Dear Shareholders,
 
 On behalf of the Board of Directors, I extend to each one of you a very warm welcome at this 5th Annual
General Meeting of your Company - Reliance Broadcast Network Ltd. and the first ever post listing. At the
outset, I wish to thank you for the tremendous support and the faith shown in your Company and its
Management. 
 
 Listed in December 2009, Reliance Broadcast Network Ltd. (RBNL) is a young entity looking to build a multi
media conglomerate over the next few years. Testimony to our capability is the fact that our radio operations
turned EBITDA positive on a full year basis in 09-10, barely 3 years into operation.
 
 RBNL started as a radio broadcasting division in September 2006, under the company
 Adlabs Films Ltd., to steadily diversify over the last 4 years into the multi media
 businesses of experiential marketing, out of home, digital and recently a foray into
 television with a JV with CBS Studios International. RBNL stands today as a multi-media
 entity poised to become one of India’s largest media companies with a portfolio of multi
 media products that will touch the lives of millions of consumers.
 
 Post the slowdown of 2008-09, the media & entertainment sector is back on a double
 digit growth path. This resurgent market has also brought with it changes in
 expectations from marketers and advertisers as well as newer opportunities for media
 companies. RBNL is riding high on these opportunities and capitalizing them.
 
 RBNL’s strategy has been built around marketers need to turn to integrated media
 solutions. And more than just multiple platforms, today’s media solutions require
 powerful consumer centric ideas to be impactful. This new business direction and vision
 demanded an organization that was structured to deliver to clients emerging needs.
 
 A change in the company name to capture the scale and width of our ambition was
 essential and hence the name change from Reliance Media World Limited to Reliance
 Broadcast Network Limited. .
 
 I would now like to share the key financial highlights of the company operations.
 
 This year has been a landmark one for the Company in terms of business expansion and
 financials.
 
 For the year ended March 31, 2010, the Company reported consolidated total revenues
 of Rs. 180 crores, reflecting a Compound Average Growth Rate (CAGR) of 21% over the
 previous 3 years
 
 Let me also take this opportunity to share with you the performance highlights for each
 of our businesses segments.
 
 Key Performance Indicators of FY09-10 over FY08- 09:
 
 1. A 21% market share makes BIG FM one of the largest media / radio players in the
 country
 
 2.Retail revenues have seen a healthy growth of 15%
 
 3. Annual growth of corporate customers stands at 6%
 
 4. Inventory utilization in tier II and III cities experienced over 44% growth while
 utilization in tier I grew by 24%
 
 5. Government advertising contributed to the top line growth of radio revenues
 
 6. Key Stations like Bangalore, Kolkata and Chandigarh rated No. 1 in audience ranking
 
 7 Audience ranking showed growth by 7.56% in listenership
 
 8. Growth in the Company’s Out of Home Business BIG Street’s revenues by 8.5%
 
 
 Radio Business: 92.7 BIG FM:
 
 Am happy to share with you that 92.7 BIG FM in just a short period of 4 years and one of
 the newest players, today stands as one of the leading radio players in India, garnering a
 healthy market share of 21%
 
 92.7 BIG FM is India’s largest radio network with a reach of 45 radio stations. The radio
 network covers over 1200 towns and more than 50000 villages reaching out to over 2
 crore listeners every week as per IRS 2010 Q1.
 
 The year saw continued emphasis on new business development, leading to increased
 revenues from new clients on BIG FM, in categories like new mobile handsets,
 education, beverages, durables, auto, pharma to name a few.
 
 It is our endeavor at 92.7 BIG FM to offer entertainment that enriches and entertains
 and several innovations in programming led to enhanced quality of entertainment being
 served to our listeners. Some of them include:
 
 1. Raju Srivastava as an RJ on the breakfast show
 
 2. A devotional band on radio, bringing on board spiritual singer Vikram Hazra as the
 new soul jock for its program ‘Seher’ across 36 Hindi speaking markets
 
 3.  The first ever show on radio, featuring only ghazals, nazams and shayari’s - ‘Raat
 Baaqi’ with well known singer Harish Moyal across its 36 Hindi speaking markets
 
 4. Mumbai’s first exclusive Marathi show ‘Masala Chaha’, with a clear understanding
 of local populace’s music requirements, which is a huge hit
 
 5. A national countdown show called the BIG 30 Countdown
 
 Leveraging group synergies in the Bollywood space, 92.7 BIG FM created television
 commercials with Bollywood stars from lead films from BIG Pictures stable, which
 included stars like Hrithik Roshan and John Abraham.
 
