INVESTMENT IN LEFT BANK PICTURES

Presentation to the Investment CommitteeJuly 12, 2012

DRAFT – June 19, 2011

DRAFT

Executive Summary

• SPT has an opportunity to acquire a controlling stake in Left Bank Pictures, a leading television and film production company based in the UK specializing in drama

• Left Bank’s productions have been internationally acclaimed, commissioned by key UK, US and European broadcasters and have received many awards including BAFTA, RTS and BPG Television and Radio Award

• Acquisition of Left Bank would provide SPT a strong presence and credibility in the UK scripted market, a platform to further exploit SPT’s scripted catalogue, as well as an opportunity to drive growth for Left Bank in the US and globally through SPT’s network of production companies

• SPT is seeking approval to acquire 51% of Left Bank Pictures at a base-case initial consideration plus earn-out of$28.5M plus $19.0M–$24.5M for additional 49% to be acquired through a capped put/call mechanism

• Total base-case purchase price range for 100% of $47.5M–$53.0M (min/max total purchase price range of $43.9M–$76.5M)

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SPT International Production Growth Strategy

• SPT has grown its international production operations through acquisitions and start-ups and is now a leading television producer and only US studio with significant global footprint– 20 production operations in 14 countries, with programming produced in 88 countries and 73 languages– Acquisitions included leading local language production companies in the UK, France, Russia, Netherlands and

Colombia, while start-ups with local creative talent were also launched in the UK, Italy, Belgium, UAE, Lebanon, Egypt, Brazil and China

• SPT International Production has established a solid platform in non-scripted and scripted businesses worldwide– SPT’s non-scripted expertise spans across all key genres with over 200 formats in its catalogue – including top franchise

Who Wants to be a Millionaire aired in over 100 countries– SPT has produced over 10,000 episodes of original scripted programming in all key genres across 30 countries in over 13

languages; has also adapted to date 18 US series across 25 countries in local languages, including The Nanny, Married with Children and Everybody Loves Raymond

• SPT expects to drive strong growth through significant content creation as well as continued footprint expansion– Fuel content generation through organic development, acquisitions, strategic partnerships and synergies with Sony

owned content to create global hit formats that are exportable around the world– Build a significant presence in all strategically important content creation territories and ensure strength in all genres in

each territory – UK is the most critically important content creation market

– Continue to fortify global footprint through expansion into new high potential and highly strategic territories

• Investment in Left Bank would be consistent with SPT’s growth strategy and would be highly strategic to future expansion and profitability– Aligns with SPT’s current strategic approach of rapidly building scale in the UK through aggregating quality independent

producers and creative talent3

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Overview of Left Bank Pictures

• Left Bank is leading UK scripted series and feature film producer with four dramas currently on air or in production and a growing comedy slate

• Left Bank has grown significantly over the past five years and has built up a valuable IP library driven by shows with multiple season orders, genre versatility and international format sales– Left Bank has third season commissions for its most significant shows Strike Back, Wallander and Mad Dogs– Produced a wide range of drama and comedy productions for UK, US and European broadcasters including BBC, ITV 1,

Channel 4, Sky 1 HD, HBO Cinemax, Degeto Film Gmbh and RTE and three feature films– Proven co-production success, a growing area for SPT– Seasoned development of original fiction as well as adaptations

• Left Bank is led by CEO Andy Harries and Managing Director Marigo Kehoe who have been working together successfully for 11 years – Andy and Marigo started Left Bank in 2007 with a minority investment from BBC Worldwide– Andy was formerly an executive at ITV for 15 years overseeing a successful slate of films, drama, comedies and

entertainment programs, Marigo was formerly Head of Production for Drama, Comedy, Factual Drama and Film for Granada as well as Head of Production for Drama for Tiger Aspect

– Andy and Marigo are supported by a respected senior team including Finance Director Grace Wilson; Head of Film and Executive Producer TV Suzanne Mackie; Executive Producer Michael Casey; and Senior Comedy Producer Jenna Jones

• Future growth will be driven by a strong new development slate, expansion in comedy, expansion in US productions/co-productions and synergies with SPT production/distribution network and catalogue exploitation

• 74% of Left Bank’s FY 2013 revenue is either commissioned or in paid development

• Pre-transaction key shareholders are: Andy Harries (51.1%), Marigo Kehoe (15.0%), BBC Worldwide (24.9%) and Left Bank Employees (9.0%)

