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 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.

2 Indian M&E Industry Snapshot

M&E industry composition & size (INR bn.) Broadcasting industry Distribution industry

2019 976 , 50% 387 , 20% 204 ,10% 397 , 20% Multiple broadcasters INR 976 Bn Analog 2019 TV industry size producing content in Cable CAGR of ~ 15.5% 15 languages Digital 2014 475 , 46% 263 , 26% 126 ,12%161 , 16% (2014-2019E) across 52% Cable 7 genres 20% 2014 INR 475 Bn beaming TV industry size DTH 2009 257 , 44% 175 , 30% 89 ,15% 66 ,11% ~800 channels 28%

TV Print Films Others

Indian television market statistics (HHs mn.) 2014 2019 301 270 231 Total households 270 Mn 301 Mn 197 169 169 134 140 Total TV households 169 Mn 197 Mn 101 TV penetration (of total HHs) 62% 66%

C&S penetration (of TV HHS) 83% 86% 2009 2014 2019 Total HHs TV HHs C&S HHs

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

4 Digital Addressable Systems - DAS

Phase I Phase III/IV Digital Penetration of Total Pay-TV Phase II Delhi, Mumbai, Subscribers in India is Amongst the 38 notified cities Calcutta & Chennai Rest of India Lowest * 31-Mar-2013 30-June-2012 31-Dec-2015/2016 India 52%

Korea 74% Bulk of the potential DAS converts Cable Sri Lanka 91%  Land grab seeding at throw away prices Limited coverage by large MSOs due to Indonesia 100% dispersed population  No addressability/KYC Japan 100% Very high DTH recognition  Working backwards to fill in the critical gaps; packaging, billing New Zealand 100% and dunning DTH best suited considering terrain Singapore DTH 100% Key target markets with more than 60%  Opening up of cable stronghold markets Malaysia 100% incremental potential for DTH Hong Kong 100%  Bonus additions for the sector Dish TV Australia 100%  Higher incremental net adds; positive shift in subscriber 0% 50% 100% distribution

Source: *MPA Report 2014 Distribution Industry - Cable

3 Tiered Structure

MSOs Distributors LCOs (at least 1 in each (more than 115 ) (more than locality) 50,000)

Pre-DAS  Analog signal - limited carrying capacity, broadcasters jostling for PCS  Placement & Carriage fees - bulk of MSOs top- line Post-DAS  Digital signal - fatter pipe, larger carrying  Massive under declaration – ignored to maintain capacity MSOs ‘reach.’ Reason behind LCOs prosperity  Placement fees mindset No incentive to raise ARPUs  B2B billing  100% postpaid. Element of bad debts?  Impairment of Set-Top-Box (STB)?  Increasing content cost

6 Distribution Industry - DTH DTH Players in India

Dish TV: 2003 Industry pioneer. Started operations in 2003. Part of 100% digital the ‘Zee’ stable, largest producer and aggregator of Hindi programming in Owns last mile subscribers TATA Sky: the world Subscription driven top-line Launched in 2006. JV between the TATA Group 2006 and News Corp Fully prepaid, no bad debts Sun Direct: 2007 Fully tax compliant Launched in 2007. JV between Sun Network and DTH contributes ~ 60% of the Astro, Malaysia Reliance Digital: broadcaster’s domestic subscription 2008 revenue; scope for rationalization vs. Part of Reliance cable Communication Ltd, a subsidiary of Reliance ADA group Airtel Digital: Heavily taxed: 2008 Launched in 2008. Part of • License fees – 8% AGR instead of 10% the telecom major Bharti GR (TRAI recommendations on issues Videocon D2h: Airtel. related to new DTH licenses) Launched in 2009. Part of • Entertainment tax & Service tax - to be the white goods 2009 subsumed post rollout of GST manufacturing Videocon group 7 8 Key Managerial Personnel

