PERFORMANCE REVIEW:Q1 FY07

1 INDEX

• The Company • Business Performance • Highlights • Financial Highlights • Growth Drivers • Future Strategy and Outlook • Investor Communication

2 THE COMPANY

Entertainment Network (India) Limited (ENIL) is India's first pure play radio broadcasting company to go public and is listed on the BSE and NSE. Incorporated in June, 1999, ENIL currently operates FM radio broadcasting stations in ten cities under the brand Radio Mirchi. ENIL is the largest private FM Radio operator in the country in terms of number of operational stations and revenue. The company has its headquarters in Mumbai, India and is the only commercial FM broadcaster present in all 4 Metros

ENIL has a 100% owned subsidiary, Times Innovative Media Private Limited ("TIMPL") through which it operates its out-of-home media division (brand Times OOH Media) and experiential marketing division (brand 360 0 Experience)

The financial results discussed in this update are not Consolidated

3 BUSINESS PERFORMANCE - Q1 FY07

On a like basis, compared with Q1 FY06 (excluding 3 new stations):

Revenues increased by 47.3%

EBITDA increased by 55.0%

EBITDA margin stood at 30.5%

4 BUSINESS PERFORMANCE - Q1 FY07

As reported, (including 3 new stations): In Rs. million TOTAL INCOME 354.9 EBITDA 59.7

NET PROFIT 13.1

Revenues have increased by 69.2%

EBITDA margin stood at 16.8%

5 HIGHLIGHTS - ENIL

• In April 2006, ENIL launched 3 new FM stations under Phase II policy in Bangalore, Hyderabad and Jaipur expanding its network to 10 cities

• Research findings of IMRB, commissioned by us, indicate Radio Mirchi is the No. 1 radio station in terms of listenership in Bangalore, Hyderabad and Jaipur

• ENIL demonstrated its ability to spot emerging trends earlier than others by being the first in India (New Delhi) and fourth country in the world to launch Visual Radio

• Got the permission for 98.3 FM across the Network – Already made transition to 98.3 in Bangalore, Hyderabad and Jaipur effective August 1, 2006

6 HIGHLIGHTS – TIMPL (100% Subsidiary)

• Times OOH Media won the advertising rights for “Patel Bridge”, considered a unique outdoor advertising infrastructure in Mumbai and the Delhi-Noida toll bridge

• The Experiential Marketing business- 360 Degrees has been selected as the nodal agency for “Habitat for Humanity” - a Jimmy Carter Project , which is aimed at establishing low cost housing for the underprivileged across the world

7 FINANCIAL HIGHLIGHTS

• Company’s operating margin for existing 7 stations has grown compared to Q1 FY06 • Reported margins are under pressure due to operating loss in Bangalore, Hyderabad and Jaipur, launched on April 17 &19, 2006 – In the initial period of operations, the revenues are not in proportion to the operating cost incurred for these Radio stations (including launch expenses) • For 3 new stations the company had paid an OTEF of Rs. 454 million in FY06 – Amortization of One Time Entry Fee (OTEF) stood at Rs. 9.3 million in the quarter

8 GROWTH DRIVERS: RADIO MIRCHI

• Widely recognized brand – Presence in key markets – Radio Mirchi today reaches more people than the #1 TV/Print media Brands in Delhi and Mumbai • Innovative Content – Strong relationships with Hindi and other film fraternities • Success in Diverse Markets – Experience in running stations in almost all Indian languages – Customized content in 10 distinct markets • Superior Sales Capabilities – Offering unique and innovative solutions e.g. Hutch ‘Pink Campaign’, Mirchi Activation

9 GROWTH DRIVERS: TIMES OOH MEDIA

• Largely Fragmented Industry – Scope of high growth for organized players • Ability to Offer Integrated Marketing Solutions – Diversified Product Mix in 3 Cities – Won advertising rights of premium OOH Properties • Focus on Innovation and Technology – Investment in LED Screens – Customized solution provider • Capacity to Handle Scale

10 GROWTH DRIVERS: 360 0 EXPERIENCE

• Key strengths – Managing large format events – National presence (8 branches) – Experienced team of professionals – Large bouquet of in-house events • Geared for aggressive growth – Increasing coverage of new clients and new markets – Consistently delivering innovative concepts – Cost Efficient

11 FUTURE STRATEGY AND OUTLOOK - ENIL

• Expand our footprint in radio broadcasting – Rapid roll-out of 22 new stations – Explore opportunities in international markets • Maintain market leadership in fast growing radio industry – Development of listenership research standards and spread across the country – Continuously invest in brand building and programming innovation – Launch Visual Radio through mobile phones in other cities – Leverage our footprint to capture additional income sources – Exploit additional revenue streams like Mirchi Activation

12 FUTURE STRATEGY AND 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

13 INVESTOR COMMUNICATION

Entertainment Network is committed to improving its performance every fiscal and continuously enhance shareholder value through successful implementation of its growth plans. The company’s investor relations mission is to maintain an ongoing awareness of its performance among shareholders and financial community. This update covers the company’s financial performance for Q1 FY07 We thank you for your support and welcome your feedback and comments regarding this update and other investor issues

For further information please contact: Saurav Banerjee, Sr. Vice President, Finance, ENIL Tel: +91-22-67536983; Email: [email protected]

Dalpat Jain, Business Analyst, ENIL Tel # 022-67536919; E-mail: [email protected]

Arun Rajendran, Adfactors PR Tel: +91 (22) 22813565; Email: [email protected]

14 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.

15 THANK YOU

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