January 8, 2007 ZNL Jan 2007

Investor Meet January 8, 2007 ZNL Jan 2007

2 Disclaimer

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.

www.zeenews.com ZNL Jan 2007

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

www.zeenews.com ZNL Jan 2007

Introducing ZNL

www.zeenews.com ZNL Jan 2007

5 Who we are Largest 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 www.zeenews.com ZNL Jan 2007

6 Our products

Zee 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 www.zeenews.com ZNL Jan 2007

7 Mission

Inform. Entertain. Empower.

www.zeenews.com ZNL Jan 2007

8 How ZNL was formed

Demerger of news and Shareholding Pattern * regional business undertaking from ZTL Others 9% Promoters Appointed date of Mutual Funds 54% demerger March 31, 2006 12% Listed on BSE and NSE, trading starts on 10th January FIIs 25%

* Data on Listing Date www.zeenews.com ZNL Jan 2007

9 Milestones

Zee 24 Taas – the Zee News first 24 becomes first hour 24 hour Hindi Zee Kannada Marathi news channel Zee Telugu & 24 Ghanta news Zee News launched launched channel morning and Zee Bangla, slated for First Zee evening Zee Gujarati, launch News bulletin Zee Marathi & bulletin started Zee Punjabi started launched

1993 1994 1999 2005 2006 2007

Launch of most channels happened as part of Zee Telefilms Limited www.zeenews.com ZNL Jan 2007

10 Business model

Focused on linguistic Revenue Contribution *

markets through news Others and entertainment, which 3% # Subscription is ~40% of viewership . 25% Adv. & Subscription are key sources of revenue 8 out of 9 are pay channels Advertising Syndication of content 72%

# TAM Data All India, * Data for eight www.zeenews.com months upto November 2006 ZNL Jan 2007

Indian TV industry overview

www.zeenews.com ZNL Jan 2007

12 Media reach comparison 80

60 (2% loss) Yr 2005 Yr 2006 50 55 (1%)54

40 (12%) (3%) (22%) 30 27 29 26 27 Reach In% 26 22 (46%) (13%) 20 18 16 13 (25% loss) 9 (150%) 10 6 5 (25%) 111 3 0 Press (Pub- TV (At TV C&S (At Radio (At Radio FM Radio AM Cinema(At Internet Mobile AIR) least 1/W k) least 1/W k) least 1/W k) (At least (At least least (At least (Access 1/Wk) 1/Wk) 1/Month) 1/Wk) Feat. 1/wk)

C&S TV a large and growing segment

www.zeenews.com Source: NRS 2006; ALL INDIA HH ZNL Jan 2007

13 TV industry revenue trends

700,000 Revenue as per consumer spend 300,000 Broadcasters share of revenue

600,000 TV Advertising 123,000 250,000 20% TV Advertising TV Subscription TV Subscription 47% 500,000 123,000 200,000 15% CAGR 400,000 15% CAGR 150,000

Rs Million 300,000 Rs Million 53% 80% 488,000 100,000 200,000 61,000 29% 140,000 27% CAGR 50,000 70% CAGR 100,000 86% 61,000 71% 149,000

14% 10,000 0 0 2006 2011 2006 2011

Future ready

Source Industry Estimates www.zeenews.com ZNL Jan 2007

14 Adv. revenues in C&S markets

Total 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 www.zeenews.com ZNL Jan 2007

15 Network market share 5

4.68 4 4.12

2 1.92

1.25 All Channel Share % Share Channel All 1.09 1

0 ETV ZNL TV TODAY NDTV TV 18

Immense competitive advantage in HSM market

www.zeenews.com Source TAM 2006 (JAN TO DEC 23rd 06 ;HSM; excluding South channels ZNL Jan 2007

Business Performance News channels

www.zeenews.com ZNL Jan 2007

17 Zee News

Channel share in Hindi news

Total News Market DD NewsIndia TV 3% 9% NDTV India IBN 7 estimated at Rs 5.4 bn 13% 8% Hindi market is Rs 4.2 bn

