Reliance ADA Group

CLSA Investors Forum Hong Kong

September 2007

Forward looking statements Important Note

This presentation and the discussion that follows may contain forward looking statements by Reliance ADA Group (Reliance ADAG) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of Reliance ADAG about the business, industry and markets in which Reliance ADAG operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond Reliance ADAGs control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of Reliance ADAG. In particular, such statements should not be regarded as a projection of future performance of Reliance ADAG. It should be noted that the actual performance or achievements of Reliance ADAG may vary significantly from such statements.
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Contents
Reliance ADA Group Reliance Communications Reliance Energy Reliance Natural Resources Reliance Capital Reliance Entertainment

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Reliance ADA Group

The vision of one man

If you can dream it You can Do it

Our legendary founder Sh. Dhirubhai Hirachand Ambani 28th December 1932 - Forever
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Reliance ADA Group

Leadership Position in highest growth sectors

Over 100 million individual customers - 1 in every 10 Indians 7 million shareowners 100,000 young, trained and motivated people

Mobile Mobile Wireless Wireless Enterprise Enterprise Broadband Broadband Global Voice/Data Global Voice/Data Retail Retail Stores Stores

Generation Generation Transmission Transmission Distribution Distribution Trading Trading EPC EPC

Film Film Production/ Production/ Processing/Distribution Processing/Distribution Multiplexes Multiplexes FM FM Radio Radio Stations Stations Gaming Gaming & & Networking Networking Portals Portals

Infrastructure Infrastructure
Mutual Mutual Funds Funds Life/General Life/General Insurance Insurance Broking & Distribution Broking & Distribution Investments Investments Consumer Consumer Finance Finance Exploration Exploration & & Production Production Coal Coal Bed Bed Methane Methane Fuel Fuel Sourcing/Trading Sourcing/Trading Transportation Transportation Mumbai Mumbai Metro Metro Special Special Economic Economic Zone Zone Roads Roads Bridges Bridges Real Real Estate Estate Development Development

Strong presence across high-growth consumer facing businesses

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Reliance ADA Group

Reliance ADA Group Key financials

Market capitalization Assets Net worth Operating cash flow Profit after tax Net debt Rs 175,000 Cr Rs 50,000 Cr Rs 41,000 Cr Rs 10,000 Cr Rs 6,000 Cr Nil $43 bn $12bn $10bn $2.5bn $1.5bn Nil #3 #3 #3 #3 #4 -

Among Indias top 3 business groups

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Reliance ADA Group

Unprecedented value creation

x 1 1

s a re c in

US$ 43 billion
US$ XX bn

US$ 4 billion Market cap at June 2005

As on September 13, 2007

Market cap at present

Value creation of US$40 bn in just two years

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Reliance ADA Group

All group companies have outperformed the Sensex

280

Rebased to 100
260 240 220 200 180 160 140 120 100 80 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug -07 Sep-07 Sensex Reliance Com m unications Reliace Energ y Reliance Natural Resources Reliance Capital

Sensex

Share price performance (%)

As of Sep 13, 2007

Reliance Communications

Reliance Energy

Reliance Natural Resources

Reliance Capital

Sensex

1 year returns
Source: Bloomberg

70%

91%

160%

163%

30% confidential

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Reliance ADA Group

High liquidity across group companies

MSCI Sensex Nifty F&O

Reliance Communications Reliance Energy Reliance Capital Adlabs Films

5 5

5 5

5 5

5 5 5 5

Foreign portfolio investors own 20% in group stocks valued at US$ 8 bn

Daily stock market turnover of Group companies >US$400 mn

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Reliance Communications

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Indian Telecom Sector

The largest telecom growth opportunity in the world

Parameter
Telecom subscribers Wireless subscribers Wireless Minutes of Usage Broadband subscribers
Source: COAI, AUSPI, TRAI

