FAIR MARKET VALUE ANALYSIS (a) Valuation Method Exhibit Low High Low High. Fair Market Value of 100.0% Equity. Proposed Price $204 Million (c)

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Hilary Ellis
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1 Sony Pictures Entertainment Inc. Exhibit 1 Summary of Values (currency in millions) - FAIR MARKET VALUE ANALYSIS (a) Fair Market Value of 100.0% Equity Interest (USD millions) (b) Valuation Method Exhibit Low High Low High Concluded Range of Equity Values 10,700 ~ 12, ~ Discounted Cash Flow 5 11,500 ~ 14, ~ Comparable Company - EV/Revenue 7 10,063 ~ 11, ~ Comparable Company - EV/EBITDA 7 8,268 ~ 9, ~ Comparable Company - EV/EBIT 7 8,561 ~ 9, ~ Comparable Company - Price/Earnings 7 7,642 ~ 8, ~ Comparable Transaction - EV/Revenue 9 11,398 ~ 12, ~ Comparable Transaction - EV/EBITDA 9 8,117 ~ 8, ~ Concluded Range of Equity Values Discounted Cash Flow Comparable Company - EV/Revenue Comparable Company - EV/EBITDA Comparable Company - EV/EBIT Comparable Company - Price/Earnings Comparable Transaction - EV/Revenue Comparable Transaction - EV/EBITDA Fair Market Value of 100.0% Equity Proposed Price $204 Million (c) $125 $150 $175 $200 $225 $250 $275 (USD millions) (a) Fair market value refers to the value of an entity on a standalone basis to a hypothetical buyer (versus a specific buyer). Management indicated that the hypothetical buyer for the Target would be other media conglomerates for purposes of this analysis. (b) Converted at the USD/INR exchange rate of 52x as of the Valuation Date. (c) Per Sony Management, the proposed price is based on 22.0x reported FY12 EBITDA of INR 482 million. Refer to "Lead PL" tab in financial plan ( Financial Plan v2.xlsx).

2 Sony Pictures Entertainment Inc. Exhibit 2 Concluded Value Range (currency in millions) - Concluded Range of Equity Values Valuation Method Weighting Low Mid High (a) Discounted Cash Flow Method 66.7% 11,500 12,722 14,192 (b) Comparable Company Method 16.7% 8,633 9,225 9,816 (c) Comparable Transaction Method 16.7% 9,758 10,171 10,627 Weighted Value, INR millions (Rounded) 10,700 11,700 12,900 (d) Weighted Value, USD millions (a) See Exhibit 5, Page 1 of 2. (b) See Exhibit 7. (c) See Exhibit 9. (d) Converted at the USD/INR exchange rate of 52x as of the Valuation Date.

3 Sony Pictures Entertainment Inc. Exhibit 3 Historical Balance Sheets - As of March 31, (a) Common Size Historical Balance Sheets Assets Gross Fixed Assets % 30.8% 28.3% 30.9% 27.5% Accumulated Depreciation (76) (104) (154) (197) (243) -8.0% -10.4% -13.3% -14.1% -13.8% Net Fixed Assets % 20.4% 15.1% 16.7% 13.7% CWIP % 0.3% 0.1% 0.0% 0.0% Investments % 0.0% 0.0% 0.0% 0.0% Deferred Tax % 0.8% 0.2% 0.1% 0.5% Inventories , % 44.7% 45.0% 50.4% 57.4% Debtors % 25.5% 22.1% 20.1% 22.8% Cash / Bank % 6.1% 16.1% 2.0% 2.0% Loans and Advances % 13.6% 11.7% 18.1% 9.4% Other Current Assets % 0.0% 0.0% 2.4% 1.5% Current Assets ,103 1,294 1, % 90.0% 94.9% 93.1% 93.2% Current Liabilities % 11.2% 8.3% 8.6% 6.0% Provisions % 0.3% 2.0% 1.3% 1.4% Current Liabilities % 11.5% 10.3% 10.0% 7.4% Net Current Assets ,156 1, % 78.4% 84.7% 83.1% 85.8% Total Assets 946 1,004 1,162 1,391 1, % 100.0% 100.0% 100.0% 100.0% Equity and Liabilities Share Capital % 58.7% 51.0% 42.6% 33.7% Reserves and surplus % 15.8% 23.6% 29.9% 38.0% Total Capital ,009 1, % 74.5% 74.6% 72.6% 71.7% Short Term Loan % 25.5% 25.4% 19.5% 24.1% Long Term Loan % 0.0% 0.0% 7.9% 4.2% Loan Funds % 25.5% 25.4% 27.4% 28.3% Deferred Tax % 0.0% 0.0% 0.0% 0.0% Total Liabilities 946 1,004 1,162 1,391 1, % 100.0% 100.0% 100.0% 100.0% (a) Source: Sony Management.