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Show Broadcaster Details

Drama

Strike Back(56% of FY12 Revenue)

Sky1 (UK )HBO Cinemax

(US)

• RTS Award-winning drama used to successfully re-launch HBO’s Cinemax channel in the US

• Season 3 commissioned and in production, seasons 4 and 5 in discussions with season 4 in paid development

• 10x60’ episodes/minutes• FY12 revenue: £17.5MM

Mad Dogs(13% of FY12 Revenue)

SKY1 HD (UK) • Most successful UK drama in 2011 for non-terrestrial channels• Season 3 commissioned and in production• US adaptation in development• 4x60’ episodes/minutes• FY12 revenue: £4.2MM

DCI Banks(14% of FY12 Revenue)

ITV 1 (UK) • DCI Banks: Aftermath achieved an average 6.9M viewers (25% share), reinvigorating Friday night drama on ITV1

• Season 2 commissioned and in production• 6x60’ episodes/minutes• FY12 revenue: £4.5MM

Wallander(14% of FY12 Revenue)

BBC One (UK) • Seven times BAFTA Award-winning drama• Season 3 commissioned and in production• 3x90’ episodes/minutes• FY12 revenue: £4.6MM

Comedy

Cardinal Burns(4% of FY12 Revenue)

e4 (UK) • Season 1• 6x30’ episodes/minutes• FY12 revenue: £1.1MM

Naked HouseAiring in FY13(5% of FY13P revenue)

ITV (UK) • Second comedy series commission expands Left Bank’s comedy slate

• 6x30’ episodes/minutes

Key Left Bank Shows

5

• In addition to its key drama and comedy series with multiple season commissions, Left Bank also produces feature films which strengthen its brand as a premier producer as well as documentaries and miniseries

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• The business has grown significantly since it was founded in 2007

KEY LEFT BANK GROWTH DRIVERS• Strike Back 2 and Wallander 3 did not contribute to FY2011 revenue due to extended delivery schedule for second season episodes

• FY2012 growth driven by increase in Strike Back commission plus other returning shows such as Wallander, DCI Banks, Mad Dogs and new comedy Cardinal Burns

• 69% of FY2013 revenue in paid [development]; 5% of FY2013 commissioned

• [£60M / $xM] currently in pipeline consisting of re-commissions of successful returning series (Strike Back, DCI Banks, Wallander) and new shows development (24 drama series (8 broadcaster funded) and 6 comedy series currently in development)

FY10 FY11 FY12 FY13F FY14F FY15F FY16F FY17F FY18F$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$29.2

$22.1

$49.0 $54.0

$74.4 $78.8 $80.2

$66.7 $70.6

Revenue

Left Bank Financial History and Forecast

FY10 FY11 FY12 FY13F FY14F FY15F FY16F FY17F FY18F($1)

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$3.0

($0.3)

$5.2

$7.4 $7.7 $7.9

$7.2

$5.5 $5.9

EBITDA

6

GAAP ADJUSTED FINANCIALS UNDER

REVIEW

FY10-FY18F CAGR: 12%

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Strategic Benefit to SPE

• Acquisition of Left Bank will provide SPT with strong presence and credibility in the UK scripted market– UK is a strategically important market for global television production, being the largest exporter of TV formats in

the world and the second largest (after the US) exporter of finished TV programming– Left Bank is a proven developer and producer of successful programs which attract top advertisers, generate strong

broadcaster interest globally and provide significant international distribution value

• SPT will become a strong player in the two largest English language markets– With Strike Back, Left Bank is now one of the few companies that has produced scripted programming that has aired

in the UK and US simultaneously– Provides SPT strong platform and opportunity to sell scripted shows produced in the UK to the US and vice versa– Opportunity to co-develop and co-produce across major markets, leveraging SPT’s strong US slate and Left Bank’s

co-production experience

• Acquisition can generate significant strategic synergies and drive growth for both SPT and Left Bank– SPT can leverage Left Bank to drive growth of SPT scripted business worldwide in its portfolio companies, further

exploit its large scripted format catalogue and increase international scripted co-productions– SPT can accelerate Left Bank’s growth through its global production network, strong US production presence and

world-class distribution team

• Sony can generate synergies above business plan returns from distributing all future shows and formats from Left Bank which will not fall within BBCW’s existing distribution contract— Left Bank’s shows have strong international appeal and over 20 programs have been sold to 45 different countries— SPT’s strong global distribution team and strong US presence will further drive Left Bank’s potential IP value

