Dish TV India LimitedInvestor Presentation

Some of the statements made in this presentation are forward-looking statements and are based on the current

beliefs, assumptions, expectations, estimates, objectives and projections of the directors and management of

Dish TV India Limited about its business and the industry and markets in which it operates.

These forward-looking statements include, without limitation, statements relating to revenues and earnings. The

words “believe”, “anticipate”, “expect”, “estimate", "intend”, “project” and similar expressions are also intended

to identify forward looking statements.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other

factors, some of which are beyond the control of the Company and are difficult to predict. Consequently, actual

results could differ materially from those expressed or forecast in the forward-looking statements as a result of,

among other factors, changes in economic and market conditions, changes in the regulatory environment and

other business and operational risks. Dish TV India Limited does not undertake to update these forward-looking

statements to reflect events or circumstances that may arise after publication.

Disclaimer

2

Indian M&E Industry Snapshot

241

172

104

62

42%

30%

18%

11%

2008

223.2

262.3

295.9

126.6161.8

192.3

90.7

134.7

164.8

2008 2013 2018

Total HHs TV HHs C&S HHs

Indian television market statistics (mn. HHs)

Source: M&E industry composition & size: FICCI-KPMG 2014, Indian television statistics & broadcasting and distribution industry: MPA Report 2014

417

243

125

133

45%

26%

14%

14%

TV Print Films Others

2013885

374

220

307

50%

21%

12%

17%

2018

TV penetration (of total HHs) ~ 62% - 65%

C&S penetration (of TV HHS) ~ 83% - 86%

Average household size of 5.1

Broadcasting Industry Distribution Industry

Multiple broadcastersproducing content in

15 languagesacross

7 genresbeaming

~788 channels

28% 52%

DTHAnalogCable

20%

DigitalCable

M&E industry composition & size (INR bn.)

580 918 1,786

2013 - 2018

Indian Television Industry

3

Distribution Industry

4

Digital Addressable Systems - DAS

90% of Total Revenue

Phase I Phase III/IV

Opening up of cable stronghold markets

Bonus additions for the sector

DTH

Land grab seeding at throw away prices

No addressability/KYC

Working backwards to fill in the critical gaps; billing, collection and dunning

Cable

Phase II

Delhi, Mumbai, Calcutta & Chennai 38 notified cities

30-June-2012 31-Mar-2013

Rest of India

31-Dec-2015/2016

Higher incremental net adds; positive shift in subscriber distribution

Bulk of the potential DAS converts

Limited coverage by large MSOs due to dispersed population

Very high DTH recognition

DTH best suited considering terrain

Key target markets with more than 60% incremental potential for DTH

100% 100% 100% 100% 100% 100% 99% 93%

69%

45%

0%20%40%60%80%

100%120%

Digital Penetration of Total Pay-TV Subscribers in India is Amongst the Lowest *

Dish TV

Source: *MPA Report 2013 5

Distribution Industry - Cable

Analog signal - limited carrying capacity, broadcasters jostling for PCS

Placement & Carriage fees - bulk of MSOs top-line

Massive under declaration – ignored to maintain MSOs ‘reach.’ Reason behind LCOs prosperity

No incentive to raise ARPUs

3 Tiered Structure

MSOs(more than 115 )

Distributors (at least one in each locality)

LCOs (more than 50,000)

Digital signal - fatter pipe, larger carrying capacity

Placement fees mindset

B2B billing

100% postpaid. Element of bad debts?

Impairment of Set-Top-Box (STB)?

RIO deals – a game changer?