4 Sony Pictures Entertainment Inc. Exhibit 4 Historical Income Statements - Fiscal Years Ended March 31, (a) Common Size Historical Income Statements Gross Revenue ,123 1,377 1, % 111.6% 110.1% 110.1% 110.1% Service Tax (64) (91) (103) (126) (175) -12.0% -11.6% -10.1% -10.1% -10.1% Net Revenue ,021 1,251 1, % 100.0% 100.0% 100.0% 100.0% % Growth n/a 46.5% 30.6% 22.6% 37.9% Other Income % 0.7% 1.2% 0.5% 0.4% Adjustments (2) (5) (4) (3) (3) -0.4% -0.6% -0.4% -0.3% -0.2% Adjusted Total Revenue ,029 1,255 1, % 100.1% 100.8% 100.3% 100.2% Programming Amortization Expense % 47.4% 46.5% 48.4% 42.2% Tapes & Telecast & Channel Carrying Fee % 5.9% 4.8% 5.2% 6.1% Total Operating Costs % 53.3% 51.4% 53.6% 48.3% Employee Benefit Expense % 16.6% 12.7% 12.6% 12.4% Administrative and Selling Expenses % 15.0% 12.4% 8.4% 8.9% Adjustment - (9) (115) % -1.2% -11.3% 0.0% 0.0% Total Expenses , % 83.8% 65.1% 74.6% 69.6% EBITDA % 16.4% 35.7% 25.7% 30.6% Depreciation / Amortization % 3.7% 5.0% 3.5% 3.6% EBIT % 12.7% 30.7% 22.2% 27.0% Interest % 5.3% 2.6% 2.3% 3.1% Profit Before Tax % 7.4% 28.1% 19.9% 23.9% Current Tax % 0.0% 5.4% 6.7% 8.0% Deferred Tax % 3.2% 0.6% 0.0% 0.0% Adjustment (1) 2 39 (1) (1) -0.2% 0.3% 3.8% -0.1% -0.1% Profit After Tax % 3.9% 18.4% 13.3% 16.0% 35% 26% 31% Supplemental Information Programming Purchases , % 45.4% 45.4% 62.7% 60.1% (a) Source: Sony Management.

