Investor MeetJanuary 8, 2007

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ZNL Jan 2007

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 News Limited (ZNL) 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 ZNL 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. ZNL does not undertake to update these forward-looking statements to reflect events or circumstances that may arise after publication.

Disclaimer

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Presentation flow• Introducing Zee News Limited• Indian TV industry overview• Business performance• Financial performance• Business strategy

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Introducing ZNL

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Who we areLargest news and regional channel network in India in terms of reach

Power of the “Zee” brand

Diversified revenue streams across linguistic markets

Robust revenues from subscription … majority are pay-channels

Revenue* of Rs. 1.5 bn in eight month period ending November 2006

Over 1,000 employees

* As per audited financials for eight months upto November 2006

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Our productsZee Marathi genre leader in Maharashtra

Zee News strong #2 in North and in Metros

Zee Bangla strong #2 in West Bengal and gaining ground

24 Ghanta strong #2 in Bangla news genre within 6 months of launch

Aim to replicate regional successes in South India

Source: TAM, Oct – Dec 06

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Mission

Inform. Entertain.Empower.

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How ZNL was formedShareholding Pattern *

FIIs25%

Promoters54%

Others9%

Mutual Funds12%

Demerger of news and regional business undertaking from ZTL

Appointed date of demerger March 31, 2006

Listed on BSE and NSE, trading starts on 10th January

* Data on Listing Date

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First Zee News

bulletin started

Zee News morning and

evening bulletin started

Zee News becomes first 24 hour Hindi news channel

Zee Bangla, Zee Gujarati, Zee Marathi & Zee Punjabi launched

Zee Telugu launched

Zee Kannada & 24 Ghanta

launched

Zee 24 Taas – the

first 24 hour

Marathi news

channel slated for

launch

1993 1994 1999 2005 2006 2007

Milestones

Launch of most channels happened as part of Zee Telefilms Limited

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Subscription25%

Advertising72%

Others3%

Business modelFocused on linguistic markets through news and entertainment, which is ~40% of viewership#.

Adv. & Subscription are key sources of revenue

8 out of 9 are pay channels

Syndication of content

# TAM Data All India, * Data for eight months upto November 2006

Revenue Contribution *

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Indian TV industry overview

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Source: NRS 2006; ALL INDIA HH

(1%)

2622

9

16

61 1

27

13

1 3

26

55

29

5

18

27

54

0

10

20

30

40

50

60

70

80

Press (Pub-AIR)

TV (Atleast 1/Wk)

TV C&S (Atleast 1/Wk)

Radio (Atleast 1/Wk)

Radio FM(At least1/Wk)

Radio AM(At least1/Wk)

Cinema(Atleast

1/Month)

Internet(At least1/Wk)

Mobile(Access

Feat. 1/wk)

Rea

ch In

%

Yr 2005 Yr 2006(2% loss)

(12%)

(22%)

(46%) (13%)

(25% loss)(25%)

(150%)

C&S TV a large and growing segment

Media reach comparison

(3%)

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TV industry revenue trends

149,000

488,000

61,000

123,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2006 2011

Rs

Mill

ion

TV AdvertisingTV Subscription

Future ready

Source Industry Estimates

29%

71%

20%

80%

15% CAGR

27% CAGR

10,000

140,000

61,000

123,000

0

50,000

100,000

150,000

200,000

250,000

300,000

2006 2011R

s M

illio

n

TV AdvertisingTV Subscription

86%

14%

47%

53%

15% CAGR

70% CAGR

Broadcasters share of revenueRevenue as per consumer spend

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Adv. revenues in C&S marketsTotal advertising on cable & satellite television Rs 61.0 billion

Current addressable market in which ZNL would operate Rs 22.5 billion

Current addressable market in which ZNL has operations Rs 9.0 billion (Existing businesses)

Current addressable market in which ZNL has added operations Rs 5.0 billion (New initiatives)

