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

INR 976 BnTV industry size

INR 475 BnTV industry size

66%TV penetration (of total HHs) 62%

C&S penetration (of TV HHS)

Indian M&E Industry Snapshot

257 , 44%

475 , 46%

976 , 50%

175 , 30%

263 , 26%

387 , 20%

89 ,15%

126 ,12%

204 ,10%

66 ,11%

161 , 16%

397 , 20%

2009

2014

2019

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

TV Print Films Others

2014

2019

231 270

301

134 169

197

101 140

169

2009 2014 2019

Total HHs TV HHs C&S HHs

Indian television market statistics (HHs mn.)

Source: M&E industry composition & size: FICCI-KPMG 2015, Indian television statistics & broadcasting and distribution industry : MPA Report 2014

2014 2019

Total households

83% 86%

CAGR of ~ 15.5% (2014-2019E)

301 Mn270 Mn

Total TV households 197 Mn169 Mn

Distribution industry

DTH28%

Analog Cable52%

DigitalCable20%

Broadcasting industry

Multiple broadcastersproducing content in

15 languagesacross

7 genresbeaming

~800 channels

3

Distribution Industry

4

Digital Addressable Systems - DAS

Source: *MPA Report 2014

Phase IDelhi, Mumbai,

Calcutta & Chennai30-June-2012

Phase II38 notified cities

31-Mar-2013

Cable Land grab seeding at throw away prices

No addressability/KYC

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

DTH Opening up of cable stronghold markets

Bonus additions for the sector

Dish TV Higher incremental net adds; positive shift in subscriber

distribution

Rest of India31-Dec-2015/2016

Phase III/IV

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%

100%

91%

74%

52%

0% 50% 100%

Australia

Hong Kong

Malaysia

Singapore

New Zealand

Japan

Indonesia

Sri Lanka

Korea

India

Digital Penetration of Total Pay-TVSubscribers in India is Amongst the

Lowest *

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

Digital signal - fatter pipe, larger carrying capacity

Placement fees mindset

B2B billing

100% postpaid. Element of bad debts?

Impairment of Set-Top-Box (STB)?

Rising content cost

3 Tiered Structure

MSOs(more than 115 )

Distributors (at least 1 in each

locality)

LCOs (more than

50,000)

Pre-DAS

Post-DAS

6

Dish TV:Industry pioneer. Started operations in 2003. Part of the ‘Zee’ stable, largest producer and aggregator of Hindi programming in the worldTATA Sky:

Launched in 2006. JV between the TATA Group and News Corp

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 Airtel Digital:

Launched in 2008. Part of the telecom major Bharti Airtel.Videocon D2h:

Launched in 2009. Part of the white goods manufacturing Videocon group

Distribution Industry - DTH

2003

2006

2007

2008

2009

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

Heavily taxed:• License fees – 8% AGR instead of 10%

GR (TRAI recommendations on issues related to new DTH licenses)

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

Fully tax compliant

2008

7

DTH Players in India

8

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, wellness

Dr. Subhash Chandra - Non Executive Chairman

Jawahar Lal Goel - 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

R.C. Venkateish - CEO

India and South Asia MD of ESPN Star Sports prior to joining Dish as its CEO

Past 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

64%

19%4%

13%

Promoters FII

Fin. Inst., Banks & MF Other Investors

Shareholding pattern*

*Shareholding pattern as on 30th June 2015

Key Managerial Personnel

9

20

10

20

09

20

12

20

12

20

13

20

03

20

07

20

14

First DTH in

India

First to launch online TV for

DTH viewers –‘Dish Online’

First to launch a sub-brand

targeting regional language markets–

‘Zing’

First to negotiate

content on a fixed fee basis

First to launch Live TV for

moving vehicles

First to launch High

Definition

First to achieve operational

break-even in the Indian DTH

industry

First to offer unlimited recording

First to be FCF positive in the

Indian DTH industry

20

15

First to be PAT positive in the

Indian DTH industry

Many Firsts To Its Credit

10

91%

3%3%

2%

1%

Subscription revenues

Lease rent

Bandwidth income

Advertising income

Other income

Consolidated revenues

30%

12%

10%

6%

6%

5%4%

Programming and other cost

Selling and distribution expenses

License fees

Transponder lease

Other operating costs

Other expenses

Employee benefit expenses

Consolidated expenses

100% prepaid

Upfront subsidy on consumer premises equipment

(CPE)

Average ARPU of Rs. 173*

Churn at 0.7% p.m.

