CSC Media Group - acquisition Follow-up update JUly 2012 2

Deal Update

• To Be Updated 3

Strategic Rationale for True channels business

• Market position: ● Increases Adults reach to 8m individuals per month (27% increase) ● becomes the #2 movie provider on the Sky platform

● Brand fit: ● – clear brand positioning with international appeal and understanding, compliments existing Sony portfolio ● True Movies/Entertainment’s audience skews female, cross promotion opportunities with SMC and SET ● Complements male skewing ’s audience for advertising sales

● Financial impact: ● Low cost programming model delivers high EBIT margins (35%-40%) ● Delivers shelf space to increase efficiencies and sweat program assets across portfolio ● Delivers incremental scale and leverage for future ad sales representation negotiations ● Leverages existing UK channel infrastructure ● Contributes positive EBIT and cashflow from day 1 FY14 FY15 FY16 UK CHANNELS: EXISTING BUSINESS Revenues 17,532 22,365 26,523 EBIT -3,661 504 3,561 Margin -21% 2% 13% CSC: TRUE MOVIES & ENTERTAINMENT Revenues 14,649 15,509 16,105 EBIT 1,712 2,795 3,838 Margin 12% 18% 24% UK CHANNELS: EXISTING BUSINESS AND CSC Revenues 32,180 37,873 42,629 EBIT -1,949 3,298 7,399 Margin -6% 9% 17% 4

Financial overview

FYE 12/ 31 Projected FYE Dec 31, (USD '000s) 2012 2013 2014 2015 2016 2017 REVENUE Gross Advertising Revenue 12,142 13,053 13,705 14,248 14,960 15,709 Total Commissions -1,518 -1,634 -1,716 -1,783 -1,873 -1,966 Net Advertising Revenue 10,624 11,419 11,990 12,465 13,088 13,742 Other Revenue (Int'l/Teleshopping) 940 1,596 1,803 1,857 1,913 1,970 TOTAL TRUE CHANNELS REVENUE $11,564 $13,015 $13,793 $14,322 $15,001 $15,713 Programming 2,263 2,586 2,930 3,135 3,291 3,456 Other programming 174 378 391 403 415 427 Network operations 1,235 2,314 2,319 2,389 2,461 2,534 Marketing 768 1,047 1,080 1,112 1,146 1,180 Staff 451 359 370 385 400 416 International 395 662 749 771 794 818 G&A 845 197 110 119 118 120 Total Operating Expenses 6,131 7,544 7,948 8,314 8,625 8,952

EBITDA $5,433 $5,471 $5,845 $6,008 $6,376 $6,761 % Gross Revenue 42% 37% 38% 37% 38% 38% % Growth 1% 7% 3% 6% 6% Depreciation 295 16 16 16 18 18 PPA and Acquired asset amortisation 3,744 3,034 2,154 1,278 569 EBIT (less PPA) 5,139 1,712 2,795 3,838 5,079 6,173 % Gross Revenue 39% 12% 18% 24% 30% 35%

Net Cash Flow $3,617 $3,811 $4,134 $4,250 $4,459 $4,791

PV (of Cash Flows & TV) @ 12% $50,499 PV (of Cash Flows) @ 12% $15,275 SPE Proposed Purchase Price ($39,000) Operating Cash Flow $3,811 $4,134 $4,250 $4,459 $4,791 Net Cash Flow to SPE ($10,000) ($25,189) $4,134 $4,250 $4,459 $66,867 NPV (of SPE Cash Flows & TV) @ 12% $14,606 IRR 23% Payback 2020 5

Partners discussion

• Flow Chart 6

CSC Valuation RANGES

Valuation Range – True Channels Business ($MM) $70.0

$60.0 $20.0 $50.0 $20.0 $45 $40.0 $10.0 $35 $15.0 $30.0 $30 $25 $20.0

$10.0

$0.0 Comps Management Case DCF SPE High/Low DCF SPE Initial Indication Public/Trans Low High Low High Low High Low High Valuation Range ($MMs) $35.0 – $55.0 $45.0 – $65.0 $25.0 $40.0 $30.0 – $40.0 Enterprise Value as a multiple of: 2011 Actual EBITDA (£1.8M/~$2.8M) 12.4x – 19.5x 15.9x – 23.0x 8.8x – 14.1x 10.6x – 14.1x 2012 Forecast EBITDA (£3.6M/~$5.6M) 6.3x – 9.9x 8.1x – 11.7x 4.5x – 7.2x 5.4x – 7.2x Note: Public Comparables range based on European Average EV/2012 EBITDA of 7.5x plus a control premium of 20%–30%. Transaction Comparable range of 11x-15x 2011 EBITDA. DCF range based on management forecasts, 11%-13% WACC and 1% perpetuity growth rate. 7

appendix 8

Viewing analysis

Profile: True readdresses the gender balanceSony Chans Adults Reach: True increases reach by 21% TRUE 73% 8,249,000 Combined

27% 61% 6,491,000 53% 47% 39%

27%

SET, SMC, M4M, M&M Plus True Movies Group Men Women

% of Sky Impacts by movie group: True doubles Sony’s share of movie impacts on the Sky platform 35%

100% 24%

16% 12% 12% 9% 6%

0%

SMC, M4M TRUE Combined Sky Movies Film4 Movies 24 MGM HD Horror Channel