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Multi Screen Media Private Limited Preliminary Information Memorandum August 2009 Note: This Memorandum contains strictly private and confidential information relating to privately held companies and is subject to a Confidentiality Agreement dated ______ between Multi Screen Media Private Limited and __________. This Memorandum is intended for informational purposes only. Neither Multi Screen Media Private Limited nor any of its affiliated companies are making any representations or warranties regarding the information contained herein. Multi Screen Media Private Limited fiscal year ends on March 31st. All $ references are to US Dollars. The information included herein contains certain projections and forward-looking statements regarding, among other things, the future performance of Multi Screen Media Private Limited. Such projections and forward-looking statements reflect various assumptions, involve elements of subjective analysis and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. No representation is made that any returns indicated or performance levels will be achieved or that all assumptions have been considered or stated. Actual results may differ materially from anticipated results. All forward-looking statements included are based on information available at the time prepared and we assume no duty to update any forward-looking statement. The Indian macroeconomic and media industry information contained in this presentation does not reflect changes due to the recent global economic downturn.

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2CONFIDENTIAL For Informational Purposes Only2 Executive Summary Multi Screen Media Private Limited and its affiliated companies (MSM) are privately owned and together own and operate four cable and satellite channels in India - SET, MAX, SAB and PIX The Indian media industry continues a robust expansion projected to grow 12.5% CAGR over the next 5 years reaching $22 Billion by 2013 Continued economic growth in India provides a sustainable backdrop for local operations especially in the media & entertainment industry MSM is uniquely positioned to solidify its success and further expand its operations due to its unique strengths -Poised for expansion with several initiatives underway -High quality international standards of operation -Experienced management team Source: PWC-FICCI Report The Indian Entertainment and Media Industry In the intervalBut ready for the next act, 2009.

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3CONFIDENTIAL For Informational Purposes Only3 Indian Economic Outlook Sources: Goldman Sachs Dreaming with Brics: The Path to 2050, October 1, 2003; South Asia Institute, University of Texas Fueled by strong GDP growth, India is expected to be among the top 3 economies in the world by 2050 As GDP grows, consumers are attaining higher levels of disposable income Disposable income can be expected to translate into lifestyle changes with consumer spending expected to shift towards leisure and entertainment India is the largest youth market in the world, comprised of approximately 340 Million individuals under the age of 15 Among Top 3 Economies in World by 2050GDP & Disposable Income Projections 8% CAGR (GDP)

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4CONFIDENTIAL For Informational Purposes Only4 Indian Media Industry Media Industry continues a robust expansion projected to grow from $12.2 Billion in 2008 to $22 Billion in 2013 (13% CAGR) due to growth of the economy, increase in disposable income and the fact that a high percentage of population is young Television drives the industry growth with revenues projected at 14% CAGR over the next five years Television is the strongest medium reaching 500 Million individuals; print, the second largest medium, reaches 222 Million individuals Source: PWC-FICCI Report The Indian Entertainment and Media Industry In the intervalBut ready for the next act, 2009.

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5CONFIDENTIAL For Informational Purposes Only5 India represents the third largest television audience in the world and is the fifth largest market for television sets in the world Today, of the 205 Million households in India, 123 Million are television households, a penetration rate of 60% By 2013, the total number of television households in India is estimated to be about 149 Million, a penetration rate of 69% The television industry, on the whole, is projected to grow at the rate of 14.5% over 2009-13 and reach a size of $10 Billion by 2013 Indian Television Industry Source: PWC-FICCI Report The Indian Entertainment and Media Industry In the intervalBut ready for the next act, 2009; Credit Suisse, Challenges for Hollywood in Bollywood, April 21, 2008 Growth of Television HouseholdsGrowth of Pay Television Households

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6CONFIDENTIAL For Informational Purposes Only6 Indian Advertising Market Despite the increase in ad revenue in recent years, the advertising to GDP ratio in India is still at a low of 0.47% versus developed economies like the U.S, U.K. and China indicating significant potential for future growth Television ad market has grown steadily over the last several years; from $1 Billion in advertising revenues in 2005 to an estimated $2 Billion in 2010 and a projected $3.2 Billion in 2013 Projected increase in total advertising spend, coupled with strong growth in television viewership, makes India a very lucrative television market Sources: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) (2007), PWC-FICCI Report The Indian Entertainment and Media Industry In the intervalBut ready for the next act, 2009; Credit Suisse, Challenges for Hollywood in Bollywood, April 21, 2008 CAGR 15%

