SPE's Acquisition Opportunity in Light Entertainment

1. CONFIDENTIAL DRAFT SPE TV Strategy &2waytraffic Acquisition OpportunitySony Group Executive CommitteeTokyo – February 13, 2008

2. Executive Summary SPE has the opportunity to become a leading global player in the high-growth, high-margin non-scripted light entertainment market • SPE is actively building its footprint in light entertainment • Successful formats command high margins and a long-term steady income stream • Fastest growing segment in worldwide TV due to high audience interest, ratings impact and attractive margins for broadcasters and producers • SPE’s growth in this segment to date has been largely organic, with a few minor strategic investments in key markets (e.g., Starling has become a cornerstone of our French operation) • SPE is proposing to accelerate growth by acquiring the publicly traded Dutch light entertainment company 2waytraffic • Acquisition would immediately position SPE as one of the top players in the global light entertainment business • The acquisition is expected to require cash of $256MM over 3 years at the base case projections, plus assumption of $96MM in debt, and be immediately accretive to Sony • $225MM at close • $31MM in earn-out over 3 years in base case

3. SPE Investment Strategy SPE is targeting investments in high growth and high operating income/EBIT areas TO COME

4. Television Strategy Implementation TO COME

5. Trends in Worldwide TV Production Non-scripted light entertainment formats are increasingly relevant to broadcasters and are driving global growth • Non-scripted formats – particularly Reality Shows and Game Shows – are the fastest growing segment in global TV • 27% of U.S broadcast time is now occupied by Reality TV, up from 8% 5 years ago • Global game show formats market estimated at approx. $3BN, vs. $1.8BN in 2002 2007 Worldwide TV Programs by Genre • Broadcasters increasingly rely on hit formats • Formats such as Idol, Big Brother, Who Wants To Be A Millionaire, Deal or No Deal, Next Top Model provide top ratings globally • Shows are easy to localize • Low cost compared to scripted entertainment • Formats differ from scripted shows in many important aspects • Interactivity increasingly important (polling, voting, online response) • Multi-platform revenue opportunities (e.g. mobile)

6. Economics of Light Entertainment Successful formats create high margins and significant asset values Endemol Fremantle • Endemol and Fremantle are the leaders in global light entertainment • Growth driven by hit light entertainment formats: Idol for Fremantle; Big Brother, Deal Or No Deal and others for Endemol • Endemol acquired in 2007 for $4.5BN; Fremantle estimated to be worth $1.5-2BN • SPE’s top light entertainment formats Wheel of Fortune and Jeopardy! have been highly successful and generated $630MM in revenues and $350MM in EBIT over the last 3 years • At its peak in 2005, Endemol’s Big Brother format generated revenue of over $200MM per year

7. SPE’s Light Entertainment Strategy SPE is growing its light entertainment strategy, in addition to its traditional focus on scripted comedies and drama • Strategic Goals: • Build a global pool of light entertainment creators and developers • Pursue strategic acquisitions for faster growth • Increase emphasis on markets with proven creative credentials (U.S., U.K., Netherlands) • Facilitate collaboration and cross-pollination between operations • Leverage SPE infrastructure for global distribution Current SPE Production Infrastructure: U.K. Netherlands Russia Germany France U.S. Italy China Spain Hong Kong Latin America • To further accelerate growth and become a major player in the light entertainment business, SPE needs to pursue larger acquisitions • Slower, more organic growth would require less investment capital, but rapid consolidation of major players creates a serious execution risk • Operational scale has been demonstrated to drive performance through distribution leverage and by becoming a magnet for creative concepts and talent

8. FY 05 FY 06 FY 07 FY 08 SPE’s Recent Light Entertainment Initiatives U.S. Initiatives • Maximize revenues from Wheel of Fortune and Jeopardy! • Create formats for GSN • Strategic alliance with well respected producer Michael Davies – developed successful format Power of 10 • Pending acquisition of Davies’ company Embassy Row • Looking at other investment opportunities with creative producers International Initiatives • Acquired French game show producer Starling in 2004 for $35MM (€25MM) – became cornerstone of SPE’s French operation and meeting projected business plan EBIT since acquisition • Acquired 51% of Russian producer Lean-M for up to $27MM (partially earn-out) in 2007 • Very strong first year of operation, EBIT of $8.2MM in CY 07, vs. plan of $5.2MM • Smaller investments: 20% minority stake in major U.K. producer Shine, 51% of up and coming Dutch producer Tuvalu, and a new UK start-up with two top creative producers • Assessing additional opportunities in Germany, Poland and other markets

