space, as well as international markets. That means meeting the growing demand for premium content that has been generated by new digital distribution partners and international customers. It means continuing to expand and launch new commercial digital models, like UltraViolet, Crackle, and other new streaming and sell-through services.

We will continue to develop content with universal appeal, while also bolstering our ability to produce local language product and formats in emerging international markets. We are also exploiting the ancillary opportunities that digital brings to our own networks, particularly our GSN channel in the United States.

Third, we will maintain an innovative and entrepreneurial culture and make smart strategic investments to secure future growth. That is the spirit that brought us Breaking Bad and Crackle and the rebirth of Screen Gems and Sony Pictures Animation. It is what inspired the launch of the new TriStar and our Worldwide Acquisitions Group.

Fourth, we emphasize creative excellence, agility and risk taking. Let me just give a few recent examples of what that means.

We had great success with the first three Spider-Man films, but realized it was time to take a risk and reboot the franchise with new talent, and the bet paid off handsomely. We helped Eon and MGM launch James Bond, with a brand new actor to play 007, and brought the world three of the most profitable Bond films ever, including the billion-dollar box office hit, Skyfall.

Fifth, as I mentioned before, we are keeping financial discipline front and center. David Hendler will expand on this further in a moment.

Sixth, we continue to manage risk, which is especially important in this line of risk. Knowing how to navigate risk is something that has stood all of the studios well over the years. We manage Sony Pictures as a portfolio of businesses, and as we collaborate to leverage the mutual benefits of these businesses, we drive not only their individual success but also the collective success of Sony Pictures.

We also manage risk by continually keeping close watch on our mix of domestic and international businesses, helping to insulate ourselves against trends in any single region. Similarly, our diversified film portfolio balances big budget tent-poles with lower budget genre films.

We are also using third-party financing for certain films to reduce risk. Taking on the right film financing partners at the right time has the added benefit of smoothing the fluctuations of a hits-driven business. Page 11 of 25 Sony Corporation Entertainment Business Briefing - Final

And seventh, we are capturing the opportunities that can only be found in the power of One Sony. Sony Pictures and Music act as partners to create unique projects that leverage both of our capabilities. This includes creating film documentaries of Michael Jackson and One Direction, and hiring Adele to create the Academy Award winning theme song for Skyfall. It includes special bundles of Sony Pictures films for Sony's latest Xperia phone, to embrace and enhance the new world of mobile content.

With our colleagues from across Sony's businesses, we stay on the leading edge of how content is made, distributed and ultimately experienced by the consumer. No other studio can do that.

By pursuing this strategy in a consistent and thorough way, we expect strong top-line growth for Sony Pictures. We are also setting the path to higher operating margins, a metric which we have committed to improve. And we are being more transparent with you than we ever have before, both as a demonstration of our confidence in our approach and as a way of holding ourselves more accountable than ever for the results.

Thank you. And now I'm pleased to hand over to David Hendler, who will give you a financial overview of Sony Pictures Entertainment. David?

DAVID HENDLER, CFO OF SONY PICTURES ENTERTAINMENT, SONY CORPORATION: Thank you, Michael. I'm David Hendler, Chief Financial Officer of Sony Pictures Entertainment. I would like to take you through a detailed view of our plan to meet the goals that Michael laid out.

We will start with a review of our historical financial performance. Then I will go into more detail about our commitment to margin improvement, cost control and financial discipline. Finally, I will look at our future guidance.

As you can see here, year after year, SPE has been a major source of revenue and profit for Sony Corporation. In fact, we have met or exceeded the profit performance targets we have set in conjunction with Sony Corporation for 9 out of the last 10 years, which demonstrates that we maintain stability in a hits-driven business. We're able to achieve this record by balancing a highly diversified portfolio of business.

Note, however, that while our annual earnings have been fairly consistent, our quarter-to-quarter earnings have a much different pattern, based on the nature of our business. Here you see those same five years of operating income broken down by quarter. The variability in the quarter results is the normal course in a creative business.

Let me give you an example. Last year, we released The Amazing Spider-Man in the US on July 3. That means we took nearly the full expense of the film's theatrical marketing in our first financial quarter, ending June 30, while taking nearly all the box office revenue for the film in our second financial quarter, July through September. Next year, Spider-Man will be released on May 3, which means quarter four of the prior year will absorb much of the theatrical marketing costs, while quarter one will benefit from box office revenues.

Film release dates are driven by the optimal timing for each individual title. As you can see, no single quarter properly reflects our annual profitability.

We recently reported, on a yen basis, a second quarter that was down relative to last year's quarter two. However, we anticipate that our full-year operating income will be essentially flat to last year.

Entertainment is a year-round business and we manage it in 12-month cycles. One of our key strategies underpinning our annual performance is diversity. By maintaining a wide variety of income streams, Sony Pictures is able to manage the ebbs and flows of any single business or territory.

For example, let's look at the breakdown of our revenue by business line. Since fiscal year ending 2004, our television businesses, TV productions and media networks have grown from 28% of the studio's revenues to 39%, a trend that we think will continue. And given that the television businesses typically yield higher margins that have grown to represent an even greater proportion of our operating income, very, very significant.

There are two key points here. The first is that a substantial percentage of our profits are coming from our highest- growth businesses. That gives us great capacity to drive future profit growth. Page 12 of 25 Sony Corporation Entertainment Business Briefing - Final

The second is that this mix enables us to balance our high potential but riskier content businesses, such as motion pictures and broadcast television production, against our more stable, lower-risk businesses, such as media networks and cable television production.

In addition, our businesses become increasingly global. In fiscal year ending 2004, we were only deriving about a third of our revenue from international markets. By our last fiscal year, this had grown to over 50%. You've already heard from Michael that we expect this trend to continue, and SPE is shaping its business to capitalize on that opportunity.

At a more detailed level, we have seen further diversification across specific regions, which helps insulate SPE against variability in any single territory.

Our revenue by source depicts the same well-balanced picture. From fiscal year ending 2004 to 2013, newer revenue streams, namely advertising and television affiliate fees, have grown to balance our more traditional businesses of content licensing and home entertainment. This diversification provides further stability for our bottom line.

But we're equally focused on managing our operating margins. With our diversified portfolio of TV and film businesses, our approach to driving margins is twofold. First, we'll continue investing in our high-margin businesses which have capacity for growth and, second, we will further improve the economics of a more mature motion picture business.

Let's take a deeper look at both of these. Our plan to build on our high-margin businesses includes carefully targeting growth opportunities for our global networks. In addition to driving higher margins for the overall studio, the networks business itself can achieve operational efficiencies from greater scale over the long term.

We will also further leverage the success we've had in cable TV production, which requires moderate capital, pays back faster than media networks and generates relatively high margins. And building on our success in cable, we'll continue to invest in broadcast productions, which requires higher capital but can be extremely profitable when they hit big with audience and continue for a number of seasons.

Additionally, we will continue to invest in the growing animation business, where the production costs, particularly talent, are low relative to the potential payoff at the box office and in the downstream markets. We will also build on the strength of our Worldwide Acquisitions team and the repeated ability to identify small films and direct-to-video projects with the potential for breakout success.

This investment strategy is not new for Sony Pictures. From fiscal year ending 2007 to 2013, we have invested over $400m in our media networks and we've committed hundreds of millions more to increase our ownership of GSN and MSM India. In recent years, we've also invested nearly $1b in television production for broadcast and cable customers, over $750m building our animation business and over $1b in independently produced films through our Worldwide Acquisitions Group.

The second part of our margin improvement plan focuses on boosting the economics of our mature businesses, particularly motion pictures. To do this, we are optimizing the green-light process, focusing on absolute profit and risk management, maintaining cost -- and maintaining cost control and financial discipline.

Our green-light process is a key tool for selecting films that meet our requirements for profitability and return on capital. We continuously refine the green-light process to reflect current film economics and market conditions. Earlier today, you heard Michael describe how he evaluate our green lights on a line-by-line basis.

We're vigilant in driving down production, marketing and distribution costs, and we take a very, very hard look at every film's revenue potential. At the same time, we've raised the bar for expected profitability and slate return despite an increasingly competitive market for films. Page 13 of 25 Sony Corporation Entertainment Business Briefing - Final

Over the last several years, we've implemented more aggressive hurdle rates, a full allocation of all overhead and an analysis of each film for its expected impact on the overall slate profitability. This high standard for success requires not just the diligence of our own creative executives; it equally requires the collaboration of our partners.

In particular, we've restructured our deals with talent so they fit with our own goals to maximize profits. With few exceptions, we negotiate talent deals so contingent compensations predominantly earn post-cash breakeven. And we penalize talent for budget overruns, so they were well incentivized to control costs.

While we continually seek ways to improve our margins, it's also important that we maintain a focus on absolute profit and risk management. One of the ways we drive incremental profit is by distributing content on behalf of third parties. In many of these deals we're required to report all of the revenue but only a portion of the profit. However, these distribution deals provide a low-risk way for the studio to leverage its existing operations and generate incremental operating income.

Moreover, our co-productions arrangements frequently require us to report all of a film's revenue against a share of the profits. While this can result in unattractive margins, these deals are strategically selected to bring us highly profitable films, such as the James Bond franchise.

Finally, by taking on third-party financing for our film slates, we're able to better manage both cash and risk, but at the same time they will dilute the operating margins as we share profit with our investors.

It's also important to note that our strategic investments, which will drive future profits and higher margins, are frequently margin dilutive in the near term. Perhaps the best example of this is the networks business. Networks are a long-term investment, which on average take four to five years to reach profitability. However, as these investments mature, their margins will naturally increase.

As we illustrate here, the average operating margin for networks up to five years old is negative. By contrast, the average operating margin of a network at least six years old is far more attractive. We launch new channels understanding that a negative short-term impact is often required to drive margins and build asset value for the future.

In order to achieve our aggressive targets, we're also committed to cost cutting and financial discipline. Cost-saving initiatives are not new to SPE. We've been restructuring our business since the decline of the DVD business in 2007.

Our previous initiatives were focused on operational efficiencies and overhead reductions. The next phase in our ongoing cost-reduction program was launched last year. We're now in the process of eliminating approximately $250m of costs from the business. These reductions have already started and will continue through our fiscal year ending 2016.

This plan was built from the bottom up and is focused on two key areas for cost savings. We have a wide range of overhead and operational efficiency initiatives, which are expected to collectively drive run rate savings of over $150m by the end of fiscal year 2016.

For example, we're continuing to streamline international operations with additional JVs and sub-distribution deals. We're driving down distribution costs, particularly for physical media. And we've taken a hard look at headcount to identify reductions.

Additionally, we're driving cost savings in procurement, where we anticipate run rate improvements of approximately $100m by the end of 2016. In addition to these two key savings categories, we're also undertaking further reductions in theatrical marketing, where we see opportunity in areas such as media, print and outdoor.

And we're not stopping there. As Michael mentioned earlier, we're kicking off another extensive overhead review with the support of an independent third party, to ensure that no opportunity is overlooked. Page 14 of 25 Sony Corporation Entertainment Business Briefing - Final

Now I'd like to walk you through our guidance. With respect to fiscal year ending 2014, on a yen basis, Sony Pictures' year-on-year sales are expected to increase and operating income is expected to be essentially flat.

Looking ahead to our fiscal year 2015, we project revenue of $8.4b, adjusted operating income before depreciation and amortization of $755m, with a corresponding margin of 9%, and operating income of $630m, giving us an operating income margin of 7.5%.

Taking a longer-term view, we expect Sony Pictures' annual revenue growth from our fiscal year 2013 to 2017 to be in the low to mid-single digits, which includes motion pictures flat to slightly down, television productions in the mid to high single digits and media networks in the low to mid-teens.

It's worth noting that our fiscal year 2013 was an extraordinary year for our motion picture group and gives us a very high base to calculate its anticipated growth rate.

We expect a growth rate for adjusted operating income before depreciation and amortization in the high single digits, and we expect the operating income growth rate in the high single to low double digits. All three categories in the pictures segment are profitable and we expect our profitability to improve going forward.

Thank you for your time. It's been a pleasure to share our business with you today, and I will now turn it over to Kevin Kelleher to give you an overview of our music segment.

KEVIN KELLEHER, CFO OF SONY MUSIC ENTERTAINMENT, SONY ENTERTAINMENT: It's a pleasure to be here today to present you a snapshot of Sony Music's operation, as well as give you direct insight into our forward- looking strategy. Today, I'll be discussing recorded music, music publishing and visual media and platform categories of Sony's music segment with you, and offer some insights into our financial performance and outlook in these areas.

Let me start by giving you a view on the current state of the industry. This is an exciting time of change and opportunities for music. We are more optimistic about the business now than at any time in the last 10 years.

We are seeing promising signs, early signs of real growth, driven by the emergence and expansion of new digital models that truly recognize the value of content. With this return to growth, we believe the future for music is bright and that profit and margin improvement will continue.

Let's first look at the recorded music category of the music segment. Our recorded music vision is to build the leading music company powered by the industry's most respected and innovative creative teams, focused on maximizing profits. To do this, we've developed multiple sources and channels to find and develop talent; we have also assembled an extremely talented leadership team to oversee these efforts.

