COMPANY OVERVIEWSEPTEMBER 2012

DISCLAIMER

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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

Largest Indian TV Network in the World

Sports Channels

Regional Entertainment

Music & Lifestyle

Hindi Entertainment

English Entertainmen

t

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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

1995

2002

2010

2011

• Zee TV goes global

• Zee Network launched in UK

• Distribution partnership with Turner, a Time Warner subsidiary

• Zee acquires the regional entertainment networks

• Acquires another 45% stake in Ten Sports, after acquiring 50% in 2007

• Zee, Star, Turner & Den form a distribution alliance – Media Pro Enterprise India

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

• Television sector estimated at Rs 330 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

10

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

140158 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 Households231 Mn

Digital

42 Mn

C&S HHlds

126 Mn

TV Owning Households

148 Mn

Total Households231 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

12

• 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 thedigitization wave

69 68 68 59 5032

124

4 5 6 19 3249

67 75

1628

3746

53 64 78 86

67

8

88

88

8

0

0

00

12

23

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 OFFERINGHINDI ENTERTAINMENT

HINDI MOVIES

REGIONAL LANGUAGE ENTERTAINMENT (R-GEC)

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ENGLISH ENTERTAINMENT & MOVIES

PRODUCT OFFERINGSPORTS

MUSIC & LIFESTYLE & SPECIAL INTEREST

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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 ofthe country

• Key properties in FY13:

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

• Others: WWE, UEFA Champions League, Europa League, US Open, ATPevents, 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: Uncha Maza Zoka, Tu Tithe Me, Mala Sasu Havi, Hafta Bandh Jagna Suru

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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: Banglar Sera Paribar, Dadagiri Unlimited III, Rashi, Saat Paake Bandha, 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: Pasupu Kumkuma, Muddubidda, Kalavari Kodallu, Super Mom,

Chittam Chittam Prayachittam

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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, Parvathi Parameshwara, Panduranga Vittala

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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 23 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 distributingZEE channels, Zee News Channels and Turner Channels

• Star-Den is a 50:50 JV between Star India and DEN for distribution of Starchannels, Fox channels and third party channels like NDTV Channels

• Media Pro distributes all the channels which were earlier distributed by Zee-Turnerand Star Den

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50% 50%

DIGITIZATION: POTENTIAL GAME CHANGER

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Underpenetrated TV market Low ARPUs

Additional business models emergingMandatory 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 31st October, 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(%)

FOCUSED INVESTMENTS

India.com OTT Distribution

Platform

24-hours Golf

Channel

New Arabic Channel Bangla Movie

Channel

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Education Channel

H1 FY2013 RESULTSApril – September 2012

FINANCIAL RESULTS

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*Note: Operating revenues for FY11 include a non-recurring one time fees of Rs 700 million forpremature termination of sporting events rights.

Y-o-Y

Growth

Operating Revenues* 30,088 30,406 1% 14,110 17,964 27%

Expenditure 21,870 23,010 5% 10,531 13,456 28%

Operating Profit (EBITDA) 8,219 7,396 -10% 3,579 4,508 26%

EBITDA Margin 27% 24% 25% 25%

PBT before exceptional items 8,725 8,407 -4% 3,917 4,836 23%

Less: Provision for Tax 2,671 2,500 -6% 1,015 1,391

PAT before exceptional items 6,054 5,907 -2% 2,902 3,445 19%

Add: Exceptional Items 197 - - -

PAT after exceptional items 6,251 5,907 -6% 2,902 3,445 19%

Less: Minority Interest / Share of

Associates -118 16 (33) (12)

(Rs million) Six Months

FY12 FY13FY11 FY12 Growth

BALANCE SHEET

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• Debt free balance

sheet

• Strong net cash

position

• Return on Avg.

Capital Employed

of 22% for FY12

Equity & Liabilities

Shareholder's Funds 34,354 37,443

Non Curremt Liabilities 240 306

Current Liabilities

a) Trade Payables 3,613 3,460

b) Other Current Liabilities 3,273 4,194

c) Short Term Provisions 1,705 10

Total - Equity and Liabilities 43,185 45,413

Assets

Non Currrent Assets

a) Tangible Assets 2,164 2,653

b) Intangible Assets 7,035 7,083

c) Capital WIP 201 34

d) LT Loans & Advances 1,415 1,701

d) Others 1,328 1,300

Currrent Assets

a) Current Investments 7,324 7,739

b) Inventories 7,339 7,583

c) Trade Receivables 8,690 10,690

d) Cash & Bank Balance 3,283 2,286

e) Others 4,374 4,386

Minority Interest 32 -42

Total Assets 43,185 45,413

(Rs million)As on 31

st

March, 2012

As on 30th

Sept., 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 650 million households in over 168 countries

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

The global force in entertainment