Valuation Overview December 2012

Strictly Private & Confidential

DISCLAIMER ALL INFORMATION IN THIS REPORT (THE “REPORT”), INCLUDING ANY ESTIMATES OR FORECASTS, IS BASED UPON INFORMATION PROVIDED BY DORI MEDIA GROUP (“DORI MEDIA”). NO REPRESENTATION OR WARRANTY IS MADE BY MESA SECURITIES (“MESA”) AS TO THE COMPLETENESS OR ACCURACY OF THAT INFORMATION NOR HAS MESA INDEPENDENTLY VERIFIED SUCH INFORMATION. ANY ESTIMATES OR FORECASTS WITH RESPECT TO FUTURE PERFORMANCE HAVE BEEN PROVIDED BY DORI MEDIA TO ASSIST IN MAKING AN INFORMED DECISION ABOUT THE VALUE OF DORI MEDIA, BUT SHOULD NOT BE RELIED UPON AS ACCURATE REPRESENTATION OF FUTURE RESULTS. NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY REPRESENTATION OTHER THAN THOSE CONTAINED IN THE REPORT, AND IF GIVEN OR MADE, SUCH REPRESENTATION SHOULD NOT BE CONSIDERED AUTHORIZED OR RELIED UPON. MESA’S ENGAGEMENT IS SOLELY INTENDED TO SUPPLEMENT INFORMATION AND WE MAKE NO REPRESENTATIONS AS TO THE SUFFICIENCY OF OUR PROCEDURES RELATIVE TO OTHER INVESTIGATIONS. ANY PERSON ACCEPTING RECEIPT OF THIS REPORT AGREES HE/SHE WILL HOLD THE CONTENTS OF THIS REPORT AND ALL RELATED DOCUMENTS AND INFORMATION (OTHER THAN SUCH AS ARE PUBLICLY AVAILABLE) IN THE STRICTEST CONFIDENCE AND THEY WILL NOT UTILIZE SUCH INFORMATION TO THE DETRIMENT OF MESA. DISTRIBUTION OR REPRODUCTION OF THIS REPORT OR RELATED DOCUMENTS TO THIRD PARTIES BY THE RECIPIENTS HEREOF, IN WHOLE OR IN PART, IS PROHIBITED.

Executive Summary

CONFIDENTIAL | 3

VALUATION OVERVIEW

MESA has conducted a preliminary valuation of Dori Media Group’s (“Dori Media”) TV Channel Operations based on certain non-public information from the Company and, together with public information, we conducted a number of analyses to determine a valuation range of Dori Media

We focused on deriving the Fair Market Value (“FMV”) of the assets based on the assumption that there exists a willing buyer and a willing seller for the Company’s TV Channel Operations as a whole and the individual business units • We carefully analyzed the business such that it was not unduly burdened by any overhead or shared costs • Utilized discounted cash flow analysis as well as multiple based valuation

Based on the financial information provided by Dori Media, MESA believes the Company’s TV Channel Operations’ enterprise value is

in the range of approximately [$80] million to [$100] million • This valuation takes into account the current state of the Company’s various operating sectors in general as well as Dori Media’s

specific cash flow profile

DRAFT

Valuation Summary (US$ in Millions)

CONFIDENTIAL | 4

VALUATION OVERVIEW

1) Before corporate overhead.

Methodology Implied Enterprise Value Relevant Metrics

FY2013E Revenue of $33.7M

FY2014E Revenue of $41.5M

10.5% - 13.5% WACC and 10.0x EBITDA Exit Multiple

10.5% - 13.5% WACC and 2.0% Perpetuity Growth

--

FY2012E EBITDA of $9.4M

FY2013E EBITDA of $11.8M

DRAFT

(1)

(1)

(1)

(1)

(1)

(1)

$72.5

$106.2

$78.7

$94.7

$84.5

$83.1

$84.2

$122.3

$139.6

$97.4

$118.3

$103.3

$103.9

$101.0

$0 $50 $100 $150 $200

Perpetuity Growth Rate Methodology

EBITDA Exit Multiple Methodology

Sum-of-the-Parts

2014E EBITDA Multiple (8.00x - 10.00x)

2013E EBITDA Multiple (9.00x - 11.00x)

2014E Revenue Multiple (2.00x - 2.50x)

2013E Revenue Multiple (2.50x - 3.00x)

