Dish TV India Limited

Investor Presentation

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 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 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.

2

About us

3

Asia Pacific’s largest DTH company

42.542.5

18.4%

14.1%

8.2%

18.6%

11.3%

29.4%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

1 41 4 1.21.23.63.6 3.33.3 3.13.1

0 80 8 1 11 11.41.4 0.50.5 0.80.8 0.30.3 0.20.21.11.1 0.50.5

Australia China India Indonesia Japan Korea Malaysia New Zealand

Philippines Sri Lanka Thailand Vietnam

DTH subscribers in mn.

4

Only pure play listed Indian DTH Company

156 164189

235211

166200

250

100123

100 102114 104 109 104 101 95

50

100

150

Dish TV

SENSEX

Shareholding Pattern %

0

Apr.10 Jul.10 Oct.10 Jan.11 Apr.11 Jul.11 Oct.11 Jan.12

Key data*

Bloomberg/Reuters code DITV IN/DSTV.BO

Current O/S Shares (mn.) 1,06364.8

14.5

16

4.7

g

Mkt. Cap (INR bn.) 65

Daily Vol. (3M NSE Avg.) 3,462,410

52 wk. H/L 94.2/54.3

64.8

P t I tit ti l I t

5

Face Value (INR) 1

Promoter Institutional Investors

Other Investors General Public

*As on 19th Jan, 2012

Lineage

Having diverse presence acrossmedia, packaging, technology enabledservices, infrastructure development &d ieducation.

Promoted & led by Subhash Chandra, Chairman Chandra, Chairman Essel Group.

• A thought leader & pioneer in most of his businesses.

• Recipient of the 2011 International Emmy Directorate Award.

6

Journey so far

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Dish TV Industry

7

y

Indian DTH industry

8

The fastest growing segment of C&S

5664

717080

Net DTH subscribers, mn.

16

2838

4856

2030405060

120

140

160

180Pay-TV Subscribers, mn.

DTH revenue, mn. $

010

2009 2010 2011E 2012E 2013E 2014E 2015E5 26

28

71

40

60

80

100

120

1726

2280

2793

3341

2000

2500

3000

3500

400068 56

0

20

40

2010 2015

Analog Cable Digital Cable DTH

473795

1226

1726

0

500

1000

1500

2000

2009 2010 2011E 2012E 2013E 2014E 2015E

Analog Cable Digital Cable DTH

9• Source: FICCI-KPMG Media Report 2011. MPA 2011.

2009 2010 2011E 2012E 2013E 2014E 2015E

Opportunity for growth Opportunity for growth –– 84 mn HHs yet to own a television, 22mn 84 mn HHs yet to own a television, 22mn HHs still on terrestrial connection.HHs still on terrestrial connection.

Total HHs 232 mn.

Increasing TV HHs; likely to be 175 million, 65% penetration, by 2015.

D l d i i

90% 92%94% 95% 100%300

TV HHs 148 mn.

TV Penetration 64%

C&S HHs 126 mn.

Developed countries average penetration at more than 97%. China at 98%.

223

232 232

246254 261 268

155 162 168 175166

76%82%

86%90% 92%

60%

70%

80%

90%

200

250C&S Penetration (in TV HHs) 85%

DTH Subs * 42.5 mn.

134141 148

155

102116

127 139149

158166

20%

30%

40%

50%

50

100

150

Mill

ion

Increasing C&S penetration: huge opportunity; likely to be 95% by 2015.

0%

10%

0

50

2009 2010 2011 2012E 2013E 2014E 2015E

Total HHs TV HHs C&S HHs C&S Penetration

DTH to be the key driver & major beneficiary of that.

10

Source: Tam Media Research 2012. & MPA Report 2011. C&S includes IPTV also.

* Gross - till 31/12/11. (Source: market est.)

Digitization mandate

PhasePhase Areas proposedAreas proposedTRAI TRAI

(Initial recom.)(Initial recom.)(Aug ‘10) (Aug ‘10)

Final ScheduleFinal Schedule(MIB Notification) (MIB Notification)

((Nov Nov ‘‘11) 11)

PotentialPotentialSubscribers Subscribers

I Delhi , Mumbai, Kolkata and Chennai 31st March 2011 30th June 2012 7 mn.

