1 - Confidential -

BCCI Global Television, Internet & Mobile Media Rights Bid

MSM India

Presentation to Group Executive Committee

March 23, 2012

2 - Confidential -

Executive Summary Board of Control for Cricket in India (BCCI) has issued an Invitation to Tender (ITT) for the Indian

national team global cricket rights for next 6 years (2012 - 2018)

Neo Sports, a competitive cable/satellite channel in India, was terminated by BCCI for non-payment of the broadcast rights

Combining the BCCI rights with Indian Premier League (IPL) on the MSM India’s sports channel creates one of the most powerful “must have” channels in India

― MSM’s sports channel, SIX is scheduled to launch in April 2012

BCCI rights have cricket matches scheduled from September - March which complements the IPL matches which are scheduled from April – May

Based upon the current cricket schedule in ITT, the minimum bid price for the global package is $628M (at FX of 51.2)

― MSM expects to make a binding bid between $650M to $700M (at FX of 51.2) for the global package

― License fee will be paid over 6 years with a deep water mark of $83MM to $112MM; IRR of 12% to 4%

― A rolling 2 year bank guarantee is required which will likely require Sony credit enhancement and the BCCI may also require a Sony parent guarantee

― Binding bids are due April 2, 2012 in India

― MSM believes this is a profitable deal over the six year term

3 - Confidential -

MSM India’s Cricket Experience: IPL - A Financial Success

3

MSM India (MSM) had acquired IPL cricket broadcasting rights in 2008 and has had significant success during the first 4 seasons

Gross advertising revenues generated across the first 4 seasons total $524MM, 19% above the projections presented to the GEC committee in 2009

Cumulative earnings to date: $117MM which is $47MM ahead of the GEC approved plan

Across the 9-season life of the IPL contract, MSM expects to generate $1.8BN in revenues and $513MM in EBIT (28% margin), as compared to $1.4BN in revenues and $277MM in EBIT in the GEC approved plan

Actuals

March 2009 GEC

Presentation Variance Actuals

March 2009 GEC

Presentation Variance Actuals

March 2009 GEC

Presentation Variance Actuals

March 2009 GEC

Presentation Variance

Revenue

Gross Advertising Revenue 56,098 56,098 (0) 92,270 107,397 (15,127) 154,117 125,167 28,950 221,881 152,949 68,932 Net Advertising Revenue 47,683 47,683 (0) 78,429 89,139 (10,710) 130,999 103,889 27,110 188,599 126,948 61,651 Other Revenue 5,423 5,423 - 5,398 5,767 (369) 6,071 8,620 (2,549) 6,526 9,888 (3,362) Total Revenue 53,106 53,106 (0) 83,827 94,906 (11,079) 137,070 112,509 24,561 195,124 136,836 58,288

Expenses

License Fee to BCCI 35,226 35,793 567 55,734 63,965 8,231 85,920 75,829 (10,091) 118,116 92,225 (25,891) Other Costs 9,531 9,197 (334) 10,109 15,556 5,447 14,627 16,040 1,413 23,216 18,406 (4,810) Total Expenses 44,757 44,990 233 65,843 79,521 13,678 100,546 91,869 (8,677) 141,331 110,631 (30,700)

EBIT 8,349 8,116 233 17,984 15,385 2,599 36,524 20,640 15,884 53,793 26,205 27,588

USD K

Consolidated Profit & Loss

Season 1 (2008) Season 2 (2009) Season 3 (2010) Season 4 (2011)

4 - Confidential -

Strategic Rationale / Competitive Landscape MSM is launching a sports channel in April 2012, its 6th channel

Sports drives subscription revenues worldwide; digitization is expected to accelerate this trend in India and could offer a substantial upside

Advertising revenues are strong during September - March period, which is the festival season, enabling MSM to maximize revenues especially with the male skewing cricket audience

Combining the BCCI rights with IPL on the MSM’s new sports channel creates the one of the most powerful must have channel in India

― BCCI rights have matches from September - March which complement IPL matches which are scheduled from April - May

― Our bouquet of channels becomes must-have for all cable and DTH operators throughout the year

― This counters the advantage of both Star and Zee from their ownership of DTH and cable operations

Besides MSM, there are 6 expected unique bidders for these rights :

5 - Confidential -

Summary of Invitation to Tender

Board of Control for Cricket in India (“BCCI”) is the governing body of Indian cricket

MSM has the opportunity to bid for global media rights which covers all international cricket matches played in India (One Day International’s (ODI’s), test matches and Twenty/20)

– Global media rights include Television (cable, satellite & terrestrial), audio, internet and mobile

– Media rights includes 96 matches over a 6 years (48 ODIs, 33 tests, 15 T20s’s)

– Rights period: 6 years is from April 2012 through March 2018 (some spillover to April 2018 included as per current match schedule – one year past our IPL matches)