Multiples Analysis (US$ in Millions)

CONFIDENTIAL | 5

Notes: 1) 2013E includes discount of approximately $0.5M yearly to YES against Viva channel. The discount to YES was given from 30 June 2012 until 30 June 2015 on a

yearly bases, therefore the revenues and EBITDA will increase from 30 June 2015 onwards in $0.5M annually. Such upside is not included in the multiple analysis. 2) The Company holds ownership to broadcasting rights licensed for premium pay and Basic content to its HOT channels. The value of such rights are estimated at

approximately $10.0M. Should the agreement with HOT end, the Company is expected to exploit such rights at the given value. Such upside is not included in the multiple analysis.

VALUATION OVERVIEW

1) Source: Management projections. DRAFT

2013E EBITDA Multiple Enterprise ValueDivision EBITDA Low High Low High

TV Channel Operations $9.4 9.0x 11.0x $84.5 $103.3Corporate Overhead (1.2) 5.0x 5.0x (5.8) (5.8)Enterprise Value $8.2 9.6x 11.8x $78.7 $97.4Less: Debt - - Plus: Cash 0.5 0.5Equity Value $79.2 $97.9

Discounted Cash Flow Analysis (Ex. Tax Planning) (US$ in Millions)

CONFIDENTIAL | 6

VALUATION OVERVIEW

Source: Management projections. DRAFT

2012E 2013E 2014E 2015E 2016E Assumptions

Revenue $34.1 $33.7 $41.5 $47.8 $50.1 WACC 12.0%% Growth (1.3%) 23.4% 15.1% 4.6% Exit Multiple 10.0x Cost of Goods Sold (22.9) (22.2) (27.8) (31.8) (32.1) Perpetuity Growth Rate 3.0%Gross Profit 11.2 11.4 13.7 16.0 18.0% Margin 32.9% 34.0% 33.0% 33.5% 35.9%

Operating Expenses (3.6) (3.6) (4.1) (4.5) (4.7)EBIT 7.6 7.8 9.6 11.5 13.2

Plus: D&A 1.5 1.6 2.3 3.2 3.2EBITDA 9.2 9.4 11.8 14.6 16.4

Net Income 5.7 6.0 7.6 9.1 10.5Less: Capex (0.1) (0.2) (0.2) (0.3) (0.3)Plus: Amortization 1.4 1.5 2.2 3.0 3.1Change in Broadcasting Rights (1.7) (1.3) (2.3) (3.3) (3.1)Change in Receivable 2.1 1.8 (0.1) (0.8) (1.0)Change in payables and others - (0.2) 0.4 0.3 0.3Free Cash Flow 7.5 7.7 7.6 8.1 9.5

Implied Enterprise Value (EBITDA Exit Methodology) EBITDA Exit MethodologyWACC

10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% Value of Future Cash Flows 40.39.0x $119.6 $117.2 $114.9 $112.6 $110.4 $108.3 $106.2 Discount Rate 12.0%9.5x 124.6 122.1 119.7 117.3 115.0 112.7 110.5 Number of Periods 5

10.0x 129.6 127.0 124.4 122.0 119.5 117.2 114.9 NPV of Future Cash Flows 28.710.5x 134.6 131.9 129.2 126.6 124.1 121.6 119.3 NPV Implied Terminal Value 93.211.0x 139.6 136.7 134.0 131.3 128.7 126.1 123.6 Enterprise Value $122.0

Implied Enterprise Value (Perpetuity Growth Methodology) Perpetuity Growth MethodologyWACC

10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% Value of Future Cash Flows 40.32.0% $99.2 $93.5 $88.4 $83.8 $79.7 $75.9 $72.5 Discount Rate 12.0%2.5% 103.9 97.6 92.0 87.0 82.5 78.4 74.7 Number of Periods 53.0% 109.2 102.2 96.0 90.5 85.6 81.2 77.2 NPV of Future Cash Flows 28.73.5% 115.3 107.4 100.6 94.5 89.1 84.3 80.0 NPV Implied Terminal Value 61.84.0% 122.3 113.4 105.7 98.9 93.0 87.7 83.0 Enterprise Value $90.5

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Television Network Transaction Market Overview

VALUATION OVERVIEW

CONFIDENTIAL | 7 DRAFT

As a result of market competition for assets, favorable cash flow profile, and the dual income streams (advertising and carriage fees), television network transaction multiples have remained healthy