Current status
229 mn 189 mn ~ 471 minutes 2.5 mn

Global position
In the top 5 3rd largest Second highest Lowest in the world

even after adding 200 mn subscribers over the last 4 years

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Indian Telecom Sector

Among the lowest penetration rates in the world

Low wireless penetration
140% 120% 100% 80% 60% 40% 20% 0% India China France US Japan UK 16.9% 37.3% 79.0% 79.2% 79.6% 117.0%

Leading to strong revenue growth

60% 55.5% 50%

40%

30% 20% 9.2% 0.4% 0% France Japan UK US China India 1.1% 12.0%

15.3%

10%

Source: Merrill Lynch Global Wireless Matrix; March ended 1Q07

March ended 1Q07 over March ended 1Q06

Low penetration + High Revenue growth = Huge opportunity

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Indian Telecom Sector

Mobile subscribers expected to cross 500 mn in 3 years

600 Mobile Subscribers (mn) 500 Penetration 44% 50%

400

R3 G A

5%
30%

38% 530 444

40%

30%

300

22%

348 20%

200 9% 100 96 0 2006

Year end March 31 Source: Industry estimates

14%

253 10%

161

0% 2007 2008E 2009E 2010E 2011E

even then there will be 800 mn unserved people in India

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Indian Telecom Sector

Net annual subscriber adds have now surpassed China

Net Net annual annual wireless wireless additions additions (million) (million)
90 80 70 60 50 40 30 20 10 0 2003
Source: Industry research

India
68 62 66 59 65

84 77

China

31 18 22

2004

2005

2006

2007E

Wireless subscribers India: 200 million vs. China: 500 million

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Indian Telecom Sector

Among highest EBITDA margins globally

EBITDA Margins
70% 60% 51.3% 50% 40% 30% 20% 10% 0%
m co e l he sc t u Ve on riz &T AT ne fo a d Vo N KP ti ar h B ls Te a tr Re e nc li a i Ch na l Te om ec Si l te g n in Ch ile ob M

51.8%

54.0%

28.3%

30.3%

33.2%

35.1%

38.5%

40.1%

41.4%

41.7%

42.2%

i Br

h tis

Te

De

despite the lowest tariffs

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RCOM: Indias Largest Integrated Telecom Company

Personal Business

Global Business

Enterprise Business

Infrastructure Business

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Leading position in the Asian telecom market

Operator
China Mobile China Telecom Singtel Bharti Airtel

Market cap
US$ 269 bn US$ 45 bn US$ 39 bn US$ 39 bn

Subscribers
338 mn 244 mn 52 mn* 48 mn

Reliance Communications
* Includes proportionate customers of affiliates

US$ 28 bn

36 mn

Ranks among top 5 telecom companies in Asia

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Among the 3 most valuable private sector companies in India

Market Capitalisation
De-merged entity M-cap US$ 20 bn

% 0 21

US$ 28 bn
US$ XX bn

US$ 9 bn Market cap at March 2006

As on 13 September 2007

Market cap at present

Created shareholder wealth of US$ 19 billion in 19 months

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Who do we serve?

Over 36 million customers in India Over 1 million individual global customers Over 200 major global carriers Over 250 MNCs Over 800 out of Top 1,000 Indian large enterprises Over 10,000 Indian SMEs

Unparalleled customer franchise in India and globally

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Dominant position across multiple segments

Largest mobile network in the country: 85% population coverage Largest carrier of wireless data: >60% market share Largest in enterprise data services: >50% market share Largest private PCO operator: >50% market share Largest carrier of international voice: >40% market share Largest IP enabled optic fiber cable network in the world Largest retailer of wireless handsets Largest independent wireless infrastructure provider

Youngest, Fastest, Largest

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Partnerships with global leaders

Network IT

Best in class technologies

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Business Segments: Wireless

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Wireless Business

One of the fastest growing wireless companies globally

Among Indias top 2 operators with over 34 mn wireless subscribers

-

Prepaid subscriber additions drive growth - 85% of total subscribers

Key Performance Indicators

-

EBITDA margins among the highest in the industry ~40%... despite the lowest tariffs in the world backed by the highest Minutes Of Usage 500 million minutes per day

