COMPANY OVERVIEW

OCTOBER 2011

DISCLAIMER

2

Some of the statements made in this presentation are forward-looking statements and are based on the current beliefs, assumptions, expectations, estimates, objectives and projections of the directors and management of Zee Entertainment Enterprises Limited (ZEE) about its business and the industry and markets in which it operates.

These forward-looking statements include, without limitation, statements relating to revenues and earnings.

The words “believe”, “anticipate”, “expect”, “estimate”, “intend”, “project” and similar expressions are also intended to identify forward looking statements.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the Company and are difficult to predict. Consequently, actual results could differ materially from those expressed or forecast in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks. ZEEL does not undertake to update these forward-looking statements to reflect events or circumstances that may arise after publication.

ZEE ENTERTAINMENT

Hindi Entertainment

Sports Channels

Regional Entertainment

English Entertainment

Music & Lifestyle

3 Largest Indian TV Network in the World

Leading Hindi Entertainment Network

Leading Sports Network

Leading Regional Entertainment Network

English Entertainment

Indian Music & Lifestyle Network

OUR GROWTH JOURNEY

1992

1995

1998

1999

• Flagship channel - Zee TV launched

• IPO of Zee Telefilms Limited

• Zee TV goes global

• Zee Network launched in UK

• Another major international foray

• Zee Network launched in USA

• Zee buys out News Corp‘s 50% stake in its television

broadcasting business

9

2002

2007

2010

2011

• Distribution partnership with Turner, a Time Warner

subsidiary

• Demerger of Zee into four separate listed companies

• Zee acquires 50% stake in Ten Sports

• Zee acquires the regional entertainment networks

• Zee acquires another 45% stake in Ten Sports

• Zee, Star, Turner & Den form a distribution alliance –

MediaPro Enterprise India.

OUR GROWTH JOURNEY

10

• M&E industry size estimated at Rs 653 bn in 2010

• Television sector estimated at Rs 297 bn, constituting 45% of the industry

• Television recorded growth of 16% in 2010 ahead of industry growth of 11%

INDIAN MEDIA SECTOR

Source: FICCI-KPMG Report 2011 Source: Worldwide Media and Marketing Forecasts, Group M, 2009

Media Spend as a % of GDP

India UK US China Japan World

0.4%

0.8%

1.1%

0.8%

0.9%

0.8%

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61 71 82 88 103

118

122

140

158

169

194

223

12%

15%

14%

7%

16%

15%

2006 2007 2008 2009 2010 2011P

Television Industry Revenues (Rs bn)

Sub revenues Ad revenues Television growth rate (%)

INDIAN TV HH'S AT A GLANCE

Digital

20 Mn

C&S HHlds

103 Mn

TV Owning

Households

134 Mn

Total Households

223 Mn

Digital

26 Mn

C&S HHlds

116 Mn

TV Owning

Households

141 Mn

Total Households

231 Mn

Growth

+3 %

+6 %

+12 %

+31 %

2010 2011

Source: TAM Media Research

All India Household figures in million

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INDIA – RAPID DIGITISATION

10

16

28

38

48

56

64

71

2008 2009 2010 2011P 2012P 2013P 2014P 2015P

DTH Subscribers (Net, in Million No.s)

Source: FICCI-KPMG Report 2011

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• DTH industry saw a growth of 75% in 2010

• Industry adding almost a million subscribers each month

• Digitization ordinance passed by the Govt likely to give a further push to the

digitization wave

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PRODUCT OFFERING

HINDI ENTERTAINMENT

HINDI MOVIES

REGIONAL LANGUAGE ENTERTAINMENT (R-GEC)

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PRODUCT OFFERING

SPORTS

ENGLISH ENTERTAINMENT & MOVIES

INTERNATIONAL

MUSIC & LIFESTYLE

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ALTERNATE LIFESTYLE

Advertising

56%

Domestic DTH

11%

Domestic Cable

13%

International

14%

Other Sales

6%

REVENUE PIE

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Advertising Subscription Other Sales

FY2011 Revenues: Rs 30,136 million

BUSINESS

PERFORMANCE

HINDI ENTERTAINMENT CHANNELS

• Zee TV is the largest Hindi entertainment channel of the world

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HINDI MOVIE CHANNELS

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Source: TAM Media Research; Period: FY11; Zee’s Cinema Channels - Zee Cinema, Zee Premier, Zee Action, Zee Classic

TG: CS 4+, HSM; MAX ratings- non-cricket

MAX

28%

Filmy

5%

Zee's Cinema

Channels

34%

UTV

9%

Star Gold

24%

STRONG MOVIE LIBRARY

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Largest Hindi Movie Library in the World

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SPORTS CHANNELS – KEY PROPERTIES

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CRICKET, SOCCER, TENNIS & MORE

• Ten Sports, Ten Action+, Ten Cricket - The leading sports network of the country

• Key properties in 2011:

• Cricket: India tour of West Indies, Sri Lanka vs Australia, South Africa vs

Australia, Pakistan vs Sri Lanka, South Africa vs Sri Lanka

• Others: WWE Wrestlemania, UEFA Champions League, US Open, ATP events,

UEFA EUROPA Cup, Moto GP, European Tour Golf

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ENGLISH & NICHE CHANNELS

• Tie-ups with leading studios across the world

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ZEE MARATHI - HIGHLIGHTS

• Leadership position in Marathi GEC genre

• Library of over 9,000 hours & rights to over 400 movie titles

• Key properties: Pinjara, Kunku, Fu Bai Fu, Idea Saregamapa 2011

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Source: TAM, Period: FY11, CS 4+, All Maharashtra