II 38 notified cities 31st Dec. 2011 31st March 2013 20 mn.

III All urban areas (municipal Corp/ municipalities) 31st Dec. 2012 30th Sept. 2014 -

IV Rest of India 31st Dec. 2013 31st Dec. 2014 -

11

Why Dishtv?

12

Geared up for the next level

13

TOM brand recall – across brands

All India

AC Nielsen Brand Track 201214

Content leader with the largest product offering

Dish TV Tata Sky Airtel Sun Direct Big TV D2H

Linear channels 298 200 258 191 234 234

A di h l 22 0 10 11 11 20Audio channels 22 0 10 11 11 20

Others, including VOD 15 17 14 0 28 46

Total 335 217 282 202 273 300

15

Maximum HD

16

Leveraging the HD advantage

Highest number of transponders to

beam HD channels.

Largest HD bouquet; 42 channels & Largest HD bouquet; 42 channels & growing.

Dish TV

Tata Sk

Sun Di

Big TV Airtel D2h

HD ARPU at Rs. 454; opportunity to scale

TV Sky Direct

42 9 12 7 14 13

up overall ARPU’s going forward.

Mandatory digitization likely to push HD activations in the first two phases.

HD ‘World Pack’ at Rs. 375 to attract entry level HD subscribers.

HD ‘Premier’ @ Rs. 450 & ‘Royale’ @ Rs. 550 to target top-end HD subscribers

17HD World Pack designed to attract entry level HD subscribers

550 to target top-end HD subscribers

Maximum Regional

18

Pan-India selling & distribution network

CPE Distribution Through:

Dealer/Distributor network

Modern retail outlets

Direct selling agents

Home deliveryHome delivery

CSD and others

ZONAL & REGIONAL OFFICE

19

REGIONAL OFFICE

Advanced infrastructure for a happy customer

20

Expanding subscriber base

14

11 712.5

Dish TV – Increasing number of subscribers Dish TV - Market share on total subscriber base

3739.5

42.575%

70%

80%

40

45

8

10

12

7 58.3

9.4

10.411.2

11.7

7 7

8.58.9 9.2

9.5

23

26

30.6

34

37

42%

50%

60%

70%

25

30

35

40

4

6

8

6.46.9

7.5

5.35.7

6.26.8

7.7

11.1

18.420.7

23

7 5 8 3 9 410.4 11.2 11.7 12.5

42%

35% 33% 33% 32% 31% 31% 30% 30% 29%

20%

30%

40%

10

15

20

25

0

2

Q3 Q Q Q2 Q3 Q Q Q2 Q3

3.62.7

4.76.4 6.9 7.5 8.3 9.4

0%

10%

0

5

10

Dec. '07

Dec. '08

Dec. '09

Mar. '10

June '10

Sept. '10

Dec. '10

Mar. '11

June '11

Sept. '11

Dec. '11Q3 FY

10Q4 FY

10Q1 FY

11Q2 FY

11Q3 FY

11Q4 FY

11Q1 FY

12Q2 FY

12Q3 FY

12

Gross Subscriber Base (mn.) Net Subscriber Base (mn.)

Source: Dish TV

'07 '08 '09 '10 '10 '10 '10 '11 '11 '11 '11

Total DTH Subscribers Dish TV Subscribers

Dish TV Market Share

21

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.

Financials

22

Key business metricsAverage Revenue Per User (ARPU)

160135 138 139 139 142

150 150152 152

80

3 FY

10

4 FY

10

1 FY

11

2 FY

11

3 FY

11

4 FY

11

1 FY

12

2 FY

12

3 FY

12

`

Q3 FY12 ARPU maintained at Rs. 152 despite higher base and limited upside from sports.

Subscriber Acquisition Cost (SAC)

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2000

30002477 2383 2147

2083 2142 2224 2058 2232 2124

`

0

1000

FY

10

4 FY

10

FY

11

2 FY

11

FY

11

4 FY

11

FY

12

2 FY

12

FY

12

23ARPU = (Subs.revenue + activation charges) / Avg. subs.during the period; SAC = Subsidy on STB + 80% of mktng. expenses + trade comm.

