[DRAFT] INVESTMENT IN [FLIXELA]

[DRAFT] INVESTMENT IN [FLIXELA] Deal Overview October [_], 2012

Executive Summary SPT Digital Networks has the opportunity to launch Flixela, the premier multiplatform digital network for women in Latin America Features premium movies for women A18-44 and follows same business model as Crackle, free ad-supported video on demand (AVOD) anywhere, anytime Exploit significant advertiser demand to reach female demographic; alongside Crackle s male-skewing audience, opportunity to broaden addressable market and provide all-encompassing solutions to advertisers Capitalize on window of opportunity to fill market gap and be an early mover for premium AVOD services in high growth Latin America market, forecasted to experience significant increase in broadband penetration and online advertising Drive synergies by leveraging Crackle s ad sales capabilities and backend infrastructure, as well as cross-promotional opportunities across SPT Network s pay TV channels in region (AXN, SET, SPIN) Launch Network in August FY2014 in Brazil and Mexico across web, OTT (BIVL), and mobile (ios/android); 2.2mm uniques/month in Y1 growing to 7.1mm in Y5, and net $2.0mm of revenue in Y1 growing to $15.7mm in Y5; by FY16 (Y3), revenue forecasted to be 12%, 18%, and 8% of total video advertising market in Brazil, Mexico, and Argentina respectively, based on current estimates Including licensing fees and ad sales commission to SPT, investment forecasted to generate a NPV of $8.6mm and IRR of 44% based on a $5.3mm DWM. On a stand-alone channel basis, investment forecasted to generate a NPV of $1.9mm and IRR of 23% based on a $8.0mm DWM No FY13 EBIT/Cash impact; total EBIT impact of ($4.0mm) and cash impact of ($4.0mm) in FY14

Overview of Flixela Latin America s premier digital network featuring movies for women Same business model as Crackle: Free to consumer Ad-supported Long form content Targets female audiences A18-44 Features On-demand popular romantic comedies, dramas, thriller films with strong female leads Multiplatform (OTT/mobile/web) Provide an enhanced movie experience that satisfies advertisers demands for a female-focused network Capture highly attractive female demographic in Latin America 66% are between ages 15-34(1) 45% prefer web over TV(1) 23% access the internet via mobile/tablet(1) 58% are regular cinema goers(1) SPT receives approx. 50% of its online video RFPs targeting a female audience; Crackle s audience is ~65% male(2) Significant interest from consumer product companies including Dove, Pampers, Rexona, Sedal, Bimbo, and Baileys (1) Source: TGI Global, Crackle MRP Infographic (2) Source: ComScore.com April

Strategic Benefits to SPT, SPE, and Sony Be first to market to establish the dominant female-branded digital network in Latin America Complements Crackle s male-focused offering to fully exploit advertisers digital marketing demand across demos Build a bouquet of digital networks, creating synergies by leveraging: Existing ad sales infrastructure to enhance upfront and scatter offerings Crackle s technology backend with minimal incremental investment Crackle s management team to oversee operations Leverage SPT s pay TV Networks in region (SET, AXN, SPIN) to drive brand awareness and enhanced ad sales opportunities Establish ad barter relationship to drive large scale on-air messaging and cross promotion Create custom ad sales packages sold across SPT s portfolio of digital and pay TV networks Use key findings from Flixela Latin America launch to rollout brand in other regions (e.g., U.S., Canada) Exploit SPT s library of female-oriented film content to generate incremental returns for SPT s licensing team Utilize ad inventory to market SPE television and film products, as well as Sony consumer electronics