The television network sector is one of the most attractive traditional media market segments • Networks have generated the highest sustained value for shareholders of any media asset over the last two decades – premier

networks still trade at the highest multiples of any traditional media class • Industry economics typify an ideal private equity investment: predictable, stable and substantive cash flow generation

Acquisitions of U.S. channels are few and far between but sellers have seen tremendous competition driving robust valuations when

opportunities become available • Travel Channel valued at nearly $1 billion – or 17.0x LTM EBITDA – at the end of 2009

All majors (News Corp., Time Warner, Disney, Comcast / NBC Universal, Discovery) looking to expand their footprints

• Aggressively seeking acquisitions around the world with significant interest in international channels − Valuations strong due to growth prospects in emerging TV markets, cash flow profile, defensible market positions and branding − Particular interest in Central & Eastern Europe, Southeast Asia and Latin America − Additional opportunities from increased distribution globally should drive activity in transaction market

Television Network Public Trading Comparables: U.S. (US$ in Millions, Except per Share Amounts)

Source: Company information, Broker research, Press release, FactSet, Mergermarket.

VALUATION OVERVIEW

CONFIDENTIAL | 8 DRAFT

Price as of Equity Enterprise Enterprise Value / Revenue Enterprise Value / EBITDACompany Country 12/5/12 Value Value 2012E 2013E 2012E 2013E

Cablevision Systems Corporation United States $13.80 $3,676 $14,580 2.2x 2.1x 7.1x 6.9x CBS Corporation United States 35.47 22,535 27,515 1.9x 1.8x 7.7x 7.2x Comcast Corporation United States 36.88 97,418 143,053 2.3x 2.2x 7.2x 6.8x Crown Media Holdings Inc. United States 1.79 644 1,097 N.A. N.A. N.A. N.A. DIRECTV United States 49.57 29,947 44,953 1.5x 1.4x 6.0x 5.5x Discovery Communications, Inc. United States 61.74 22,240 25,826 5.7x 5.3x 12.2x 11.2x HSN, Inc. United States 52.09 2,826 2,946 0.9x 0.8x 9.1x 8.4x Liberty Global Inc. United States 58.76 15,077 40,220 3.9x 3.7x 8.4x 7.7x News Corp. United States 24.25 57,202 62,813 1.8x 1.8x 9.3x 8.5x Outdoor Channel Holdings, Inc. United States 7.45 188 129 1.7x 1.5x 10.7x 8.8x Scripps Networks Interactive, Inc. United States 57.70 8,647 9,991 4.3x 4.0x 9.4x 8.6x The E. W. Scripps Company United States 10.54 579 572 0.6x 0.7x 4.1x 7.1x Time Warner Inc. United States 46.05 43,603 60,291 2.1x 2.0x 8.7x 8.1x ValueVision Media Inc. United States 1.80 88 96 0.2x 0.2x NM NMViacom, Inc. United States 51.39 25,839 33,310 2.4x 2.4x 8.0x 7.9x The Walt Disney Company United States 49.59 87,880 101,287 2.4x 2.3x 9.1x 8.3x

Mean $26,149 $35,542 2.3x 2.1x 8.4x 7.9x Median $18,659 $26,670 2.1x 2.0x 8.6x 8.0x

Television Network Public Trading Comparables: Int’l (US$ in Millions, Except per Share Amounts)

Source: Company information, Broker research, Press release, FactSet, Mergermarket.

VALUATION OVERVIEW

CONFIDENTIAL | 9 DRAFT

Price as of Equity Enterprise Enterprise Value / Revenue Enterprise Value / EBITDACompany Country 12/5/12 Value Value 2012E 2013E 2012E 2013E