To grow our business, we are pursuing a number of key strategic initiatives. Our number one strategy is to gain profitable market share. Having hit music is critical to our success and essential to our ability to grow profits. We achieve this by aggressively signing new artists, being the best in new artist development and by maximizing the exploitation of our existing artists and catalog.

Central to our strategy is being a leader in creative innovation. We need to have a strong creative vision and leadership to assemble all the ingredients required to create a hit. This includes identifying the right song, matching it with the right artist, the right production and the right marketing plan, all of which is done through our creative centers.

As you can see from this slide, at recorded music operations we develop talent across a number of channels. Our core labels, which include Columbia, Epic and RCA, are home to many of the industry's most accomplished and globally successful artists. We also develop talent through a number of important creative partnerships, which further broaden our artist reach.

In addition, we participate in the thriving independent music sector through Red distribution and the Orchard, which provide a range of services to independent artists and labels. Page 15 of 25 Sony Corporation Entertainment Business Briefing - Final

Having strong, diversified creative centers is absolutely vital to our success. Over the last two and a half years, Sony Music has been focused on growing and invigorating its creative centers. Through these efforts, we have enhanced our ability to sign, develop and break talent all over the world, and best position us to deliver our strategic goal of increasing profitability.

Now, turning to some of the other core strategies the recorded music business is pursuing. First, we are focused on growing our digital business. After more than 10 years of continuous decline, the global music market is showing some promising signs of stability driven by growing adoption of digital models. We believe that the industry is very close to the critical inflection point whereby the growth in digital revenues will soon more than offset the decline in physical.

In 2012, we saw 9 of the world's top 20 markets in 22 countries in total posting growth. Digital sales were $6b in 2012 and continue to grow at double-digit annual rates. In 2012, digital sales represented approximately 36% of total music sales, and we expect digital to surpass the 50% threshold within the next two years. We have already seen this threshold surpassed in some countries like the US, where the digital market is already over 60%.

From this slide, you can see the makeup of our global digital revenue base and how the composition is forecasted to change over the next four years. Currently, downloads make up 70% of the digital music business, but as this channel continues to mature we expect single-digit growth rates during the next few years, especially in the developed markets.

Conversely, we expect subscriptions to become the largest component of the digital market, with an annual growth rate exceeding 30%. We believe growth will be led by subscription services continuing their international expansion, offering bundled deals with telcoms and ongoing product improvements.

Online and satellite radio have gained critical mass to generate meaningful performance income for the recorded music industry. We expect revenues from these platforms to grow at compound annual rates of approximately 15% during the next few years.

Music video platforms are also providing the recorded music industry with a growing stream of revenues that didn't exist several years ago. Annual growth is also expected at approximately 15% for this revenue stream over the next few years.

We believe we are strongly positioned to take advantage of the opportunities in digital, as the business increases its transition to the digital platforms.

Another core strategy for the recorded music is to maximize our One Sony opportunities with the other Sony family companies. As part of that focus, we work on a variety of initiatives that simultaneously enhance the marketing, distribution, monetization opportunities for Sony Music and help drive exposure, awareness and sales for the other Sony products and services.

For example, we are collaborating with Sony Electronics and Sony Mobile on everything from custom music apps to product marketing campaigns featuring Sony Music artists. We look forward to continued collaboration with our sister divisions and view this as a very important element of our strategy going forward.

Moving on to another core strategy we are pursuing, is further broadening Sony Music's revenue streams. We do this through a number of key initiatives.

Where it relates to our artists, our goal is to be at the center of artist activity. This includes not only the production, marketing, promotion and exploitation of the artist's recorded music, but also the artist's touring, merchandising and brand sponsorships.

In addition, we are generating new revenue streams through the development of entertainment content. Syco Entertainment, our very successful partnership with Simon Cowell, has had great success with the X Factor and Got Talent TV formats. Sony Music participates in the revenue that these formats generate globally, and such revenues are included in the visual and media category of the music segment. Page 16 of 25 Sony Corporation Entertainment Business Briefing - Final

Got Talent, the world's number one TV format, is produced and broadcast in 42 countries. The X Factor is produced and broadcast in 30 countries. As part of the X Factor's continued expansion, they recently launched in Okinawa, Japan to very positive ratings.

Syco has also been very successful and a consistent source of talent for the Company. Artists developed off of X Factor and Got Talent include One Direction, Susan Boyle, Leona Lewis.

Another one of Sony Music's core strategies is effective cost management. During the past dozen years, we have been laser focused on reducing costs and maximizing efficiencies across all areas of our worldwide operation in response to the declining industry revenues.

Following the Sony/BMG merger, we consolidated, integrated, reorganized and streamlined our worldwide operations. Since then, we have continued each and every year to reduce costs by rationalizing our back office functions, outsourcing the non-core areas, consolidating and reducing our real estate requirements, consolidating and decommissioning IT systems and applications, and cutting back on all areas of discretionary spending. At the same time, we are continually instituting process improvements and best practices to further drive efficiencies across our operations.

As a result of these efforts, Sony Music's overall headcount and overhead are down approximately 50% since 2004. In addition, our annual marketing spend has been reducing by approximately $300m due to an increased focus on marketing effectiveness, as well as a shift in our spending from the traditional advertising channels to the more effective online networks and platforms.

Likewise, our supply chain costs have been favorably impacted as the businesses transition from physical formats to digital. Costs such as manufacturing, returns handling, obsolescence, warehousing, shipping, are all down. Bad debts have been reduced, and in turn profitability and margins have improved.

Overall, as a result of the ongoing focus and efforts to reduce costs, Sony Music has remained profitable and cash flow positive during this dramatic transition of the music industry. Continuously aligning our cost base to reflect the realities of the marketplace remains an ongoing process and fundamental to our strategy going forward.

International growth is another key strategy. Internationally, our success owes much to the fact that we follow the adage think global, act local. Developing local repertoire music that comes from and remains popular in particular markets is a core part of our business and growing in importance.

An example; in Japan, all the top 10 albums of 2012 have been from the local repertoire; in Italy 8 out of 10; in the UK, Germany and Spain 7 out of 10; in France 6 out of 10.

As you can see from this slide, globally the markets for music are in varying stages of development. The biggest revenue generators for Sony Music internationally are the mature markets. This includes Japan, the second-largest music market behind the US, where Sony Music has been the clear market leader for many years.

Mature markets also include the UK, Germany, France, Australia and Canada. For these markets, we are focused on all our global strategies, with the keys to continued success being artist development and maximizing digital transformation.

Meanwhile, we are seeing some of the biggest near-term growth in streaming-centric markets like Sweden, Norway, Denmark, Finland, Belgium and the Netherlands, where digital sales have surpassed physical. For example, Spotify in Sweden sells 60% of the country's music, streaming it to multiple devices such as smartphones, computers and tablets, and the Swedish music industry's revenues are back to where they were 10 years ago. Central to our strategy for these streaming-centric markets involves gaining profitable market share through maximizing our repertoire and streaming services through curation and playlists.

Some of the biggest opportunities for long-term growth, both as a company and an industry, reside in the emerging markets, where paid music consumption is currently low yet the possibility for future monetization is significant. This Page 17 of 25 Sony Corporation Entertainment Business Briefing - Final includes markets like Brazil and Mexico in Latin America, India and China in Asia, and numerous countries in Africa, all of which are experiencing growing demand for music driven by increased smartphone penetration.

To unlock the potential in emerging markets, our efforts include everything from investing in local repertoire, developing digital models tailored to succeed, given even the specific market characteristics, and develop various music related businesses that diversify revenues beyond recorded music.

Overall, we believe our multi-pronged strategy for the recorded music business focuses and well positions Sony as we enter the period of stability for the industry.

Now, let me turn to the music publishing category of the music segment. With a market share of 31%, Sony ATV is the industry's largest music publisher, significantly ahead of the 22% share that Universal has.

Sony ATV owns or administers over 3m songs and represents the world's most unique, comprehensive and diverse catalog. Formed in 1995 as a 50/50 joint venture between Sony and Michael Jackson, the Company includes the unparalleled Beatles catalog as well as songs by iconic artists like Bob Dylan, Joni Mitchell, and of course Michael Jackson.

As of last year, Sony ATV also manages EMI Music Publishing, which includes the extraordinary Motown catalog as well as all the songs from the glory days of the motion picture musicals from MGM and United Artists, like Singing in the Rain, Meet me in St. Louis and The Wizard of Oz.

The acquisition of an interest in EMI provides Sony Publishing business with several important opportunities and benefits, including access to the world's greatest catalog of music spanning many decades and genres. The deal also offers the ability to leverage the operating structure to service the EMI catalog in a very cost effective way.

Since the acquisition in June of 2012, Sony ATV's priority has been to devote all the necessary resources to integrate EMI into its business, and this [2014] transition remains on pace and to be completed in June of next year.

Using the state of our licensing and administration systems, Sony ATV expects to reduce EMI's pre-acquisition overhead costs by 66%. As part of the acquisition, Sony ATV administers EMI copyrights and receives a fee based on its earnings. Under this arrangement, Sony ATV participates in the growth of EMI as the Sony Corporation through its equity investment.

In order to maintain its industry leading position in publishing, Sony ATV has developed three basic strategies; first, continuing to proactively license and market its incredible catalog of popular music for all uses, including new and innovative digital services; second, maintaining its number one position through the strength of its artist and repertoire teams around the world, which lead the industry in discovering, signing and developing best new songwriters globally; and finally, as digital represents the best growth opportunity, continuing to grow digital earnings by entering into new deals with digital music providers and by renewing and enhancing existing deals wherever possible.

With these strategies in place and with its great catalog, fantastic roster of songwriters and the outstanding management team, the publishing business is well positioned to take advantage of a number of strategic and profitable opportunities to drive additional growth and success moving forward.

Let me now turn to the visual media and platform category of Sony Music segment. The ongoing evolution of the music industry has created unique opportunities to create new businesses and expand revenue streams, and Sony Music Japan is at the forefront of innovating in this area.

As you can see from this slide, the visual media platform category encompasses multiple businesses targeting various markets with connections to music. First is the solutions business, which provides important marketing services as well as vital manufacturing and distribution offerings to numerous recording artists and other companies in the music and entertainment eco-systems. It services over 1,000 clients and comprises more than 50% of the total of the visual medial platform revenues. Page 18 of 25 Sony Corporation Entertainment Business Briefing - Final

The solutions business clients include Sony Music Japan artists, artists from other recording labels and companies, and other businesses in film, gaming, broadcasting and the electronics industries. Sony see opportunities for growth in the solutions business driven by ongoing expansion of its client base to include non- entertainment companies.

Next is the visual business. This category includes Sony Music's Japan animation business, which leads the popular animation genre in the Japanese market. Sony Music Japan made a significant investment in Japanese animation a decade ago, in recognition of the wide popularity of animation in Japan across all age groups, and it's powered as a promotional platform for artists, for new music.

Today, the visual business is the second-largest contributor to the visual media and platform sales, accounting for a third of its revenues. It delivers 30 titles and 700 visual products each year. And since the initial investment in animation in 2003, visual business sales through 2012 have increased at a compound annual growth rate of 24%.

Sony Music's animation company, Anaplex, has emerged as the market leader and is a key distributor of animated content around the world, with Anaplex titles being shown in 73 countries globally.

Media is another component of the visual media platform. This grouping includes the leading music magazine publishing company in Japan, Music On! TV, the number one music television channel and the most influential music TV programmer in Japan, and a network media business which transmits live concerts all over the globe. The media business continues to leverage its combined strength in broadcast, magazine publishing and network media sectors to drive further growth.

Finally, there is the live entertainment business, the area within the visual media platform business with the biggest potential for growth. Sony owns and operates six live venues across five cities in Japan under the Zepp brand. Each venue is a medium-sized facility holding 2,000 people and specifically designed to serve the capacity demands of developing and new artists.

The Zepp concept appeals to artists of all different genres and a wide variety of fan groups, as evidenced by the high utilization rate. One important aspect of Zepp venues is that all locations have the same size stage, the same sound and lighting equipment, which makes it easy and cost efficient for artists to conduct tours where they play three to five days consecutively at the various Zepp venues. Based on overwhelming positive feedback from artists, Sony sees an opportunity to expand the Zepp venues outside of Japan into the Asian cities that lack high- quality, medium-sized venues.

As you can see, visual media platform is an important area of development for the music segment, and Sony is focused and committed to continuing to grow these businesses.

Now that you have a better sense for Sony Music's businesses and the key strategies for growth, let me provide you with an overview of the financials underlying the music segment. This includes results and outlook for the recorded music, music publishing, visual media and platform categories that we've been discussing.

As indicated earlier, we believe that after more than a decade of contracting revenues the music segment in particular has stabilized and is poised for steady revenues, driven by continued creative success and growth in digital revenues, partially offset by the continued decline in physical sales. We expect to continue to grow profits and improve margins.

During this session, I will review the historical financial performance of the music segment, our ongoing commitment to financial discipline and cost management, and our future financial targets and guidance.

As you can see from this slide, during the past five years the sales of the music segment have declined from $5.5b in fiscal year ending March 2009 to $5.3b in the fiscal year ending March 2013. This represents a compound annual rate of decline of 1%. Page 19 of 25 Sony Corporation Entertainment Business Briefing - Final

However, despite the decline in revenues, our operating income before depreciation, amortization and restructuring charges has increased at a compound annual rate of 4%. This was due to successful artist development, significant cost reductions and growth in our digital business and growth in new businesses.