5 Sony Pictures Entertainment Inc. Exhibit 5, Page 1 of 2 Income Approach - Discounted Cash Flow Method - Fiscal Years Ending March 31, (a) Terminal Gross Revenue 2,419 2,930 3,564 4,379 4,972 5,470 Service Tax (263) (318) (387) (476) (540) (594) Net Revenue 2,156 2,612 3,176 3,903 4,432 4,876 % Growth n/a 21.1% 21.6% 22.9% 13.6% 10.0% Other Income Adjustments Adjusted Total Revenue 2,160 2,616 3,181 3,909 4,438 4,882 Programming Amortization Expense 968 1,097 1,269 1,454 1,657 1,823 Tapes & Telecast & Channel Carrying Fee Total Operating Costs 1,132 1,265 1,443 1,619 1,829 2,012 Employee Benefit Expense Administrative and Selling Expenses Adjustment Total Expenses 1,589 1,788 2,039 2,290 2,588 2,847 EBITDA ,142 1,619 1,850 2,035 Depreciation / Amortization EBIT ,073 1,544 1,775 1,952 Interest Profit Before Tax ,443 1,721 1,893 Current Tax Deferred Tax Adjustment Profit After Tax ,153 1,279 1,369 Plus: Depreciation Expense Less: Capital Expenditures (93) (157) (136) (70) (70) (83) (88) Plus: Programming Amortization Expense 968 1,097 1,269 1,454 1,657 1,823 1,951 Less: Programming Purchases (1,251) (1,377) (1,519) (1,670) (1,836) (2,045) (2,122) Plus: Interest (net of tax) Plus: Change in Working Capital (Use)/Surplus (71) (30) 9 (93) (85) (73) (56) Debt-Free Net Cash Flow (45) ,024 1,184 Timing factor PV Factor Present Value of Debt-Free Net Cash Flow (43) Discrete Period (FY12-FY18) 1,923 (c) WACC 12.50% Terminal Value 11,262 TV g 7.0% Total Enterprise Value 13,184 Tax Rate 32.4% (b) Less: Total Debt (498) (b) Add: Cash and Equivalents 35 Fair Market Value of Equity (Controlling, Fully Marketable) 12,722 WACC 12, % 12.5% 13.0% Terminal Growth 6.00% 12,248 11,145 10, % 14,192 12,722 11, % 17,107 15,001 13,318 (a) Source: Sony Management. (b) See Exhibit 3. (c) See Exhibit 6.

6 Sony Pictures Entertainment Inc. Exhibit 5, Page 2 of 2 Income Approach - Discounted Cash Flow Method - Common Size Gross Revenue 112.2% 112.2% 112.2% 112.2% 112.2% 112.2% Service Tax -12.2% -12.2% -12.2% -12.2% -12.2% -12.2% Net Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Other Income 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% Adjustments 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Adjusted Total Revenue 100.2% 100.2% 100.2% 100.1% 100.1% 100.1% Programming Amortization Expense 44.9% 42.0% 40.0% 37.3% 37.4% 37.4% Tapes & Telecast & Channel Carrying Fee 7.6% 6.4% 5.5% 4.2% 3.9% 3.9% Total Operating Costs 52.5% 48.5% 45.4% 41.5% 41.3% 41.3% Employee Benefit Expense 11.4% 10.8% 10.4% 9.5% 9.6% 9.6% Administrative and Selling Expenses 9.8% 9.2% 8.3% 7.7% 7.6% 7.6% Adjustment 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Expenses 73.7% 68.5% 64.2% 58.7% 58.4% 58.4% EBITDA 26.5% 31.7% 35.9% 41.5% 41.7% 41.7% Depreciation / Amortization 2.5% 2.4% 2.2% 1.9% 1.7% 1.7% EBIT 24.0% 29.3% 33.8% 39.6% 40.0% 40.0% Interest 4.1% 4.4% 3.8% 2.6% 1.2% 1.2% Profit Before Tax 19.8% 24.9% 30.0% 37.0% 38.8% 38.8% Current Tax 6.5% 8.2% 9.9% 12.2% 12.8% 12.6% Deferred Tax 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Adjustment 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Profit After Tax 13.3% 16.7% 20.1% 24.8% 26.0% 26.2% Plus: Depreciation Expense 2.5% 2.4% 2.2% 1.9% 1.7% 1.7% Less: Capital Expenditures -4.3% -6.0% -4.3% -1.8% -1.6% -1.7% Plus: Programming Amortization Expense 44.9% 42.0% 40.0% 37.3% 37.4% 37.4% Less: Programming Purchases -58.0% -52.7% -47.8% -42.8% -41.4% -41.9% Plus: Interest(net of tax) 2.8% 3.0% 2.6% 1.7% 0.8% 0.8% Plus: Change in Working Capital (Use)/Surplus -3.3% -1.2% 0.3% -2.4% -1.9% -1.5% Debt-Free Net Cash Flow -2.1% 4.2% 13.0% 18.7% 21.0% 21.0%

