June 2006

A.P.Parigi [email protected]

Prashant Panday [email protected] Disclaimer

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in our business segments, change in governmental policies, political instability, legal restrictions on raising capital, and unauthorized use of our intellectual property and general economic conditions affecting our industry. ENIL may, from time to time, make additional written and oral forward looking statements, including our reports to shareholders. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. 1. Indian Economy Overview 2. Indian Media & Ad Industry 3. ENIL – an Opportunity Agenda 4. Board of Directors And Management 5. Key Financials 6. Future Business Outlook Indian Economy Overview Indian Macro-economic Dynamics are Favourable

• Indian Economy exhibited strong performance in 2005-06

– Gross Domestic Product (GDP) recorded 8.1% growth in 2005-06 – Over the next 2-3 years, India is predicted to maintain a growth rate of 7-8% – Six Infrastructure Industries record 4.9% growth in 2005-06 • Major Emerging Global Market

– Young Population, Median age of 24.3 years – Increasing urbanisation and consumerism coupled with increasing disposable income – According to NCAER, the Indian middle class (household income between $ 4,500 – 23,000) currently at 92.0 mn, is expected to cross 153.0 mn by 2010 • Favourable Conditions for Foreign Investments

– Foreign Exchange reserves of $157.3 Bn as on April 21, 2006 – Foreign Investment of ~$17.0 Bn in FY 06, expected constant growth for next 2-3 years

1 FIIs – Strong Confidence in Indian Equity Markets

US$ Bn

36.0 2.1 • FIIs have shown strong interest in 30.0 1.4 Indian Equity Markets 24.0 0.7

18.0 - • FIIs have made net investment of: 12.0 (0.7) – $34.0 Bn from Jan 99 6.0 (1.4) – $2.5 Bn in CY

- (2.1) 06 Jan-99 Dec-99 Nov-00 Oct-01 Sep-02 Aug-03 Jul-04 Jun-05 Till June 21, – $0.4 Bn from 06 June 1 – 21, 06 Cumulative FIIs Investment

Monthly net FIIs Investment

Source: Money Control, data upto June 21, 2006

2 Indian Media & Ad Industry Indian Entertainment and Media Industry on Fast Growth Path

• Indian Media and Entertainment Industry has out- performed the Indian Economy – one of the fastest growing sectors in India • Rising on the back of economic growth and rising income levels – Increasing disposable incomes – Sustained growth in income levels – Reduction of personal income tax over the last decade • The current size of the industry is estimated at $7.7 Bn – Expected to grow at a CAGR of 19% 2006 Industry ($ Bn) % Share '05-10 CAGR FDI Limit Estimated size of Entertainment & Media Industry Television 3.7 42% 24% 49%

20.0 Filmed Entertainment 1.7 20% 18% 100% 18.2 R Radio 0.1 1% 32% 20% 16.0 CAG 14.9 19% 12.2 Music 0.2 2% 1% 100% 12.0 10.3 8.7 Live Entertainment 0.2 2% 18% 100% 8.0 7.7 $ Billion $ 6.7 Print Media* 2.6 30% 12% 100% 4.0 Out-of-Home Media 0.2 3% 14% 100% 0.0 Internet Advertising 0.0 0% 50% 100% 2004 2005E 2006F 2007F 2008F 2009F 2010F Source: 2006 annual edition of the FICCI- * In the news and current affairs category, such as newspapers, FDI has been allowed up to 26% Price Waterhouse Coopers report

3 High Growth Projected for Indian Ad Industry

Ad Spent as a % of GDP Radio Industry Share in Ad Spend

2.0 16.0 15.3

1.6 13.0 12.5 1.5 1.4 9.4 1.1 10.0 8.7 1.0 1.0 6.5 0.7 7.0 0.6 4.4 0.5 0.3 4.0 2.9

1.0 0.0 Thailand New Singapore World Philipines China India Philipines New Singapore World Thailand China India Zealand Average -2.0 Zealand Average Source: Zenith Optimedia

Indian Ad Spend: Radio Spend as % of Total Ad Spent: Potential for ad industry to grow from Radio Industry share is expected to Rs 111 Bn ($2.4 Bn) to Rs 480 Bn grow from current 3% ($80 mn) to 8% ($10.4 Bn) in 10 years ($832 mn) in 10 years starting FY 07

