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

2

1.6

1.4

1.11.0

0.70.6

0.3

0.0

0.5

1.0

1.5

2.0

Thailand NewZealand

Singapore WorldAverage

Philipines China India

Potential for ad industry to grow to Rs 480 billion ($11 billion) in 10 years

Source: Zenith Optimedia

High Growth opportunity for Indian Ad Industry

Radio Industry: Poised for High Growth

Indian Ad Spend: Rs.129Bn in 2006E14% YoY Growth

(1) Revenue estimated based on FICCI numbers before the announcement of Phase II of Privatization

3

Radio’s share depends on extent of de-regulation in radio

Radio Industry: Poised for High Growth

Radio Industry Share in Ad Spend

15.3

12.5

9.48.7

6.5

4.42.9

-2.0

1.0

4.0

7.0

10.0

13.0

16.0

Philipines NewZealand

Singapore WorldAverage

Thailand China India

%

Indian Radio Industry: Rs3.7Bn in 2006E(1)

16% YoY Growth

(1) Revenue estimated based on FICCI numbers before the announcement of Phase II of Privatization

4

Source: Zenith Optimedia

• Fixed License Fee regime changed to OTEF + Revenue share

• Annual license fee 4% of gross revenues

• Bidding for OTEF

• Terms of bidding:– One-step closed tender bidding– 25% of top bid is the reserve OTEF. All bids below Reserve OTEF disqualified

• Provisos to Curb Speculative Bidding

Radio Industry: Positive Regulatory Reforms

5

• From existing 12 cities to 91 cities

• From existing 21 stations to 359 stations (currently taken 300. Balance expected by June 06)

• Growth opportunity for private FM:From current 3% of Rs 129 billion (Rs 3.7 billion) to 8% of Rs 480 billion (Rs 38 billion) in ten years starting FY 07

Reforms – extensive growth in private FM

6

We Are present in all the top 13 towns (pop 20 lacs +)

7

Only incumbent in all the four metros

Chennai

Delhi

Kolkata

PuneMumbai

Ahmedabad

LucknowKanpur

Jaipur

Hyderabad

Bangalore

Surat

Phase I excluding IndorePhase II – A+ & A circles

Nagpur

The Mirchi Republic

The Radio Station India Tunes To

20.018.4

10.9

2.4

0.0

10.0

20.0

30.0

Radio Mirchi Radio City Red FM Go

Lakhs

Listnership in MumbaiListnership in Delhi

#1 Listenership Share

13.3

20.2

37.5

0.0

10.0

20.0

30.0

40.0

Radio Mirchi Radio City Red FM

Lakhs

Source: MRUC Survey, AC Neilson (ORG-Marg-Wave 7, fieldwork Nov 05 toJan 06. All Sec 12+)

9

Source: MRUC Survey, AC Neilson (ORG-Marg-Wave 7, fieldwork Nov 05 toJan 06. All Sec 12+)

Mirchi a “Must-Have” Media Vehicle

Radio Mirchi Today Reaches More People Than The #1 TV/Print Media Brands

10

• Innovative Content:– Strong relationships with Hindi, Bengali and

Tamil film fraternity– Exclusive music breaks– Mature research culture – music/listenership

• Success in Diverse Markets– Experience in establishing superior linkage

between Marketing and Programming– Customized content in 7 distinct markets

Track Record of Developing Innovative Content & Operating in Diverse Markets

We Are Best Positioned For Success In New Cities Across India

11

Superior Sales Capabilities

• Dedicated 150 member sales team across 8 centers

• Offering unique and innovative solutions to clients

– Hutch ‘Pink Campaign’

• Strong emphasis on training

• Mirchi Activation: Pioneers in the radio space

12

Strong & Experienced Management Team

CEOAP ParigiExperience

34 years overall51/2 years at ENIL

Deputy CEO

Prashant Panday

Experience 17 years overall

51/2 at ENIL

CFO

HarvinderjitSingh Bhatia

Experience16 years overall,

5 at ENIL

Business Head Times OOH

Farid Kureshi

Experience16 years overall,

4 at ENIL

VP Legal & CS

Anil Fernandes

Experience15 years overall,

3 at ENIL

VP, People Innovation

Prasad Swaminathan

Experience10 years overall,

41/2 at ENIL

EVP, Regulatory Affairs

Ravi Narula

Experience33 years overall

51/2 at ENIL

Col. (Retd.) Nataraja Thiagarajan, Chief Technical Officer

Sharath Chandra, COO, ENIL International

Tapas Sen, Executive Vice President, Programming

13

Nandan Srinath, COO, ENIL India

Our Vision is to be “A Leading City-centric Media Company By Delivering Unique Audiences Through Media Vehicles Like FM Radio, Event Management And

