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Man Jit Singh

Executive Summary

� MSM is seeking approval to launch a sports channel in India - SONY SIX (“SIX”) in April 2012

� SIX will capitalize on the 3rd largest genre in advertising spend and maximize full potential ofdistribution revenues

� Business plan for SIX has been developed on an incremental basis:

― IPL will be moved from SET MAX to SIX in FY14 however, no revenues or costs are included in thisbusiness plan

― Benefit of 2 months of SET MAX ad inventory freed up from IPL has been reflected annually in this business

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― Benefit of 2 months of SET MAX ad inventory freed up from IPL has been reflected annually in this businessplan

� Key Properties assumed in the business plan:

― IPL Archive content

― UFC/Fight Sports: Library and live content (revenue share model)

― English Premier League (EPL): 3 years starting in FY14 (total license fee approximately $70M for 3 years)

― BCCI cricket rights have not been factored into this model

― Remaining schedule will be filled with miscellaneous wallpaper properties

� SIX will be internally funded by MSM’s existing cashflow and/or existing credit facilities

� SIX will turn positive in 3 fiscal years and has a deep water mark $20M, IRR 71% and NPV $91M

Quite apart from subscription revenues the Sports a dvertising market is large and growing

� Sports Advertising currently constitutes over

$350m (2010)

� It is the 3rd largest genre in terms of Advertising

revenue after Hindi and regional GEC – constitutes

16% of the market600

800

1000

CAGR 21%

India Sports Advertising Market*

9.7% 12.2% 15.8% 22.1% 20.3%

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� Availability of high-definition televisions along with

digitization and growth in Indian TV homes will

increase the importance of Sports advertising

� Sports offers advertisers unique male viewership

that commands a premium

182 242356

569

904

0

200

400

600

2008 2009 2010 2011 2015

US

D M

Share of Sports genre in TV advertising

CAGR 40%

* - FICCI-KPMG Indian Media and Entertainment Industry Report 2011

We have the #1 cricket sports property – IPL, but cu rrently do not have the Sports channel

� Over 50% of Indian population follows cricket on TV, making cricket the cornerstone for a Sports

channel

� LIVE Sports genre is perceived as premium content and a “must have”

� Without a dedicated channel, we are unable to monetise the full potential of the LIVE IPL

broadcast in terms of:

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broadcast in terms of:

― Releasing MAX inventory to be a movie channel

― Leveraging IPL to command a premium on other Sports properties

― Monetize Subscription revenues for the IPL property, which can only be achieved on a

dedicated Sports channel

MSM wants USD 11 Mn in FY13 to start SIX – India’s p remiere sports channel and the home of “Indian Leagues”

� Acquiring a sports channel like Neo or startinga home-grown sports channel is imperative

� Key LIVE properties currently owned include:

13

20

28

31

26

64

35

51

57

45

26

39

52

65CAGR

17%

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� BCCI Cricket rights: We will have to wait andwatch over the next few months and willevaluate an aggressive bid

� EPL opens up to bid in FY13 for the FY14-16season

29 33

22

4

26254

0

13

26

FY13 FY14 FY15 FY16 FY17 FY18

Net Ad Revenues Distribution Revenues

DWM (USD M) (20)

NPV (USD M) 91

IRR 71%

EBIT (10.1) (1.2) 3.2 6.0 13.8 16.6

Proposed FPC - FY13-15

FPC - SIX Apr'12 May'12 Jun'12 Jul'12 Aug'12 Sep'12 Oct'12 Nov'12 Dec '12 Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Spet'13 Oct'13 Nov'13 Dec'13 Jan'14 Feb'14 Mar'14 Apr'14 May'14 Jun '14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Dec'14 Jan'15 Feb'15 Mar'15