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7CONFIDENTIAL For Informational Purposes Only7 Indian Distribution Market Digital mediums have emerged in the form of DTH, Digital Cable and IPTV which has led to a rapid growth in the subscription base Subscription revenue is projected to be the key growth driver of revenue for the Indian television industry over the next five years, mainly due to: Economic growth, which is expected to increase both the number of pay television households and subscription rates Pressure on cable operators to report subscriber numbers more accurately Subscription revenue is projected to grow at a higher CAGR of 14.9% over 2009-13 compared to 12.4% over 2006-08 Source: PWC-FICCI Report The Indian Entertainment and Media Industry In the intervalBut ready for the next act, 2009

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8CONFIDENTIAL For Informational Purposes Only8 Company Overview Established in October 1995, a top cable and satellite television channel provider in India Own and operate the following cable and satellite channels: 2 Hindi language general entertainment cable and satellite channels, Sony Entertainment Television (SET) and SAB #1 Hindi language movie and events channel, SET MAX (MAX) #3 English language movie channel, SET PIX (PIX) Distribute channels in India as part of joint venture with Discovery (TheOneAlliance), the 3rd largest distribution platform in number of channels, and 2nd largest in revenue In addition to India, channels are available in over 70 other countries One of the largest aggregators of Hindi language programming in the world with a library of over 12,000 hours of filmed entertainment Seasoned management team with over 450 employees

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9CONFIDENTIAL For Informational Purposes Only9 Ownership Structure MSM Singapore (channels, content acquisition, TV & film library, international distribution) MSM India (TV production, India distribution, ad sales & marketing) (100%) Owns Atlas Equifin (12%) Capital Funds (6%) SPE Entities (62%) Grandway (20%) MSM India shareholders

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10CONFIDENTIAL For Informational Purposes Only10 Group Structure MSM India MSM Singapore MSM Discovery (One Alliance) MSM Asia MSM North America MainLine Sports* BEN-SET* 100% 74% 100% 50% 100% * Dormant company.

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11CONFIDENTIAL For Informational Purposes Only11CONFIDENTIAL For Informational Purposes Only History/Evolution Key Milestones Grant of FIPB approval to set up MSM and launch SET Launch of SET MAX Acquired rights to ICC cricket tournaments from 2002 to 2007 Established MSM Discovery JV; distributing channels under the brand name TheOneAlliance Acquired SAB from Sri Adhikari Brothers Television Network Limited Acquired rights to distribute NDTV Profit in India Acquired 100% of MSM Singapore through a share swap corporate restructuring Launch of SET PIX Acquired rights to distribute and sell advertising on AXN India Conversion of SET to a pay channel Acquired rights to distribute NDTV India and NDTV 24x7 in India Acquired rights to distribute MTV and Nickelodeon (Nick) in India and distribute and sell advertising on Animax India Launch of MAX International 200019972002200520061998200120032004 1995 Launch of SET International 2008 Acquired rights to the Indian Premier League (a domestic cricket league launched by BCCI) Launched SAB in the international markets Launched successful IPL Season 2 Acquired rights to distribute Colors in India 2009

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12CONFIDENTIAL For Informational Purposes Only12CONFIDENTIAL For Informational Purposes Only12 MSM India Corporate Organization Man Jit Singh Chairman & Acting CEO Ashok Nambissan General Counsel Nitin Nadkarni CFO Rohit Gupta President Sales & Rev Mgmt OPEN SVP, Licensing & Telephony Sneha Rajani Business Head MAX NP Singh COO Ajit Thakur Business Head SET Gurdip Bhangoo Programming Head SET Anooj Kapoor Business Head SAB Sunder Aaron Business Head PIX Anjani Kumar SVP, Enabling & Tech Services Sunil Panjabi SVP Corp Development MSM Singapore Banu Veloo GM MSM Singapore Rajan Singh EVP Intl Business, London MSM Discovery JV Rajesh Kaul President, MSM Discovery