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Wireless Business

Unrivalled wireless multimedia platform

Reliance Mobile World
Unparalleled user experience in India

Click, Browse and Select Multi-media content delivery available on the entire range of handsets

Platform, phones and network superiority

Over 20 million multimedia enabled phones active Only platform globally to support WAP, Java, BREW, BREW VLE, Windows Mobile and Blackberry

Widely used services - popular across all segments

Top 10 global operator on mobile data/content penetration Homogenous usage across demographics and geographies Over 200,000 Indian and international content titles

>4 times data-enabled phones as all GSM handsets put together

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Wireless Business

Largest distribution network of 2,000 exclusive retail stores & >500,000 third party retailers
Largest chain of company

owned and franchised stores and visibility

-

Channel Dimensions
Channel strength of 2000 distributor &

Provides high level of branding Services include

Multi-city, multi-player gaming High speed internet surfing Video conferencing Wireless activation Customer service support Branded Java Green coffee shop

>500,000 retailers Presence in >23,000 towns

By far the largest retail distribution network in the industry

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Wireless Business

Worlds largest network roll-out

Covering almost a billion Indians

-

Towers portfolio up from 14,000 to 40,000 Coverage from 10,000 to >23,000 towns Population coverage expansion from 55% to 85% Almost 100% coverage of railway routes Almost 100% coverage of national highways

Wireless coverage

Ability to host on 8,000 third party towers rent free for the first 5 years

Coverage and connectivity leadership

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Business Segments: Global (Voice + Data)

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Global Business

At the forefront of US$ 90 bn enterprise data opportunity

Global Infrastructure Flag NGN - worlds largest IP network over submarine cable system Capacity to carry 2.5 bn voice calls, 300 mn web chats and 52 mn video chats

Customer Relationships

Over 200 international telco customers of FLAG 1,000 enterprise customers of Yipes 850 out of 1,000 corporates in India

Moving up in the value chain from pure bandwidth provider to value added service provider FY2003 FY2007
Value added services Capacity services
Margin: 30-60% Margin: 15-30%
35%

45% 55%
65%

Will change the way the world communicates & does business
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Global Business

Worlds largest IP enabled optic fiber cable

Significant asset base drives leadership in voice and data segments

230,000 Rkms of submarine and terrestrial optic fiber cable

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Global Business

Achievements

Leadership position in voice

#1 #1 #1

International wholesale carrier ILD and NLD operator in India US to India calling service for retail

customers

Largest carrier of international voice: >40% market share Only Indian company with > 1 million retail customers in the US Clients include several international industry leaders and telcos

Acquired leadership rapidly across all segments

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Yipes Acquisition

RCOMs acquisition of Yipes to accelerate growth

Yipes is a leading Ethernet services company in the US Yipes is highly profitable, with gross operating margins at 55% Plan to further expand Yipes network in US and in 40 new markets globally

Seattle Chicago San Francisco San Jose Denver Boston New York Philadelphia Washington DC

9 22,000 Metro RKms 9 Demand growth: 32% p.a. 9 Acquired at an attractive price of US$ 300 mn

Los Angeles San Diego Dallas Houston Miami

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Business Segments: Enterprise

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Enterprise Business

Market to grow by US$ 8 bn in the next 3 years alone

Broadband market segment revenue (US$ Bn)
US$ 13 bn
8 bn

US$ 5.5 bn

US

FY06
Household
Source : Industry Report

FY09F
SMB + SME Enterprise

Underserved market: Provides strong growth opportunity

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Enterprise Business

Strong in-roads into marquee accounts

IT/ ITES Segment BFSI Segment Media Segment

representing leading players in the largest usage verticals

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Enterprise Business

850 of Top 1,000 Indian enterprises are our customers

FMCG Segment Services Segment Telecom Operators

Winning >50% of new business generated in the segment

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Enterprise Business

Achievements

>50% market share in highest growth data products

-

Atlantic

Internet data centers Centrex solutions: virtual, multi-location PBX Virtual private networks

