Movies Games Content Television Broadcasting New Media

UTV Software Communications Limited

EARNINGS RELEASE
FOR THE QUARTER ENDED DECEMBER 31, 2008

CONSOLIDATED RESULTS – PERFORMANCE HIGHLIGHTS

3Q FY2009 as compared to 3Q FY2008

− Total Operating Revenues reported growth of 30% to Rs 1,602 million from Rs 1,235 million
− Net Profit reported growth of 29% to Rs 299 million from Rs 231 million
− Segmental Revenue Contribution given below

New media,
4%
Broadcasting,
22%
Movies, 23%

Television,
26%
Interactive,
25%

9 months ended Dec 31 2008 as compared to the same period last fiscal

− Total Operating Revenues reported growth of 86% to Rs 4,681 million from Rs 2,516 million
− Net Profit reported growth of 77% to Rs 878 million from Rs 497 million
− Segmental Revenue Contribution given below
New media,
3%

Broadcasting,
13%

Movies, 44%

Television,
24%

Interactive,
16%

Note: Intersegment revenue contribution is not considered in the pie charts above

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EARNINGS RELEASE – 3Q-FY2009

Mumbai, India; January 27, 2009 – UTV Software Communications Limited (UTVSOF.BO, UTVSOF.NS)
today announced its results for the quarter ended December 31, 2008.

STATEMENT FROM THE CEO – RONNIE SCREWVALA

We have committed to high growth while we consolidate each of our businesses and to that extent
we have demonstrated success. While the third quarter shows a growth of 30%, the nine months
cumulatively show a growth of 86% on our Revenues and these clearly would not have been
achieved if we had not invested heavily into the businesses that demonstrate high growth for the
Company.

Correspondingly all of this financial year and into at least 6 months of the next year we continue to
remain in Investment Mode. Therefore, it would be unfair to judge UTV on the basis of Net Operating
Margins primarily because our first commitment will be to grow them to a critical size that can offer
stability and better margins and our second commitment will be to bring about the right operational
efficiency once we have demonstrated growth.

So the key factors to review for this quarter and also for the nine–month YTD results have to be
looked at in the following perspective.

Broadcasting, as anticipated, we have Rs 113 million loss for the quarter and Rs 200 million till
date. Without that loss, our consolidated operating margins would have been substantially higher.
Furthermore, for a Company with a four channel bouquet, that is less than a year old, I believe we
have one of the best cost models and for a startup, our losses are substantially more in control and
within budget than any of our peers.

Motion Pictures in this quarter, we have released only Fashion and Oye Lucky. What is important
for everyone looking at our Studio Model is to understand the workings and the objective. UTV clearly
decided that it wanted to own intellectual property in perpetuity as also be in charge of its own
distribution and revenues worldwide. In that context, it is important to understand that the increase
in distribution platforms and changing dynamics in syndication of movies have resulted in the revenue
exploitation cycle stretching beyond just the first few quarters of release. Therefore to judge the
margins over a short term for our Movie Division, which is rapidly growing its movie repertoire, might
not give the right perspective.

TV Content – we have maintained that it is a stable business. We have added some new shows this
quarter and overall we will continue to strive to improve the margin profile of this business.

Games Content – we are extremely pleased with our progress so far. Despite the macro
environment, India Games has grown around 20% quarter on quarter and has witnessed most of its
growth contributed from its India operations as it is one of the fastest growing markets for mobile
gaming. Ignition continues to focus on its 3 IPs, and we are making good progress for their release
plans which I believe, would be the next big quantum jump for UTV. True Games is the start-up and
will be in investment mode for another 4 quarters and during this period we are releasing our games
on our own platforms.

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EARNINGS RELEASE – 3Q-FY2009

New Media – we have aggregated a strong Library in the Digital Space in Regional Languages.
Furthermore our finance portal www.utvi.com has been rated the No.2 Finance Business Portal in the
countrya and our Technology site www.techtree.com continues to be one of the popular websites in
the news and media category for technologyb. For a business that has been in operation for just a
few months we are pleased that it has reported revenues of approx. Rs 143 million for the 9 month
period in such a start-up mode.

Quality of Earnings
While Fiscal 08-09 continues to demonstrate our growth strategy having recorded over 80% growth
so far – we believe that our operating margins don’t necessarily reflect the true potential that this
revenue growth symbolizes for the years ahead. And my observations, as well as what the entire
Management team is working towards are as follows -

Broadcasting - Q4 of this fiscal plus Fiscal 09-10 will continue to be in the red, with a clear objective
to see break even during Q1 of 2010-2011.

