1. Management Presentation SHREE ASHTAVINAYAK CINE VISION LTD.

2. Table of Contents Investment Highlights - 2 Company Overview - 4 Industry Overview - 15 1

3. SHREE ASHTAVINAYAK CINE VISION LTD. Investment Highlights 2

4. Indian Film Industry expected to grow at CAGR of 20% for the next 3 years to US$3.8 billion in 2010*  Change in demographic profile of India  Increased spending on entertainment  Multiplexes expected to grow from 328 screens in 2005 to 1,000+ by 2008* Company is one of the prominent film distributors in Mumbai Integrated presence across the value chain gives the Company a de-risked operating model Strong track record in the production and distribution business – proven execution skills and understanding of the market Strong pipeline of releases in FY’08 and FY’09 *Source: PWC “The Indian entertainment and media industry, the growth story unfolds”, 2007 3

5. SHREE ASHTAVINAYAK CINE VISION LTD. Company Overview 4

6. SACVL Corporate Overview Incorporated in Mumbai on 23rd October 2001 Film Production Film production is considered as the key source of revenues Built capabilities for cost effective film production Produced hit movies such as, Jab We Met, Bhagam Bhag, “Golmaal-Fun Unlimited”, “Maine Pyaar Kyun Kiya” 10 movies intended to be produced in FY’08 and FY’09 Film Distribution Distributed 31 movies over past three years Distribution extends chain of integration & strengthens margins Creates presence and increases visibility in the market Prominent distributor in the Mumbai territory, recently entered the Delhi territory Successfully distributed blockbusters such as OM Shanti OM, Phir Hera Pheri, Partner, Heyy Babyy, Dus Film Exhibition Completed the integration of the business model by entering into exhibition of films thus covering the entire value chain Leased approximately 35 theaters in Mumbai and currently enjoys monopoly in Goa De-risked business model – SACVL pre-sells distribution rights for all territories except Mumbai prior to release Recovers costs through pre-sale of rights such as, distribution, music, video, overseas etc Revenues generated from the Mumbai territory go directly to the bottom-line 5

7. Positions the Company higher on the learning curve  Increased knowledge of the market Presence gives it a competitive advantage over other production houses Stronger bargaining power with the producers and exhibitors  Strong and continuous presence in the market Production  Average operating margin of 25%  Segment is the key source of revenues  Corporate structure helps in procuring institutional funding and insurance facility Distribution  Good relation with production houses ensures continuous availability of quality films  Distributing films from other banners, provides critical market knowledge besides revenues Exhibition  Forayed into exhibition to gain control of the retail end  Provides deeper understanding of the audience preferences, aiding future productions  Helps diversify revenue streams Combined Leverage Value Chain 6

8. Management Team 7

9. Popular Stars Signed By The Company Salman Khan Akshay Kumar Ajay Devgan Sanjay Dutt Govinda Sushmita Sen Bipasha Basu Lara DuttaKareena Kapoor Some directors working with the company Priyadarshan Rohit Shetty Aneez Bazmee Sanjay Gadhvi David Dhawan Abbas - Mastan  Hera Pheri  Garam Masala  Hungama  Golmaal  Zameen  No entry  Pyar To Hona Hi Tha  Deewangee  Dhoom 2  Dhoom  Maine Pyar Kyun Kiya?  Mujhse Shaadi Karogi  Coolie No. 1  Haseena Maan Jaayegi  Biwi No. 1  Hero No. 1  Aitraaz  Baazigar  Humraaz  Khiladi  Soldier 8

10. Focus: High entertainment value and mainstream Hindi films Target audience:- All segmentsRepertoire: - Family entertainers, thrillers, comedy and romantic films Movies With Mass Appeal De-risked model 5 Parameter Test Movies With Mass Appeal Active Risk Diversification ProductionDistributionProductionDistributionProductionDistribution Business Model 9

11. De-Risked Model 5 Parameter TestMovies With Mass AppealActive Risk Diversification ProductionDistributionProductionDistributionProductionDistribution De-Risked Model  Star cast:- Bankability and market value of the star  Banner/Producer:- Adequate financial resources to complete the movie on time  Script/Director:- Strength of the script and track record of the director  Music director: - Track record of the music director  Marketing capability of the producer 10

12. The recipe of entertainment:  Script  Screenplay  Stars  Salability De-Risked Model 5 Parameter TestMovies With Mass AppealActive Risk Diversification ProductionDistributionProductionDistribution ProductionDistribution De-Risked Model 11

13. De-Risked Model 5 Parameter TestMovies With Mass AppealActive Risk Diversification Distribution Multiple stream of revenues + Focus on cost + Bankable stars/directors + Cluster bombing Production 12