 In a short span of time the 92.7 BIG FM brand, has been recognized at leading national
 and international industry platforms and forums. Some of them being:
 
 * LINTAS TRUE Award 2007:Fastest reach build up by a media brand
 * New York Radio Festival 2007 & 2008
 * RAPA Award - Best Station Promo of BIG 92.7 FM” Hum Big Hai”
 * Cannes Lion Gold for Nokia Express activation in 2009
 * India Excellence in Radio Awards 2010: The most awarded radio network winning
 a total of 10 awards
 
 Experiential Marketing Business: BIG Live
 
 BIG Live is in the business of experiential marketing which involves creating & managing
 Ground Activations, Events, Rural Activations and Multi Brand IP products.
 
 This space is currently fragmented with no large national player and offer’s an ideal
 opportunity to create significant value for the company. The synergy with the radio
 network works well to scale up this business with limited investments.
 
 Some of the key and extremely successful properties that BIG Live has executed in the
 last year include Big Coolest Fresher, Eco Friendly Ganesha, Regional Music Awards -
 BIG Ugadi Music Awards in Telegu, BIG Bangla Music Awards, BIG Kannada Music
 Awards and the recently concluded BIG Marathi Music Awards.
 
 Planned in the months ahead are a series of large scale properties - BIG IMA Awards,
 Mall-a-thon, TV BIGGIES, Regional Music awards in Rajasthan, Punjab, Oriya, Regional
 television/entertainment awards in Bengal, Karnataka, Maharastra, and Gujarat.
 
 Big LIVE has also executed over 400 promotions / activations for clients across the
 country. Some of the key activations done during the year are Mr & Ms Dillogical (15
 cities), HPCL Safety Roadshow (109 cities), Dabur Chawanprash School Champs ( 21
 cities), Nokia 5800 – Xpress Music (Winner of a Cannes Lion Award), Sprite Gully cricket
 (15 cities), Good Year Long Drive Car Rally (32 cities), , Thums Up - Thunder Wheels
 License Hai Kya (12 Cities ), Nestle Milky Bar School Activation (7 Cities), Pediasure
 School Contact program (6 Cities), Bajaj Allianz (19 cities)
 
 Rural India is brimming with opportunities that have been largely untapped. With our
 already existent tier II and III city network, we are leveraging our rural reach with our
 Rural Activations vertical. We reach rural consumers through local touch points like
 Mandis, Haat, Fairs and Festivals, further enhanced by our radio reach of 52000 villages.
 The focus is on providing Clients holistic solutions for their rural marketing
 requirements, reaching out to rural audiences through amplification on radio coupled
 with innovative on-ground activations.
 
 Out of Home Business: BIG Street
 
 Infrastructure development in India has fueled the OOH growth story in India. The OOH
 industry has grown by 15.3% in the last 4 years, on the back of infrastructure
 development, which has led to the emergence of new sites and retail media as key
 drivers for this growth.
 
 The last 2 years have seen an increase in the investments that outdoor companies have
 been making in basic infrastructure development in lieu of media rights to those
 properties.
 
 BIG Street, the Out of Home media division started operations in April 2008. Keeping its
 business model very simple - BIG Street develops and markets outdoor to various
 advertisers, advertising agencies and business retailers. With a clear strategy to invest in
 long term, low risk and quick payback inventories, BIG Street has been acquiring
 inventory carefully. The business division is committed to redefining the OOH market
 through use of technology & product innovation.
 
 I am very happy to share with you that within a very short span of time BIG Street is
 moving to being a significant OOH player with some very strategic inventory
 acquisitions. In a key market like Delhi, we already have a 45% share of the out of home
 inventory with the Delhi Metro Rail - Line II inside platform, Civil structures in DMRC
 Line II and recent acquisitions on Line III & line V. We also have exclusive marketing
 rights for a 50 LED screen network in Delhi, giving us access to the largest LED network
 in Asia. Additionally new projects acquired in Delhi include, development of Street
 Furniture over 22 Kms, in preparation for the CWG.
 
 Across other markets inventories include Airoli - Pole Kiosks & Gantries, Mobile Vans in
 Hyderabad & Cochin, Gantries and cantilevers in Hyderabad, Intercity buses in
 Chandigarh & Haryana and Billboards and Bus shelters in Bangalore.
 
 Through strategic partnerships with international specialists like Quimbet and VMG
 (UK) BIG STREET is bringing world class designs and technology to the OOH space.
 