Implied average subscriber life of 12 years

Dish TV India Limited

Business Model

11

P&L structure – FY15

EBITDA margin - 27.3%

Note: * For 1QFY16, post netting off of collection charges

Dish TV vs. Competition

Highest transponder capacity Maximum content tie-ups & true HD channels Widest dealer-distributor network

720 (MHz)

TP Bandwidth

No. of Transponders

16

Dish TV

540

10Videocon

396

11Airtel

324

9Reliance Digital

432

12Tata Sky

180

4+1Sun Direct

215

243

321

352

368

398

Sun Direct

Rel. Digital

Tata Sky

Airtel

Videocon

Dish TV

Linear Channels

12

11

31

30

33

42

True HD Channels

Zonal offices7

Regional offices 13

Source: Company & market data as on 30th June 2015

12

Key Metrics - Annual

Source: Company;

Note : * ARPU & hardware subsidy taken as Q4 data for respective years. # Market share based on gross subscribers as on 30th June, 2015 as per market estimates

(R) Restated post netting off of collection charges

131 132 138 150 151

157 163

172

0

50

100

150

200

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

ARPU* (Rs.)

27%

20%

12%6% 19%

16%

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

Market share #

1,933 1,688

0

400

800

1200

1600

2000

2400

FY14 FY15

Hardware subsidy* (Rs.)

2.5

4.3 5.7

8.5 9.6

10.7 11.4

12.9

0

5

10

15

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Net subscriber base (mn.)

13

Key Metrics - Annual

Note : * Including prior period items

: (R) FY15 Subscription revenue is restated, netting off of collection charges

(2,050) (1,220)

1,570

3,607

5,860 6,306 6,240 7,331

-4000

-2000

0

2000

4000

6000

8000

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

EBITDA (Rs. mn.)

71%

59%52%

42%36% 34% 34% 33%

0%

10%

20%

30%

40%

50%

60%

70%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

3,288 5,897

8,353

11,927

16,639 19,228

22,681 24,499

-

5,000

10,000

15,000

20,000

25,000

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

Subscription revenue (Rs. mn.)

Programming and other costs as % of subscription revenues

(4,141)(4,807)

(2,622)

(1,920)(1,331)

(660)(1,576)

31

-5500

-4500

-3500

-2500

-1500

-500

500

1500

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Net profit/(loss) (Rs. mn.)

14

*

Key Metrics - Quarterly

0.332

0.404 0.390

0

0.1

0.2

0.3

0.4

0.5

1QFY15 4QFY15 1QFY16

Net subscriber additions (mn.)

163

172

173

150

160

170

180

1QFY15 4QFY15 1QFY16

ARPU (Rs.)

5,660 6,580 6,828

0

2000

4000

6000

8000

1QFY15 4QFY15 1QFY16

Subscription revenue (Rs. mn.)

1,565

2,209 2,368

25.3%30.3% 32.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

0

500

1000

1500

2000

2500

1QFY15 4QFY15 1QFY16

EBITDA (Rs. mn.) & EBITDA margin

(150)

349 542

-300

200

700

1QFY15 4QFY15 1QFY16

Net profit (Rs. mn.)

702 689

0

200

400

600

800

4QFY15 1QFY16

FCF (Rs. mn.)

15

Strategy and Outlook

16

Zing Phase III & IV Markets

Zing DigitalLaunched in 8 regional market

18%

9%

31%

17%

1%2%

12%

10%

Viewership share by genre – 2014*

Regional GECs,Regional News, Movies & MusicHindi GECsHindi News & MoviesEnglish Entertainment & NewsSportsMusic, Kids & InfotainmentOther

Zing Digital

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 eight states, Zing

introduced in ‘Kerala’

Source: * FICCI Frames - 2015

17

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)

Dish TV Tata Sky Videocon D2h

Sports Channels

Super Family + Game on HD

Dhamal 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

Box Cost Rationalization

HD Focused Content Deals

Compelling HD Proposition

High Definition

Source: Market data as on 31st March 2015

18

200255

380

220280

400

220

300

421

230 275320

440

240285

335

460

250295

345

470

0

100

200

300

400

500

Super Family Maxi Sports # All Sports Platinum Sports

Previous 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) DAS Ph I&II cities (Feb'15 & May'15)