Dr. Subhash Chandra - Non Executive Chairman

 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 Shareholding pattern*  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 8% 13% Jawahar Lal Goel - Managing Director 3%  Key architect in creation and expansion of Essel Group of Companies 65% 11%  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 Promoters industry matters GDR; held by Apollo PE, USA FII R.C. Venkateish - CEO Fin. Inst., Banks & MF Other Investors  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

*Shareholding pattern as on 31st March 2015 Many Firsts To ItsCredit India FirstDTH in

2003 fixedfee basis contenta on negotiate Firstto Firstto launch Live TVfor vehicles moving

2007 Firstto achieve the break operational industry Indian DTH - even in 2009 Firstto launch Definition High 2010 Firstto offer recording unlimited

2012 Firstto FCF be positive in the Indian DTH industry

2012 Firstto launch DTH viewers onlineTV for ‘Dish Online’

2013 languagemarkets targeting regional Firsttoa launch – sub ‘Zing’ - 2014 brand positive in the Firstto Indian DTH industry –

2015 bePAT 10 Business Model P&L structure – FY15

Dish TV India Limited 3%3% Subscription revenues 1% 2% Lease rent

Consolidated Bandwidth income revenues 100% prepaid Advertising income

Other income 91% Upfront subsidy on consumer premises equipment (CPE) Programming and other cost 4% 4% Selling and distribution expenses 5% Average ARPU of Rs. 179 License fees 29% 6% Consolidated Other operating costs expenses Churn at 0.7% p.m. Transponder lease 10% Other expenses

Implied average subscriber life of 12 years 15% Employee benefit expenses

EBITDA margin - 26.4% 11 Dish TV vs. Competition

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

720 TP Bandwidth (MHz) Dish TV Dish TV 40 398 No. of 6 Zonal offices Transponders 16 14 Regional offices Videocon 29 368 432 Tata Sky 12 Airtel 25 352

432 Videocon 8 Tata Sky 27 321

Airtel 396 11 Rel. Digital 11 243

Reliance Digital 324 9 Sun Direct 12 215 Sun Direct 216 4+2 Linear Channels True HD Channels

Source: Company & market data as on 31st March 2015 Key Metrics - Annual

Market share # ARPU* (Rs.) 250 2% 8% 20% 200 20% 23% 179 150 157 163 27% 150 151 100 138 131 132 50

Dish TV Tata Sky Sun Direct Big TV Airtel Digital Videocon D2h 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Net subscriber base (mn.) SAC* (Rs.) 15 2800 12.9 2400 2,505 2,383 10 11.4 2000 10.7 2,224 2,127 2,035 1,996 9.6 1600 8.5 1,800 1,725 1200 5 5.7 800 4.3 400 2.5 0 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 13 Source: Company; Note : * ARPU & SAC taken as Q4 data for respective years. # Market share based on gross subscribers as on 31st March, 2015 as per market estimates Key Metrics - Annual

Subscription revenue (Rs. mn.) EBITDA (Rs. mn.) 25,436 8000 25,000 22,681 6000 7,331 6,306 6,240 20,000 19,228 5,860 16,639 4000 3,607 15,000 11,927 2000 1,570 10,000 8,353 0 5,897 (2,050) (1,220) 5,000 3,288 -2000

- -4000 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Programming and other costs as % of subscription revenues Net profit/(loss) (Rs. mn.)

70% 1500 71% 60% 500 31 50% 59% -500 (660) 52% (1,331) (1,576)* 40% -1500 (1,920) 42% (2,622) 30% 36% -2500 34% 34% 31% 20% -3500 (4,141) 10% -4500 (4,807) 0% -5500 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 14

Note : * Including prior period items Key Metrics - Quarterly

Net subscriber additions (mn.) Subscription revenue (Rs. mn.) Net profit (Rs. mn.) 500 0.5 8000 350 0 0.4 0.416 6000 6,828 (29) 0.404 6,554 -500 0.3 5,488 4000 0.2 -1000 0.226 (1,490) 0.1 2000 -1500 0 0 -2000 4QFY14 3QFY15 4QFY15 4QFY14 3QFY15 4QFY15 4QFY14 3QFY15 4QFY15