*Source Industry Estimates

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Source TAM 2006 (JAN TO DEC 23rd 06 ;HSM; excluding South channels

4.68

4.12

1.92

1.251.09

0

1

2

3

4

5

ETV ZNL TV TODAY NDTV TV 18

All C

hann

el S

hare

%

Network market share

Immense competitive advantage in HSM market

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Business Performance News channels

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Zee News

Total News Market estimated at Rs 5.4 bn

Hindi market is Rs 4.2 bn

Zee News is the only Hindi News pay channel

Provides content for international markets

Source TAM OCT – DEC 23rd 06CS 4+; MKTS-HSM

Zee News14%

India TV9%

IBN 78%

Star News19%

Sahara National7%

Janmat2%

TEZ5%

Aaj Tak20%

DD News3%

NDTV India13%

Channel share in Hindi news

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Zee News in the leading pack

SOURCE TAM OCT – DEC 23rd 06SEC ABC M 15-54;; MKTS-4 METRO & NORTH

Share in metros Share in North

Zee News

Aaj Tak20%

NDTV India12%

DD News2%

India TV10%

Star News18%

Janmat2%

Sahara National6%

IBN 78%

TEZ4%

Zee News18%

Aaj Tak22%

Zee News20%

NDTV India12%

DD News2%

India TV7%

Star News20%

Janmat2%

Sahara National5%

TEZ5%

IBN 75%

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Total Market estimated at Rs 1.4 billion24 Ghanta strong # 2 despite being a new channel24 Ghanta consistently growing its viewership share

SOURCE TAM OCT – DEC 23rd ‘06CS 4+; MKTS-KOL + WB SMALL

15.430.7 30.7

53.0

42.7 45.2

12.6 9.7 8.9

19 17 15.2

0102030405060708090

100

APR-JUN;06 JUL-SEP;06 OCT-DEC;06-TILLNOW

Shar

e %

Kolkata TV

Tara NewzStar Ananda

24 Ghanta TV

24 Ghanta TV30.7%

Star Ananda45.2%

Tara Newz8.9%

Kolkata TV15.2%

Quarterly trend

Channel share in West Bengal

24 Ghanta

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SOURCE TAM OCT-23RD DEC ‘06CS 4+; MKTS-4 METRO

First Hindi Business news channel

No 1 in commodity news

Only pay channel in the segment

Need to refine business strategy

Zee Business

Zee Business16.3%

Awaaz28.6%

CNBC TV1832.7%

NDTV Profit22.4%

Channel share

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Business PerformanceRegional entertainment channels

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SOURCE TAM OCT – DEC 23rd 06SEC CS 4+; MKTS-MAHARASTRA

Total market estimated at Rs 900 million

Zee Marathi is # 1 in Marathi genre

Consistently in top 5 among all channels in Mumbai and Maharashtra

Only pay channel in the segment

33.641.4 43.1 41.3 46.5

48.844.4 44.3 45.4

43.2

17.6 14.1 12.6 13.3 10.2

0

10

20

30

40

50

60

70

80

90

100

OCT-DEC;05 JAN-MAR;06 APR-JUN;06 JUL-SEP;06 OCT-DEC;06 - TILLNOW

Sh

are

%

DD10 SahyadriETV MarathiZee Marathi

Channel share In Maharashtra

Quarterly trend

Zee Marathi

Zee Marathi

46.5%

ETV Marathi

43.2%

DD10 Sahyadri

10.2%

Channel share in Maharashtra

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14.5 13.9 16.425.0 28.0

62.1 63.2 59.254.8 53.1

6.9 5.1 6.35.0 6.2

15.8 17.5 17.7 15 12.60.6 0.4 0.4 0.2 0.2

0

10

20

30

40

50

60

70

80

90

100

OCT-DEC;05 JAN-MAR;06 APR-JUN;06 JUL-SEP;06 OCT-DEC;06

Shar

e %

Bangla Akhon

Aakaash (Bangla)

