DISH TV INDIA LIMITED

INVESTOR PRESENTATION

JUNE 2010

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DISCLAIMER

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 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 d i Th d “b li ” “ ti i t ” “ t” “ ti t ” 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 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.

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ABOUT US

India’s pioneer DTH service provider; the only listed pure-play DTH company in the country.

Consistent market leader with more than 33% subscriber share currently.

Part of the

Essel group: Having diverse presence across media, packaging, entertainment, technology enabled services, infrastructure development and education development and education.

&

Z N k I di ’ fi d h ’ l f ll i d di d Zee Network: India’s first and the country’s largest fully integrated media and entertainment conglomerate.

Promoted and led by Subhash Chandra, Chairman, Essel group of companies, a Promoted and led by Subhash Chandra, Chairman, Essel group of companies, a thought leader and a pioneer in most of his businesses.

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INDIA DTH INDUSTRY OVERVIEW

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OPPORTUNITIES GALORE

KEY STATISTICS:Total HHs 232.7 mn.

TV HHs 136.3 mn.

TV Penetration 58.6%

C&S HHs 105.0mn.

C&S Penetration (TVHHs) 77%

DTH HHs 22 mn.

DTH Penetration (C&S) 20 9%

Increasing TV penetration, likely to be 64% in 2013 from around 59% currently.

DTH Penetration (C&S) 20.9%

Amongst the largest pay TV markets in the world. C&S penetration likely to be 88% by 2013 from 77% currently.

DTH penetration still has plenty of room for growth. Source: MPA 2009 report 5

ENCOURAGING TRENDS IN DTH TRACTION

50%

60%

70%58.5% 61.2%

63.9% 64.3% 63.9% 63.7% 63.5% 63.3% 63.2%

20%

30%

40%

8.6% 13.1%16.9% 20.0% 22.4%

24.4%

1 0% 2 0% 4.0%

12.0%17.0% 21.0% 24.0%

26.0% 28.0%% Cable HHs to TV HHs

% DTH HHs to TV HHs

% DTH HHs to Pay TV HHs

0%

10%0.4% 0.9% 2.9%

1.0% 2.0%

30

35

40

24.1

29.5

34.137.8

DTH driving digitization & growth in pay-TV HHs28% CAGR 2008-13

10

15

20

25

1 1 3 6

11.1

17.9

24.1Rapidly increasing DTH penetration; likely to

be28% by 2013.

An estimated 60% of all new C&S subscribers up to 2018 expected to opt

60

5

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

1.1 3.6 2018 expected to opt for a DTH connection.

DTH Sub. Base in MillionSource: MPA 2009 report

IMPORTANT MILESTONES

25 VOLUNTARY DIGILIZATION BY CABLE OPERATORS .

DTH SUBS CROSS20 MN MARK

15

20

MN

DISPUTE OVER CONTENT . SETTLEMENT BTW DISH & STAR

DTH SUBS BREACH THE 2MNMARK IN A 2 PLAYER MKT.

DTH SUBSCRIBERBASE AT ~10 MN

10

15

RIBE

RS IN

M

DIGITIZATION TRIGGRED,CAS MADE MANDATORY IN SELECT PART OF METROS DISPUTE WITH SUN TV

5

SUBS

CR

LAUNCH OF DTH SERVICEBY DISH TV IN SELECTMARKETS

OVER CONTENT. SETTLED.

LAUNCH OFDTH SERVICE LAUNCH OF DTH

LAUNCH OF DTH SERVICE BY VIDEOCONLAUNCH BY

SUN DIRECT

0

BY TATASKYLAUNCH OF RELIANCE BIG TV

LAUNCH OF DTHSERVICE BY AIRTEL

7DISH Subscribers DTH Subscribers

INDUSTRY - KEY REGULATIONS

• Total Foreign investment limit of 49% (sub limit ceiling of 20% for FDI) • Uplink centre to be in India• Set-top boxes to be BIS compliant• License Fee at 10% of subscription revenues (favourable TDSAT order received on

28/05/10 I t t b k d t)

Licensing

28/05/10. Impact to be worked out) • Initial license validity of 10 years; renewable there after

Inter Connectd h d ll b d l bl

Inter Connect• Content providers have to provide content to all broadcasters; pricing flexible• Prohibits broadcasters from seeking guarantee for minimum number of subscribers

• Subscribers can be offered STBs on Rental / Hire purchase / Sale• Mechanism to be in place for handling customer complaints & grievances

Quality ofService

• Pricing information on content of the broadcaster• Max 50% of Non-CAS cable rates• A-la-carte offering to be allowed

Reference Inter-connect

DISH TV – MARKET LEADER IN DTH

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BUSINESS MODEL

Direct-to-home distribution of TV channels up-linked from India by Broadcasters.

CPE installed at consumer’s house.

Initial inertia to pay for hardware equipment leading to up-front subsidy on STBs.

Negative Working Capital cycle – subscription revenue collected in advance.

Revenue from subscription and lease rentals.

Emerging revenue streams include, bandwidth charges, MOD, advertisement & lteleport.

Fixed content cost deals with most broadcasters; significant competitive advantage.advantage.

Growing subscriber base to bring in operating leverage into play. 10

KEY STRENGTHS

Brand • Strong Brand presence and Brand recall.

