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Religare - India Select Opportunities Conference

February 11, 2010

Mumbai

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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.

Disclaimer

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Presentation Path

• Times Group

• Indian Media Industry

• ENIL Overview

– Radio Mirchi

– Times OOH

– 360Degrees

• Financial Highlights

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Times Group

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Corporate Structure

Times Infotainment

Media Limited

Times Internet Limited

Entertainment Network (India)

Limited

Publishing Division� The Times of India

� The Economic Times� Navbharat Times

� Maharashtra Times

� Sandhya Times

� Vijay Times

ABSIL

360Degrees

� Radio Mirchi

� indiatimes.com

� 58888

� Times of Money

Entertainment & Retail

� Timesjobs.com

� SimplyMarry.com

� Magicbricks.comTIM

Times OOH

Mirchi Movies Ltd.

Times Business Solutions Ltd.

Bennett Coleman & Co. Limited

TIML Global Ltd.

Times Global Broadcasting

� News Channel –

Times Now

� Business News

– ET Now

World Wide Media

(JV with BBC)

� Femina

� Filmfare

� Top Gear

� Grazia

� Others

Zoom Entertainment

Network

� Ent. Channel – Zoom

Private Treaties

�Times Music

�Mopix Animation

�Times Wellness

�Times Multimedia

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ENIL Overview

Our Vision is to be “A Leading City-centric Media Company By Delivering Unique

Audiences Through Media Vehicles Like FM Radio, Experiential Marketing And

Out-of-home Media”

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Times Innovative Media Limited (TIM)

Alternate Brand Solutions (India) Limited (ABSIL)

Subsidiaries:

Radio Broadcasting brand - Radio Mirchi

Out-of-home Media brand - Times OOH

Experiential Marketing brand - 3600 Experience

Businesses:

– ENIL

– TIM

– ABSIL

Rs. 83.2 mnFY09 Consolidated EBITDA

Loss:

Rs. 4,270.9 mn, including other income of Rs. 8.6

mn

FY09 Consolidated Total

Income:

February 15, 2006Listed:

1999Incorporated:

Mumbai, IndiaHeadquarters:

Company Snapshot

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ENIL: Building an ‘emerging media’ network

• Comprehensive emerging media

offering

– Network of emerging media (radio,

OOH & event management)

• Radio: India’s leading private FM

radio network - with 32 stations

under the Radio Mirchi brand

• OOH: Largest organized OOH

player in India with a formidable

portfolio of contracts including the

Delhi & Mumbai international

airports

• Event Management: Executing big-

ticket events; developing own events

– Ford Super Models, Smart Living

Awards, Miss Teen Diva, Mr. India

(World) etc.

Company Business Brand

64.2%

100%

BCCL

TIML

ENIL

Events and Promotion

� Life Style & Entertainment

� Conferences

� Corporate Events

Out Of Home Media

� Airports

� Street Furniture

� Billboards

Radio: India’s largest

Pvt FM network

� Broadcasting

� Activations

TIM

7%

Flagship company of

“The Times of India” group

83.45%

Company Structure

ABSIL

100%

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Indian Media Industry

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Radio expected to outperform ad industry growth

Source: PWC – Indian entertainment and media outlook July 2009

− Radio ad spends expected to double

− OOH media growth expected to be in line with ad industry

Rs. In Billion

Industry Segment CY08

% share in

Ad industry CY09E

% share in

Ad industry Growth

CAGR

2009-2013

Print Media 103.5 47.9% 111.5 47.3% 7.7% 8.0%

Television 84.2 39.0% 91.0 38.6% 8.1% 12.2%

Radio 8.3 3.8% 9.8 4.2% 18.1% 18.0%

OOH Media 15.0 6.9% 16.0 6.8% 6.7% 10.8%

Online Advertising 5.0 2.3% 7.5 3.2% 50.0% 32.0%

Total 216.0 100.0% 235.8 100.0% 9.2% 11.1%

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FM Radio - Evolution

• No privatisation

• Government Run radio

Channel

Radio a “dead

industry”

