COMPANY OVERVIEW

JUNE 2012

DISCLAIMER

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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

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1995

1999

1992

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 –

Media Pro Enterprise India.

OUR GROWTH JOURNEY

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• M&E industry size estimated at Rs 728 bn in 2011

• Television sector estimated at Rs 329 bn, constituting 45% of the industry

• Television industry recorded growth of 11% in 2011

INDIAN MEDIA SECTOR

Source: FICCI-KPMG Report 2012 Source: Worldwide Media and Marketing Forecasts, Group M, Summer 2011

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0.33%

0.85% 0.97%

0.76% 0.86%

0.76%

India UK US China Japan World

Media Spend as % of GDP

71 82 88 103 116 130

140 158 169

194

214

250

15%

14%

7%

16%

11% 15%

2007 2008 2009 2010 2011 2012P

Television Industry Revenues (Rs bn)

Ad revenues Sub revenues TV growth rate (%)

INDIAN TV HH'S AT A GLANCE

Digital

26 Mn

C&S HHlds

116 Mn

TV Owning

Households

142 Mn

Total Households

231 Mn

Digital

42 Mn

C&S HHlds

126 Mn

TV Owning

Households

148 Mn

Total Households

231 Mn

Growth

+4 %

+9 %

+63 %

2011 2012

Source: TAM TV Universe Update 2012

All India Household figures in million

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INDIA – RAPID DIGITISATION

Source: FICCI-KPMG Report 2012

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• DTH industry saw a growth of over 30% in 2011

• Industry is adding almost a million subscribers each month

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

digitization wave

69 68 68 59 50 32

12 4

4 5 6 19 32 49

67 75

16 28 37

46 53 64 78 86

6 7

8 8

8 8

8 8

0 0

0 0

1 2

2 3

2009 2010 2011 2012P 2013P 2014P 2015P 2016P

No. Of Subscriber (In Millions)

Analog Cable Digital Cable DTH DD Direct IPTV

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PRODUCT OFFERING

HINDI ENTERTAINMENT

HINDI MOVIES

REGIONAL LANGUAGE ENTERTAINMENT (R-GEC)

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ENGLISH ENTERTAINMENT & MOVIES

PRODUCT OFFERING

SPORTS

MUSIC & LIFESTYLE

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HD

INTERNATIONAL ALTERNATE LIFESTYLE

Advertising, 52%

Subscription Domestic, 30%

Subscription International, 13%

Others, 4%

Advertising Subscription Domestic Subscription International Others

REVENUE PIE

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FY2012 Revenues: Rs 30,406 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: April to March 2012

TG: CS 4+, HSM;

MAX ratings- non-cricket

Zee’s Cinema Channels - Zee Cinema, Zee Premier, Zee Action, Zee Classic

Relative Viewership Share

Zee's Cinema Channels, 30.8%

Star Gold, 29.2%

MAX, 23.5%

UTV, 12.3%

Filmy, 4.2%

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, Ten Golf - The leading sports network of

the country

• Key properties in FY13:

• Cricket: India vs Sri Lanka, South Africa vs New Zealand, Pakistan vs Sri

Lanka, South Africa vs Pakistan, Zimbabwe vs South africa

• Others: WWE, UEFA Champions League, Europa League, US Open, ATP

events, Moto GP, Tour De France, US PGA, European PGA

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ENGLISH & NICHE CHANNELS

• Tie-ups with leading studios across the world

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ZEE MARATHI - HIGHLIGHTS

• Leading GEC in Maharashtra

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

• Key properties: Eka Lagnachi Dusari Goshta, Uncha Maza Zoka, Fu Bai Fu

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Source: TAM, Period: April to March 2012, CS 4+, All Maharashtra

Relative Viewership Share

ETV Marathi, 31.1%

Star Pravah, 30.6%

Zee Marathi, 27.7%

Mi Marathi, 4.6%

DD10 Sahyadri,

3.5%

Saam TV, 2.5%

Star Jalsha, 41.5%

Zee Bangla, 35.8%

ETV Bangla, 12.9%

Rupashi Bangla, 4.8%

Aakaash Bangla, 2.9%

Mahua Bangla, 2.1%

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: Didi No. 1, Dadagiri Unlimited II, Rashi, Keya Patar Nouko

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Source: TAM, Period: April to March 2012, CS 4+, All WB

