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 733 BnTV subscription

revenues

INR 407 BnTV subscription

revenues

66%TV penetration (of total HHs) 64%

C&S penetration (of TV HHS)

Indian M&E Industry Snapshot

2016

2020

239 284

306

141 181

202

113 152

173

2010 2016P 2020P

Total HHs TV HHs C&S HHs

Indian television market statistics (HHs mn.)

Source: TV industry size: FICCI-KPMG 2016, Indian television market statistics & broadcasting and distribution industry : MPA Report 2016

2016 2020

Total households

84% 85%

CAGR of ~ 15.8%

(2016-2020P)

306 Mn284 Mn

Total TV households 202 Mn181 Mn

Distribution industry

DTH

33%

Analog

Cable

38%Digital

Cable

29%

Broadcasting industry

Multiple broadcasters

producing content in

15 languages

across

7 genres

beaming

~880 channels

3

194

407

733

103

210

365

2010

2016P

2020P

TV industry size (INR bn.)

Subscription revenues Advertising revenues

Distribution Industry

4

Digital Addressable Systems - DAS

Source: MPA Report 2016

Phase I

Delhi, Mumbai,

Calcutta & Chennai

30-June-2012

Phase II

38 notified cities

31-Mar-2013

Cable Land grab seeding at throw away prices

No addressability/KYC

Working backwards to fill critical gaps; packaging-billing-

dunning

DTH Seeding ground for High-Definition

Potential subscribers for upselling – high value packs

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

5

Phase IV

Rest of India

31-Dec-2016

Phase III

7,709 urban areas

31-Dec-2015

Stayed by multiple High Courts

No analog switch -off on sunset date

No spike in demand around deadline

Traction seen post deadline due to industry push

Ph

ase I

II

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 Net billing

100% postpaid. Element of bad debts?

Impairment of Set-Top-Box (STB)?

Rising content cost / content negotiation bottlenecks

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, MalaysiaReliance 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 subscription; no bad debts

DTH contributes ~ 60% of the

broadcaster’s domestic subscription

revenues; scope for rationalization vs.

cable (non-discrimination)

Heavily taxed:

• License fees – 8% AGR instead of

10% GR (TRAI recommendations

on issues related to new DTH

licenses – July`14)

• Entertainment tax & Service tax - to

be subsumed post rollout of GST

Tax compliant

2008

7

DTH Players in India

8

Many Firsts To Its Credit

9

2007

2009

2010

2012

2012

201320142015

2003

2015

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 Indian

DTH industry

First to

launch High

Definition

First to offer

unlimited

recording

First to be FCF

positive in the Indian

DTH industry

First to launch

online TV for DTH

viewers – ‘Dish

Online

First to launch a sub-

brand targeting regional

language markets–

‘Zing’

First to be PAT

positive in the Indian

DTH industry

First to launch Home

Video System–

DishFlix

92%

3%

3%

1%1%

Subscription revenues

Bandwidth income

Advertising income

Lease rent

Other income

Consolidated

revenues

4%

28%

5%

15%

9%

5%

Employee benefit expenses

Programming and other costs

Transponder lease

Other operating costs

Selling and distribution expenses

Other expenses

Consolidated

expenses

100% prepaid

Upfront subsidy on consumer premises

equipment (CPE)

Average ARPU of Rs. 162*

Churn at 0.8% p.m.

Implied average subscriber life of 10 years

Dish TV India Limited

Business Model

10

P&L structure – FY16

EBITDA margin - 33.5%

Note: * 2Q FY17 ARPU post netting off entertainment tax.

Key Metrics - Annual

Source: Company;

Notes : * ARPU & hardware subsidy taken as Q4 data for respective years. # Market share based on gross subscribers as on 30th September, 2016 as per market estimates

(R) Restated post netting off collection charges

132 138 150 151 157 163 172 174

0

50

100

150

200

250

300

FY09 FY10 FY11 FY12 FY13 FY14 FY15(R) FY16

ARPU* (Rs.)

26%

21%

12%5% 20%

16%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

Market share #

1,465

1,153

0

400

800

1200

1600

2000

2400

FY15 FY16

Hardware subsidy* (Rs.)