Antena 3 de Television SA Spain $3.77 $732 $881 1.2x 1.0x 21.1x 14.9x British Sky Broadcasting Group plc United Kingdom 7.75 12,514 13,746 2.0x 1.9x 8.6x 8.3x Société d'Édition de Canal Plus France 4.76 603 464 0.2x 0.2x N.A. N.A. Central European Media Enterprises Ltd. Bermuda 4.57 353 1,553 1.9x 1.9x 11.5x 9.3x CTC Media, Inc Russia 8.38 1,325 1,230 1.6x 1.4x 5.9x 4.8x Dogan Yayin Holding AS Turkey 0.81 1,620 3,459 1.3x 1.2x 10.3x 8.9x Mediaset España Comunicación, SA Spain 4.97 1,991 1,924 2.2x 2.3x NM NMGrupo Clarín S.A. Argentina 7.50 2,156 5,740 0.5x 0.4x 2.0x 1.9x Grupo Televisa, S.A.B. Mexico 24.18 13,810 16,937 3.2x 3.0x 8.3x 7.7x ITV plc United Kingdom 1.03 4,029 4,146 1.9x 1.8x 7.8x 7.5x Lions Gate Entertainment Corp. United States 15.97 2,333 3,711 2.3x 1.4x 32.3x 13.0x Media Prima Bhd Malaysia 2.23 2,407 2,477 1.5x 1.5x 6.3x 6.0x Mediaset SpA Italy 1.38 1,569 3,978 1.1x 1.1x 14.7x 9.7x Métropole Télévision SA France 11.43 1,439 1,188 0.9x 0.9x 4.5x 4.4x Modern Times Group Mtg AB Sweden 226.90 15,121 16,175 1.2x 1.2x 7.8x 8.9x Naspers Ltd. South Africa 553.50 213,288 224,144 5.7x 4.7x 31.3x 31.3x Nippon Television Holdings, Inc. Japan 1,090.00 179,847 109,558 0.4x 0.3x 2.8x 2.5x Phoenix Satell ite Television Holdings Ltd. Hong Kong 2.36 11,785 11,061 2.6x 2.1x 9.3x 7.6x ProSiebenSat.1 Media AG Germany 23.43 4,965 7,034 2.4x 2.3x 8.2x 7.8x RTL Group SA Luxembourg 76.00 11,675 11,730 2.0x 2.0x 9.6x 9.3x Sky Deutschland AG Germany 3.90 3,041 3,587 2.7x 2.3x NM NMTelevision Broadcasts Ltd. Hong Kong 57.15 25,032 21,748 4.0x 3.8x 8.8x 8.3x TF1 Group France 8.00 1,685 1,713 0.7x 0.7x 5.5x 5.2x TV Azteca SAB de CV Mexico 8.44 25,181 28,904 2.2x 2.2x 6.1x 5.7x TVN Spolka Akcyjna Poland 8.75 3,009 5,577 3.4x 3.4x 8.4x 10.9x Vivendi France 16.70 22,096 39,711 1.4x 1.4x 5.0x 5.0x ZON Multimédia Serviços de Telecomunicações e Multimédia SG Portugal 2.89 891 1,718 2.0x 2.0x 5.5x 5.3x

Mean $20,907 $20,152 1.9x 1.8x 10.1x 8.5x Median $3,009 $4,146 1.9x 1.8x 8.3x 7.7x

Television Network Precedent Transaction Comparables: U.S. Fully Distributed Networks (US$ in Millions)

VALUATION OVERVIEW

CONFIDENTIAL | 10 DRAFT Source: Company information, Broker research, Press release, FactSet, Mergermarket.

Enterprise Enterprise Value toDate Target Acquiror Value ($mm) LTM EBITDA Subscribers

11/05/09 The Travel Channel (65% Stake) Scripps Interactive Networks $974 17.0x $10.8207/01/08 The Weather Channel GE/NBC, Blackstone, Bain 3,500 12.6x 36.4605/01/08 Sundance Channel Cablevision 496 13.4x 17.1010/01/07 Oxygen GE/NBC 925 18.5x 12.1703/01/07 Cox's Discovery Comm. Stake Discovery Communications ~11,800 13.8x 18.1503/01/07 Travel Channel Cox ~1,000 15.0x 11.1105/01/06 Court TV Time Warner 1,470 24.5x 17.0907/01/04 E! Entertainment Television Comcast 3,303 17.1x 37.9209/01/03 VUE (Cable Assets Only) NBC Universal 7,600 18.4x 35.7807/03/03 QVC Liberty Media 13,352 14.8x 122.8904/01/03 Comedy Central Viacom 2,450 27.0x 29.8106/30/03 Rainbow Media (20% stake) Cablevision 2,500 17.7x 17.0912/01/02 Bravo GE/NBC 1,250 26.0x 21.5512/01/01 USA Entertainment Vivendi Universal 10,500 16.2x 51.4707/01/01 Fox Family Worldwide The Walt Disney Company 5,300 32.5x 50.4802/01/01 Rainbow Media MGM 4,125 26.6x 26.8611/01/00 BET Viacom 3,000 23.5x 39.2706/01/97 Fox Family Channel News Corporation 1,720 16.3x 24.8610/01/97 USA Networks (incl. Sci Fi) HSN Inc. 3,387 18.8x 28.4409/22/97 USA Networks (incl. Sci Fi) Seagram 3,400 18.9x 28.55