ARPU (Rs.) EBITDA (Rs. mn.) & EBITDA margin FCF (Rs. mn.) 200 50.0%800 2000 179 2,219 40.0%600 702 150 177 1,912 163 1500 30.0% 100 1,289 400 1000 26.8% 29.4% 20.0% 50 20.2% 500 10.0%200 0 0 0.0% 0 4QFY14 3QFY15 4QFY15 4QFY14 3QFY15 4QFY15 4QFY15

15 Strategy and Outlook

16 Zing - Phase III & IV Markets

Zing Digital Viewership share by genre – 2014*

10% 18%  Sub Brand of Dish TV  Regional first; regional language channels , 12%

regional look and feel 2% 9% 1%  Regional first national second; unlike

mainstream brands 17%  Customized regional content in digital 31% picture quality and stereophonic sound  Value for money offering; Digital quality Regional GECs, picture at cable price Regional News, Movies & Music Hindi GECs  Healthy gross margin Zing Digital Hindi News & Movies Launched in 8  After successful launch in seven states, English Entertainment & News regional market Sports Zing introduced in ‘Tamil Nadu’ Music, Kids & Infotainment Other

Source: * FICCI Frames - 2015 High Definition

Dish TV Tata Sky Videocon D2h 3 HD ADD-ONS Box Cost Rationalization Super Family + Dhamal Mix + Super Gold + Game on HD @ Rs. 135 Sports Channels Game on HD HD Access Fee HD Access Fee (Sports and Hindi entertainment) Rs. 375 Rs. 355 Rs. 356 HD Focused Content Deals Life on HD @ Rs. 185 Star Sports HD1 √ x x (English entertainment with Sports and Hindi Entertainment) Star Sports HD2 √ x x Compelling HD Proposition Sony Six HD √ x x Full on HD @ Rs. 210 (Complete dose of entertainment) Ten HD √ x x

Source: Market data as on 31st March 2015 ARPU Expansion

Pack price hike - SD (Rs.) 460 470 500 421 440 345 400 400 335 380 295 320 250 285 300 300 230 240 275 255 280 200 220 220 200 100 0 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)

ARPU as a % of GDP per HH* 100% Korea 90% Taiwan 80% India 70% 60% 50% China Pakistan Malaysia New Zealand 40%

Tv Pen./TV HH Pen./TV Tv Australia - 30% Japan Vietnam 20%

% % Pay Sri Lanka Indonesia 10% Thailand Philippines 0% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% Pay-TV ARPU as a % of PPP-adjusted GDP per Household

Source: * MPA Report 2014 19 # “Maxi Sports” pack @ Rs. 275 introduced with effect from August’14 International Expansion - Sri Lanka

Pay TV subscribers (000) 976 Sri Lanka 1,000 800 730 579  Population ~ 20 million 600 435 400  TV penetration at 77% 151 200 122 90 133 113 22 7 54  High digital penetration; 90% of total Pay TV - subscribers 2008 2014E 2020E

 DTH maintains dominance with ~ 72% Pay TV Subs DTH Subs Cable Subs IPTV Subs market share. Cable, distant second despite being 4 years older Pay TV industry revenue (USD mn.)

 ARPU ~ USD 7 pm

 Zero subsidy on CPE sales 7, 21% 3, 9% 23, 70%

DTH revenue Cable TV revenue IPTV revenue

Source: MPA 2014 Financials

21 Summarized Standalone P&L - Quarterly

4QFY 2014 vs. 4QFY 2015 Quarter Quarter Variance(4QFY14 Operating revenue break-up ended ended vs.4QFY15) in % (Rs. mn) Rs. million Mar. – 2014 Mar. – 2015 85 6,369 7,547 18.5% 305 156 Subscription revenue Operating revenues 173 Lease rentals Expenditure 5,080 5,328 4.9% EBITDA 1,289 2,219 72.1% Bandwidth 6,828 charges EBITDA margin (%) 20.2 29.4 Advertisement income Other income 201 137 31.8% 4QFY - 2015 Teleport Depreciation 1,491 1,550 4.0% services, CPE & Other Financial expenses 326 455 39.6% Profit / (Loss) before prior period & tax (327) 350 Prior period items (1,164) - Tax expense/(write back) - - Net Profit / (Loss) for the period (1,490) 350