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13CONFIDENTIAL For Informational Purposes Only13 Sony Entertainment Television SET reaches approximately 100 Million households, showcasing serials, reality, movies and events SET (fresh entertainment for todays family) competes with Star Plus, Zee TV, Colors and Imagine Known to introduce innovative formats Indian Idol, Jhalak Dikhhla Jaa / Dancing with the Stars, Comedy Circus, Dus Ka Dum / Power of Ten, Naya Roop Nayi Zindagi, K for Kishore, Entertainment Ke Liye Kuch Bhi Karega Launched fresh programming during weekdays/weekends both fiction and non-fiction positive traction on two fiction shows Preparing to launch a big format reality show

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14CONFIDENTIAL For Informational Purposes Only14 MAX is now established as a clear #1 in its category Made major gains through broadcast of IPL earlier this year IPL achieved an average rating of 4.2 with the finals at 9.3 Channel continues to lead via its innovations in programming and marketing and has been recognized for its efforts with many national and international awards for creative excellence Pioneering concept of a unique wraparound program using female anchors - Extraaa Innings continues to be the best cricket entertainment show Acquires top class movies each year 14 MAX India s Top Bollywood and Events Channel

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15CONFIDENTIAL For Informational Purposes Only15 SAB is the first Hindi General Entertainment Channel that showcases content with a strong comedy skew ratings have grown close to 100% in the last one year Optimistic, humorous, innovative and providing popular entertainment for New India, SAB is trying to create a niche for itself in a highly cluttered and fragmented general entertainment space Lo Ho Gayi Pooja Is Ghar Ki is Indias first daily family comedy; Tarak Mehta Ka Oolta Chashma has done very well; just launched Maniben.com Fresh programming being launched on Fridays and weekdays SAB Strong Comedy Channel

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16CONFIDENTIAL For Informational Purposes Only16CONFIDENTIAL For Informational Purposes Only16 PIX India s #3 English Language Movie Channel Launched April 1, 2006 to compete with three well-established and well entrenched movie channels (HBO, Star Movies, Zee Studio) Despite its limited access to current titles, PIX has occasionally achieved higher ratings than more established movie channels that air current titles Premium in its appearance, PIX focuses on telling good stories and presents English language movies in a distinctive yet relatable way by using localized content and elements that enhance the Indian movie lovers viewing experience Distribution in 23 Million households - Focus on top 6 metros Launched its first reality show Gateway and first Hollywood films review show on Indian television Chicks on Flicks

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17CONFIDENTIAL For Informational Purposes Only17 TheOneAlliance Distribution Bouquet Note: Both Zee Turner and Star have additional channels in other categories including, but not limited to, games, religion, and lifestyle as well as regional language channels. MSM and Discovery formed TheOneAlliance in 2002 to provide a strong platform for distribution With 20 channels, TheOneAlliance is the third largest distribution platform in terms of number of channels and the second largest with respect to revenue after Star with approximately 23% revenue share Distributed channels are among the top in their categories New competition emerging GE Hindi Movies Non- fiction English Serials Hindi News English News Business News Music English Movies KidsSports One Alliance SET/SAB/ Colors Max Discovery/ AP/ DTL AXN NDTV IndiaNDTV 24X7 NDTV Profit MTV SET PIX Nick/ Animax STAR Star Plus/ Star One/ Star Utsav Star Gold NGC/History/ Zoom Star World Star News/ IBN7 Channel V Star Movies Hungama/ Toon / Disney (2) Zee Turner Zee/ Smile/ Next Zee Cinema Reality/ Trendz Zee Caf Zee NewsCNN Zee Business Music / ETC / VH1 Zee Studio/ HBO Cartoon Network/ Pogo Zee Sports/ TEN Sports Leading Distributors Aaj Tak Tez Headlines VH1 CNBC Tv18/ Awaaz CNN IBN/ Times Now

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18 In addition to South Asia, our channels are distributed to over 70 countries through various distribution platforms The UK (BSkyB and Virgin Media) and the US (EchoStar, Cablevision and Comcast) are our two largest markets outside India SET strongly positioned in all key international markets outside South Asia US and Canada Middle East and North Africa Europe (including UK) Africa Also available in Southeast Asia and Pacific (including Australia and New Zealand) MAX, launched outside India in 2004, now has several hundred thousand subscribers outside India and is available in US, Europe including UK, Middle East and North Africa, Australia, New Zealand and Canada Strong launch of MAX MIX platform in the UK with MAX, Aaj Tak, ARY, Sahara Filmy and Sahara One offered on BSkyB SAB (like SET and MAX) is available in Bangladesh, Nepal, Bhutan and Maldives in South Asia and is targeting further expansion in the US and UK in FY 10 International Distribution of Networks CONFIDENTIAL For Informational Purposes Only

