1

India Sports Channel OpportunitySeptember 25, 2009

SPORTS

2

Executive Summary

SPT currently has 3 sports properties (IPL Cricket, NZ Cricket, FA Cup Soccer) that air on MAX and PIX; we could better leverage these on a dedicated sports channel

– Sports is an opportunity to build equity in a new channel and reach an attractive demographic (youth / males and southern viewers)

– Our sports properties on MAX and PIX (film channels) dilute these brands and would be more valuable on a sports channel

BCCI Cricket rights for 4 years are up for bid in November and would be the cornerstone of a sports channel; we would receive an option for an additional 4 years

– BCCI Cricket rights include all international cricket matches that are played in India– Working assumption is that the bidding range would be between $350MM and $420MM for first

four years

Based on preliminary analysis, we recommend bidding for BCCI rights with the intent of launching a Sports channel in August 2010

– If bid is won, 3 existing sports properties would also be moved to new channel– Incremental investment in other “filler” properties, G&A, headcount, and marketing– Key economic assumptions (BCCI price, cash flow timing) are preliminary but imply modest

incremental profits

3

MSM India has begun to turnaround

SET has almost doubled its rating from GRP’s in the mid 70’s to over 130 since the management change in February

SAB during the same period has grown a further 50% in rating and in August had the highest advertising sales in its history

MAX is still the number 1 movie channel and has consistently led amongst the movie channels for the last 6 weeks

IPL Sales for Season 3 are encouraging

– Signed a presenting sponsor for $10.5 MM and is one of the largest contracts executed in India

– 4 associate sponsors on board for an average of $6MM each

– 25% of budget sold and expect 60% of budget to be sold by December

Source: TAM Media Research: All India CS 4+

4

Opportunity for SONY to create a billion dollar asset (detail on page 7) Sports channel will help ensure continued growth in distribution revenues

– Easier to monetize distribution on a sports channel than on MAX– The Sports channel will reinforce bouquet strength and increase diversity making

“One Alliance” a must have / reduce reliance on Colors The sports channel will create a large revenue opportunity for MAX

– Shifting of IPL to the sports channel will create opportunity for additional ad revenue on MAX

– Eliminate confusion of MAX positioning which will only grow as IPL teams expand The sports channel timing is right

– Major rights (BCCI) are coming up for bid– IPL is likely to increase the number of teams to 10 (from 8) from Season 4 which

will add 34 additional matches The sports channel can mitigate downside risk to IPL

– Rating declines, if any, can be offset with bonus spots across all properties– The sports channel will help in IPL brand building – Will help de-risk the entire network

The sports channel allows for better monetization of NZ cricket, FA Cup and IPL

Strategic Rationale

5

Overview of BCCI Rights

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

BCCI tentatively plans on issuing an Invitation to Tender (“ITT”) in October 2009 with the winner being announced in early November 2009

MSM has the opportunity to bid for media rights for India covering all international country matches and domestic cricket matches played in India (ODI’s, test matches and Twenty/20)

– Media rights include Television (Cable, Satellite & Terrestrial)

– The four year BCCI package includes 55 ODIs, 22 tests, 10 T20s’s resulting in approximately 50 days of International cricket each year. In addition there are approximately 110 days of domestic cricket each year

The BCCI rights are for 4 years however MSM will obtain an option for an additional 4 years with a 10% license fee increase

The BCCI international cricket season extends from September to March and the domestic cricket goes from September to June

Bank draft of $15M - $30M tender security deposit will be required in FY 10

6

Sports Channel Economics

MSM expects the bidding range to be between $350 MM and $ 420 MM Additional rights for the second four years would be 10% higher; no option fee assumed Ad revenue assumptions have been benchmarked against IPL / current rates commanded by Neo Sports

– Ad rates - ODI: Rs. 275k per 10 seconds vs. IPL Season 2: Rs. 370k per 10 seconds (ODIs for Pakistan are at Rs. 375k per 10 seconds)

– Sell out - ODI: 96% vs. IPL Season 2: 82% The Sports channel would go into B3 and be sold through TheOneAlliance Cash assumptions are 25% of BCCI license fee paid one month in advance and 75% 3 months after the

tournament ends

Note: For purpose of NPV and IRR of incremental investment in BCCI and channel infrastructure, 4 year calculation applies 13X multiple to FY14 EBITDA; 8 year calculation applies 13x to FY18 EBITDA.

