Dear Shareholders,
 
 Welcome to the 30th Annual General Meeting of our Company.
 
 The financial year 2010-11 was a significant year for the Company. The
 Company was able to successfully complete the merger of it''s print and
 publishing business with Jagran Prakashan Limited (JPL).
 
 Pursuant to the Scheme of Arrangement (Scheme) between the Company and
 JPL and their respective shareholders and creditors, the Honorable High
 Court of Bombay and the Honorable High Court of Allahabad accorded
 their approval to the Scheme on October 15, 2010 and on December 21,
 2010 respectively.
 
 As per the Scheme, the entire print and publishing business of Company
 alongwith all the related licences, trademarks and logos stand
 transferred in the name of JPL with effect from 1st April 2010.
 
 Pursuant to the transfer of the name and logo of ‘Mid-Day'', the Company
 has changed its name to Next Mediaworks Limited post all approvals from
 its shareholders and the Central Government.
 
 At the present time, our substantial business is in FM radio
 broadcasting, which is undertaken in our subsidiary Radio One, which is
 a joint venture with BBC Worldwide and in which we hold an equity share
 of 70%.
 
 My remarks will therefore be largely relating to the radio business.
 
 2010- 11 – An Overview
 
 The Media and Entertainment (M&E) industry was one of the fastest
 growing sectors in India in the last year. Poised to grow at a
 compounded rate of 14 per cent to touch US$ 28 billion by 2015, the
 sector registered a growth of 11 per cent in 2011. The industry''s
 strong growth potential was attributed to factors such as growing
 potential of the regional markets, advertising spends bouncing back
 post recession, increasing media penetration and per capita
 consumption, and the rising importance of New Media driven by changing
 media consumption patterns.
 
 The Radio industry registered a revenue growth of 24% during the year
 which was driven by both metros and non metros. The growth was driven
 by large inventory volumes which grew in the RAM (Radio Audience
 Measurement) markets by 39% during the year and further enhanced due to
 price increases in the latter part of the year.
 
 In listenership, FM penetration increased to approximately 77% (RAM
 markets) and FM enabled mobile phones emerged as the key device for
 listenership across cities. Local advertising remained a strong
 contributor to industry revenues accounting to approximately 40% of ad
 revenues. Real estate was one of the biggest contributing sectors.
 
 Our radio subsidiary, Radio One grew faster than the market, with a
 revenue growth of 46% from Rs. 3031 lakhs to Rs. 4413 lakhs from our
 seven FM stations across the country. EBIDTA improved from a loss of Rs
 169 lakhs last year to a profit of Rs 406 lakhs in the current year.
 
 I would like to recognize the efforts of the management team led by
 Vineet Hukmani in this excellent performance.
 
 Going Forward
 
 FM Radio Broadcasting
 
 The Union Cabinet in its meeting on July 7, 2011 approved the proposal
 of the Ministry of Information and Broadcasting for the ''Policy
 Guidelines on Expansion of FM radio broadcasting services through
 private agencies (Phase-Ill)''. This is a significant step in the
 development and growth of the Radio industry in the country. FM
 Phase-Ill Policy proposes to extend FM radio services from present 86
 cities to 313 cities with upto 839 new FM radio stations. Phase -III
 policy will result in coverage of all cities with a population of one
 lakh and above with private FM radio channels.
 
 Some of the salient features of the approved Policy for Phase-Ill are :
 
 -Radio operators have been permitted carriage of news bulletins of All
 India Radio;
 
 -Broadcast pertaining to the certain categories like information
 pertaining to sporting events, traffic and weather, coverage of
 cultural events, festivals, coverage of topics pertaining to
 examinations, results, admissions, career counselling, availability of
 employment opportunities, public announcements pertaining to civic
 amenities like electricity, water supply, natural calamities, health
 alerts etc. as provided by the local administration will be treated as
 non-news and current affairs broadcast and will therefore be
 permissible.
 
 -The limit on the ownership of Channels, at the national level,
 allocated to an entity has been retained at 15%. However channels
 allotted in Jammu & Kashmir, North Eastern States and island
 territories will be allowed over and above the 15% national limit to
 incentivise the bidding for channels in such areas.
 
 -Private operators have been allowed to own more than one channel but
 not more than 40% of the total channels in a city subject to a minimum
 of three different operators in the city.
 
 -Networking of channels will be permissible within a private FM
 broadcaster''s own network across the country; instead of in C and ''D''
 category cities only of a region allowed at present.
 
 -FDI limits in a private FM radio broadcasting company has been
 increased from 20% to 26%.
 
 -The lock in period of shareholding of promoters/majority shareholders
 has been reduced from the present 5 years to 3 years.
 
 The steps taken in the new policy will bring down operational costs and
 improve viability in general. Your company is analyzing the
 opportunities and the strategies to use the above benefits to the best
 of its advantage.
 
 The Digital opportunity
 
 Internet access is growing significantly in the country, with
 entertainment, communication and instant messaging being the main
 purposes for access. According to an Internet and Mobile Association of
 India (IAMAI) report, 41 per cent of the claimed internet users had
 used the internet for watching, downloading and listening to music or
 uploading or downloading pictures while 32 per cent also used the
 internet for email, chat and communication.
 
 Increasing digitalisation will also change the ways in which consumers
 view or listen to content. These distribution platforms will assist
 broadcasters in giving direct access to consumers, thus facilitating
 the provision of not just routine content but also customised value
 added services. The increasing penetration of smart phones and devices
 like the ipads and tablets offer an opportunity to expand the music
 business beyond FM radio and beyond the boundaries of the country.
 
 The Company''s new name indicates the management''s intentions to explore
 and exploit all available opportunities in areas of new age media and
 entertainment. Your Company looks forward to participating in the
 technology revolution which is currently sweeping the country.
 
 Acknowledgement
 
 I would like to thank various Government bodies, banks and financial
 institutions and vendors for their support and our Board members for
 their guidance.
 
 I would also like to express my deep gratitude to our Shareholders,
 Employees and our Listeners for their continued support and
 encouragement at an important phase of our journey.
 
 Thank you,
 
 Tarique Ansari
 Chairman & Managing Director
 
 Place : Mumbai