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Summary of Deal Structure and Material Terms• Acquire 100% of Left Bank Pictures for a maximum / minimum total purchase price range of $43.9M–$76.5M

with 51% to be acquired at close and the remaining 49% to be acquired in 5 years via a seller’s capped put/SPT’s capped call

• SPT to purchase 51% of the fully-diluted shares of Left Bank from existing shareholders on a pro rata basis– $23.1M to be paid at close– $2.7M–$8.1M (base case of $5.4M) performance-based earn-out to be based on average EBITDA for FY2013 (August

through March 2013) and FY2014 – Total implied enterprise valuation range of $50.6M–$61.1M. Implied Base Case enterprise value of $55.9M, 10.8x

implied multiple of LTM EBITDA ($5.2M)

• Remaining 49% of Left Bank to be acquired five years after close via sellers capped put / SPT’s capped call– SPT has a call for all, and sellers have a corresponding put for all or a portion thereof, the remaining 49% after five years

at fair market value, with a minimum payment of $18.1M and maximum payment of $45.3M ($37.0M–$92.4M implied total enterprise value range)

– Assumed SPE Base Case Exercise price of $19.0M–$24.5M

• SPT to have worldwide distribution rights for all new formats and programs controlled by Left Bank and other rights upon reversion currently held by BBC worldwide– [agreement terms being finalized]

• Principals Andy Harries and Marigo Kehoe and other key employees to commit to 5 year employment terms– Five year restriction for all shareholders on share transfers

• Deal will be structured in British sterling and converted to USD at 1.54 GBP:USD 8

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Deal Payment Structure

9

TO BE UPDATED PER FINAL BUSINESS PLAN

• Deal will be structured in British sterling and converted to USD at 1.54 GBP:USD [final fx to be confirmed]

Negotiated Range Sony Base Case RangeMinimum Maximum Low High

Acquisition of 51% Interest in Left Bank + Earn-Out

Payment at Close $23,100 $23,100 $23,100 $23,100Earn-out at Year 2 2,695 8,085 5,390 5,390

Total Consideration for 51% 25,795 31,185 28,490 28,490

Implied Enterprise Value at Year 3 50,578 61,147 55,863 55,863Implied Multiple of Mar'12 TTM EBITDA ($5.2M) 9.8x 11.8x 10.8x 10.8x

49% Step-up in Year 5

Total Enterprise Value – 100% Controlling Basis 36,960 92,400 38,839 49,936Multiple of FY2017F EBITDA ($5.5M) 7.0x 9.0x

Total Consideration for Remaining 49% 18,110 45,276 19,031 24,468

Total Consideration Paid by Sony for 100% 43,905 76,461 47,521 52,958Implied Multiple of Mar'12 TTM EBITDA ($5.2M) 8.5x 14.8x 9.2x 10.3x

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Comparable Com-panies / Transac-

tions

DCF SPE Base Case Min / Max Purchase

Price

Negotiated Min / Max Purchase Price

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

£39

Left Bank Valuation Summary

£50

£50

£29

£39

• SPE purchase price range compares favorably to public / transaction comps and DCF valuations

Independent Fair Market Value Range – 100% Enterprise Value

10

$44

• NPV of $10.8M (11% discount rate), IRR of [18]%

Assumed SPE Purchase Price

for 100% ($53.0M)

FINALIZATION IN PROGRESS

14.8x

8.5x

10.3x

9.2x

11.2x

17.4x

10.7x

16.8x

$55$58

$84

$87

$77

$47-$53

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Pro Forma Balance Sheet

11

FINAL VERSION TO HAVE AGREED OPENING BALANCE SHEET

3/31 BALANCE SHEET WITH PRO FORMA ADJUSTMENTS for goodwill and debt paydown in progress

($000s USD; converted from GBP @ 1.54 GBP:USD)

ASSETS LIABILITIES AND EQUITY

CURRENT ASSETS 3/31/2012 CURRENT LIABILITIES 3/31/2012Cash and Cash Equivalents $12,529.4 Creditors Due Within One Year $1,210.4Debtors due within one year 1,854.2 Production Advances 5,374.6Production Accrued Income 537.5 Accruals and Corporate Tax Payable 374.2Total Current Assets 14,921.1 Total Current Liabilities 6,959.3