Low Case (Values in $MM)

Monthly Annual

Before Terminal w/ Terminal Value Before Terminal w/ Terminal Value

Bid Level EBIT DWM NPV IRR NPV IRR EBIT DWM NPV IRR NPV IRR

4 years

$ 350 MM 35 (31) 2 14% 123 82% 35 (15) 8 64% 134 142%

$ 375 MM 10 (45) (17) n/ a 34 38% 10 (15) (10) n/ a 42 88%

$ 400 MM (15) (64) (36) n/ a n/ a n/ a (15) (15) (29) n/ a n/ a n/ a

$ 420 MM (36) (80) (52) n/ a n/ a n/ a (36) (22) (44) n/ a n/ a n/ a

8 years

$ 350 MM 306 (31) 142 59% 571 79% 306 (15) 151 105% 594 119%

$ 375 MM 254 (45) 108 45% 491 68% 254 (15) 119 83% 514 102%

$ 400 MM 201 (64) 75 33% 411 58% 201 (15) 87 61% 434 87%

$ 420 MM 159 (80) 48 24% 347 50% 159 (22) 61 44% 370 75%

7

Creation of Equity Value

Launching a dedicated Sports Channel represents the opportunity to establish a channel that could exceed $1 Billion in long-term value

Public Indian Comparables Value Implications

(1) Sun TV Limited and Zee Entertainment based on 2009 EBITDA projections; Ten Sports based on 3 year forward average EBITDA as of the time that Zee Entertainment acquired 50% of company (11/13/2006).

(2) FY17 demonstrates high profitability in a year with BCCI and IPL both highly profitable.

(3) Risk of decreased EBITDA if properties are renewed at higher cost, not renewed, or replaced with lower value properties.

Values in $MM EnterpriseValue EBITDA (1) EV/EBITDA

Sun TV Limited $2,382 $163 14.6X

Ten Sports $114 $14 8.1X

Zee Entertainment Ent. $1,915 $122 15.7X

Average 12.8X

Bid Level FY17 EBITDA (2) Multiple Value

$350 $121 13.0X $1,574

$375 $112 13.0X $1,460

$400 $104 13.0X $1,347

$420 $97 13.0X $1,256

Average $1,409

Potential Risk on Renewal (3) ($30-$50) 13.0X ($390-$650)

Risk Adjusted $759-$1,019

8

Risks and Mitigators

Risk Mitigation

Cost of acquisition of key sports properties (BCCI)

Limit bid amount

ODI format for cricket may see a decline in viewership

Conversion of One Day into T-20 – value remains unchanged

Distribution revenues may be impacted with adverse regulatory environment

Current government favors less regulation

Current lack of experience in managing a sports channel

Talent identified to manage this shortfall

Perpetual need to acquire increasingly expensive sports rights to program the channel

Cricket is the main stay of the channel and both key properties are secure for 8 years

9

Schedule

NZNZ

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Time Band

Midnight

Prime

Evening

Afternoon

Mid-morning

Morning

Early Morning

Night

IPL

BCCI

BCCI Domestic

EPL / FA cup

NBA

PGA or Equivalent

NZ

FA Cup FA Cup

BCCI BCCI

BCCI Domestic

IPL

NBA NBA

PGA / Equivalent

NZ

10

Two new IPL franchises

BCCI have informally signaled their intent to add 2 new teams to the IPL competition from season 4 onwards

– This results in 34 extra matches within the competition up from the current 59/60

MSM have the option within their contract to pick up the broadcast rights to these extra matches at a pre determined fixed price

The total License cost to MSM of picking up the option would be $400m from season 4 through season 9 (includes an assumed fee for the 3 rd/4th place play off)

– $29m of non License fee costs would also need to be incurred as a result of the extra matches– MSM will try to negotiate this predetermined License fee cost down at the appropriate time

Due to the increase in adsales inventory and the mix of matches skewing unfavorably to daytime from prime, it is anticipated that MSM will not be able to recover all of the extra License fees through increased revenues. $357m in extra revenue is forecasted across the period