Before 1999

1999-2005

• Phase – I Licensing

• Limited Private

Participation

• Strict Regulatory

norms

• Introduction of revenue

sharing in 2005

Radio in infancy

2006- 07

• Completion of Phase –

II Licensing

• Increased Competition

• Improving profitability

• Growth in radio ad

spend

Radio in growth phase

2008

• Multiple Frequency

• License Tradability

• Networking

• Radio ad spend share

- 8.5%

• Technology

developments

• Internet Radio

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FM Radio – Draft Phase 3 Policy

• Additional channels in the same city to existing players

– At least three players excluding AIR in any city

– Maximum number of channels to a radio operator not more than 40% of total

channels in the city

• News and Current affairs on FM Radio may be permitted

• FDI /FII limit to 26% from present 20% for news radio channels and 49% to

non-news radio channels

• Change in ownership or further dilution shall be permitted after a period of

three years from the date of operationalisation

• Networking of FM radio programs across the radio network

• First Right of Refusal to existing radio operators for renewal of the radio

license

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Radio Mirchi

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Mirchi – Presence across Key Indian Cities

PatnaJaipur

ThiruvananthapuramNagpurJabalpur

VishakhapatnamNashikIndore

Ahmedabad Jallandhar Pune

Aurangabad Kanpur Panjim

Bangalore Kolhapur Raipur

Bhopal Kolkata Rajkot

Chennai Lucknow Surat

Coimbatore Madurai Vadodara

Delhi Mangalore Varanasi

Hyderabad Mumbai Vijayawada

Market Leader in Indian Private FM Radio Industry

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• Innovative Content:

– Strong relationships with Hindi, Tamil , Telugu, Kannada,

Malayalam and Bengali film fraternity

– Unique shows with participation of popular filmstars

– Dedicated Bollywood shows

– Mature research culture – music/listenership

• Success in Diverse Markets

– Experience in establishing superior linkage between

Marketing and Programming

– Customized content in 10 distinct languages

• Consistent Market Share of over 40%

Innovative Content & Experience in managing diverse

markets

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• Listeners:

– As per the Radio Audience Measurement (RAM) data, Radio Mirchi is leader in Delhi,

Mumbai, Kolkata and close #2 in Bangalore

– As per the recently published Indian Readership Survey (IRS) 2009 R2, Radio Mirchi has

emerged as a clear leader with over 41 million listeners across the country

– Radio Mirchi tops the charts with the largest cumulative listenership of 15.4 million

in the eight key cities of Mumbai, Delhi, Kolkata, Hyderabad, Bangalore, Pune and

Ahmedabad. It leads in 25 of its 32 cities across the country

• Media buyers:

– Category building initiatives

– Mirchi Music Awards

– Mirchi Kaan Awards

– Radio works

– Other innovations:

– One-sec billing

– Offering studio facilities for jingle production

• In the Pitch-IMRB survey - October 2008, Mirchi was declared #1 media brand in the country –

ahead of reputed brands like Times of India, Star Plus and Sony TV channel

• In the recent Brand Reporter issue Mirchi was declared as one of the 50 game changers along

with ICICI Bank, Pantaloon, Maruti, Reliance Communications etc

Strong Brand

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Revenue Trends

57.261.6 60.0

50.3 50.255.9

63.3

39.5%

15.0%

(11.5%) (12.2%) (9.2%)

6.0%

(22.7%)

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Revenues (Rs. Cr.) Growth Rate (YoY)

• Revenue growth is resumed

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Times OOH

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Presence in Key OOH Markets

– Largest organized player

– Formidable portfolio of OOH assets

in key cities

• Mix of long and medium term lease

on tendered properties

• Includes key assets in high

traffic/footfall areas

– Customized solutions through new

technologies - video walls and

remote-access hoardings

ContractsCity

� 281 + 132 (EMR) bus queue sheltersBangalore

� 200 bus queue shelters + EMR for flyoversHyderabad

� Delhi International Airport Ltd (DIAL)� Delhi-Noida-Delhi Flyway� Delhi Metro Rail

� Mumbai International Airport Ltd (MIAL)� 1,300 bus queue shelters� Patel Bridge

