Media & Investments Corporate Presentation FY18-19 OVERVIEW 2 Key Strengths Leading Media company in India with largest bouquet of channels (55 domestic channels and 16 international beams), and a substantial digital presence Market-leader in multiple genres (Business News #1, Hindi General News & Entertainment #2 Urban, Kids #1, English #1) Key “Network effect” and play on Vernacular media growth - Benefits of Strengths Regional portfolio across News (14) and Entertainment (8) channels Marquee Digital properties (MoneyControl, BookMyShow) & OTT video (VOOT) provides future-proof growth and content synergy Experienced & Professional management team, Strong promoters 3 Building India’s leading media company 2016+ • OTT video platform, revamp of portals Filling whitespaces, umbrella branding, • Hindi Movie and Music channels thrust on digital • News (TV+Digital) expanded and relaunched • ETV acquisition (Regional News +Entertainment) 2012-2015 • Indiacast setup for distribution of TV bouquet Regional entry to tap vernacular market • NW18 acquired by RIL, corporatization thrust • JVs with Viacom & A+E networks, Forbes 2005-2011 • Invest in Home shopping, Online Ticketing Entry into Entertainment and Digital • News, Opinions & Info portals 1999-2005 • Business News (CNBC cluster) Built core platforms and launched • General News (IBN cluster) flagships • Finance portal (MoneyControl) 4 Network18 group : TV & Digital media, specialized Print & Ticketing ~75% held by Independent Media Trust, of which RIL is Network18 Strategic Investment the sole beneficiary Entertainment Ticketing Network18 has ~39% stake Digital News Broadcasting Print + Digital Magazines Business Finance News Auto Entertainment News & Niche Opinions Infotainment All in standalone entity Infotainment Network18 holds ~51% of subsidiary TV18. TV18 in turn owns 51% in Viacom18 and 51% in AETN18 (see next page for details) Network18 holds ~92% in Moneycontrol. Others are in standalone entity. TV18 group – Broadcasting pure-play, across News & Entertainment ENTITY GENRE CHANNELS Business News (4 channels, 1 portal) Standalone entity TV18 TV18 General News Group (Hindi & English) Regional News 50% JV with Lokmat group (14 geographies) IBN Lokmat AETN18 Infotainment (Factual & Lifestyle) 51% subsidiary - JV with A+E Networks Entertainment VIACOM18 (inc. Movie production / distribution & OTT) 51% subsidiary - JV with Viacom Inc Regional Entertain. Distribution - (8 channels in 6 INDIACAST geographies) 50:50 JV of TV18 & Viacom18 Telugu Entertain. Operated by the Eenadu group, owned by ETPL (Eenadu) (5 channels) Ramoji Rao (Hyderabad) 24.5% holding (associate) 6 FINANCIAL SUMMARY 7 Network18 and TV18 Annual Operating Financials – A snapshot Network18 and TV18 - restated for current structure of ownership OPERATING REVENUES (Rs Cr) FY19 FY18 Growth a1) National News (Business + General) 817 732 12% a2) Regional News (ex IBN-Lokmat) 262 214 22% A) News (TV18 Standalone) @ 1,079 946 14% B) Entertainment (Viacom18+AETN18+Indiacast) * 3,863 3,868 0% C) TV18 Consolidated # 4,943 4,813 3% includes: Subscription 1,268 1,146 11% includes: Film production/distribution 216 450 -52% D) Digital, Print, Others & Intercompany elim. 173 214 -19% E) Network18 Consolidated # 5,116 5,027 2% OPERATING EBITDA (Rs Cr) FY19 FY18 Growth a1) National News (Business + General) 166 158 5% a2) Regional News (ex IBN-Lokmat) -74 -125 NM A) News (TV18 Standalone) @ 92 33 179% B) Entertainment (Viacom18+AETN18+Indiacast) * 221 208 6% C) TV18 Consolidated # 314 241 30% D) Digital, Print, Others & Intercompany elim. -102 -53 NM E) Network18 Consolidated # 212 188 13% There have been realignments in corporate structure for group simplification, as outlined below. The above representation assumes the current status of ownership throughout, for comparability purposes; and hence will not match reported financials. @ TV18's 100% subsidiary Panorama housed 13 regional news channels, which has now been merged into parent. # Viacom18 and Indiacast became subsidiaries of TV18 from 1st March 2018. Further, HomeShop18 ceased to be a subsidiary of Network18 from 1st Feb 2018. • Viacom18 and AETN18 are 51% entertainment subsidiaries of TV18, while distribution-arm Indiacast is a 50:50 JV of TV18 and Viacom18. TV18's 24.5% minority stake in Telugu entertainment associate Eenadu TV is not included here. Investments into new initiatives in TV18 Focusing on filling whitespaces scaling up in areas of leadership over last 3 years . National News – No new channels. CNBCTV18.com launched in April 2018 (not included below) . Regional News – 8 new channels over past FY16-FY17 . Infotainment – Lifestyle channel ‘FYI’ in early-FY17 . Entertainment – OTT platform VOOT, Second Kannada GEC Color Super, Music channel MTV Beats, HD feeds for 3 regional channels (all early FY17), Tamil GEC Colors Tamil (late FY18), Kannada Movies, VOOT kids Beta (late FY19) Regional and Digital the 2 key axes for growth via new launches New initiative losses (Rs Cr.) FY16 FY17 FY18 