Dear Shareholders, On behalf of the Board of Directors, I extend to each one of you a very warm welcome at this 5th Annual General Meeting of your Company – Reliance Broadcast Network Ltd. and the first ever post listing. At the outset, I wish to thank you for the tremendous support and the faith shown in your Company and its Management. Listed in December 2009, Reliance Broadcast Network Ltd. (“RBNL”) is a young entity looking to build a multi media conglomerate over the next few years. Testimony to our capability is the fact that our radio operations turned EBITDA positive on a full year basis in 09-10, barely 3 years into operation. RBNL started as a radio broadcasting division in September 2006, under the company Adlabs Films Ltd., to steadily diversify over the last 4 years into the multi media businesses of experiential marketing, out of home, digital and recently a foray into television with a JV with CBS Studios International. RBNL stands today as a multi-media entity poised to become one of India’s largest media companies with a portfolio of multi media products that will touch the lives of millions of consumers. Post the slowdown of 2008-09, the media & entertainment sector is back on a double digit growth path. This resurgent market has also brought with it changes in expectations from marketers and advertisers as well as newer opportunities for media companies. RBNL is riding high on these opportunities and capitalizing them. RBNL’s strategy has been built around marketers need to turn to integrated media solutions. And more than just multiple platforms, today’s media solutions require powerful consumer centric ideas to be impactful. This new business direction and vision demanded an organization that was structured to deliver to clients emerging needs. A change in the company name to capture the scale and width of our ambition was essential and hence the name change from Reliance Media World Limited to Reliance Broadcast Network Limited. I would now like to share the key financial highlights of the company operations. This year has been a landmark one for the Company in terms of business expansion and financials. For the year ended March 31, 2010, the Company reported consolidated total revenues of Rs. 180 crores, reflecting a Compound Average Growth Rate (CAGR) of 21% over the previous 3 years Let me also take this opportunity to share with you the performance highlights for each of our businesses segments. Key Performance Indicators of FY09-10 over FY08- 09: • A 21% market share makes BIG FM one of the largest media / radio players in the country • Retail revenues have seen a healthy growth of 15% • Annual growth of corporate customers stands at 6% • Inventory utilization in tier II and III cities experienced over 44% growth while utilization in tier I grew by 24% • Government advertising contributed to the top line growth of radio revenues • Key Stations like Bangalore, Kolkata and Chandigarh rated No. 1 in audience ranking • Audience ranking showed growth by 7.56% in listenership • Growth in the Company’s Out of Home Business BIG Street’s revenues by 8.5% Radio Business: 92.7 BIG FM Am happy to share with you that 92.7 BIG FM in just a short period of 4 years and one of the newest players, today stands as one of the leading radio players in India, garnering a healthy market share of 21% 92.7 BIG FM is India’s largest radio network with a reach of 45 radio stations. The radio network covers over 1200 towns and more than 50000 villages reaching out to over 2 crore listeners every week as per IRS 2010 Q1. The year saw continued emphasis on new business development, leading to increased revenues from new clients on BIG FM, in categories like new mobile handsets, education, beverages, durables, auto, pharma to name a few. It is our endeavor at 92.7 BIG FM to offer entertainment that enriches and entertains and several innovations in programming led to enhanced quality of entertainment being served to our listeners. Some of them include: • Raju Srivastava as an RJ on the breakfast show • A devotional band on radio, bringing on board spiritual singer Vikram Hazra as the new soul jock for its program ‘Seher’ across 36 Hindi speaking markets • The first ever show on radio, featuring only ghazals, nazams and shayari’s - ‘Raat Baaqi’ with well known singer Harish Moyal across its 36 Hindi speaking markets • Mumbai’s first exclusive Marathi show ‘Masala Chaha’, with a clear understanding of local populace’s music requirements, which is a huge hit • A national countdown show called the BIG 30 Countdown Leveraging group synergies in the Bollywood space, 92.7 BIG FM created television commercials with Bollywood stars from lead films from BIG Pictures stable, which included stars like Hrithik Roshan and John Abraham. In a short span of time the 92.7 BIG FM brand, has been recognized at leading