Delhi

Mumbai

Presence in key geographies

Presence in all segments

Revenue Margin Capex

HighModerate Moderate

ModerateHigh High

Moderate ModerateModerate

ModerateHigh High

TransitAirports, metros,

bus-backs, taxis

Street

Furniture

Bus queue

shelters, kiosks

BillboardsStatic, digital, mobile

Alternative Others

Revenue Margin Capex

HighModerate Moderate

ModerateHigh High

Moderate ModerateModerate

ModerateHigh High

TransitAirports, metros,

bus-backs, taxis

Street

Furniture

Bus queue

shelters, kiosks

BillboardsStatic, digital, mobile

Alternative Others

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Evolution Path

2005

TIM is

incorporated and

business is

transferred from

TIML

� Introduced LEDs in India

� Won Patel Bridge, Dwarka

Metro, DND Flyover &

Kolkata Billboards

� Won Delhi and

Mumbai Airport

� Won Pune

Billboards

� Two long tenure

contract renewals

(DND, Mumbai

BQS)

� London office

� Investment by Goldman

Sachs and Lehman

Brothers

� Expanded into Bangalore,

Hyderabad, Chandigarh &

Jaipur

� Exclusive marketing

arrangement in Bangalore,

Hyderabad and Delhi

Metro

� Renewal - Patel Bridge

Contract

� New verticals

� Trading

� Retail

Year of consolidation

2002

2006

2007

2008

2009

Foray in OOH

business with

Mumbai BQS

contract

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Opportunity Landscape

Source GroupM data

LOW HIGH

% Growth

% s

ha

re o

f to

tal S

pe

nd

LOW

HIG

H Kolkata

Mumbai

Hyderabad

Kochi

Pune

Indore

Nagpur

Chennai

Delhi

Bangalore

Jaipur, Chandigarh

Kanpur, Vadodara,

Jallandhar, Kolhapur

Surat, Coimbatore

Ahmedabad, Lucknow

MATURE GROWTH

SLOW GROWTH EMERGING

Chennai, Delhi and Bangalore lead the growth opportunities; Tier II

cities show a lot of promise

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Competitive Landscape

Jagran Engage

Clear Channel

Roshan publicity

Global players

Indian players

Pioneer

BigStreet

Competitor Property

JC Decaux BIAL, New Delhi BQS

Laqshya HIAL, Dubai BQS, Billboards

Big Street Bangalore LED & BQS

Clear Channel DMRC, Mumbai Gantries

Jindal Steel New Delhi, Amritsar BQS

Top 10 players have less than 30% market share22

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Recent Developments

• Strong sequential revenue growth of 17.1% in Q3FY10

• BFSI remains the top client category; increased contribution from FMCG, Real Estate

and IT-ITES

• Won the court case on advertisement rights contract awarded by BEST to Times OOH

for a 15 year period in respect of approximately 1300 Bus Shelters in Mumbai & its

Suburbs

− The Hon’ble Supreme Court pronounced the judgment in favour of BEST to the

effect that Times OOH shall continue to operate the existing contracts for the

period of term of 15 years i.e. up to 2022

• Favourable structural changes augur well for the profitability of the OOH Media

business

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360Degrees - ABSIL

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Alternate Brand Solutions (India) Ltd.

Property Ownership

Driving Sustainability

Creative

Solutions

Innovation in

execution

“Business of Ideas”

“Preferred

Corporate Partner”

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Event Management Industry - Segments

Industry Size of Rs.1,600 crores

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Industry Landscape

• Highly fragmented industry – more than 5000 players

• Largely unorganized - less than 10% players have a full fledged set

up

• Very few Corporate Players : Less than 1% players are Corporate

• Diversifying revenue stream

– Creating IPRs

– TV Content Production

• Organized players’ operating history: 6 – 10 years

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• Focus on owned properties

– Techlife Awards

– Ford Super Models, India

– Teen Diva Beauty Pageant

– Smart Living Awards

– Mr. India World pageant

– Spelling Bee

• Managing large format events

– Filmfare Awards

– Miss India Beauty Pageant

• Key strengths

– National presence

– Experienced team of professionals

– Large bouquet of in-house events

• Geared for profitable growth

360° Experience: Eventful Consumer Engagements

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Financial Review

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Condensed Statement Of OperationsStandalone

(Rs. Million) Q3FY10

%age of

Total Income Q3FY09

%age of

Total Income Growth (%)

Income from Operations 633.3 99.7% 597.4 99.6% 6.0%

Other Operating Income 2.0 0.3% 2.2 0.4% (11.7%)

