DISH TV INDIA LIMITED Investor Presentation

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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 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.

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Presentation Flow

Introduction to Dish TV

Key Investment Highlights

Company Strategy and Outlook

Questions & Answers

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SECTION 1

Introduction to Dish TV

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Introduction to Dish TV India Limited

Asia-Pacific’s largest

Pioneer and largest in India

Only pure-play listed Indian DTH player

Highest transponder capacity with maximum content offering

Promoted by a leading Indian media group—Essel Group

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Essel Group Structure

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 Subhash Chandra

Group Market Cap ( Listed entities under Essel Group ): Rs 332.1bn(1)

Source: Company websites, BSE, MPA Report 2013 Note: (1) Market capitalization as on 27th January, 2014

Market Cap: Rs 260 bn(1) Market Cap: Rs 3.1 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 52.1 bn(1) Market Cap: Rs 9.1 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 7.8 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

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Leader in DTH service offering with

400+ channels and services

Only DTH provider in India to be

serviced by two satellites

Pan-India distribution network; ~

167,000 dealers across 8,700+ towns

− Over 300+ sales personnel and

14 Regional offices

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27%

20%

13% 7% 19%

14%

Dish TV Tata Sky Sun Direct Big TV Airtel Digital Videocon D2h

Market Share*

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Business Overview

4.3 5.7

8.5 9.6

10.7 11.2

0 2 4 6 8

10 12

FY-09 FY-10 FY-11 FY-12 FY-13 3QFY-14

Growing Subscriber Base (mn)

Source: Company Notes: * Market share based on gross subscribers as on 31st December, 2013 as per market estimates. * Shareholding pattern as on 13th January, 2014

65%

8% 11% 5%

11%

Promoters GDR FII Fin. Inst., Banks & MF Other Investors

Shareholding Pattern*

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Key Milestones and Performance

Oct 03: Received license to operate DTH Services

2003 2006 2007 2008 2009 2011 2010

Growth Trajectory Since Listing

Asia’s Largest DTH Provider Company Profile

Net Customer Base

Total Revenues

EBITDA (% margin)

Market Capitalization(3) ~ Rs 71.3 billion

First Indian DTH player

< 3.0 million

Rs 4,162 million

(Rs 2,095 million)

~ Rs 21.1 billion

2008(1) 2013(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 2013 reflect FY2013 year end results. Customer base as of March 31, 2013 (3) 2008 market capitalization as on March 31, 2008; 2013 market capitalization as on March 31, 2013

Apr 07: Listing of Equity Shares on NSE and BSE

2004 2005 2012

10.7 million

Rs 21,668 million

Rs 5,795 million (26.7%)

2013

First full year of

Positive free cash flow

SECTION 2

Investment Highlights

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Key Investment Highlights

• Growing industry further buoyed by digitization 1 • Superior and differentiated product and service

offering combined with robust execution 2

• Growth with Profitability 3

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Growing Industry Television currently is and is expected to continue to remain the largest component of the Indian Media industry

Indian Media and Entertainment Industry Size

Key Indian Television Market Statistics Cable and DTH Revenues

Composition of Indian Media Industry

Television 45.2%

Print 28.7%

Film 12.8%

Others 13.4%

2011

Television 50.4%

Print 22.2%

Film 10.3%

Others 17.0%

2016E

13.2 15.0

16.9 19.6

22.8 26.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2011 2012E 2013E 2014E 2015E 2016E

6.6 9.7

1.4

4.2

0.0

5.0

10.0

15.0

2011 2016 E DTH Revenue Cable Revenue

247.0 254.7 262.3 269.7 276.9 283.9

147.9 154.9 161.8 168.5 175.0 181.4

122.5 133.0 144.0 154.2 163.5 171.8

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2011 2012E 2013E 2014E 2015E 2016E Total HHs TV HHs C&S HHs

(mn.

)

Source: M&E size & composition: FICCI-KPMG 2012 “Digital Dawn”,

: Indian television statistics and cable & DTH revenue: MPA Report 2013

Notes: USD1 = INR 55

(US

$ bn

.)

(US

$ bn

.)

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The Digitization Push

*Source: MPA Report 2013

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

69%

45%

0% 20% 40% 60% 80%

100% 120%

• Non-addressable Analog to Digital DTH/Cable

• Cable addressability to create level playing field for DTH

• Transparency to push industry ARPUs

• DTH to benefit from premium brand imagery

DTH – the synonym for Digital

• Phase I - impressive acquisitions by DTH in an erstwhile

analog market

• Phase II - slow but promising

• Phase III & IV – Key target markets with significant potential

upside

Digital penetration of total Pay-TV subscribers in India is amongst the lowest *

28.7 32.4 37.4

43.2 50.8

57.8

0.0

20.0

40.0

60.0

80.0

2011 2012 2013 2014 2015 2016

DTH Satellite Subscribers (mn.)*

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Superior Product & Service Offering

Number of channels

Channels Dish TV Tata Sky Airtel Sun Direct Reliance Digital Videocon

LINEAR 338 260 305 200 241 313

HD 43* 18 19 10 10 23

Features

• 26 channels and 17 services

• As on 31st -December-2013

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Superior Product and Service Offering; introducing DishOnline

84% 81%

78% 80%

71%

US UK Australia China India

Percentage of online population who streamed video *

10%

41% 14%

38% 76%

21%

2012 2015

PC only

PC and mobile

Mobile only

Share of Internet use by channel in India #

Source: * Comscore Video Metrix; Jan 2011 : # 2010 McKinsey digital consumer survey; McKinsey analysis

81 mn. 450 mn.

