Dear Shareholders,
 
 Indias media, like the nation, is going through a period of churn.
 Many see the media exposes on bribery and corruption  and our
 leaders being sent to jail  as depressing evidence of the crisis in
 our system. But there is an alternate viewpoint: this is a necessary
 step for the country to cleanse itself. India will emerge from this
 stronger and more mature.
 
 The question is will Indias media emerge more mature? In the midst of
 the cacophony of tabloid news channels, NDTV remains Indias most
 credible and balanced news network  which is why advertisers are
 still willing to pay a premium over other channels to advertise on
 NDTV. We believe, with your support as our shareholders, once the dust
 has settled and credibility is seen as the most important factor in
 news reporting, NDTV will be the brand that survives and remains on
 top. Brand matters  and NDTV is Indias leading news television
 brand.
 
 In many ways Indias media is in transition from analog to digital.
 While our medias vibrancy and creativity adds greatly to our
 democracy, the bottlenecks created by analog cable distribution as well
 as local cable monopolies are hurting the growth of our media. Moreover
 this leads to high distribution costs which hit the bottom line of most
 companies.  As India moves rapidly towards newer digital forms of
 distribution, NDTV and other leading media companies are set to benefit
 greatly. The digital transformation will include cable-digitization,
 DTH, 3G mobile and Broadband Wireless Access amongst others. As a
 result of these developments, the future is bright for NDTV because a
 major cost centre will gradually turn into a source of revenues  a
 huge turnaround.
 
 I am also very happy to report that the spirit, teamwork and energy
 among everyone who works at NDTV is at its highest levels. NDTV has
 been assessed to be number one among all media organizations in India
 in the list of Great Places to Work . This makes all of us proud as
 it leads to high quality on air programming.
 
 In addition to being the most credible news network, we are very happy
 to report to you that NDTV is Indias leading media organisation in
 pushing for change in India through campaigns on various critical
 challenges: the environment, the near extinct tiger, Indias dying
 coastline, our polluted rivers, marks for sports and support my school
 to name a few campaigns. On these issues, NDTV has run a series of
 highly successful television campaigns that have led to changes in
 government policy as well as impacted the national attitude towards our
 environment. We are proud that this ability to go beyond narrow short
 term interests and think about the future of India has made NDTV the
 channel of choice among the younger generation of viewers in our
 country.
 
 Once again thank you, our shareholders, for all your support and
 encouragement. We strive to make you proud of an organization that is
 the leading Indian media brand today, tomorrow and for 150 years from
 now.
 
                                                  Dr. Prannoy Roy 
                                                      Chairman
 
                                                 Mrs. Radhika Roy 
                                                 Managing Director