SPE INVESTMENT OPPORTUNITIES

October 8, 2010

CONFIDENTIALDRAFT

DRAFT AS OF8 OCT,

10:30AM

CONFIDENTIALDRAFT

SPE Investment Opportunities

DescriptionCash

Estimate1OpportunityResulting Equity

Position

Teleset2

Buy incremental 1%

Obligation to buy remaining 49%

Teleset is a production company in Colombia; initial transaction would be to exercise an option to acquire an incremental 1% to gain control; a put for 49% would then become active

$1M

$15-20M

51% (step up from 50%)

100% (step up from 51%)

Notes: 1. Cash investment does not assume repayment of any outstanding debt and are very early estimates subject to change should deal progress 2. Included in MRP financial estimates

Preliminary discussions are taking place on the following deal

CONFIDENTIALDRAFT

GSN U.S. Cable Network; SPE currently holds 35%

$150M

Based on early discussions with counterparts, the following deals are strategic if funds are available for investment and if owners are receptive to selling

MSM India

Maa TV

ALL3MEDIA

Shine

Buy-out existing partners in Indian networks

Indian regional (Telugu) TV network

UK production company

UK production company (exit is currently under consideration assuming we cannot gain control; but consider buy-up if control is feasible)

$150-225M

$50M

$175-375M

$210-340M

51% (step up from 35%)

100% (buy out partners’ 38% interest)

51%

51% - 100%

51% - 100% (step up from 20%)

Notes: 1. Cash investment does not assume repayment of any outstanding debt and are very early estimates subject to change should

deal progress 2. Included in MRP financial estimates

DescriptionCash

Estimate1OpportunityResulting Equity

Position

Discovery Networks2

Several of Discovery's smaller UK cable networks

$25M 50%

SPE Investment Opportunities

CONFIDENTIALDRAFT

Ovation U.S. TV network$350M

Fuel U.S. TV network

MGM International TV networks

$150M

$50-100M

100%

100%

50%

The following deals may also present expansion opportunities, however counterparts have not yet been engaged to validate interest and strategic fit

DescriptionCash

Estimate1OpportunityResulting Equity

Position

Hallmark-GSN merger

If GSN control secured, merge with another U.S. cable network(s)

$200 - $300M

50%

Note: 1. Cash investment does not assume repayment of any outstanding debt and are very early estimates subject to change should deal progress

Transactions Under Internal Consideration