22 Summarized Consolidated P&L - Annual

FY 2014 vs. FY 2015 FY 2014 FY 2015 Variance(FY14 vs.FY15) Operating revenue break-up (Audited) (Audited) in % (Rs. mn) Rs. million Mar. – 2014 Mar. – 2015

810 345 25,090 27,816 10.9% 417 Subscription Operating revenues 810 revenue Lease rentals Expenditure 18,849 20,485 8.7%

EBITDA 6,240 7,331 17.5% Bandwidth 25,436 charges EBITDA margin (%) 24.9 26.4 Advertisement income Other income 649 635 2.2% FY - 2015 Teleport Depreciation 5,974 6,138 2.7% services, CPE & Other Financial expenses 1,327 1,754 32.2% Profit / (Loss) before prior period & tax (412) 74 Prior period items (1,164) - Tax expense/(write back) 0.5 42 Net Profit / (Loss) for the period (1,576) 31

23 Consolidated Balance Sheet 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

24 Consolidated Balance Sheet (continued) FY14 vs. FY15

Rs. million FY 2014 (Audited) FY 2015 (Audited) ASSETS Non-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 3,006 Current 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 9,147 Total 27,702 31,663 25 Annexure

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

Founded by Dr. Subhash Chandra Group Market Cap ( Listed entities under Essel Group ): Rs 470 bn(1)

Essel Group

Media Other Businesses

Content Distribution  Packaging (Essel Propack) – Market Cap: Rs 20.2 bn(1)  Theme Parks: Essel World and Water Kingdom  Playwin: India’s first and largest online gaming company Zee Entertainment Zee Media Corp. Ltd. Dish TV SITI Cable Network Daily News & Analysis  Cornership: Animation studio  Cyquator Technologies: IT Launched in 1992 Launched in 1992 Launched in 2005 Launched in 2006 Launched in 2005 Infrastructure outsourcing  Infrastructure One of India’s largest media and Strong presence in national and Asia’s largest DTH service One of India’s largest MSO, English broadsheet daily with  Education general TV entertainment regional news genre provider presence across 54 cities presence across Mumbai,  Precious Metals network Bangalore, Pune, Ahmedabad,  Healthy Lifestyle & Wellness Jaipur & Indore Market Cap: Rs 308.3 bn(1) Market Cap: Rs 8.5 bn(1) Market Cap: Rs 109.7 bn(1) Market Cap: Rs 23.7 bn(1)

Source: Company websites, BSE, MPA Report 2014 Note: (1) Market capitalization as on 1st June, 2015 27 Key Milestones and Performance

May 10: Oct 03: Launched HD services Received license to operate DTH May 05: Apr 07: Dec 10: First full year of First full year of Listing of Equity Shares on NSE and Services Launch of DTH Services Acquired additional Positive FCF PAT Positive BSE transponders on Asiasat 5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Apr 04: Jan 09: July12: Obtained teleport license from MIB Rights offering of shares for ~Rs. 11.4 bn. Net subscriber base - Full year of Positive FCF Mar 09: crosses 10 million - Launch of “Zing” EBITDA breakeven in Q4 FY09 Nov 09: Raised $100mn through GDRs to Apollo for 11% ownership

Growth Trajectory Since Listing 2008(1) 2015(2) Company Profile First Indian DTH player Asia’s Largest DTH Provider

Net Customer Base < 3.0 million 12.9 million Total Revenues Rs 4,162 million Rs 27,816 million

EBITDA (% margin) (Rs 2,095 million) Rs 7,331 million (26.4%)

Market Capitalization(3) ~ Rs 21.1 billion ~ Rs 109.7 billion

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. Customer base as of March 31, 2015 (3) 2008 market capitalization as on March 31, 2008; 2015 market capitalization as on June 1, 2015 28 Thank You