14. De-Risked Model 5 Parameter TestMovies With Mass AppealActive Risk Diversification ProductionDistribution  Pre-sells all the territories (except Mumbai) and other rights of the movie before the release  Recovers all costs related to movie  Revenues generated from Mumbai territory go directly to the bottom- line  Company recovers all the money invested in the project even before the movie is released De-Risked Model Mumbai Territory Box Office 25-35% In-Cinema Ads 2.5% Satellite/ Cable Rights 18% Overseas Theatrical Rights 5% Music Rights 7% Video Rights 8% Box Office from other territories 25-35% Profits Cost of Production Recovered through pre-sale Revenue Pie (Production segment)* *Source: Company business model 13

15. De-risked model 5 Parameter TestMovies With Mass AppealActive Risk Diversification ProductionDistribution Focus on cost + cluster bombing  Reverse calculation of revenues No of screens that movie can be screened on X Percentage occupancy X Per ticket cost X First 3 days revenues = Total revenues  Total revenues /1.2 = price of movie rights  Discounted higher if bought at an earlier stage  The exposure of movie would be maximum in the first week for revenue maximization De-Risked Model 14

16. SHREE ASHTAVINAYAK CINE VISION LTD. Industry Overview 15

17. India Entertainment Industry Media and entertainment industry is valued at USD 7.8 billion and is expected to grow at 19%  By 2010, the entertainment industry is expected to reach USD 18.6 billion Indian Film industry is valued at USD 1.8 billion which is expected to double by 2010  Contributes ~20% share of the entertainment industry  Largest film industry in the world in terms of number of movies produced  Country has about has 12,000, single screen theaters  Multiplexes are expected to grow from 328 screens in 2005 to over 1,000 screens by 2008  Digitization of movies and increase in the number of screens has enhanced the movie going experience Indian Entertainment Industry 2007 Indian Film Industry Source: PWC “The Indian entertainment and media industry, the growth story unfolds”, 2007 16

18. India Entertainment Industry Government initiatives have given a boost to the Film industry  Industry status granted in 2001  100% FDI allowed via automatic route Industry Financing  Prior to receiving industry status –Difficult to acquire finance –Finances generally came from unorganized sector, which involved high costs –Directors pre-sold the movie rights at ‘mahurat’ stage, at a huge discounts  Post receiving industry status –Companies can go to public to raise money –Eros International admitted to AIM in November 2006 –Banks have started financing movies 17

19. Some Projects in Pipeline Movie Title - DirectorUS $ Million 1Untitled – Shivam Nair 3.0 2Untitled – Rohit Shetty 5.8 3Untitled – Anees Bazmi 6.8 5Untitled – Anthony D'souza 10.0 4Untitled – Priyadarshan 7.0 6Untitled – David Dhawan 6.0 Total$38.6 Detailed Capex Spend – Production Pipeline 18

20. Track Record of Strong & Consistent Growth Total Income (USD million)FY2007 Revenue Composition 2005–07 CAGR: 91% Net Income MarginFY2006 Revenue Composition Source: Company’s Business Model, Annual Report & January 2007 IPO Prospectus 19

21. Selected Financial Data 2005 (audited) 2006 (audited) 2007 (audited) Total Income EBITDA Fiscal Year ending 31 March EBITDA Margin 6.615.3 EBIT EBIT Margin 2006 (unaudited) 2007 (unaudited) (US$. mm) (2) For 6 months ending 30 September (US$ mm) (1) 0.2 2.1% 0.1 2.0% 11.3 74.1% 3.1 20.2% (US$ mm) (1)Rs.40 = US $1.00 (2)Rs 44 = US $1.00 24.4 20.2 82.6% 5.5 22.7% 10.7 8.8 82.2% 2.1 19.7% 7.9 5.9 83.1% 2.7 37.7% Net Income Net Margin 0.1 1.0% 1.9 12.0% 3.5 15.0% 1.3 12.6% 1.7 23.9% Source: Company’s Annual Report & January 2007 IPO Prospectus 20

22. Actual (as at 30 September 2007) (Rs. m)(US$ m) (1) Total Cash201.85.0 Total Shareholders' Funds989.324.7 Total Capitalization1,061.526.5 Total Debt72.21.8 Unsecured Loans- Secured Loans72.21.8 (1)Rs.40 = US$1.00 (2)Proforma for $30mm FCCB minus 4% offering costs Capitalisation - Proforma (as at 30 September 2007) (Rs. m)(US$ m) (1) 1,352.033.8 989.324.7 2,261.556.5 1,272.231.8 1,200.0 72.21.8 30.0 21

23. SHREE ASHTAVINAYAK CINE VISION LTD. Thank You