dignified investor 291009 final revised 1564571324

8/2/2019 Dignified Investor 291009 Final Revised 1564571324

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DISH TV INDIA LIMITED

Corporate Presentation

Updated on 27-October2009


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Disclaimer

This presentation contains certain forward looking statements. These forward looking statements that include words or phrases such as Dish TV India Limited (the "Company") or its

management believes, expects , anticipates, intends, plans , foresees , or other words or phrases of similar import. Similarly, statements that describe the Companys objectives, plans or

goals also are forward-looking statements. All such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those

contemplated by the relevant forward-looking statement. Such forward looking statements are made based on managements current expectations or beliefs as well as assumptions made by,and information currently available to, management.

Neither the Company nor any of its advisors nor any of their res pective affiliates, shareholders, directors, employees, agents or advisers makes expressed or implied representations or

warranties as to the accuracy and completeness of the information contained herein and neither of them shall accept any responsibility or liability (including any third party liability) for any loss or

damage, whether or not arising from any error or omission in compiling such information or as a result of any party s reliance or use of such information. The information and opinions in this

presentation are subject to change without notice.

This presentation does not constitute a placement document, prospectus or other placement document in whole or in part. This presentation shall not constitute an offer to sell or the solicitation

of an offer to buy any security. There shall be no sale of thesesecurities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities

laws of such state or jurisdiction. This presentation must not be distributed to the press or any media organization.

This is for informational purposes only and is not a solicitation of any bid from you or any investor. Nothing in the foregoing shall constitute and/or deem to constitute an offer or an invitation to

an offer, to be made to the Indian public or any section thereof through this document, and this document and its contents should not be construed to be a prospectus in India. This document

has not been and will not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchanges in India. This document does not comply with the disclosure

requirements prescribed by the SEBI or any other applicable authority in relation to a public issue of securities on the Indian stock exchanges.

This document and the contents hereof are restricted for only the intended recipient(s). This document and the contents hereof should not be (i) forwarded or delivered or

transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any mannerwhatsoever, and in particular, may not be

forwarded to any US person or any address in the United States. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. Failure to comply

with this directive may result in a violation of the US Securities Act of 1933, as amended, or the applicable laws of other jurisdictions. The Company or any other parties whose

names appear herein, shall not be liable for any statements made herein or any event or circumstance arising there from.

This document has been made available to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission.

In accessing this document, you agree to be bound by the terms and conditions hereof, including any modifications to them any time you receive any information from us as a result of such

access.

This presentat ion is not an offer for sale of securities in the United States. The securities of the Company have not been and will not be registered under the U.S. Secur ities Act of 1933, as

amended (the "Securities Act"). The securities of the Company may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in

Regulation S under the Securities Act) absent registration under the Securities Act or pursuant to an exemption from registration. There will be no public offering of the Company's securi ties in

the United States.


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DTH Industry Overview


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Pay-TV market on a growt h t raj ectory

India TV industry and DTH overview

0% 0% 1%3%

9%13%

17%20 %

22 % 24 %

5 5%59 %

61%64 % 64 % 64 % 64% 6 4 % 63% 6 3 %

0 . 0 %

1 0 . 0 %

2 0 . 0 %

3 0 . 0 %

4 0 . 0 %

5 0 . 0 %

6 0 . 0 %

7 0 . 0 %

2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 00 8 2 0 0 9 p 2 0 1 0 p 2 0 1 1 p 2 0 1 2 p 2 0 1 3 p

% D TH H H t o TV H H % C ab l e H H to T V H HSource: MPA report 2009

Source: MPA report 2009

Increasing TV Penetrat ion

DTH gaining foothold in TV HHs Share in incremental Pay TV HH added


India is a large TV market - 129 mm HH in 2008 and expected to grow at a CAGR of 3.4% (2008-13p)

Pay-TV penetration at 73% of TV HH of which only 14% are Digital HH (2008)

Analog is highly fragmented and with limited ability to finance digitization

DTH expected to garner 60% market share of new Pay-TV HH over next 5 years as per MPA 2009estimate