Fiber Ring

Meshed Core

Pacific

>600,000 buildings connected to our fiber network, to cross 1 mn by year end Deploying Broadband and WiMax network in top 10 cities in the country to cover 4 million SMEs

From start up to leading enterprise data franchise in 1st year

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RCOM Financials

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RCOM Financials

Highlights
Revenue, EBITDA & Net Profit (US$ Mn)
Revenue
3,530

EBITDA
1,395

Net Profit
772

2,625

620

108

FY06

FY07

FY06

FY07

FY06

+6 0

4% 3 +

+1 26 %

0%
FY07

Consistent & Substantial increase in profitability

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RCOM Financials

Consistent Performance
2.5X PAT growth in 5 quarters...
301 250 226 171 125 98

3rd highest in India

(US$ Mn) Reliance Industries Bharti Airtel Reliance Communications TCS Infosys Technologies Q1 FY08 PAT 796 372 301 293 263 Growth 28% 100% 138% 36% 35%
(US$ Mn)

Q4FY06

Q1FY07

Q2FY07

Q3FY07

Q4FY07

Q1FY08
(US$ Mn)

Youngest company to achieve >US$ 300 mn quarterly PAT

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RCOM Financials

Strong Financial Platform

Raised US$ 2.5 bn, including US$ 1.5 bn through FCCBs
Total Assets Net worth Operating Cash Flow ROE
#

US$ 13,659 mn US$ 5,610 mn US$ 1,463 mn*

*15 months period

36%#
1Q annualized and adjusted

Net debt to equity at 0.1 potential to borrow US$ 12 bn for growth

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Key Recent Developments

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Value Unlocking Initiatives

5% of Towerco placed with major global investors

Valuation Achieved
-

Equity value of US$ 6.75bn Translates to Rs 135 per RCOM share Capital gains of US$ 300 mn

From 14,000 to 40,000 towers in six months Towers built for passive infrastructure sharing
-

Ability to initially host 4 tenants Expandable to 7 tenants at marginal cost

Optic fiber connectivity across all towers RCOM is the anchor tenant through various platforms: CDMA, GSM, WiMAX, etc

Underleveraged net worth of US$ 1.2 bn

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Value Unlocking Initiatives

FLAG
Worlds largest IP network over

submarine cable system to unlock value

RCOM plans private placement

Special Economic Zone

BPO

40 acres SEZ in Mumbai Strong interest from leading IT/ITES companies to set up operations Government approvals already received

Strong capability to service BFSI, telecom &

utilities sector
Competency in front & back office operations More than 8,000 strong people

Key mantra - Maximisation of shareholder value

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Planned launch of DTH & IPTV

DTH Network to launch before end of 2007

India has 110 million TV households of which 50% are not connected through cable or DTH Our DTH services will tap this opportunity This modern network will provide DVD quality picture and better viewing experience

IPTV services to be launched in top cities

IPTV to provide interactive TV & Video services using our existing Ethernet network Our customers will enjoy movies and music on demand, interactive programme guide and gaming

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RCOM: Looking Ahead

India among the most attractive growth markets in the world RCOM is Indias only integrated telecom company RCOM to have worlds largest network covering a billion people in more

than 23,000 towns and 600,000 villages

RCOM is the most profitable telecom company in India with EBITDA

margin >42%

RCOM has an underleveraged balance sheet with the ability to finance

future growth through debt

The journey of growth has just begun

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Reliance Energy

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Indian Power Sector

Current Installed capacity of approx 135,000 MW only Low per capita consumption of 600 kWh vis--vis world average of 2,510 kWh Huge Demand Supply Gap
-

Blackouts are common Power supply for a few hours in large parts of the country Major cities not served with reliable power supply Rural India not even on the horizon

Power has multiplier impact on economic growth Over US $ 100 bn investment required in the generation sector to achieve Govt. target of per capita consumption of 1000 KWh by 2012 Power for All

Large Opportunity given existing shortages

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Indian Power sector comparison with China Growth Story

