DISH TV INDIA LIMITED Corporate Presentation

2

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securities in the United States.

DTH Industry Overview

4

Pay-TV market on a growth trajectory

India TV industry and DTH overview

0% 0% 1%3%

9%13 %

17 %2 0% 2 2% 2 4%

55 %59 %

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

0 .0%

10 .0%

20 .0%

30 .0%

40 .0%

50 .0%

60 .0%

70 .0%

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

% DTH HH to TV HH % Cab le HH to TV HH Source: MPA report 2009

Source: MPA report 2009

Increasing TV Penetration

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

Source: MPA report 2009

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 2009 estimate

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

% s

hare

of i

ncre

men

tal s

ubsc

riber

s

% Analog Cable TV % DTH % Digital + IPTV

5765

7282

94105

115124

131137

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 2013p20%

30%

40%

50%

60%

70%

80%

90%

100%

A nalo g Cable TV DTH Digital + IP TV P ay-TV as a % o f To tal TV HH

129 136 142 148 152 155

106 105 104 103 100 96

209 215 220 225 229 233 236 239 241 243

103 110 116 122

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

No

of H

ouse

hold

s in

MM

40%

45%

50%

55%

60%

65%

70%

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

5

0 0 14

11

18

24

29

34

38

0

10

20

30

40

50

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

No.

of h

ouse

hold

s in

mm

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 Cable HH DTH % of P ay TV HH

DTH – exponential market growth

DTH leading the nation wide digitization wave

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

Increased DTH penetration will drive continuous growth of DTH HH

Source: MPA report 2009

Source: MPA report 2009

Rapidly growing - DTH Subscriber base

DTH % of HH’s – Increasing penetration

CAGR: 20.7% (2009p -13p)

Increased competition fueling high growth

High end audio-video quality leading to increased penetration

DTH as a % of TV HH is expected to increase to 24% by 2013 (Source: MPA 2009)

6

Key industry milestones

-

2

4

6

8

10

12

Apr-

05

Aug-

05

Dec-

05

Apr-

06

Aug-

06

Dec-

06

Apr-

07

Aug-

07

Dec-

07

Apr-

08

Aug-

08

Dec-

08

Dish TV (mn) DTH HH (mn)

Launch of DTH Services by Dish TV in select markets

Launch of DTH Services by Dish TV in select markets

Launch of DTH Services by Dish TV in select markets

Launch of DTH services by TataskyLaunch of DTH services by Tatasky

Dispute over content settled between Dish & Star

Dispute over content settled between Dish & Star

DTH subs breach the 2 mn mark between 2 players

DTH subs breach the 2 mn mark between 2 players

Dispute over content with Sun TV settled

Dispute over content with Sun TV settled

DTH subscribe base at ~10 mn subs

DTH subscribe base at ~10 mn subs

Launch of DTH operations by Sun Direct

Launch of DTH operations by Sun Direct

Voluntary Digitization of Cable players started to launch digital cable services

Voluntary Digitization of Cable players started to launch digital cable services

Trigger on Digitization CAS made mandatory in select parts of metros

Trigger on Digitization CAS made mandatory in select parts of metros

Launch of DTH operations by Reliance

Launch of DTH operations by Reliance

Launch of DTH operations by Airtel

Launch of DTH operations by Airtel

Subscribers in mm

Source: Dish TV

7

Current DTH landscape

Source: MPA report 2009 ; 2: Dish TV estimates

Company

Group Zee Group Tatas Sun TV Reliance ADAG Bharti

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 Private Division of R.com Division of Bharti

Technology2 MPEG2 S1 MPEG2 S1 MPEG4 S1 MPEG4 S1 MPEG4 S2

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

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

Pricing Strategy2 ***** ***** *** ***** *****

Channels tie ups1 225 200 170 200 1502

Services2 40 19 29 54 32

8

Industry -Key regulations

Licensingregulations

Total Foreign investment limit of 49% with a sub limit of maximum 20% for Foreign Direct Investment