Motion Pictures - The growth as well as the success of our movies has not corresponded with the
bottom line thus far, primarily because revenue exploitation has been back-ended and the cycle
extended. However, we expect that the coming quarters shall witness benefits of larger aggregated
library with quality movies in our repertoire. This is expected to reflect a closer to real long-term
picture. Furthermore, our Hollywood Movies shall have added impact on the revenues in the coming
quarters.

Games Content - We expect next fiscal to demonstrate clearly the potential of this vertical that we
have incubated over the last 18 months and the following year will see the benefits from the games
being developed by Ignition, from TrueGames’ Online platforms, distribution and syndication model
worldwide and from IndiaGames’ focus on the Indian mobile market and the Games On Demand
businesses.

New Media – Even though it’s a start-up, we expect this business will be in the black during the next
fiscal.

TV Content – We expect this segment to show stability.

COMPANY PERFORMANCE (CONSOLIDATED)

The Company has consolidated the financials of UTV-US, IG Interactive, UMP PLC, UTV TV Content,
UTV New Media, UTV Games and UTV Global Broadcasting and the group’s indirect subsidiaries
Ignition Entertainment Limited, Indiagames Limited, UTV-Motion Pictures (Mauritius), ITNation Media,
RB Entertainment, True Games Interactive, GenX Entertainment and UTV Entertainment Television
(UETL) and UTV’s television joint ventures Smriti Irani Television Limited and Windmill Entertainment
Limited. The Board of Directors in its meeting held today, has taken on record the unaudited
consolidated financial results of UTV Software Communications Limited and its subsidiaries/JV’s.

a No.1 in terms of pages per visit and Time spent – ComScore data for Oct, Nov & Dec’08
b As per Alexa ratings

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EARNINGS RELEASE – 3Q-FY2009

For the quarter ended December 31, 2008, the Company, as compared with the same quarter
previous fiscal, reported a growth of 30% in Total Operating Revenue to Rs. 1,602 million from Rs.
1,235 million and 29% in Net Profit to Rs. 299 million from Rs. 231 million. Given below is the brief
income statement of the Company consolidated with its subsidiaries and joint venture for the fiscal
2009 and 2008.

Rs in million Q3FY09 Q3FY08 ∆ 9MFY09 9MFY08 ∆

Operating Revenues 1,349 1,232 9% 4,251 2,504 70%

Other Operating Income 253 3 430 12
Total Operating Rev. 1,602 1,235 30% 4,681 2,516 86%
Expenditure 1,516 1,002 51% 4,522 2,001 126%
Operating Income 86 233 (63%) 159 515 (69%)
Operating Margin 5% 19% 3% 20%
Add: Other Income 20 8 150% 145 34 326%
Less: Interest exp (Net) (196) - (243) 31
PBT 302 241 25% 547 518 6%
PAT 299 231 29% 878 497 77%
PAT Margins 19% 19% 19% 20%

At the end of December 31, ‘08, consolidated debt of the Company stands at Rs 2,525 million and
company consolidated cash and cash equivalent amount to Rs 870 million. Total Capital Employed in
operations is Rs 16,514 million. Increased investments in various businesses have resulted in ROCE of
8%.

INVESTMENTS IN CORE SEGMENTS

It is pertinent to communicate the 3 principle areas of investment (Increase in Capital Employed)

during past 9 months of operations that the Management expects to have a positive impact in the
years to come.
a) Around Rs 3.8 billion into Motion Pictures business, that provides visibility of our movie slate for
the next two years. The Management expects that investments in this business provide a strong
foundation for us to deliver one of the largest slates year-on-year as compared to any Movie
Studio out of India. A substantial amount is invested into our Hollywood slate which are
expected to show results during the quarters to come.
b) Rs. 3.1 billion in Broadcasting, in the specialty segments areas of Youth and Movies where the
Company’s channels have already attained leadership positions from time to time. This business
segment is expected to be a significant value driver in the coming quarters upon its reaching
breakeven.
c) Rs. 1.6 billion for the Games Content segment, which includes Ignition, which is in the process
of creating 3 international next-gen console IPs for the world markets and TrueGames, which is

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EARNINGS RELEASE – 3Q-FY2009

creating an online gaming platform in the US and Turkey and developing long term IP for online
gaming.