– This creates an EBIT shortfall of $72m

However, unconnected to the two new teams, non License fee cost savings have been identified of $89m that more than cover the EBIT shortfall

Factoring a decrease in business as usual adsales on MAX, of $14m, as a result of airing more IPL matches, the total EBIT impact of the changes is $3m

11

Two new IPL franchises

It is both strategically and financially important for MSM to control all of the IPL broadcast rights in India

– Marketplace and viewer confusion if the IPL was split across broadcasters could reduce the value of the property for all participants

– It is anticipated that MSM revenues would drop $178m across season 4 to season 9, compared to current forecast levels, if MSM do not have the rights to the new teams

• Revenues would drop on a per match basis from current levels no matter who was selling the inventory

MSM is $102m better off in EBIT terms exercising the option than letting a competitor secure the rights to the extra matches

If MSM take two teams

If MSM don't take 2 teams

Revenue impact of 2 teams 357 (178)

Cost impact from 2 teams (429) (10)

Impact on MAX (14) 0

Impact of new deal (86) (188)

Cost savings 89 89

Incremental EBIT compared to current ultimate

3 (99)

Note: also includes impact of 3rd/4th place playoff

Season 1 through Season 9 Totals ($'ms)

Summary of Impact of Two New Teams versus Current Forecast

12

Estimated Timelines

BCCI / Sports Channel

Oct 17

IPL: 2 Additional Teams

Investment Committee Application Due

Oct 23 Investment Committee Meeting (Tokyo)

Oct 14 SPE Business Meetings (NY)

Oct 28 GEC Meeting (Tokyo)

Oct 3rd wk BCCI issues Invitation to Tender

Now Analysis / Informal discussions

May 2010 Investment Committee Meeting (Tokyo)

May 2010 GEC Meeting (Tokyo)

Jul 2010 Sony Corporation Board Meeting (Tokyo)

Jul 1 2010 BCCI issues formal notice to MSM

Sep 15 2010 MSM responds to BCCI re: 2 add’l teams

Note: Items in italics are best estimates

Oct 7 GEC Meeting (preview for Oct 28 GEC MTG)

Early Nov MSM submits BCCI bid

Mid Nov BCCI announces bid winner

13

Appendix

14

Scenario 1: Incremental Channel Economics BCCI License Fees at $350MM

(1) For purpose of NPV and IRR of incremental investment in BCCI and channel infrastructure, 4 year calculation applies 13X multiple to FY14 EBITDA; 8 year calculation applies 13x to FY18 EBITDA.

INCREMENTAL SPORTS CHANNEL ECONOMICS

Low $350 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Increased inventory on Max - - 5 7 8 9 10 11 12 13 75

RODP Billing (bonus spots on chnl) - 1 1 1 1 1 1 2 2 - 10

Net BCCI Advertising - 59 68 82 100 78 93 156 124 - 760

Net BCCI Distribution - 14 30 35 42 48 56 66 77 - 369

Total Revenue - 73 103 125 151 137 161 234 215 13 1,213

License Fees - (60) (81) (96) (117) (71) (83) (123) (112) - (743)

Expenses - (10) (15) (18) (20) (20) (22) (25) (29) - (160)

EBITDA - 3 7 11 14 45 55 85 73 13 306

-

Inflows - 37 95 116 139 145 150 198 224 101 1,206

License Fees (15) (3) (73) (84) (99) (99) (80) (92) (109) (87) (743)

Outflows - (12) (19) (23) (26) (26) (18) (23) (26) (9) (183)

Cash Flow (15) 21 3 10 14 20 51 82 88 5 280

Cume NCF (15) 6 9 19 33 52 104 186 275 280

1st 4 years Monthly Annual Full 8 years Monthly Annual

Total EBIT 34.8 34.8 Total EBIT 306.5 306.5

DWM (30.7) (15.0) DWM (30.7) (15.0)

NPV before Terminal Value $2.0 $8.5 NPV $141.5 $150.6

IRR before Terminal Value 14% 64% IRR 59% 105%NPV with Terminal Value (1)

$122.8 $134.3 NPV with Terminal Value (1)$571.0 $594.0

IRR with Terminal Value (1)81.6% 142.3% IRR with Terminal Value (1)

79.1% 118.7%

15

Scenario 2: Incremental Channel EconomicsBCCI License Fees at $375MM

(1) For purpose of NPV and IRR of incremental investment in BCCI and channel infrastructure, 4 year calculation applies 13X multiple to FY14 EBITDA; 8 year calculation applies 13x to FY18 EBITDA.