7 Sony Pictures Entertainment Inc. Exhibit 6 Weighted Average Cost of Capital - Comparable Company Information (a) Company Debt Equity D/(D+E) Beta M-Cap Product Wtg Beta Book Weights Market Weights D/(D+E) - MW Raj Television % , % Zee Entertainment , % ,335 72, % Sun TV Network , % ,442 84, % Total 1,343 60, % 240, , Average , % % Median , % % Levered Beta Debt % 20.0% Based on average capital structure for entire Indian entertainment and programming industry. Equity % 80.0% Tax rate 32.4% Estimated effective tax rate. Unlevered beta 0.63 Levered beta 0.73 Cost of Equity Risk free 8.3% YTM of 10-year Indian Government Securities. Market Risk Premium 7.0% Market premium based on overall market returns. Source: Deloitte India Research. Levered Beta for equity 0.73 Relevered beta based on selection and market capital structure. Cost of Equity 13.5% Specific Company Risk 1.0% Additional premium reflects forecast risk. Total Cost of Equity 14.5% Cost of Debt Cost of Debt (pre-tax) 8.5% Cost of debt provided by Sony Management. Tax Rate 32.4% Estimated effective tax rate. Cost of Debt (post-tax) 5.7% WACC Conclusion WACC 12.72% WACC (Rounded) 12.50% Unlevered Beta (a) Market information based on data from Capitaline and Indian Stock Exchanges.

8 Sony Pictures Entertainment Inc. Exhibit 7 Market Approach - Comparable Company Method - Comparable Company Method Summary Weighting Low Mid High EV / Revenue 25.0% 10,063 10,872 11,682 EV / EBITDA 25.0% 8,268 8,782 9,295 EV / EBIT 25.0% 8,561 9,036 9,511 Price / Earnings 25.0% 7,642 8,208 8,774 Weighted Value 8,633 9,225 9,816 Comparable Company Multiples (a) EV / Revenue EV / EBITDA EV / EBIT Price / Earnings FY14 FY14 FY14 FY14 Zee Entertainment Enterprises Ltd. 3.1x 11.4x 12.0x 16.5x Sun TV Network Ltd 4.4x 7.7x 8.4x 12.3x Average (Sun & Zee) 3.7x 9.5x 10.2x 14.4x EV / Revenue Low Mid High (b) FY14 Revenue 2,612 2,612 2,612 EV / Revenue multiple 3.25x 3.50x 3.75x Enterprise Value (minority, marketable) 8,488 9,141 9,794 Less: Market Participant Level of Debt 20.0% (1,698) (1,828) (1,959) Equity Value (minority, marketable) 6,790 7,313 7,835 Control Premium 30.0% 2,037 2,194 2,350 Equity Value (controlling, marketable) 8,827 9,506 10,185 Plus: Market Participant Level of Debt 1,698 1,828 1,959 Enterprise Value (controlling, marketable) 10,525 11,334 12,144 (c) Less: Total Debt (498) (498) (498) (c) Plus: Cash and Equivalents Equity Value - (controlling, marketable) 10,063 10,872 11,682 EV / EBITDA Low Mid High (b) FY14 EBITDA EV / EBITDA multiple 8.50x 9.00x 9.50x Enterprise Value (minority, marketable) 7,041 7,455 7,869 Less: Market Participant Level of Debt 20.0% (1,408) (1,491) (1,574) Equity Value (minority, marketable) 5,633 5,964 6,295 Control Premium 30.0% 1,690 1,789 1,889 Equity Value (controlling, marketable) 7,322 7,753 8,184 Plus: Market Participant Level of Debt 1,408 1,491 1,574 Enterprise Value (controlling, marketable) 8,731 9,244 9,758 (c) Less: Total Debt (498) (498) (498) (c) Plus: Cash and Equivalents Equity Value - (controlling, marketable) 8,268 8,782 9,295 EV / EBIT Low Mid High (b) FY14 EBIT EV / EBIT multiple 9.50x 10.00x 10.50x Enterprise Value (minority, marketable) 7,277 7,660 8,043 Less: Market Participant Level of Debt 20.0% (1,455) (1,532) (1,609) Equity Value (minority, marketable) 5,821 6,128 6,434 Control Premium 30.0% 1,746 1,838 1,930 Equity Value (controlling, marketable) 7,568 7,966 8,365 Plus: Market Participant Level of Debt 1,455 1,532 1,609 Enterprise Value (controlling, marketable) 9,023 9,498 9,973 (c) Less: Total Debt (498) (498) (498) (c) Plus: Cash and Equivalents Equity Value - (controlling, marketable) 8,561 9,036 9,511 Price/Earnings Low Mid High (b) FY14 Profit After Tax PE multiple 13.50x 14.50x 15.50x Preliminary Equity Value (minority, marketable) 5,878 6,314 6,749 Control Premium 30.0% 1,764 1,894 2,025 Equity Value - (controlling, marketable) 7,642 8,208 8,774 (a) Market information based on data from Capitaline, Bloomberg and Indian Stock Exchanges. (b) Source: Sony Management. See Exhibit 5, Page 1 of 2. (c) See Exhibit 3.