SEGMENT PERFORMANCE (CONSOLIDATED) (Rs in Million)

The business has been categorized under five segments – Movies, Games Content, Television,
Broadcasting and New Media.

Segment Revenues 9MFY09 Contribution 9MFY08 ∆

Movies ^ 1,887 44% 1,493 26%
#
Games Content 707 17% 296 139%
Television * 1,013 24% 724 40%
Broadcasting
548 13% -
New Media √ 143 3% -
(Inter-segment) (47) (1%) (8)
Total 4,251 2,505 70%

Segment Results 9MFY09 Margins 9MFY08 ∆

Movies ^ 543 29% 438 24%
#
Games Content (48) (7%) 22 (318%)
Television * 45 4% 130 (65%)
Broadcasting
(200) (36%) -
New Media √ (27) (19%) -
Total 313 7% 590 (47%)

As on As on
December 31, December 31,
Capital Employed 08 Contribution 07 ∆
Movies ^ 8,248 50% 3,992 107%
Games Content # 2,712 17% 711 281%
Television * 401 2% 322 25%
Broadcasting
3,135 19% -
New Media √ 349 2% -
Unallocable 1,669 10% 1,188 41%

Total 16,514 100% 6,213 166%

^ Movies segment include, Films Production, Distribution – Domestic & International and Home Entertainment
#
Games Content segment currently include Gaming businesses
* Television segment include, TV Content, Airtime sales and Dubbing businesses

Broadcasting segment currently includes the four channels of UGBL
√ New Media segment currently include Web and Mobile business.

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EARNINGS RELEASE – 3Q-FY2009

BUSINESS SEGMENT REVIEW

Movies Segment
Movies segment comprises all products and services resulting in the big screen exploitation such as
movies production and distribution in India and overseas. The Movies segment during the quarter,
reported a revenue of Rs 321 million, contributing 23% to the total segmental revenue.

The Company released two movies during the quarter under review, Fashion and Oye Lucky! Lucky
Oye! as compared to five in the same quarter last fiscal. Nonetheless, Fashion opened to packed
houses and received great reviews from film critics. Oye Lucky! Lucky Oye!, which has been well
received by critics, was released on the weekend of the Mumbai terror attack thereby doing business
below the Company’s expectations. However, Oye Lucky! Lucky Oye! was the first Indian Film to be
telecast on two major DTH platforms - Dish TV and Tata Sky within a month of being released
theatrically. This telecast was made available on a pay per view basis. The response to this form of
exploitation has been very encouraging, thereby opening up another window for revenues for movies
like this. At the fag end of the quarter, the Company inked another commercial deal with Walt Disney,
yet another step towards a fruitful and synergistic strategic relationship. Going forward, UTV shall
exclusively distribute all Walt Disney Studios Motion Pictures’ movies in India. The immediate pipeline
of Disney movies to be released by UTV in India includes Bedtime Stories, Confessions of a
Shopaholic and Beverly Hills Chihuahua.

Games Content Segment

This business segment comprises UTV’s gaming businesses which include Ignition, Indiagames and
True Games. During the quarter under review, this segment has contributed about 25% of the
operating revenues of the Company and is expected to be one of the major contributors in the near
future.

Ignition: Following are some of the new games published this quarter.

Name of the Game Game format Territory

SNK Arcade Classic Wii EU
Metal Slug 7 NDS USA & EU
Tornado NDS USA & EU
King of Fighters Anthology PS2 EU

Indiagames: Indiagames has reported a growth of around 20% QoQ. It continues to enjoy a
majority market share in the country in the mobile gaming segment and represents several large
international publishers including Electronic Arts, Glu Mobile, THQ Wireless and I-Play. The Company
has diversified its revenue concentration across telcos in India and has entered some strategic
distribution relationships internationally to further growth in the US and EMEA (Europe Middle East &
Africa) regions. A restructuring of the development team also resulted in greater focus for the APAC
(Asia Pacific) region which traditionally has been its smallest segment but has shown some significant
growth in the last two quarters.

Key launches in Q3 include Ghajini for which Indiagames created and published 4 games in addition
to a ‘work-out’ application. In the international market “Flavour of Love” based on a hit Vh1 (Viacom)

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EARNINGS RELEASE – 3Q-FY2009

show was launched along with extensions in launches for several games including Godzilla, Office
Games, Predator and Curry in a Hurry. Indiagames also launched its first title on I-phone - an original
IP called 3D Movin Maze.