FIXED ASSETS NON-CURRENT LIABILITIESFixed Assets 61.6 BBC Loan 1,155.0Investments 112.4 Total Non-Current Liabilities 1,155.0Total Fixed Assets 174.0

EQUITYCalled -up Share Capital 0.0Retained Earnings 3,577.4Profit and Loss Account 2,513.3Unreconciled Difference 890.1Total Equity 6,980.8

TOTAL ASSETS $15,095.1 TOTAL LIABILITIES AND EQUITY $15,095.1

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Financial Impact to SPE

EBIT Impact• Acquiring a 51% controlling interest will allow SPE to consolidate Left Bank Pictures and is expected to increase SPE’s EBIT by $3M–$4M

per year once initial purchase price amortization (PPA) levels taper off in FYE2015• Estimated FYE2013 EBIT increase to SPE of $1.8M

Cash Impact• SPE will pay $23M at close (FYE 2013) for 51% stake and management control of Left Bank Pictures• SPE will pay $2.7M–$8.1M in July 2014 (FYE 2015) (base case of $5.4M) through a performance-based earn-out• $18.1M–$45.3M in July 2017 (FYE 2018) (base case of $19.0M–$24.5M) to purchase the remaining 49% stake and step-up to 100%

12

($000's USD; converted from GBP @ 1.54 GBP:USD) Fiscal Year Ending March 31,

FYE13 FYE14 FYE15 FYE16 FYE17 FYE18 TOTAL

OPERATING CASH FLOW $3,071 $3,702 $5,775 $5,480 $5,402 $4,288 $27,719

BASE CASE PURCHASE PRICE (23,100) 0 (5,390) 0 0 (24,468) (52,958)

NET CASH FLOW TO SPE (20,029) 3,702 385 5,480 5,402 (20,180) (25,239)

Minimum Purchase Price 23,100 2,695 18,110 43,905

Maximum Purchase Price 23,100 8,085 45,276 76,461

($000's USD; converted from GBP @ 1.54 GBP:USD) Fiscal Year Ending March 31,

FYE13 FYE14 FYE15 FYE16 FYE17 FYE18 TOTAL

EBIT from Operations $7,412 $7,502 $7,774 $6,990 $5,358 $5,697 $40,733Less: Purchase Price Amortization (5,614) (5,869) (3,186) (3,006) (2,878) (1,545) (22,098)

INCREMENTAL EBIT TO SPE $1,798 $1,634 $4,588 $3,983 $2,480 $4,152 $18,635

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Detailed P&L

13

($MM USD; converted from GBP @ 1.54 GBP:USD)

FISCAL YEAR ENDING MARCH 31, '12–'18($ 000s) 2010 2011 2012 2013 2014 2015 2016 2017 2018 CAGR

Number of Series Produced 5 4 5 8 8 10 10 10 10Total Episodes Delivered 25 14 29 38 51 68 67 68 68

REVENUETV Production $29,054 $20,664 $48,557 $53,031 $67,169 $76,524 $78,534 $64,924 $68,819Royalty 177 410 463 841 1,800 2,237 1,559 1,559 1,559Film and Other 0 1,033 0 154 5,390 0 134 184 184Total Revenue 29,231 22,107 49,020 54,026 74,359 78,762 80,227 66,667 70,562 6%

% Growth -24% 122% 10% 38% 6% 2% -17% 5%

Production Costs 24,220 19,395 40,049 42,361 61,933 65,787 67,757 55,525 58,769Gross Profit 5,011 2,711 8,971 11,665 12,426 12,974 12,471 11,142 11,793 5%

Gross Margin 17% 12% 18% 22% 17% 16% 16% 17% 17%

OPERATING EXPENSEStaff 1,197 2,435 2,871 3,327 3,703 3,888 4,083 4,287 4,526G&A 366 600 937 816 949 1,011 1,083 1,168 1,233Adjustments to Operating Expense 465 0 0 83 120 126 132 139 147Total Operating Expenses 2,028 3,035 3,808 4,225 4,772 5,026 5,299 5,594 5,906 8%

% Growth 50% 25% 11% 13% 5% 5% 6% 6%% of Revenue 7% 14% 8% 8% 6% 6% 7% 8% 8%

EBITDA $2,983 ($324) $5,162 $7,439 $7,654 $7,948 $7,172 $5,548 $5,888 2%% of Revenue 10% -1% 11% 14% 10% 10% 9% 8% 8%