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19CONFIDENTIAL For Informational Purposes Only19CONFIDENTIAL For Informational Purposes Only Indian Premier League (IPL) IPL Season 2 was a huge success Matches achieved an average TVR of 4.2 and the final delivered a TVR of 9.3 This season saw smaller towns & cities adopting IPL much more than last year with the contribution increasing to 34% (31% last year). MSM holds the South Asian television rights from BCCI for the next 7 years ending December 31, 2016 with an option for an additional year Source : TAM India, Markets : All India, TG : C &S 4+, April 2009

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20CONFIDENTIAL For Informational Purposes Only20CONFIDENTIAL For Informational Purposes Only Strengthen share and reach of existing portfolio of channels Launch a sports channel to exploit cricket acquisitions and other sport events Invest in regional markets by launching and/or acquiring channels MSM has the opportunity to purchase 100% of Bangla Entertainment Private Limited (BEPL) from Sony Pictures. BEPL operates "Channel 8", the only Bengali-language movie channel. The Bengali market is among the fastest growing regional markets in India with an estimated advertising market of $75 Million, growing at an 18% CAGR*. BEPL has access to 300 top Bengali film titles as well as a sourcing agreement to provide an additional new 12 features and 36 new telefilms per year. Currently, Channel 8 is distributed by TheOneAlliance and ad sales is represented by MSM Start an in-house television production unit to supplement outsourced programming by building and developing an in-house team of dedicated creative and technical production talent Maximize subscription revenue by continuing to add complementary channels to TheOneAlliance and exploiting cricket rights to drive distribution Expand distribution of channels outside of India to grow international subscription and advertising revenue and increase market share Increase syndication of MSM library content to other channels and distribution platforms (including exploitation of digital platforms) globally Company Growth Initiatives *Source : India Media Sector, Credit Suisse Equity Research

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21CONFIDENTIAL For Informational Purposes Only21CONFIDENTIAL For Informational Purposes Only Primary competition continues expanding/consolidating their portfolios Star has set up Fox Studios for local television production and growing regional channels portfolio Zee is focusing on consolidating its portfolio has shut down Zee Next which was launched last year Viacom formed a JV with TV18 and contributed MTV, VH1 and Nickelodeon; JV launched a Hindi language general entertainment channel, Colors, in July 2008, which has become very successful in a short period of time NDTV Imagine, launched in January 2008, is now showing growth in ratings INX Media, created by the former CEO of Star India in late 2007, launched three new channels (Hindi language general entertainment 9X, Hindi language music 9XM, English language news 9X News) Miditech, traditionally a non-fiction production company, launched a Hindi language general entertainment channel in 2009, Real, in partnership with Turner; sub par performance so far Many new channel launches have been held back due to slow market Competitive Environment in India

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22CONFIDENTIAL For Informational Purposes Only22CONFIDENTIAL For Informational Purposes Only22 Regulatory Environment in India MSM India has successfully operated in India for 14 yrs despite a difficult regulatory environment as Indian government has played an aggressive role in industry regulations in recent years Conditional Access System (CAS) regulations mandate installation of set top boxes in cable households to receive pay TV channels and a la carte distribution. CAS has been implemented in Chennai and certain parts of Delhi, Mumbai and Kolkata There are also price controls and other distribution regulations (governed by The Telecom Regulatory Authority of India (TRAI)) Price controls in effect since December 2003 Must provide regulations in which channel providers cannot enter into exclusive contracts with operators/distributors and have to provide their channels on a non- discriminatory basis In CAS regions, mandated contractual terms and revenue splits between channel providers and operators/distributors