In the PC based Games on Demand (GoD) business, Indiagames added the highest number of
subscribers to its service with more than 25,000 people having now experienced GoD through its
partner broadband networks of which Airtel and BSNL were the largest. Several new games were
added to the portfolio averaging about 4 new games a month.

Some of the new games that were launched by Indiagames this quarter on the mobile platform
include the following:

Name of the Game Territory

3D Movin Maze International
KS Manga International
Flavor of Love International
Playboy Racing International
Ghajini India

True Games: True Games, a start up company based in the US has gotten off to a great start with
their model of creating original games for the online platform for a world audience. Their business
model is mainly focused on creation of their own gaming platform in US and Turkey and syndication
of its content to online platforms to the rest of the world. Their revenue model is mainly based on
micro-transactions and syndication.

True Games has tied up with award-winning game developer Petroglyph for developing an upcoming
Free-to-Play micro-transaction based online game which is in advance stage of completion.
Petroglyph is known for its high quality RTS (Real Time Strategy) games with global appeal. For the
second game, True Games has acquired the global publishing rights for the highly anticipated free-to-
play MMORPG (Massive Multi-player Online Role Playing Game) Warrior Epic, developed by Possibility
Space. True Games has entered into a game development agreement with Possibility Space to
develop another high end MMORPG, to be released in FY2010. First game is expected to release
during first quarter of next fiscal.

Television Segment
Television segment primarily consists of all products and services offered for the small screen.
Therefore, this segment of the Company constitutes TV Content production, Airtime sales and
Dubbing businesses. The contribution from this segment during the quarter ended December 31,
2008 was 26% of all operating revenues.

TV Content: UTV’s TV Content segment represents the shows produced by the Company on a
commissioned basis. This quarter, UTV’s two reality shows Chota Packet Bada Dhamaka on ZeeTV
and Ek Khiladi Ek Haseena came to a close with a grand finale. UTV continues to produce Cash
Cab for Bindass, which is one of the most intelligent and fun reality shows. Also in the pipeline for
the next quarter is a bi-weekly reality talent hunt show, Dance India Dance on Zee TV.

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EARNINGS RELEASE – 3Q-FY2009

Besides these initiatives, UTV is also focusing on the South Indian markets where, in addition to
the already existing show called Nagavalli, we have recently produced another new reality show
called Athiradi Singer on SunTV, which is also marketed by the Company’s Air Time Sales division.
During the quarter under review, the Company has produced over 60 hours of programming.

Air Time Sales: During the quarter, the Company has managed a monthly average of
approximately 140 hours of content under management across all leading South Indian Channels
such as SunTV, GeminiTV, SuryaTV and UdayaTV. UTV still retains the leadership slots on SunTV
where the Top 3 programs on prime time on the channel is being managed by the Company -
Thirumati Selvam followed by Kolangal and then Arasi. Also, the No.1 show in the afternoon slot
on SunTV belongs to the Company.

New Media Segment

This segment comprises the Web and Mobile foray of the Company. During this period, this segment
has contributed about 4% of the operating revenues of the Company.

During the quarter, the Company acquired digital rights for a number of regional films including 3
Kannada Movies, 2 Telugu movies and 1 movie from Haryana. The Company also acquired digital
rights for a Hindi movie called Bad Luck Govind. Besides domestic, it is also looking at the
international space for acquisitions. This quarter the Company has made four acquisitions
internationally including albums from popular artists like Pussy Cat Dolls and LL Cool J.

UTVi.com, the business news website has already become the No.2 finance business portal in the
country, beating other popular websites like Yahoo Finance and Myiris.com and we also foster the aim
to gradually overtake the No.1 player as well.

Page Views - UTVi.com

10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Apr'08 May'08 June'08 July'08 Aug'08 Sept'08 Oct'08 Nov'08 Dec'08

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EARNINGS RELEASE – 3Q-FY2009

No. of pages per visit - UTVi.com

16

14

12

10

0
Apr'08 May'08 June'08 July'08 Aug'08 Sept'08 Oct'08 Nov'08 Dec'08

Broadcasting
During the quarter under review, this segment has contributed 22% to the operating revenues of the
Company. The Company entered the specialty and focused channel space because it believes that this
would be the model of the future. The Company believes that this approach has been rewarding so
far with all its four channels, despite the corrective steps taken with respect to cost, spend and
investments.