With profitability increasing in a period of declining revenue, our adjusted OIBDA margins have increased over 200 basis points to 11.5% in the fiscal year ending March 2013.

As mentioned throughout the presentation today, the music industry is starting to turn a corner, and the outlook is more optimistic than it was a few years ago. Against the backdrop of ubiquitous music, emerging digital models and an explosion of interconnected devices and technology, the music segment is well positioned.

For the first half of this fiscal year, the music segment generated $273m of operating income before depreciation, amortization and restructuring charges. This represents a 9% increase over the first half of last year, which resulted in an adjusted OIBDA margin of approximately 12%.

Now, let's take a quick look at the breakdown of our revenues by category. In the fiscal year ending March 2004, the music segment was primarily reliant on recorded music sales, which represented approximately 79% of revenues. Today, through organic growth, strategic investments in music publishing catalogs such as famous Leiber and Stoller and the expansion into new platforms such as the artist linked animation in Japan, the music segment now generates almost 30% of its revenues from music publishing and visual media and platforms.

And it's worth pointing out that the 12% of revenues we derive from music publishing does not include the consolidation of revenues from EMI Publishing, as we account for this investment under the equity method.

As illustrated in this next slide, while we have diversified our revenues in the segment, the shift within recorded music is particularly noteworthy. In the fiscal year ending March 2004, our recorded music business derived 93% of its revenues from physical sales.

As a result of the decrease in physical sales, partially offset by the increasing consumption of music through digital downloads and music streaming services, physical sales accounts for only one half of the recorded music revenues. We expect that over the next few years digital revenues will soon become most of recorded music sales.

Our ongoing commitment to financial discipline and cost management is evidenced by both the transformation of the business that has taken place and how we are positioned today. Early on, we recognized the fundamental shift that was occurring in the music industry and aggressively realigned our recorded music business in response.

As I previously highlighted, our cost reduction initiatives on the recorded music front have resulted in $700m of gross savings and a headcount reduction of 4,500. In addition, we have shifted advertising dollars to more efficient channels. We have been able to reduce global marketing spend by approximately $300m, while driving improved reach, impression and impact.

Furthermore, as we continue to shift from physical to digital formats, we have reduced our global supply chain costs by 5%. And despite all these improvements today, we continue to look for cost reduction opportunities to further drive down our SG&A going forward.

So what does this all mean? Throughout this presentation, I've indicated that the music segment is well positioned for continued growth and profitability. For the fiscal year ending March 2014, we expect revenues to increase significantly and operating income to increase year on year, in yen, driven by positive operating performance and currency impacts.

Looking forward to 2015, we expect the following, based on $1 to JPY100 dollar to yen exchange rate; revenues of $4.8b; operating income before depreciation, amortization, restructuring charges of $625m, giving us an adjusted OIBDA margin of 13%, compared to our 11.5% margin for fiscal year ending March 2013; and operating income of approximately $450m, giving us an operating income margin of 9.5%. Page 20 of 25 Sony Corporation Entertainment Business Briefing - Final

Taking a longer-term view, we expect the music segment's annual growth from fiscal year ending March 2013 to fiscal year ending March 2017 to be as follows, based on a constant $1 to JPY83 dollar to yen exchange rate. Total segment revenue growth rate to be flat to slightly up, recorded music revenue growth rate to be essentially flat, with the continued decline in physical offset by the increased digital growth.

Music publishing revenue growth rate to be in the low single digits, through continued exploitation of our leading catalogs and iconic songs. Visual media and platform revenue growth rate to be flat to slightly up, with our new businesses such as Zepp providing modest growth to our mature stable businesses, which generate the majority of sales in this category.

Segment operating income before depreciation, amortization and restructuring charges growth rate to be in the mid- single digits and operating income growth rate in the mid to high single digits, driven by cost efficiencies. Based on the slight increase in revenues and the continued growth in operating income, we expect continued improvement in our margins.

That concludes the music segment.

YOSHINORI HASHITANI: (Interpreted). Thank you, Mr. Kelleher. So at this point, we would like to start the session Q&A. Let me give me how we're going to proceed. You can ask your questions either in Japanese or English, but the answers will be given in English. We'll translate these simultaneously into Japanese, so please avail yourselves of the use of the simultaneous translation equipment. There will be staff members to bring you microphones. Please identify yourselves by stating your name and affiliation. And I would like to accept as many questions as possible, so please limit yourselves to one question each.

By the way, One Direction on tour is presented here today. Sony Music discovered and created this artist group. Sony Pictures has recently produced a movie. Sony Music Japan, the visual media platform was responsible for the production of these tours. So it's part of our entertainment One Sony action -- symbiotic action being represented by these tours that are presented today.

Questions and Answers

YOSHINORI HASHITANI: (Interpreted). So, with that, we would like to field the questions. Please raise your hand if you have any. In the middle.

TAKASHI WATANABE, ANALYST, GOLDMAN SACHS: My name is Takashi Watanabe from Goldman Sachs. I have a question about your guidance, especially for Sony Pictures. I thought that your guidance is too conservative even -- because even -- you're seeing a $250m cost reduction and also mixture also improved by more growth from high-margin business, but why you're seeing only like a 10% profit growth in next four years?

And also, in addition to that, could you kindly -- could you tell us why your network business margin is lower than peers? I know that like Disney or Viacom is making 40% operating margin with network business, but obviously your margin is lower than peers. Is that because your size is not enough, or is there any more like a structural reason, other than that? And when do you think you can catch up with peers' margin? That's my question.

DAVID HENDLER: Everybody hear me okay? Yes. Regarding the projections out to 2017, one, you're right, they are definitely conservative projections. When we try to estimate our film release slate out through 2017, we're guessing, at best, in terms of the number of releases. But based on our development process and all the improvements that Michael outlined for you today, we think there's definitely some opportunity there.

In addition to that, keep in mind that the home entertainment market has still not rebounded. We're hopeful that it will. But the sell-through market continues to decline slightly and so does the catalog, so we built in some conservative assumptions. Although digital at some point in time, as you heard today, will I'm sure offset most of that decline, but it may be in the out years beyond 2017.

In addition to that, we've also put in more investment in our networks business because it's a high-growth, high- margin business. And particularly in 2017, we're anticipating that we're going to continue to be able to expand the Page 21 of 25 Sony Corporation Entertainment Business Briefing - Final networks, as you would want us to do, to increase our -- not only increase our margins but also grow the overall absolute profit.

And then also, as Michael mentioned, we have more cost savings that have not built into that forecast yet that will also improve the margins and the operating income going forward.

On the second part of your question, if you remember the chart that I had up there, we obviously have gone out and done the right thing and invested in new networks and started them up from scratch. And that requires an investment and it takes four to five years for them to mature.

So when you look at our margins versus our competitors, particularly when they have domestic channels versus international channels, it's really a state of maturity of the business. If you were to compare our mature channels to those international channels of our competitors, it would be absolutely around the same margins.

MICHAEL LYNTON: I just want to qualify one thing about the domestic or the US nature of the business. If you look at those media companies like the ones you mentioned, Viacom and Disney, who have predominantly US based networks, because of where the advertising market is in the United States and where subscription revenues are in the United States as compared to emerging markets, like the ones where we're mostly present in, by definition, even in a more mature state of network growth it's going to be a greater margin.

Now, it may well be in a market like India, where we're coming into digitization and we're actually getting paid more for our subscribers and the advertising market is improving, or rather growing and becoming more mature, we may find ourselves with improving margins as that happens, as well.

YOSHINORI HASHITANI: (Interpreted). Thank you. Next question. Yes, up in front.

KOTA EZAWA, ANALYST, CITIGROUP: (Interpreted). Can I speak in Japanese?

YOSHINORI HASHITANI: (Interpreted). Yes.

KOTA EZAWA: (Interpreted). Well then Citigroup is my name. This one is for Michael. One question, please. So these presentations that you gave us today, in terms of your approach to new businesses nothing major; I don't think anything major was announced. But if my understanding is correct, Sony Pictures is a content producing operation, therefore, in terms of content production, selling them to the networks, to pay TVs, and pay TVs distribute them to the consumers. That's a very long supply chain.

You have PlayStation and you have the consumer network business as well yourselves. You have the top end and the bottom end of this long chain. But you didn't make announcement about going to pay TV yourselves, for instance. People have been expecting that might happen. So is there a possibility in the future of filling all the elements of the channels from top to bottom, or upstream to downstream?

MICHAEL LYNTON: I'm happy to answer that question. So, a couple of quick comments around it. First of all, you're absolutely correct that the majority of our business is the content creation, but a significant part of our business, as we just mentioned, is the network side of our business, which actually isn't content creation but rather delivery.

In certain parts of those networks, for example, there are in fact pay television networks in the middle of those, for example, in India. But I think what you're referring to more is what we're planning on doing with things like the PlayStation Network and the opportunity to do an over-the-top service potentially that customers would pay for our content through existing platforms that Sony is growing.

And the answer is we are having closer and closer collaboration now with PlayStation Network, now that -- in the PlayStation 4, now that the console is in the market, I think what you can expect to see in short order is the studio will be producing premium content for the PlayStation Network. Where that goes to, where Sony Video Unlimited goes to, Sony Music Unlimited goes to, all of those things are components of a pay service. Not that we're saying Page 22 of 25 Sony Corporation Entertainment Business Briefing - Final we're necessarily entering into them at the moment, but we are, as a studio, providing more and more content to the networks that other parts of Sony are operating over the Internet.

KOTA EZAWA: (Interpreted). Thank you very much. Let me supplement. So if those new businesses are related to PlayStation, for example, and if you're planning for it in the future, then the library contents and the live contents, I think they're two different kinds of contents. And regarding the live contents, are you going to get into that live contents area, over the top? Is that a possibility for the future?

MICHAEL LYNTON: Can you define live content for me?

KOTA EZAWA: (Inaudible - microphone inaccessible).

MICHAEL LYNTON: You mean like sport?

KOTA EZAWA: (Inaudible - microphone inaccessible).

MICHAEL LYNTON: We wouldn't get into news, no. We already are heavily into the sports business in India, so there is the possibility. And we have a fairly large sports channel in India, so the chance -- yes, we're already there and we may go further with that. But again, that's more of a Sony PlayStation decision as to whether -- in fact, I have no idea whether they want to go into that part of the business.

YOSHINORI HASHITANI: (Interpreted). Thank you very much. Now next question, please. Yes, the person over here.

MASAHIRO ONO, ANALYST, MORGAN STANLEY: (Interpreted). If I may speak in Japanese. Ono from Morgan Stanley. Regarding some financial figures, I would like to ask you some questions. Sony Pictures, between 2007 to 2013, $2.138b. Now, for 2014 through 2016, the amount of investment for pictures, what is the projection for investment between 2014 to 2016?

And also, you talked about the cost reductions. Now, you talk about $250m of cost reductions between 2014 to 2016. So there's a top line story and the margin story. You talked about that. But the restructuring costs, what is the amount of restructuring cost that you're anticipating? Could you talk about that, please? Thank you.

DAVID HENDLER: Yes. Our level of investments, around the -- there's three different places that we go. One is film production, the TV production area and our media networks.

On the film production side, we're going to continue -- ratchet back slightly, but continue with our investment in our film production business. On the TV production business, we're going to continue to invest in our broadcast series, looking for shows to move into syndication and generate very high margins for us and profits for us. And then, as we mentioned, on the media networks there's an incremental level of investments that will be in our media networks, particularly in the out years, as we continue to look for opportunities to expand that business.

MICHAEL LYNTON: Do you want to talk about the restructuring?

DAVID HENDLER: Yes. I'm sorry, yes. The second piece, on the restructuring, there are some costs built in for restructuring, but since this process is underway for not a significant period of time, we haven't determined how much restructuring cost there's going to be but it won't be material.

YOSHINORI HASHITANI: (Interpreted). Next question, please.

JUNYA AYADA, ANALYST, DAIWA SECURITIES: (Interpreted). Ayada from Daiwa Securities. Thank you for this opportunity. Concerning the music business, I should like to ask you a question. Earlier, in the material, you mentioned that the music so far centered on downloading, but real move to subscription and then the platform will be Spotify or Sony Group's Music Unlimited. Such platforms we can look to. But for Sony, currently, you have some interest in Spotify, but Spotify is not listed and we do not know their profit model, but it appears very difficult for Page 23 of 25 Sony Corporation Entertainment Business Briefing - Final them to become positive in terms of profit. So what about the future sustainability of streaming services? What's your view on that? That's one.

And then, for Sony, well, for Music Unlimited, this I think is part of the business of entertainment network. But on the entertainment side, in collaboration with Sony Entertainment Network and Sony Music Unlimited, for expansion of Sony Music Unlimited what sort of measures are you taking, or how are you working to collaborate, to expand such business?

KEVIN KELLEHER: Just on the streaming type of services, it's very, very early days with respect to streaming services. We're seeing some real encouraging signs, with the buildup of the premium subscriber base. And Spotify is probably the biggest -- it is the biggest streaming service right now. They have in excess of 7m premium subscribers on a worldwide basis, and that's grown nicely over the past 12 months. And they've got pretty ambitious goals. But again, it's really early days.