 Delhi Metro Line II remains our key contributing inventory (over 50% of the total OOH
 revenue for FY2009-10).
 
 I must highlight here, that in future too, the Company will continue to focus on long
 term low risk high return PPP projects through a phase wise approach while maximizing
 marketing and sales strength for more exclusive marketing tie-ups.
 
 Digital Business: BIG Digital
 
 BIG Digital, is the Company’s initiative in the digital space. BIG Digital provides digital
 media solutions- including both mobile and online services.
 
 BIG Digital offers integration across all GSM and CDMA operators through its short code
 55454. Big Digital offers its clients complete end to end digital solutions including SMS
 push & pull services via 55454, IVR @ 5055454 & online marketing right from idea
 conception & planning to execution.
 
 BIG Digital’s focus is on Content creation and Content aggregation, beginning with the
 rich audio content being created by the radio network as well as content acquired
 through relevant group companies like Reliance BIG PICTURES and Reliance BIG HOME
 VIDEOS. As India moves closer to the 3-G revolution, BIG Digital is getting future ready
 to be able to service the massive content opportunity this technology is going to create.
 
 A key innovation was launching BIG Mobile Radio, with IDEA Cellular, through its
 alliance with India’s largest telecom VAS provider, OnMobile Global Ltd. This strategic
 alliance offers the service on 557557 on IDEA, in the 6 languages of Hindi, Bengali,
 Tamil, Marathi, Telugu and Malayalam and will soon add 11 more languages. This
 service allows users to listen to their favorite programmed channels regardless of their
 location.
 
 The year also saw BIG Digital launching BIG Non Stop Masti with exclusive and select
 content to audiences on demand, from 92.7 BIG FM, by simply calling 5055454. The
 product, currently hosted in Hindi, will soon see expansion in other languages, basis
 consumer demand.
 
 A key pioneering initiative to maximize potential of the humongous consumer base of
 the Reliance ADA Group has also recently been announced.
 
 RBNL will now be the single window to access the 200 million+ rich consumer base of
 all Reliance ADA Group media assets.
 
 This game changing move gives true new meaning to the word ‘integrated marketing’,
 and will transform RBNL into India’s largest media house with depth and width, far
 surpassing any others.
 
 RBNL will get the rights to develop and market the consumer touchpoints across
 Reliance Infra, Reliance Communications, Reliance Media Works, BIG Cinemas, Reliance
 World, Zapak Gameplexes, RBNL businesses and more.
 
 * Reliance ADA Group media assets across Infrastructure: Delhi Airport Metro
 Express, Mumbai Metro One, Worli Sea Link, Telecommunication: Reliance Mobile,
 Retail: BIG Cinema, Reliance World outlets, Zapak Gameplexes, BIG Flix etc, OOH:
 BIG STREET, Broadcasting: 92.7 BIG FM and soon to be launched English Channels
 with BIG CBS & Online: Zapak.com & BIG ADDA
 
 * RBNL’s trained integrated sales team - BIG Connect, with a specialized 250+
 strength, with the ability to leverage existing relationships with 1000 clients, each
 month across 52 offices spread across India.
 
 * A win-win relationship - create value for both advertisers and Reliance Broadcast
 Network
 
 Television : BIG CBS
 The most recent addition to RBNL’s multi-media portfolio, BIG CBS is the brand created
 through a 50:50 JV with leading American Television Broadcasters CBS Corporation. This
 JV will see the launch of 3 English television channels including:
 
 BIG CBS PRIME: A premium English GEC channel targeting 20-34 yrs olds
 BIG CBS SPARK: India’s First English Youth Entertainment Channel targeting 15-24 yr olds
 BIG CBS LOVE: India’s first English Womens Entertainment Channel targeting 18-34 yr
 olds
 
 In a country with growing interest and consumption of English content, combined with a
 highly young population, the time is ripe to create value from the English genre
 entertainment section. The channels will launch starting with the first launch sometime
 in October 2010.
 
 In summation:
 Presently, the revenues for Radio Broadcasting including activation income for FY2009-
 10 stood at Rs 159.93 Crores. Other income from radio business stood at Rs. 3.00 crores.
 
 To sum up, the Media and Entertainment as sector is a key thrust area of the group and
 Reliance Broadcast Network Ltd. is a key member of the media and entertainment
 business of Reliance Anil Dhirubhai Ambani Group.
 
 I would like to thank all employees of the Company for their dedication and strong
 contribution to the company’s successful operations.
 
 Thank you.
 Chairman