Star News Zee News 19% Zee News is the only 14% Hindi News pay channel Sahara National Aaj Tak TEZ 7% Provides content for 20% Janmat 5% 2% international markets

www.zeenews.com Source TAM OCT – DEC 23rd 06 CS 4+; MKTS-HSM ZNL Jan 2007

18 Zee News

Share in metros Share in North

IBN 7 DD News IBN 7 DD News India TV India TV NDTV India NDTV India 8% 5% 2% 2% 7% 10% 12% 12% Star News Star News 20% 18%

Zee News Zee News Janmat 18% Janmat 20% 2% 2%

Aaj Tak TEZ Sahara National Sahara National Aaj Tak TEZ 20% 4% 6% 5% 22% 5%

Zee News in the leading pack

www.zeenews.com SOURCE TAM OCT – DEC 23rd 06 SEC ABC M 15-54;; MKTS-4 METRO & NORTH ZNL Jan 2007

www.zeenews.com ZNL Jan 2007

20 24 Ghanta

100 Quarterly trend 90 80 19 17 15.2 70 9.7 8.9 12.6 Total Market estimated at 60 Kolkata TV 50 42.7 45.2 Tara Newz Rs 1.4 billion 40 Star Ananda

Share % 53.0 30 24 Ghanta TV 20 24 Ghanta strong # 2 30.7 30.7 10 15.4 0 APR-JUN;06 JUL-SEP;06 OCT-DEC;06-TILL despite being a new NOW channel Channel share in West Bengal 24 Ghanta consistently Star Ananda 45.2% 24 Ghanta TV growing its viewership 30.7% share

Kolkata TV Tara Newz 15.2% 8.9%

www.zeenews.com SOURCE TAM OCT – DEC 23rd ‘06 CS 4+; MKTS-KOL + WB SMALL ZNL Jan 2007

21 Zee Business

First Hindi Business news Channel share Awaaz channel 28.6% NDTV Profit 22.4% No 1 in commodity news Zee Business Only pay channel in the 16.3%

CNBC TV18 segment 32.7% Need to refine business strategy

SOURCE TAM OCT-23RD DEC ‘06 www.zeenews.com CS 4+; MKTS-4 METRO ZNL Jan 2007

Business Performance Regional entertainment channels

www.zeenews.com ZNL Jan 2007

23 Zee Marathi

Quarterly trend Total market estimated at 100 14.1 12.6 13.3 10.2 90 17.6 Rs 900 million 80 70 DD10 Sahyadri 44.3 43.2 44.4 45.4 ETV Marathi 60 48.8 Zee Marathi is # 1 in 50 Zee Marathi

Share % Share 40 30 46.5 Marathi genre 20 41.4 43.1 41.3 33.6 10 0 Consistently in top 5 OCT-DEC;05 JAN-MAR;06 APR-JUN;06 JUL-SEP;06 OCT-DEC;06 - TILL among all channels in NOW ChannelChannel share share in Maharashtra In Maharashtra Mumbai and Maharashtra ETV Marathi Zee Marathi 43.2% Only pay channel in the 46.5% segment DD10 Sahyadri 10.2%

www.zeenews.com SOURCE TAM OCT – DEC 23rd 06 SEC CS 4+; MKTS-MAHARASTRA ZNL Jan 2007

www.zeenews.com ZNL Jan 2007

25 Zee Bangla

Quarterly trend 100 90 0.6 0.4 0.4 0.2 0.2 80 15.8 17.5 17.7 15 12.6 5.0 6.2 Total market estimated at 70 6.9 5.1 6.3 Bangla Akhon 60 Aakaash (Bangla) Rs 1.4 billion 50 54.8 53.1 DD7 Bangla 40 62.1 63.2 59.2 ETV Bangla Share % Share Zee Bangla Only pay channel in the 30 20 28.0 10 25.0 segment 14.5 13.9 16.4 0 Strong # 2 in West OCT-DEC;05 JAN-MAR;06 APR-JUN;06 JUL-SEP;06 OCT-DEC;06 Channel share in West Bengal

