Interim Status Update April 20, 2011 ETV INVESTMENT OPPORTUNITY 1

Expanding our footrpint into regional language channels taps into a growing local advertising market Strategic Rational / Importance High growth market: currently underserved and have a combined viewership greater than the Hindi market Diversification: new source of revenue that reduces over-reliance on Hindi GEC & offers a more stable revenue stream of ad revenue Distribution: Strengthens the distribution bouquet by making it a “must carry” in all parts of the country Leverage: distribution and ad sales infrastructure The Rationale for Indian Regional Language Channels Competition Our largest competitors have seen benefits from a broad portfolio of both regional and national channels Star: 24 total channels; 10 national; 12 regional channels Zee: 32 total channels; 13 national, 6 regional channels 2

 Operates in Telugu, Bangla, Marathi, Kannada, Gujarat and Oriya marketplaces  2 nd largest TV network in Southern India and in the top five most viewed networks in the country  ETV, the flagship Telugu channel has a strong position in Telugu market (2 nd largest regional market behind Tamil)  All of ETV’s regional GE channels rank among top 3 in the respective markets that they operate  The flagship channel is ~15 years old; Other channels are operating roughly 7-10 years  Has successfully converted all its channels to subscription channels  Movie library of approximately 3,500 movies in 9 regional languages ETV: Bouquet of Six Regional GE Channels 3

Company Structure Current Group Structure Telegu / Non Telegu News Non-Telegu GECs Telegu General Entertainment Channels UEPL Broadcasting Business 1 23 Ownership Structure: ►Reliance Industries Limited 49% ►Ramoji Rao family: 51% Ownership Structure: ►Reliance Industries Limited : 100% FYE March 2011 EBITDA ►Not applicable; SPE is not considering acquiring FYE March 2011 EBITDA ►$22.9MM FYE March 2011 EBITDA ►$14MM 4

 Reliance is actively soliciting indications of interest in ETV – We believe Star, a key competitor, is interested and has submitted an indication of interest – Parties have received historical financials but will not be allowed to review forecasts or conduct diligence until ETV’s owners further vet indications of interest and structure  SPE’s goal has been to put forth a legitimate and viable structure and valuation in order to proceed to the next round and begin formal diligence  All indications of interest by SPE have been on a non-binding basis with significant outs, including outs for diligence  SPE has indicated interest in the Telegu and Non-Telegu GEC assets; News assets are not currently under considerations Negotiating Status 5

 SPE’s initial indication of interest was for Reliance’s stake – Acquire100% of the Telegu Channels (from Reliance) – Acquire 49% of the Non-Telegu Channels (from Reliance) – Cash outlay by SPE: $500MM – Implied combined value for Telegu and Non-Telegu: $728MM  In subsequent discussions, Reliance has pushed for a higher valuation but expressed willingness to facilitate a sale of controlling interests in both assets  The parties are now discussing SPE acquiring controlling interests (51%-60%) in both the Telegu and Non-Telegu Channels – Acquire 51% - 60% of the Telegu Channels (from Reliance) – Acquire 51%-60% of the Non-Telegu Channels (potentially a portion from the Ramoji Rao family and a portion from Reliance) – A 60% structure would provide leeway to bring in a 3 rd party PE firm (e.g. Blackstone) – Even with a modest increase in valuation, structure could reduce cash outlay by SPE to roughly $400MM - $475MM  The 51%-60% buy-out structure requires Reliance to stay in as a minority shareholder and requires support of the Ramoji family. Our advisor, E&Y, is discussing the structure and valuation with the principles to assess interest Potential Deal Structure 6