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.

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 Indian M&E Industry Snapshot
M&E industry composition & size (INR bn.)
Indian Television Industry
TV Print Films Others
Broadcasting Industry Distribution Industry
307
133 17%
62 14% Analog Digital
11%
Multiple DTH
125 220 Cable Cable
104 417 12% 2018 885 broadcasters
241
14% 2013
18% 45%
2008 42%
50% producing content in
15 languages
243 374
172 26% across
21%
30% 7 genres 28% 46% 15%
beaming
580 918 1,786 ~788 channels

Indian television market statistics (mn. HHs)

295.9
262.3 2013 - 2018
223.2
193.3
161.8 173.2  TV penetration (of total HHs) ~ 62% - 65%
126.6 135.0
90.7  C&S penetration (of TV HHS) ~ 83% - 90%

Average household size of 5.1

2008 2013 2018

Total HHs TV HHs C&S HHs

CAGR of 5.11% (2013-2018)

3
Source: M&E industry composition & size: FICCI-KPMG 2014, Indian television statistics & broadcasting and distribution industry.: MPA Report 2013
Distribution Industry

4
 Digital Addressable Systems - DAS
Phase I Phase II Phase III/IV
Delhi, Mumbai, Calcutta & Chennai 38 notified cities Rest of India

30-June-2012 31-Mar-2013 31-Dec-2015/2016

 Bulk of the potential DAS converts

Cable
 Limited coverage by large MSOs due to dispersed population
 Land grab seeding at throw away prices
 Very high DTH recognition
 No addressability/KYC
 DTH best suited considering terrain
 Working backwards to fill in the critical gaps; billing, collection
 Key target markets with more than90%
60% incremental
of Total Revenue
and dunning
potential for DTH

DTH Digital Penetration of Total Pay-TV Subscribers in India is

Amongst the Lowest *
 Opening up of cable stronghold markets
120% 100% 100% 100% 100% 100% 100% 99% 93%
100%
 Bonus additions for the sector 69%
80%
60% 45%
40%
Dish TV 20%
0%
 Higher incremental net adds; positive shift in subscriber
distribution

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Source: *MPA Report 2013
Distribution Industry - Cable
1990 - 2014

3 Tiered Structure
Analog signal - limited carrying capacity, broadcasters
jostling for PCS

Placement & Carriage fees - bulk of MSOs top-line

Pre-DAS
MSOs Massive under declaration – ignored to maintain MSOs ‘reach.’
(more than 115 ) Reason behind LCOs prosperity

No incentive to raise ARPUs

Distributors
(at least 1 for each
MSO) Digital signal - fatter pipe, larger carrying capacity

Lack of addressability
Post-DAS
Continued low content payout & dependence on placement fees

LCOs Efforts on to roll out last mile billing

(more than 50,000)

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 Distribution Industry - DTH

 100% digital DTH Players in India

 Industry pioneer. Started operations in 2003

 Owns last mile subscribers
Dish TV  Part of the ‘Zee’ stable, largest producer and aggregator of Hindi
 Subscription driven top-line programming in the world

 Fully prepaid  Launched in 2006

Tata Sky
 JV between the TATA Group and News Corp
 DTH contributes ~ 60% of the broadcaster’s
domestic subscription revenue; scope for
rationalization vs. cable  Launched in 2007
Sun Direct
 Fully tax compliant  JV between Sun Network and Astro, Malaysia

 Heavily taxed:
Reliance  Part of Reliance Communication Ltd, a subsidiary of Reliance ADA
Digital group
• License fees – 8% AGR instead of
10% GR (TRAI recommendations on
 Launched in 2008
issues related to new DTH licenses) Airtel Digital
 Part of the telecom major Bharti Airtel
• Entertainment tax & Service tax - likely
to be subsumed post rollout of GST Videocon  Launched in 2009

D2h  Part of the white goods manufacturing, Videocon group

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Dish TV

8
 Key Managerial Personnel
8%
Key Managerial Personnel – Pioneers and Visionaries 12%
Promoters
3%
13% GDR; held by Apollo PE,
Non Executive Chairman 64% USA
 Promoter of the ‘Essel’ Group of companies
 India’s media mogul and founder of ‘Zee’, India’s first FII (incl. 3% of Apollo PE)
satellite television channel in 1992 & later India’s first
private news channel, Zee News Fin. Inst., Banks & MF
 A self-made man, has consistently demonstrated his ability
to identify new businesses and lead them on the path to Other Investors
success
Shareholding Pattern*
Subhash Chandra  Other business interests, education, theme parks, wellness

