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 976 BnTV industry size

INR 475 BnTV industry size

66%TV penetration (of total HHs) 62%

C&S penetration (of TV HHS)

Indian M&E Industry Snapshot

257 , 44%

475 , 46%

976 , 50%

175 , 30%

263 , 26%

387 , 20%

89 ,15%

126 ,12%

204 ,10%

66 ,11%

161 , 16%

397 , 20%

2009

2014

2019

M&E industry composition & revenue size (INR bn.)

TV Print Films Others

2014

2019

231 270

301

134 169

197

101 140

169

2009 2014 2019

Total HHs TV HHs C&S HHs

Indian television market statistics (HHs mn.)

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

2014 2019

Total households

83% 86%

CAGR of ~ 15.5% (2014-2019E)

301 Mn270 Mn

Total TV households 197 Mn169 Mn

Distribution industry

DTH28%

Analog Cable52%

DigitalCable20%

Broadcasting industry

Multiple broadcastersproducing content in

15 languagesacross

7 genresbeaming

~800 channels

3

Distribution Industry

4

Digital Addressable Systems - DAS

Source: *MPA Report 2014

Phase IDelhi, Mumbai,

Calcutta & Chennai30-June-2012

Phase II38 notified cities

31-Mar-2013

Cable Land grab seeding at throw away prices

No addressability/KYC

Working backwards to fill in the critical gaps; packaging, billing and dunning

DTH Opening up of cable stronghold markets

Bonus additions for the sector

Dish TV Higher incremental net adds; positive shift in subscriber

distribution

Rest of India31-Dec-2015/2016

Phase III/IV

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

100%

100%

100%

100%

100%

100%

100%

91%

74%

52%

0% 50% 100%

Australia

Hong Kong

Malaysia

Singapore

New Zealand

Japan

Indonesia

Sri Lanka

Korea

India

Digital Penetration of Total Pay-TVSubscribers in India is Amongst the

Lowest *

5

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 billing

100% postpaid. Element of bad debts?

Impairment of Set-Top-Box (STB)?

Rising content cost

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, Malaysia

Reliance 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, no bad debts

DTH contributes ~ 60% of the broadcaster’s domestic subscription revenue; scope for rationalization vs. cable

Heavily taxed:• License fees – 8% AGR instead of 10%

GR (TRAI recommendations on issues related to new DTH licenses)

• Entertainment tax & Service tax - to be subsumed post rollout of GST

Fully tax compliant

2008

7

DTH Players in India

8

20

10

20

09

20

12

20

12

20

13

20

03

20

07

20

14

First DTH in

India

First to launch online TV for

DTH viewers –‘Dish Online’

First to launch a sub-brand

targeting regional language markets–

‘Zing’

First to negotiate

content on a fixed fee basis

First to launch Live TV for

moving vehicles

First to launch High

Definition

First to achieve operational

break-even in the Indian DTH

industry

First to offer unlimited recording

First to be FCF positive in the

Indian DTH industry

20

15

First to be PAT positive in the

Indian DTH industry

Many Firsts To Its Credit

9

First to launch Home Video

System–DishFlix

91%

3%3%

2%

1%

Subscription revenues

Lease rent

Bandwidth income

Advertising income

Other income

Consolidated revenues

30%

12%

10%

6%

6%

5%4%

Programming and other cost

Selling and distribution expenses

License fees

Transponder lease

Other operating costs

Other expenses

Employee benefit expenses

Consolidated expenses

100% prepaid

Upfront subsidy on consumer premises equipment

(CPE)

Average ARPU of Rs. 171*

Churn at 0.8% p.m.

Implied average subscriber life of 10 years

Dish TV India Limited

Business Model

10

P&L structure – FY15

EBITDA margin - 27.3%

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

No. of Transponders

16

Dish TV

540

10Videocon

396

11Airtel

324

9Reliance Digital

432

12Tata Sky

180

4+1Sun Direct

220

276

378

389

336

415

Sun Direct

Rel. Digital

Airtel

Videocon

Tata Sky

Dish TV

Linear Channels

12

12

33

37

44

48

True HD Channels

Zonal offices7

Regional offices 13

Source: Company & market data as on 15th October 2015

11

Key Metrics - Annual

Source: Company;

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

131 132 138 150 151

157 163

172

0

50

100

150

200

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

ARPU* (Rs.)

27%

20%

12%6% 19%

16%

Dish TV Tata Sky Sun Direct Big TV Airtel Digital Videocon D2h

Market share #

1,933 1,688

0

400

800

1200

1600

2000

2400

FY14 FY15

Hardware subsidy* (Rs.)

2.5

4.3 5.7

8.5 9.6

10.7 11.4

12.9

0

5

10

15

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Net subscriber base (mn.)

12

Key Metrics - Annual

Note : * Including prior period items

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

(2,084) (1,233)

1,117 2,380

4,960 5,794 6,240

7,331

-4000

-2000

0

2000

4000

6000

8000

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

EBITDA (Rs. mn.)

71%

59%52%

42%36% 34% 34% 33%

0%

10%

20%

30%

40%

50%

60%

70%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

3,288 5,897

8,353

11,927

16,639 19,228

22,681 24,499

-

5,000

10,000

15,000

20,000

25,000

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15(R)

Subscription revenue (Rs. mn.)