INCREMENTAL SPORTS CHANNEL ECONOMICS

Low $375 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Increased inventory on Max - - 5 7 8 9 10 11 12 13 75

RODP Billing (bonus spots on chnl) - 1 1 1 1 1 1 2 2 - 10

Net BCCI Advertising - 59 68 82 100 78 93 156 124 - 760

Net BCCI Distribution - 14 30 35 42 48 56 66 77 - 369

Total Revenue - 73 103 125 151 137 161 234 215 13 1,213

License Fees - (64) (86) (103) (125) (76) (89) (132) (120) - (795)

Expenses - (10) (15) (18) (20) (20) (22) (25) (29) - (160)

EBITDA - (1) 1 4 6 40 49 76 65 13 254

-

Inflows - 37 95 116 139 145 150 198 224 101 1,206

License Fees (15) (4) (78) (90) (106) (106) (86) (99) (117) (93) (795)

Outflows - (12) (19) (23) (26) (26) (18) (23) (26) (9) (183)

Cash Flow (15) 20 (2) 4 7 13 46 76 81 (1) 227

Cume NCF (15) 5 3 6 13 26 72 148 228 227

1st 4 years Monthly Annual Full 8 years Monthly Annual

Total EBIT 9.7 9.7 Total EBIT 253.8 253.8

DWM (44.9) (15.0) DWM (44.9) (15.0)

NPV before Terminal Value ($17.2) ($10.1) NPV $108.2 $118.6

IRR before Terminal Value n/ a n/ a IRR 45% 83%NPV with Terminal Value (1)

$33.5 $42.0 NPV with Terminal Value (1)$491.0 $513.8

IRR with Terminal Value (1)38.0% 87.5% IRR with Terminal Value (1)

68.0% 102.3%

16

Scenario 3: Incremental Channel Economics BCCI License Fees at $400MM

(1) For purpose of NPV and IRR of incremental investment in BCCI and channel infrastructure, 4 year calculation applies 13X multiple to FY14 EBITDA; 8 year calculation applies 13x to FY18 EBITDA.

INCREMENTAL SPORTS CHANNEL ECONOMICS

Low $400 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Increased inventory on Max - - 5 7 8 9 10 11 12 13 75

RODP Billing (bonus spots on chnl) - 1 1 1 1 1 1 2 2 - 10

Net BCCI Advertising - 59 68 82 100 78 93 156 124 - 760

Net BCCI Distribution - 14 30 35 42 48 56 66 77 - 369

Total Revenue - 73 103 125 151 137 161 234 215 13 1,213

License Fees - (69) (92) (110) (133) (81) (95) (141) (128) - (848)

Expenses - (10) (15) (18) (20) (20) (22) (25) (29) - (161)

EBITDA - (5) (5) (3) (2) 35 43 67 57 13 201

-

Inflows - 37 95 116 139 145 150 198 224 101 1,206

License Fees (15) (6) (84) (96) (114) (113) (92) (106) (125) (99) (848)

Outflows - (12) (19) (23) (26) (26) (18) (23) (26) (9) (184)

Cash Flow (15) 19 (8) (2) (0) 6 40 69 73 (7) 175

Cume NCF (15) 4 (4) (6) (6) (1) 39 109 182 175

1st 4 years Monthly Annual Full 8 years Monthly Annual

Total EBIT (15.4) (15.4) Total EBIT 201.1 201.1

DWM (64.3) (15.0) DWM (64.3) (15.0)

NPV before Terminal Value ($36.4) ($28.7) NPV $75.0 $86.7

IRR before Terminal Value n/ a n/ a IRR 33% 61%NPV with Terminal Value (1)

($55.7) ($50.2) NPV with Terminal Value (1)$411.1 $433.7

IRR with Terminal Value (1)n/ a n/ a IRR with Terminal Value (1)

58.0% 86.8%

17

Scenario 4: Incremental Channel Economics BCCI License Fees at $420MM

(1) For purpose of NPV and IRR of incremental investment in BCCI and channel infrastructure, 4 year calculation applies 13X multiple to FY14 EBITDA; 8 year calculation applies 13x to FY18 EBITDA.