4 We are part of Times Group : India’s Largest Media Conglomerate

Bennett Coleman & Co Ltd

Times Global Publishing Division Times Internet Limited Broadcasting
The Times of India (JV with Reuters)
The Economic Times
Navbharat Times Times
Maharashtra Times Infotainment
Sandhya Times Media Limited
indiatimes.com
News Channel –
8888 TIMES NOW
Wallet365.com Entertainment & Retail
Movie Business
Times Music
Times Multimedia
Planet M Entertainment
Entertainment Channel Network (India) World Wide - Zoom Limited Media (JV with BBC)
Radio Mirchi Online Ventures TIMPL
Timesjobs.com
Femina
Timesmatri.com
360 0 Experience
Filmfare
Times OOH
Other Magazines

5 Times of India Group: Presence in almost all media segments

• Times of India has rich heritage of over one and a half centuries of leadership in Indian media • The group is present in almost all segments of Indian Media Industry

Times of India Group Mission:

We are a global company with cosmic consciousness served from India aggregating audiences to network media brands , transiting through print

6 ENIL – an Opportunity

Our Vision is to be “A Leading City-centric Media Company By Delivering Unique Audiences Through Media Vehicles Like FM Radio, Experiential Mar keting And Out-of-home Media” Corporate Structure

Corporate Structure

Company Business Brand

BCCL Flagship company of “The Times of India” • ENIL is a 64.2% group 100% subsidiary of Times Infotainment Media TIML Holding Company and into Movies business Ltd. (TIML), 7% in

64% ENIL is held directly 7% by BCCL and Radio: India’s largest ENIL Pvt FM network balance by Public
Broadcasting
Activations 100% Events and Promotion • Times Innovative
Life Style & Entertainment TIMPL
Trade Conferences & Media Private Exhibitions
Corporate Events Limited (TIMPL) is

Out Of Home 100% subsidiary of Media
Street Furniture ENIL
Transport
LEDs

7 Company Snapshot

Headquarters: Mumbai, India

Incorporated: 1999

Listed: February 15, 2006

Subsidiary: Times Innovative Media Private Limited (TIMPL), incorporated on October 27, 2005 Business: – ENIL Radio Broadcasting brand Radio Mirchi – TIMPL Out-of-home Media brand Times OOH; and Experiential Marketing brand 360 0 Experience FY06 Total Income: Rs. 1,406.7 mn ($30.6 mn), including other income of Rs. 32.0 mn ($0.7 mn) FY06 EBITDA: Rs. 408.3 mn ($8.9 mn)

FY06 EBITDA Margin: 29.0%

8 We are present in High Growth Industry Segments

Current Media Spends as % of Total Ad Spent Estimated size of Radio Industry Outdoor Cinema Internet 6% 0% 300 Radio 1% 260.9 3% GR 240 CA 217.4 32% 180 173.9 Print 46% 120 119.6 TV Million $ 80.4 44% 65.2 60 52.2

0 2004 2005E 2006F 2007F 2008F 2009F 2010F

Source: Zenith Optimedia

Estimated size of OOH Media Industry Estimated size of Live Events Industry

400.0 391.3 R 380.4 400.0 CAG 337.0 R 347.8 14% CAG 320.0 293.5 320.0 18% 260.9 282.6 240.0 228.3 240.0 239.1 195.7 204.3 184.8 173.9 160.0 160.0 152.2 $ Million $ $ Million $

80.0 80.0

0.0 0.0 2004 2005E 2006F 2007F 2008F 2009F 2010F 2004 2005E 2006F 2007F 2008F 2009F 2010F

Source: 2006 annual edition of the FICCI- Price Waterhouse Coopers report

9 Business Division Snapshot

Radio Mirchi: – Till FY 2006 7 Stations (Delhi, Mumbai, Kolkata, Chennai, Pune, Ahmedabad and Indore) – Launched in April 2006 3 Stations (Bangalore, Hyderabad and Jaipur) – Planned 22 additional Stations in next 12-18 months Key Customers: Hutch, HLL, Sahara, BCCL, Bharti, Pepsi, ICICI, Dabur, Set Max Times OOH: – Till FY 2006 Mumbai (1400+ Bus Queue Shelters), Delhi Metro (13 Stations), Kolkata (80 Hoardings) – In April 2006 Delhi – Noida toll bridge (66 Displays) and LEDs Key Customers: Bharti, Hindustan Times, HLL, HSBC, Standard Chartered, Cadbury, Coca-Cola 360 0 Experience: 600+ events including Femina, Filmfare and Pravasi Bharti in FY2006 Key Customers: Samsung, Set India, SBI, Mastercard, Deutsche Equities, Castrol India, Trent-Tata