Market Overview LatAmBroadbandHouseholds Latin America will experience strong double digit growth in broadband households and internet advertising over the next (milions) couple years 100 80 60 40 20 0 Broadband Households '12-'16 CAGR: 15.1% Broadband Household Penetration '12-'16 CAGR: 13.4% 15 13% 22 27 19% 24% 34 29% 40 48 34% 40% 56 47% 65 75 54% 60% 84 67% 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 100% 80% 60% 40% 20% 0% LatAmBroadbandHouseholds Penetration ($inmilions) $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $0 Video Internet Advertising '12-'16 CAGR: 36% Internet Advertising (Exec. Search) '12-'16 CAGR: 20% $216 $306 $375 $493 $617 $751 $925 $1,124 $1,328 $1,547 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E Broadband households are forecasted to grow at a 15.1% CAGR from 2012E to 2016E Total broadband penetration is expected to increase from 40% in 2012E to 67% in 2016E Watching online video and downloading media are in the top 5 most popular bandwidth activities [Insert connected device stats] Total Internet Advertising (Excluding Search) Video Internet Advertising, LatAm Digital video advertising is forecast to grow faster than total internet advertising (excluding Search) at CAGR of 36% from 2012E to 2016E Total internet advertising (excluding Search) is forecasted to grow at a 20% CAGR from 2012E to 2016E By 2016E, Flixela and Crackle combined video advertising market share of 38% in Brazil and 52% in Mexico Opportunity to expand the market for digital video advertising and to gain a strong foothold in LatAm Advertisers seeking outlets to market on premium longform content but limited by offerings in market Source: PWC Media and Entertainment Outlook

Competitive Landscape [TBU] Opportunity to capitalize on limited premium AVOD content in online market and fill void of a dedicated female-focused online network Historically limited female TV options due to the traditional 'machismo' roles men had in society Within the past 10 years, Argentina, Trinidad and Tobago, Brazil, Chile, and Costa Rica have all elected female presidents. According to the United Nations, women doubled their presence to over 20% in the region's legislatures between 1990 and 2009 Strong competition in subscriptions (Netflix, NetMovies) and short form content providers (YouTube and Vevo) Terra is primary competitor for premium AVOD content 12mm unique users on Terra TV, with an average of 1.5bn videos / year Some traditional media portals (e.g. Globo, Televisa) and video leaders (e.g. YouTube, Vevo) retain users for an average of 3 to 9 minutes Crackle's average stream is 26 minutes Source: comscore April

Key Operating Assumptions Distribution Ad Sales Content / Programming Operations Marketing Launch in Brazil and Mexico: August 2013, Argentina and Colombia: April 2014 Launch on Web & Bivl: August 2013, Android: September 2013, IOS: October 2013, UOL: November 2013 2.4mm uniques / month in FY 2014E growing to 7.2mm uniques / month in FY 2018E 2.1 streams / unique in FY 2014E growing to 3.0 streams / unique in FY 2018E (average) $2.0mm of net revenue in FY 2014E growing to $15.7mm of revenue in FY 2018E [90% sponsorship vs. 10% spot in FY 2014E shifting to 50% sponsorship vs. 50% spot in Y3 and beyond] Revenue mix: 85% premium, 15% sponsorship revenue in Year 1, Years 2-5: 90% premium, 6% ad network, 4 % sponsorship revenue Premium CPMs: Year 1: $35/$30/$25 for OTT/Mobile/Web decreasing to $29/$24/$19 in Year 5 Streams monitized Year 1: 75%/60%/75% for OTT/Mobile/Web. Years 2-5: 85%/70%/85% 2.9 ads / stream in FY 2014E growing to 3.5 ads / stream in FY 2018E (across all platforms) Content mix: All movies (no TV content is planned) 90 titles at launch growing at 10% per year to 109 in FY 2018 Content mix at launch list AAA (6), AA (10), A (34), B/C (38), Drivers (2) Approx. 40% of content licensed from 3rd parties across forecast period Crackle LatAm FY14: 151 movies / 605 TV episodes; Crackle Domestic FY14: 300 movies / [1000 TV episodes] Leverage Crackle s backend infrastructure Development capex Year 1: $680k, Years 2-5: $400k/year Leverage existing management. Hire 15 new employees starting in April 2013E (including 5 ad sales) scaling to 27 in FY 2018E (including 8 ad sales) $1.6mm of annual marketing support $500k in-kind barter advertising on SPT LatAm cable channels (SET, AXN, SPIN) $700k in-kind marketing from Sony Electronics and UOL