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23CONFIDENTIAL For Informational Purposes Only23CONFIDENTIAL For Informational Purposes Only23 Regulatory Environment in India (contd) Downlinking Guidelines/Indian Broadcast License Mandated licensing of TV channels Indian government suspended certain channels from air for content deemed objectionable Compulsory sublicensing of certain sports rights to public broadcaster (Indian government channels) Content Regulations Courts mandated prior Censor Board approval so that all motion pictures exhibited on TV qualify as U (G) or U/A (PG) Indian government exploring Content Code providing additional restrictions on programming and advertising content

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24CONFIDENTIAL For Informational Purposes Only24 MSM considers programming amortization to be an operating expense and therefore it is included in the programming expense line before calculating EBITDA. Income Statement

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25CONFIDENTIAL For Informational Purposes Only25 Cash Flow Statement

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26CONFIDENTIAL For Informational Purposes Only26 Balance Sheet

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27 Segmented Revenue - SETEBITDA and EBIT Trends - SET Segmented Revenue - MAXEBITDA and EBIT Trends - MAX 114 131 150 168 186 CAGR 10 -14 ~13% 203 208 235 259 288 CAGR 10 -14 ~9% All channel figures/stats include India and international, where applicable, and MAX includes cricket. CONFIDENTIAL For Informational Purposes Only

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28 Segmented Revenue - SABEBITDA and EBIT Trends - SAB Segmented Revenue - PIXEBITDA and EBIT Trends - PIX 22 33 39 45 53 CAGR 10 -14 ~25% 9 13 17 19 CAGR 10 -14 ~21% 15 All channel figures/stats include India and international, where applicable CONFIDENTIAL For Informational Purposes Only

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29CONFIDENTIAL For Informational Purposes Only29 Accounting Principles Financial statements for FY 07 have been prepared under US GAAP Statutory financial statements are prepared in accordance with local generally accepted accounting principles in order to comply with local statutory filing requirements (UK GAAP, Singapore Financial Reporting Standards and Indian GAAP). These are up to date through FY 08 Revenue recognition Advertisement revenue, net of agency commission, is recognized in the period during which advertising spots are aired Subscription revenue is recognized over the period during which the related services are provided Programming costs Owned television series are amortized over two financial years in the ratio of 75:25 Films are amortized through the license period, based on estimated revenues, from the date of first telecast or beginning of the license period depending on the film category Cricket rights are amortized based on estimated total revenue over the license period Events and sports (other than cricket) are amortized over the license period Significant Accounting Policies

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30CONFIDENTIAL For Informational Purposes Only30 MSM Capital Needs At the end of FY 09, MSM realized a negative net cash flow of $70 Million, which was financed through a $40 Million shareholders capital call and the balance through bank debt FYE 10 projected net cash flow is planned at ($121.4) Million, with ($61.6) Million attributed to the IPL; ($37.8) Million to the core business; ($8.7) Million to NZ Cricket; and ($13.3) Million to an extraordinary cash event $40 Million of current bank debt with SMBC has been rolled over until June 2010 and it is likely that an additional rollover will be required into FY12 Due to significant cricket payments in FY10 approximating $145 Million, $60 Million in bridge loans have been provided by SONY to supplement IPL A/R financing and other working capital financing arrangements It is anticipated that the $60 Million bridge loans will be repaid upon a shareholder capital infusion In FY 10 and FY 11, the company will likely require up to an additional $40 Million in capital In FY 11 and FY 12, IPL A/R Financing will still be required

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31CONFIDENTIAL For Informational Purposes Only31 India Tax Authorities have been contending that MSM Satellite (Singapore) Pte. Ltd. (MSMS) has a Permanent Establishment in India due to its relationships with Multi Screen Media Private Limited (MSMI). Although the Bombay High Court for assessment year (AY) 1999-2000 has held in favor of MSMS, India Tax Authorities have appealed this decision to the Supreme Court of India. As of March 31, 2008, MSMS has a reserve of US $33.8 Million pending final resolution of all related cases in connection with multiple assessment years. Pursuant to a tax gross up clause in its license agreement with Global Cricket Corporation Pte Limited (GCC) for certain television rights to ICC cricket matches from 2002 to 2007, MSMS is financially responsible for any withholding taxes (WHT) relating to the agreement. Although MSMS received favorable Commissioner of Income Tax (Appeals) (CIT(A)) orders through AY 2008-09, India Tax Authorities rejected MSMS application for a nil WHT order relating to a final payment made in 2009. This order is being appealed to the CIT(A). Singapore Economic Development Board granted MSMS an Approved Royalties Certificate for its license agreements under which the Singapore WHT on approved royalties is 0% in exchange for MSMSs guarantee of certain increased business spending in Singapore. Analysis of recent Indian case law indicates that service fees earned on marketing of airtime may not qualify for deduction under Section 80HHF. MSMI has consequently reserved US$2.4 Million for AY 2000-01 to AY 2004-05. Tax Issues