India Power Sector Growth rate Per Capita Consumption (per kWh) Capacity Addition in past 5 years 4% 600 22,000 China 12% 1380 260,000

700 600 In Giga Watts 500 400 300 200 100 0 102 2000 105 2001 319 339 357 391 517 441 622

108 2002

113 2003

118 2004

124 2005

132 2006

Over 100,000 MW added in 2006

China

India

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Parallel from Telecom

India Mobile Subscribers (mn) Teledensity
Net Net annual annual additions additions in in wireless wireless subscribers subscribers (million) (million)
China 90 80 70 60 50 40 30 20 10 0 2003
Source: Industry research

China 480 37%

195 18%

India

2004

2005

2006

2007E

2008E

2009E

2010E

Net subscriber additions in India now exceed that in China

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Indian Power Sector: An attractive opportunity

Huge demand / supply mismatch

Lack of adequate financial resources with the government to create adequate capacity Unlimited market for competitively priced power Appropriate Regulatory framework in place to attract private investments

Huge opportunity for private sector

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Overview
Indias No. 1 integrated private power utility company Presence in entire value chain of Generation, Transmission, Distribution and Trading Distributes over 5000 MW including top two cities i.e. Mumbai & Delhi Strong Project Management and EPC experience Order book over US$ 1.3 bn Now diversified into Infrastructure projects

Fully integrated Utility & Infrastructure company

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REL Initiatives

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Generation
Develop future power generation assets in India and overseas across fuel type
-

Coal Gas Hydro Renewable Nuclear

Current Plan
-

Develop, construct and operate 25,000 MW of generating capacity One of the largest development pipelines in the world

Significant growth opportunity in a power starved economy

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Attractive and Diversified Portfolio

Diversity across fuel type coal, gas and hydro Diversity of fuel supply sources pithead coal, domestic gas and imported fuels Diversified locations 12 projects located in 5 states across India Risk diversification fuels, locations, offtake, technology, vendors, financing
Coal Gas Hydro
10280 MW 42%

Fuel Diversity
3300 MW 14% 10620 MW 44%

Diversified portfolio in an attractive sector

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Transmission

Sector is now open to 100% private equity participation Only 3 private sector players in transmission space Lowest bidder in first 100% private sector participation project

Will develop 2,000 ckms. (US$ 700 mn)

14 ultra mega transmission projects announced for private sector participation (US$ 7 bn) Integrate with generation assets portfolio

To be the largest private sector player

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Infrastructure : Transportation
Phase 1 of Mumbai Metro Corridor

project is under construction

-

12 kms of elevated corridor with project cost : US$ 600 million Concession period of 35 years

Phase II of Mumbai Metro Corridor has been bid

-

32 kms stretch with estimated project cost US$ 1.5 bn

Qualified for bidding for Hyderabad Metro

(US$ 3 bn) and Delhi Airport link (US$ 1 bn) shortly available for bidding (US$ 5 bn)

7 additional lines in Mumbai will be

Only private sector player in India..

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Infrastructure: Highways
Largest developer in the Highway Projects
-

Developing 5 projects covering > 400 kms Project Cost of US$ 800 mn Largest road project of over 136 kms

Pursuing Mega Projects

-

Jaipur Ring Road : Project Cost of US$ 1.5 bn

(Awarded on Swiss Challenge basis)

Western Freeway Sea Link : Project Cost of US$ 1.3 bn

(One of the two short listed parties)

Indias largest road projects company on BOT basis

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Real Estate
Developing a Trade Tower & Business District over 80 acres of land in Hyderabad
Will have 100 storeys tower Project cost of US$ 1.6 bn Built-up area of 11 mn sq ft. Phase I : 5.5 mn sq ft to be completed in 4 years

Initiated the real estate foray..