With respect to their model, we think that as they get -- reach the mass market and get more of a critical mass of people paying the monthly fee, I think that there's a lot of potential with respect to a streaming model going forward. They're not yet a public company. They're privately owned. But they're raising money at pretty high valuations.

And the prospects, I think, for that platform and other platforms in the marketplace -- Sony Music Unlimited, we work very closely with that group, in terms of the development of that service. We think the PlayStation Network is a great platform and network to offer a music service on. And we're optimistic that as streaming becomes more of an embraced model in the marketplace, that there's going to be more than just one service that survives. There's going to be many services that we think have potential, and Music Unlimited is one of those services.

YOSHINORI HASHITANI: (Interpreted). I'd like to see if there are more questions. All the way in the back.

UNIDENTIFIED AUDIENCE MEMBER: Just one question. In your music forecasts, how much of those numbers include assumption of increases in royalties, especially, for instance, mechanical royalties?

KEVIN KELLEHER: The music -- the basic assumptions is that whatever the royalty base is now is the continuation of that. So there is really not a big difference that we built in with respect to enhanced royalties in those models.

UNIDENTIFIED AUDIENCE MEMBER: You were able to -- I think ATV was able to secure royalty increases earlier this year. Do you see scope for increased royalties and performance fees in the next several years?

KEVIN KELLEHER: We're going to be looking at -- any time there is an opportunity in terms of licensing our content for different uses, we're going to try to maximize those royalty opportunities. So we're going to be pretty aggressive about it, and we have been in the past, both on the publishing side and on the recorded music side. So we're going to continue to be aggressive, to try to make sure that we get favorable economics back to the investors, the owners of the copyrights and the master recording rights.

UNIDENTIFIED AUDIENCE MEMBER: Thank you. Just one last question. On your television -- on TV productions, can you break up the revenues between broadcast and cable?

MICHAEL LYNTON: Let me just add one other thing to what Kevin said about -- and you're probably familiar with this already. But on the recorded side of our business, with conventional, terrestrial radio we were not being paid, as you know. And so now that affords us the opportunity in the digital world, whether that be with satellite radio or Internet radio, now we can be paid. So that's a significant opportunity.

You're asking, on the television production side of our business, to do a breakout between those television shows that are in broadcast and those television shows that are on cable. No, I don't think we do break -- I don't think we can break those out. Right now, certainly in terms of the shows on air, it's fairly equally split. But I can't get you the - - I don't have the figures for you that breaks it out by revenue.

UNIDENTIFIED AUDIENCE MEMBER: Do you see bigger growth in cable or broadcast in the next several years? Breaking Bad was obviously a big success for you. Page 24 of 25 Sony Corporation Entertainment Business Briefing - Final

MICHAEL LYNTON: It's an interesting question. I think, if we can get a comedy series to work on broadcast, I think there is enormous upside in terms of syndication, when you look at what's happened in the United States.

That being said, quality drama on cable, because of the SVoD services that are now secondary purchasers of the series, have demonstrated -- that particular area has demonstrated to be -- obviously, Breaking Bad is the high end of the curve, but that area has shown itself to be a significant growth potential for us so I'm pretty bullish about that.

UNIDENTIFIED AUDIENCE MEMBER: Thank you.

YOSHINORI HASHITANI: (Interpreted). Thank you very much. Maybe one last question, if you have any last question.

UNIDENTIFIED AUDIENCE MEMBER: Michael, you stated that next year OP margin is 7.5% and 8% to 9% going forward. Why you believe that this target OPM is reasonable for you? I think a subtle point is the question of the more higher OP margin over the long term. So please tell me why you decided to take this low number.

MICHAEL LYNTON: I'm going to allow Dave to comment on this as well. But basically, we looked at both the cost side of the business, where we're trying to rationalize and be efficient about the business, as well as the revenue side of the business. What we have not -- we've assumed good growth on the cable network side of the business. We have made some assumptions about which television shows are going to go into syndication and we've been, in my opinion, relatively conservative as to what the revenue side of the hit side of the business, so to speak, is for motion pictures.

To go beyond that right now I think is a little bit -- would be irresponsible, because we don't know which of those shows and which of those films are actually going to perform at that level. That's really the reason why, more than anything else.

David, do you want to --?

DAVID HENDLER: Yes. We acknowledge that our margins can be higher, and they will be higher, as you can see out in the out years for us. You have to keep in mind we have really two fundamentally different businesses. We have a motion picture mature business and we have a TV business that can be high growth and high margin on a go-forward basis.

On the motion picture business, we believe that versus the rest of the competitors that are out there our margins are all probably within about 2 to 3 percentage points of each other, depending on hits or misses on any one given year. And on the network side, as I mentioned, it's a matter of how mature we are in terms of our broadcast series going into syndication and our network businesses internationally moving to mature basis.

So, based on those two factors versus our competitors, on the network side we'll be there. And on the motion picture side, again, depending on any given year, we think we're there.

YOSHINORI HASHITANI: (Interpreted). Thank you very much. We should like to conclude this Investor Day at this point. Thank you for your attendance.

EDITOR: Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.Â The interpreter was provided by the Company sponsoring this Event.

[Thomson Financial reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes.

In the conference calls upon which Event Transcripts are based, companies may make projections or other forward- looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions Page 25 of 25 Sony Corporation Entertainment Business Briefing - Final underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized.

THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON FINANCIAL OR THE APPLICABLE COMPANY OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.]

Load-Date: December 28, 2013

End of Document

Exhibit 13 At NAB 2014, Sony Unites Products, Systems and Services To Give Content Creators New Ways to Express Themselves; Sony provides end-to-end 4K solutions for professional production and content creation applications

PR Newswire April 6, 2014 Sunday 5:30 PM EST

Body

Sony NAB Booth# C1101 -- At NAB 2014, Sony is highlighting new and enhanced professional A/V solutions that deliver the highest performance and most dynamic viewing experiences. Sony is showcasing its latest developments in 4K, including new technologies that address professionals' needs in diverse content creation and production applications and highlight 4K as a reality, now.

"4K content creation is certainly on the rise and not just in traditional broadcast and production," said Alec Shapiro, president of Sony's Professional Solutions of America group. "It adds new dimensions to 2K sports broadcasting, providing greater detail to blow up shots for slow motion replay and it's the best way to future-proof the content you are distributing in 2K today."

At NAB 2014, Sony is showcasing its full range of professional 4K cameras, from the F65, F55 and F5, to the compact NEX-FS700 and PXW-Z100 4K camcorders. Sony also has 4K switchers, a 4K server, 4K production monitors, as well as an OLED 4K monitor in development, and 4K projectors for movie theaters and large venues.

"If you're considering large sensor acquisition technology, the obvious choice is a Sony 4K camera," Shapiro said. "And for any application and budget, Sony has a 4K solution. That's why we're expanding our NAB theme of Beyond Definition, adding 4K for 2K, 4K for 4K, 4K for all."

Sony 4K cameras are shooting dozens of TV shows including Rake, Masters of Sex, Mom, Community and The Blacklist. Upcoming motion picture projects shot with Sony 4K cameras include Spike Lee's newest movie, Screen Gems' "Think Like a Man, Too," Sony Picture's holiday release of the musical "Annie," "A Million Ways to Die in the West," and "Tomorrowland" -- all shot with Sony F55/65 cameras.

Online networks are also changing the way people enjoy their entertainment content, and Sony 4K cameras are again playing a leading role. Sony's own online network, Crackle, shoots many of its programming on F55s. Sony is outfitting YouTube's new production facility in New York and its facility in Los Angeles with F55s and other state- of-the-art equipment and Hulu's new original series "Deadbeat," premiering this week, is shot with Sony F55s.

Sony 4K technology is also used by the fashion world, for oil exploration, and for medical education and training.

Sony Technology News at NAB 2014

At NAB 2014, Sony is delivering significant upgrade capabilities to many of its products.

For the F55 and F5 4K cameras, Sony is announcing the addition of Apple ProRes on-board recording and the addition of the AVID® DNxHD® codec as future hardware upgrade options for its F5 and F55 CineAlta 4K cameras. The F5 and F55 already offer four choices of recording formats: HDCAM SR, XAVC, 50 MBPS 422, and RAW. Page 2 of 3 At NAB 2014, Sony Unites Products, Systems and Services To Give Content Creators New Ways to Express Themselves; Sony provides end-to-end 4K solutions for profe....

Customers will also have the choice of upgrading their F5 to an F55, with the same imager, color filter array and 4K on board recording and live signal output.

Version 4.0 firmware update for the F5 and F55 provides picture cache recording, user generated 3D LUT support, and many other requested features at no cost.

For the F5 and F55 cameras Sony is also introducing the ENG and documentary dock, a dockable shoulder mount with on board audio control, rear XLR inputs, wireless mic holder and much more.

The F65 also benefits from a powerful firmware update, Version 4.0, which adds wireless streaming to a tablet application, support for live color grading, and importing of 3D LUT's.

Sony's MVS-7000X and MVS-8000X production switchers now have real time 4K processing capabilities, and prior models can also be upgraded. The switchers have a new control panel with a flexible, modular design.

At NAB Sony is featuring Optical Disc Archive, a cartridge housing 12 optical discs and a specialized drive unit, an ideal solution for large-scale, long-term image data archiving. Sony is also introducing a tape digitizing server can facilitate the conversion of tape based assets into optical disc files. Sony is also announcing that the 2nd generation of Optical Disc Archive will achieve 3.6TB capacity, with the 3rd generation achieving high capacity of 6TB.

The Golf Channel is the first U.S. broadcaster to adopt Sony's Optical Disc Archive system.

Sony's "Ci" Media Cloud Services is addressing storage and workflow challenges at many organizations. Over the past year, Ci has been utilized by NBC Universal, The Weather Company, USC Annenberg School for Communication & Journalism, Raycom Media, Producers Guild of America, Turner Broadcasting, Locarno Film Festival, Crackle Productions, Sony Pictures Entertainment, Sony Computer Entertainment Europe, and more. Ci has been leveraged in a variety of ways - from uploading, storing, and sharing 100MB+ media files, review of dailies, and archiving of content to promo distribution, film submissions, and classroom work.

Sony's Vegas Pro 13 is the latest upgrade to its video editing family. Vegas Pro 13 adds a tablet app for remotely reviewing projects with clients and team members, the ability to work with XDCAM Proxy footage using Sony's wireless camera adapter, stronger archiving, and XAVC rendering among other features.

For Sony, NAB would not be complete without a mention of XDCAM. Already a standard from ENG to sports to reality TV, Sony is continuously enhancing its XDCAM line-up and evolving its workflow, in response to the ever- increasing demands of video production professionals, including:

Continued expansion of Professional Disc based products new codecs to match users' storage, bandwidth and quality needs new wireless workflows to move footage from the field to the edit suite faster; a 4K addition - the PXW-Z100 handheld camcorder

Two of Sony's widely used XDCAM memory camcorders -- the PMW-400 and PMW-300 -- will support XAVC this summer through a firmware upgrade that makes them even more flexible in news reporting to program production.

Sony is also enhancing its XDCAM products with wireless workflows and better audio performance. The CBK- WA100 wireless adaptor clips onto a camcorder for new levels of wireless freedom. The adaptor even records its own ultra-light proxy files, which users can transfer via wireless LAN. Sony is advancing wireless mic integration for XDCAM handheld cameras with the Multi Interface, or M.I. shoe, providing a simple, one-step connection between the wireless mic receiver and the camera.

Sony is adding new high performance XCAM products: the PDW-850 XDCAM HD 422 shoulder mount camcorder, PXW-X180 camcorder and the PDW-HD1550 recorder. The new products are equipped with a host of features for greater operational performance. The PDW-850 incorporates a newly-developed 2/3-inch CCD image sensor, and the PDW-HD1550 recorder supports both 3-layer (100 GB) and 4-layer (128 GB) high-capacity Professional Discs. Page 3 of 3 At NAB 2014, Sony Unites Products, Systems and Services To Give Content Creators New Ways to Express Themselves; Sony provides end-to-end 4K solutions for profe....

The PXW-X180 Handheld Solid-State Memory Camcorder features a newly developed 25x optical zoom Sony G Lens with 26 mm wide angle. The PXW-X180 records in MPEG HD422 at 50 Mbps, a format widely preferred by broadcasters and production houses today, and XAVC Intra 4:2:2 and Long GOP, which enables 10-bit sampling for high-definition recording with rich tonal expression. It can also record AVCHDTM and DV. Wireless file transfer of captured files is also enabled to help the workflow.

The PXW-X180 is the first Sony professional camcorder to feature a new variable neutral density (ND) filter. This new device has been developed to electronically control density and enable continuous setting adjustment from 1/4ND to 1/128ND with simple dial operation. Using the filter in conjunction with different iris and shutter speed settings, depth of field and brightness can be adjusted. This allows the use of shooting techniques such as slow shutter shooting as desired in daylight and other bright light conditions.

Logo -http://photos.prnewswire.com/prnh/20140206/LA60150LOGO

SOURCE Sony

CONTACT: Tom DiNome, [email protected]

Load-Date: April 7, 2014

End of Document

Exhibit 14 Global Eagle sign global licensing agreement with Sony Music Entertainment

Pivotal Sources September 29, 2015 Tuesday

Body

United States, Sept. 29 -- Global Eagle Entertainment Inc., ("GEE") announced a global licensing agreement with Sony Music Entertainment to add thousands of songs from Sony Music's iconic catalog to GEE's leading inflight entertainment portfolio.