Less: Depreciation 0 0 0 28 152 175 183 190 190EBIT BEFORE PURCH PRICE AMORT $2,983 ($324) $5,162 $7,412 $7,502 $7,774 $6,990 $5,358 $5,697

% of Revenue 14% 10% 10% 9% 8% 8%

Less: Purch Price Amort 0 0 0 5,614 5,869 3,186 3,006 2,878 1,545EBIT $2,983 ($324) $5,162 $1,798 $1,634 $4,588 $3,983 $2,480 $4,152

% of Revenue 3% 2% 6% 5% 4% 6%

TO BE FINALIZED

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Left Bank Cash Flow Detail

14

Aug-Mar Fiscal Year End March 31,

($000's USD; converted from GBP @ 1.54 GBP:USD) 2013 2014 2015 2016 2017 2018

EBITDA $4,340 $7,654 $7,948 $7,172 $5,548 $5,888Less: Taxes (1,038) (1,726) (1,710) (1,538) (1,179) (1,253)Less: CapEx 0 (620) (116) (39) (39) (39)(Incr)/Decr in Net Working Capital (-7.9% of Revenue) (231) (1,606) (348) (116) 1,071 (308)

OPERATING FREE CASH FLOW $3,071 $3,702 $5,775 $5,480 $5,402 $4,288

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Risks and Mitigations

15

Risk Mitigation

Significant revenue and gross profit come from a single show, Strike Back • Including Strike Back through FY17 (season 6) is not

unreasonable because there are several long running shows in the UK comparable to Strike Back, such Spooks and Dream Team which ran for 10 seasons

• The Company has received a strong indication from Sky that it plans to air Strike Bike for the “long term”

Post-acquisition, Left Bank will no longer qualify as an independent producer in the UK • The only show that Left Bank airs that is currently is DCI Banks

commissioned by ITV. Sony and Left Bank are working with ITV to ensure that there is no impact on this show post-close

• As Left Bank is a very established producer in the market, Sony and Left Bank do not believe that the loss of its independent status will affect future show commissions

Several key personnel are critical to the ongoing success of Left Bank

• Key personnel will sign employment agreements and will also remain shareholders post-close which will incentivize them via earn-out and liquidation through put/call

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Timing and Next Steps [JN + JTD + SJ TO REVIEW]

• Sony Approvals– July 12, 2012: Deliberation of Investment Committee– July 18, 2012: Group Executive Committee

• July 20, 2102: Sign Definitive Agreements– Shareholders Agreement– Share Purchase Agreement– Articles of Association– Distribution Agreement with SPT– Employee Service Agreements

• July [xx], 2012: Obtain Necessary Regulatory Approvals– [TBD – SEAN JAQUEZ ITALY]

• Anticipated close by July 31, 2012

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[ML/sm review]

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Appendix

17

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Detail on Shareholding in Left Bank

• SPT will purchase 51% of Left Bank from existing shareholders on a pro-rata basis

• BBCW to remain a shareholder in Left Bank and will be subject to earn-out and put/call

18

Pre Transaction Stock Options 51% Post Transaction

Shares Percent (Vesting at close) Purchase Shares PercentSPE 581 51.00%Andy Harries 511 51.10% (261) 250 21.96%BBC Worldwide 249 24.90% (127) 122 10.70%Marigo Kehoe 150 15.00% (77) 74 6.45%Employees 90 9.00% (46) 44 3.87%

ESOP SharesMK 50MC 30GW 20SM 15JJ 15ZE 3K Gill-Pryde 3L Dyke 2C Davis 1L Salt 1

Total Employee Stock Options (1) 140 (71) 69 6.02%Total 1,000 100.00% (581) 1,140 100.00%(1) Acquisition of stock options depicted pro rata following close (and vesting); pending confirmation

Note: we will summarize shareholding pattern (collapse ESOP detail) for final version

Final version to be summarized

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Detail on KPMG Valuation Range

19

TO BE UPDATED PER FINAL BUSINESS PLAN

Market Multiple Transaction Multiple Discounted Cash Flow Discounted Cash FlowApproach Approach Approach Approach