Pre-DAS

Post-DAS

1990 - 2014

6

Distribution Industry - DTH

100% digital

Owns last mile subscribers

Subscription driven top-line

Fully prepaid, no bad debts

DTH contributes ~ 60% of the broadcaster’s domestic subscription revenue; scope for rationalization vs. cable

Fully tax compliant

Heavily taxed:

• License fees – 8% AGR instead of 10% GR (TRAI recommendations on issues related to new DTH licenses)

• Entertainment tax & Service tax - likely to be subsumed post rollout of GST

DTH Players in India

Dish TV

Tata Sky

Videocon D2h

Industry pioneer. Started operations in 2003

Part of the ‘Zee’ stable, largest producer and aggregator of Hindi programming in the world

Launched in 2006

JV between the TATA Group and News Corp

Launched in 2009

Part of the white goods manufacturing, Videocon group

Airtel Digital Launched in 2008

Part of the telecom major Bharti Airtel

Sun Direct Launched in 2007

JV between Sun Network and Astro, Malaysia

Reliance Digital

Part of Reliance Communication Ltd, a subsidiary of Reliance ADA group

7

Dish TV

8

Key Managerial Personnel

Key Managerial Personnel – Pioneers and Visionaries

Non Executive Chairman Promoter of the ‘Essel’ Group of companies India’s media mogul and founder of ‘Zee’, India’s first

satellite television channel in 1992 & later India’s first private news channel, Zee News

A self-made man, has consistently demonstrated his ability to identify new businesses and lead them on the path to success

Other business interests, education, theme parks, wellnessSubhash Chandra

Managing Director Key architect in creation and expansion of Essel Group of Companies Key architect of cable TV services, established ‘Siti Cable’ in 1994 Pioneered the DTH services in India and has been instrumental in establishing Dish TV Past president of IBF for four consecutive years upto 2010 An active member on the Board of various committees set up by MIB, for addressing critical industry matters

Jawahar Lal Goel

CEO India and South Asia MD of ESPN Star Sports prior to joining Dish as its CEO. Current President of DTH Operators Association More than 27 years of experience & a successful track record in turning around businesses for brands like Oral-B, Nestle and Kellogg’s

R.C. Venkateish

65%

8%13%

3%

11%

Promoters

GDR; held by Apollo PE,USA

FII (incl. 3% of Apollo PE)

Fin. Inst., Banks & MF

Other Investors

Shareholding Pattern*

Many Firsts to its Credit

First DTH in India

First to negotiate content on a fixed fee basis

First to launch Live TV for moving vehicles

First to achieve operational break-even in the DTH industry

First to launch High Definition

First to offer unlimited recording

First to be FCF positive

First to launch online TV for DTH viewers – ‘Dish Online’

First to launch a sub-brand targeting regional language markets– ‘Zing’

*Shareholding pattern as on 31st December 2014 9

Business Model

Box Rent Reven

ue

Exp

en

ses

License fees

EBITDA

Other operating costs

Employee benefit expenses

Programming and other cost

Business Model

Advertising income

Bandwidth income

P&L Structure – Q3 FY15

3%

1%

3%

4%

28%

26.8%

Selling and distribution expenses

10%

16%

11%

Subscription revenues 92%

Other expenses 4%

Other income 1%

POSTPAID PREPAID

Upfront subsidy on Consumer premises equipment (CPE)

100% prepaid

Churn at 0.7% p.m.

Implied average subscriber life of 12 years

Average ARPU of Rs. 177

10

Dish TV vs. Competition

90% of Total Revenue

30% of Revenue

Highest transponder capacity

Maximum content tie-ups

Maximum HD channels

Widest dealer-distributor network

383358 356

312241 213

37 28 26 25 10 11

0

100

200

300

400

500

Dish TV Videocon Airtel Tata Sky Rel.

Digital

Sun

Direct

Linear and True HD channels

Linear HD

Dealer-Distributor Network

Transponder Bandwidth

Dish TV Tata Sky Airtel Sundirect Reliance Digital

Videocon

Satellite NSS6, Asiasat 5 & SES - 8

Insat 4A SES 7 Measat 3 Measat 3 Singtel ST-2

Number of Transponders

16 12 11 4+2 9 8

TP Bandwidth (MHz) 36,54 36 36 36 36 54

Total Bandwidth (MHz)

720 432 396 216 324 432

6 Zonal offices

14 Regional offices

Source: Company & market data as on 31st December 2014 11

Key Metrics

90% of Total Revenue

75%

64%55%

43%37% 34% 34% 34% 31% 30%

0%10%20%30%40%50%60%70%80%

Programming and Other Costs as % of Subscription Revenues

27%

20%

12%6% 19%

16%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

Market share*

2.54.3

5.78.5

9.610.7 11.4 11.7

12.112.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Net subscriber base (mn.)