10 ENIL Key Highlights

• We are operating in high growth industry • We are well prepared and well positioned for the increasing competition • We have managed to increase our market share in radio to over 50% • We have maintained our number 1 status in listenership • We launched 3 new radio stations in Jaipur, Bangalore and Hyderabad within 75 days of the completion of bidding process • We won Out-of-Home advertising rights of Delhi Metro (13 stations), Kolkata (80 hoardings) and Delhi-Noida toll bridge (66 displays) for total license fee of Rs 340.0 mn ($ 7.4 mn) payable over a license tenure of 2 - 5 years • Put up 1 LED screen at Sahara Mall – Gurgaon

– Planned Rs. 350.0 mn ($7.6 mn) for LEDs over the time • We have identified our challenges for next year and are working towards addressing them

11 Radio Mirchi: The Radio Station India Tunes to…

• Widely recognized brand Listnership in Delhi 40.0 – Presence in key markets 36.8 – Radio Mirchi today reaches more people than 30.0 the #1 TV/Print media Brands in advertiser’s target cities and adjoining areas 20.0 17.3 st – Won 8 awards in 31 RAPA Awards 2005 13.5

• Innovative Content: 10.0 – Strong relationships with Hindi, Bengali and 0.0 Tamil film fraternity Radio Mirchi Radio City Red FM – Exclusive music breaks Listnership in Mumbai

– Mature research culture – music/listenership 30.0 • Success in Diverse Markets – Experience in establishing superior linkage 20.5 20.0 19.0 between Marketing and Programming

– Customized content in 10 distinct markets 12.0 • Superior Sales Capabilities 10.0

– Offering unique and innovative solutions 2.5

Hutch ‘Pink Campaign’ 0.0 Radio Mirchi Radio City Red FM Go Mirchi Activation Source: MRUC Survey, AC Neilson (ORG-Marg-Wave 8, fieldwork Jan 06 to Mar 06. All Sec 12+)

12 Radio Industry: Positive Regulatory Reforms

• Roll-out of Phase II of • From existing 12 cities to privatization 91 cities

• Fixed License Fee regime changed to OTEF + Revenue • From existing 21 stations share to approximately 300 stations • Annual license fee 4% of gross revenues • From existing 7 players to • FDI in Radio increased to 20% 43 players

Growth opportunity for private FM: From current 3% ($80 mn) to 8% ($832 mn) of total Ad industry in 10 years starting FY 07

13 FM Radio – We are now present in all the top 13 towns (pop 2 mn +)

Competitive Landscape:

• ENIL won 25 licenses Player Total stations Of top 13 towns

in the Phase II bidding • Adlabs 44 7

• Only company to have • South Asia/Kaal Radio 40 10 presence in top 13 • ENIL 32 13 towns with population of 2 mn+ • Radio City 20 11

• Only incumbent in all • Dainik Bhaskar 17 4 the four metros • Bag Films 10 0

• Zee/Century 8 0

• Thanthi/Today/Midday 7 1/3/7

• HT/Positive/Raj Pat 4 4/0/1

• Red FM 3 3

14 Key Challenges facing ENIL

• Rapid roll-out of stations

• Talent identification, training and retention

• Retaining and growing absolute listenership numbers

• Cost management – especially w.r.t marketing and payroll

• Music royalty regime – rationalization

• Development of listenership research standards and spread across the country

15 Board of Directors And Management Board of Directors

• Mr. Deepak M Satwalekar – Non-Executive and Independent Director – MD and CEO , HDFC Standard Life – Director on the board of Infosys, Asian paints, Nicholas Piramal & others

• Mr. N Kumar – Non-Executive and Independent Director – Vice Chairman, Sanmar Group – Director on the board of Bharti tele, The India Cement, MRF Ltd & others

• Ms. Rama Bijapurkar – Non-Executive and Independent Director – Marketing Consultant – Director on the board of Infosys, Godrej Consumer, Crisil, UTI Bank & others

• Mr. Ravi Dhariwal – Non-Executive Director – Executive Director, BCCL – Director on the board of BCCL, TIML