Internet users in India to increase fivefold by 2015, with more than three-quarters choosing mobile access.#

• Enhanced customer stickiness

• ARPU accretive add-on service

• More than 300 thousand downloads since launch

35 LIVE TV channels & growing… Movies

Shows Catch-Up TV

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Marquee Partnerships

Transponder / Satellite

State-of-the-art fully automated Broadcast Centre

Content Security and Customer Data Management

Middleware provider

Strategic partnerships with industry leaders to deliver the highest quality viewing experience

NSS-6, Asiasat 5

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Growth with Profitability

2,201

1,889

1,700

1,800

1,900

2,000

2,100

2,200

2,300

3QFY13 3QFY14

SAC (Rs.)

4,943

5,529

4,600

4,800

5,000

5,200

5,400

5,600

3QFY13 3QFY14

Subscription Revenue (Rs. mn.)

(160)

583

(200)

-

200

400

600

800

3QFY13 3QFY14

Free Cash Flow (Rs. mn.)

3QFY13

160

166

156

158

160

162

164

166

168

3QFY13 3QFY14

ARPU (Rs.)

9.8 10.0

10.5 10.7

10.9 11.0 11.2 1.0% 1.0% 1.0%

0.8% 0.6% 0.6% 0.6%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

9.0

9.5

10.0

10.5

11.0

11.5

1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 Net Subscriber Base Churn

Growing Subscriber Base (mn.)

SECTION 3

Strategic Focus Areas

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Minimizing Subsidy

1,640 1,840

1,999 2,249

-

500

1,000

1,500

2,000

2,500

Before Feb' 13 w.e.f. Feb' 13 (First hike)

w.e.f. Feb' 13 (Second hike)

w.e.f. July' 13

Offer Price Hike - SD (Rs.)

2,890

3,099

2,750

2,800

2,850

2,900

2,950

3,000

3,050

3,100

3,150

Before Feb' 13 w.e.f. Feb' 13

Offer Price Hike - HD (Rs.)

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Focus on eliminating subsidy in the medium to long term

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Reducing Investment per Subscriber..

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1,640 1,840

1,999 2,249

-

500

1,000

1,500

2,000

2,500

Before Feb 13 wef. 1st Feb 13 wef. 21st Feb 13 wef. 4th July 2013

STB Price Hike - SD (Rs.)

…to be further bolstered by price hikes

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

4,014

3,359 3,218 2,939

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

FY - 10 FY - 11 FY - 12 FY - 13

Investment per subscriber (Rs.)

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ARPU Expansion

200 255

305 380

220 280

320 400

0

100

200

300

400

500

Family Super Gold Super World Super Platinum

Previous price Revised price (w.e.f. April'13)

Pack Price Hike - SD (Rs.)

385 460 560

399 499

599

0

200

400

600

800

Super HD World Super HD Premiere Super HD Royale

Previous price Revised price (w.e.f. April'13)

Pack Price Hike - HD (Rs.)

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Price hike across packs

0%

20%

40%

60%

80%

100%

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

Australia

Philippines

Japan

Malaysia New Zealand

Vietnam

Thailand Indonesia Sri Lanka

Pakistan China

India

Korea Taiwan

% P

ay-T

V Pe

netr

atio

n/TV

HH

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

ARPU as a % of GDP per HH*

*Source: MPA Report 2013

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Faster Payback

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138

142

151

158

125

130

135

140

145

150

155

160

FY 10 FY 11 FY 12 FY 13

ARPU (Rs.)

ARPU

18

15 14

13

0

2

4

6

8

10

12

14

16

18

20

FY 10 FY 11 FY 12 FY 13

SAC/ARPU

SAC/ARPU

Summary Financials

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Summarized P&L

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Rs. million

Quarter ended Quarter ended % Change Quarter ended % Change

Dec. – 2013 Sept. – 2013 Q o Q Dec. – 2012 Y o Y

Operating revenues 6,128 5,926 3.4 5,578 9.9

Expenditure 4,773 4,447 7.3 4,201 13.6

EBITDA 1,355 1,479 (8.4) 1,377 (1.6)

EBITDA Margin (%) 22.1 25.0 - 24.7 -

Other Income 97 210 (53.8) 175 (44.6)

Depreciation 1,534 1,504 2.0 1,713 (10.4)

Financial expenses 301 345 (12.8) 288 4.5

Profit / (Loss) before tax (382) (160) - (449) -

Provision for tax 0 0 - 0 -

Profit / (Loss) after tax (382) (160) - (449) -

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Balance Sheet

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Rs. million FY 2013 (Audited) FY 2012 (Audited)

EQUITY AND LIABILITIES

Shareholders’ funds

(a) Share capital 1,065 1,064

(b) Reserves and surplus (2,621) (2,002)

(1,556) (939)

Non-current liabilities

(a) Long-term borrowings 8,460 10,193

(b) Other long term liabilities 1,504 1,798

(c) Long-term provisions 127 105

10,092 12,097

Current liabilities

(a) Short-term borrowings 300 1,950

(b) Trade payables 2,138 1,275

(c) Other current liabilities 14,027 7,063

(d) Short-term provisions 6,547 4,893

23,012 15,181

Total 31,548 26,340

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Balance Sheet (continued)

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Rs. million FY 2013 (Audited) FY 2012 (Audited) ASSETS Non-current assets

(a) Fixed assets (i) Tangible assets 14,273 14,160 (ii) Intangible assets 67 43 (iii) Capital work-in-progress 6,535 3,884

20,875 18,088 (b) Non-current investments - 1,500 (c) Long-term loans and advances 646 348 (d) Other non-current assets 97 69

743 1,917 Current assets

(a) Current investments 2,782 - (b) Inventories 86 69 (c) Trade receivables 304 286 (d) Cash and bank balances 3,645 3,919 (e) Short-term loans and advances 3,060 1,978 (f) Other current assets 53 83

9,929 6,335 Total 31,548 26,340

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Thank You