Reliance Industries Limited ("Ril"), Viacom 18 Media Private Limited E SIGNING of Binding definitive agrements to form a Joint Venture ("JV"That Will Combine the Business of Viacom18 and Star India. As part of the transaction, The Media Undertaking of Viacom18 Will Be Merged InDia Private L Imited ("SIPL") Through a Court-APPROVED Scheme of arrangement.

In Addition, Ril has agreed to invest at clossing ₹ 11,500 CRORE (~ US $ 1.4 Billion) Into the JV for ITS Growth Strategy.

The Transaction Values ​​the Jv at ₹ 70,352 Crore (~ US $ 8.5 Billion) On a post-money basis, excluding synergies. Post Completing of the Above Steps, The JV Will B E controlled by Ril and Owned 16.34% by Ril, 46.82% by ByViacom18 and 36.84% by disney.

Disney May Also Contribute Certain additional media assets to the jv, subject to regulatory and third-pagey approvals.

Mrs. Nita M. Ambani Will Be the Chairperson of the Jv, with Mr. Uday SHANKAR As Vice Chairperson Providing StrateGic Guidance to the Jv.

The jv will be one of the leading tv and digital streaming platforms for Entertainment and Sports Content in India, Bringing Together Iconic Media Assets Across AINMENT (E.G. Colors, Starplus, Stargold) and SportsEvents Across Tevision and Digital Platforms Through Jiocinema and HotStar. Ian Diaspo across the world.

The JV Will Seek the Digital Transformation of the Media and Entertainment Industry in India and Offer Consuamers High-Quality and Comprehensive Content INGS Anytime and Anywhere. The Combination of the Media Expertise, Cutting-Edge Technology and Diverse Content Libraries of Viacom18 And StarIndia Will Alow the JV to OFFER more appealing domestic and global entered connection and sports livestreaming service, While Deliveering An Innovative and Convenient. Digital Entertainment Experience at AFFORDABLE PRICES. With the Addition of Disney & RSQUO; S Acclaimed Films and Shows to Viacom18 & RSQUO; roductions andSports Offerings, The JV Will Offer A Compelling, Accessible and Novel Digital-Focused EXPERIENTE TO PEOPLE in India and the Indian Diaspo Then, then

The JV Will Also Be Granted Exclusive Rights to Distribute Disney Films and Productions in India, With a License to More than 30,000 Disney Content Assets, Pro VIDING A FULL Suite of Entertainment Options for the Indian Consumer.

Speaking about the jv, Mr. Mukesh D Ambani, Chairman & Managing Director of Reliance Industries, SAID, "This is a Landmark Agreement that heralds a new Era in thed Ian Entertainment Industry. We have always respected disy as the best media group globally andAre Vry Excited At Forming This Strategic Joint Venture that Will Help us Pool Our Extensive Resources, Creative PROWESS, and Market Insights to Deliver D Content at AFFORDABLES to Audiences Across the National. We Welcomed Disney as a Key Partner of Reliance Group. ""

Mr. Bob Iger, CEO of the Walt Disney Company Said, "India is the World & RSquo; S Most Populous Market, and We Are Excited for the Opportunities that This Joint Ven Ture Will Provide to Create Long-Term Value for the Company. Reliance Has ADEEP UNDERSTANDINGINGHET and CRLLLL CREANE of the Country & RSQUO; S Leading Media Companies, Allowing USSERVE Consumers with A Brolad Portfolio of Digital Services and Entertainment and Sports Content. "

Mr. Uday Shankar, Co-Founder of Bodhi Tree Systems Said, "We are privileged to be enhancing our relerationship with reliance to now alsode discal, A Global L Eader in Media & EntertainmentAhmedabad Stock. All of us are committed to delivering exceptional value to ourAudiences, Advertisers, and Partners. This job vennture is point to shape the future of Entertainment in India and accelerate the Hon & RSquo; Quo; s vision of making digital india a global exemplar. "

The Transaction is Subject to Regulatory, Shareholder and Other CustomAvals and is Expected to be Completed in the Last Quarter of Calendar 2024 ORFAR Ter of Calendar year 2025.