Total Income 635.2 100.0% 599.7 100.0% 5.9%

Operating Expenditure 424.2 66.8% 416.2 69.4% 1.9%

EBITDA 211.0 33.2% 183.4 30.6% 15.0%

Depreciation 37.2 5.9% 44.1 7.4% (15.6%)

Amortisation 56.7 8.9% 56.7 9.4% 0.0%

Interest 10.9 1.7% 28.9 4.8% (62.3%)

Other Income 0.9 0.1% 0.3 0.1% 199.0%

Profit Before Tax (PBT) 107.2 16.9% 54.1 9.0% 98.1%

Less: Taxation (0.2) (0.0%) 5.5 0.9% NM

Profit After Tax (PAT) 107.4 16.9% 48.6 8.1% 120.8%

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Condensed Statement Of OperationsStandalone

(Rs. Million) 9MFY10

%age of

Total Income 9MFY09

%age of

Total Income Growth (%)

Income from Operations 1,691.7 99.7% 1,780.7 99.6% (5.0%)

Other Operating Income 5.1 0.3% 6.6 0.4% (23.2%)

Total Income 1,696.8 100.0% 1,787.3 100.0% (5.1%)

Operating Expenditure 1,248.8 73.6% 1,414.9 79.2% (11.7%)

EBITDA 448.0 26.4% 372.4 20.8% 20.3%

Depreciation 109.5 6.5% 132.5 7.4% (17.4%)

Amortisation 169.4 10.0% 168.6 9.4% 0.4%

Interest 41.3 2.4% 78.2 4.4% (47.2%)

Other Income 2.6 0.2% 11.2 0.6% (76.7%)

Profit Before Tax (PBT) 130.5 7.7% 4.3 0.2% 2922.1%

Less: Taxation (0.6) (0.0%) (12.2) (0.7%) NM

Profit After Tax (PAT) 131.0 7.7% 16.5 0.9% 692.3%

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Q3FY10 - Financial Performance(All comparisons with Q3FY09)

• On a sequential basis revenues grew by 13.6% and EBITDA up 45.8%

• Legacy 10 radio stations performance:

- Total Income Rs. 466.4 million, up 4.7%

- EBITDA of Rs 177.1 million, up 5.2%

- EBITDA margin stood at 38.0% vis-à-vis 37.8%

• 22 new stations’ revenues grew by 9.6%

• Admin expenses include a provision of Rs.30.8 million for Private Treaty

revenues

• Admin expenses include a one-time charge of Rs.6.1 million

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Condensed Statement Of OperationsConsolidated

(Rs. Million) Q3FY10

%age of

Total Income Q3FY09

%age of

Total Income Growth (%)

Income from Operations 1,165.8 99.8% 1,101.2 99.8% 5.9%

Other Operating Income 2.0 0.2% 2.2 0.2% (11.7%)

Total Income 1,167.7 100.0% 1,103.5 100.0% 5.8%

Operating Expenditure 992.0 84.9% 1,044.5 94.7% (5.0%)

EBITDA 175.8 15.1% 59.0 5.3% NM

Depreciation 81.1 6.9% 76.9 7.0% 5.5%

Amortisation 56.7 4.9% 56.7 5.1% 0.0%

Interest 30.1 2.6% 48.9 4.4% (38.5%)

Other Income 1.3 0.1% 0.5 0.0% 182.7%

Profit Before Tax (PBT) 9.3 0.8% (123.0) (11.1%) NM

Less: Taxation (0.2) (0.0%) 14.5 1.3% NM

Profit After Tax (PAT) 9.4 0.8% (137.5) (12.5%) NM

Minority Interest (15.6) (1.3%) (30.7) (0.03) NM

Net Profit after Minority Interest 25.0 2.1% (106.8) (9.7%) NM

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Condensed Statement Of OperationsConsolidated

(Rs. Million) 9MFY10

%age of

Total Income 9MFY09

%age of

Total Income Growth (%)

Income from Operations 3,020.2 99.8% 3,266.7 99.8% (7.5%)

Other Operating Income 5.1 0.2% 6.6 0.2% (23.2%)

Total Income 3,025.3 100.0% 3,273.3 100.0% (7.6%)

Operating Expenditure 2,922.2 96.6% 3,243.7 99.1% (9.9%)