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Financial Highlights
Revenue, Net Profit & EPS (US$ mn)
Revenue
1,513

Net Profit
185

EPS

0.8

146 1,033

0.7

4% 1 +

6%

+4

FY06

FY07

FY06

+2 7

FY07

FY06

FY07

New projects to drive growth

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Financial Strength
Net worth in excess of US$ 2.0 bn Debt free at net level Cash & Cash equivalent of US$ 2.5 bn Enjoys top-end rating of AAA and Ind AAA assigned by CRISIL and FITCH respectively

Strong financials to support growth ambitions

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Reliance Natural Resources

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A complete fuels company in the making

Youngest business in Reliance ADA Group Demerged as Gas Power Undertaking Business,

supplying gas to power plants

Dealing in natural resources including:
-

Natural Gas, LNG, CBM Coal Liquid & other fuels Production Sourcing and Supply Transportation (Pipelines) Distribution

Activities:
-

An integrated fuel Company

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Exploration and Production

Coal Bed Methane
Maiden foray in E&P Sector Won 4 out of 10 blocks offered by Govt 2nd Largest CBM player in India in terms

of acreage
- Area : 3251 Sq. Km

Oil & Gas

Secured 1 Block in Mizoram
- Area : 3691 Sq. Km

Total acreage 7,000 sq kms

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Natural Gas Pipeline

Cross country pipeline to facilitate

complete fuel management services

Applied for 1,600 Km pipeline
-

Kakinada (A.P.) to Dadri (U.P.) Among longest pipeline in the country Investment of over US$ 3.9 bn

States Covered Andhra Pradesh,

Maharashtra, Madhya Pradesh and Uttar Pradesh

To cover India through single pipeline

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City Gas Distribution

Applied for CGD Networks in

Mumbai, Delhi and the National Capital Region

Integrated approach for Gas and

Power in India
Common facilities to reduce cost

and increase customer comfort

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Coal related activities

Responsible for Coal Supply to 500 MW Dahanu Power Plant

-

500,000 Tonne Coal Imported in 2006-07 Agreement for washing 2.4 mn tones/Yr

RNRL will undertake Mine Development & Coal Transportation

-

Group companies applied for 8 blocks Complete Fuel Management Services to group companies and others

Success in Sasan Ultra Mega Power Project will create opportunity to provide solutions for >10 mn tonnes of coal p.a.

Poised to capitalise on the growing opportunity

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Reliance Capital

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Reliance Capital

Right mix for growth

Robust GDP growth - 9.2% Increasing per capita income FY09E US$ 1,050 Rising savings rate - 32% Young population Median age 25 years Low penetration 55% savings in bank deposits

Demand for financial products & services

US $ 1 trillion economy

US $ 320 billion savings

Robust growth, savings rate & attractive demographics

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Reliance Capital

Low penetration

Population 1100 mn

Mutual Funds Accounts

Bank A/cs 320 mn

30 mn

Depository Accounts 9 mn

Only 3% population invests in mutual funds & 1% in equities

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Reliance Capital

High Potential

33% of US population invests in mutual funds, India barely 3% Mutual funds AUM barely 12% of banking deposits Life insurance market expected to grow @ 35% CAGR over next 3 years to US$ 72 billion

Only 4.9% of household sector financial savings invested in equity/equity related assets

Penetration of retail credit, amongst lowest globally, only 10% of GDP, as against 37% in Malaysia

Low penetration offers tremendous opportunity for growth

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Reliance Capital

Business mix
ASSET MANAGEMENT INSURANCE BROKING & DISTRIBUTION CONSUMER FINANCE INVESTMENTS
Mutual Fund Portfolio Management Offshore fund

RELIANCE CAPITAL

Life Insurance Stocks & Derivatives

General Insurance Fx & offshore Investments Third party products

Commodities

Mortgages

Personal Loans

Vehicle Loans

SME Finance

Private equity

Investments & proprietary trading

Creating Indias leading financial superstore

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Reliance Capital Indias fastest growing financial services company

Indias #1 mutual fund Among the top 2 general insurers and top 5 life insurers Indias most competitive online broker 6 million customers Unparalled distribution network with 5,000 branches/outlets & 200,000 distributors in over 700 towns/cities across India