INCREMENTAL SPORTS CHANNEL ECONOMICS

Low $420 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Increased inventory on Max - - 5 7 8 9 10 11 12 13 75

RODP Billing (bonus spots on chnl) - 1 1 1 1 1 1 2 2 - 10

Net BCCI Advertising - 59 68 82 100 78 93 156 124 - 760

Net BCCI Distribution - 14 30 35 42 48 56 66 77 - 369

Total Revenue - 73 103 125 151 137 161 234 215 13 1,213

License Fees - (72) (97) (115) (140) (84) (100) (148) (134) - (890)

Expenses - (10) (15) (18) (20) (20) (22) (25) (29) - (161)

EBITDA - (9) (9) (9) (9) 31 39 60 51 13 159

-

Inflows - 37 95 116 139 145 150 198 224 101 1,206

License Fees (15) (7) (88) (101) (119) (119) (96) (111) (131) (104) (890)

Outflows - (12) (19) (23) (26) (26) (18) (23) (26) (9) (184)

Cash Flow (15) 18 (12) (7) (6) (0) 36 64 67 (12) 133

Cume NCF (15) 3 (9) (16) (22) (22) 14 78 144 133

1st 4 years Monthly Annual Full 8 years Monthly Annual

Total EBIT (35.5) (35.5) Total EBIT 158.9 158.9

DWM (79.9) (21.8) DWM (79.9) (21.8)

NPV before Terminal Value ($51.7) ($43.6) NPV $48.3 $61.1

IRR before Terminal Value n/ a n/ a IRR 24% 44%NPV with Terminal Value (1)

($127.1) ($124.0) NPV with Terminal Value (1)$347.1 $369.5

IRR with Terminal Value (1)n/ a n/ a IRR with Terminal Value (1)

50.5% 75.0%

18

Scenario 1: BCCI P&L BCCI License Fees at $350MM

Low Case Best Case

FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 TOTAL

8 year P&L 350

Revenue $ mn

Gross Advertising Income 69 80 96 118 92 110 184 146 894

Net Advertising Income 59 68 82 100 78 93 156 124 760

Net Distribution Income 14 30 35 42 48 56 66 77 369

Syndication Income - - - - - - - - -

Bad Debts (0) (0) (0) (0) (0) (0) (1) (1) (4)

Total Income 73 97 116 141 126 149 221 201 1,125

Expenses

Licensee fee 59 80 95 116 70 82 122 111 735

Programming 1 2 3 4 3 2 4 5 23

Boardcast Cost 2 2 2 3 2 2 3 3 19

Sales & Marketing 1 1 1 1 1 1 1 2 9

Dealer Incentive 0 0 0 0 0 1 1 1 3

Cricket Insurance 0 1 1 1 1 1 1 1 7

Bank Gaurantee Charges 0 0 0 0 0 0 0 0 3

G&A 0 0 0 0 0 1 1 1 4

Total Cost 64 86 104 125 78 91 133 123 803

EBIT 8 12 13 16 48 59 88 77 322

19

Scenario 2: BCCI P&L BCCI License Fees at $375MM

Low Case Best Case

FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 TOTAL

8 year P&L 375

Revenue $ mn

Gross Advertising Income 69 80 96 118 92 110 184 146 894

Net Advertising Income 59 68 82 100 78 93 156 124 760

Net Distribution Income 14 30 35 42 48 56 66 77 369

Syndication Income - - - - - - - - -

Bad Debts (0) (0) (0) (0) (0) (0) (1) (1) (4)