9. The 2waytraffic Opportunity SPE is proposing to acquire the Dutch light entertainment company 2waytraffic • 2waytraffic is comprised of three main business lines: • TV Format Licensing and Production (incl. worldwide rights to the hit format Who Wants To Be A Millionaire?); Millionaire comprises approximately 60% of the deal value and would be a driver property for Light Entertainment distribution • Participation TV: traditional Call TV and new business model Participation Advertising • Mobile content production and distribution • Founded in 2004, the company is listed on London’s AIM stock exchange with public/institutional investors holding 42% (excludes management and Directors) • An acquisition would establish SPE immediately as one of the top players in the lucrative, high-margin global light entertainment business • 2007 Revenue of approx. $104MM and recurring EBITDA of $31MM (30% EBITDA margin) • We recommend to acquire 2waytraffic at a total consideration of $353MM ($225MM upfront payment + $31MM earn-out based on Sony base case + $96MM debt) • Expected post-tax NPV of $103MM (at a 10% cost of capital) and a 20% IRR (Sony base case)

10. Strategic Rationale for Investment • 2waytraffic’s strong game show formats combined with SPE’s own format catalogue would provide significant leverage in the market • Capitalize on Millionaire format and other attractive assets • Leverage experienced production talent in 2waytraffic • 2waytraffic’s strong formats sales group is a well fitting complement to SPE’s global production infrastructure • Proven sales executives from Celador and Endemol, very well respected in the market • Sales presence geographically complementary (2waytraffic has strong presence in key growth markets including China, Turkey, Russia, India) • Proven capability to provide interactive features to their own and SPE’s light entertainment shows • Strong track record in establishing innovative new business models with high margins • Pioneers in Call TV business in Europe, now exploring new concept of Participation Advertising in the US and other markets (but regulatory concerns may negatively impact business) • Mobile content and mobile advertising, as well as digital games • Sony United Opportunities: possibilities for multi-platform exploitation with Playstation, Sony Electronics and Sony Ericsson

11. Strategic Complement 2waytraffic is very powerful addition to SPE’s production value chain Worldwide format distribution Production for local broadcaster Interactive Monetization Creative & Development Offline monetization • In-program applications • Mobile • Online • Leverage of Millionaire relationships • Global sales force • Leverage of Millionaire relationships • Merchandise • Leverage of Millionaire relationships Combined SPE and 2waytraffic creative and production pool U.S. - SPE U.K. - SPE & 2waytraffic Germany - SPE France - SPE Russia - SPE Italy - SPE Spain - SPE Netherlands - SPE & 2waytraffic Latin America - SPE

12. Sum-of-the-Parts Valuation The enterprise value of 2waytraffic is approx. $335MM, with 61% ascribed to the Millionaire franchise 29% premium to the current market value $185m • Implied sum-of-the-parts Equity Value per share is 91p • DCF Analysis valued the enterprise at approximately $370MM

13. Recent Millionaire Ratings Ratings in the top markets remain stable at attractive levels and demonstrate the potential of Millionaire to be an evergreen asset like Wheel of Fortune and Jeopardy! U.K. - ITV Germany - RTL Italy – Canal 5 France – TF1

14. Financial Analysis: Sony Case After first-stage of detailed due diligence, SPTI established a more conservative Sony Base case vs. the Management Case • Assumes flat performance of the TV format business and a significant reduction to Mobile and Participation Advertising businesses • Synergies assumption: no synergies in 2008; revenue enhancement of 10% of the TV business revenues from 2009 onwards at a margin of 30%; no cost synergies • Immediately accretive to Sony EBIT: expected to provide EBIT after PPA of $5.1MM in CY 08 and $9.6MM in CY 09

15. Proposed Deal Structure • Split offer between public shareholders, private investor and management • Public Shareholders to receive a payout close to their buy-in price and at a premium to current stock price (offer of 110p vs buy-in price of 120p per share, or a 56% premium to market) • A large founding investor to receive a payment at only a slight premium to current stock price (80p or a 13% premium to market) • Management shareholders to receive a significant discount to market and be offered an earn-out. 50% of management stake rolled into earn-out (cap for management at 135p per share) • Small risk that we can’t obtain 5% of the shares • Under Sony Base Case, estimated total SPE investment of $353MM, or 11.4X 2007E EBITDA, which is in-line with comps **Note: Does not include transaction fees. Based on 110p offered to Institutions, 80p offered to Henk Keilman and 60p offered to management for 50% of share upfront. Management is required to roll-over 50% of shares in an earn-out scheme. Earn-out payment is capped at the total implied value of 135p per share At 10% WACC and 2% perpetuity growth rate Reflects investment decision based on investment in equity and excludes impact of capital structure.

16. Potential Risks and Mitigators

17. Next Steps • Finalize outstanding deal points • GEC/Sony Board approval • Finalize legal and financial diligence • Finalize operating structure & integration plan • Draft offer documentation (including announcement, offer document, earn-out agreement and irrevocable undertakings) • Finalize offer • Make offer to public shareholders (estimated timeline: mid Feb to mid March) • Close transaction