($000's USD; converted from GBP @ 1.54 GBP:USD) Low High Low High Low High

Multiple of TTM Mgmt EBITDA $ 5,162 11.2x – 16.3x 11.5x – 17.4x 10.7x – 16.8x

Enterprise Value with Full Marketability $48,308 $64,659 $41,000 $62,000 $55,072 $86,955Plus: Control Premium 20% 30% 0% 0% 0% 0%

Controlling Enterprise Value with Full Marketability $57,970.2 $84,056.8 $59,419.4 $89,853.8 $55,071.7 $86,955.3

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Comparable Transaction Analysis

20

Enterprise Enterprise Value /

Date Target Acquiror Value (MM) TTM Revenue TTM EBITDA1/13/12 Summit Entertainment LLC (US) Lions Gate Entertainment (US) $731.2 1.2x nmf11/7/11 Betty TV Limited (US) Discovery Communications (US) $16.0 1.3x na10/31/11 Silver River (UK) Sony Pictures Entertainment (US) $6.5 1.3x nmf4/5/11 Shine Limited (UK) News Corp (US) 663 3.9x 12.6x12/31/11 HIT Entertainment Limited (US) Mattel Inc (US) $680.0 3.8x na4/1/11 MIJO Coproation DG FastChannel Inc $41.3 2.3x 13.3x8/5/10 Shed Media PLC (UK) Warner Brothers (US) £146.4 na 9.6x8/1/10 Optomen Television Limited ALL3MEDIA £40.0 na 8.9x12/31/09 Marvel Entertianment Walt Disney Co (US) $4,187.0 5.8x 13.1x12/9/09 Media Pro Entertainment Central European Media Enterprises $102.6 1.1x 7.9x1/28/09 Southern Star Endemol NV AUD 75.0 na 10.4x1/12/09 Winnercomm, Inc. Outdoor Channel Holdings $64.3 1.4x nmf9/24/08 Four Television & Film (Canada) Entertainment One Ltd $57.9 1.1x 7.5x6/8/08 2waytraffic Sony Pictures $331.0 9.2x5/23/08 PLURAL ENTERTAINMENT ESPANA Media Capital SGPS $78.9 na na5/13/08 Silverback AB (UK) ITV plc (UK) $27.2 3.1x na5/8/08 Zodiak Television(SWE) De Agostini (ITA) SEK 1,577.4 na 13.5x3/4/08 Roissy Films SAS EuropaCorp $42.4 4.6x na12/4/07 12 Yard Productions (UK) ITV plc (UK) $74.1 3.2x 15.5x7/5/07 Contender Ltd (nka E1 Entmt UK) Entertainment One Ltd $100.9 2.0x 8.1xLOW 1.10x 7.50xHIGH 5.80x 15.50x

MEDIAN 2.15x 10.00xMEAN 2.58x 10.80x

CONCLUDED RANGE PER KPMG LOW 0.80x 10.00xHIGH 1.10x 12.00x

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Comparable Companies Analysis

21

Enterprise Vaue as a Multiple of:

COMPANY TTM Revenue FY2013 Revenue TTM EBITDA FY2013 EBITDA

Diversified Media & EntertainmentWalt Disney Co 2.2x 2.0x 8.4x 7.6xViacom, Inc 2.1x 2.1x 7.5x 7.0xTime Warner Inc 1.8x 1.7x 7.5x 7.2xNews Corp 1.6x 1.5x 7.2x 7.1xLions Gate Entertainment Corp 2.0x 1.1x 23.5x 9.5xMEDIAN 2.0x 1.7x 7.5x 7.2xMEAN 1.9x 1.7x 10.8x 7.7x

Regional Media CompaniesDHX Media Ltd. 1.0x 0.9x 12.0x 6.0xEntertainment One Ltd. 0.7x 0.7x 7.6x 7.1xEuropaCorp 0.5x 0.6x nmf 22.4xHighlight Communications AG 0.6x 0.7x 8.6x 6.4xSplendid Medien AG 0.4x 0.3x 3.3x nmfSenator Entertainment AG 1.4x NA 24.8x NAMEDIAN 0.7x 0.7x 8.6x 6.8xMEAN 0.8x 0.6x 11.3x 10.5x

CONCLUDED RANGE PER KPMG

LOW 0.8x 0.6x 7.5x 6.5xHIGH 1.0x 0.8x 8.5x 7.5x

TO BE UPDATED TO INCLUDE CONTROL

PREMIUM