Dish TV India Limited Investor Presentation Disclaimer

Some of the statements made in this presentation are -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 & revenue 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 CAGR of ~ 15.5% 15 languages Cable 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 ~800 channels DTH 2009 257 , 44% 175 , 30% 89 ,15% 66 ,11% 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

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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 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 adds; positive shift in subscriber 0% 50% 100% distribution

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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)?  Rising 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 the Owns last mile subscribers TATA : world Subscription driven top-line Launched in 2006. JV between the TATA Group 2006 and News Corp Fully prepaid, no bad debts Direct: 2007 Fully tax compliant Launched in 2007. JV between Sun Network and DTH contributes ~ 60% of the , 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 : 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 7 8 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 Firstto launch Home System DishFlix Video – 9 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% 5% Selling and distribution expenses

Average ARPU of Rs. 171* 6% License fees

6% Consolidated 30% Transponder lease expenses Churn at 0.8% p.m. Other operating costs

10% Other expenses

Implied average subscriber life of 10 years 12% Employee benefit expenses

EBITDA margin - 27.3% 10

Note: * For 2QFY16, excluding impact of service tax hike from 12.36% to 14% w.e.f June 2015 Dish TV vs. Competition

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

720 (MHz) TP Bandwidth Dish TV Dish TV 48 415 No. of 7 Zonal offices Transponders 16 13 Regional offices 44 336 540 Videocon 10 Videocon 37 389

432 Tata Sky 12 Airtel 33 378

Airtel 396 11 Rel. Digital 12 276

Reliance Digital 324 9 12 220 Sun Direct 180 4+1 Linear Channels True HD Channels

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Source: Company & market data as on 15th October 2015 Key Metrics - Annual

Market share # ARPU* (Rs.) 200 6% 12% 19% 172 150 16% 163 20% 157 150 151 100 138 27% 131 132

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

Net subscriber base (mn.) Hardware subsidy* (Rs.) 15 2400 2000 12.9 1,933 10 11.4 1600 10.7 1,688 9.6 8.5 1200

5 5.7 800 4.3 400 2.5 0 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY14 FY15

Source: Company; 12 Note : * ARPU & hardware subsidy taken as Q4 data for respective years. # Market share based on gross subscribers as on 30th September, 2015 as per market estimates (R) Restated post netting off of collection charges Key Metrics - Annual

Subscription revenue (Rs. mn.) EBITDA (Rs. mn.) 8000 25,000 24,499 22,681 6000 7,331 6,240 20,000 19,228 5,794 16,639 4000 4,960 15,000 11,927 2000 2,380 1,117 10,000 8,353 0 5,897 (2,084) (1,233) 5,000 3,288 -2000

- -4000 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R) FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Programming and other costs as % of subscription revenues Net profit/(loss) (Rs. mn.) 1500 70% 71% 31 60% 500 59% -500 (660) 50% (1,331) (1,576)* 52% (1,920) 40% -1500 42% (2,622) 30% 36% -2500 34% 34% 33% 20% -3500 (4,141) 10% -4500 (4,807) 0% -5500 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R) FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

13 Note : * Including prior period items : (R) FY15 Subscription revenue is restated, netting off of collection charges Key Metrics - Quarterly

Net subscriber additions (mn.) ARPU* (Rs.) Subscription revenue (Rs. mn.) 0.5 180 8000

0.4 6000 6,828 6,926 0.390 170 0.3 0.378 173 171 5,944 0.338 4000 0.2 160 166 2000 0.1 0 150 0 2QFY15 1QFY16 2QFY16 2QFY15 1QFY16 2QFY16 2QFY15 1QFY16 2QFY16

EBITDA (Rs. mn.) & EBITDA margin Net profit (Rs. mn.) FCF (Rs. mn.) 3000 50.0% 1200 2500 40.0% 33.9% 900 900 2000 32.1% 30.0% 870 849 2,550 500 600 1500 24.9% 2,368 20.0% 542 689 1000 1,619 100 300 500 10.0% (142) 109 0 0.0% -300 0 2QFY15 1QFY16 2QFY16 2QFY15 1QFY16 2QFY16 2QFY15 1QFY16 2QFY16