The broad-based deal is Sony Music's first licensing pact with an inflight entertainment content service provider and gives Global Eagle access to hit songs from leading recording labels, including Columbia, Epic, RCA, Masterworks, Legacy, Sony Music Nashville for use in its airline inflight entertainment systems around the globe.

Under the agreement, airlines can choose from GEE's custom playlists of Sony Music content tailored to a broad range of travel destinations. GEE will also have the ability to offer opportunities to create new inflight music services via its IFE connectivity platforms, including interactive radio experiences, passenger generated playlist features and on-demand music from Sony Music artists.

The successful launch of the Sony Music-GEE partnership has already seen more than ten regional and global airlines sign on to provide Sony Music choices on their flights served by GEE, with dozens more expected to enhance their inflight content offerings under the agreement.

Published by HT Syndication with permission from Pivotal Sources. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]

Load-Date: October 1, 2015

End of Document

Exhibit 1 Sony/ATV Music Publishing and Pandora Sign Unprecedented Licensing Agreement

Business Wire November 5, 2015 Thursday 2:00 PM GMT

Body

Pandora (NYSE:P), the world's most powerful music discovery platform, and Sony/ATV Music Publishing , the world's leading music publisher, today announced a multi-year licensing agreement for Sony/ATV's catalog of musical works. The direct publishing deal creates business benefits for Pandora, while modernizing compensation for Sony/ATV and its songwriters in the U.S.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151105005637/en/

"We believe that this agreement with Pandora is a major step in the right direction to ensure that our songwriters are fairly compensated for the use of their music on streaming services," said Martin Bandier, Sony/ATV Chairman and CEO. "We are pleased that our songwriters will begin to enjoy the benefit of better rates on one of the most important platforms for music consumption and discovery.It is part of our ongoing strategy to ensure that all digital music services recognize the indispensable value that the words and music of a song bring to their businesses."

"This is a significant milestone in our long-standing effort to strengthen ties with the music maker community," said Brian McAndrews, chief executive officer of Pandora. "Over 10 years, Pandora has built music's most powerful marketing engine, which we put into action every day for Sony/ATV's storied catalog. By partnering directly with Sony/ATV, we are proud to lock in our opportunity to connect an incredibly talented community of songwriters with streaming music's largest and most passionate audience."

While specific terms of the multi-year agreement are confidential, the companies worked together to build an innovative win-win approach to publisher economics. Sony/ATV achieved its goal of delivering improved performance royalties for its songwriters while Pandora will benefit from greater rate certainty and the ability to add new flexibility to the company's product offering over time.

The public performance royalties Pandora also pays to rights holders of master recordings are not affected by this agreement.

ABOUT PANDORA

Pandora is the world's most powerful music discovery platform - a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans,whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, deliveringbillionsof hours of personalized music tailored to the tastes of each musiclistener, full Page 2 of 2 Sony/ATV Music Publishing and Pandora Sign Unprecedented Licensing Agreement of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans. www.pandora.com | Pandora Blog | PandoraLinkedIn | @PandoraPulse

ABOUT SONY/ATV MUSIC PUBLISHING

Sony/ATV Music Publishing, established in 1995 as a joint venture between Sony and Michael Jackson, is the world's leading music publisher. Together with EMI Music Publishing, Sony/ATV owns or administers around 3 million copyrights including those from such iconic music catalogs like Leiber & Stoller, Mijac Music, Motown and Famous Music. Sony/ATV also controls many of the best known songs ever written like "New York, New York", "Hallelujah", "All You Need Is Love", "You've Got a Friend", "Moon River", "Jailhouse Rock", "The Mission Impossible Theme", "Ain't No Mountain High Enough", "Over the Rainbow", "Stand By Me", "I Heard It Through The Grapevine" and "Singin' in the Rain". In addition, Sony/ATV represents the copyrights of such legendary artists as The Beatles, Leonard Cohen, Bob Dylan, Marvin Gaye, Michael Jackson, Carole King, Kraftwerk, Joni Mitchell, Willie Nelson, Roy Orbison, Queen, The Rolling Stones, Richie Sambora, Sting, The Supremes, Wyclef Jean, Hank Williams and Stevie Wonder, among others. Its ever-growing list of chart-topping artists, writers and producers includes Akon, Avicii, Calvin Harris, Jessie J, Alicia Keys, Lady Gaga, P!nk, RedOne, Shakira, Ed Sheeran, Sam Smith, Stargate, Taylor Swift, Kanye West and Pharrell Williams.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005637/en/

CONTACT: Pandora Dominic Paschel, 510-842-6960 Corporate Finance & Investor Relations [email protected] Dave Grimaldi, 202-380-2203 Pandora PR & Corporate Communications [email protected] or Sony/ATV Music Publishing Paul Williams, 212-833-4513 (office) Vice President, Communications 646-330-2965 (cell)

[email protected] http://www.businesswire.com

Load-Date: November 6, 2015

End of Document

Exhibit 16 SoundCloud and Sony in Licensing Deal

The New York Times March 19, 2016 Saturday Late Edition - Final

Body

SoundCloud's tug of war with the music industry may finally be over.

On Friday, the streaming music service announced that it had signed a licensing deal with Sony, after more than a year of talks and plenty of public posturing. The deal is the last that SoundCloud needs to legitimize itself with the major powers of the music industry, after similar arrangements with Warner Music, Universal and Merlin, a collective of independents.

With these deals in place, SoundCloud -- which offers more than 100 million songs free -- is clear to offer its long- promised version for paid subscribers, and said in a statement that this version would be released ''later this year.'' Record companies favor paid platforms over free ones, which are typically supported by advertising, because they pay higher royalty rates.

''This agreement creates a business framework for the use of Sony Music songs on the SoundCloud platform that meets the needs of our artists and labels and supports the growth of SoundCloud through its new premium on- demand music tier,'' Dennis Kooker, Sony's president of global digital business and United States sales, said in a statement.

The deal will cover the licensing of Sony's music around the world. It could mean that a free version of SoundCloud would have just a sampling of Sony's music, while a majority of its music would be available on a paid version of the service.

The new arrangement ends an acrimonious fight for SoundCloud. Last year, Sony removed the music of many of its artists from the platform, including Adele, Kelly Clarkson, Hozier and Kesha. But the move angered some of Sony's artists, including Madeon, a French D.J. and producer, who wrote in a Twitter post that the label had removed his music ''against my will.''

SoundCloud, which went online in 2008, began as a ''YouTube for music,'' allowing artists and the creators of various other kinds of audio content, like podcasts, to easily post material and share it through social media. It was embraced by dance D.J.s and hip-hop musicians, and now says it has 175 million users each month.

But as the site grew, it also became a target for the music industry, because SoundCloud's music -- including countless dance remixes and mash-ups -- was unlicensed and therefore paid no royalties. It began running ads in 2014, and has since been signing up various labels for licensing deals. Page 2 of 2 SoundCloud and Sony in Licensing Deal

As the streaming business grows, others are starting to challenge SoundCloud's advantage in the dance and hip- hop worlds. The site Mixcloud has emerged as a major competitor, and this week Apple Music struck a licensing deal with Dubset Media Holdings, a digital distributor, that should allow Apple to stream remixes and other songs. http://www.nytimes.com/2016/03/19/business/media/soundcloud-signs-licensing-deal-with-sony.html

Load-Date: March 19, 2016

End of Document

Exhibit 17 Jessie James Decker Set to Headline Licensing Expo Opening Night Party Co-Hosted By Sony Music

Entertainment Close-Up April 24, 2017 Monday

Length: 342 words

Body

Licensing Expo said that Sony Music will co-host its Opening Night Party and present country music singer and songwriter Jessie James Decker as the special guest performer.

According to a release, the Opening Night Party at Licensing Expo is the must-attend networking event for the industry. Sponsored by the International Licensing Industry Merchandisers' Association and now co-hosted by Sony Music, this year's festivities will take place on the evening of May 23, at The Tropicana in Las Vegas, NV.

Jessica Blue, Senior Vice President, Licensing, UBM, said: "We are excited to have Jessie James Decker as the special guest performer and Sony Music as the co-host of Licensing Expo's Opening Night Party. Licensing and brand collaborations are the natural next step as musicians look to develop key partnerships that connect them with their fans. This is the world's largest licensing party and a must-attend event for the licensing industry."

Jessica Lewis, SVP Brand Impact, Sony Music, said: "We are thrilled to co-host the Opening Night Party featuring Epic recording artist Jessie James Decker and to participate at the Licensing Expo. At Sony Music we're committed to developing integrated new-model solutions for our brand partners, harnessing the emotional power of music to transcend the cultural conversation at mass scale. We're looking forward to engaging conversations throughout the week."

Country Music singer and songwriter, Jessie James Decker, began singing at nine years old and was already attracting attention in Music City for her gritty, genuine vocals by the age of fifteen. Jessie made her debut in 2009 with her self-titled album and in 2014, she released her Comin' Home EP, which reached #1 on the iTunes chart and #5 on Billboard's Top Country Albums Chart. Most recently, Jessie's new EP, Gold, went to #1 on the iTunes Country chart, #4 on the iTunes Top Albums chart and #5 on Billboard's Current Country Albums chart.

More information: www.licensingexpo.com

((Comments on this story may be sent to [email protected]))

Load-Date: April 24, 2017 Page 2 of 2 Jessie James Decker Set to Headline Licensing Expo Opening Night Party Co-Hosted By Sony Music

End of Document

Exhibit 18 Spotify Strikes Licensing Deal With Sony Music.

International Business Times - US ed. July 12, 2017

Body

Spotify and Sony Music Entertainment have reportedly entered a licensing deal after months of negotiations. This news arrives amid talks of the music streaming service planning to go public later this year.

The licensing agreement between Spotify and Sony Music was first reported by (http://www.billboard.com/articles/business/7864354/spotify-licensing-deal-sony-music) Billboard . Details of the deal have not been made public, but it's presumed to be very close or perhaps similar to Spotify's multi-year licensing agreement with Universal Music Group.

Spotify's deal with UMG gives Spotify a break on the percentage of revenue it pays UMG in royalties as the streaming service's subscriber base grows. The deal also allowed UMG artists to hold back their new albums from Spotify's free tier for two weeks after release.

READ: (http://www.ibtimes.com/spotify-appears-be-testing-new-driving-mode-its-mobile-app-2562504) Spotify Appears To Be Testing A New Driving Mode For Its Mobile App

Sony Music Entertainment owns RCA Records and Columbia Records. Artists under Sony Music include Britney Spears, The Chainsmokers, Alicia Keys, Martin Garix, John Legend, Kelly Clarkson and John Meyer.

With Spotify reaching licensing deals with Sony and Universal, the only major record label that's left is Warner Music Group. It's believed that Spotify and Warner Music are still in talks to reach the same sort of licensing agreement.

Spotify's agreement with Universal and Sony is quite crucial for the company since it needs to be profitable once again. Last year, it reported a net loss of around $568 million on its $3.1 billion revenue.

Spotify is also being pressured to go public soon, since it has raised its debt last year to $1 billion. The longer the company waits to go public, that debt will get more expensive as time passes.

(http://www.ibtimes.com/spotify-ipo-news-streaming-service-company-may-go-public-direct-listing-2522044) IBT reported back in April that Spotify is also considering to go public through direct listing. This would let the company put its shares into a public exchange, letting buyers and sellers trade based on supply and demand. This breaks away from traditional IPOs, which involves a process where prices are settled through meetings with investors.

READ: (http://www.ibtimes.com/spotify-ipo-date-company-go-public-direct-listing-later-year-report-says-2538228) Spotify IPO Date: Company To Go Public Via Direct Listing Later This Year, Report Says Page 2 of 2 Spotify Strikes Licensing Deal With Sony Music.

The problem with going public for Spotify is that it needs to prove that its music streaming service is being profitable. The music streaming giant has more than 140 million users worldwide, but only 50 million are paying subscribers. For comparison, Apple reported last month that Apple Music had 27 million paying subscribers.

If the company isn't able to be profitable from paying users, it needs to make new ways to do so. This is why Spotify has been introducing a lot of major changes to its services.

(https://twitter.com/taylornation13/status/872958066119016448) In June , Taylor Swift finally allowed her catalogue to be available on Spotify, seemingly ending the debate surrounding music streaming royalties for artists. During the same month, it was also discovered that Spotify was experimenting with ( http://www.ibtimes.com/spotify- testing-sponsored-songs-free-user-playlists-2554727) "Sponsored Songs." This allows music labels to pay Spotify to have their songs appear on user's playlists.

Spotify also recently (http://www.ibtimes.com/spotify-integrates-eventbrite-concerts-expand-ticketing-features- 2553115) integrated Eventbrite services to its app. This allows Eventbrite events to be promoted within the Spotify app, while also giving users quick access to purchase tickets. It seems as though Spotify also wants to show that it can be a platform to sell merchandise and concert tickets.

Just yesterday, Spotify also announced a new data-mining tool, which allows developers to see and analyze users' listening habits, according to (https://www.theverge.com/2017/7/11/15953006/sony-music-spotify-agreement- licensing-public-offering) The Verge . This tool helps advertisers to better target ads for users who are subscribed to Spotify's free tier.