4.3 5.7

8.5 9.6

10.7 11.4 12.9

14.5

0

5

10

15

20

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Net subscriber base (mn.)

11

Key Metrics - Annual

Notes: * Including deferred tax assets of Rs. (4,360) mn.

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

(1,233)

1,117 2,380

4,960 5,794 6,240

7,331

10,249

-2000

0

2000

4000

6000

8000

10000

12000

14000

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

EBITDA (Rs. mn.)

47%

40%35%

31% 30% 31% 30% 28%

0%

10%

20%

30%

40%

50%

60%

FY09 FY10 FY11 FY12 FY13 FY14 FY15(R) FY16

5,897 8,353

11,927

16,639 19,228

22,681 24,499

28,275

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

FY09 FY10 FY11 FY12 FY13 FY14 FY15(R) FY16

Subscription revenues (Rs. mn.)

Programming and other costs as % of revenues

(4,807) (2,622)(1,920)

(1,331)(660) (1,576)

31

6,924

-5500

-3500

-1500

500

2500

4500

6500

8500

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

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

12

*

Key Metrics - Quarterly

0.338

0.402

0.259

0

0.1

0.2

0.3

0.4

0.5

0.6

2QFY16 1QFY17 2QFY17

Net subscriber additions (mn.)

161

165 162

150

160

170

2QFY16 1QFY17 2QFY17

ARPU* (Rs.)

6,514 7,282 7,288

0

2000

4000

6000

8000

10000

2QFY16 1QFY17 2QFY17

Subscription revenues^ (Rs. mn.)

2,550 2,646 2,642

35.9%34.0% 33.9%

20.0%21.0%22.0%23.0%24.0%25.0%26.0%27.0%28.0%29.0%30.0%31.0%32.0%33.0%34.0%35.0%36.0%37.0%38.0%39.0%40.0%41.0%42.0%43.0%44.0%45.0%

0

500

1000

1500

2000

2500

3000

2QFY16 1QFY17 2QFY17

EBITDA (Rs. mn.) & EBITDA margin

870

409

701

0

300

600

900

2QFY16 1QFY17 2QFY17

Net profit (Rs. mn.)

849

627

791

0

300

600

900

2QFY16 1QFY17 2QFY17

FCF (Rs. mn.)

13Notes: * ARPUs are derived post netting off entertainment tax from subscription revenues.

^ Subscription revenues are post netting off entertainment tax.

# Net profits for 1Q FY17 & 2Q FY17 include deferred tax assets of Rs. 212 mn. & Rs. 319 mn. respectively. Net profits for 1Q FY17 & 2Q FY17 are post current tax of Rs. 435 mn. & Rs. 210 mn. respectively.

#

#

Strategy and Outlook

14

DAS Phase III & IV

Zing Digital

15

Specific vernacular markets

‘Zing’

Set-Top-Box

matlab DishTV

Dish99Packs starting @ just ₹ 99

MANDATORY subscription to a minimum 3 of the above mentioned

add-on packs on subscribing to

Dish 99

Any of the Family add-on packs

@ ₹ 25 each p.m.

Any of the Sports add-on packs

@ ₹ 50 each p.m.

Any of the English add-on packs

@ ₹ 75 each p.m.

Across phase III & IV markets

‘Dish 99’

Regional first; regional language channels , regional look and feelFTA channels + any 3 of Family / Sports / English

OR

OR

Easy transition for first time digital subscribers

Value for money offering; digital quality picture at the price of cable

Customized content in digital quality

Healthy margins

+

ARPU driver

Key

differentiator

vis-à-vis cable

HD ADD-ONS

Game on HD @ Rs. 165

(Sports and Hindi entertainment)

Full on HD @ Rs. 220

(Complete dose of entertainment)

Dish TV Tata Sky Videocon D2h

Sports Channels

New Super Family

+ Game on HD

Dhamal Mix +

HD Access Fee

Gold Maxi+ HD

Access Fee

Rs. 435 Rs. 425 Rs. 455

Star Sports HD1 √ X X

Star Sports HD2 √ √ √

Star Sports HD3 √ √ X

Star Sports HD4 X X X

Sony Six HD √ X X

Ten 1 HD √ X X

High Definition

Source: Market data as on 30st September’ 2016

16

Hindi GEC Hindi Movies & Music

Sports HDInfotainment, Lifestyle

& Kids

English Entertainment English Movies

HD South

Box Cost

Rationalization

HI-DEFINITION SACHETS STARTING AT

Rs. 75 EACH PER MONTHNew High Definition connection

by just paying

Rs. 120 extraover a Standard Definition

box.