national and international industry platforms and forums. Some of them being: • LINTAS TRUE Award 2007: Fastest reach build up by a media brand • New York Radio Festival 2007 & 2008 • RAPA Award - Best Station Promo of BIG 92.7 FM” Hum Big Hai” • Cannes Lion Gold for Nokia Express activation in 2009 • India Excellence in Radio Awards 2010: The most awarded radio network winning a total of 10 awards Experiential Marketing Business: BIG Live BIG Live is in the business of experiential marketing which involves creating & managing Ground Activations, Events, Rural Activations and Multi Brand IP products. This space is currently fragmented with no large national player and offer’s an ideal opportunity to create significant value for the company. The synergy with the radio network works well to scale up this business with limited investments. Some of the key and extremely successful properties that BIG Live has executed in the last year include Big Coolest Fresher, Eco Friendly Ganesha, Regional Music Awards – BIG Ugadi Music Awards in Telegu, BIG Bangla Music Awards, BIG Kannada Music Awards and the recently concluded BIG Marathi Music Awards. Planned in the months ahead are a series of large scale properties – BIG IMA Awards, Mall-a-thon, TV BIGGIES, Regional Music awards in Rajasthan, Punjab, Oriya, Regional television/entertainment awards in Bengal, Karnataka, Maharastra, and Gujarat. Big LIVE has also executed over 400 promotions / activations for clients across the country. Some of the key activations done during the year are Mr & Ms Dillogical (15 cities), HPCL Safety Roadshow (109 cities), Dabur Chawanprash School Champs ( 21 cities), Nokia 5800 – Xpress Music (Winner of a Cannes Lion Award), Sprite Gully cricket (15 cities), Good Year Long Drive Car Rally (32 cities), , Thums Up – Thunder Wheels License Hai Kya (12 Cities ), Nestle Milky Bar School Activation (7 Cities), Pediasure School Contact program (6 Cities), Bajaj Allianz (19 cities) Rural India is brimming with opportunities that have been largely untapped. With our already existent tier II and III city network, we are leveraging our rural reach with our Rural Activations vertical. We reach rural consumers through local touch points like Mandis, Haat, Fairs and Festivals, further enhanced by our radio reach of 52000 villages. The focus is on providing Clients holistic solutions for their rural marketing requirements, reaching out to rural audiences through amplification on radio coupled with innovative on-ground activations. Out of Home Business: BIG Street Infrastructure development in India has fueled the OOH growth story in India. The OOH industry has grown by 15.3% in the last 4 years, on the back of infrastructure development, which has led to the emergence of new sites and retail media as key drivers for this growth. The last 2 years have seen an increase in the investments that outdoor companies have been making in basic infrastructure development in lieu of media rights to those properties. BIG Street, the Out of Home media division started operations in April 2008. Keeping its business model very simple - BIG Street develops and markets outdoor to various advertisers, advertising agencies and business retailers. With a clear strategy to invest in long term, low risk and quick payback inventories, BIG Street has been acquiring inventory carefully. The business division is committed to redefining the OOH market through use of technology & product innovation. I am very happy to share with you that within a very short span of time BIG Street is moving to being a significant OOH player with some very strategic inventory acquisitions. In a key market like Delhi, we already have a 45% share of the out of home inventory with the Delhi Metro Rail – Line II inside platform, Civil structures in DMRC Line II and recent acquisitions on Line III & line V. We also have exclusive marketing rights for a 50 LED screen network in Delhi, giving us access to the largest LED network in Asia. Additionally new projects acquired in Delhi include, development of Street Furniture over 22 Kms, in preparation for the CWG. Across other markets inventories include Airoli – Pole Kiosks & Gantries, Mobile Vans in Hyderabad & Cochin, Gantries and cantilevers in Hyderabad, Intercity buses in Chandigarh & Haryana and Billboards and Bus shelters in Bangalore. Through strategic partnerships with international specialists like Quimbet and VMG (UK) BIG STREET is bringing world class designs and technology to the OOH space. Delhi Metro Line II remains our key contributing inventory (over 50% of the total OOH revenue for FY2009-10). I must highlight here, that in future too, the Company will continue to focus on long term low risk high return PPP projects through a phase wise approach while maximizing marketing and sales strength for more exclusive marketing tie-ups.