9 Sony Pictures Entertainment Inc. Exhibit 8 Target - Comparable Companies Comparison - QUALITATIVE PARAMETERS Zee TV Sun TV Target No. Channels Genres Languages Market Position Reach 23 General Entertainment, Sports, Music, Movies, Cooking Hindi, English and all key regional languages (targeting both North and South India) One of the oldest TV broadcasters in India. Dominant position in the overall India market. Over 500 million viewers across 167 countries FINANCIAL METRICS (a) 32 General Entertainment, Music, Movies, and others 4 General Entertainment, Music, Movies For Fiscal Years For Fiscal Years Revenue % Growth Sun TV 10,394 14,528 20,135 18,472 20,136 22,845 n/a 40% 39% -8% 9% 13% Zee TV 21,773 21,998 30,136 30,406 33,953 38,361 n/a 1% 37% 1% 12% 13% Average 16,083 18,263 25,135 24,439 27,044 30,603 n/a 20% 38% -4% 10% 13% Target 781 1,021 1,251 1,725 2,156 2,612 n/a 31% 23% 38% 25% 21% Regional languages only (South India) Tamil (State - Tamil Nadu), Telugu (Andhra Pradesh), Kannada (Karnataka), Malayalam (Kerala) Dominant position in regional market (South India/Andhra Pradesh). Most of its channels are #1 based on TV ratings in all the 4 regions it operates in. 95 million households in India. Broadcasted across 27 countries. EBITDA % Revenue Sun TV 6,216 8,857 12,212 14,144 11,321 13,044 60% 61% 61% 77% 56% 57% Zee TV 5,599 6,386 8,469 7,396 8,754 10,405 26% 29% 28% 24% 26% 27% Average 5,907 7,621 10,340 10,770 10,038 11,724 43% 45% 44% 50% 41% 42% Target % 36% 26% 31% 26% 32% Telugu speaking market only (primarily Andhra Pradesh) #2 in Andhra Pradesh (following Sun TV s Gemini TV) Relatively a new company compared to Zee and Sun Profit After Tax % Revenue Sun TV 3,586 5,197 7,716 6,929 7,551 8,484 35% 36% 38% 38% 37% 37% Zee TV 4,975 6,446 6,285 5,892 6,649 7,823 23% 29% 21% 19% 20% 20% Average 4,281 5,821 7,000 6,410 7,100 8,154 29% 33% 30% 28% 29% 29% Target % 18% 13% 16% 13% 17% Content Inventory % Revenue (excluding subscription revenue) Sun TV 1,922 2,587 2,842 n/a n/a n/a 23% 23% 19% n/a n/a n/a Zee TV 4,576 4,713 5,396 7,339 n/a n/a 36% 39% 29% 43% n/a n/a Average 3,249 3,650 4,119 7,339 n/a n/a 30% 31% 24% 43% n/a n/a Target ,010 1,293 1,573 58% 51% 56% 59% 60% 60% n/a (a) Financial information based on data from Capitaline, Bloomberg and Indian Stock Exchanges.