Minimum $496 12.6x $10.82Median 3,151 18.1x 27.65Mean 4,103 19.4x 31.89Maximum 13,352 32.5x 122.89

Television Network Precedent Transaction Comparables: U.S. Maturing Networks (US$ in Millions)

VALUATION OVERVIEW

CONFIDENTIAL | 11 DRAFT Source: Company information, Broker research, Press release, FactSet, Mergermarket.

Enterprise Enterprise Value toDate Target Acquiror Value ($mm) LTM EBITDA Subscribers

10/13/04 Great American Country Network E.W. Scripps $140 N/A $4.1207/01/01 Speedvision Fox 750 NM 20.2806/01/01 Outdoor Life Fox 615 NM 18.6406/01/01 The Health Network (Fox) Discovery Communications 255 NM 10.4102/23/01 The Game Show Network Liberty Digital 550 NM 17.6302/01/00 The Golf Channel Comcast 678 28.6x 22.6004/15/99 Fox / Liberty Networks News Corp. 2,850 NM 28.1111/01/98 Odyssey Channel Hallmark / Jim Henson 222 NM 7.4103/01/98 BET Liberty/Johnson 1,263 17.9x 25.1503/01/97 E! Entertainment Comcast 551 19.3x 13.1202/01/97 CourtTV Steve Bril l (CourtTV founder) 390 NM 13.22

Minimum $140 17.9x $4.12Median 551 19.3x 17.63Mean 751 22.0x 16.43Maximum 2,850 28.6x 28.11

Television Network Precedent Transaction Comparables: U.S. Start-Up Networks (US$ in Millions)

VALUATION OVERVIEW

CONFIDENTIAL | 12 DRAFT Source: Company information, Broker research, Press release, FactSet, Mergermarket.

Enterprise Enterprise Value toDate Target Acquiror Value ($mm) LTM EBITDA Subscribers

02/06/06 Turner South Fox Cable Networks $375 N/A $45.0011/01/05 College Sports TV Networks CBS Corp. 325 N/A 21.6711/01/99 ZDTV Vulcan Ventures 320 N/A 22.8611/01/98 ZDTV Vulcan Ventures 162 N/A 18.0012/01/98 Eye on People Discovery Communications 100 N/A 9.0909/01/97 Travel Channel (Paxon) Discovery Communications 29 NM 1.4309/01/97 TV Food Network E.W. Scripps 223 NM 8.6509/01/97 Classic Sports Network The Walt Disney Company 175 NM 16.83

Minimum $29 NM $1.43Median 199 NM 17.41Mean 214 NM 17.94Maximum 375 NM 45.00

Enterprise Value / LTMDate Target Acquiror % Stake Transaction Value Implied EV ($M) Revenue EBITDA