&

Financials

17

Quarter ended

Quarter ended

Rs. million Sept. – 2016 Sept. – 2015

Operating revenues 7,793* 7,112*

Expenditure 5,151 4,562

EBITDA 2,642 2,550

EBITDA margin (%) 33.9 35.9

Other income 111 197

Depreciation 1,635 1,330

Financial expenses 554 548

Profit / (Loss) before tax 564 870

Tax expense (136) -

Net Profit / (Loss) for the period 701 870

2Q FY2017 vs. 2Q FY2016Operating revenues break-

up (Rs. mn)

2QFY - 2017

Summarized Consolidated P&L - Quarterly

18

9.6

12.9

3.6

(43.7)

22.9

1.2

Variance(2Q FY17 vs.2Q FY16) in %

7,288

41

244 121 98

Subscriptionrevenues

Lease rentals

Bandwidthcharges

Advertisementincome

Teleportservices, CPE& Other

Notes: * Operating revenues are post netting off entertainment tax.

# 2Q FY17 Subscription revenues are post netting off entertainment tax.

#

Yearended

Yearended

Rs. million Mar. – 2016 Mar. – 2015

Operating revenues 30,599 26,879

Expenditure 20,350 19,548

EBITDA 10,249 7,331

EBITDA margin (%) 33.5 27.3

Other income 640 635

Depreciation 5,907 6,138

Financial expenses 2,087 1,754

Profit / (Loss) before tax 2,895 74

Tax expense 331 42

Deferred tax assets (4,360) -

Net Profit / (Loss) for the period 6,924 31

FY 2016 vs. FY 2015Operating revenues break-

up (Rs. mn)

FY - 2016

Summarized Consolidated P&L - Annual

19

13.8

4.1

39.8

0.8

(3.8)

19.0

Variance(FY16 vs. FY15) in %

28,275

406

1,055

499 365

Subscriptionrevenues

Lease rentals

Bandwidthcharges

Advertisementincome

Teleportservices, CPE& Other

Rs. million Sept. 2016 (unaudited)

EQUITY AND LIABILITIES

Shareholders’ funds

(a) Share capital 1,066

(b) Reserves and surplus 3,854

4,920

Non-current liabilities

(a) Long-term borrowings 8,859

(b) Other long term liabilities 787

(c) Long-term provisions 212

9,859

Current liabilities

(a) Short-term borrowings -

(b) Trade payables 2,043

(c) Other current liabilities 11,630

(d) Short-term provisions 12,687

26,360Total 41,139

Consolidated Balance Sheet

20

Rs. million Sept. 2016 (unaudited)

ASSETS

Non-current assets

(a) Fixed assets 25,030

(b) Non-current investments -

(c) Deferred tax assets 4,891

(d) Long-term loans and advances 2,053

(e) Other non-current assets 3

31,977

Current assets

(a) Current investments 2,362

(b) Inventories 128

(c) Trade receivables 681

(d) Cash and bank balances 3,283

(e) Short-term loans and advances 2,467

(f) Other current assets 241

9,162

Total 41,139

Consolidated Balance Sheet (continued)

21

Annexure

22

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 695.3 bn(1)

Source: Company websites, BSE, MPA Report 2016

Note: (1) Market capitalization as on 1st November, 2016

Market Cap: Rs 495.6 bn(1) Market Cap: Rs 18.5 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 105.1 bn(1) Market Cap: Rs 37.5 bn(1)

Launched in 2005

English broadsheet daily with

presence across Mumbai,

Bangalore, Pune,

Ahmedabad, Jaipur & Indore

Content Distribution

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

Packaging (Essel Propack)

– Market Cap: Rs 38.6 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

23

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

Thank you

24