Load-Date: December 9, 2017

End of Document

Exhibit 19 Facebook strikes music licensing deal with Sony

Engadget HD January 8, 2018 Monday 7:22 PM EST

Body

Jan 08, 2018( Engadget HD: http://www.engadget.com/ Delivered by Newstex) Facebook has signed a deal with Sony that will let you upload videos containing its music without worrying about them being taken down, Variety[1] reports. Users will be able to upload and share videos on Facebook, Oculus and Instagram that with music licensed from Sony/ATV Music Publishing's vast catalog.

Copyright infringement has become a big problem on the social network, and Facebook has been working hard[2] to strike deals with music labels to avoid takedowns and fines.Facebook recently inked a similar deal with Universal Music[3], but Sony is the largest music publisher in the world. With two of the three biggest services signed, it's expected that Zuckerberg .... will ink a deal with the last holdout, Warner Music, soon."We are thrilled that in signing this agreement Facebook recognizes the value that music brings to their service and that our songwriters will now benefit from the use of their music on Facebook," said Sony/ATV Chairman Martin Bandier. "We are looking forward to a long and prosperous relationship."It seemed inevitable that Facebook would seek to license music like Google's YouTube has. In 2016, it had supposedly begun work on a tool to hunt infringing videos[4] similar to YouTube's Content ID[5] system. And Bloomberg reported in September of last year that Facebook was offering[6] publishers and labels "hundreds of millions of dollars" to okay songs for video uploads. In any case, given the size of Sony's catalog (3 million songs), it's now far less likely that your beach music-infused vacation video will be yanked from the site. Variety[7]This article originally appeared on Engadget at https://www.engadget.com/2018/01/08/facebook-licensing-deal-sony-atv-music/?ncid=txtlnkusaolp00000603 [ 1]: http://variety.com/2018/biz/news/facebook-and-sony-atv-music-publishing-announce-licensing-agreement- 1202656832/ [ 2]: https://www.engadget.com/2017/09/05/facebook-offers-to-pay-labels-for-music-in-videos/ [ 3]: https://www.engadget.com/2017/12/21/facebook-deal-lets-you-use-universals-music-in-your-videos/ [ 4]: https://www.engadget.com/2016/12/29/facebook-is-working-on-copyright-system-to-battle-infringement/ [ 5]: https://www.engadget.com/2016/04/29/youtube-content-id-fix/ [ 6]: https://www.engadget.com/2017/09/05/facebook-offers-to-pay-labels-for-music-in-videos/ [ 7]: http://variety.com/2018/biz/news/facebook-and-sony-atv-music-publishing-announce-licensing-agreement- 1202656832/

Load-Date: January 8, 2018

End of Document

Exhibit 20 At NAB 2019, Sony Unveils Products, Solutions and Workflows That Are "Powering Today and Transforming Tomorrow"; Sony is Strengthening its Commitment to the Media Industry's Needs, Making 4K and 8K Resolution, High Dynamic Range, High Frame Rate, IP and Cloud Even More Accessible

PR Newswire April 7, 2019 Sunday 5:00 PM EST

Body

PR Newswire

NAB Show Booth #C11001 -- At NAB Show 2019, Sony is showcasing new solutions developed and designed collaboratively alongside media customers to creatively and cost-effectively bring their vision to life. From broadcast and sports to faith and content creation, Sony is championing the latest technology with the tools and support that empowers professionals. The most recent example is Sony's newly announcedHDC-55004K/HD HDR live camera system.

As the media industry undergoes a transformation, visitors to Sony Booth #C11001 will see a focus on two core areas: content value and workflow efficiency. Content value will be demonstrated through 4K, 8K, high dynamic range (HDR) and high frame rate (HFR) technology, which supports the creation of valuable, engaging assets. IP and media services offer workflow efficiencies that support interoperability, drive flexibility, provide automation, enhance collaboration and empower global distribution. Together, these solutions enhance creativity and increase options for professionals.

"To meet our clients' imminent demands during this time of significant change, our mission and guiding principle is to work hand-in-hand with our customers to create compelling solutions," said Theresa Alesso, Pro division president, Sony Electronics. "Our new tag line for Sony's professional business is 'Live Your Vision.' This demonstrates the company's commitment to working closely with creators to inspire and enable them to enrich their storytelling capabilities. Based on this vision, we are 'Powering Today, Transforming Tomorrow,' which is our theme for NAB 2019."

Additionally, as broadcasters get closer to deploying the next generation of over-the-air broadcast technology, Sony Electronics will continue to supply prototype televisions, demodulators and application development tools for the growing number of ATSC 3.0 market trials in the U.S.

Crystal LED Display System - "Seeing is Believing"The heart of the booth will be Sony'sCrystal LED display system. It will showcase immersive 8K x 4K imagery that proves "seeing is believing" and demonstrates why leading broadcast and global organizations have standardized on this dynamic visual experience for their most prominent spaces.

Intelligent Media Services- Transforming OperationsSony'sIntelligent Media Servicestransform traditional media chains, unlock more value for richer audience engagement, and provide OTT subscription services for additional digital and linear revenue streams through cloud collaboration, AI, IP, data analytics and software automation Page 2 of 4 At NAB 2019, Sony Unveils Products, Solutions and Workflows That Are "Powering Today and Transforming Tomorrow"; Sony is Strengthening its Commitment to the Med.... capabilities. At NAB, Intelligent Media Services will be shown in a variety of workflows for broadcast operations, as well as Sports and Production workflows.

Ci Media CloudIntegrated AI capabilities supporting object recognition, speech-to-text and facial detection in Sony's Ci Media Cloud to improve discoverability, searchability and provide enhanced transcription. Ci also offers live contribution, streaming and clipping for capturing and watching live streams anywhere. Crispin AutomationCrispin's LoadingDock and FARlink software provide stations with the ability to aggregate program and commercial content from various locations in the cloud and on-prem by using a centralized solution. Combining Crispin's traffic interface and FARlink integration with Sony Ci, station groups have the ability to manage and execute playback of all of their content from the cloud. Media Backbone NavigatorXA content and workflow management solution in on-prem, hybrid and cloud configurations. New features include an improved workflow editor with the ability to schedule workflow execution and native support for additional professional formats, including R3D, DNG, DPX and EPS. XDCAM airA cloud-based service that bridges field-based camcorders with facilities.XDCAM air integrates with Media Backbone Hive, Media Backbone NavigatorX and third-party systems to provide streamlined acquisition workflows. New features include support for audio intercom functionality, HEVC (H.265) streaming, and multi-point distribution streaming.Media Backbone HiveAn integrated news and sports production system, streamlining production workflows from planning to archive. New features include: ST2110 ingest and playout XDCAM air live- stream and file-based workflow integration Powerful HTML5 browser-based editing, including effects, subtitling, 16CH audio and waveforms.

Live Production - For quality and efficiency

4K/HD HDR Live Camera SystemSony's new HDC-5500 is a multi-format live camera equipped with the world's first 2/3-inch 4K global shutter three CMOS sensor. The imager ensures superb image quality in 4K, HD and HDR live production applications. The camera is also capable of outputting 4K directly from the camera using a 12G-SDI interface, enabling 4K field monitoring and 4K / HDR wireless applications. Using with new HDCU-5500 camera control unit (CCU), the system offers Ultra High Bitrate (UHB) transmission, capable of sending two channels of full 4K signals simultaneously, allowing two signals to be sent to the CCU inputs or to send 4K images back to the camera for full monitoring 4K / HDR monitors capability. The new CCU provides 12G-SDI 4K output as standard and a SMPTE ST 2110 IP interface with a hardware option.The HDC-5500 also provides 4x High Frame Rate as standard and offers up 8x HD and 2X 4K with a future software option. The HDC-5500 system responds to the needs of 4K, HDR, HFR, IP and wireless requirements for today's and tomorrow's production needs and will take our customer well into the future. The recently announced HDC-5500 and HDC-3500 systems offer compelling options for flexible and cost-effective migration paths from last generation technology. Live Element Orchestrator and New SDI-IP Converter BoardsSony is enhancing its IP Live Production Solutions with the Live Element Orchestrator, its first system orchestration software to improve production system availability, increase workflow efficiency through more effective utilization of production resources, and to reduce system downtime, thereby improving productivity in content production. Resources can be shared across multiple locations and configurations. Sony's two new SDI-IP converter boards-the NXLK-IP50Y and NXLK-IP51Y (12G-SDI)-offer support for SMPTE ST 2110 standards with optional format conversion and HDR compatibility. At Sony's booth, visitors can see a complete complement of IP Live production products supporting SMPTE ST 2110 in HD and 4K. In addition, Sony's booth will be connected with HyperX eSports Arena, using a network provided by CenturyLink, for remote a production demonstration over SMPTE ST 2110 using Live Element Orchestrator. DWX Digital Wireless ReceiverSony's DWX series digital wireless microphone system is designed for various production types, including live, broadcast, theaters and events. The DWR-R03D two-channel digital wireless receiver includes new features via a firmware upgrade. Updates include: New auto frequency change mode to prevent audio drop outs Auto channel coordination for easy and simple channel setting Output swap function Graphical spectrum analyzer that shows the interference visually CODEC MODE4 for better sound quality

Cinema, CM and Program Productions - Maximum Creative Freedom

VENICE, Digital Cinema motion picture camera systemDesigned exclusively for high-end cinematography, VENICE continues to deliver not only exceptional images, but also complete flexibility, creative freedom and its established Page 3 of 4 At NAB 2019, Sony Unveils Products, Solutions and Workflows That Are "Powering Today and Transforming Tomorrow"; Sony is Strengthening its Commitment to the Med.... workflow to match filmmaker's shooting requirements. Newly released version 3.0 software added two new imager modes: 5.7K 16:9 and 6K (full-width) 2.39:1, as well as X-OCN XT and Cache REC. Version 3.0 software also enables the use of Sony's new portable and lightweight CBK-3610XS Extension System, which allows for cabled separation between the VENICE camera body and image sensor block.In addition, Version 4.0 firmware was recently announced, which adds High Frame Rate (HFR) shooting of 4K 120fps and 6K 60fps with an optional license. Version 4.0 firmware is planned to be available in June. VENICE has been used for principal photography for Sony Pictures' "Bad Boys for Life" and "Peter Rabbit 2" releasing in 2020.BVM-HX310, 31-inch Grade 1 Reference MonitorAnnounced at IBC last year, the BVM-HX310 is being showcase for the first time at NAB. It is ideal for 4K HDR color grading, shading and QC applications. The BVM-HX310 supports wide color gamut, including DCI-P3, ITU-R BT.2020, S-Gamut3.Cine and S-Gamut3. The advanced performance of the TRIMASTER HX panel enables the BVM-HX310 to achieve 1,000 nits of full-screen brightness with a 1,000,000:1 contrast ratio. With consistent and faithful color reproduction over the entire luminance range, it is an excellent tool for digital cinematography and post production workflows. In addition, the BVM-HX310 has useful functions such as User LUT, Quad View and automatic HDR setting by VPID for various workflows.Xperia(TM) SmartphoneSony's Xperia 1 is a 4K OLED smartphone with a 21:9 CinemaWide(TM) 6.5" display. Creator mode (ITU-R BT.2020 support and 10bit* tonal gradation) is inspired by Sony's Master Monitors for accurate color reproduction. Cinema Pro "Powered by CineAlta," provides natural cinematic shooting experiences with expression-based color management pre-sets. *8 bit display with 2 bit software smoothingLMD-A240, LMD-A220, LMD-A170 Professional MonitorsVersion 3 firmware for the LMD-A240, LMD-A220 and LMD-A170 offers HDR production enhancements supporting multiple EOTFs such as SMPTE ST 2084(PQ), ITU-R BT.2100(HLG), S-Log2, S-Log3, S-Log 3(Live HDR) and 2.4(HDR).Switching EOTFs, maximum brightness is automatically set. Already supporting ITU-R BT. 2020, the monitors are capable of accurate color reproduction in HDR with a lower cost than conventional 4K HDR monitors.

News and Documentary Production - New style and Expression

CBK-FS7BK ENG-Style Build-up Kit for FS7 and FS7llSony's popular PXW-FS7 and PXW-FS7 M2 XDCAM camcorders will be optimized for news gathering with the new CBK-FS7BK ENG-Style build up kit and an LA-EB1, B4 lens to E mount adapter. The build-up kit enables ENG like operator experience, while the LA-EB1 allows operators to shoot deep Depth of Field (DoF) with the high zoom ratio necessary for traditional news production. The build-up kit also features an extension unit with a wireless audio receiver slot and built-in wireless capability provides advanced network operation for broadcast usage.UWP-D Wireless Microphone systems With a new compact and lightweight design, the latest UWP-D wireless microphone series offer NFC sync for easy and fast channel setting and supports a Multi-Interface Shoe(TM) (MI shoe) with Digital Audio Interface that achieves high- quality sound with low noise for Sony's PXW-Z280 and PXW-Z190 XDCAM camcorders. The new UWP-D series provides advanced integration with the camcorders for enhanced usability. PXW-Z280 and PXW-Z190 XDCAM handheld camcordersThe PXW-Z280 and PXW-Z190 will enhance their capabilities with Version 3.0 firmware, which includes wireless file transfer with Dual Link connection, file transfer without the use of a mobile app, and support for a Multi-Interface Shoe(TM) (MI shoe) with Digital Audio Interface to enable superior sound and enhanced usability for the new UWP-D wireless microphone series.