Source: Company

Note : * Market share based on gross subscribers as on 31st December, 2014 as per market estimates

0.220

0.378

0.416

0.000

0.100

0.200

0.300

0.400

0.500

3QFY14 2QFY15 3QFY15

Net subscriber additions (mn.)

12

Key Metrics (continued)

90% of Total Revenue

30% of Revenue

166 172

177

-

50

100

150

3QFY14 2QFY15 3QFY15

ARPU (Rs.)

16

1917

1514

1311

0

5

10

15

20

FY08 FY09 FY10 FY11 FY12 FY13 FY14

SAC/ARPU (months)

Source: Company

Note : * SAC & ARPU taken as Q4 data for respective years.

2,035

2,505 2,383 2,224 2,127

1,996 1,800

-

500

1,000

1,500

2,000

2,500

3,000

FY08 FY09 FY10 FY11 FY12 FY13 FY14

SAC (Rs.) *

131 132 138 150 151 157

163

-

50

100

150

200

FY08 FY09 FY10 FY11 FY12 FY13 FY14

ARPU (Rs.) *

13

Strategy and Outlook

14

Zing - Phase III & IV Markets

90% of Total Revenue

30% of Revenue

Sub Brand of Dish TV

Regional first; regional language

channels , regional look and feel

Regional first national second; unlike

mainstream brands

Customized regional content in digital

picture quality and stereophonic sound

Value for money offering; Digital quality

picture at cable price

Healthy gross margin

After successful launch in seven states,

Zing introduced in ‘Tamil Nadu’

18.0%

8.7%

30.0%

18.4%

1.2%2.6%

12.3%

8.6%

Viewership share by genre –2013*

Regional GECs,

Regional News, Movies & Music

Hindi GECs

Hindi News & Movies

English Entertainment & News

Sports

Music, Kids & Infotainment

Other

Source: * FICCI Frames - 201415

High Definition

Source: Market data as on 6th February 2015

3 HD ADD-ONS

Game on HD @ Rs. 135

(Sports and Hindi entertainment)

Life on HD @ Rs. 185

(English entertainment with Sports and Hindi Entertainment)

Full on HD @ Rs. 210

(Complete dose of entertainment)

Box Cost Rationalization

HD Focused Content Deals

Compelling HD Proposition

Dish TV Tata Sky Videocon D2h

Sports ChannelsSuper Family +

Game on HDDhamal Mix + HD Access Fee

Super Gold + HD Access Fee

Rs. 375 Rs. 355 Rs. 356

Star Sports HD1 √ x x

Star Sports HD2 √ x x

Sony Six HD √ x x

Ten HD √ x x

16

ARPU Expansion

200

255

380

220280

400

220

300

421

230275

320

440

240285

335

460

250295

345

470

0

100

200

300

400

500

Super Family Maxi Sports # All Sports Platinum SportsPrevious price Revised price (w.e.f. April'13) Revised price (w.e.f. June'14)

Revised price (w.e.f. August'14) Revised price (w.e.f. Feb.'15) 4 Metro cities

Pack Price Hike - SD (Rs.)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.0% 0.2% 0.4% 0.6% 0.8% 1.0%

Pakistan

Korea

Taiwan

India

China

Sri Lanka Thailand

Vietnam

Malaysia

Philippines

Japan

Indonesia

Australia

New Zealand

ARPU as a % of GDP per HH*

Pay-TV ARPU as a % of PPP-adjusted GDP per Household

Source: * MPA Report 2013

% P

ay-T

v P

en./

TV H

H

# “Maxi Sports” pack @ Rs. 275 introduced with effect from August’14 17

4 M

etr

o

citie

s

4 M

etr

o

citie

s

4 M

etr

o c

itie

s

4 M

etr

o c

itie

s

Decreasing Cumulative Investment per Subscriber

3,359 3,218

2,939 2,837

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY - 11 FY - 12 FY - 13 FY - 14

Dish TV - Investment per net subscriber (Rs.)