Bindass, on an average is the No. 1 youth channel in India, ahead of its rivals like MTV, Channel [V],
Zoom and the othersc. Bindass Movies has forged ahead of Star Movies and HBO to become the No.1
Hollywood channel in the countryd. World Movies is a pioneer in this specialty segment and has an
enviable library in the international space giving it a clear head start. With the strength of these
achievements and a good tight cost model, we believe we are well equipped to face challenges
engulfing most broadcasters today.

BUSINESS OUTLOOK
UTV’s unrelenting focus on exploring new opportunities and develop market leadership positions in all
businesses being regardless of borders have enabled us to deliver consistent and strong financial
results. Over the last couple of years, UTV has built a robust and scalable business model across its
five verticals of Television, Movies, Games Content, New Media and Broadcasting.

UTV’s ability to generate returns from a multitude of sources puts us in a great position to maintain
our financial momentum even in times of economic uncertainty. The Company has been proactive in
taking the necessary steps to insulate itself from the potential liquidity crunch, forex exposure without
compromising on the growth or brand value of its businesses. The Company shall continue to take
steps to correct course wherever necessary.

c
Week 30 to week 34, 2008 CS 15 to 34 ABC, Market HSM, Source: TAM Media Research
d Week 1 to week 52 2008, TG CS 15 to 34 ABC, Market HSM Source: TAM Media Research

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EARNINGS RELEASE – 3Q-FY2009

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements. These statements are based on management's
current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements herein due to changes in economic, business,
competitive, technological and/or regulatory factors. The Company is under no obligation to, and expressly
disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.

*****************

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EARNINGS RELEASE – 3Q-FY2009

ANNEXURE I – Consolidated Financials

Rs in Lacs
Particulars Consolidated
Quarter ended Nine Months ended Year ended
31/12/2008 31/12/2007 31/12/2008 31/12/2007 31/03/2008
Unaudited Unaudited Unaudited Unaudited Audited

Net Income from Sales & Services 13,488.15 12,318.26 42,510.04 25,044.33 43,415.00
Other Operating Income 2,531.79 34.80 4,303.01 117.30 828.63
Total Revenues 16,019.94 12,353.06 46,813.05 25,161.63 44,243.63
Direct Cost 11,292.37 8,647.24 35,259.31 16,198.10 30,471.60
Personnel Costs 1,625.31 574.93 4,349.16 1,626.41 2,583.60
Depreciation 186.96 77.59 457.31 278.24 389.10
Other Expenses 2,052.39 720.86 5,157.50 1,903.91 3,887.90
Total Expenditure 15,157.03 10,020.62 45,223.28 20,006.66 37,332.20
Profit/(Loss) from Operations before Other
Income, Interest & Exceptional Items 862.91 2,332.44 1,589.77 5,154.97 6,911.43
Other Income 204.86 84.73 1,448.16 339.47 330.87
Profit/(Loss) before Interest & Exceptional
Items 1,067.77 2,417.17 3,037.93 5,494.44 7,242.30
Interest Expenses/(Income) (net) (1,958.82) (0.77) (2,429.22) 310.48 598.60
Profit/(Loss) after Interest but before
Exceptional Items 3,026.59 2,417.94 5,467.15 5,183.96 6,643.70
Exceptional Items - - - - -
Profit/Loss from Ordinary Activities before
tax 3,026.59 2,417.94 5,467.15 5,183.96 6,643.70
Tax Expense
- Current 251.62 80.58 447.91 145.46 208.60
- Mat Credit Entitlements 10.12 (5.38) (67.80) (5.38) (84.70)
- Deferred (250.14) 21.73 (3,755.32) 43.90 (1,291.00)
- Fringe Benefit tax 24.55 12.50 64.57 26.32 41.80

Total Tax Expense 36.15 109.43 (3,310.64) 210.30 (1,125.30)

Net Profit/(Loss) from Ordinary Activities
after tax 2,990.44 2,308.51 8,777.79 4,973.66 7,769.00
Extraordinary Item (net of tax expense) - - - - -
Net Profit/(Loss) for the period 2,990.44 2,308.51 8,777.79 4,973.66 7,769.00
Minority interest 52.00 538.52 1,336.73 1,157.95 2,003.20
Net Profit After Minority Interest 2,938.44 1,769.99 7,441.06 3,815.71 5,765.80
Paidup equity share capital (Face value Rs 10
each) 3,419.50 2,289.36 3,419.50 2,289.36 2,484.30
Reserves (excluding revaluation reserves) as
per Balance Sheet of Previous Accounting Year 43,237.70
Earnings per share (Rupees) - Basic 8.59 7.73 22.64 16.67 25.01
- Diluted 8.59 7.73 22.64 16.67 25.01
Public shareholding
- Number of shares
- Percentage of shareholding

