Deloitte Financial Advisory Services LLP 350 South Grand Avenue Suite 200 Los Angeles, CA 90071 USA Tel: +1 213 688 3268 Fax: +1 213 673 6488 www.deloitte.com September 30, 2011 Mr. Drew Shearer Executive Vice President Sony Pictures Entertainment, Inc. 10202 West Washington Blvd. Culver City, CA 90232-3195 Dear Mr. Shearer: Deloitte Financial Advisory Services LLP (“Deloitte FAS”) was pleased to assist Sony Pictures Entertainment, Inc. in connection with its management planning activities with the provision of the services described in the amendment to our engagement letter dated August 2, 2011. Accompanying this letter is our report pertaining to the fair market value of 38.0 percent equity interest of Multi Screen Media Private Limited as of March 31, 2011. Our report describes the purpose, use, and scope of the analysis; the methodologies employed; and the results of the work. The results, advice, recommendations, or conclusions included in the report are subject to the Assumptions and Limiting Conditions and the Certifications that are presented as appendices. The Qualifications of Principal Consultants are also presented as an appendix to the report. If you have any questions regarding the results of the analysis, please contact JD Tengberg at +1 213 553 1285 or Peter Woelflein at +1 213 553 1342. Very truly yours, DRAFT Deloitte Financial Advisory Services LLP By: JD Tengberg Financial Advisory Services Sony Pictures Entertainment, Inc. Analysis of the Fair Market Value of 38.0 Percent Equity Interest in Multi Screen Media Private Limited Valuation Date: March 31, 2011 Report Date: SeptemberDRAFT 30, 2011 Deloitte Financial Advisory Services LLP Table of Contents Engagement Overview 1 Purpose and Use 1 Scope of the Services 1 Company Overview 4 Economic Outlook 5 India Economic Conditions and Outlook 5 Industry Outlook 7 Television Distribution 7 Valuation Analysis 8 Valuation Methodology 8 Income Approach 10 Discounted Cash Flow Method 10 Market Approach 15 Guideline Public Company Method 15 Discount for Lack of Control 18 Discount for Lack Of Marketability 19 Summary of FindingsDRAFT 20 Closing Remarks 21 Appendices 22 Appendix 1 — Assumptions and limiting conditions 23 Appendix 2 — Certification 25 Appendix 3 — Qualifications of principal consultants 26 Exhibits 28 Deloitte Financial Advisory Services LLP i Engagement Overview Engagement Overview Sony Pictures Entertainment, Inc. (“Sony” or the “Client”) sought valuation advice and recommendations to assist it in estimating a range of fair market values for a 38.0 percent equity interest in Multi Screen Media Private Limited (the “Company” or “MSM”) for internal planning purposes. Deloitte Financial Advisory Services LLP (“Deloitte FAS”) assisted Sony in connection with its management planning activities with the provision of the services (the “Services”) described in our engagement agreement (statement of work amended as of August 2, 2011,). Purpose and Use The Services and this report (the “Deliverable”) are solely for Sony’s internal use to assist it in meeting internal planning requirements. Scope of the Services Services Provided We performed an analysis described as a valuation engagement in the Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset (“SSVS 1”), of the American Institute of Certified Public Accountants and, consistent with the ASA Business Valuation Standards of the American Society of Appraisers, as an appraisal within the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation to develop an estimate of the fair market value of 38.0 percent equity interest of the Company on a minority basis (the “Subject Interest”) as of March 31, 2011 (the “Effective Date”). A minority basis reflects the value of an ownership interest of no more than 50 percent of the voting interests in that enterprise. In developing our estimate of value, we considered each applicable premium for control, discount for lack of control, or discount for lack of marketability, as well as the presence of nonoperating or excess assets and liabilities. No other assets or liabilities were included in the Services. Description of the Analysis Our analysis included, but was not necessarily limited to, the following: • Interviews with Sony and Company management (“Management”) concerning the Company’s history; the nature of its business; DRAFTits competitive position, strengths, and challenges; its operating and nonoperating assets, if any; its historical financial position, operating performance, and dividend- payment patterns; historical transactions involving its debt or equity securities; and its plans for the future, including expectations regarding dividends, operating performance, and financial position • Analysis of the Company’s historical and prospective financial data • Research concerning the: • Company, its financial and operating history, the nature of its products and/or services, and its competitive position in the marketplace • Current economic conditions and outlook for the national economy, as well as applicable global economic conditions Deloitte Financial Advisory Services LLP 1 Engagement Overview • Industry or industries in which the Company participates • Company’s competitors and other companies engaged in the same or similar lines of business • Analysis of market research reports regarding participants in the Company’s industry • Consideration, selection, and application of valuation approaches and methods • Estimation of the fair market value of the Subject Interest as of the Effective Date Type and Premise of Value For your management planning purposes, the type of value is fair market value. Fair market value, as defined in U.S. Treasury regulations (Reg. §20.2031-1(b)), is “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts.” Sources of Information As part of this assignment, we relied upon numerous sources of information, including the following: • Unaudited balance sheets at, and operating results for, the periods ended March 31, 2009 through the Effective Date • Economic and market data from sources, including Economist Intelligence Unit N.A. Incorporation, Capital IQ, Hoovers, Standard & Poor’s, and Morningstar, Inc. • Financial forecasts of operating results and financial conditions for the periods ending March 31, 2012 through March 31, 2018 We believe the information obtained from the above-described sources to be reliable. However, we make no representation as to the accuracy or completeness of such information. Further, we have performed no procedures to corroborate the information obtained from public sources. The Services and this report do not constitute an audit conducted in accordance with auditing standards generally accepted in the United States of America or standards of the Public Company Accounting Oversight Board (United States), an examination of internal controls, or other attestation or review services in accordance with standards established by the American Institute of Certified Public Accountants. Deloitte FAS does not express an opinion or any other form of assurance with respect to (1) financial statements, (2) operating or internal controls of any entity included in the engagement for any date or period, or (3) future operationsDRAFT of any entity included in the engagement. The financial information includes financial statements that were prepared by Management and were not reported on as part of an audit under the Statements on Standards for Attestation Engagements (SSAE) or attest engagement performed in accordance with standards established by the Public Company Accounting Oversight Board (United States). As part of the Services, Deloitte FAS did not audit, review, or compile, or attest under the SSAE or attest standards established by the PCAOB to the financial information and assumes no responsibility for such information. The prospective financial information used in this analysis was prepared or approved by Management and is the responsibility of the Company. The Company is responsible for representations about its plans and expectations and for disclosure of significant information that might affect the ultimate realization of any forecasted results. Deloitte FAS has no responsibility for the achievability of the results forecasted. Deloitte Financial Advisory Services LLP 2 Engagement Overview Events and circumstances frequently do not occur as expected. There will usually be differences between prospective financial information and actual results, and those differences may be material. The Services and this report do not constitute (1) a recommendation regarding the acquisition or financing of any business, assets, liabilities, or securities; (2) a market or financial feasibility study; (3) a fairness or solvency opinion; or (4) an examination or compilation of, or the performance of agreed-upon procedures with respect to, prospective financial information in accordance with standards established by the American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board. The engagement and the Deliverables are not intended to be and shall not be construed to be “investment advice” within the meaning of the Investment Advisers Act of 1940. 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