Summary of Financial Projections ($ in thousands) Year 1 Year 2 Year 3 Year 4 Year 5 CAGR FY 2014E FY 2015E FY 2016E FY 2017E FY 2018E FY'14-FY'18 Revenue: Brazil $1,077 $2,901 $4,718 $5,921 $6,909 Mexico 700 2,114 3,445 4,610 5,880 Pan Regional 345 774 1,222 1,664 2,114 Argentina 0 189 481 651 832 Colombia 0 173 365 496 633 Other Countries 20 106 209 286 365 Gross Revenue $2,142 $6,257 $10,440 $13,627 $16,733 Brazil Sales Tax $153 $413 $672 $844 $985 Net Revenue $1,989 $5,844 $9,768 $12,783 $15,748 68% Growth % -- 193.9% 67.2% 30.9% 23.2% Programming Costs $1,087 $1,601 $2,063 $2,063 $2,664 Hosting / Bandwidth 87 269 493 703 946 Ad Sales Commissions 660 1,756 1,473 1,937 2,393 Agency Incentives 298 819 1,369 1,793 2,209 Other Cost Of Sales 41 249 391 471 553 Product Dev. & Search 735 460 460 465 465 Shared Services 200 103 106 209 216 Total Sales & Marketing 2,039 1,968 2,081 2,203 2,480 Total Expenses $5,147 $7,225 $8,437 $9,845 $11,925 Gross Profit ($3,159) ($1,382) $1,331 $2,938 $3,823 % Revenue (158.8%) (23.6%) 13.6% 23.0% 24.3% Staff $750 $952 $1,180 $1,345 $1,405 G&A 116 141 164 176 180 EBIT ($4,025) ($2,475) ($13) $1,417 $2,237 % Revenue 127.4% 179.1% (0.9%) 48.2% 58.5% Channel Cash Flow ($4,009) ($3,156) ($796) $812 $1,667 Cumulative Channel Cash Flow ($4,009) ($7,165) ($7,961) ($7,149) ($5,482) SPE Cash Flow ($3,470) ($1,832) $435 $2,290 $3,619 Cumulative SPE Cash Flow ($3,470) ($5,301) ($4,867) ($2,577) $1,042 Note: FX rates used in the projections: 2.07 Brazilian reals / $1 US, 13.86 Mexican pesos / $1 US, $4.51 Argentine pesos / $1 US, 1,787 Colombian pesos / $1 US

Preliminary Valuation Overview ($ in millions) METHODOLOGY IMPLIED VALUATION COMMENTS DCF Channel Perspective (Exit Multiple) $3.4 $6.1 WACC range: 17.2% - 19.2% Conservative 9.0x - 11.0x terminal multiple DCF Channel Perspective (Perpetuity Growth) $1.0 $3.1 WACC range: 17.2% - 19.2% Perpetuity growth: 2.0% - 4.0% DCF SPT Perspective (Exit Multiple) $9.9 $13.1 WACC range: 17.2% - 19.2% Conservative 9.0x - 11.0x terminal multiple DCF SPT Perspective (Perpetuity Growth) $7.5 $10.1 WACC range: 17.2% - 19.2% Perpetuity growth: 2.0% - 4.0% $0 $3 $6 $9 $12 $15 Enterprise Value Cost of Equity 18.2% Channel View SPE View NPV of Cash Flows ($1,918) $4,798 NPV of TV $3,845 $3,845 NPV Combined $1,926 $8,643 IRR 23% 43% DWM ($7,961) ($5,301) DCF Perpetuity Growth Method Summary Note: Appendix includes detailed background info

Risks & Mitigants Risks Mitigants Ad revenue does not materialize as forecasted Significant advertiser demand to reach female demographic Advertising revenue forecast is diversified; no industry represents more than 25% of total revenue and no client represents more than 7% of total revenue Crackle LatAm outperformed advertising forecast in business plan (excluding FX adjustments), demonstrating strength of ad sales capabilities and ability to enter emerging market High organic market growth: LatAm internet advertising industry (excluding search) projected to grow from $751mm in 2012E to $1.5bn in 2016E, a 20% CAGR No significant upfront investment required; ability to manage costs should revenue be slower than anticipated to materialize Ability to attract and retain users is less than forecasted Marketing budget accounts for customer acquisition costs to support uniques forecast Cross promotion on SPT owned pay TV channels to enhance reach Shift mix of content from only movies to incorporate TV product as a retention tool Unable to compete effectively due to increased market competition or changes in consumer viewing habits (e.g., TV Everywhere) Unique market positioning as first female-focused online multiplatform network Void of free AVOD premium content in market; greater competition in subscription and short form space Launch on additional OTT platforms with minimal incremental investment to expand distribution footprint and adjust to changes in consumer behavior