10 Sony Pictures Entertainment Inc. Exhibit 9 Market Approach - Comparable Transaction Method - Comparable Transaction Method Summary Weighting Low Mid High EV / Revenue 50.0% 11,398 11,829 12,476 EV / EBITDA 50.0% 8,117 8,513 8,777 Weighted Value 9,758 10,171 10,627 Transaction Data FY10 Implied FY10 Operating EV / EV / Close Date of Transaction Parties % Stake 100% EV Revenue EBITDA Revenue (a) EBITDA (a) January 2009 Asianet - Star 51% 21,635 2,309 1, x 19.5x Multiples Trend Analysis Average Multiples - Sun TV & Zee TV CY08 (b) TTM (c) % Decline (d) Adj. CTM Multiple (e) EV / Revenue 7.7x 4.7x 39.4% 5.7x (f) EV / EBITDA 17.0x 11.8x 30.2% 13.6x EV / Revenue Low Mid High (g) FY13 Revenue 2,156 2,156 2,156 EV / Revenue multiple 5.50x 5.70x 6.00x Enterprise Value (controlling, marketable) 11,860 12,292 12,939 (h) Less: Total Debt (498) (498) (498) (h) Plus: Cash and Equivalents Equity Value - (controlling, marketable) 11,398 11,829 12,476 EV / EBITDA Low Mid High (g) FY13 Maintainable EBITDA EV / EBITDA multiple 13.00x 13.60x 14.00x Enterprise Value (controlling, marketable) 8,579 8,975 9,239 (h) Less: Total Debt (498) (498) (498) (h) Plus: Cash and Equivalents Equity Value - (controlling, marketable) 8,117 8,513 8,777 (a) Reflects implied one-year forward (FY10) multiples of the Asianet - Star transaction. Forward multiples were relied upon, as the company was restructuring during the FY09 period. (b) Reflects the average of Sun TV and Zee TV monthly multiples for the 2008 calendar year, as the Asianet-Star transaction was negotiated during (c) Reflects the average of Sun TV and Zee TV monthly multiples for the trailing twelve months ended June (d) Represents the decline factor in average Sun TV and Zee TV multiples from 2008 to (e) (e) = (a) x [1 - (d)] (f) See Exhibit 10 for EBITDA multiple trend analysis of Sun TV and Zee TV average multiples. (g) Selected multiples are applied to the Target's 2013 (one-year forward) financial metrics, as transaction multiples also reflect one-year forward metrics. FY13 Maintainable EBITDA is arrived at by applying the maintainable EBITDA margin of approximately 30.6% (commensurate with FY12 EBITDA margin), to FY13 revenues. Source: Sony Management. See Exhibit 5, Page 1 of 2. (h) See Exhibit 3.

11 Sony Pictures Entertainment Inc. Exhibit 10 Market Approach - Rolling Multiples Analysis - CY 2008 (b) Average = 17.0x EV/EBITDA Multiple Over Period (a) 30.00x TTM 2012 (c) Average = 11.8x 25.00x (a) Reflects the average of Sun TV and Zee TV monthly EV/EBITDA multiples over the period spanning from January 2008 to June (b) Reflects the average of Sun TV and Zee TV monthly multiples for the 2008 calendar year. (c) Reflects the average of Sun TV and Zee TV monthly multiples for the trailing twelve months ended June Sun Zee Average x 15.00x 10.00x 5.00x 0.00x 2012 EV/EBITTDA Multiples

Project Milestone. Draft Valuation Report 21 August 2012

Project Milestone. Draft Valuation Report 21 August 2012 Valuation of Multi Screen Media Private Limited Page 1 of 30 s Contents 1 Background 2 2 Scope and Limitations of Work 4 3 Sources of Information 6 4 Historical Financial Information 7 5 Forecast Financial