EBITDA 103.1 3.4% 29.6 0.9% NM

Depreciation 237.8 7.9% 224.4 6.9% 6.0%

Amortisation 169.4 5.6% 168.6 5.2% 0.4%

Interest 92.7 3.1% 109.0 3.3% (14.9%)

Other Income 3.7 0.1% 16.7 0.5% (77.7%)

Profit Before Tax (PBT) (393.0) (13.0%) (455.7) (13.9%) NM

Less: Taxation (4.6) (0.2%) (17.3) (0.5%) NM

Profit After Tax (PAT) (388.5) (12.8%) (438.5) (13.4%) NM

Minority Interest (81.1) (2.7%) (69.6) (2.1%) NM

Net Profit after Minority Interest (307.4) (10.2%) (368.9) (11.3%) NM

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Consolidated Financial PerformanceQ3FY10

Rs. Million ENIL TIM ABSIL

Inter Co.

Adjustments Consolidated

Income from Operations 633.3 427.6 108.3 (3.4) 1,165.8

Other Operating Income 2.0 - - - 2.0

Total Income 635.2 427.6 108.3 (3.4) 1,167.7

Expenditure

Production Expenses 54.8 23.1 64.5 (1.9) 140.5

License Fees 32.5 322.0 - - 354.5

Other Operating Expenses 336.9 114.4 47.1 (1.5) 496.9

Total Cost 424.2 459.5 111.7 (3.4) 992.0

EBITDA 211.0 (31.8) (3.4) 175.8

Margin (%) 33.2% (7.4%) (3.1%) 15.1%

Interest (Net) 10.9 19.2 (0.0) - 30.1

Depreciation & Amortisation 93.9 43.4 0.9 (0.5) 137.8

Other Non-Operating Income 0.9 0.3 0.1 - 1.3

Profit / (Loss) Before Taxation 107.2 (94.2) (4.2) 0.5 9.3

Taxation (0.2) - - - (0.2)

Profit / (Loss) Before Minority Interest 107.4 (94.2) (4.2) 0.5 9.4

Minority Interest (15.6) (15.6)

Profit / (Loss) after Minority Interest 107.4 (78.6) (4.2) 0.5 25.0

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Consolidated Financial Performance9M FY10

Rs. Million ENIL TIM ABSIL

Inter Co.

Adjustments Consolidated

Income from Operations 1,691.7 1,101.5 241.5 (14.5) 3,020.2

Other Operating Income 5.1 0.0 - - 5.1

Total Income 1,696.8 1,101.5 241.5 (14.5) 3,025.3

Expenditure

Production Expenses 164.9 65.5 158.8 (2.1) 387.1

License Fees 87.5 1,016.1 - - 1,103.6

Other Operating Expenses 996.4 332.0 115.4 (12.4) 1,431.4

Total Cost 1,248.8 1,413.7 274.2 (14.5) 2,922.2

EBITDA 448.0 (312.1) (32.7) 103.1

Margin (%) 26.4% (28.3%) (13.5%) 3.4%

Interest (Net) 41.3 51.8 (0.3) - 92.7

Depreciation & Amortisation 278.8 126.4 3.3 (1.4) 407.1

Other Non-Operating Income 2.6 1.0 0.1 - 3.7

Profit / (Loss) Before Taxation 130.5 (489.3) (35.6) 1.4 (393.0)

Less: Taxation (0.6) 0.1 (4.1) - (4.6)

Profit / (Loss) Before Minority Interest 131.0 (489.5) (31.5) 1.4 (388.5)

Minority Interest (81.1) (81.1)

Profit / (Loss) after Minority Interest 131.0 (408.4) (31.5) 1.4 (307.4)

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• Times OOH revenues heading towards pre-meltdown period revenues, YoY

growth of 7.5%

− Sequential revenue growth - 17.1%

• Normalised EBITDA loss down to Rs.17.2 million from Rs.141.1 million in Q2

• Event Management business revenues down 16.3%

– Revenues were down due to change in business structure

– Reported sequential growth of 63.6%

• Consolidated admin expenses include a provision of Rs.58.3 million for Private

Treaty revenues

Q3 FY10 - Consolidated Financial Performance(All comparisons with Q3FY09)

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THANK YOU