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Note: * ARPU is post netting -off of collections charges. 2QFY16 ARPU is excluding impact of service tax hike from 12.36% to 14% w.e.f.June’2015. Like-to-like number would have been Rs. 174 Strategy and Outlook

15 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 ‘’ Music, Kids & Infotainment Other

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Source: * FICCI Frames - 2015 High Definition

Dish TV Tata Sky Videocon D2h 3 HD ADD-ONS Box Cost Rationalization New Super Game on HD @ Rs. 145 Family + Game Dhamal Mix + Super Gold + Sports Channels on HD HD Access Fee HD Access Fee (Sports and Hindi entertainment)

HD Focused Content Deals Rs. 395 Rs. 375 Rs. 378 Life on HD @ Rs. 195 Sports HD1 √ x x (English entertainment with Sports and Hindi Entertainment) Star Sports HD2 √ √ x Compelling HD Proposition Sony Six HD √ x x Full on HD @ Rs. 220 Ten HD √ x x (Complete dose of entertainment)

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Source: Market data as on 30st September 2015 ARPU Expansion

Pack price hike - SD (Rs.) 485 600 475 440 460 500 355 421 345 400 400 305 335 380 260 285 295 300 320 300 230 240 250 275 255 280 200 220 220 200 100 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. Aug.'14) Revised price (w.e.f. Feb.'15) Revised price (w.e.f. Aug.'15) DAS Ph I&II cities (w.e.f. Aug.'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 18 # “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

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Source: MPA 2014 Financials

20 Summarized Consolidated P&L - Quarterly

2QFY 2015 vs. 2QFY 2016 Quarter Quarter ended ended Operating revenue break-up Variance(2QFY15 (Rs. mn) Rs. million Sept. – 2014 Sept. – 2015 vs.2QFY16) in % Subscription 6,499 7,524 15.8 272 115 103 revenue Operating revenues 107 Lease rentals 1.9 Expenditure 4,880 4,974 57.5 Bandwidth EBITDA 1,619 2,550 charges EBITDA margin (%) 24.9 33.9 6,926 Advertisement income Other income 193 197 2.5 Teleport Depreciation 1,519 1,330 (12.4) 2QFY - 2016 services, CPE & Other Financial expenses 425 548 28.8 Profit / (Loss) before prior period & tax (133) 870 Prior period items - - Tax expense/(write back) 9 - Net Profit / (Loss) for the period (142) 870

21 Consolidated Balance Sheet

Rs. million Sept. 2015 (Unaudited) EQUITY AND LIABILITIES Shareholders’ funds (a) Share capital 1,066 (b) Reserves and surplus (2,773) (1,707) Non-current liabilities (a) Long-term borrowings 7,549 (b) Other long term liabilities 519 (c) Long-term provisions 174 8,243 Current liabilities (a) Short-term borrowings 166 (b) Trade payables 2,036 (c) Other current liabilities 14,988 (d) Short-term provisions 10,491 27,682 Total 34,217 22 Consolidated Balance Sheet (continued)

Rs. million Sept. 2015 (unaudited) ASSETS Non-current assets (a) Fixed assets (i) Tangible assets 16,124 (ii) Intangible assets 96 (iii) Capital work-in-progress 5,015 (b) Non-current investments 2,000 (c) Long-term loans and advances 2,971 (d) Other non-current assets 312 26,518 Current assets (a) Current investments - (b) Inventories 202 (c) Trade receivables 852 (d) Cash and bank balances 3,091 (e) Short-term loans and advances 3,348 (f) Other current assets 206 7,700 Total 34,217 23 Annexure

24 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 581.1 bn(1)

Essel Group

Media Other Businesses

Content Distribution  Packaging (Essel Propack) – Market Cap: Rs 25.4 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 & 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 406.4 bn(1) Market Cap: Rs 9.8 bn(1) Market Cap: Rs 116.5 bn(1) Market Cap: Rs 23 bn(1)

Source: Company websites, BSE, MPA Report 2014 Note: (1) Market capitalization as on 28th October, 2015 25 Thank You

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