Next Steps September October November Sun M on Tue W ed T hu Fri Sat Sun M on Tue W ed T hu Fri Sat Sun M on Tue W ed T hu Fri Sat 1 1 2 3 4 5 6 1 2 3 2 3 4 5 6 7 8 7 8 9 10 11 12 13 4 5 6 7 8 9 10 9 10 11 12 13 14 15 14 15 16 17 18 19 20 11 12 13 14 15 16 17 16 17 18 19 20 21 22 21 22 23 24 25 26 27 18 19 20 21 22 23 24 23 24 25 26 27 28 29 28 29 30 31 25 26 27 28 29 30 30 9/27 Update with Eric Berger and Drew Shearer 10/1 Update meeting with TC Schultz Week of 10/1 End of week at 10/1 Week 10/22 Incorporate changes to business plan and presentation Update Andy Kaplan Finalize SPE approval process

Appendix

Detailed Revenue Build % Growth Year 1 Year 2 Year 3 Year 4 Year 5 Year 2 Year 3 Year 4 Year 5 CAGR FY 2014E FY 2015E FY 2016E FY 2017E FY 2018E FY 2015E FY 2016E FY 2017E FY 2018E FY'14-FY'18 Uniques (Monthly Average) OTT 27,250 184,473 431,118 702,219 941,309 577% 134% 63% 34% 142% Mobile 159,735 224,373 349,285 603,827 971,487 40% 56% 73% 61% 57% Web 2,087,516 3,310,633 4,733,667 5,120,297 5,225,354 59% 43% 8% 2% 26% Total 2,274,500 3,719,479 5,514,070 6,426,343 7,138,149 64% 48% 17% 11% 33% Streams / Unique OTT 2.5x 2.8x 3.0x 3.3x 3.7x 10% 10% 10% 10% Mobile 1.5x 1.7x 1.8x 2.0x 2.2x 10% 10% 10% 10% Web 2.1x 2.3x 2.5x 2.8x 3.1x 10% 10% 10% 10% Total 2.1x 2.3x 2.5x 2.8x 3.0x 11% 11% 10% 9% Ads / Stream OTT 3.0x 3.2x 3.3x 3.5x 3.6x 5% 5% 5% 5% Mobile 3.0x 3.2x 3.3x 3.5x 3.6x 5% 5% 5% 5% Web 2.9x 3.0x 3.2x 3.3x 3.5x 5% 5% 5% 5% Total 2.9x 3.0x 3.2x 3.4x 3.5x 5% 5% 6% 5% Revenue (Annual) OTT $42,918 $520,363 $1,334,369 $2,384,834 $3,507,706 1,112% 156% 79% 47% 201% Mobile 84,098 267,918 457,633 868,070 1,532,445 219% 71% 90% 77% 107% Web 1,700,884 5,229,506 8,239,556 9,826,364 11,010,691 207% 58% 19% 12% 60% Display/Sponsorships 314,100 239,300 408,750 547,900 681,750 (24%) 71% 34% 24% 21% Total $2,142,000 $6,257,087 $10,440,307 $13,627,168 $16,732,592 192% 67% 31% 23% 67% Revenue by Country Brazil $1,077,000 $2,901,069 $4,718,163 $5,920,695 $6,908,784 169% 63% 25% 17% 59% Mexico 700,000 2,114,335 3,445,009 4,610,200 5,880,372 202% 63% 34% 28% 70% Pan Regional 345,000 773,881 1,222,142 1,663,799 2,114,108 124% 58% 36% 27% 57% Argentina 0 188,857 480,825 650,532 831,513 N/A 155% 35% 28% N/A Colombia 0 172,577 364,689 496,316 632,602 N/A 111% 36% 27% N/A Other Countries 20,000 106,368 209,479 285,626 365,213 432% 97% 36% 28% 107% Total $2,142,000 $6,257,087 $10,440,307 $13,627,168 $16,732,592 192% 67% 31% 23% 67% Brazil Taxes (14.25%) $153,473 $413,402 $672,338 $843,699 $984,502 Net Revenue $1,988,528 $5,843,685 $9,767,969 $12,783,469 $15,748,090 194% 67% 31% 23% 68% Note: FX rates used in the projections: 2.07 Brazilian reals / $1 US, 13.86 Mexican pesos / $1 US, $4.51 Argentine pesos / $1 US, 1,787 Colombian pesos / $1 US

Projection Comparison: Crackle US, Crackle LatAm, and [Flixela] [In process]

