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Investors Presentation

February 2007

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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

• Indian Media & Ad Industry

• ENIL & TIMPL Overview

• Financial Highlights

• Business Outlook and Strategy

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Indian Media & Ad Industry

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• Nominal GDP expected to grow at 13% - 14% p.a.

Ad Market – A Leveraged Play on Economy

Source: CIA – 2006, Tam Adex

8.7% 8.1%7.5%

9.6%

12.8%13.7%11.8%

14.1% 12.9%

23.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2002 2003 2004 2005 2006

GDP Growth Ad revenue Growth

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1.27 1.28 1.32 1.33 1.37 1.39 1.52 North America

0.79 0.79 0.79 0.770.79 0.83 0.90 Europe

0.74 0.72 0.710.72 0.72 0.80 0.85 Latin America

0.820.82 0.82 0.82 0.80 0.82 0.85 Asia-Pacific

0.47 0.45 0.44 0.40 0.36 0.36 0.34 India

2006E200520042003200220012000

Source: Zenith Optimedia – June 2006

Indian Media Sector on the fast lane

� Ad Spend/GDP is lowest in India but rising

� All media segments likely to grow faster in the next 5 years

� Significant CAGR likely for FM Radio

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• Ad revenue grew by 23.4% in 2006 vis-à-vis 14.1% in 2005

• Radio emerged as the fastest growing segment

Ad Revenue landscape

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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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� Mirchi Movies

Bennett Coleman & Co Ltd

Times Infotainment

Media Limited

Times Internet Limited

Entertainment Network (India)

Limited

Times Global Broadcasting

Publishing Division� The Times of India

� The Economic Times

� Navbharat Times� Maharashtra Times

� Sandhya Times

� Vijaya Times

� 360 degrees

� Times OOH

� Radio Mirchi

� indiatimes.com

� 8888

� Wallet365.com

� News Channel –

TIMES NOW

(JV with Reuters)

Entertainment & Retail� Times Music� Times Multimedia

� Planet M

� Entertainment Channel

- Zoom

Online Ventures� Timesjobs.com

� Timesmatri.com

World Wide Media

(JV with BBC)

� Femina

� Filmfare� Other MagazinesTIMPL

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

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Times Innovative Media Private Limited (TIMPL), incorporated on October 26, 2005

Subsidiary:

Radio Broadcasting brand Radio Mirchi

Out-of-home Media brand Times OOH; and

Experiential Marketing brand 3600 Experience

Business:

– ENIL

– TIMPL

29.0%FY06 EBITDA Margin:

Rs. 408.3 mn ($9.2 mn)FY06 EBITDA:

Rs. 1,406.7 mn ($31.8 mn), including other income of Rs. 32.0 mn ($0.7 mn)

FY06 Total Income:

February 15, 2006Listed:

1999Incorporated:

Mumbai, IndiaHeadquarters:

Company Snapshot

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Radio Industry Share (%)

Indian Radio Industry: • Rs 5.1Bn (US$ 114 M) in 2006• 2006- 2010E : 32% CAGR• Share expected to touch 8%

Source: Zenith Optimedia – June 2006, FICCI-PWC report

Zealand Average

15.4

12.0

9.58.5

7.0

4.93.1

-2.0

1.0

4.0

7.0

10.0

13.0

16.0

Philipines New Singapore World Thailand China India

3.8

UK

Radio Industry: On a song

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Deregulation unlocks the true potential

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Benefits of deregulation

• Audience

– More choices as

new radio

stations come up

• Advertisers

– More segmented

listeners as radio

stations

specialise in

specific formats

Radio adspend increase after deregulation in other countries

• UK: 3% (1992) to 5% (1997)

• Sri Lanka: 7% (1992) to 15% (1997)

Ad spend

1988 1989 1990 1991 1992 1993

Current ad spend ratio

• North Belgium:

1.2%

• South Belgium:

~8%

FM deregulated in

south Belgium;

north Belgium still

regulated

CAGR7.5%

CAGR31%

EXAMPLE: BELGIUM

BEF mn

534 519 616

1,931

2,670

3321

Source: Mediamark, McKinsey analysis

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Evolution of Radio Industry

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Ph ase 1

Ph ase 2

Ph ase 3

“Public m onopo ly ”

“Entry o f com petition ”

“Em ergence o f w inners ”

Exam p les (R ad io ad sp en d , % )

K ey reg u lato ry lev ers

• D enm ark (0 .6)

• Sw eden (1 .5 )• F in land (3 .0 )

• G erm any (4 .0 )

• F rance (6 .0 )

• Spain (9 .1 )

• C anada (12.7 )

• U S (13.0)

• M o de of entr y fo r com petition

• F ee s truc ture

• R ange of a llow ed

form ats

• E xten t o f coverag e /netw orking

a llow ed

E volu tion o f

rad io indus try

M aturity , ex ten t o f de regu la tion

S ource : M cKins ey analysis , H SB C , IR E P , ZAW

• R adio indus try dom inated by few

s ta te ow ned s ta tions

• Priva te s ta tions com e up as indus try is

de regu la ted

• N ew entran ts tr y to ga in

ea rly m arket share b y

pos ition ing the ir fo rm ats

• Leaders e xpand reach

– Bu ying out s ta tions

– B idd ing fo r

frequenc ies

• Leaders im prove p ro fitab ility b y sharing cos ts across s ta tions

Inc reas ing share o f

rad io

adspend

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• Roll-out of Phase II of privatization