Uplink centre in India

Set-top boxes have to be BIS compliant

License Fee at 10% of subscription revenues (Proposed for 6% under approval)

Initial license validity of 10 years; renewable there after

Inter ConnectRegulation

Content providers have to provide content to all broadcasters; Pricing flexible

Prohibits broadcasters from guaranteeing minimum number of subscribers

Quality of Service Regulation

Subscriber to be offered STBs on Rental / Hire purchase / Sale

Mechanism to handle customer complaints & grievances

Reference Interconnect offers

Pricing information on content of the broadcaster

Max 50% of Non CAS Cable Rates

A-la-carte offering to be allowed

DISH – Market leader in DTH

10

Company Business Market cap

(US$m) Revenues (US$m)

Dish TV (73%)

India’s largest Direct to home satellite distribution company 888 153

Zee Entertainment Enterprise Ltd (42%)

22 entertainment channels covering genres GEC, Movies, Sports, Music, Religious, Comedy, Lifestyle

1,575 453

Zee News Ltd (54%)

11 channels covering genres news, business, and regional GECs 204 106

Wire & Wireless India Ltd (49%)

India’s largest Cable distribution company 87 57

ETC Networks (71%)

Music and regional channels, education business 23 14

Dish TV – From India’s largest media conglomerate

Note: The % figures in bracket indicate shareholding by Mr Subhash Chandra & family; M.Cap as of July 30, 09 ; Revenues as per audited statements of FY 2009;Source: Dish TV

Essel Group

11

Dish TV - Business model

Up-front subsidy on set top boxes to acquire subscribers

Subscription revenues received in advance as per the chosen plan by subscribers

Other developing revenue streams TeleportMovies on demandA-la carteCarriage feesAdvertisement

Benefits of economies of scale to accrue – moved from variable payment of content cost to a fixed payment structure

Focus on improving ARPU, reducing churn and subscriber acquisition cost (“SAC”)

12

Dish TV – Key strengths

Largest channel offering with diversified

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 strong regional content in linguistic zones

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

Sales & Distribution network

Pan-India presence through 800 distributors & ~48,000 dealers across 6600 towns as of Jun 09

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

~600 ‘Dish Shoppees’ to provide demo product experience to prospective users as of Jun-09

Incentive of dealers is per STB sold

Advanced infrastructure

Sufficient capacity to broadcast increasing channels – current 9 ku band transponders

Model geared to grow in future – adding to transponder capacity and technologyupgrade on cards

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

Market Leadership

Perceived as the industry pioneer with largest subscriber base

Carried and distributed by majority third party distributors and dealers

Strong Branding with consumers

13

Dish TV – Strategy

Customer acquisition

strategy

Focused marketing leading to creation 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

Distribution and after sales service

Customer retentionstrategy

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

Over 350 Dish Care Centers (DCCs) & service franchisees providing installation and after sale-service as of Mar-09

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

14

Select key management personnel

Mr. Subhash ChandraNon-Executive Chairman

Mr.Chandra is the promoter 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 recipient of numerous honorary degrees, industry awards and civic honors, including being named ‘Global Indian Entertainment Personality of the Year’ by FICCI for 2004, ‘Business Standard’s Businessman of the Year’ in 1999, ‘Entrepreneur of the Year’ by Ernst & Young in 1999 and ‘Enterprise CEO of the Year’ by International Brand Summit.

Mr.Jawahar Lal Goel Managing Director

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

Mr. Goel is been actively involved in the creation and expansion of Essel Group of Industries and has been instrumental in establishing Dish TV as a prominent DTH brand in India.

He is the president of the Indian Broadcasting Foundation and is an active member on the Board of various committees and task forces, set up by Ministry of Information & Broadcasting.

Mr.Salil Kapoor Chief Operating Officer

Salil Kapoor has been the Chief Operating Officer since July 2008. He is responsible for sales, marketing, service and overall supervision of the zonal offices of Company.

He has work experience of over 18 years in the industry with various global corporations including Samsung India Elec. Ltd., Microsoft Corp.India (Pvt) Ltd., LG Electronics India, Blue Star Limited and Fedders Llyod Ltd.