99% 96% 89%

67%

28% 26%18%

9%-5%

-17%

9%

27%

60% 62%63%

62%

63% 61%

4%1%56%

43%29%19%

11%12%7%2%

-20%

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

%

shareofincrementalsubscribers

% Analog Cable TV % DTH % Digital + IPTV

5765

72

82

94

105

115

124131

137

56%59%

62%

67%

73%

77%81%

84%86%

88%

-

25

50

75

100

125

150

175

2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

20%

30%

40%

50%

60%

70%

80%

90%

100%

Analog Cable TV DTH Digital + IPTV Pay-TV as a % of Total TV HH

129 136142 148 152

155

106105

104 103100 96

209215

220225 229

233 236239 241 243

103 110116 122

888991

9464%

63%62%60%

59%

56%54%

53%51%

49%

50

75

100

125

150

175

200

225

250

2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

NoofHouseholds

inMM

40%

45%

50%

55%

60%

65%

70%

TV HH Non-TV HH TV as of % of Total HHSource: MPA report 2009


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0 01

4

11

18

24

29

34

38

0

10

20

30

40

50

2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

No.ofh

ouseholdsinmm

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

% DTH HH to Tota l HH % DTH HH to TV HH

DTH % of Cabl e HH DTH % of Pay TV HH

DTH exponential market growth

DTH leading the nat ion widedigit izat ion wave

DTH HH increased from 1 mm in 2006to 11 mm in 2008(Source: MPA 2009)

Increased DTH penetration will drivecontinuous growth of DTH HH



Rapidly growing - DTH Subscr iber base

DTH % of HH s Increasing penetr ati on

CAGR

:20.7%

(2009p

-13p)

Increased competition fueling highgrowth

High end audio-video quality leadingto increased penetration

DTH as a %of TV HH is expected t oincrease t o 24%by 2013 (Source: MPA2009)


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6

Key industry milestones

-

2

4

6

8

10

12

A

pr-05

Aug-05

Dec-05

A

pr-06

Aug-06

Dec-06

A

pr-07

Aug-07

Dec-07

A

pr-08

Aug-08

Dec-08

Dish TV (mn) DTH HH (mn)

Launch of DTH

Services by Dish TVin select markets

Launch of DTH


Launch of DTH


Launch of DTHservices by TataskyLaunch of DTHservices by Tatasky

Dispute overcontent settled

between Dish &Star

Dispute overcontent settled

between Dish &Star

DTH subs breachthe 2 mn markbetween 2 players

DTH subs breachthe 2 mn markbetween 2 players

Dispute overcontent wit h Sun TV

settled

Dispute overcontent wit h Sun TV

settled

DTH subscribe

base at ~10 mnsubs

DTH subscribe

base at ~10 mnsubs

Launch of DTHoperations by

Sun Direct


Sun Direct

Voluntary Digitization

of Cable playersstarted to launchdigit al cable services

Voluntary Digitization

of Cable playersstarted to launchdigit al cable services

Trigger on

Digit izat ion CAS mademandatory in select

parts of metros

Trigger on

Digit izat ion CAS mademandatory in select

parts of metros


Reliance


Reliance


Airtel


Airtel

Subscribers in mm

Source: Dish TV


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Current DTH landscape

Source: MPA report 2009 ; 2: Dish TV estimates

Company

Group Zee Group Tatas Sun TV Reliance ADAG Bhart i

Launch Date2 Oct 03 Aug 06 Jan 08 Aug 08 Oct 08

Subscribers Dec 081 4.5 3.2 2.3 1.1 NA

Ownership2 Public Private Pri vate Division of R.com Division of Bhart i

Technology2 MPEG2 S1 MPEG2 S1 MPEG4 S1 MPEG4 S1 MPEG4 S2

Geographical Spread2 ***** *** ** ** *

Distributors2 ***** *** ** **** *

Pri cing St rategy2 ***** ***** *** ***** *****

Channels tie ups1 225 200 170 200 1502

Services2 40 19 29 54 32


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Industry -Key regulations

Licensing

regulations

Total Foreign investment l imit of 49%wit h a sub limi t of maximum 20%for Foreign Direct Investment

Uplink centre in India

Set -t op boxes have t o be BIS compliant

License Fee at 10%of subscri pt ion revenues (Proposed for 6%under approval)