Managing Director Many Firsts to its Credit

 Key architect in creation and expansion of Essel Group of
Companies  First DTH in India
 Key architect of cable TV services, established ‘Siti Cable’
in 1994  First to negotiate content on a fixed fee basis
 Pioneered the DTH services in India and has been
instrumental in establishing Dish TV  First to launch Live TV for moving vehicles
 Past president of IBF for four consecutive years upto 2010
Jawahar Lal Goel  An active member on the Board of various committees set  First to achieve operational break-even in the DTH industry
up by MIB, for addressing critical industry matters
 First to launch High Definition

CEO  First to offer unlimited recording

 India and South Asia MD of ESPN Star Sports prior to
joining Dish as its CEO.  First to be FCF positive
 Current President of DTH Operators Association
 More than 27 years of experience & a successful track  First to launch online TV for DTH viewers – ‘Dish on Line’
record in turning around businesses for brands like Oral-B,
Nestle and Kellogg’s  First to launch a sub-brand targeting regional language
R.C. Venkateish markets– ‘Zing’
9
*Shareholding pattern as on 30th September 2014
Business Model

P&L Structure – Q2 FY15

Business Model

Subscription revenues 92%

Revenue
 Upfront subsidy on Consumer premises equipment (CPE)

Box Rent 3%
Bandwidth income 3%
 Prepaid subscription revenues
Advertising income 1%
Other income 1%

Employee benefit expenses 4%

 Average ARPU of Rs. 172
Programming and other cost 29%

Expenses
License fees 10%
Other operating costs 11%
 Churn at 0.7% p.m. Commission 9%
Selling and distribution
expenses
8%
Other expenses 5%
 Implied average subscriber life of 12 years

EBITDA 24.1%

10
 Dish TV vs. Competition
Linear and True HD channels Dealer-Distributor Network
400 378 354 340
 Highest transponder capacity 304
300 240
208
200
 Maximum content tie-ups
100 36 28 24 25 10 11
 Maximum HD channels 0
Dish TV Videocon Airtel Tata Sky Rel. Sun
Digital Direct
 Widest dealer-distributor network

Linear HD

90% of Total Revenue

Transponder Dish TV Tata Sky Airtel Sundirect Reliance Digital Videocon

Bandwidth
Satellite NSS6, Asiasat 5 Insat 4A SES 7 Measat 3 Measat 3 Singtel ST-2
& SES - 8
Number of 14 12 11 4+2 9 8
Transponders
TP Bandwidth (MHz) 36,54 36 36 36 36 54
30% of Revenue
6 Zonal offices
Total Bandwidth 720 432 396 216 324 432
(MHz) 14 Regional offices

11
Source: Company & market data as on 30th September 2014
Key Metrics
Net subscriber base (mn.) Net subscriber additions (mn.)
12.1 0.378
14.0 11.7 0.400
11.4 0.332
12.0 9.6 10.7 0.350
10.0 8.5 0.300
8.0 5.7 0.250
6.0 4.3 0.164
0.200
4.0 2.5
0.150
2.0
0.100
0.0
0.050
0.000
2QFY14 1QFY15 2QFY15
90% of Total Revenue
Market share*
Programming and Other Costs as % of subscription
revenues
80% 75%
7% 19% 64%
12% 70%
55%
60%
15% 43%
20% 50% 37% 34% 34% 34%
40% 31%
27% 30%
20%
10%
0%
Dish TV Tata Sky Sun Direct
Big TV Airtel Digital Videocon D2h

Source: Company 12
Note : * Market share based on gross subscribers as on 30th September, 2014 as per market estimates
 Key Metrics (continued)
ARPU (Rs.) * ARPU (Rs.)
172
170
200 165
163
150 151 157 150
150 131 132 138
100
100

50 50

- -
FY08 FY09 FY10 FY11 FY12 FY13 FY14 2QFY14 1QFY15 2QFY15

90% of Total Revenue

SAC (Rs.) * SAC/ARPU (months)

20 19
3,000 17
2,505 2,383 16
2,500 2,224 15
2,127 15 14
2,035 1,996
1,800 13
2,000 11
1,500 10

1,000
5 30% of Revenue
500
- 0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY08 FY09 FY10 FY11 FY12 FY13 FY14

Source: Company
13
Note : * SAC & ARPU taken as Q4 data for respective years.
Strategy and Outlook

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 Zing - Phase III & IV Markets
Viewership share by genre –
2013*

