1. Page 0 National Channels 20 national channels 5 HD channels NewsCorp Essel Group (Indian Conglom) TheOneAlliance JV (24 total) Distribution Bouquet 6 channels (SET, MAX, SAB, PIX, MIX, SIX) 2 HD channels 2 SPE-owned (AXN/Animax) 13 national channels 3 HD channels Majority stake in TEN Sports (5 channels) MediaPro Bouquet (71 total) SPE has strong national channels in India but limited presence with regional channels Regional Channels 1 regional channel (AATH) 10 regional channels 9 regional channels MSM SPE Source: Zee Annual Report 2012; startv.com; MediaPro.net.in

2. Page 1 Source: FICCI-KPMG Indian Media and Entertainment Industry Report 2012; TAM Universe Update 2012; Edelweiss Report - March 2012; Note - $ = INR 55 Break-up of channels Regional GEC Markets (top 6 regions and Hindi) Growth In Regional Channels Language spread across India The regional ad market is significant; the top regional ad markets are approaching the size of the Hindi ad market Competitors are rapidly expanding their regional footprint, with 18% CAGR (2008-2012) in the number of regional channels

3. Page 2 Notes: These comparables do not include ETV that would be considerably higher. Transaction comp includes Asianet-Star acquisition, adjusted for time since close. Public comps include Sun TV and Zee TV, both of which have operations in Andhra Pradesh Assumed FX rate of 55 INR:USD Source: Deloitte Valuation Valuation Range Sensitivities $257 $235 $168 $144 Proposed SPE enterprise value ($204MM) for 100% ($MMs converted from INR at 55 INR:USD) Independent Fair Market Value Range – 100% Value At 80% of business plan, the post-tax IRR is 11.7% and NPV is $(4MM) At 120% of business plan, post-tax IRR is 21.7% and NPV is $53MM $208 19.1x 16.4x 29.2x 23.6x 26.7x 22.2x $195 $202 $164 18.6x 22.9x $318 36.1x 29.3x $258