FY19 General entertainment - launches (inc regional & 95 266 45 114 digital) Regional news - launches 45 73 Factual entertainment - launches 0 27 Rebranding and re-launch 20 TOTAL : New initiative losses * 160 366 45 114 * We define new initiative losses as the operating losses of any major new launch or project, which we declare for a period of 4 quarters from launch at an aggregate entity level. The purpose is to allow an understanding of Business- as-usual profitability for the entity vs the prior period, as well as the trajectory of losses for the new initiative over the first year of its operations. A new initiative gets subsumed into Business-as-usual post this period, though the actual gestation period may be longer (and hence losses may continue beyond these 4 quarters). 9 BROADCASTING All viewership information is basis FY19 BARC data averages in the respective genres before the implementation of the TRAI order in week 5 of 2019 (early Feb-19). Viewership is yet to stabilize post the same, as consumers are still making their channel/pack choices. 10 TV18 group: Clear leader in News, Catching-up in Entertainment TV18 is the third largest national broadcast group in the country after Star, Zee and Sony. The group reaches 800+ mn people, across News, Entertainment and Infotainment. Portfolio viewership continues to grow. • News (#1): Share has grown to 11.5%, led by strong performance of Hindi and regional channels. • Entertainment (#3 ex-sports) : Share has grown to 11.7%, despite not having exposure to sports. • Infotainment (#2) : Niche genre within entertainment, which adds another ~0.1% share to TV18 25.0% 14.0% NEWS ENTERTAINMENT (peer shares are ex-Sports) 12.0% 20.0% 10.0% 15.0% 8.0% 6.0% 10.0% 11.5% 11.5% 10.7% 10.3% 9.7% 9.4% 9.2% 4.0% 9.2% 8.0% 6.6% 5.6% 5.3% 5.2% 5.0% 11.7% 2.0% 4.8% 11.4% 11.3% 11.1% 11.1% 11.0% 11.0% 10.7% 10.7% 10.5% 10.4% 9.7% 9.6% 9.5% 0.0% 0.0% TV18 News Zee Media TV Today ABP IndiaTV Viacom18 Sony Star Zee Ent. Post implementation of New Tariff Order and shifting of entertainment channels out from DD Freedish, entertainment broadcasters lost 2-4% viewership share each in late Q4FY19. Business News Audience : NCCS 25+ AB Male Audience : NCCS 25+ AB Male, HSM Key Demographics Significant OOH Viewers across HIG Channel for people in Business across Hindi Business People in Metros Speaking Markets Competition CNBC TV18 garnered 66% viewership – Awaaz garnered 63% viewership is at No. 1. greater than ET Now & BTVi combined. Zee Business is the other player. We created and dominate the Business News Genre Operating ~65% viewership share and over 75% market share in advertising**** Metrics Significant Out of Home Viewership (not captured by BARC) gives premium positioning Positive leverage to equity markets, Events and IPs provide resilience Launch Date Launched in 1999 Launched in 2005 CNBC - Brand Licensor CNBC - Brand Licensor CNBCTV18.com, a digital extension of the channel, was launched in late FY18 as the companion website with the live video feed. CNBC Prime HD offers some additional international content. ***Source: Internal Company Estimates 12 General News Audience : NCCS AB Male 22+, All India Audience : NCCS All 15+, HSM Key Demographics English Speaking, Channel for the Masses in the Hindi HIG Heartland Market Split among the Big 5 Highly Fragmented but substantially Competition Republic TV & Times Now are leaders, larger market compared to English News CNN News18, NDTV 24x7 & India Today Aaj Tak, India TV, ABP News, Zee News - Television are the challengers Competition in Top 5 CNN-News18 was the #3 General English Operating #8 rank in Q4FY17 (8.8% viewership News channel with 12.3% viewership Metrics share) has now risen to #2 (13.9%) share. Launched as CNN-IBN in December 2005; Acquired in 2006 from Dainik Jagran Launch Date Re-launched as CNN-News18 in April Rebranded from Channel 7 to IBN7; 2016 Rebranded again from IBN7 to News18 CNN - Brand Licensor India in Nov’2016 13 National News : Viewership share – Business and General News Completely dominate the Business News niche through flagship CNBC TV18 Hindi channel the key driver of growth, lead by improving rank and genre-tailwinds ENGLISH HINDI BTVI, 9.2% Zee ET Now, Business, 24.2% 36.8% CNBC TV18, CNBC 66.6% Awaaz, 63.2% BUSINESS NEWS BUSINESS Others, Others, 12.2% 15.6% NDTV Aaj Tak, 24x7, Republic News 17.1% 7.1% TV, 24, 6.8% India 31.6% Zee Today News News, TV, Nation, 13.1% 11.0% 9.0% Times ABP News18 Now, News, India, GENERAL NEWS CNN 13.0% 26.5% 12.6% India TV, News18, 12.7% 11.6% 14 Regional News 14 regional channels reach ~60 crore viewers across 26 states through 15 languages The regional cluster’s share of overall TV News viewership has risen from 2.5% (Q3FY17) to ~6% All ETV/IBN branded channels were migrated to News18 umbrella during FY18 Language Marathi Urdu Hindi Hindi Hindi Hindi Hindi/Punjabi All Urdu Punjab, Bihar MP UP Focus Markets Maharashtra Speaking Rajasthan Haryana & Jharkhand Chhattisgarh Uttarakhand Markets Himachal P.