215

149

112

65 37

Zee Marathi ETVMarathi

Star Pravah Zee Talkies Mi Marathi

Average Weekly GRPs

Zee Bangla 57%

ETV Bangla 20%

Aakaash Bangla

8%

Star Jalsha 9%

Rupashi Bangla 4%

Mahua Bangla

2%

ZEE BANGLA - HIGHLIGHTS

• Leading GEC in West Bengal with dominant share in non-fiction programming

• Library of over 9,000 hours & rights to over 600 movie titles

• Key properties: Agnipariksha, Saat Paake Bandha, Rashi, Mirakkel Akkel

Challenger 6

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Source: TAM, Period: FY11, CS 4+, All WB

Relative share in non-fiction

ZEE TELUGU - HIGHLIGHTS

• Leading GEC in AP with dominant viewership share in fiction programming

• Library of over 7,000 hours & rights to over 575 movie titles

• Key properties: Chinna Kodalu, Muddubidda, Saregamapa Li'l Champs

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Source: TAM, Period: FY11, CS 4+, All AP

Relative share in fiction

Zee Kannada 14%

ETV Kannada 16%

Kasturi 8%

Suvarna 21%

Udaya Tv 41%

ZEE KANNADA - HIGHLIGHTS

• Zee Kannada- Steadily gaining market share

• Library of over 6,500 hours & rights to over 150 movie titles

• Key properties: Devi, Chi Sou Savitri, Yariguntu Yarigilla

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Source: TAM, Period: FY11, CS 4+, All Karnataka

Relative channel share

• Presence across 5 continents

through over 15 channels

• Catering to both South Asian as well

as non South Asian communities

• Recent local language launches in

Russia, South East Asia, Saudi Arabia

• International subscription

contributed 14% of company top line

in FY2011

• Renewed focus on advertising as a

source of revenues

INTERNATIONAL OPERATIONS

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STRENGTHENING PAY REVENUES

• Zee Turner is a 74:26 joint venture between ZEEL and Turner currently

distributing ZEEL channels, Zee News Channels and Turner Channels

• Star-Den is a 50:50 JV between Star India and DEN for distribution of Star

channels, Fox channels and third party channels like NDTV Channels

• Media Pro will distribute all the channels which are currently being distributed

by Zee-Turner and Star Den

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50% 50%

Q2 FY2012 RESULTS

July – September 2011

FINANCIAL RESULTS

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(Rs million) Full Year Second quarter

FY10 FY11 Growth FY11 FY12 Growth

Operating Revenues* 21,998 30,136 37% 7,116 7,184 1%

Expenditure* 15,863 21,870 38% 5,231 5,108 -2%

Operating Profit (EBITDA) 6,135 8,266 35% 1,885 2,075 10%

PBT before excep items 6,739 8,725 29% 2,064 2,221 8%

Add: Exceptional Items - 197 - -

Less: Provision for Tax 573 2,671 366% 801 621 -22%

Profit After Tax 6,166 6,251 1% 1,263 1,600 27%

Less: Minority Interest (195) (118) 0.6 39.7

EBITDA margin 27.9% 27.4% 26.5% 28.9%

*Note A: Operating revenues and expenditure for Q2 FY12 are not comparable to those for Q2 FY11 because of the change in accounting treatment

of domestic subscription revenues, which are now being reported net of expenses. This change has been necessitated due to the formation of

Media Pro, a joint venture, which pays subscription revenues to ZEE net of expenses.

BALANCE SHEET

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• Debt free balance

sheet

• Net Cash of over

Rs12,500mn as

on Mar 31, 2011

• Return on Avg.

Capital Employed

of 25%

(Rs million) As on 31

st March

2010 2011

Shareholders Funds 38,300 30,948

Loan Funds 1,195 17

Capital Employed 39,495 30,965

Net Fixed Assets 19,587 8,464

Investments 3,203 6,964

Deferred Tax Assets 133 192

Current Assets, Loans & Advances 24,390 23,027

a) Inventories 4,713 5,396

b) Sundry Debtors 7,488 8,955

c) Cash & Bank Balance 5,864 3,858

d) Loans & Advances 6,325 4,818

Less: Current Liabilities & Provisions 7,840 7,801

Net Current Assets 16,550 15,226

Minority Interest 22 119

Capital Deployed 39,495 30,965

CONSISTENT PROFITABLE GROWTH

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15,159

18,354

21,773 21,998

30,136

3,204

5,423 5,480

6,135

8,266

2007 2008 2009 2010 2011

Revenues and Operating Profit (Rs in mn)

Revenue Operating profit (EBITDA)

Consistent dividend payout since 1994

EBIDTA CAGR: 26.7%

Revenue CAGR: 18.7%

OUTLOOK AND STRATEGY

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Revenues

• Digitization: Big

pay opportunity

• Advertising:

Continued growth

• New streams:

Digital media,

syndication

Content

• Innovation &

quality

• Regional

revolution

• Niche content

• Broadcast to

narrowcast

Our Strategy

Enhance our leadership position in the genres we compete

Continue to run our business as best in class

Deploy strong cash flows to improve returns to shareholders

Returns

• Consolidation

• Collaboration

• Disciplined

investments

OUTLOOK AND STRATEGY

37

Revenues

• Digitization: Big

pay opportunity

• Advertising:

Continued growth

• New streams:

Digital media,

syndication

Content

• Innovation &

quality

• Regional

revolution

• Niche content

• Broadcast to

narrowcast

Our Strategy

Enhance our leadership position in the genres we compete

Continue to run our business as best in class

Deploy strong cash flows to improve returns to shareholders

Returns

• Consolidation

• Collaboration

• Disciplined

investments

Consistent performer since inception; Shareholder value CAGR of >30% between 1992 to 2011