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

KoreaTaiwan

India

China

Sri LankaThailand

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

% P

ay-T

v Pe

n./

TV H

H

Source: * MPA Report 2014

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

19

ARPU Expansion

23, 70%3, 9%

7, 21%

DTH revenue Cable TV revenue IPTV revenue

151

579

976

122

435

730

22 54 133

7 90 113

-

200

400

600

800

1,000

2008 2014E 2020E

Pay TV Subs DTH Subs Cable Subs IPTV Subs

International Expansion - Sri Lanka

Sri Lanka

Population ~ 20 million

TV penetration at 77%

High digital penetration; 90% of total Pay TV subscribers

DTH maintains dominance with ~ 72% market share. Cable, distant second despite being 4 years older

ARPU ~ USD 7 pm

Zero subsidy on CPE sales

Source: MPA 2014

Pay TV industry revenue (USD mn.)

Pay TV subscribers (000)

20

Financials

21

1QFY 2015 vs. 1QFY 2016 Quarter ended

Quarter ended

Rs. million June – 2014 June – 2015

Operating revenues 6,180 7,367

Expenditure 4,615 4,998

EBITDA 1,565 2,368

EBITDA margin (%) 25.3 32.1

Other income 142 262

Depreciation 1,453 1,598

Financial expenses 395 480

Profit / (Loss) before prior period & tax (140) 553

Prior period items - 11

Tax expense/(write back) 9 -

Net Profit / (Loss) for the period (150) 542

Variance(1QFY15 vs.1QFY16) in %

6,828

127

230 100 82 Subscriptionrevenue

Lease rentals

Bandwidthcharges

Advertisementincome

Teleportservices, CPE &Other

Operating revenue break-up (Rs. mn)

1QFY - 2016

19.2%

8.3%

51.3%

10.0%

21.5%

Summarized Consolidated P&L - Quarterly

22

84.5%

* ARPU Rs. 173 for 1QFY16, without netting off of collection charges

FY14 vs. FY15

Rs. million FY 2014 (Audited) FY 2015 (Audited)

EQUITY AND LIABILITIES

Shareholders’ funds

(a) Share capital 1,065 1,066

(b) Reserves and surplus (4,191) (4,199)

(3,126) (3,134)

Non-current liabilities

(a) Long-term borrowings 7,791 -

(b) Other long term liabilities 918 183

(c) Long-term provisions 142 66

8,851 248

Current liabilities

(a) Short-term borrowings 658 479

(b) Trade payables 1,357 1,268

(c) Other current liabilities 11,601 22,130

(d) Short-term provisions 8,361 10,671

21,977 34,548

Total 27,702 31,663

Consolidated Balance Sheet

23

FY14 vs. FY15

Rs. million FY 2014 (Audited) FY 2015 (Audited)ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 13,495 14,428(ii) Intangible assets 76 111(iii) Capital work-in-progress 4,226 4,972

17,797 19,510(b) Non-current investments 1,500 2,000(c) Long-term loans and advances 806 839(d) Other non-current assets 149 167

2,454 3,006Current assets

(a) Current investments 500 -(b) Inventories 75 99 (c) Trade receivables 415 637 (d) Cash and bank balances 3,426 4,286(e) Short-term loans and advances 2,984 3,909(f) Other current assets 50 216

7,451 9,147Total 27,702 31,663

Consolidated Balance Sheet (continued)

24

Annexure

25

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 562.3 bn(1)

Source: Company websites, BSE, MPA Report 2014

Note: (1) Market capitalization as on 30th July, 2015

Market Cap: Rs 384.2 bn(1) Market Cap: Rs 9.1 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 120.9 bn(1) Market Cap: Rs 24 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 24.03 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

26

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 120.9 billion

First Indian DTH player

< 3.0 million

Rs 4,162 million

(Rs 2,095 million)

~ Rs 21.1 billion

2008(1) 2015(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 2014

Notes:

(1) 2008 reflects FY 2008 year end results

(2) Total Revenues and EBITDA for 2015 reflect FY2015 year end results post netting off of collection charges. Customer base as of March 31, 2015

(3) 2008 market capitalization as on March 31, 2008; 2015 market capitalization as on July 30, 2015

Apr 07:Listing of Equity Shares on NSE and BSE

2004 2005 2012

12.9 million

Rs 26,879 million

Rs 7,331 million (27.3%)

2013

First full year of

Positive FCF

2014

- Full year of Positive FCF

- Launch of “Zing”

Key Milestones and Performance

27

2015

First full year of

PAT

Thank You

28