• Mr. A.P. Parigi – Managing Director and Chief Executive Officer

Board Driven company with emphasis on corporate governance practices

16 Strong & Experienced Management Team

CEO AP Parigi Experience 34 years overall 6 years at ENIL

Deputy CEO CFO Business Head SVP Legal & CS EVP, SVP, People Times OOH Regulatory Affairs Innovation Prashant Harvinderjit Anil Farid Panday Singh Bhatia Fernandes Ravi Narula Prasad Kureshi Swaminathan Experience Experience Experience Experience Experience Experience 17 years overall 17 years overall, 16 years overall, 15 years overall, 33 years overall 10 years overall, 6 at ENIL 5 ½ at ENIL 4 ½ at ENIL 3 ½ at ENIL 6 at ENIL 5 at ENIL

Nandan Srinath, COO, ENIL India

Sumeet Chatterjee, Senior Vice President, 360 0 experience

Sharath Chandra, COO, ENIL International

Tapas Sen, Executive Vice President, Programming

Kaushik Ghosh, Senior Vice President, Marketing

Col. (Retd.) Nataraja Thiagarajan, Chief Technical Officer

17 Key Financials FY 2006 ENIL Financials - Key Highlights

• Initial Public Offer of 13.2 mn shares of Rs.10/- each at a premium of Rs. 152/- aggregating issue proceeds of Rs. 2,138.4 mn ($46.5 mn) • Investment of Rs. 40.0 mn ($0.9 mn) till March 31, 2006 in 100% subsidiary Times Innovative Media Pvt. Limited (TIMPL) • One Time Entry Fee of Rs.1,301.0 mn ($28.3 mn) for 25 new radio licenses and Migration fee of Rs. 815.2 mn ($17.7 mn) for existing 7 stations for 10 years – Amortization of annual migration fee Rs.81.5 mn ($1.8 mn) accounted in fourth quarter • Posted record revenues at Rs. 1,174.1 mn ($25.5 mn) up 57% YOY ; continue to lead the Radio Broadcasting Space

18 ENIL - Performance Highlights in FY 2006

– Consolidated Total Income Rs. 1,406.7 mn ($ 30.6 mn) – EBITDA Rs. 408.3 mn ($ 8.9 mn) – EBITDA Margin 29.0% – Ordinary Net Profit Rs. 212.4 mn ($ 4.6 mn) – Net Profit Margin 15.1% – EPS Rs. 5.9 ($ 0.13)

– ENIL Standalone Total Income Rs. 1,201.9 mn ($ 26.1 mn) – EBITDA Rs. 381.4 mn ($ 8.3 mn) – EBITDA Margin 31.7% – Ordinary Net Profit Rs. 196.6 mn ($ 4.3mn) – Net Profit Margin 16.4% – EPS Rs. 5.5 ($ 0.12)

The Company consolidated results of Times Innovative Media Private Limited (TIMPL), a wholly owned subsidiary company, for 5 months. TIMPL was incorporated on October 27, 2005

19 ENIL Standalone - Strong Financial Performance

Revenue in US$ Million EBITDA in US$ Million

30.0 10.0 8.0 25.0 26.1 8.3 6.0 20.0 4.0

15.0 16.6 2.0 0.0 10.0 12.0 (2.0) (2.7) 5.0 (4.0) (5.3) 0.0 (6.0) FY04 FY05 FY06 FY04 FY05 FY06

20 ENIL Standalone - How did we Spend?

3% 3% 2% 5% 21% 5%

7%

19%

16% 19%

21 Future Business Outlook Bright Future Outlook - ENIL

• Expand our footprint in radio broadcasting

– Rapid roll-out of 22 new stations

– Explore opportunities to become FM radio broadcasters in international markets

• Maintain market leadership in fast growing radio industry

– Continuously invest in brand building and programming innovation

– Launch Visual Radio through mobile phones

– Leverage our footprint to capture additional income

– Exploit additional revenue streams like Mirchi Activation

22 Bright Future Outlook - TIMPL

• Focus on Out-of-Home media growth

– Expansion of the network of out-of-home media sites managed by us

– Explore opportunities to lease sites on a long-term basis

– Introduce innovative technology and processes

• Establish long-term client relationships for Experiential Marketing

– Focus on “wellness” not “illness” approach

– Establish ourselves as a provider of innovative solutions

– Create own event properties at an appropriate time

– Focus on Life style, Fashion shows and Exhibitions

23 Radio Industry: Pending agenda

• News & Current Affairs

• FDI/FII cap

• Multiple frequencies

• Tradability

• Limitation on share transfer of main promoter for 5 years

24 Thank You