Programming Year 1 Year 2 Year 3 Year 4 Year 5 Programming Titles FY'2014 FY'2015 FY'2016 FY'2017 FY'2018 Flixela Movie Titles 90 90 99 99 109 Growth - 0% 10% 0% 10% TV Episodes - - - - - Growth - 10% 10% 10% 10% Total 90 90 99 99 109 Crackle LatAm Movie Titles 151 166 183 201 221 Growth - 10% 10% 10% 10% TV Episodes 605 666 732 805 886 Growth - 10% 10% 10% 10% Total 756 832 915 1,006 1,107 A League of Their Own Across the Universe Almost Famous Blind Date Can't Hardly Wait Charlie's Angels Closer Da Vinci Code Exorcism Flixela of Emily Sample Rose Programming List Flatliners Fun with Dick and Jane (2005) Groundhog Day Hitch Hook Jawbreaker Julie & Julia Kramer Vs Kramer Made of Honor Michael Jackson's This Is It Nick & Norah' Infinite Playlist Only You Panic Room Resident Evil RV Sex, Lies & Videotape Silent Hill Single White Female Sleepless in Seattle Spanglish Stomp the Yard The Big Chill The House Bunny The Messengers The Net

Market Analysis Flixela is first to market, no current competition Flixela and Crackle LatAm will provide SPT significant shares of double digit growth video advertising markets in Brazil, Argentina, and Mexico Market Growth Analysis FY2012 FY 2013E FY 2014E FY 2015E FY 2016E FY2012 FY 2013E FY 2014E FY 2015E FY 2016E Brazil Argentina Market - Video Advertising $17 $23 $31 $40 $49 Market - Video Advertising $2 $3 $4 $5 $6 Growth % 35% 35% 29% 23% Growth % 50% 33% 25% 20% Market - Total Internet Advertising $393 $460 $536 $618 $706 Market - Total Internet Advertising $48 $56 $65 $74 $86 Growth % 17% 17% 15% 14% Growth % 17% 16% 14% 16% Flixela - - $1.4 $3.6 $5.8 Flixela - - - $0.2 $0.5 Growth % - - 156% 62% Growth % - - - 155% % of Video Advertising Market - 5% 9% 12% % of Video Advertising Market - - 4% 8% % of Total Market - 0.3% 0.6% 0.8% % of Total Market - - 0.3% 0.6% Flixela & Crackle LatAm 1.8 6.8 13.4 18.6 Flixela & Crackle LatAm - - 0.7 1.6 % of Video Advertising Market 7.7% 21.8% 33.5% 38.0% % of Video Advertising Market - - 14.5% 26.5% Mexico Colombia Market - Video Advertising $6 $9 $12 $15 $19 Market - Video Advertising $6 $10 $17 $24 $31 Growth % 50% 33% 25% 27% Growth % 67% 70% 41% 29% Market - Total Internet Advertising $137 $167 $197 $228 $262 Market - Total Internet Advertising $140 $202 $276 $350 $426 Growth % 22% 18% 16% 15% Growth % 44% 37% 27% 22% Flixela $0.0 - $0.7 $2.1 $3.4 Flixela - - - $0.2 $0.4 Growth % - - 202% 63% Growth % - - - 111% % of Video Advertising Market - 6% 14% 18% % of Video Advertising Market - - 1% 1% % of Total Market - 0.4% 0.9% 1.3% % of Total Market - - 0.0% 0.1% Flixela & Crackle LatAm $1.6 $3.3 $7.0 $9.8 Flixela & Crackle LatAm - - $0.7 $1.2 % of Video Advertising Market 17.4% 27.8% 46.9% 51.5% % of Video Advertising Market - - 2.8% 3.9% Note: Total Internet Advertising for each country excludes Search

Financial Impact to SPE ($ in thousands) Cash flow break even in Year 3 Cumulative cash flow break even in Year 5 Year 1 Year 2 Year 3 Year 4 Year 5 FY 2014E FY 2015E FY 2016E FY 2017E FY 2018E Aggregate Benefit to SPE Cash Flow After Taxes ($4,009) ($3,156) ($796) $812 $1,667 Commission to Ad Sales 414 1,140 1,025 1,300 1,612 Ad Sales Expenses (223) (359) (443) (483) (497) Aggregate Cash Flow to SPT Networks ($3,818) ($2,376) ($214) $1,629 $2,782 Licensing Revenue to SPT $348 $544 $648 $660 $837 % Licensing Revenue to SPT 60.0% 60.0% 55.0% 55.0% 55.0% Total SPE Impact ($3,470) ($1,832) $435 $2,290 $3,619 Cumulative Cash Flow ($3,470) ($5,301) ($4,867) ($2,577) $1,042