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EARNINGS RELEASE – 3Q-FY2009

Rs in Lacs
Particulars Consolidated
Year
Quarter ended Nine Months ended ended
31/12/2008 31/12/2007 31/12/2008 31/12/2007 31/03/2008
Unaudited Unaudited Unaudited Unaudited Audited

Segment Revenues
Television 3,562.96 2,592.26 10,124.99 7,239.04 10,064.20
Movies 3,214.55 8,900.93 18,869.78 14,927.29 26,371.24
Games Content 3,460.19 825.07 7,071.24 2,962.54 7,421.76
New Media 546.05 - 1,433.80 - -
Broadcasting 2,998.60 - 5,475.73 - -
Less: Inter-segment revenues 294.20 465.50 84.54 442.20
Total revenues 13,488.15 12,318.26 42,510.04 25,044.33 43,415.00
Segment results
Television 194.89 531.00 445.62 1,295.75 1,801.28
Movies 2,150.64 2,321.85 5,425.67 4,382.15 5,556.95
Games Content 122.36 (148.89) (480.56) 223.33 928.46
New Media 14.05 - (267.63) - -
Broadcasting (1,131.48) - (2,002.26) - -
Total segment results before Interest and
Tax 1,350.46 2,703.96 3,120.84 5,901.23 8,286.69

Less:
- Interest Expenses/(Income) (Net) (1,958.82) (0.77) (2,429.22) 310.48 598.60
- Other unallocable expenditure
(net of Other Income) 282.69 286.79 82.91 406.79 1,044.39
Total Profit before tax 3,026.59 2,417.94 5,467.15 5,183.96 6,643.70

Capital Employed
Television 4,007.25 3,219.33 4,007.25 3,219.33 3,421.71
Movies 82,481.99 39,923.39 82,481.99 39,923.39 44,649.74
Games Content 27,123.17 7,109.61 27,123.17 7,109.61 10,933.46
New Media 3,492.40 - 3,492.40 - -
Broadcasting 31,349.34 - 31,349.34 - -
Unallocable 16,689.37 11,881.27 16,689.37 11,881.27 13,691.57
Total Assets - Liabilities 165,143.52 62,133.60 165,143.52 62,133.60 72,696.48

Notes:
1. The Statutory Auditors have carried out a limited review of the standalone results of the Company.
2. The above results, including consolidated, are reviewed by the Audit Committee and approved by
the Board of Directors at its meeting held on January 27, 2009.
3. The consolidated results include the subsidiaries: UTV Communications (USA) LLC, IG Interactive
Entertainment Ltd, UMP Plc, UTV Global Broadcasting Ltd, UTV TV Content Ltd., UTV Games Ltd,
First Future Agri & Developers Private Ltd, UTV New Media Ltd and the group's stepdown
subsidiaries - UTV Motion Pictures (Mauritius) Ltd., Ignition Entertainment Ltd., Indiagames Ltd,
True Games Interactive, Inc., Genx Entertainment Ltd, UTV Entertainment Television Ltd, RB
Entertainment Ltd. & IT Nations Media Private Ltd and the Joint Ventures - Windmill Entertainment
Ltd. and Smriti Irani Television Ltd.

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EARNINGS RELEASE – 3Q-FY2009

4. Number of investor complaints for the quarter ended December 31, 2008: Beginning -Nil, Received
- 8, Disposed off - 8, Pending - Nil.
5. On August 8, 2008, the Company had acquired 75% equity stake in UTV Global Broadcasting
Limited. Accordingly, the above consolidated nine month numbers include the results of the
broadcasting segment for the period August 9, 2008 to December 31, 2008.
6. As at December 31, 2008, 490,000 options were outstanding. Upon exercise of these options,
these would be converted into equivalent number of equity shares.
7. Previous period figures have been rearranged / regrouped, wherever necessary.
8. ‘Interactive’ segment has now been renamed as ‘Games Content’. Previous year / Quarter figures
of Animation Division (earlier included in Interactive segment) have now been reclassified under
Movies segment in the above results.

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