DISH TV INDIA LIMITED

Investor Presentation August 2013

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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: Rs 307.6 bn(1)

Source: Company websites, BSE, MPA Report 2013 Note: (1) Market capitalization as on 1st August, 2014

Market Cap: Rs 238 bn(1) Market Cap: Rs 2.8 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 53.2 bn(1) Market Cap: Rs 7.6 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 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

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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; ~

162,000 dealers across 8,600+ 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

0 2 4 6 8

10 12

FY-09 FY-10 FY-11 FY-12 FY-13

Dish TV - Growing Subscriber Base

Source: Company websites, BSE, MPA Report 2013 Note: • Market share based on gross subscribers as on 30th June, 2013 as per market estimates. * Shareholding pattern as on 1st August, 2014.

64%

8% 13% 4%

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. 1,139mn

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

• Rapidly expanding 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

239.1 247.0 254.7 262.3 269.7 276.9 283.9

140.9 147.9 154.9 161.8 168.5 175.0 181.4

113.4 122.5 133.0 144.0 154.2

163.5 171.8

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2010 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

Note: 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% 50% 100% 150%

Australia

Hong Kong

Malaysia

Singapore

New Zealand

Japan

Indonesia

Sri Lanka

Korea

India

• Inefficient Analog to addressable Digital.

• Transparency in cable to mitigate industry anomalies.

• Growth for digital platforms in a traditionally analog country.

• Four Phased conversion mandated to be completed by December 2014.

DTH – the synonym for Digital!

• Die-hard analog viewers in for a Digital surprise!

• Phase I - impressive acquisitions by DTH in an erstwhile analog market.

• Phase II - slow but promising.

• Phase III & IV – Key Target Markets with significant upside potential.

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

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Superior Product & Service Offering

Number of channels

Channels Dish TV Tata Sky Airtel Sun Direct Reliance Digital Videocon

LINEAR 325 226 291 200 247 288

HD 42* 12 15 8 9 22

Features

• 25 channels and 17 services

• As on 30-June-2013

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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

2,145

1,828

1,600

1,700

1,800

1,900

2,000

2,100

2,200

1QFY13 1QFY14

SAC (Rs.)

4,556

5,280

4,000

4,200

4,400

4,600

4,800

5,000

5,200

5,400

1QFY13 1QFY14

Subscription Revenue (Rs. Mn.)

28%

19%

13% 8% 19%

13%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

Market Share – FY 13*

29%

18%

14% 8% 19%

12%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

Market Share – FY 12*

650

-

100

200

300

400

500

600

700

FY 13

Free Cash Flow (Rs. Mn.)

156

165

150

155

160

165

170

1QFY13 1QFY14

ARPU (Rs.)

Note: * Based on gross subscribers as per market estimates. FY 12 data as on 31st March, 2012 & FY 13 data as on 31st March, 2013

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

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

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Focus on eliminating subsidy in the medium 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 2014

STB Price Hike - SD

…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; leveraging industry rationalization

200

255

305

380

220

280

320

400

0

50

100

150

200

250

300

350

400

450

Family Super Gold Super World Super Platinum

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

Pack Price Hike - SD

385 460

560

399

499

599

0

100

200

300

400

500

600

700

Super HD World Super HD Premiere Super HD Royale

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

Pack Price Hike - HD

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Strategic Focus Areas

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Value Added Services; alternate and self funded revenue streams

Focus on sticky and quality additions than headline subscriber numbers

Make the most of industry rationalization and drive ARPUs

Aggressively continue to push HD acquisitions and add further innovations

Subsidy reduction to generate free cash and expedite break-even

Summary Financials

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Summarized P&L

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Rs. million

Quarter ended Quarter ended % Change Quarter ended % Change

June – 2013 March – 2013 Q o Q June – 2012 Y o Y

Operating revenues 5,784 5,554 4.1 5,200 11.2

Expenditure 4,567 4,354 4.9 3,644 25.3

EBITDA 1,217 1,200 1.4 1,556 (21.8)

EBITDA Margin (%) 21.0 21.6 - 29.9 -

Other Income 277 157 76.4 205 35.1

Depreciation 1,444 1,450 (0.4) 1,512 (4.5)

Financial expenses 354 343 3.2 572 (38.1)

Profit / (Loss) before tax (304) (436) - (323) -

Provision for tax 0 0 - 0 -

Profit / (Loss) after tax (304) (436) - (323) -

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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