Discounted Cash Flow Analysis: Channel View ($ in thousands) Valuation Summary WACC 18.2% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 FY'2014E FY'2015E FY'2016E FY'2017E FY'2018E FY2019E FY2020E FY2021E FY 2022E FY 2023E Unlevered Free Cash Flow ($4,009) ($3,156) ($796) $812 $1,667 $2,199 $1,752 $2,190 $2,628 $3,023 PV of Free Cash Flow ($3,392) ($2,259) ($482) $416 $722 $806 $543 $575 $583 $568 Terminal Value Method NPV of Cash Flows ($4,994) NPV Terminal Year EBIT (FY 2018E) $2,237 Exit Multiple Terminal Multiple 10.0x $4,700 8.0x 9.0x 10.0x 11.0x 12.0x Terminal Value $22,370 16.2% $3,384 $4,439 $5,495 $6,551 $7,606 Present Value of Terminal Value $9,694 17.2% 3,063 4,075 5,086 6,098 7,109 % of Enterprise Value 206.3% 18.2% 2,761 3,731 4,700 5,669 6,639 NPV Combined $4,700 19.2% 2,476 3,405 4,335 5,264 6,193 IRR 39.3% 20.2% 2,207 3,098 3,989 4,881 5,772 NPV Combined as a Multiple of 2014E Revenue 2.4x NPV Combined as a Multiple of 2015E Revenue 0.8x Implied Perpetuity Growth Rate 10.0% WACC WACC Perpetuity Growth Method NPV of Cash Flows ($1,918) NPV Terminal Year FCF (FY 2023E) $3,023 Perpetuity Growth Rate Perpetuity Growth Rate 3.0% $1,926 1.0% 2.0% 3.0% 4.0% 5.0% Terminal Value $20,476 16.2% $2,927 $3,289 $3,707 $4,192 $4,764 Present Value of Terminal Value $3,845 17.2% 2,111 2,405 2,740 3,126 3,576 % of Enterprise Value 199.6% 18.2% 1,413 1,654 1,926 2,237 2,595 NPV Combined $1,926 19.2% 814 1,012 1,236 1,488 1,776 IRR 23.0% 20.2% 296 461 645 852 1,086 NPV Combined as a Multiple of 2014E Revenue 1.0x NPV Combined as a Multiple of 2015E Revenue 0.3x Implied Terminal EBIT Multiple 4.0x

Discounted Cash Flow Analysis: SPT View ($ in thousands) Valuation Summary WACC 18.2% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 FY'2014E FY'2015E FY'2016E FY'2017E FY'2018E FY2019E FY2020E FY2021E FY 2022E FY 2023E Unlevered Free Cash Flow ($3,470) ($1,832) $435 $2,290 $3,619 $4,701 $5,000 $6,157 $2,628 $3,023 PV of Free Cash Flow ($2,935) ($1,311) $263 $1,173 $1,568 $1,723 $1,551 $1,615 $583 $568 Terminal Value Method NPV of Cash Flows ($1,242) NPV Terminal Year EBIT (FY 2018E) $2,237 Exit Multiple Terminal Multiple 10.0x $11,416 8.0x 9.0x 10.0x 11.0x 12.0x Terminal Value $22,370 16.2% $10,687 $11,743 $12,799 $13,855 $14,910 Present Value of Terminal Value $9,694 17.2% 10,065 11,076 12,088 13,099 14,111 % of Enterprise Value 84.9% 18.2% 9,478 10,447 11,416 12,386 13,355 PV of SPE Cash Flows (2019E-2021E) 2,965 19.2% 8,923 9,853 10,782 11,712 12,641 NPV Combined $11,416 20.2% 8,400 9,292 10,183 11,074 11,966 IRR 65.8% NPV Combined as a Multiple of 2014E Revenue 5.7x NPV Combined as a Multiple of 2015E Revenue 2.0x Implied Perpetuity Growth Rate 1.7% WACC Perpetuity Growth Method NPV of Cash Flows $4,798 NPV Terminal Year FCF (FY 2023E) $3,023 Perpetuity Growth Rate Perpetuity Growth Rate 3.0% $8,643 1.0% 2.0% 3.0% 4.0% 5.0% Terminal Value $20,476 16.2% $10,231 $10,593 $11,011 $11,496 $12,068 Present Value of Terminal Value $3,845 17.2% 9,113 9,406 9,742 10,128 10,577 % of Enterprise Value 44.5% 18.2% 8,130 8,371 8,643 8,953 9,311 NPV Combined $8,643 19.2% 7,261 7,460 7,683 7,935 8,223 IRR 43.4% 20.2% 6,490 6,655 6,839 7,046 7,280 NPV Combined as a Multiple of 2014E Revenue 4.3x NPV Combined as a Multiple of 2015E Revenue 1.5x Implied Terminal EBIT Multiple 4.0x WACC