Simple and Professional-quality Content Creation for Broadcast, Education, Corporate and Government

BRC-X400 4K Pan-tilt-zoom (PTZ) CameraSony's newest 4K pan-tilt-zoom (PTZ) camera, the BRC-X400, is ideal for cost-efficient content creation, including broadcast applications and shooting in large venues. The camera supports IP and is equipped with NDI®|HX capability with an optional license. When released in the fall, it is planned to be compatible with REA-C1000, Sony's first AI-based video analytics solution. HXR-MC88 HD Palm- sized CamcorderThe new HXR-MC88 palm-sized camcorder enables cost-effective and professional quality HD capture that responds to the growing demands for video content in various scenes including education, corporate and government environments. With a large 14.2 megapixel 1.0-type stacked Exmor RS CMOS sensor, users can capture high-quality images with less noise in both light and dark conditions. The camera also features a Fast Hybrid Auto Focus system for seamlessly capturing motion. Additional highlights include built-in 4 step ND filters and 12x optical zoom, which can be doubled to 24x with Clear Image Zoom while maintaining full resolution using Super Resolution Technology and 48x zoom with Sony's Digital Extender. Page 4 of 4 At NAB 2019, Sony Unveils Products, Solutions and Workflows That Are "Powering Today and Transforming Tomorrow"; Sony is Strengthening its Commitment to the Med....

New Technology for 4K Recording

PZW-4000 4K XAVC RecorderThe PZW-4000 4K XAVC recorder supports XAVC-L422 QFHD 200 recording/playback along with XAVC-I QFHD 300. It also allows for direct playout from SxS memory cards, without ingesting media into an internal SSD, in addition to simultaneous recording to the internal SSD and SxS card. A VTR-like, simple control panel is included, enabling professional users to easy-to-control operations by their familiar and experienced skills.SxS Memory Card and Reader/WriterThe SBP-120F (120GB) and SBP-240F (240GB) are the newest addition to Sony's durable and reliable SxS PRO X Card line-up. Both offer ultra-fast transfer speeds of up to 10 Gbps and enable stable capture of high bit rate content. Used in conjunction with the new reader/writer, SBAC-T40 equipped with Thunderbolt(TM) 3 interface*, enables the transfer of 240GB of video content in approximately 3.5 minutes.

For more information about Sony's latest professional technologies, please visit Booth #C11001 at NAB Show orpro.sony.

About Sony Electronics' Imaging Products and Solutions - AmericasSony Electronics' Imaging Products and Solutions - Americas group develops and manufactures video and audio technologies and solutions for a range of professional applications. These include broadcast television and motion picture production, live event production, ENG/EFP, digital cinematography, and more. Sony professional technologies are used in market segments including media solutions, imaging solutions, education, visual simulation and entertainment, theater, healthcare, and sports. Visit pro.sony for more information.

About Sony Electronics Inc.

Sony Electronics is a subsidiary of Sony Corporation of America and an affiliate of Sony Corporation (Japan), one of the most comprehensive entertainment companies in the world, with a portfolio that encompasses electronics, music, motion pictures, mobile, gaming, robotics and financial services. Headquartered in San Diego, California, Sony Electronics is a leader in electronics for the consumer and professional markets. Operations include research and development, engineering, sales, marketing, distribution and customer service. Sony Electronics creates products that innovate and inspire generations, such as the award-winning Alpha Interchangeable Lens Cameras and revolutionary high-resolution audio products. Sony is also a leading manufacturer of end-to-end solutions from 4K professional broadcast and A/V equipment to industry leading 4K and 8K Ultra HD TVs. Visithttp://www.sony.com/newsfor more information.

*Under certification. Thunderbolt and the Thunderbolt logo are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.

View original content to download multimedia:http://www.prnewswire.com/news-releases/at-nab-2019-sony- unveils-products-solutions-and-workflows-that-are-powering-today-and-transforming-tomorrow-300825773.html

SOURCE Sony Electronics Inc.

CONTACT: Sony, Cheryl Goodman, Corporate Communications, [email protected], 858.942.4079; Allison Mandara, Imaging Products & Solutions, [email protected], 201.930.6032

Load-Date: April 8, 2019

End of Document

Exhibit 21 TOP 150 GLOBAL Licensors: The New Class: License Global's annual report tracks the retail sales of licensed merchandise from the world's most powerful brands across every segment of consumer products.(Top 150 Global Licensors)(Company rankings)

License! Global August 1, 2019

Body

MERGERS AND ACQUISITIONS, consolidation and exits... 2018 saw its fair share of headlines that impacted the business of brand licensing in major ways. According to a report from The New York Times, a record $2.5 trillion in mergers were announced in the first half of 2018 alone, with American companies accounting for the largest portion of those. And brand licensing certainly felt the impact.

The deal that garnered the most headlines? Disney's buyout of Twentieth Century Fox. The acquisition, which was locked in at $71.3 billion, concluded in March of this year. Because of this, The Walt Disney Company ranking-a whopping $54.7 billion in worldwide retail sales of licensed products in 2018, which is a $1.7 billion increase over 2017-remains focused on the Disney core business and does not reflect Fox's influence. It is also for this reason that Fox is absent from the report. Fiscal year 2018 retail sales results for Fox were not available at the time of this report. Next year, however, Twentieth Century Fox Consumer Products will be reflected in The Walt Disney Company's total retail sales figures. (National Geographic, which is included in the Fox acquisition, is listed separately on this year's report.)

Disney had a strong year, irrespective of the Fox deal. With a constant flow of tentpoles from the Marvel universe such as Black Panther and Avengers: Infinity War, the Star Wars franchise, Pixar gems such as Coco, the 90th anniversary of Mickey Mouse and more, Disney continues to fire on all cylinders and go from strength-to-strength.

Conversely, we see mergers reflected in fiscal year reportings this time around, as is the case with WarnerMedia. Formerly known as Warner Bros. Consumer Products, this new entity reflects the full scope of its portfolio now that the hard-fought acquisition of Time Warner by AT&T finally concluded in June of 2018. The mega-acquisition kicked off in 2016 when AT&T initiated the buy, offering a total transaction value of $108.7 billion for the entertainment company, but saw numerous roadblocks as the deal was contested by the U.S. government. This year's report will not list Cartoon Network (formerly No. 29, with $2.2 billion in retail sales of licensed merchandise) and Warner Bros, (formerly No. 7, with $7 billion in retail sales of licensed merchandise) as separate companies, but rather as a combined unit, which also includes the HBO business. The final result? WarnerMedia comes in at No. 4 on the 2019 report, showing $11 billion in retail sales of licensed merchandise. Page 2 of 65 TOP 150 GLOBAL Licensors: The New Class: License Global's annual report tracks the retail sales of licensed merchandise from the world's most powerful brands ac....

Viacom Nickelodeon Consumer Products is the new name for Nickelodeon, which too reflects the full scope of its portfolio that now includes MTV, Comedy Central, Paramount and Nickelodeon. VNCP holds steady at No. 9, reporting $5.5 billion in retail sales of licensed merchandise.

Another notable absence from this list is Saban Brands. The company, which ranked at No. 50 with $1.1 billion in retail sales of licensed product on last year's report, ceased operation last summer and sold off its biggest brand, "Power Rangers," to Hasbro for $522 million.

In January 2018, Keurig purchased Dr Pepper Snapple Group for $19 billion. The combined group-Keurig Dr Pepper Inc.-brings together beverage brands such as the eponymous, as well as Squirt, Snapple, Evian, Hawaiian Punch, Yoohoo and more. The company's ranking is an estimate based on Keurig Dr Pepper's annual report filing, which cites other revenues.

Discovery and Scripps finalized their merger on March 6, 2018, bringing together brands such as Discovery Channel, Animal Planet, TLC, HGTV, Food Network and Travel Channel. The resulting entity, now called Discovery Inc., did not report its retail sales of licensed consumer products to License Global this year. Therefore, the resulting ranking is also an estimate based on Discovery's annual report filing, which cites other revenues.

Three brands join the report for the first time, all reflecting the changing face of brand licensing.

Crunchyroll is an anime brand that brings together experiences, merchandise, social media and more to deliver fan- favorite franchises to a consumer base of more than 50 million registered users and 2 million subscribers.

BuzzFeed, a new media company, is creating a brand licensing strategy based on its trending properties, which include Tasty and Goodful. The cross-platform licensor is constantly thinking up the next big thing, so expect more from it in 2019.

And finally, there's Pocket.watch, the company that figured out how to monetize the kidfluencer and capture consumer dollars from user-generated content. Its big hit in 2018 was Ryan's World, which is based on the YouTube channel Ryan ToysReview. The channel, which today counts more than 20 million subscribers, enjoys a full range of licensed products-everything from toys to apparel-under Ryan's own brand label. Entertainment is also on the way for Ryan and CO., thanks to a partnership with Nickelodeon.

There's more in this report, so read on and learn where the next big hit is coming from. by AMANDA CIOLETTI

RANKING COMPANY RETAIL SALES 2018 1 The Walt Disney Company $54.7B 2 Meredith Corporation $25.1B 3 PVH Corp. $18B(E) 4 WamerMedia $11B 5 Authentic Brands Group $9B 6 Hasbro $7.1B 7 Universal Brand Development $7.1B 8 Iconix Brand Group $7B (E) 9 Viacom Nickelodeon Consumer $5.5B Products 10 Major League Baseball $5.5B(E) 11 Rainbow $4.2B 12 Sanrio $4B 13 Sequential Brands Group $4B 14 International Brand Management & $4B (E) Licensing 15 General Motors $3.5B(E) 16 National Football League $3.5B(E) 17 National Basketball Association $3.2B(E) 18 Bluestar Alliance $3.1B 19 The Electrolux Group $3B 20 Pentland Brands $3B(E) 21 Playboy Enterprises $3B 22 Procter & Gamble $3B 23 The Pokemon Company International $2.98B 24 Caterpillar $2.93B 25 Ferrari $2.6B(E) 26 Kathy Ireland Worldwide $2.6B(E) 27 Entertainment One $2.5B 28 Ralph Lauren $2.5B (E) 29 DHX Media $2.37B 30 Whirlpool Corporation $2.2B(E) 31 Ford Motor Company $2B(E) 32 Mattel $2B 33 Toei Animation $1.9B 34 Stanley Black & Decker $1.84B 35 Spin Master $1.8B (E) 36 U.S. Polo Assn./USPA Global Licensing $1.7B 37 NFL Players Association $1.65B 38 The Hershey Company $1.6B 39 Weight Watchers International $1.6B (E) 40 BBC Studios $1.4B 41 Fantawild Animation $1.4B 42 National Hockey League $1.3B(E) 43 Sesame Workshop $1.3B 44 Sunkist $1.3B(E) 45 MGA Entertainment $1.2B (E) 46 Technicolor $1.1B 47 The Coca-Cola Company $1B(E) 48 Margaritaville Enterprises $1B(E) 49 NASCAR $1B(E) 50 Perry Ellis International $1B(E) 51 Pierre Cardin $1B(E) 52 WWE $1B 53 Dr. Seuss Enterprises $997.5M 54 PGA Tour $855M 55 IMPS $830M 56 Focus Brands $810.4M (E) 57 The Emoji Company $806M 58 The LEGO Group $800M (E) 59 Church & Dwight Co. $730M 60 Moomin $678M (E) 61 Westinghouse Page 3 of 65 TOP 150 GLOBAL Licensors: The New Class: License Global's annual report tracks the retail sales of licensed merchandise from the world's most powerful brands ac....