DD7 Bangla

ETV Bangla

Zee Bangla

SOURCE TAM OCT – DEC ’23rd 06CS 4+; MKTS-KOL+WB SMALL

Total market estimated at Rs 1.4 billionOnly pay channel in the segmentStrong # 2 in West BengalZee Bangla consistently growing its viewership

Quarterly trend

Zee Bangla28.0%

ETV Bangla53.0%

DD7 Bangla6.2%

Bangla Akhon0.2% Aakaash (Bangla)

12.6%

Channel share in West Bengal

Zee Bangla

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17.0 15.6 20.8 22.0 27.2

62.1 62.862.9 59.6

57.2

20.9 21.6 16.3 18.4 15.6

0

10

20

30

40

50

60

70

80

90

100

OCT-DEC;05 JAN-MAR;06 APR-JUN;06 JUL-SEP;06 OCT-DEC;06 TILLNOW

Shar

e %

DD11 Gujarati

ETV Gujarati

Zee Gujarati

Total market estimated at Rs 200 million

Zee Gujarati registering gains, scope for further improvement

Provides content for international markets

Quarterly trend

SOURCE TAM OCT – DEC 23rd ‘06CS 4+; MKTS-GUJRAT

Zee Gujarati27.2%

ETV Gujarati57.2%

DD11 Gujarati15.6%

Channel share in Gujarat

Zee Gujarati

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Total market estimated at Rs 550 million

Zee Punjabi is the only pay channel in the segment

Provides content for international markets

SOURCE TAM OCT – DEC 23RD ‘06CS 4+; MKTS-PHCHP BOTH

Zee Punjabi

DD Punjabi10.8%

ETC Punjabi72.9%

Zee Punjabi16.3%

Channel share

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SOURCE TAM OCT – 23RD DEC ‘06CS 4+; MKTS-ANDHRA PRADESH

Total market estimated at Rs 3.5 billionTelugu language occupies 65% of the total viewership in APTarget to double market shareWill provide content for international markets

Zee Telugu

ETV2 News3.7%

DD8 Telugu1.7%

TV9 News4.6%

Zee Telugu4.1%

Teja TV21.0%

Eenadu TV19.0%

Maa Telugu9.1%

Gemini TV36.9%

Channel share

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*SOURCE TAM OCT – 23RD DEC ‘06SEC CS 4+; MKTS-KARNATAKA

Total market estimated at Rs 1.3 billionWill provide content for international marketsKannada language occupies 40% of the total viewership in KarnatakaTarget to reach 20% viewership share

Zee Kannada

DD9 Chandana (Kannada)

4.5%

Udaya TV50.3%Udaya

Varthegalu1.8%

Zee Kannada4.8%

ETV Kannada30.3%

U28.4%

Channel share

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Financial performance

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ZNL financialsIncome statementBalance Sheet

Income data for eight months upto November 2006

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Business strategy

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Business strategy

Build consumer preference

Expand revenue streams

Create a strong organisation

Deliver shareholder value

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Build consumer preference News content

Credibility Coverage – width, depth and speedContemporariness – look and feel

Entertainment contentInvolvement - build lasting relationshipEnjoyment - through innovative formats Interactivity

BrandCommunicationEvents

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Expand revenue streamsAdvertising revenues

Leverage strength to deliver to “national” and “local”

Deliver innovative solutions for brands

Subscription revenuesCompelling content

Communication

New revenue streamsInteractive content

Syndication in international markets

News portal, broadband and mobile

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Create a strong organisationFocus on people

Attract and reward the best professional talent

Encourage creativity

Empower

Create leadership talentExecutive coaching

Value based cultureEstablish strong corporate governance practices

Meritocracy based organisation

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Build shareholder valueFocus on growth

Strive to deliver a higher than industry growth

Explore inorganic growth opportunities

Margin expansionFocus on increasing subscription revenues

Create new revenue streams from content

Good corporate governanceTransparency

Professionalism

Accountability

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Questions & answers

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