The license covers global broadcast, radio, internet and mobile

Based upon the current schedule in the ITT, minimum bid price is INR 32.17BN ($628MM at 51.2 FX)

– The bid price is per match and therefore could be more or less than what is indicated by the current schedule but MSM believes significant fluctuation is unlikely

Annual license fees are payable in two equal installments before the first and after the last match

A bank guarantee covering the rolling 2 year value of the license fees is required

– Sony credit support may be required for MSM to obtain the required bank guarantees

A Sony parent company guarantee may be required by the BCCI

Bids are due April 2, 2012 in India

6 - Confidential -

BCCI Tournament Schedule

Month Team Tests ODI's T 20's Total Fiscal Year

August - September 2012 Vs. New Zealand 2 0 2 4 FYE13

November 2012 -January 2013 Vs. England 4 5 2 11 FYE13

February 2013 Vs. Australia 4 0 0 4 FYE13

October 2013 - January 2014 Vs. Australia 0 7 1 8 FYE14

October - November 2014 Vs. West Indies 3 5 1 9 FYE15

October - November 2015 Vs. South Africa 3 7 2 12 FYE16

December 2015 Vs. Sri Lanka 3 0 0 3 FYE16

October - November 2016 Vs. New Zealand 3 5 2 10 FYE17

November 2016 - February 2017 Vs. England 4 7 1 12 FYE17

February - March 2017 Vs. Australia 4 0 0 4 FYE17

October 2017 Vs. Australia 0 7 2 9 FYE18

March - April 2018 Vs. Sri Lanka 3 5 2 10 FYE18/FYE19

33 48 15 96

7 - Confidential -

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MSM expects to earn $790M in incremental revenues

Based upon a total License fee of INR 34.0BN to INR 35.86BN ($664MM to $700MM at FX of 51.2), MSM projects:

– EBIT and Cash Flows of $55MM to $18MM in total, respectively

– NPV (at 12%) of ($1MM) to ($25MM), respectively

– IRR between 12% to 4%, respectively

– Cash deepwater of ($83MM) to ($112MM), respectively

Summary Financials

8 - Confidential -

USD Millions FYE13 FYE14 FYE15 FYE16 FYE17 FYE18 FYE19 FYE20 FYE21 TOTALNumber of Matches 19 8 9 15 26 13 6 - -

Net Advertising Revenue 48 26 24 41 84 55 18 - - 297 Net Subscription Revenue 25 36 46 63 81 101 55 - - 407 International Revenue 16 7 8 13 22 11 5 - - 80 Other Income & Bad Debts 2 0 0 1 2 0 0 - - 6 Total Revenue 90 69 77 117 189 168 79 - - 790

ExpensesLicense Fee Amortisation 76 58 65 99 159 141 66 - - 664 Other Costs 11 7 8 11 18 12 3 - - 71 Total Expenses 87 66 73 110 177 153 69 - - 735

EBIT 3 4 4 7 12 14 10 - - 55

Net Cash flow (63) 8 6 (9) (25) 45 82 7 4 55

Est. Average Annual Bank Guarantee 179 179 169 169 316 316 - - -

Deep Water Mark (83) Net Present Value@12% (1) IRR 12%

Financial Overview

Notes:A. Exchange Rate 1USD = Rs. 51.206B. FY 20- 21 cash flows represent refunds of withholding taxes on payments between MSM India and MSM SingaporeC. SPE has calculated the bank guarantee based upon the ITT but the actual calculation will be made by the BCCI and therefore the actual required guarantee may differ

B B

A

C

9 - Confidential -

Risks / Mitigation and Opportunities

Risks / Opportunities Mitigation

Risks:

The popularity of the cricket matches are impacted by adverse events (e.g. match fixing, poor team performance, scandals, etc.)

The BCCI understands these risks and is in their best interest to prevent them in order to protect the franchise

Downturn in Indian advertising market Considering India historical and projected GDP growth rates this is not expected to occur.

Change in tax withholding requirements increases the cost of the license

MSM believes the current tax structure or an equivalent structure can be maintained

BCCI renegotiates/terminates rights MSM’s executive team has a very good relationship with the BCCI

Opportunities:

A quick and successful transition from analog to digital creates an opportunity for larger subscription revenue both for the sports channel as well as the MSM bouquet

10 - Confidential -

10

Submit a global binding bid of up to INR 35.86BN based upon the current match schedule ($700MM at FX rate of 51.2)

– bid of INR 357MM per match for matches played through March 31, 2014 ($7MM at FX of 51.2)

– bid of INR 380MM per match for matches played from April 1, 2014 through March 31, 2018 ($7.4MM at FX of 51.2)

Provide a Sony credit enhancement to support the 2 year rolling bank guarantees

Provide a Sony parent guarantee, if required by BCCI

Request for Approval to :

11 - Confidential -

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Submit a bid package by April 2nd

Next Steps