Initial license validity of 10 years; renewable there after

Inter ConnectRegulation

Content providers have to pr ovide content to all broadcasters; Pricing flexible

Prohibits broadcasters from guaranteeing minimum number of subscribers

Quality of ServiceRegulation

Subscriber t o be off ered STBs on Rental / Hire purchase / Sale

Mechanism to handle cust omer complaints & grievances

Reference Inter connectoffers

Pricing information on content of the broadcaster

Max 50%of Non CAS Cable Rates

A-la-carte offeri ng to be all owed


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DISH Market leader in DTH


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Company Business

Market cap

(US$m)

Revenues

(US$m)

Dish TV (73%) n Indias largest Dir ect to home satel li te distri buti on company 888 153

Zee Enter tainmentEnterpr ise Ltd (42%)

n 22 enter tainment channels covering genres GEC, Movies, Sport s, Music,

Religious, Comedy, Lifestyle 1,575 453

Zee News Ltd (54%) n 11 channels cover ing genres news, business, and regional GECs 204 106

Wire & Wireless IndiaLtd (49%)

n Indias largest Cable distri bution company 87 57

ETC Networks (71%) n Music and regional channels, educati on business 23 14

Dish TV From Indias largest media conglomerate

Note: The %f igures in bracket indi cate shareholding by Mr Subhash Chandra & family; M.Cap as of July 30, 09 ; Revenues as per audit ed state ment s of FY 2009;

Source: Dish TV

Essel Group


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Dish TV - Business model

Up-front subsidy on set top boxes to acquire subscribers

Subscript ion revenues received in advance as per t he chosen plan by subscribers

Other developing revenue streams

Teleport

Movies on demand

A-la carte

Carriage fees

Advertisement

Benefit s of economies of scale to accrue moved from variable payment of content cost to a fixedpayment structure

Focus on improving ARPU, reducing churn and subscriber acquisit ion cost ( SAC )


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Dish TV Key strengths

Largest channel

offering wit hdiversified

content

Largest number of channels offered on DTH platform 240 channels & services (Jun09)

ZEE brand name and content backing ==> One of India s leading media group

Continuous focus on st rong regional content in linguistic zones

Leverage in content tie-ups due to a dominant market leadership position

Sales & Dist r ibut ionnetwork

Pan-India presence through 800 dist ri butors & ~48,000 dealers across6600 towns as of

Jun 09

Network managed by over 200 sales personnel 8 zonal and 9 regional off ices (Jun 09)

~600 Dish Shoppees to provide demo product experience to prospective users as ofJun-09

Incent ive of dealers is per STB sold

Advanced

infrastructure

Suff icient capacit y to broadcast increasing channels current 9 ku band transponders

Model geared to grow in fut ure adding to t ransponder capacit y and technologyupgrade on cards

Heavy capex investment enables to deliver a high end audio-video quality

Market Leadership

Perceived as the indust ry pioneer wit h largest subscriber base

Carried and dist ributed by majorit y third party dist ributors and dealers

St rong Branding wi th consumers


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Dish TV Strategy

Customeracquisition

strategy

Focused market ing leading to creat ion of a BRAND SRK campaign

Largest content offering and digital viewing experience

Aligned dealer incentive structure-Higher incentives for subscriber at

higher packs

Competitive pricing, A-la carte offerings and ease of making payments

Distr ibut ion and aft er sales service

Customerretention

strategy

Promotions and dealer incentives offered on an ongoing basis to retaincustomers through innovative packages

Over 350 Dish Care Centers (DCCs) & service f ranchisees providinginstallation and after sale-service as of Mar-09

In-house call centre, operating 24*7 with capacity of up to 800 operators


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Select key management personnel

Mr. Subhash ChandraNon-Executive Chairman

Mr.Chandra is t he promot er of Essel Group of Companies

His business interests include television networks and film entertainment, cable systems, satellite communications,theme parks, flexible packaging, family entertainment centers and online gaming

Mr. Chandra has been the r ecipient of numerous honorary degrees, industry awards and civic honors, including beingnamed Global Indian Enter tainment Personalit y of the Year by FICCI for 2004, Business Standard s Businessman of

the Year in 1999, Entrepreneur of t he Year by Ernst & Young in 1999 and Enterprise CEO of t he Year byInternational Brand Summit .

