COMPANY OVERVIEW

JULY 2011

DISCLAIMER

2

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

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

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

These statements are not guarantees of future performance and are subject torisks, uncertainties and other factors, some of which are beyond the control of the Companyand are difficult to predict. Consequently, actual results could differ materially from thoseexpressed or forecast in the forward-looking statements as a result of, among otherfactors, changes in economic and market conditions, changes in the regulatory environmentand 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

3Largest 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%

11

61 71 82 88 103 118

122140

158

169

194223

15%14%

7%

16%15%

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

0.18

0

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011P

Television Industry Revenues (Rs. bn.)

Ad Revenues Sub Revenues % TV 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

12

INDIA – RAPID DIGITISATION

10

16

28

38

48

56

64

71

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

DTH Subscribers (Net, Mn No.s)

Source: FICCI-KPMG Report 2011

13

• DTH industry saw a growth of 75% in 2010

• Industry adding almost a million subscribers each month

• ‘Sunset Clause’ by Govt likely to give a further push to the digitization wave

14

PRODUCT OFFERING

HINDI ENTERTAINMENT

HINDI MOVIES

REGIONAL LANGUAGE ENTERTAINMENT (R-GEC)

15

PRODUCT OFFERING

SPORTS

ENGLISH ENTERTAINMENT & MOVIES

INTERNATIONAL

MUSIC & LIFESTYLE

16

ALTERNATE LIFESTYLE

Advertising

56%

Domestic DTH

11%

Domestic Cable

13%

International

14%

Other Sales

6%

REVENUE PIE

17

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

19

HINDI MOVIE CHANNELS

20

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

22

SPORTS CHANNELS – KEY PROPERTIES

23

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, UEFA EUROPA Cup,

US Open, Moto GP, European Tour Golf

24

ENGLISH & NICHE CHANNELS

• Tie-ups with leading studios across the world

25

ZEE MARATHI - HIGHLIGHTS

• Leadership position in Marathi GEC genre

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

• Key properties: Kunku, Bhagyalakshmi, Mazi Priyala Preet Kalena, Fu Bai Fu

26

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

215

149

112

6537

Zee Marathi ETV Marathi

Star Pravah Zee Talkies Mi Marathi

Average Weekly GRPs

Zee Bangla57%

ETV Bangla20%

Aakaash Bangla

8%

Star Jalsha9%

Rupashi Bangla4%

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: Subarnalata, Saat Paake Bandha, Dance Bangla Dance Junior

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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 and Pasupu Kumkuma

28

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

Relative share in fiction

Zee Kannada14%

ETV Kannada16%

Kasturi8%

Suvarna21%

Udaya Tv41%

ZEE KANNADA - HIGHLIGHTS

• Zee Kannada- Steadily gaining market share

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

• Key properties: Parvati Parameshwara, Arasi and Suryakanthi

29

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

31

50% 50%

Q1 FY2012 RESULTS

April 2011 – June 2011

FINANCIAL RESULTS

33

(Rs in million) Full Year First quarter

FY10 FY11 Growth FY11 FY12 Growth

Operating Revenues 21,998 30,136 37% 6,770 6,983 3%

Expenditure 15,863 21,870 38% 4,900 5,423 11%

Operating Profit (EBITDA) 6,135 8,266 35% 1,870 1,560 -17%

PBT before excep items 6,739 8,725 29% 1,884 1,696 -10%

Add: Exceptional Items

(Net of tax) - 197 291 -

Less: Provision for Tax 573 2,671 366% 673 394 -42%

Profit After Tax 6,166 6,251 1% 1,501 1,302 -13%

Less: Minority Interest (195) (118) (38.3) (35.2)

EBITDA margin 27.9% 27.4% 27.6% 22.3%

804

840 845 849 851864

821 822

894

961

986

1039

969

249

271 283

381

467

514

632

683710

787

821

984

1107

31%32%

33%

45%

55%

59%

77%

83%

79%

82%83%

95%

114%

25%

50%

75%

100%

125%

150%

0

200

400

600

800

1000

1200

Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12

GROWING DIGITAL REVENUES

34

Domestic Cable Domestic DTH DTH as a % of Cable

Su

bscrip

tio

n R

even

ue (R

s m

n)

DT

H R

even

ue as a %

o

f C

ab

le R

even

ue

BALANCE SHEET

35

• Debt free balance

sheet

• Net Cash of over

Rs12,500mn

• Return on Avg.

Capital Employed

of 25%

(Rs million)As on 31

stMarch

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

36

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

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

OUTLOOK AND STRATEGY

38

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