Total Income 73 97 116 141 126 149 221 201 1,125

Expenses

Licensee fee 64 85 102 124 75 88 131 119 788

Programming 1 2 3 4 3 2 4 5 23

Boardcast Cost 2 2 2 3 2 2 3 3 19

Sales & Marketing 1 1 1 1 1 1 1 2 9

Dealer Incentive 0 0 0 0 0 1 1 1 3

Cricket Insurance 0 1 1 1 1 1 1 1 7

Bank Gaurantee Charges 0 0 0 0 0 0 0 1 3

G&A 0 0 0 0 0 1 1 1 4

Total Cost 68 91 111 133 83 96 141 131 856

EBIT 4 6 6 8 43 53 80 69 269

20

Scenario 3: BCCI P&L BCCI License Fees at $400MM

Low Case Best Case

FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 TOTAL

8 year P&L 400

Revenue $ mn

Gross Advertising Income 69 80 96 118 92 110 184 146 894

Net Advertising Income 59 68 82 100 78 93 156 124 760

Net Distribution Income 14 30 35 42 48 56 66 77 369

Syndication Income - - - - - - - - -

Bad Debts (0) (0) (0) (0) (0) (0) (1) (1) (4)

Total Income 73 97 116 141 126 149 221 201 1,125

Expenses

Licensee fee 68 91 109 132 80 94 140 127 840

Programming 1 2 3 4 3 2 4 5 23

Boardcast Cost 2 2 2 3 2 2 3 3 19

Sales & Marketing 1 1 1 1 1 1 1 2 9

Dealer Incentive 0 0 0 0 0 1 1 1 3

Cricket Insurance 0 1 1 1 1 1 1 1 7

Bank Gaurantee Charges 0 0 0 0 0 0 0 1 3

G&A 0 0 0 0 0 1 1 1 4

Total Cost 73 97 117 142 88 102 150 139 908

EBIT (0) 0 (1) (0) 38 47 71 61 216

21

Scenario 4: BCCI P&L BCCI License Fees at $420MM

Low Case Best Case

FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 TOTAL

8 year P&L 420

Revenue $ mn

Gross Advertising Income 69 80 96 118 92 110 184 146 894

Net Advertising Income 59 68 82 100 78 93 156 124 760

Net Distribution Income 14 30 35 42 48 56 66 77 369

Syndication Income - - - - - - - - -

Bad Debts (0) (0) (0) (0) (0) (0) (1) (1) (4)

Total Income 73 97 116 141 126 149 221 201 1,125

Expenses

Licensee fee 71 96 114 139 83 99 147 133 882

Programming 1 2 3 4 3 2 4 5 23

Boardcast Cost 2 2 2 3 2 2 3 3 19

Sales & Marketing 1 1 1 1 1 1 1 2 9

Dealer Incentive 0 0 0 0 0 1 1 1 3

Cricket Insurance 0 1 1 1 1 1 1 1 7

Bank Gaurantee Charges 0 0 0 1 0 0 1 1 4

G&A 0 0 0 0 0 1 1 1 4

Total Cost 76 102 123 148 92 107 157 146 951

EBIT (3) (4) (6) (7) 34 42 64 55 174

22

Scenario 1: Channel P&L BCCI License Fees at $350MM

Consolidated P&L - Sony Sports starting J uly 2010 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Revenue $ mn

Advertising Income Gross 147 288 343 403 414 473 417 147 0 2,632

Locked Content 66 178 211 244 274 309 199 0 1,481

BCCI 59 68 82 100 78 93 156 124 0 760

RODP Billing 1 1 1 1 1 1 2 2 10

Bad Debts / others (1) (1) (2) (2) (2) (2) (2) (1) (13)