Mr. Jawahar Lal GoelManaging Director

Jawahar Lal Goel has been the Managing Director of Dish TV since January 6, 2007

Mr. Goel is been actively involved in t he creation and expansion of Essel Group of Industr ies and has beeninstrumental in establ ishing Dish TV as a prominent DTH brand in India.

He is the president of t he Indian Broadcasti ng Foundation and is an acti ve member on the Board of variouscommittees and task forces, set up by Ministry of Information & Broadcasting.

Mr.Salil KapoorChief Operating Officer

Salil Kapoor has been the Chief Operating Officer since July 2008. He is responsible for sales, marketing, service andoverall supervision of t he zonal off ices of Company.

He has work experi ence of over 18 years in t he industry wit h vari ous global corporati ons including Samsung India Elec.

Ltd. , Microsoft Corp.India (Pvt) Ltd., LG Elect ronics India, Blue Star Limit ed and Fedders Llyod Ltd. Mr. Kapoor holds a bachelor of engineering fr om Bangalore University and MBA from University of Delhi.

Mr. Rajiv KhattarPresident Projects

Raji v Khattar has been the President-Projects of our Company since September 1, 2005. He is responsible f orstrategic tie-ups and technology upgrades of the DTH platform.

Mr. Khattar has an aggregate work experience of 20 years and experience of 12 years in the telecom industry. Prior to

j oining Dish, he worked wit h Reliance Infocom Limited as the President f or Netway.

Mr. Amitabh Kumar

President Technology

Since September 2005 Mr. Amitab Kumar is responsible f or broadcasting operat ions of t he Company

Prior to j oining Dish, he has held various senior posit ions in the Industry incl uding the positi on of the act ing Chairmanand Managing Director of Tata Communicati ons Limit ed (f ormerly known as Videsh Sanchar Nigam Limit ed)

Mr. Kumar has an aggregate work experience of 31 years in the telecom industry and holds a professional certificatein electronic data interchange from All India Management Association and Deakin University, Australia

Mr. Raj eev DalmiaCFO

Mr. Dalmia has an overall work experience of 20 years in the finance industry and is responsible for maintaining

finance and accounts of the company

He is a qualif ied fel low chartered accountant f rom the Insti tut e of Chartered Accountants of India


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DISH TV - Competitive position

3.6

11.1

2.7

4.7

75.7%

42.4%

0

2

4

6

8

10

12

Dec-07 Dec-08

0%

10%

20%

30%

40%

50%

60%

70%

80%

%

Share

Total DTH HH Dish TV HH Dish TV Market Share

Players wi th large and stable subscriber base to emerge as winners in the longrun..Dish TV wel l placed being the largest player in the DTH indust ry

Source: Dish TV Source :Total DTH HH as per MPA report 2009; Dish TV HH Gross Subscribers as per Dish TV

Dish market share on total subscriber baseDish TV Increasing number of subscribers