Bengal ETV Bangla 53.0% Zee Bangla consistently Zee Bangla growing its viewership 28.0% Bangla Akhon DD7 Bangla 0.2% Aakaash (Bangla) 6.2% 12.6%

www.zeenews.com SOURCE TAM OCT – DEC ’23rd 06 CS 4+; MKTS-KOL+WB SMALL ZNL Jan 2007

www.zeenews.com ZNL Jan 2007

27 Zee Gujarati

100 Quarterly trend Total market estimated at 90 15.6 80 20.9 21.6 16.3 18.4 70

Rs 200 million 60 DD11 Gujarati 50 57.2 62.9 59.6 ETV Gujarati 62.1 40 62.8 Zee Gujarati registering Share % Zee Gujarati 30 20 27.2 gains, scope for further 10 20.8 22.0 OCT-DEC;0517.0 JAN-MAR;0615.6 APR-JUN;06 JUL-SEP;06 OCT-DEC;06 TILL 0 NOW improvement Provides content for Channel share in Gujarat ETV Gujarati international markets 57.2% Zee Gujarati 27.2%

DD11 Gujarati 15.6%

www.zeenews.com SOURCE TAM OCT – DEC 23rd ‘06 CS 4+; MKTS-GUJRAT ZNL Jan 2007

28 Zee Punjabi

Total market estimated at Channel share Rs 550 million DD Punjabi Zee Punjabi is the only 10.8% pay channel in the Zee Punjabi ETC Punjabi segment 16.3% 72.9% Provides content for international markets

www.zeenews.com SOURCE TAM OCT – DEC 23RD ‘06 CS 4+; MKTS-PHCHP BOTH ZNL Jan 2007

29 Zee Telugu

Total market estimated at

Rs 3.5 billion Channel share

Eenadu TV Telugu language occupies Teja TV 19.0% 21.0% 65% of the total Maa Telugu 9.1% viewership in AP ETV2 News 3.7% Zee Telugu Target to double market 4.1% DD8 Telugu share 1.7% Gemini TV TV9 News Will provide content for 36.9% 4.6% international markets

SOURCE TAM OCT – 23RD DEC ‘06 www.zeenews.com CS 4+; MKTS-ANDHRA PRADESH ZNL Jan 2007

30 Zee Kannada

Total market estimated at Rs 1.3 billion Channel share

Will provide content for DD9 Chandana (Kannada) ETV Kannada international markets 4.5% 30.3%

Zee Kannada Kannada language 4.8% occupies 40% of the total U2 viewership in Karnataka 8.4% Udaya TV Udaya 50.3% Varthegalu Target to reach 20% 1.8% viewership share

www.zeenews.com *SOURCE TAM OCT – 23RD DEC ‘06 SEC CS 4+; MKTS-KARNATAKA ZNL Jan 2007

Financial performance

www.zeenews.com ZNL Jan 2007

32 ZNL financials

Balance Sheet Income statement

Income data for eight months upto November 2006 www.zeenews.com ZNL Jan 2007

Business strategy

www.zeenews.com ZNL Jan 2007

34 Business strategy

Build consumer preference Expand revenue streams Create a strong organisation Deliver shareholder value

www.zeenews.com ZNL Jan 2007

35 Build consumer preference

News content Credibility Coverage – width, depth and speed Contemporariness – look and feel Entertainment content Involvement - build lasting relationship Enjoyment - through innovative formats Interactivity Brand Communication Events

www.zeenews.com ZNL Jan 2007

36 Expand revenue streams

Advertising revenues Leverage strength to deliver to “national” and “local” Deliver innovative solutions for brands Subscription revenues Compelling content Communication New revenue streams Interactive content Syndication in international markets News portal, broadband and mobile

www.zeenews.com ZNL Jan 2007

37 Create a strong organisation

Focus on people Attract and reward the best professional talent Encourage creativity Empower Create leadership talent Executive coaching Value based culture Establish strong corporate governance practices Meritocracy based organisation

www.zeenews.com ZNL Jan 2007

38 Build shareholder value

Focus on growth Strive to deliver a higher than industry growth Explore inorganic growth opportunities Margin expansion Focus on increasing subscription revenues Create new revenue streams from content Good corporate governance Transparency Professionalism Accountability

www.zeenews.com ZNL Jan 2007

Questions & answers

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