Goldman SACHS IS ACTING As Financial and Valuation Advisor and Skadden, ARPS, Slate, Meagher & Flom LLP, Khaitan & Co and Sharchandas & CO Are Acting As Legal Counsels to Ril and Viacom18 on the Transaction. ERNST & Young Has Provided An Independentvalue to ril and viacom18, While HSBC India Acting As Financial Advisor Has PROVIDED A FAIRNES OPINION to Viacom18.

The Raine Group is action as Lead Financial Advisor to Disney on the Transaction. CITI Is Acting as a Financial Advisor to DisneyKanpur Investment. Ide Countel to Disney and Covington & Burling and Azb Served as Legal Count to Disney on the Transaction.Bdo has provided an independent value to sipl.

About Reliance Industries Limited

Reliance is india & rsquo; S Larget Private Security, With a Consolidated Revenue of RS 9,74,864 CRORE (US $ 118.6 Billion), Cash PROFIT RS 1,25,951 CRO Re (US $ 15.3 Billion) and Net Profit of RS 73,670 Crore (US $ 9.0 Billion) for the year ended march 31, 2023. RELIANCE & RSquo; S Activities Span Hydrocarbon Exploration and Production, Petroleum Refining and Marketing, PetRochemical S, Advanced Materials and Composites, Renewables (Solar and Hydrogen), Retail and Digital Services.

CurrenTly Ranked 88th, RELiance is the Larget Private Sector Company from India to Be Featured in Fortune & RSquo; S Global 500 list of & lsquo; S ARGEST Companies & RSQUO; for 2023. The Company Stands 45th in the Forbes Global 2000 RANKINGS of & LSquo; word & rsquo;S Larget Public Companies & RSquo; for 2023, The Highest AMONGIAN Companies. squo; & lsquo; world & rsquo; s best emblayers & rsquo; 2023 list. additively, it is featured amongLinkedIn & rsquo; s & lsquo; Top Companies 2023: The 25 Best Workplaces to Grow your career in indiaVaranasi Wealth Management. & Rsquo; website:

About Viacom 18 Media Private Limited

Viacom18 Media PVT. LTD. Is OF India & RSQUO; S FASTEST GROWING ENTERTAINTNTWORKS and A House of iconic Brands that Offers Multi-PlatForm Al and Multicultual Brand Experiences. Viacom18 DEFINES ENTERTAINONT in India by Touching The Lives of People ThROPERTIESOn Air, Online, on Ground, in Cinemas and Merchandise. Its Portfolio of 38 Channels Across General Entertainment, Movies, Sports, Youth, Music and Kids Genres IGHTS The Consumers Across the Country with ITS EcleCTIC MIX of Programming. Jiocinema, viacom18 & rsquo; squo; squo;OTT PLATFORM, is of india & rsquo; S Leading STREAMING Services and Most Popular Destination for Live Sports. Viacom18 STUDIOS SUCCELLLLLLLY IStributed Iconic Hindi Films and Clutter-Breaking Regional Films for Over 13 Years in India.

About the Walt Disney Company

The Walt Disney Company, TOGETHER with its SubsidiaRies and Affiliates, is a leading diversify entrance, Three Core Business Segments: Entertainment, Sports and Experiences. Disney is a Dow 30 Company and Had Annual Revenuees ofYear 2023.

About Star India

With a Television Network that Reaches more than 700 Million Viewers in Nine Different Languages ​​Every Month and A Streaming Platform (Disney+ Hotstar) The way indumes entertainment, disuny star is a leading media & enterest company in the country. The organization & rsquo;s Entertainment Portfolio, Which Generates More than 20,000 Hours of Original Content Every year, Cuts Across General Entertainment, Sports, Films, Infotainment, Kids A nd Lifestyle Content. With Leadership Positives in Every Occupies, Disney Star Has Been Redefining the Media Landscape forMore than, 30 years, any of the three pillars of storyTelling, innovation and an unwavering focus on delivering to the expectations of our audiences.