Out-of-home Media”

Unique Ability to Offer Integrated Media Solutions

14

“Churchgate to Prabhadevi, Bandra to Dahisar”

“Delhi Main to Central Sectariat, Kashmere Gate, Plaza”

• Organizing a fragmented industry

• Currently manage and operate

– Mumbai: Over 1,400 Bus Queue Shelters in 2 of the 3 zones of Mumbai till December 2008

– Delhi: 6 Metro Railway Stations in Delhi for 2 years

– Kolkata: 71 hoarding sites –Metro for 3+2 years

• Focus on new technology, investments, expansion

TIMES OOH Media: Ability to Offer Integrated Marketing Solutions

15

• Focus on big ticket events: Conceptualizing, marketing and execution

– Filmfare Awards, International Film Festival of India, 2004, Femina Miss India

– Ability to raise sponsorships

• Marquee client list:– Bennett Coleman & Co Ltd, Samsung

India Ltd., SET India Pvt Ltd, Welspun India, Deutsche Bank, Microsoft India

– Now focusing on “wellness” not “illness”approach

360o

Fashion & Lifestyle Third Party

• Produce and manage Filmfare awards & Femina Miss India Pageant (Internal clients – Times Group)

• Recently started building brands / properties such as the FDCI Fashion awards

• Conducted over 400 events in fiscal 2005

• Focus on moving towards big events

360° Entertainment: Ability to Offer Integrated Marketing Solutions

16

• Board of Directors:

• Mr. Deepak M Satwalekar – MD & CEO ,HDFC Standard Life• Mr. N Kumar- Vice Chairman, Sanmar Group• Ms. Rama Bijapurkar, Consultant• Mr. Ravi Dhariwal – Executive Director, BCCL• Mr. A.P. Parigi – MD & CEO, ENIL

Board Driven company with emphasis on best corporate governance practices

Board of Directors

17

Player Total stations Of top 13 towns

• Adlabs 44 7

• South Asia/Kaal Radio 40 10

• ENIL 32 13

• Radio City 20 11

• Dainik Bhaskar 17 4

• Bag Films 10 0

• Zee/Century 8 0

• Thanthi/Today/Midday 7 1/3/7

• HT/Positive/Raj Pat 4 4/0/1

• Red FM 3 3

FM Radio – competitive landscape

18

• Satellite Radio

• Internet/Broadband Radio

• IPOD and IPOD casting

• Mobile/3G

Emerging technologies – competition or opportunity?

19

• Rapid roll-out of stations

• Talent identification, training and retention

• Retaining and growing absolute listenership numbers

• Cost management – especially wrt marketing and payroll

• Music royalty regime – rationalization

• Development of listenership research standards and spread acrossthe country

Key Challenges facing ENIL

20

Audited Financials for ENIL (Radio Business Only)All figures in Rs. MM

FY04 FY05 1HFY05 1HFY06

Total Income 570 762 317 495

License Fee 347 399 193 28

EBITDA -232 -123 -118 144

EBITDA (%) -41% -16% -37% 29%

EBITDA (%) (Excl license fee) 20% 36% 24% 35%

PAT -293 -179 -146 111

Share Capital 1,170 1,170 1,170 339

Reserves & Surplus -654 -833 -833 108

Networth 516 337 337 447

Borrowings 0 0 0 0

Increase in airtime sales of55% in 1HFY06 over 1HFY05

EBITDA Margins of 29% in1HFY06

Strong Financial Performance

Debt free company

TIML Revenues (360° & Times OOH Media): Rs. 134 MM for 1HFY06

RoE 25%RoCE 32%

21

Shareholding Structure

22

71.2%

27.8%1.1%

Promoters Free-Float Employees

• News & Current Affairs

• FDI/FII cap

• Multiple frequencies

• Tradeability

• Limitation on share transfer of main promoter for 5 years

Radio Industry: Pending agenda

23