Electric Company $635M(E) 62 Polaroid $620M (E) 63 Moose Toys $610M 64 National Geographic Partners $609M 65 Lagardere Group $600M 66 The Smiley Company $592.9M 67 Keurig Dr Pepper $589M (E) 68 Alpha Group $520M 69 Welch's $510M 70 Tommy Bahama $509M 71 Hearst $505M (E) 72 Energizer Brands $504M 73 Discovery Inc. $501M (E) 74 Telefunken $480M 75 Art Brand Studios $450M 76 Studio 100 $443M 77 Major League Soccer $420M (E) 78 Diageo $400M 79 The Goodyear Tire & Rubber Company $400M 80 ITV Studios Global Entertainment $400M 81 Motorola Mobility (Subsidiary of Lenovo) $396.9M (E) 82 C3 Entertainment $380M (E) 83 Michelin Lifestyle $378M 84 Eastman Kodak Company $367M 85 Sony Pictures Entertainment $360M 86 Activision Blizzard $350M 87 Mars Retail Group $340M (E) 88 Ironman $337M 89 CBS Consumer Products $330M 90 Nissan Motor Company $330M (E) 91 Animaccord $327.3M 92 Scott Brothers Global $310M 93 Skechers U.S.A. $300M 94 4K Media $300M (E) 95 41 Entertainment $290M (E) 96 Silvergate Media $280M 97 Volkswagen $280M (E) 98 John Deere $260M (E) 99 Carte Blanche Group $250M 100 General Mills $250M (E) 101 TGI Fridays $250M 102 Briggs & Stratton Corporation $245M 103 The Eric Carle Studio $245M 104 Rovio Entertainment Corporation $230M (E) 105 Golden West Food Group $220M (E) 106 Boy Scouts of America $219M 107 Crayola $215M (E) 108 Anheuser-Busch InBev $214M 109 Shanghai Skynet Brand Management $210M 110 VIZ Media $210M 111 Girl Scouts of the U.S.A. $200M (E) 112 Hamilton Beach Brands $200M (E) 113 JCB $200M 114 Santoro Licensing $196M 115 Sports Afield $193M (E) 116 Roto-Rooter $190M 117 Smithsonian $179M (E) 118 Melitta $165M 119 Kawasaki Motors Group $165M (E) 120 Reynolds Consumer Products $160M (E) 121 Conde Nast $150M 122 KISS Catalog $150M 123 Snuggle $150M 124 Wolfgang Puck Worldwide $148M (E) 125 Gold's Gym $147M (E) 126 Perfetti Van Melle $145.4M 127 Aardman Animations $140M (E) 128 LA-Z-BOY $140M (E) 129 Talpa Global $135.1M 130 AgfaPhoto $135M 131 Beam Suntory $135M (E) 132 BuzzFeed $135M 133 Games Workshop $135M 134 Lamborghini $135M (E) 135 Tony Roma's Famous Ribs $130M (E) 136 The Astrid Lindgren Company $124M (E) 137 Cold Stone Creamery $102.7M (E) 138 Crunchyroll $100M 139 Black Flag $100M (E) 140 PepsiCo North America $100M (E) 141 ZAG $100M (E) 142 The ScottsMiracle-Gro Company $98M 143 V&A $91M 144 U.S. Army $90M 145 Mack Truck $75M (E) 146 Minor League Baseball $68.3M (E) 147 Planeta Junior $63.5M 148 Biltmore $62M 149 Pocket.watch $46.3M 150 Jelly Belly Candy Company $35M

1 THE WALT DISNEY COMPANY

$54.7B (NYSE: DIS)

WWW.THEWALTDISNEYCOMPANY.COM

The mission of The Walt Disney Company is to entertain, inform and inspire people around the globe through the power of unparalleled storytelling reflecting the iconic brands, creative minds and innovative technologies that make it one of the world's premier entertainment companies. The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with the following business segments: Media Networks; Parks, Experiences and Products; Studio Entertainment; and Direct-to- Consumer and International.

As the world's largest licensor, The Walt Disney Company brings its iconic stories and characters to life for families and fans of all ages through innovative products and experiences. In fiscal 2018, global retail sales of licensed product reached $54.7billion. This number is inclusive of licensed products and games across Disney Consumer Products, Disney Interactive, Studio Entertainment, ABC and ESPN.

The company kicked off the 90th anniversary celebration of classic favorite Mickey Mouse with a two-hour primetime special on ABC, commemorative merchandise and food items at Disney theme parks and resorts and the first fashion show to take place at Disneyland in more than 40 years, featuring a custom collection from Opening Ceremony celebrating Mickey Mouse as the True Original. In the summer, Disney kicked off The True Original consumer product launches with an exclusive product launch at Target including apparel, pet treats, toys, bedding, beach and beauty gear, followed by the global set date of all branded Mickey's 90th anniversary products at retail in August, including fashion and footwear brands, toy lines and new exclusive capsule collections. Mickey: The True Original Exhibition in New York City celebrated 90 years of Mickey Mouse's influence on art and pop culture via a pop-up art exhibit, and featured products through various installations. Page 43 of 65 TOP 150 GLOBAL Licensors: The New Class: License Global's annual report tracks the retail sales of licensed merchandise from the world's most powerful brands ac....

Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, has 112,300 employees and operates 68 production plants in 17 countries. The group also has a Technology Centre, responsible for research and development, with operations in Europe, North America and Asia.

Created in 2000, Michelin Lifestyle Limited is part of the Michelin Group. It adds the power of the Michelin brand to rigorously-selected products either directly or under license. Categories covered include vehicle accessories, footwear soles, gifts and collectibles and new technologies. Those products strengthen the Michelin brand as a whole by providing superb consumer experiences, improving mobility and adding value. They also showcase Michelin's dedication to innovation, performance, safety and the environment.

In 2018, Michelin Lifestyle operations were represented by 72 licensing partnerships worldwide, selling more than 26.9 million products in more than 129 countries.

84 EASTMAN KODAK COMPANY

$367M (NYSE: KODK)

WWW.KODAK.COM

Kodak is a technology company focused on imaging. It provides-directly and through partnerships with other innovative companies-hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, entertainment, commercial films and consumer products markets.

With its world-class R&D capabilities, innovative solutions portfolio and highly trusted brand, Kodak is helping customers around the globe to sustainably grow their own businesses and enjoy their lives.

As one of the world's most iconic brands, the Kodak consumer products business continues to expand the breadth and depth of the portfolio of licensed products, experiencing a 33 percent growth in retail sales in 2018. The profile of the licensees includes global expansion in photographic, imaging and consumer electronics as well as expansion into the apparel segment in the U.S. and European markets.

Notable new products and categories include a digital conversion service, digital photo frames, camera/computer/car/mobile accessories, Al-aided camera stabilizers, interactive display and baby monitors, mobile and home energy solutions, eye glass frames, luggage and an array of fast-fashion, trending apparel through wholesale and DTR.

The Kodak brand stretches across a wide variety of licensed categories including digital still cameras, action cameras, 360 VR cameras, instant print cameras and printers, 3D printers, home and baby security video monitors, headphones and Bluetooth speakers, televisions, ink and toner cartridges, specialty photographic media, LED lighting, storage media, racing drones, essentials such as batteries, chargers, flashlights and prescription eyeglass lenses.

Kodak will continue to pursue licensees and brand partnerships that bring innovation and unique industrial design to analog and digital consumers and to highlight the Kodak brand in the lifestyle arena around the globe. In 2019, Kodak will continue to expand the brand and the portfolio with products, services and apparel that will inspire the creative in consumers everywhere.

85 SONY PICTURES ENTERTAINMENT

$360M (NYSE:SNE)

WWW.SONYPICTURES.COM/

Sony Pictures Consumer Products is the licensing and merchandising division of Sony Pictures' Motion Picture Group and Sony Pictures Television for Sony Pictures Entertainment (SPE), which is a subsidiary of Tokyo-based Page 44 of 65 TOP 150 GLOBAL Licensors: The New Class: License Global's annual report tracks the retail sales of licensed merchandise from the world's most powerful brands ac....

Sony Corporation. SPE's global operations encompass motion picture production, acquisition and distribution; television production, acquisition and distribution; television networks; digital content creation and distribution; operation of studio facilities; and development of new entertainment products, services and technologies. SPE's Motion Picture Group production organizations include Columbia Pictures, Screen Gems, TriStar Pictures, Sony Pictures Animation, Stage 6 Films, AFFIRM Films and Sony Pictures Classics.

Top licensed properties in 2018 include the films Peter Rabbit, Hotel Transylvania 3: Summer Vacation and Ghostbusters (1984); and from TV, "Out-lander" and "Breaking Bad."

Peter Rabbit had a great overall program that included a Walmart endcap, exclusive product at Cost Plus World Market, and a Peter Rabbit bear at Build-a-Bear. In addition, we worked with Liberty of London to create a special bespoke print that was utilized by SeaVees on a kids' footwear line and Cope for high-end wallpaper and textiles.

Jazwares created an incredible toy line for Hotel Transylvania 3 and "Hotel Transylvania: The Series," which had placement at Walmart and Target. Hotel Transylvania also had multiple interactive games, which included a mobile game from Tab Tale that has reached more than 12 million downloads and an app from Biba Ventures that received a Kidscreen nomination for Best Game App.

Even outside of a movie window, Ghostbusters still continued to perform in all categories across the world. Fans cannot get enough of the beloved franchise.

"Outlander" continues to see success with the Torrid and Hot Topic collections. Both retailers launched additional collection items in 2018, and fans were not disappointed.

Top licensing priorities for 2019/2020 include Zombieland 2: Double Tap, Jumanji, Peter Rabbit 2, Bloodshot, Ghostbusters, "Monster Hunter," Vivo, Hotel Transylvania 4 (2021), "Outlander," "Cobra Kai," "Breaking Bad," "Better Call Saul," "The Boys" and "Wheel of Time."

Sony just celebrated the 35th anniversary of Ghostbusters, and the celebration included new product in all categories. This has only increased the excitement for the new Ghostbusters releasing in the summer of 202,0 and it is currently creating an all-around consumer products program for the film.

Sony will work on new retail opportunities, such as the program it collaborated on with YouTube and Teespring, to allow fans to purchase "Cobra Kai" product as they were watching the show.

86 ACTIVISION BLIZZARD

$350M (NASDAQ: ATVI)

WWW.ACTIVISIONBLIZZARD.COM

Headquartered in Santa Monica, Calif., Activision Blizzard is the world's most successful standalone interactive entertainment company. Its portfolio includes some of the strongest franchises in all of entertainment, developed by the incredibly talented teams at Activision Publishing, Blizzard Entertainment, King Digital Entertainment, Activision Blizzard Studios, Major League Gaming, and its independent studios, including Toys for Bob, Infinity Ward, Sledgehammer Games and Treyarch. Its entertainment network has nearly 500 million monthly active users in 196 countries, and it is continuing to expand its capabilities across new platforms, genres, audiences and geographies. It is proud to be one of Fortune's 100 Best Companies to Work For, and its 9,000-plus employees are some of the best and brightest talents across entertainment, media and technology.

Activision Blizzard saw record-breaking financials in 2018 through products and games, including 350-plus million monthly active users in Q4.

Activision's "Call of Duty" was again the best-selling console franchise worldwide for 2018, a feat accomplished for nine of the last 10 years. The successful launch of "Spyro Reignited Trilogy" in 2018 and ongoing contribution of

Exhibit 22 TikTok Signs Licensing Deal With Sony Music, Hiking Payouts to Labels

Billboard November 2, 2020 Monday

Section: NEWS; TAG Length: 605 words Byline: Tatiana Cirisano Highlight: The deal follows a short-term licensing pact the two parties signed in April.

Body

TikTok has struck a new music licensing agreement with Sony Music Entertainment, making songs from the world’s second-largest label group available for global use in clips on the popular video-sharing app, TikTok announced in a today (Nov. 2).

The deal follows a short-term licensing pact the two parties signed in April. This time, TikTok is paying Sony a notable increase over previous deals for the rights, according to a source familiar with the matter.

“Short form video clips have developed into an exciting new part of the music ecosystem that contribute to the overall growth of music and the way fans experience it,” said Sony Music Entertainment president, global digital business and U.S. sales Dennis Kooker. “TikTok is a leader in this space and we are pleased to be partnering with them to drive music discovery, expand opportunities for creativity and support artist careers.”

The Sony roster counts superstars like , , , and ; and storied labels including Columbia, RCA and Epic. TikTok says it has 100 million monthly active U.S. users, and has been downloaded globally about 2 billion times.

Under the new agreement, TikTok and Sony will also collaborate to promote Sony’s music and artists on the platform, driving “new and forward-looking opportunities for fan engagement,” the blog post reads. Already, video trends on TikTok have helped popularize songs from the Sony catalog like ’s “Say So” (18.4 million TikTok creations) and ’s “Mood” (2.1 million), which the Hot 100 for two weeks.

Sony has discovered new talent on the app, too: Columbia in particular has signed a handful of artists who rose to fame after their songs went viral on the app, including , Powfu, StaySolidRocky, Jawsh 685, Arizona Zervas and 24kGoldn.

“We are thrilled to enter into this agreement with Sony Music so that we can continue to work together to connect the incredible roster of Sony artists in the U.S. and across the globe to new audiences and harness the power of TikTok,” said TikTok global head of music Ole Obermann. “Especially during this time when the artist community is challenged to find new ways to reach fans with their music, we are committed to working together to do just that.” Page 2 of 2 TikTok Signs Licensing Deal With Sony Music, Hiking Payouts to Labels

Further terms of the deal were not disclosed.

The deal reflects an increasingly collaborative relationship between TikTok and the music industry, which got off to a rocky start last spring. At the time, the platform was growing into a valuable promotional vehicle for music, catapulting Lil Nas X’s “Old Town Road” to global hit status, just as its licensing deals with major labels and publishers were expiring — and the music industry better payouts.

TikTok has not yet announced new licensing pacts with Universal Music Group or Warner Music Group, which also signed short-term licensing deals in April. At the time, sources close to the situation told Billboard that the deals were notably shorter than the 18-24 month agreements that labels usually strike with technology companies. TikTok a global licensing deal with Merlin in January to cover music from the digital rights agency’s 900 members, including more than 20,000 independent labels.

Meanwhile, TikTok has spent the past several months fighting Pres. Donald Trump’s threat to ban the app in the U.S., although tensions have abated in recent weeks. TikTok’s China-based parent company, ByteDance, signed a deal to sell a stake in the app to Oracle and Walmart in September; and on Friday (Oct. 30), a federal judge in Pennsylvania blocked an order from the Trump administration that would have outlawed U.S. transactions on TikTok beginning Nov. 12.

Link to Image

Load-Date: November 3, 2020

End of Document