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32CONFIDENTIAL For Informational Purposes Only32 Current Bank Facilities Working Capital Facilities Short Term Loans Standard Chartered BankSumitomo Mitsui Banking Corporation (SMBC) $18 Million Working Capital Facility Amount:US $18 Million credit facility for MSM Singapore Interest:LIBOR or SIBOR plus 100 basis points per annum plus liquidity premium Term:Revolving six month renewals Status:$17,825,200 total outstanding balance $40 Million Bridge Loan Amount: US $40 Million credit facility for MSM Singapore Interest: SMBC base rate plus 60 basis points per annum Term: Due on June 30, 2010 Status: Fully drawn down $15 Million Working Capital Facility Amount:US$15 Million credit facility for MSM Singapore Interest:LIBOR or SIBOR plus 150 basis points per annum plus liquidity premium Term:Revolving 360-day renewals Status:Fully drawn down Rs. 220 Million ($4.6 Million) Working Capital Facilities Amount:Rs. 220 Million credit facilities for MSM India Interest:Set by bank Term:Revolving 30 day facility; maximum rollover is 1 year Status:Not currently drawn down

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33CONFIDENTIAL For Informational Purposes Only33 Current Bank Facilities (contd) IPL AR Financing Short Term Loans Sony Global Treasury Services $30 Million Bridge Loan 1 Amount: US $30 Million credit facility for MSM Singapore Interest: Inter-bank offer rate with 0.125% margin Term: Earlier of August 31, 2009 or as determined by lender Status: Fully drawn down Standard Chartered Bank $60 Million Receivables Financing Amount: US $60 Million credit facility for MSM Singapore Interest: LIBOR plus 375 basis points per annum Term: Maximum 150 days from date of IPL advertising invoices Status: $25,831,000 total outstanding balance $30 Million Bridge Loan 2 Amount: US $30 Million credit facility for MSM Singapore Interest: Inter-bank offer rate with 0.125% margin Term: Earlier of August 31, 2009 or as determined by lender Status: Fully drawn down

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34CONFIDENTIAL For Informational Purposes Only34 Current Bank Facilities (contd) Film Financing Facilities HDFC BankStandard Chartered Bank Rs. 710 Million ($14.79 Million) Invoice Discounting Facility Amount:Rs. 710 Million film financing line for MSM India Interest:Set by bank Term:Up to 1 year Status:NIL outstanding $40 Million Invoice Discounting Facility Amount:US $40 Million film financing line for MSM India Interest:Negotiable prior to each drawdown Term:Up to 3 years from date of first drawdown Status:Fully drawn down Rs. 300 Million ($6.3 Million) Post Shipment Facility Amount:Rs. 300 Million film financing line for MSM India Interest:Set by bank Term:Up to 360 days Status:NIL outstanding Axis Bank Rs. 500 Million ($10.4 Million) Invoice Discounting Facility Amount:Rs. 500 Million film financing line for MSM India Interest:Bank Prime Lending Rate minus 3.25% Term:Up to 3 years Status:$2.4 Million outstanding

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35CONFIDENTIAL For Informational Purposes Only35 Conclusion MSM influences viewers in the Indian subcontinent and South Asian Diaspora worldwide MSM has established itself as a market leader servicing the digital entertainment needs of our viewers across multiple platforms MSM is operating in a very exciting marketplace that offers many opportunities for its business to flourish and MSM is well-positioned to capitalize on all opportunities Strategic investments in identified future growth areas will take MSM to the next level and establish it as a strong media conglomerate Further information can be found at www.setindia.com, www.maxtelevision.com, www.sabtv.com, www.pixtelevision.com, www.setasia.tv, www.maxasia.tvwww.setindia.comwww.maxtelevision.com www.sabtv.comwww.pixtelevision.comwww.setasia.tvwww.maxasia.tv