2.7

3.0

3.4

3.9

4.7

5.1

5.5

5.9

2.2

2.5

2.9

3.4

4.0

4.3

4.6

5.0

2

3

4

5

6

Q3

FY08

Q4

FY08

Q1

FY09

Q2

FY09

Q3

FY09

Q4

FY09

Q1

FY10

Q2

FY10

Gross Subscriber base MM Net Subscriber Base


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16

Dish TV Financials


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17

Dish TV - Financials

4127

1909

7377

1,000

3,000

5,000

7,000

9,000

FY 07 FY 08 FY 09

INRMM

-1889

-2196

-1885

-53%

-26%

-99%

-2500

-2000

-1500

-1000

-500

0

FY 07 FY 08 FY 09

-100%

-80%

-60%

-40%

-20%

0%

Source: Audited financials

Source: Published quarterly results

EBITDA - AnnualRevenues - Annual

Aggressive subscriber acquisition coupled with higher margins

Source: Published quarterly results

Source: Audited financials

CAGR: 56.9%

Revenues - Quarter ly EBITDA - Quarterly

1363

1121

16441733

1927

2071

2467 2575

1,000

1,600

2,200

2,800

Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10

INR

MM

-642

-538

-667

-874

-390

145

231

449%

-20%

-50%

-41%-39%

-57%

6%

2%

-1000

-750

-500

-250

0

250

Q3 FY 08 Q4 FY 08 Q1 FY 09 Q2 FY 09 Q3 FY0 9 Q4 FY0 9 Q1 FY10 Q2 FY10

-100%

-80%

-60%

-40%

-20%

0%

20%

L t t t d i i hi h i


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18

Lower content cost driving higher margins

Source: Company

Contribution margin are steadily improving.. business heading towards

EBIDTA break even

363 420 502 646 755 804 867 929 670 881 925

10871024

319

91171

202

234529 540

588

971

80%

61%

54% 54%

46%46%

71% 71%73%

60% 61%

70%

41%39%40%

30%

27%

29%

29%

20%

59%

39%

0

500

1000

1500

2000

2500

Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09

Subsmn

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Content Cost Cont ribut ion

Content Cost (%Subs Revenue) Contr ibut ion (%Subs Revenue)

454

591704

880

1074 13321407

2012

1517

Dish TV moves

from variable to

fixed price content

cost contracts

1641

1905


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Key business metrics

ARPU

ARPU under pressure wi th increasedcompetition

Rational pricing to prevail as low pricingnot sustainable over long term

Source: Dish TV; ARPU = (Subscription revenue + activation charges) / Avg. subscribers during the period; SAC = Subsidy on STB+80% of marketing exp.+Comm. to dealers

Subscriber acquisition cost

Focus on reducing subsidies Moved t o a

model of charging for a bare box and

un-bundling of the content fees and the

Set top boxes

142

132

137150

164

142

158139

100

110

120

130

140

150

160

170

180

Q3 FY 08 Q4 FY08 Q1 FY09 Q2 FY09 Q3 FY 09 Q4 FY09 Q1 FY10 Q2 FY10

INR

2034

1880

26342601

2832

2505 2487

2635

1,000

1,500

2,000

2,500

3,000

Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10

INR

S Fi i l Q t l


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Summary Financials Quarterly

Quarter ended Sep-08 Mar-09 Sep-09

Gross Operati ng Revenue 1,733 2,071 2,575

Expendit ure 2,607 2,027 2,344

EBITDA (874) 44 231

Add: Other Income 10 4

Less: Depreciat ion 495 644 730

EBIT (1,368) (590) (495)

Less: Financial Exps 171 217 66

PBT (1,539) (807) (562)

Provision for Tax 2 2 0

PAT (1,541) (809) (561)

Operating metr ics Jun -08 Mar-09 Sep-09

Subscribers Added (mm) 0.53 0.35 0.41

SAC ( Rs/ sub) 2, 601 2,505 2635

ARPU ( INR ) 150 131 139

Source: Dish TV Earnings rel ease and publi shed quart erl y result s; Amount s in INR MM unless other wi se ment ioned

Investment summary


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21

Investment summary

Large and growing

DTH market

Subscribers expected to grow f rom c.17m in 2009 to c. 37mm in 2013 (MPA 2009 repor t )

Competi t ion to fuel growth to the DTH indust ry currently only 6 players

Pioneer and leaderof DTH services in

India

Dish TV is the only player in the l isted space in India and has been recognised as a BRAND

First mover advantage ~1 year lead over nearest competi tor and ~ 3 year l ead overothers

Leader in the DTH industry - largest subscri ber base ~ 5.9 mm (Sep-09)

Backed by Zee Group One of India s leading Media group

Full-servicebusiness model

Basic subscri pt ion packs

Value added services

Bandwidth

Teleport services

Large distributionnetwork

Wide reach to 6,600 towns through 800 distributors and 48,000 dealers (Sep 09)

8 Zonal and 9 regional offices (Sep 09)

Largest channel

offering withdiversified

content

240 channels & Servi ces

Content t ie-ups at f ixed rates largest subscriber base to provide economies of scale

Advancedinfrastructure

Only player wi th suff icient capacit y to broadcast increasing channels current 9ku band t ransponders

Model geared to grow in fut ure adding to transponder capacit y and technology

upgrade on cards


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Questions?


23/23

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Thank you

dignified investor 291009 final revised 1564571324

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