• Largest subscriber base amongst all six players; currently over 33%.• Carried and distributed by most third party dealers and distributors.Market Leadership

Largest Channel Offering

•250 channels & services and growing.• Fixed content cost deal with almost all big broadcasters.g

Pan-India presence through 1004 distributors & ~48,000 dealers across 6600 towns

Network managed by over 200 sales personnel. 8 Zonal and 19 Regional Offices.Selling & Distribution Network Netwo a aged by ove 00 sales pe so el. 8 o al a d 9 eg o al O ces.

~600 ‘Dish Shoppees’ to provide demo to prospective subscribers. (March ‘10)Network

Sufficient capacity to broadcast increasing number of channels –Advanced currently 10 KU band transponders.

• ‘DISH TRUHD’ with content tie-up with HD channel broadcasters already in place.

Infrastructure & Technology

SELECT KEY MANAGEMENT PERSONNEL

Subhash ChandraNon Executive Chairman

• Promoter – Essel Group of Companies. He has been the recipient of numerous honorary degrees, industry awards and civic honors.

• Involved in the day-to-day affairs of the company since January ’07, he has been instrumental in establishing Dish TV as India’s leading DTH

Jawahar Lal Goel

numerous honorary degrees, industry awards and civic honors.

he has been instrumental in establishing Dish TV as India s leading DTH company. He is also the President of the Indian Broadcasting Foundation.

Managing Director

Salil KapoorCOO

• An MBA from Delhi University, Salil has a work experience of more than 18 years and has worked with various global corporations including Microsoft and Samsung.

A qualified Chartered Accountant, Rajeev has been leading the finance department since January, ‘07.

Rajeev DalmiaCFO

DISH TV – NOW

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CONSISTENT LEADERSHIP

75.7%

70%

80%

20

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

50%

60%

15

20

18.43 20.67

42.4%

34.7% 33.4%30%

40%

10

% S

hare

3.6

11.1

2 74.7

6.4 6.9 10%

20%

5

2.7

0%0Dec-07 Dec-08 Dec-09 Mar-10

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 is well placed being the largest player in the DTH industry

Source: Dish TV

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KEY BUSINESS METRICSAverage Revenue Per User (ARPU)

ARPU under pressure due to increased competitioncompetition

Rational pricing to prevail as low pricing not sustainable over long term

Subscriber acquisition cost (SAC)

Focus on reducing subsidies – Change over to a model of charging for a bare box andg gun-bundling of content fees and set top box

15Source: Company ARPU = (Subscription revenue + activation charges) / Avg. subscribers during the period; SAC = Subsidy on STB+80% of

marketing exp.+Comm. to dealers

FINANCIALS

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ENCOURAGING PERFORMANCEEBITDA Margin - Annual

7377

10848

700

900

1,100

R M

n.

FY 08-10 CAGR 62.0%8%

0.0%

20.0%FY 07 FY 08 FY 09 FY 10

EBITDA %

EBITDA Margin Annual

1909

4133

100

300

500

700 INR

-53%

-26%

-80.0%

-60.0%

-40.0%

-20.0%

FY 07 FY 08 FY 09 FY 10

12000

-99%-100.0%

Q3 FY08

Q4 FY08

Q1 FY09

Q2 FY09

Q3 FY09

Q4 FY09

Q1 FY10

Q2 FY10

Q3 FY 10

Q4 FY 10

EBITDA - QuarterlyOperating Revenues - Quarterly

6000

8000

10000

000

44 199 234127

354

-57% -39% -41% -50% -20% 2%6% 9% 5% 12% -20%

0%

20%

40%

0

250

500FY08 FY08 FY09 FY09 FY09 FY09 FY10 FY10 10 10

INR

Mn

0

2000

4000

-642-538

-667

-874

-390

100%

-80%

-60%

-40%

1000

-750

-500

-250

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Q1 FY 10 Q2 FY10 Q3 FY10 Q4 FY10 FY10874 -100%-1000

LOWER CONTENT COST DRIVING MARGINS

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SUMMARY FINANCIALS – QUARTERLY

Quarter ended Mar'09 Sep'09 Dec'09 Mar’10

Gross Operating Revenue 2,071 2,578 2786 3037

Expenditure 2,027 2,344 2659 2683

EBITDA 44 234 127 354

Add: Other Income 10 - - -

Less: Depreciation 644 730 779 846p

EBIT -590 -496 -651 -492

Less: Financial Exps 217 66 110 106

PBT -807 -562 -762 -598

Provision for Tax 2 0 0 0

PAT -809 -562 -762 -598

Operating metrics Mar'09 Sep'09 Dec'09 Mar’10

Subscribers Added (mn) 0.35 0.41 0.55 0.43

SAC ( Rs/sub) 2,505 2635 2477 2383

ARPU ( INR ) 131 139 135 138

Source: Dish TV Earnings release and published quarterly results; Amounts in INR mn unless other wise mentioned

WAY FORWARD

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GROWTH WITH PROFITABILITY

Continuous focus on:

Augmenting

Sustained

product

innovation to

Customer care

Brand building

Expand

revenue

contribution

through

retain

subscribers and

expand

category

Technology

and

customer

base with

focus on

innovative value

added services

category

Distribution

leadership

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THANK YOU

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QUESTIONS

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