Advertising Income Total 125 245 292 343 351 402 355 125 0 2,237

Distribution Income

Locked Content 5 14 7 8 9 10 12 0 65

BCCI 14 30 35 42 48 56 66 77 369

Total Distribution RevenueNBA 20 43 42 50 58 67 78 77 434

Syndication

Locked Content 3 4 5 5 6 6 3 0 32

BCCI 0 0 0 0 0 0 0 0 0

Total Syndication Revenue 3 4 5 5 6 6 3 0 32

Impact of Content Shift 5 7 8 9 10 11 12 13 75

Total Income 151 300 347 407 425 486 448 216 - 2,778

Expense

License Fees

Locked Content 59 151 168 194 219 246 162 - 1,198

BCCI 59 80 95 116 70 82 122 111 735

Other Content 1 1 1 1 1 1 1 1 8

License Fees 119 231 264 311 289 330 285 112 1,941

Expenses

Programming

Property 4 9 11 12 12 12 10 5 75

Corporate 3 5 5 6 7 8 9 10 53

Broadcast & Uplink Cost 4 5 5 6 6 6 5 4 41

Marketing - - - - - - - - -

Property 2 4 3 4 4 4 3 2 25

Distribution + Corporate 1 2 1 1 1 1 1 1 7

Salaries & Incentives 1 2 2 2 2 3 3 4 18

Dealer Incentives 0 1 1 1 1 1 1 1 6

Cricket Insurance 1 2 3 3 3 4 3 1 21

Bank Guarantee Charges 2 3 4 4 4 5 3 0 26

G&A 1 1 1 1 2 2 1 1 11

Total Fixed Expenses 17 33 36 40 42 45 40 29 283

Total Expense 136 264 300 351 331 375 325 141 2,224

EBITDA 15 36 46 56 93 111 122 74 555

10% 12% 13% 14% 22% 23% 27% 35% 20%

23

Scenario 2: Channel P&L BCCI License Fees at $375MM

Consolidated P&L - Sony Sports starting J uly 2010 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Revenue $ mn

Advertising Income Gross 147 288 343 403 414 473 417 147 0 2,632

Locked Content 66 178 211 244 274 309 199 0 1,481

BCCI 59 68 82 100 78 93 156 124 0 760

RODP Billing 1 1 1 1 1 1 2 2 10

Bad Debts / others (1) (1) (2) (2) (2) (2) (2) (1) (13)

Advertising Income Total 125 245 292 343 351 402 355 125 0 2,237

Distribution Income

Locked Content 5 14 7 8 9 10 12 0 65

BCCI 14 30 35 42 48 56 66 77 369

Total Distribution RevenueNBA 20 43 42 50 58 67 78 77 434

Syndication

Locked Content 3 4 5 5 6 6 3 0 32

BCCI 0 0 0 0 0 0 0 0 0

Total Syndication Revenue 3 4 5 5 6 6 3 0 32

Impact of Content Shift 5 7 8 9 10 11 12 13 75

Total Income 151 300 347 407 425 486 448 216 - 2,778

Expense

License Fees

Locked Content 59 151 168 194 219 246 162 - 1,198

BCCI 64 85 102 124 75 88 131 119 788

Other Content 1 1 1 1 1 1 1 1 8

License Fees 123 237 271 319 294 336 294 120 1,993

Expenses

Programming

Property 4 9 11 12 12 12 10 5 75

Corporate 3 5 5 6 7 8 9 10 53

Broadcast & Uplink Cost 4 5 5 6 6 6 5 4 41

Marketing - - - - - - - - -

Property 2 4 3 4 4 4 3 2 25

Distribution + Corporate 1 2 1 1 1 1 1 1 7

Salaries & Incentives 1 2 2 2 2 3 3 4 18

Dealer Incentives 0 1 1 1 1 1 1 1 6

Cricket Insurance 1 2 3 3 3 4 3 1 21

Bank Guarantee Charges 2 3 4 4 4 5 3 1 26

G&A 1 1 1 1 2 2 1 1 11

Total Fixed Expenses 17 33 36 40 42 45 40 29 283

Total Expense 140 270 307 359 336 381 334 149 2,276

EBITDA 11 30 39 48 88 105 114 66 502

7% 10% 11% 12% 21% 22% 25% 31% 18%

24

Scenario 3: Channel P&L BCCI License Fees at $400MM

Consolidated P&L - Sony Sports starting J uly 2010 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Revenue $ mn

Advertising Income Gross 147 288 343 403 414 473 417 147 0 2,632

Locked Content 66 178 211 244 274 309 199 0 1,481

BCCI 59 68 82 100 78 93 156 124 0 760

RODP Billing 1 1 1 1 1 1 2 2 10

Bad Debts / others (1) (1) (2) (2) (2) (2) (2) (1) (13)