12/14/2011 La Sexta S.A. Antena 3 de Television SA N.A. 187.8 N.A. N.A. N.A. 12/12/2011 WLNY-TV, Inc. CBS Television Stations 100.0% 55.0 55.0 14.5x N.A. 10/17/2011 Media Nusantara Citra Saban Capital Group 5.0% 78.5 1,570.0 2.6x 7.2x 07/25/2011 UTV Software Communications The Walt Disney Company N.A. N.A. N.A. N.A. 57.4x 05/20/2011 CTC Media, Inc Surgutneftegaz 25.2% 1,071.7 4,261.1 6.4x 15.7x 12/31/2010 Channel One National Media Group 25.0% 150.0 600.0 N.A. N.A. 11/12/2010 50% Stake in Animal Planet, Liv Discovery Communications 50.0% 152.0 304.0 N.A. N.A. 09/10/2010 CTV Bell Canada 100.0% 1,260.0 1,260.0 N.A. N.A. 05/14/2010 Chilevision Time Warner 100.0% 130.0 130.0 N.A. N.A. 06/04/2010 (1) Virgin Media TV BSkyB 100.0% 234.6 234.6 N.A. N.A. 02/18/2010 bTV CME Media Enterprises BV 100.0% 413.0 413.0 3.9x 9.2x 01/20/2010 Studio 1+1 and Kino Igor Kolomoisky 100.0% 300.0 300.0 N.A. N.A. 12/23/2009 ETC Networks Ltd. Zee Entertainment 49.8% 25.2 50.6 4.3x N.A. 12/08/2009 NDTV Turner Asia Pacific 92.0% 76.5 87.5 N.A. N.A. 07/30/2009 Gestevision Telecinco, SA NA 2.2% 54.9 2,820.2 2.8x NM03/23/2009 CME Media Enterprises BV Time Warner 31.0% 241.5 1,771.6 1.7x 5.9x 02/16/2009 (2) Theater Television Co. Nippon RAD, Inc. 16.2% 0.2 1.5 0.2x N.A. 12/18/2008 GlavRed-Media CME Media Enterprises BV 10.0% 12.0 120.0 N.A. N.A. 12/07/2008 Jetix Europe NV Disney 23.0% 271.7 1,016.0 5.9x 46.4x 10/17/2008 Studio 1+1 LLC CME Media Enterprises BV 10.0% 109.1 1,091.0 N.A. N.A. 08/01/2008 ProSiebenSat.1 Media AG Telegraaf Media Groep 12.0% 586.9 10,703.9 2.2x 12.2x 07/31/2008 Antena 3 de Television SA BanSabadell Inversió 4.9% 129.8 2,793.9 1.9x 6.0x 07/28/2008 TV2 and Ring TV CME Media Enterprises BV 80.0% 151.6 189.5 N.A. N.A. 07/09/2008 Giglio Group S.p.A. DADA SpA 10.0% 1.2 11.8 1.2x 6.3x 05/27/2008 Jyxo S.r.o. CME Media Enterprises BV 100.0% 13.0 12.3 13.6x N.A. 04/10/2008 Zodiak Television AB Kaidoz AB 100.0% 297.4 297.4 1.5x 17.5x 03/10/2008 Nova Televisia Bulgaria Modern Times Group 100.0% 967.0 967.0 14.8x 30.2x 01/31/2008 Studio 1+1 LLC CME Media Enterprises BV 30.0% 219.6 732.0 N.A. N.A. 01/07/2008 Sky Deutschland AG News Corp 14.6% 421.3 3,146.5 2.2x N.A. 12/31/2007 New Delhi Television Ltd. Prannoy Roy & Radhika Roy 20.0% 139.7 698.7 8.4x N.A. 12/20/2007 Sogecable SA Grupo Prisa SA 52.9% 4,593.0 7,266.4 2.8x 21.2x 12/10/2007 ProSiebenSat.1 Media AG KKR and Permira 12.0% 1,499.1 12,218.4 3.5x 18.6x 07/13/2007 Markiza-Slovakia LLC CME Media Enterprises BV 20.0% 78.9 394.4 N.A. N.A. 06/27/2007 SBS Broadcasting S.à.r.l . ProSiebenSat.1 Media AG 100.0% 4,432.2 4,432.2 3.3x 15.9x 06/01/2007 Media Pro International CME Media Enterprises BV 5.0% 49.8 996.0 N.A. N.A. 03/13/2007 Dori Media Group Ltd. Mapal Communications Ltd. 0.4% 0.2 56.6 2.8x 6.5x 03/05/2007 Gestevision Telecinco, SA Harris Associates L.P. 5.0% 327.7 5,988.1 4.6x 10.2x 02/13/2007 Sky Deutschland AG NA 11.6% 241.4 2,393.8 1.7x 42.3x 01/10/2007 Alliance Atlantis Goldman Sachs, CanWest 100.0% 2,282.2 2,185.2 2.2x 12.0x 06/26/2006 Univision Communications MDP, Providence, TPG, THL, Saban 100.0% 13,640.2 13,640.2 6.9x 20.1x

Mean $894.8 $2,242.4 4.6x 19.0x Median $187.8 $849.5 2.8x 15.7x

Television Network Precedent Transaction Comparables: Int’l (US$ in Millions)

Source: Company information, Broker research, Press release, FactSet, Mergermarket. 1) Channels include Living, LivingIt, Challenge, Challenge Jackpot, Bravo, Bravo 2 and Virgin1. 2) Nippon holds 61.8% stake in Company following the acquisition of the additional 16.2%.