• Fixed License Fee regime changed to

OTEF / Migration Fees + Revenue share

• Annual license fee 4%

of gross revenues

• FDI in Radio allowed

upto 20%

From existing 12 cities to 87 cities

From 21 stations to 266

stations

From 7 players to 43 players

Indian FM Radio Industry Transition

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Key Players in Indian FM Radio Industry

Player A+ A B C D Of top 13 towns Total

ENIL (Radio Mirchi) 4 9 11 7 1 13 32

Adlabs (Big FM) 4 4 10 24 3 8 45

Sun TV (South Asia FM) - 6 9 5 3 6 23

Sun TV (Kal Radio) 1 2 4 14 - 3 21

MBPL (Radio City) 3 8 3 6 - 11 20

Mid-Day (Radio One) 4 3 7 7

HT Media (Fever 104) 3 1 4 4

Red FM 3 3 3

Category

� ENIL won 25 licenses in the Phase II bidding

� ENIL has the best footprint - only company in top 13 towns with population of 2 mn+

� Revenue potential is low in ‘C’ and ‘D’ category towns

Source: Ministry of I & B, Industry data

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• 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

– Mature research culture – music/listenership

• 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

Hutch ‘Pink Campaign’

Mirchi Activation

Radio Mirchi: The Radio Station India tunes to…

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3.68

1.731.35

4.46

2.242.83

4.20

2.09 2.04

0.0

1.0

2.0

3.0

4.0

5.0

Radio Mirchi Radio City Red FM

Millions

Listenership in Mumbai

Source: MRUC Survey, AC Neilson (ORG-Marg-Wave10, fieldwork September, 06 to November, 06.

ORG-Marg-Wave 9, fieldwork July 06 to September 9, 06.

ORG-Marg-Wave 8, fieldwork Jan 06 to Mar 06, All Sec 12+)

Further Consolidates its Dominance #1 in Listenership

2.05 1.90

1.20

0.25

2.21

1.731.58

0.94

2.60

1.891.66

0.97

0.0

1.0

2.0

3.0

Radio Mirchi Radio City Red FM Go/ Radio one

ILT Wave 8 ILT Wave 9 ILT Wave 10

Listenership in Delhi Listenership in Kolkata

2.73

0.760.58

0.0

1.0

2.0

3.0

Radio Mirchi Red FM Amar FM 106.2

ILT Wave 10

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Other Operating Highlights

Leads content innovation

� Preferred radio partners for all big banner movies released in the country eg. Vivaah, Babul, Kabul Express, Dhoom2, Guru, and Salaam-e-Ishq

Signed agreement with T-series for Music royalty

� 9-year agreement with T-series, the largest music company in India

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• Largely Fragmented Industry

– Scope of high growth for organized players

– Times OOH first media powerhouse with well

known brand and Indian industry know-how

• Ability to Offer Integrated Marketing Solutions

– Diversified Product Mix in 3 Cities

– Won advertising rights of premium OOH

Properites

• Focus on Innovation and Technology

– Investment in LED Screens

– Customized solution provider

• Capacity to Handle Scale

Times OOH Media: First Organised Player In Indian OOH Media Industry

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Growing portfolio of premium outdoor assets

2.0029-Mar-0930-Mar-07Pune Hoardings

5.00 31-Mar-111-Apr-06Kolkata Metro

NANA20-Mar-06LED

2.00 30-Apr-081-May-06DND Flyway

5.00 31-Mar-111-Apr-06DMRC- Dwarka

2.00 3-Oct-074-Oct-05DMRC-CP

3.00 30-Jun-091-Jul-06Patel Bridge

3.50 31-Dec-081-Aug-05BQS Mumbai

Length of ContractEnd DateStart DateProperties

• Times OOH Media has been recently awarded the advertising rights

license at Delhi and Mumbai Airports

• Installed two LED video matrix screens at a prime slot in Mumbai

Airport

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• Managing large format events

– Smart Living Awards

– Habitat for Humanity’06

– Pravasi Bharatiya Diwas’06

– Filmfare Awards

– Miss India Pageant

– SBI Centenary celebration

• Key strengths

– 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

360°Experience: Eventful Consumer Engagements

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Financial Highlights

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� Total Income of Rs.484.1 million, growth of 30.7%

� Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Rs. 176.5 million, up

20.8%

� EBITDA margin stood at 36.5%

� Net Profit at Rs. 124.0 million, growth of 13.9%

Q3FY2007 Performance Overview(All comparisons with Q3FY2006)

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On a like basis (excluding 3 new stations):

� Total Income of Rs. 392.1 million, growth of 5.8%

� EBITDA stood at Rs. 151.1 million, up 3.4%

� EBITDA margin stood at 38.5%

EBITDA margin of new stations – 28%

Q3FY2007 Performance Overview (Cont’d…) (All comparisons with Q3FY2006)

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Future Outlook And Strategy

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Future Outlook And Strategy

Ad industry is growing at 23% as per the recent Ad Ex India (a

division of Tam Media Research) study. The market size in CY

2006 was Rs. 16.3 billion (Previous Year Rs. 13.2 billion)

Radio is the fastest growing media sector – grew by 58%

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Future Outlook And Strategy

Expand our footprint in radio broadcasting

– Based on the present rate of progress, rollout of the remaining 22

stations is expected to be complete by July 31, 2007

– Explore opportunities in international markets

Maintain market leadership in fast growing radio industry

– Development of listenership research standards and methodology; larger geographic coverage

– Keep investing in brand building and programming innovation

– Launch Visual Radio through mobile phones in other cities

– Leverage footprint to capture additional income sources

– Exploit additional revenue streams like Mirchi Activation

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THANK YOU