Advertising Income Total 125 245 292 343 351 402 355 125 0 2,237

Distribution Income

Locked Content 5 14 7 8 9 10 12 0 65

BCCI 14 30 35 42 48 56 66 77 369

Total Distribution RevenueNBA 20 43 42 50 58 67 78 77 434

Syndication

Locked Content 3 4 5 5 6 6 3 0 32

BCCI 0 0 0 0 0 0 0 0 0

Total Syndication Revenue 3 4 5 5 6 6 3 0 32

Impact of Content Shift 5 7 8 9 10 11 12 13 75

Total Income 151 300 347 407 425 486 448 216 - 2,778

Expense

License Fees

Locked Content 59 151 168 194 219 246 162 - 1,198

BCCI 68 91 109 132 80 94 140 127 840

Other Content 1 1 1 1 1 1 1 1 8

License Fees 127 243 278 327 299 342 302 128 2,046

Expenses

Programming

Property 4 9 11 12 12 12 10 5 75

Corporate 3 5 5 6 7 8 9 10 53

Broadcast & Uplink Cost 4 5 5 6 6 6 5 4 41

Marketing - - - - - - - - -

Property 2 4 3 4 4 4 3 2 25

Distribution + Corporate 1 2 1 1 1 1 1 1 7

Salaries & Incentives 1 2 2 2 2 3 3 4 18

Dealer Incentives 0 1 1 1 1 1 1 1 6

Cricket Insurance 1 2 3 3 3 4 3 1 21

Bank Guarantee Charges 2 3 4 4 5 5 3 1 26

G&A 1 1 1 1 2 2 1 1 11

Total Fixed Expenses 17 33 36 40 42 45 40 29 283

Total Expense 145 276 314 367 341 386 343 157 2,329

EBITDA 7 24 32 39 83 99 105 59 449

5% 8% 9% 10% 20% 20% 23% 27% 16%

25

Scenario 4: Channel P&L BCCI License Fees at $420MM

Consolidated P&L - Sony Sports starting J uly 2010 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Total

Revenue $ mn

Advertising Income Gross 147 288 343 403 414 473 417 147 0 2,632

Locked Content 66 178 211 244 274 309 199 0 1,481

BCCI 59 68 82 100 78 93 156 124 0 760

RODP Billing 1 1 1 1 1 1 2 2 10

Bad Debts / others (1) (1) (2) (2) (2) (2) (2) (1) (13)

Advertising Income Total 125 245 292 343 351 402 355 125 0 2,237

Distribution Income

Locked Content 5 14 7 8 9 10 12 0 65

BCCI 14 30 35 42 48 56 66 77 369

Total Distribution RevenueNBA 20 43 42 50 58 67 78 77 434

Syndication

Locked Content 3 4 5 5 6 6 3 0 32

BCCI 0 0 0 0 0 0 0 0 0

Total Syndication Revenue 3 4 5 5 6 6 3 0 32

Impact of Content Shift 5 7 8 9 10 11 12 13 75

Total Income 151 300 347 407 425 486 448 216 - 2,778

Expense

License Fees

Locked Content 59 151 168 194 219 246 162 - 1,198

BCCI 71 96 114 139 83 99 147 133 882

Other Content 1 1 1 1 1 1 1 1 8

License Fees 131 247 283 334 303 346 309 134 2,088

Expenses

Programming

Property 4 9 11 12 12 12 10 5 75

Corporate 3 5 5 6 7 8 9 10 53

Broadcast & Uplink Cost 4 5 5 6 6 6 5 4 41

Marketing - - - - - - - - -

Property 2 4 3 4 4 4 3 2 25

Distribution + Corporate 1 2 1 1 1 1 1 1 7

Salaries & Incentives 1 2 2 2 2 3 3 4 18

Dealer Incentives 0 1 1 1 1 1 1 1 6

Cricket Insurance 1 2 3 3 3 4 3 1 21

Bank Guarantee Charges 2 3 4 4 5 5 3 1 26

G&A 1 1 1 1 2 2 1 1 11

Total Fixed Expenses 17 33 36 40 42 45 40 29 283

Total Expense 148 280 320 374 345 391 350 163 2,371

EBITDA 4 20 27 33 79 94 98 52 407

2% 7% 8% 8% 19% 19% 22% 24% 15%