Discounted Cash Flow Analysis: Cost of Equity ($ in millions) Debt to Total Capital Debt to Equity Marginal Tax Rate Company HQ Levered Beta Market Cap Total Debt Blanco y Negro S.A. Chile 0.28 $63 $0 0% 0% 17% 0.28 Blinkx USA 0.49 356 0 0% 0% 40% 0.49 Coinstar USA 0.90 1,429 373 21% 26% 40% 0.78 Grupo Clarín S.A. Argentina 1.01 432 745 63% 173% 35% 0.48 Grupo Radio Centro, S.A.B. de C.V. Mexico 1.18 147 5 3% 4% 28% 1.15 Netflix USA 0.70 3,209 400 11% 12% 40% 0.65 Unlevered Beta Average 0.76 0.64 Median 0.80 0.57 Assumptions Unlevered Beta 0.57 Peer group median. (CapIQ) Calculated Levered Beta 0.57 Levered Beta = Unlevered Beta * (1+[(1-Tax Rate) * Target Debt / Equity Value]) Risk-free rate 1.8% Yield of 10 year US Treasury Bond (WSJ, 9/21/12) Market Premium 6.6% Long-horizon expected equity risk premium (Ibbotson's) Company Size Premium 9.8% Decile 10b for companies with market caps between $1 million - $128 million (Ibbotson's) Country Risk Premium 2.9% Weighted average risk premium based on revenue for key markets (Damodaran) Tax EBIT at tax rate of 31.5% Weighted average risk premium based on revenue for key markets (Damodaran) Equity as a Percentage of Total Capital 100.0% Debt as a Percentage of Total Capital 0.0% Cost of Equity 18.2%

Precedent Media Transactions Analysis ($ in millions) Announced Target Buyer PRECEDENT MEDIA TRANSACTIONS ANALYSIS Target Headquarters Target Business Description Enterpise Value Enterprise Value / 06/04/12 Grupo Clarín S.A. GS Unidos, L.L.C. Argentina Operates a cable TV network that offers basic pay TV, premium video, pay per view, HD, as well as broadband Internet services. Additional segments include Digital Content segment produces content for the Internet and mobile digital platforms, Broadcasting and Programming $75.0 0.7x 4.2x 04/19/12 New Video Group Vistachiara Productions, Inc. USA Operates as a distributor of independent films, documentaries, and television sports and kids programming through DVD, Blu-ray, downloads, streaming platforms 20 1.6x - 01/31/11 LOVEFiLM Amazon.com UK Online Retail, Online Video 115 - - 01/25/11 Dailymotion SA France Telecom France Media technologies / Content delivery / Streaming media 80 6.7x - 01/07/11 Qik Skype USA Online Video, VoIP 150 - - 12/23/10 Sonic Solutions Rovi Corporation USA Online Video, Production Tools - Media 763 7.0x - 10/12/10 Ngmoco DeNa USA Mobility / Mobile content / Entertainment 400 13.3x - 09/28/10 5min Inc. AOL, Inc. USA Internet content & commerce / Video 65 - - 09/19/10 Locaweb Serviços de Internet S.A. Silver Lake Partners Brazil Offers Internet solutions that include infrastructure for audio and video streaming, Web hosting, domain registration 68 4.5x - 01/22/10 Dori Media Central Studios S.A. - Argentina Operates as a television production company which offers production services and owns production facilities and TV studios 19 0.4x 12.0x 12/04/09 La La Media Apple USA Media technologies / Content delivery / Streaming media 65 - - 10/30/09 The Orchard Enterprises, Inc. Dimensional Associates LLC USA Distributes digital music and video products 15 0.25 - Revenue High $763 4.5x 12.0x 75th Percentile $124 1.6x 10.0x Median $72 0.7x 8.1x Mean $153 1.5x 8.1x 25th Percentile $54 0.4x 6.1x Low $15 0.3x 4.2x EBIT