VALUATION OVERVIEW

CONFIDENTIAL | 13 DRAFT

DISCLOSURE AS PRESENTED THROUGH THIS PRESENTATION, DORI MEDIA GROUP IS A CONSOLIDATE GROUP OF COMPANIES, DEALING WITH BUSINESS OF PRODUCTION & DISTRIBUTION AND TV CHANNELS ("BUSINESSES"). THE BUSINESSES ARE OPERATED BY DMG AND ITS VARIOUS SUBSIDIARIES IN ISRAEL, SWITZERLAND, USA AND ARGENTINA. THE FOLLOWING FINANCIAL OVERVIEW PRESENTS ONLY THE TV CHANNEL SEGMENT OF THE GROUP WITHOUT ANY TAX EFFECT AND REPRESENTS AN ESTIMATED SIMULATION AS IF THE TV CHANNELS SEGMENT HAS BEEN SPLIT FROM THE REST OF DORI MEDIA GROUP BUSINESS FROM 31 DECEMBER 2012. THE INFORMATION CONTAINED IN THIS FINANCIAL OVERVIEW IS BASED ON ESTIMATIONS, PROJECTIONS AND FORECASTS OF DORI MEDIA INCLUDING SIMULATIONS OF P&L, BALANCE SHEET AND CASH FLOW REPORTS. THE ACTUAL PERFORMANCE AND RESULTS OF THE TV CHANNELS SEGMENT MAY BE DIFFERENT DUE TO TAX, TAX PLANNING, CORPORATE, REGULATIONS, FINANCIAL AND OTHER ISSUES RELATED TO SUCH SPLIT OF BUSINESS DIRECTLY OR NOT DIRECTLY. THE ACTUAL SPLIT OF TV CHANNELS BUSINESS, SHOULD AN INVESTOR DECIDE TO INVEST, WILL BE AMONGST OTHERS SUBJECT TO ACTUAL CORPORATE SPLIT PLANNING, TAX PLANNING AND APPROVALS, LEGAL AND FINANCIAL ISSUES.

TV Channels Income Statement Simulation (Ex. Tax Planning)

CONFIDENTIAL | 15

VALUATION OVERVIEW

(US$ in 000s)

US$ in 000s 2012B 2013F 2014F 2015F 2016F

Revenue $34,110 100% 33,670 100% 41,540 100% 47,829 100% 50,052 100%

COGS (22,884) (67%) (22,238) (66%) (27,843) (67%) (31,801) (66%) (32,098) (64%)

Gross Profit 11,226 33% 11,432 34% 13,697 33% 16,028 34% 17,954 36%

Sales & Marketing (194) (1%) (148) 0% (148) 0% (287) (1%) (287) (1%)

G&A Expenses (3,404) (10%) (3,491) (10%) (3,986) (10%) (4,261) (9%) (4,440) (9%)

EBIT 7,628 22% 7,793 23% 9,563 23% 11,480 24% 13,227 26%

Plus: D&A 1,538 5% 1,594 5% 2,269 5% 3,157 7% 3,205 6%EBITDA Before Corporate Overhead 9,167 27% 9,387 28% 11,832 28% 14,638 31% 16,433 33%

Corporate Overhead (1,066) (3%) (1,163) (3%) (1,218) (3%) (1,346) (3%) (1,444) (3%)

EBITDA After Corporate Overhead 8,101 24% 8,223 24% 10,614 26% 13,292 28% 14,989 30%

DRAFT

Balance Sheet Simulation (Ex. Tax Planning)

CONFIDENTIAL | 16

VALUATION OVERVIEW

(US$ in 000s)

DRAFT

Projected As of December 31, 2012

Cash and Cash Equivalents 500 Credit from Banks and Current Maturities 4,000Trade Receivables 6,900 Trade Payables 2,300Accounts Receivables Other 250 Other Current Liabil ities 460Broadcasting Rights 7,500 Total Current Liabilities $6,760Total Current Assets $15,150

Other Long-Term Liabil ities 149Intangible Assets, Net 3,665Property and Equipment, Net 390 Total Non-Current Liabilities $149

Total Non-Current Assets $4,055 Total Liabilities $6,909

Equity $12,296

Total Assets $19,205 Total Liabilities & Equity $19,205