Programming and other costs as % of subscription revenues

(4,141)(4,807)

(2,622)

(1,920)(1,331)

(660)(1,576)

31

-5500

-4500

-3500

-2500

-1500

-500

500

1500

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

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

13

*

Key Metrics - Quarterly

0.378 0.3900.338

0

0.1

0.2

0.3

0.4

0.5

2QFY15 1QFY16 2QFY16

Net subscriber additions (mn.)

166

173 171

150

160

170

180

2QFY15 1QFY16 2QFY16

ARPU* (Rs.)

5,944 6,828 6,926

0

2000

4000

6000

8000

2QFY15 1QFY16 2QFY16

Subscription revenue (Rs. mn.)

1,619

2,368 2,550

24.9%

32.1% 33.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

0

500

1000

1500

2000

2500

3000

2QFY15 1QFY16 2QFY16

EBITDA (Rs. mn.) & EBITDA margin

(142)

542

870

-300

100

500

900

2QFY15 1QFY16 2QFY16

Net profit (Rs. mn.)

109

689

849

0

300

600

900

1200

2QFY15 1QFY16 2QFY16

FCF (Rs. mn.)

14

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 DigitalLaunched in 8 regional market

18%

9%

31%

17%

1%2%

12%

10%

Viewership share by genre – 2014*

Regional GECs,Regional News, Movies & MusicHindi GECsHindi News & MoviesEnglish Entertainment & NewsSportsMusic, Kids & InfotainmentOther

Zing Digital

Sub Brand of Dish TV

Regional first; regional language channels ,

regional look and feel

Regional first national second; unlike

mainstream brands

Customized regional content in digital

picture quality and stereophonic sound

Value for money offering; Digital quality

picture at cable price

Healthy gross margin

After successful launch in seven states,

Zing introduced in ‘Kerala’

Source: * FICCI Frames - 2015

16

3 HD ADD-ONS

Game on HD @ Rs. 145

(Sports and Hindi entertainment)

Life on HD @ Rs. 195

(English entertainment with 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 HDDhamal Mix + HD Access Fee

Super Gold + HD Access Fee

Rs. 395 Rs. 375 Rs. 378

Star Sports HD1 √ x x

Star Sports HD2 √ √ x

Sony Six HD √ x x

Ten HD √ x x

Box Cost Rationalization

HD Focused Content Deals

Compelling HD Proposition

High Definition

Source: Market data as on 30st September 2015

17

200255

380

220280

400

220300

421

230 275320

440

240285

335

460

250295

345

475

260305

355

485

0

100

200

300

400

500

600

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)

Pack price hike - SD (Rs.)

0%10%20%30%40%50%60%70%80%90%

100%

0.0% 0.2% 0.4% 0.6% 0.8% 1.0%

Pakistan

KoreaTaiwan

India

China

Sri LankaThailand

Vietnam

Malaysia

Philippines

Japan

Indonesia

Australia

New Zealand

ARPU as a % of GDP per HH*

Pay-TV ARPU as a % of PPP-adjusted GDP per Household

% P

ay-T

v Pe

n./

TV H

H

Source: * MPA Report 2014

# “Maxi Sports” pack @ Rs. 275 introduced with effect from August’14

18

ARPU Expansion

23, 70%3, 9%

7, 21%

DTH revenue Cable TV revenue IPTV revenue

151

579

976

122

435

730

22 54 133

7 90 113

-

200

400

600

800

1,000

2008 2014E 2020E

Pay TV Subs DTH Subs Cable Subs IPTV Subs

International Expansion - Sri Lanka

Sri Lanka

Population ~ 20 million

TV penetration at 77%

High digital penetration; 90% of total Pay TV subscribers

DTH maintains dominance with ~ 72% market share. Cable, distant second despite being 4 years older

ARPU ~ USD 7 pm

Zero subsidy on CPE sales

Source: MPA 2014

Pay TV industry revenue (USD mn.)

Pay TV subscribers (000)

19

Financials

20

Quarter ended

Quarter ended

Rs. million Sept. – 2014 Sept. – 2015

Operating revenues 6,499 7,524

Expenditure 4,880 4,974

EBITDA 1,619 2,550

EBITDA margin (%) 24.9 33.9

Other income 193 197

Depreciation 1,519 1,330

Financial expenses 425 548

Profit / (Loss) before prior period & tax (133) 870

Prior period items - -

Tax expense/(write back) 9 -

Net Profit / (Loss) for the period (142) 870

2QFY 2015 vs. 2QFY 2016Operating revenue break-up

(Rs. mn)

2QFY - 2016

Summarized Consolidated P&L - Quarterly

21

15.8

1.9

57.5

2.5

(12.4)

28.8

Variance(2QFY15 vs.2QFY16) in %

6,926

107

272 115 103

Subscriptionrevenue

Lease rentals

Bandwidthcharges

Advertisementincome

Teleportservices, CPE &Other

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

27,682Total 34,217

Consolidated Balance Sheet

22

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

Consolidated Balance Sheet (continued)

23

Annexure

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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 581.1 bn(1)

Source: Company websites, BSE, MPA Report 2014

Note: (1) Market capitalization as on 28th October, 2015

Market Cap: Rs 406.4 bn(1) Market Cap: Rs 9.8 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 116.5 bn(1) Market Cap: Rs 23 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 25.4 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

Essel Group

25

Thank You

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