Time Band Start TimeEarly Morning 5:00 AM

6:00 AM7:00 AM

Morning 8:00 AM9:00 AM

10:00 AMMid-morning 11:00 AM

12:00 PM1:00 PM

FY 13 FY 14 FY 15

NBA NBA NBA

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1:00 PMAfternoon 2:00 PM

3:00 PM4:00 PM

Evening 5:00 PM6:00 PM7:00 PM

Prime 8:00 PM9:00 PM

10:00 PMNight 11:00 PM

12:00 AM1:00 AM

Late Night 2:00 AM3:00 AM4:00 AM

No Channel

UFC UFC TUFI/ UFC UFC TUFI/UFC UFC

FA Cup

IPLEnglish Premiere League

FA Cup

IPL

FA Cup FA Cup

English Premiere League

FA Cup FA Cup

Timelines

Jan Feb Mar Apr May Jun Jul

CONTENT ACQUISTION & RENEWALS FA CupWallpaper Prog & OtherLive UFC material

PRODUCTION Channel ID & Graphics Promo production Footage based shows

2012

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Footage based shows

POST & BROADCASTStudio & Equipment Test Signals Launch

DISTRIBUTION Seeding Boxes Marketing

MARKETING Creative / PR brief Launch Campaign On Air Launch Campaign On Air

OTHERS HR / Team

Back -up slides

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Back -up slides

Summary P&L - FY13-18

Summary PnL

P&L (USD Mn) FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Total (FY13-18)

Revenues

Net Ad Revenues 3.5 21.6 24.9 25.5 29.0 32.9 137.6

Net Subscription Revenue (Domestic) 0.0 13.0 20.1 25.5 28.4 31.4 118.4

Net Subscription Revenue (International) 0.0 0.0 0.0 0.0 0.0 0.0 0.00

Other Income 0.0 0.2 0.2 0.1 0.1 0.1 0.76

Bad Debts, Discounts & Rebates (0.0) (0.2) (0.3) (0.4) (0.4) (0.4) (1.74)

Total Revenues 3.5 34.6 44.9 50.8 57.1 64.0 254.9

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Expenses FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Total (FY13-18)

License Fee (Amortized) 4.9 22.6 27.3 34.0 31.9 35.4 156.2

Programming Cost 0.8 5.6 6.2 3.6 4.1 4.3 24.7

Broadcast Cost 0.8 1.0 1.0 1.1 1.1 1.2 6.1

Marketing Cost 4.6 2.6 2.8 1.5 1.6 1.8 14.9

Dealer Incentives 0.1 0.3 0.4 0.4 0.5 0.5 2.2

G&A 2.1 2.8 3.1 3.2 3.5 3.9 18.6

Bank Guarantee 0.0 0.3 0.3 0.3 0.3 0.3 1.5

Total Expenses 13.3 35.2 41.1 44.2 43.0 47.4 224.2

EBITDA (9.8) (0.6) 3.9 6.6 14.1 16.6 30.8

Depreciation 0.31 0.6 0.7 0.7 0.4 0.0 2.7

EBIT (10.1) (1.2) 3.2 6.0 13.8 16.6 28.1

Summary Cash Flow - FY13-18

Summary Cash Flow

CF (USD Mn) FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Total (FY13-18)

Inflows FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Total (FY13-18)

Net Ad Revenues 2.6 19.4 23.7 24.9 27.7 31.4 129.6

Net Subscription Revenue (Domestic) 0.0 10.8 18.2 23.5 26.6 29.4 108.5

Net Subscription Revenue (International) 0.0 0.0 0.0 0.0 0.0 0.0 0.00

Other Income 0.0 0.2 0.2 0.1 0.1 0.1 0.71

Total Inflow 2.6 30.4 42.1 48.5 54.3 60.9 238.9

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Outflows FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Total (FY13-18)

Capex 1.5 1.0 0.1 0.0 0.1 0.0 2.7

License Fee Payout 4.9 26.4 27.9 29.7 33.5 35.4 157.8

Programming Cost 0.6 4.5 6.1 4.2 3.9 4.3 23.6

Broadcast Cost 0.7 1.0 1.0 1.0 1.1 1.2 6.0

Marketing Cost 3.5 3.1 2.7 1.8 1.6 1.7 14.5

Dealer Incentives 0.1 0.3 0.4 0.4 0.5 0.5 2.2

G&A 2.0 2.7 3.1 3.3 3.5 3.9 18.4

Bank Guarantee 0.0 0.3 0.3 0.3 0.3 0.3 1.5

Total Outflows 13.3 39.3 41.5 40.8 44.6 47.3 226.8

Net Cash Flow (10.7) (9.0) 0.6 7.7 9.8 13.6 12.1

Terminal Value (based on FY18 NCF) 177.4

Total NCF (10.7) (9.0) 0.6 7.7 9.8 191.1 189.5