Latin America Public Media Comparables Analysis ($ in millions) PUBLIC MEDIA COMPARABLES ANALYSIS Enterprise Value as a Multiple of: Market Enterprise Revenue EBITDA EBIT Company Name Headquarters Description Value Value LTM LTM LTM Engages in the organization, production, participation, and marketing of shows, and professional activities of Blanco y Negro S.A. Chile entertainment and leisure sporting activities $63 $68 2.4x 9.7x NA Blinkx USA Provides video search and advertising services on the Internet worldwide 356 317 2.8x 24.7x 49.5x Coinstar USA Provides automated retail solutions. Owns and operates Redbox Kiosks - expanding into OTT 1,429 1,480 0.7x 3.4x 5.5x Grupo Clarín S.A. Argentina Operates a cable TV network that offers basic pay TV, premium video, pay per view, HD, as well as broadband Internet services. Additional segments include Digital Content segment produces content for the Internet and mobile digital platforms, Broadcasting and Programming 432 1,203 0.5x 2.1x 3.2x Grupo Radio Centro, S.A.B. de C.V. Mexico Engages in the production and broadcasting of music, entertainment, news, and special event programs 147 147 1.9x 8.4x 9.4x Netflix USA Operates an Internet subscription services for TV shows and movies 3,209 2,796 0.8x 12.3x 15.4x High $3,209 $2,796 2.8x 24.7x 49.5x 75th Percentile $1,179 $1,411 2.2x 11.6x 15.4x Median $394 $760 1.3x 9.1x 9.4x Mean $939 $1,002 1.5x 10.1x 16.6x 25th Percentile $199 $189 0.7x 4.7x 5.5x Low $63 $68 0.5x 2.1x 3.2x

Headcount Overview Headcount Summary by Position Headcount Summary Year 1 Year 2 Year 3 Year 4 Year 5 FY'2014 FY'2015 FY'2016 FY'2017 FY'2018 Brazil 1 2 2 2 2 Los Angeles 3 3 3 3 3 Mexico 0 2 2 2 2 Miami 4 6 8 8 8 Women's Channel Headcount 8 13 15 15 15 Los Angeles 1 1 1 1 1 Mexico 2 2 2 3 3 New York 2 3 4 4 4 Ad Sales Headcount 5 6 7 8 8 Los Angeles 1 1 1 2 2 Shared Services Headcount 1 1 1 2 2 Miami 1 1 1 2 2 Finance Headcount 1 1 1 2 2 Total Headcount 15 21 24 27 27 Count Title Location Start Date 1 Community Manager Miami 04/01/13 2 Marketing Manager Miami 04/01/13 3 Video Ops Specialist Los Angeles 04/01/13 4 Graphic Designer Los Angeles 04/01/13 5 Web Producer Los Angeles 04/01/13 6 Editor-In-Chief Miami 04/01/13 7 Editorial Specialist Brazil 04/01/13 8 Programming Specialist Miami 04/01/13 9 Community Specialist Brazil 04/01/14 10 Community Specialist Mexico 04/01/14 11 Editorial Specialist Mexico 04/01/14 12 Programming Specialist Miami 04/01/15 13 Marketing Manager Miami 04/01/15 14 Community Specialist Miami 04/01/16 15 Editorial Specialist Miami 04/01/16 16 Digital Sales Planner Mexico 07/01/13 17 Account Executive Mexico 05/01/13 18 Tech Ops Specialist Los Angeles 07/01/13 19 Ad Ops Specialist New York 07/01/13 20 Ad Ops Specialist New York 07/01/13 21 Ad Ops Specialist New York 04/01/14 22 Ad Ops Specialist New York 04/01/15 23 Digital Sales Planner Mexico 04/01/16 24 Account Analyst Miami 06/01/13 25 Account Analyst Miami 04/01/16 Note: Difference in headcount total are the two finance heads which are allocations

User Profile: LatAm Female Demographic