8.6% 18.0%
 Sub Brand of Dish TV
 Regional first; regional language 12.3%

channels , regional look and feel

2.6% 8.7%
 Regional first national second; unlike 1.2%

mainstream brands
90% of Total Revenue
 Customized regional content in digital 18.4%

picture quality and stereophonic sound 30.0%

 Value for money offering
 Healthy gross margin
Regional GECs,
 Now available across Odisha, West
Regional News, Movies & Music
Bengal, Tripura, Andhra, parts of Assam Hindi GECs

and most parts of Maharashtra

30%
Hindi News & Movies
of Revenue
English Entertainment & News
Sports
Music, Kids & Infotainment
Other

Source: * FICCI Frames - 2014

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 High Definition
Dish TV Tata Sky Videocon D2h

Super Family + Dhamal Mix + Super Gold +

Sports Channels
Game on HD HD Access Fee HD Access Fee
Box Cost HD Focused Compelling HD Rs. 355 Rs. 355 Rs. 356
Rationalization Content Deals Proposition Star Sports HD1 √ x x
Star Sports HD2 √ x x
Sony Six HD √ x x
Ten HD √ x x

3 HD ADD-ONS
Game on HD @ Rs. 125
(Sports and Hindi entertainment)

Life on HD @ Rs. 175

(English entertainment with Sports and Hindi Entertainment)

Full on HD @ Rs. 200

(Complete dose of entertainment)

Source: Market data as on 30th September 2014

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ARPU Expansion
500 Pack Price Hike - SD (Rs.) 440
421
400
400 380

Platinum Sports
300 320
300 280
220 230 255
200 220

All Sports
200

Family
Super
100

0
Family Super Gold Super Platinum
“Maxi Sports” pack @ Rs. 275 introduced with effect from August’14
Previous price Revised price (w.e.f. April'13) Revised price (w.e.f. June'14) Revised price (w.e.f. August'14)

ARPU as a % of GDP per HH*

Korea
100% Taiwan
90%
India
% Pay-Tv Pen./TV HH

80%
70%
60%
Pakistan Malaysia New Zealand
50% China
40%
30% Japan
Vietnam Australia
20%
Indonesia
10% Sri Lanka 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 2013

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Minimizing Subsidy
Acquisition Price Hike

Offer Price Hike - SD (Rs.) Offer Price Hike - HD (Rs.)

2,500 1,999 2,249 3,500 3,099
1,640 1,840 3,000 2,890
2,000
2,500
1,500 2,000
1,000 1,500
500 1,000
500
- -
Before Feb' 13 w.e.f. Feb' 13 w.e.f. Feb' 13 w.e.f. July' 13 Before Feb' 13 w.e.f. Feb' 13
(First hike) (Second hike)

Reducing Investment per Subscriber

Dish TV - Investment per net subscriber (Rs.)

4,000 3,359 3,218

3,500 2,939 2,837
3,000
2,500
2,000
1,500
1,000
500
-
FY - 11 FY - 12 FY - 13 FY - 14

Note: Based on cumulative investments, including accumulated losses, per net subscriber
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International Expansion - Sri Lanka
Pay TV Subscribers (000) Pay TV Industry Revenue (USD mn.)
2,000
1,480
1,500
5, 11%
929 812
1,000
534 14, 32% 25, 57%
500 350 340
216 93 228 328
41 167
-
2011 2016E 2020E
Pay TV Subs DTH Subs Cable Subs IPTV Subs DTH revenue Cable TV revenue IPTV revenue

 Population ~ 20 million

 TV penetration at 74%

 High digital penetration; 77% of total Pay TV subscribers

 DTH maintains dominance with ~ 62% market share. Cable, distant second despite being 4 years older

 ARPU ~ USD 8 pm

 Zero subsidy on CPE sales

Source: MPA 2012 15

Financials

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Summarized Standalone P&L - Quarterly
1QFY 2015 vs. 2QFY 2015 Operating revenue break-up
Quarter ended Quarter ended Variance(1QFY15 (Rs. mn)
Rs. million June – 2014 Sept. – 2014 vs.2QFY15) in % 181 79
99 Subscription
197 revenue

Operating revenues 6,407 6,723 4.9 Lease

rentals
Expenditure 4,836 5,100 5.4
6,168 Bandwidth
EBITDA 1,571 1,623 3.3 charges

EBITDA Margin (%) 24.5 24.1 Advertiseme

nt income
46.5
2QFY - 2015
Other Income 116 170
Teleport
Depreciation 1,452 1,519 4.6 services,
CPE & Other
Financial expenses 395 425 7.6

Profit / (Loss) before prior period & tax (160) (151)

Prior period items - -
Tax expense/(write back) - -
Net Profit / (Loss) for the period (160) (151)