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Entry-level price hike kept SAC in control notwithstanding exchange fluctuations.

Consistent growthEBITDA M i A lO i R A l

FY 08-11 CAGR 52.0%

EBITDA Margins - Annual

10000

12000

14000

16000

10848

14365

.

Operating Revenues - Annual

0%

10%

20% 8.7% 16.6%

2000

4000

6000

8000

10000

4127

7377

`M

n

-40%

-30%

-20%

-10% FY 08 FY 09 FY 10 FY 11

-18.3%

EBITDA & EBITDA Margins - QuarterlyOperating Revenues - Quarterly

0FY 08 FY 09 FY 10 FY 11 -60%

-50%

-53%

4000

5000

37324329

4604 4822 4905

24.4% 25.3% 24.50%25 0%

30.0%

1200

1400

Q3

FY 1

0

Q4

FY 1

0

Q1

FY 1

1

Q2

FY 1

1

Q3

FY 1

1

Q4

FY 1

1

Q1

FY 1

2

Q2

FY 1

2

Q3

FY 1

2

0

1000

2000

3000

`M

n

00 3 03 663 90

1 1122

1218

1202

4.8%

13.2% 10.6%

15.4%17.7%

20.8%

10.0%

15.0%

20.0%

25.0%

400

600

800

1000

1200`

Mn

24

0Q3 FY 11 Q4 FY 11 Q1 FY 12 Q2 FY 12 Q3 FY 12

134

40 323 504.8%

0.0%

5.0%

0

200

Summarized P&L

Quarter ended Dec '10 Mar.'11 Jun.'11 Sept '11 Dec '11

Gross operating revenue 3732 4329 4604 4822 4905

Expenditure 3069 3428 3482 3604 3703Expenditure 3069 3428 3482 3604 3703

EBITDA 663 901 1122 1218 1202

Add: Other income 180 188 137 92 78

Less: Depreciation 902 1020 1107 1162 1232p

Less: Financial expenses 388 440 334 # 634 # 476

PBT -447 -371 -182 -486 -430

Provision for tax 0 0 0 0 0

PAT -447 -371 -182 -486 -430

Operating Metrics Dec '10 Mar.'11 Jun.'11 Sept '11 Dec '11

Subscribers added (mn.) 1.1 1 0.72 0.57 0.74

# Includes loss due to exchange fluctuation of Rs 304 & Rs 156 million for Q E Sept & Dec ‘11 respectively Closing exchange rate

SAC (Rs/subscriber) 2142 2224 2058 2232 2124

ARPU (INR) 142 150 150 152 152

25Source: Company Financials. All figures in ` mn. except mentioned otherwise.

# Includes loss due to exchange fluctuation of Rs. 304 & Rs.156 million for Q.E Sept. & Dec 11 respectively. Closing exchange rate as on 31/12/11: 1USD = Rs. 53.266

Balance Sheet

Rs. million Y.E. March '11 Y.E. March '10Share capital 1,063 1,062 Reserves & surplus 15,314 15,282 Shareholders funds 16,377 16,344 Secured loans 10,763 9,143 Secured loans 10,763 9,143 Unsecured loans - 179 Loan funds 10,763 9,322 Capital Employed 27,140 25,666 Gross Block 25,131 18,344 Less: Acc. Depreciation 10,694 7,298 N t Bl k i l CWIP 19 017 14 587 Net Block incl. CWIP 19,017 14,587 Investments 2,000 3,561 Current assets, loans & advancesa) Inventories 44 28 b) Sundry debtors 226 359 c) Cash & bank balances 3,385 5,550 ) , ,d) Other current assets 19 7 e) Loans & advances 2,538 4,959 Total 6,214 10,903 Less: Current liabilities 13,077 14,243 Less: Provisions 3,021 1,717 Net current liabilities (9 884) (5 057)Net current liabilities (9,884) (5,057)P&L debit balance 16,007 12,576 Capital Deployed 27,140 25,666

Negative working capital ; due to advance lease rental and subscription revenue received from subscribers.

26

from subscribers. Leveraged; to support customer acquisition in a high growth phase. Typical to similar

businesses in an expansion stage.

Thank you

27