Note: Based on cumulative investments, including accumulated losses, per net subscriber18

International Expansion - Sri Lanka

Source: MPA 2012

25, 57%14, 32%

5, 11%

DTH revenue Cable TV revenue IPTV revenue

350

929

1,480

216

534

812

93 228

340

41 167 328

-

500

1,000

1,500

2,000

2011 2016E 2020E

Pay TV Subs DTH Subs Cable Subs IPTV Subs

Population ~ 20 million

TV penetration at 74%

High digital penetration; 77% of total Pay TV subscribers

DTH maintains dominance with ~ 62% market share. Cable, distant second despite being 4 years older

ARPU ~ USD 8 pm

Zero subsidy on CPE sales

Pay TV Subscribers (000) Pay TV Industry Revenue (USD mn.)

19

Financials

20

Summarized Standalone P&L - Quarterly

3QFY 2014 vs. 3QFY 2015Quarter ended Quarter ended

Rs. million Dec. – 2013 Dec. – 2014

Operating revenues 6,128 7,139

Expenditure 4,773 5,227

EBITDA 1,355 1,912

EBITDA Margin (%) 22.1 26.8

Other Income 97 154

Depreciation 1,534 1,616

Financial expenses 301 479

Profit / (Loss) before prior period & tax (382) (29)

Prior period items - -

Tax expense/(write back) - -

Net Profit / (Loss) for the period (382) (29)

59.1

5.3

58.8

41.1

9.5

16.5

Variance(3QFY14 vs.3QFY15) in %

6,554

209

200 85

91

Subscription

revenue

Lease

rentals

Bandwidth

charges

Advertiseme

nt income

Teleport

services,

CPE & Other

Operating revenue break-up (Rs. mn)

3QFY - 2015

21

Summarized Consolidated P&L - Annual

FY 2013 vs. FY 2014FY 2013 FY 2014

Rs. million (Audited) (Audited)

Operating revenues 21,668 25,090

Expenditure 15,874 18,849

EBITDA 5,794 6,241

EBITDA Margin (%) 26.7 24.9

Other Income 511 649

Depreciation 6,276 5,974

Financial expenses 1,284 1,327

Profit / (Loss) before exceptional items (1,254) (412)

Exceptional items 594 -

Profit / (Loss) before prior period & tax (660) (412)

Prior period items - (1,164)

Tax expense/(write back) 0.1 0.5

Loss attributable to minority 0.1 -

Net Profit / (Loss) for the period (660) (1,576)

3.3

(4.8)

27.0

7.7

18.7

15.8

Variance(FY13 vs. FY14) in %

22,681

1,169

496 360

383

Subscription

revenue

Lease

rentals

Bandwidth

charges

Advertiseme

nt income

Teleport

services,

CPE & Other

Operating revenue break-up (Rs. mn)

FY - 2014

22

Consolidated Balance Sheet

FY13 vs. FY14

Rs. million FY 2013 (Audited) FY 2014 (Audited)

EQUITY AND LIABILITIES

Shareholders’ funds

(a) Share capital 1,065 1,065

(b) Reserves and surplus (2,621) (4,191)

(1,556) (3,126)

Non-current liabilities

(a) Long-term borrowings 8,460 7,791

(b) Other long term liabilities 1,504 918

(c) Long-term provisions 127 142

10,092 8,851

Current liabilities

(a) Short-term borrowings 300 658

(b) Trade payables 2,138 1,357

(c) Other current liabilities 14,027 11,601

(d) Short-term provisions 6,547 8,361

23,012 21,977

Total 31,548 27,702

23

Consolidated Balance Sheet (continued)

