Briefing Deck April 2008 – Confidential –

1. PROJECT FIREBIRD Briefing Deck April 2008 – Confidential –

2. SPE is committed to building a leading light-entertainment business Acquisition of 2waytraffic provides strong international distribution Potential acquisition of Embassy Row expands the pipeline of formats MBP would bring critical mass to this business Brings creative strength based on a proven track record of developing hit shows Provides library value through its ownership stake in most shows (including Survivor and Apprentice) Generating roughly $60MM in annual EBITDA today However, much of MBP’s past and future success is tied to 2 franchise shows, Survivor and The Apprentice We recommend submitting a non-binding LOI to acquire 50% of MBP at 10x 2008 EBITDA (roughly $548MM total value; $274MM to SPE) MB seeking to sell 50%; structure ensures he has an ongoing incentive to perform Until further diligence is completed, propose 10x 2008 committed earnings at close plus “true-up” to 10x actual EBITDA at end of 2008 Include an option to buy-out the remaining 50% at the lesser of an agreed multiple are market rate EXECUTIVE SUMMARY

3. MBP HAS A PROVEN TRACK-RECORD OF PRODUCING HIT SHOWS 2003-2007 EBITDA by Show • MB is one of the most successful creators and producer of unscripted programming • 14 network series comprising 696 hours of programming aired-to-date • Franchise shows include The Apprentice, Survivor, and The Contender • 53 executive-produced TV seasons / cycles • Strong historical performance with attractive economics • Generated $448MM of net revenue and $273MM of EBITDA over last 5 years • License fees generally exceed production costs • Pioneered the product placement / sponsorship model and generally owns all int’l format rights • Healthy slate of existing shows and pipeline of new projects • 7 series on-air in 2007/2008 season • Expanding internationally and diversifying programming types (game shows, internet, etc) • $40MM in EBITDA commitments for 2008 $281MM of Cume EBITDA* * Does not reflect non-show allocable EBITDA of ($8MM)

4. We have strong international distribution (particularly w/ acquisition of 2waytraffic) but require additional shows to fill the pipeline MBP would help SPT grow its reality business and is largely complimentary to existing assets SPT’s reality business is primarily focused on traditional game shows (WOF, Jeopardy) Potential acquisition of Michael Davies would enhance our traditional game show business (e.g., Power of 10) Potential acquisition of MBP would diversify our reality portfolio with story-driven, unscripted programming (e.g., Survivor, The Apprentice) and help fill the international pipeline MBP FIT, RISKS AND MITIGATIONS Mitigations Risks • Genre / MBP may be past peak • Strong track record, diverse portfolio of shows, and ’08 commitments • Significant portion of value locked up with MB • Will confirm depth of mgmt extends beyond MB (e.g., as it did with Spelling Entertainment) • Significant portion of value locked up with 2 key shows (Survivor & The Apprentice) • Belief that MBP is a “hit maker” and can replace key shows or that they will continue (diligence) • May lose economic leverage once affiliate w/ major studio • 50% ownership structure effectively keeps MBP independent • Potential internal competition between ER and MBP • Each will have independent budget plus mgmt visibility to minimize overlap

5. 2003 - 2007 EBITDA ($MM) MBP HISTORICAL PROFITABILITY ’04-’07 Avg. = $64MM ’03-’07 Avg.= $55MM

6. FORECASTED EBITDA ($MM) Low Low Low Mgmt Mgmt Mgmt High High High ESTIMATED MBP GO-FORWARD PROFITABILITY • EBIT Impact • On an EBIT basis, business is likely to be break-even or slightly better in the first year (due to initial amortization associated with committed earnings) • Years 2 and beyond will see increased EBIT contribution as amortization decreases • Accounting for 50% Stake • Equity accounting is more likely, SPE would reflect 50% of Net Income after amortization within SPE’s EBIT • Consolidation is preferable (100% of Revenues, Costs, and EBIT are reflected on SPE’s books); however we only receive this treatment if our 50% provides effective control $81 $31 $65 ’04-’07 Avg. = $64MM $26 $58 $57 $57 $55 $49 $42 $31 2008 2009 2010

7. BID STRUCTURE AND IMPLIED VALUATION • MBP has engaged Bear Stearns to sell 50% interest in company • Non-binding LOI likely due next Friday (4/25) • Preliminary valuation guidance was +$500MM • Due to timing constraints and limited financial information, we recommend a “structured” bid • 10x of 2008 EBITDA; cash at close for Committed and EOY for Anticipated EBITDA • Offer to purchase remaining 50% share 2008 Committed $41.1MM Cash at Close $206MM 50% x 10x 2008 Anticipated $13.7MM* $68MM At EOY CY08 50% x 10x Total Paid $274MM Implied Total Value $548MM *Includes $1.2MM of “Other” EBITDA; ** Just picked up by CBS for 8 episodes

8. POTENTIAL DEAL TIMING

9. Appendix

10. HISTORICAL REVENUES BY TYPE Comments • Generated $448MM in net revenues since 2003 • License Fees average 112% of Production Costs • Sponsorships represent 25% of net revenue over past 5 years • Average EBITDA margin of 39% (based on gross revenues) • 2007 includes $10MM in “consulting” revenues - TBD

11. HISTORICAL EBITDA RECONCILIATION BY SHOW

12. FINANCIAL SENSITIVITIES Committed EBITDA by Show Case Build-Up + =

13. COMPARABLE TRANSACTIONS

14. MBP VALUATION BASED ON REVEUNE AND EBITDA MULTIPLE COMPS