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Summarized Consolidated P&L - Annual
FY 2013 vs. FY 2014 Operating revenue break-up
FY 2013 FY 2014 Variance(FY13 vs. (Rs. mn)
Rs. million (Audited) (Audited) FY14) in % 496 383
360 Subscription
1,169 revenue

Operating revenues 21,668 25,090 15.8 Lease

rentals
Expenditure 15,874 18,849 18.7
22,681 Bandwidth
EBITDA 5,794 6,241 7.7 charges

EBITDA Margin (%) 26.7 24.9 Advertiseme

nt income
27.0 FY - 2014
Other Income 511 649
Teleport
(4.8) services,
Depreciation 6,276 5,974
CPE & Other
Financial expenses 1,284 1,327 3.3

Profit / (Loss) before exceptional items (1,254) (412)

Exceptional items 594 -
Profit / (Loss) before prior period & tax (660) (412)
Prior period items - (1,164)
Tax expense/(write back) 0.1 0.5
Loss attributable to minority 0.1 -
Net Profit / (Loss) for the period (660) (1,576)

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Consolidated Balance Sheet
FY13 vs. FY14
Rs. million FY 2013 (Audited) FY 2014 (Audited)
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital 1,065 1,065
(b) Reserves and surplus (2,621) (4,191)
(1,556) (3,126)
Non-current liabilities
(a) Long-term borrowings 8,460 7,791
(b) Other long term liabilities 1,504 918
(c) Long-term provisions 127 142
10,092 8,851
Current liabilities
(a) Short-term borrowings 300 658
(b) Trade payables 2,138 1,357
(c) Other current liabilities 14,027 11,601
(d) Short-term provisions 6,547 8,361
23,012 21,977
Total 31,548 27,702

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Consolidated Balance Sheet (continued)
FY13 vs. FY14
Rs. million FY 2013 (Audited) FY 2014 (Audited)
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets 14,273 13,495
(ii) Intangible assets 67 76
(iii) Capital work-in-progress 6,535 4,226
20,875 17,797
(b) Non-current investments - 1,500
(c) Long-term loans and advances 646 881
(d) Other non-current assets 97 73
743 2,454
Current assets
(a) Current investments 2,782 500
(b) Inventories 86 75
(c) Trade receivables 304 415
(d) Cash and bank balances 3,645 3,426
(e) Short-term loans and advances 3,060 3,029
(f) Other current assets 53 5
9,929 7,451
Total 31,548 27,702

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Thank You

24
Annexure

25
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 487 bn(1)

Essel Group

Media Other Businesses

 Packaging (Essel Propack)

Content Distribution
– Market Cap: Rs 17.8
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
One of India’s largest Strong presence in Asia’s largest DTH One of India’s largest English broadsheet daily  27
Infrastructure
media and general TV national and regional news service provider MSO, presence across 54 with presence across  Education
entertainment network genre cities Mumbai, Bangalore, Pune,  Precious Metals
Ahmedabad, Jaipur &  Healthy Lifestyle & Wellness
Market Cap: Rs 338.3 bn(1) Market Cap: Rs 7.8 bn(1) Market Cap: Rs 62.3 bn(1) Market Cap: Rs 15.9 bn(1)
Indore

Source: Company websites, BSE, MPA Report 2013

Note: (1) Market capitalization as on 3rd September, 2014

26
Key Milestones and Performance
May 10:
Oct 03: Launched HD services
Received license to operate May 05: Apr 07: Dec 10: Full year of
DTH Services Launch of DTH Services Listing of Equity Shares on Acquired additional Positive Free Cash Flow
NSE and BSE transponders on Asiasat 5

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

Apr 04: Jan 09: July12:

Obtained teleport license Rights offering of shares for ~Rs. 11.4 bn. Net subscriber base
from MIB Mar 09: crosses 10 million
EBITDA breakeven in Q4 FY09
Nov 09:
Raised $100mn through GDRs to Apollo for
11% ownership

Growth Trajectory Since Listing

2008(1) 2014(2)
Company Profile First Indian DTH player Asia’s Largest DTH Provider
Net Customer Base < 3.0 million 11.4 million

Total Revenues Rs 4,162 million Rs 25,090 million

EBITDA (% margin) (Rs 2,095 million) Rs 6,241 million (25%)

Market Capitalization(3) ~ Rs 21.1 billion ~ Rs 54.8 billion

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 2014 reflect FY2014 year end results. Customer base as of March 31, 2014
(3) 2008 market capitalization as on March 31, 2008; 2014 market capitalization as on May 28, 2014 27