FY13 vs. FY14

Rs. million FY 2013 (Audited) FY 2014 (Audited)ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 14,273 13,495(ii) Intangible assets 67 76(iii) Capital work-in-progress 6,535 4,226

20,875 17,797(b) Non-current investments - 1,500(c) Long-term loans and advances 646 881(d) Other non-current assets 97 73

743 2,454 Current assets

(a) Current investments 2,782 500 (b) Inventories 86 75 (c) Trade receivables 304 415 (d) Cash and bank balances 3,645 3,426(e) Short-term loans and advances 3,060 3,029(f) Other current assets 53 5

9,929 7,451Total 31,548 27,702

24

Thank You

25

Annexure

26

One of India's largest vertically integrated media and entertainment group, and also one of the leading producers, content aggregators and distributors of Indian programming globally

One of the largest producers and aggregators of Hindi programming in the world

Other Businesses

Essel Group

Media

Launched in 1992

One of India’s largest media and general TV entertainment network

Launched in 1992

Strong presence in national and regional news genre

Founded by Dr. Subhash Chandra

Group Market Cap ( Listed entities under Essel Group ): Rs 507 bn(1)

Source: Company websites, BSE, MPA Report 2013

Note: (1) Market capitalization as on 27th January, 2015

Market Cap: Rs 374 bn(1) Market Cap: Rs 6.7 bn(1)

Launched in 2005

Asia’s largest DTH service provider

Launched in 2006

One of India’s largest MSO, presence across 54 cities

Daily News & Analysis

Market Cap: Rs 84 bn(1) Market Cap: Rs 22.1 bn(1)

Launched in 2005

English broadsheet daily with presence across Mumbai, Bangalore, Pune, Ahmedabad, Jaipur & Indore

Content Distribution

Launched in 1976, Essel Group is one of India’s largest business houses, with a dominant presence in Media

Zee Entertainment Zee Media Corp. Ltd. Dish TV SITI Cable Network

Packaging (Essel Propack)

– Market Cap: Rs 20.3 bn(1)

Theme Parks: Essel World and Water Kingdom

Playwin: India’s first and largest online gaming company

Cornership: Animation studio

Cyquator Technologies: IT Infrastructure outsourcing

Infrastructure

Education

Precious Metals

Healthy Lifestyle & Wellness

Essel Group

27

Oct 03:Received license to operate DTH Services

2003 2006 2007 2008 2009 20112010

Growth Trajectory Since Listing

Asia’s Largest DTH ProviderCompany Profile

Net Customer Base

Total Revenues

EBITDA (% margin)

Market Capitalization(3) ~ Rs 54.8 billion

First Indian DTH player

< 3.0 million

Rs 4,162 million

(Rs 2,095 million)

~ Rs 21.1 billion

2008(1) 2014(2)

Jan 09:Rights offering of shares for ~Rs. 11.4 bn.

Mar 09:EBITDA breakeven in Q4 FY09

Nov 09:Raised $100mn through GDRs to Apollo for 11% ownership

May 05:Launch of DTH Services

May 10:Launched HD services

Dec 10:Acquired additional transponders on Asiasat 5

July12:Net subscriber base crosses 10 million

Apr 04:Obtained teleport license from MIB

Source: Company filings, Company website, BSE, NSE, MPA Report 2013

Notes:

(1) 2008 reflects FY 2008 year end results

(2) Total Revenues and EBITDA for 2014 reflect FY2014 year end results. Customer base as of March 31, 2014

(3) 2008 market capitalization as on March 31, 2008; 2014 market capitalization as on May 28, 2014

Apr 07:Listing of Equity Shares on NSE and BSE

2004 2005 2012

11.4 million

Rs 25,090 million

Rs 6,241 million (25%)

2013

First full year of

Positive FCF

Key Milestones and Performance

28

2014

- Full year of Positive FCF

- Launch of “Zing”