13,500 employees Average age of 29 years Among Indias 20 most valuable private sector companies

..targeting leadership in all its businesses

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Asset Management

Largest Indian mutual fund- AUM - US$ 17 billion Largest mutual fund customer base 4 million customers 6 fold increase in AUM & investor base over last 2 years Reliance Growth fund & Reliance Vision fund ranked no. 1 & 2 over a 5 year time period among 13,771 ranked globally by Lipper

Ranked Indias most trusted mutual fund brand, 2 years in a row Only 100% owned Indian private sector mutual fund

Indias #1 Mutual Fund

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Life Insurance

Among top 5 private life insurers Only 2nd life insurance company in India to receive ISO certification

382% - YoY growth in FY07 Reach across 700 cities with 130,000 agents Only 100% Indian owned private sector life insurer

Indias fastest growing life insurance company

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General Insurance

Among Indias top 2 private general insurers Over 1 million retail customers Corporate customers range across sectors ports, steel, power plants, railways etc. Strong reinsurance network GIC, Scor Re, Allianz, Mitsui Sumitomo, Helevtia 462% - YoY growth in FY07 Only 100% Indian private sector general insurance company

Indias fastest growing general insurance company

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Broking & distribution

Convenient & effective Anytime & anywhere financial transaction capability Launched in April 2007 Flat fees 150,000 customers within 5 months 4,000 outlets across 700 towns/cities Average daily turnover US$ 300 million

Indias most competitive online broker

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Consumer Finance

Mortgages, Vehicle loans, Personal loans, Small & medium enterprise loans

Launched in May 2007 10 branches 1200 distributors Net interest margin 4%

Disbursals of US$ 400 million within 3 months of launch

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Reliance Capital

Financial performance
Revenue, Net profit & Net worth
Revenue (US$ million)
528

Net profit (US$ million)

173

Net worth (US$ billion)

1.3

235

% 6 2 +1

% 3 +2
140 1.0

0% 3 +

FY06

FY07

FY06

FY07

'Jun-06

'Jun-07

Low leverage Debt: Equity ratio 0.44

Unrealized gains of US$ 850 million on listed investments

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Reliance Entertainment

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Movies

102 multiplex screens, with aggressive

expansion underway
#1 in Hindi film processing market, with

over 70% market share

Strong presence across the value chain:

Production, Processing, Distribution and Exhibition

Produced some of the most successful

programs in the television entertainment

Indias largest integrated movie venture

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FM broadcasting

45 FM licenses in 45 cities across

India, including all metros

33 stations already launched #1 position in 29 of them Listenership of over 15 million

Indias largest private FM radio venture

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Online gaming

More than 1 million registered users

acquired in first 4 months of launch

Current user base of 3 million Vibrant youth brand Four gaming cafes launched in Pune,

Bangalore, Hyderabad and Chennai more than 100 cafes in 30 cities planned in FY08
MMOG launch in 3Q FY08

#1 online gaming portal in South Asia

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Web 2.0 social networking

Indias very own social networking

platform for web and mobile user-generated content

Web 2.0 technology framework for Innovative and comprehensive product

with unique youth centric appeal within 2 months of launch 3Q FY08

Registered user base of 0.5 million Launch on mobile platform planned in

Indias unique social network targeting youth

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Home movie distribution

Movie download and rental services, aimed

to redefine home entertainment business

-

Movie download portal launched in August 2007 DVD rental services to start in September 2007 in Pune, Hyderabad and Chandigarh

Distribution through national retail chain of

500 outlets in 3 years

Largest integrated movie rental service in India

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Reliance Entertainment

Indias largest integrated media and entertainment venture

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Reliance ADA Group: Key takeaways

Among top 3 business groups in India Leadership position in highest growth sectors:
- 100 million individual customers - 7 million shareowners and - 100,000 young trained and motivated people

Handsomely rewarded investors with additional value creation

of more than US$ 40 billion in two years shareholder value

Our key mantras: Profitable growth and maximisation of

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Thank you
September 2007