Relative Viewership Share

Gemini TV, 39.4%

Maa Telugu, 22.8%

ETV Telugu, 19.7%

Zee Telugu, 18.1%

ZEE TELUGU - HIGHLIGHTS

• Leading GEC in Andhra Pradesh

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

• Key properties: Chinna Kodalu, Muddubidda, Pasupu Kumkuma, Luckku

Kickku

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Source: TAM, Period: April to March 2012, CS 4+, All AP

Relative Viewership Share

ZEE KANNADA - HIGHLIGHTS

• Zee Kannada - Steadily gaining market share

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

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

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Source: TAM, Period: April to March 2012, CS 4+, All Karnataka

Relative Viewership Share

Udaya TV, 42.1%

Suvarna, 23.4%

Zee Kannada,

20.1%

ETV Kannada,

14.3%

• Presence across 5 continents

through over 22 beams

• 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 13% of company top line

in FY2012

• 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 ZEE and Turner currently distributing

ZEE 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 distributes all the channels which were earlier distributed by Zee-Turner

and Star Den

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50% 50%

DIGITIZATION: POTENTIAL GAME CHANGER

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Underpenetrated TV market Low ARPUs

Additional business models emerging Mandatory digitization hugely beneficial

India TV market expected to reach ~180mn HHs by

2016

Alternate distribution platforms to augment

revenue streams

Market TV ARPU

(USD) Movie Ticket (ATP in USD)

TV ARPU as a multiple of ATP

USA 56.9 7.9 7.2

UK 45.4 9.0 5.1

Malaysia 20.0 3.9 5.1

India 3.5 2.8 1.2

If pay TV ARPU reaches upto 3x of a multiplex ticket

price, it will reach a healthy 8-10 USD

Source: PwC Media Report (2011) + IDFC research report

Source: FICCI KPMG Report 2012

Markets Deadline for digitization

Delhi, Mumbai, Kolkata, Chennai 30th June, 2012

Cities with population of 1mn+ 31st March, 2013

All urban areas 30th September, 2014

Rest of the country 31st December, 2014

98% 97% 90% 78%

61%

China Germany Brazil Indonesia India

TV HH's penetration-2011(%)

FY2012 RESULTS

FINANCIAL RESULTS

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*Note: Operating revenues for FY11 include a non-recurring one time fees of Rs 700 million for

premature termination of sporting events rights.

Operating Revenues* 30,088 30,406 1%

Expenditure 21,870 23,010 5%

Operating Profit (EBITDA) 8,219 7,396 -10%

EBITDA Margin 27.3% 24.3%

PBT before exceptional items 8,725 8,407 -4%

Less: Provision for Tax 2,671 2,500 -6%

PAT before exceptional items 6,054 5,907 -2%

Add: Exceptional Items 197 -

PAT after exceptional items 6,251 5907 -6%

Less: Minority Interest / Share

of Associates -118 16

 (Rs million) FY11 FY12 Growth

BALANCE SHEET

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• Debt free balance

sheet

• Strong net cash

position

• Return on Avg.

Capital Employed

of 22%

Equity & Liabilities

Shareholder's Funds 30,983 34,355

Non Curremt Liabilities 122 240

Current Liabilities

a) Trade Payables 4,717 5,844

b) Others 3,031 2,745

Total - Equity and Liabilities 38,853 43,184

Assets

Non Currrent Assets

a) Fixed Assets 2,042 2,506

b) Goodwill on Consolidation 6,064 6,894

c) LT Loans & Advances 1,057 857

d) Others 1,113 1,327

Currrent Assets

a) Current Investments 6,341 7,324

b) Inventories 5,396 7,339

c) Trade Receivables 8,704 8,690

d) Cash & Bank Balance 3,856 3,283

e) Others 4,162 4,930

Minority Interest 118 32

Total Assets 38,853 43,184

(Rs million)As on 31st

March, 2011 

As on 31st

March, 2012

18,354

21,773 21,998

30,088 30,406

5,423 5,480 6,135 8,219 7,396

2008 2009 2010 2011 2012

Revenues and Operating Profit (Rs in million)

Revenue Operating profit (EBITDA)

CONSISTENT PROFITABLE GROWTH

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Consistent dividend payout since 1994

Revenue CAGR: 13.5%

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

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Pioneer in several entertainment genres

World’s leading Indian TV network with 600 million households in over 168 countries

Consistent performer since inception; Shareholder value CAGR of >30% since listing

The global force in entertainment