Mr. Kapoor holds a bachelor of engineering from Bangalore University and MBA from University of Delhi.

Mr. Rajiv Khattar President Projects

Rajiv Khattar has been the President-Projects of our Company since September 1, 2005. He is responsible for strategic 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 joining Dish, he worked with Reliance Infocom Limited as the President for Netway.

Mr. Amitabh KumarPresident Technology

Since September 2005 Mr. Amitab Kumar is responsible for broadcasting operations of the Company

Prior to joining Dish, he has held various senior positions in the Industry including the position of the acting Chairman and Managing Director of Tata Communications Limited (formerly known as Videsh Sanchar Nigam Limited)

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

Mr. Rajeev 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 qualified fellow chartered accountant from the Institute of Chartered Accountants of India

15

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-080%

10%

20%

30%

40%

50%

60%

70%

80%

% S

hare

Total DTH HH Dish TV HH Dish TV Market Share

Players with large and stable subscriber base to emerge as winners in the long run…..Dish TV well placed being the largest player in the DTH industry

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

Q3FY08

Q4FY08

Q1FY09

Q2FY09

Q3FY09

Q4FY09

Q1FY10

Q2FY10

Gross Subscriber base MM Net Subscriber Base

Dish TV – Financials

17

Dish TV - Financials

4127

1909

7377

1,000

3,000

5,000

7,000

9,000

FY 07 FY 08 FY 09

INR

MM

-1889

-2196

-1885

-53%

-26%

-99%-2500

-2000

-1500

-1000

-500

0FY 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 marginsSource: Published quarterly results

Source: Audited financials

CAGR: 56.9%

Revenues - Quarterly EBITDA - Quarterly

1363

1121

1644 1733

19272071

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

250Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10

-100%

-80%

-60%

-40%

-20%

0%

20%

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

M ar-07 Jun-07 Sep-07 Dec-07 M ar-08 Jun-08 Sep-08 Dec-08 M ar-09 Jun-09 Sep-09

Subs

mn

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Content Cost Contribution

Content Cost (% Subs Revenue) Contribution (% Subs Revenue)

454

591704

880

1074 1332 1407

2012

1517

Dish TV moves from variable to

fixed price content cost contracts

16411905

19

Key business metricsARPU

ARPU under pressure with increased competition

Rational pricing to prevail as low pricing not 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 to a model of charging for a bare box andun-bundling of the content fees and the Set top boxes

142132

137150

164

142

158139

100

110

120

130

140

150

160

170

180

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

INR

2034

1880

26342601

2832

2505 24872635

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

20

Summary Financials – QuarterlyQuarter ended Sep-08 Mar-09 Sep-09

Gross Operating Revenue 1,733 2,071 2,575

Expenditure 2,607 2,027 2,344

EBITDA (874) 44 231

Add: Other Income 10 4

Less: Depreciation 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 metrics 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 release and published quarterly results; Amounts in INR MM unless other wise mentioned

21

Investment summaryLarge and growing

DTH marketSubscribers expected to grow from c.17m in 2009 to c. 37mm in 2013 (MPA 2009 report)Competition to fuel growth to the DTH industry – currently only 6 players

Pioneer and leader of DTH services in India

Dish TV is the only player in the listed space in India and has been recognised as a BRANDFirst mover advantage – ~1 year lead over nearest competitor and ~ 3 year lead over othersLeader in the DTH industry - largest subscriber base ~ 5.9 mm (Sep-09)Backed by Zee Group One of India’s leading Media group

Full-servicebusiness model

Basic subscription packsValue added servicesBandwidthTeleport services

Large distribution network

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 with diversified

content

240 channels & ServicesContent tie-ups at fixed rates – largest subscriber base to provide economies of scale

Advanced infrastructure

Only player with sufficient capacity to broadcast increasing channels – current 9ku band transpondersModel geared to grow in future – adding to transponder capacity and technologyupgrade on cards

Questions?

Thank you