About Bodhi Tree SysSt

BODHI TREE SYSTEM is a Strategic Investor in Consumer Technology Opportunities in Southeast Asia, with a particular focus on IndiaBangalore Wealth Management. The Entity is a Platform of Ja MES Murdoch & RSquo; S Lupa Systems and Uday Shankar and WAS Established in 2021 to Explore and Invest in Southeast Asia andThe Middle East. In Addition to Media, Bodhi Tree Expects to Invest in Other Consumer Technology Security ACK of Capital and Innovation & NDASH; Including HealthCare and Education.Of the state of Qlaar, is an infestor in bodhi time systems.

Forward-loging statements & ndash; The Walt Disney Company

The Terms "Company," "We," and "Our" are used to referctively to the Walt Disney and The Subsidiaaries Thrious Business are actually confted.

Certain statements and information in this communication may constitute "Forward-looking statements" within the measure of the private securities reform action o F 1995, Including Statements Regarding The Company & RSquo; S Expectations, BelieFs, Plans, Strategies, Business ORSPECTS or OutlooksTrends, FUTURE GROWTH Opportunities and Drivers; Expected Benefits of a Joint Venture with RIL, Including Future Products and Service Office iMent, Priorities and Demand; Investments in and Structure of Joint Venture; and Other Statements that are not history in nature.Statements are made on the base of the company & rsquo; s Views and assumping future events and Business Performance and Plans as of the Time the StateMen TS are made. The Company Does Not Undertake Any Oblition to Update These Statements Unless Required by Applicable Laws or RegulationsAnd you should not play under the reason-loging statements.

Actual Results MAY DIFFER MITERLY FROM Those Expressed OR Implied. SUCH DIFFERENCES MAY Result from Actions taken by the Company, Including RESTRUCTURING OR Rategic Initiatives or Other Business Decisions, as Well As FROM Developments Beyond The Company & RSquo; Including: The OcCurrence of SubsequentEvents; Deteriority in DOMESTIC or GLOBAL ECONOC CONDITIONS Or Failure of Conditions to Improve As Anticipated; Deterioration in or Pressures FROMPETITITIVI Tions, Including Competition to Create or Acquire Content; Competition for Talent and Competition for Advertising Revenue; Consumer Preferences and Acceptance OUR ENT, Offerings, Pricing Model and Price Increases, and Corresponding Subscriber Additions and Churn, and the Market for Advertising Sales on Our Direct-Consumer CES and Linear Networks; Health Concerns and their Impact on Our Business and Productions; InternetAl, POLITICAL OR MILITARYDevelopments; regulatory and leading, including failure to obtain needed approvals; D Activities, Including Work Stoppages; Adverse Weather Conditions or Nature Disters; and avaiLeability of Content. Such Developments May Further Affect EN Tertainment, Travel and Leisure BusinessGenerally and May, AMONG OTHER Things, AFFECT (or FURTHER AFFFECT, As Applicable): Our Operations, Business Plans or Profitability, Including Direct-Consumer Profitability; Our Expected Benefits from a Joint Venture with RIL; Demand for Our PRODUCTS and Services; Performance of the Company & RSQUO; S Content; Our Ability to Create Or Obtain Desirable Content atRel The Value We Assign the Content; T for Programming; INCOME TAX Expense; And Performance of some or All Company Business Either Directly or Through theirIMPACT on Those Who Distribute Our Products.

Additional Factors Are Set Forth in The Company & RSQUO; S Annual Report on Form 10-K for the year ended sectionmber 30, 2023, Including Under the Captions "RISK FACT "" "Management & RSQUO; S Discussion and Analysis of Financial Condition and Results of Operations,"And" Business, "Quarterly Reports on Form 10-Q, Including Under The Captions" Risk Factors "and" Management & RSquo; Dition and Results of Operations, "And Subsequent Filings with the Securities and Exchange Commission.