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

About us

India’s pioneer DTH service provider; the only listed pure-play DTH company in

the country.

Consistent market leader with 32% subscriber share currently.

Part of the:

Having diverse presence across media, packaging, entertainment, technology

enabled services, infrastructure development and education.

India’s first and the country’s largest fully integrated media and entertainment

conglomerate.

Promoted and led by Subhash Chandra, Chairman, Essel group of companies, a

thought leader and a pioneer in most of his businesses.

3

GROUP

Indian DTH industry

4

5

Journey so far

0

5

10

15

20

25

SU

BSC

RIB

ER

S IN

MN

LAUNCH OF DTH SERVICE

BY DISH TV IN SELECT

MARKETS

DISPUTE OVER CONTENT .

SETTLEMENT BTW DISH & STAR

DIGITIZATION

TRIGGRED,

CAS MADE

MANDATORY IN

SELECT

PART OF METROS

DTH SUBS BREACH THE 2MN

MARK IN A 2 PLAYER MKT.

VOLUNTARY DIGILIZATION

BY CABLE OPERATORS .

DISPUTE WITH SUN TV

OVER CONTENT. SETTLED.

DTH SUBSCRIBER

BASE AT ~10 MN

LAUNCH OF

DTH SERVICE

BY TATASKYLAUNCH OF

RELIANCE BIG TV

LAUNCH OF DTH

SERVICE BY AIRTEL

DTH SUBS CROSS

20 MN MARK

LAUNCH OF DTH

SERVICE BY VIDEOCONLAUNCH BY

SUN DIRECT

DISH Subscribers DTH Subscribers

Opportunities galore!

Key statistics:

Increasing TV HHs; likely to be 155 million, 64% penetration, by 2013.

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

C&S penetration: huge opportunity, likely to be 88% by 2013.

DTH to be the key driver & direct beneficiary of increasing C&S households!

Total HHs 232 mn.

TV HHs 136 mn.

TV Penetration 59%

C&S HHs 105 mn.

C&S Penetration (in TV HHs) 77%

DTH Subs * 27.5 mn.

6

Source: MPA 2009 report

229 233236

238 241 243

129 136 142 147 152 155

94 105115 123

130 136

73%77% 81% 84% 86%

88%

0%

20%

40%

60%

80%

100%

0

50

100

150

200

250

300

2008 2009 2010E 2011E 2012E 2013E

Total HHs TV HHs

C&S HHs C&S Penetration

C&S implies cable TV & DTH HHs* Up to 31/10/10. (Source: market est.)

Million

DTH growth projections…

7

0

5

10

15

20

25

30

35

40

2006 2007 2008 2009 2010p 2011p 2012p 2013p

1.13.6

11.1

17.9

24.1

29.5

34.137.8

DTH Sub. Base (mn.)

0

5

10

15

20

25

30

35

40

45

2009 2010p 2011p 2012p 2013p 2014p

16

24

30

3539

43

20.5% CAGR 2009-13 25% CAGR 2009-13

MPA 2009 FICCI Frames 2010

0%

10%

20%

30%

40%

50%

60%

70%58.5% 61.2% 63.9% 64.3% 63.9% 63.7% 63.5% 63.3% 63.2%

0.4% 0.9%2.9%

8.6% 13.1%16.9% 20.0%

22.4% 24.4%

1.0% 2.0% 4.0%

12.0%17.0% 21.0% 24.0%

26.0% 28.0%

% Cable HHs to TV HHs % DTH HHs to TV HHs % DTH HHs to Pay TV HHsSource: MPA 2009

Cable HHs include analogue & digital cable Pay TV includes Cable + DTH + IPTV

MPA 2009 Report - Indian DTH subscribers to reach 24.1 mn. by the

end of 2010 !

FICCI Frames 2010 -“Total number of DTH subscribers to be added in

2010 is expected to be ~ 8 million.”

January – October 2010 – 9.0 million* DTH subscribers added

taking industry size to 27.5 million!

Festival quarter continues to surprise positively!

8* Source: Dish TV actual & Market Est.

Outperformed !!

9

DTH driving digitization & growth in pay-TV HHs.

DTH penetration already at ~ 26% of C&S HHs; ahead of estimates.

An estimated 60% of all new C&S subscribers up to 2018 expected to opt for a DTH connection.*

TRAI’s recent recommendations on digitization in the form of sunset clause to provide further impetus.

Source: Dish

TV actual &

industry est.

0

5

10

15

20

25

30

2006 2007 2008 2009 2010 - Upto October

1.54.3

10.3

18.4 27.5DTH industry scale-up

Subscribers in Mn.

With more than 2.5 mn. subscribers being added every quarter, India is poised to overtake

the current leader (U.S), which currently adds ~ 1.5 mn. subscribers each year.

* Source: MPA report 2009

Outperformed !!

10

92%

83%

67%

56% 53%51%

8%

17%

33%

44% 47% 49%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010 P 2011 P

Cable subscription to broadcasers DTH subscription to broadcasters

` mn. Subscription Revenue

Cable Subscription to Broadcasters 2006 2007 2008 2009 2010P 2011P

Subscription Income Paid (Digital + Analogue) 19750 23110 27545 30805 34535 39305

Less: Carriage & Placement Received 5000 6000 12000 13000 13000 13300

Net Subscription Paid 14750 17110 15545 17805 21535 26005

DTH Subscription to Broadcasters

Net Subscription Paid 1360 3415 7795 13905 19375 24925

Digitizing with addressability

Source: MPA 2009, FICCI 2010 &

Mkt. estimates

DTH continues to strengthen its relationship with broadcasters creating a win-win

situation for both.

Key regulations

11

Licensing

Service

quality

Inter-

connect

Reference

inter-

connect

• Total foreign investment limit of 49% (sub limit ceiling of 20% for FDI) *

• Uplink centre to be in India

• Set-top boxes to be BIS compliant

• License fee at 10% of DTH revenues (favourable TDSAT Order received on 28/05/10 will result in

license fee outflow at ~ 4%)

• Initial license validity of 10 years; renewable thereafter

• Subscribers can be offered STBs on Rent/Hire-Purchase/Sale

• Mechanism to be in place for handling customer complaints & grievances

• Broadcasters have to provide content to all distribution platforms; pricing flexible

• Prohibits broadcasters from seeking guarantee for minimum number of subscribers

• Pricing information on content of the broadcaster

• Maximum 50% of non-CAS cable rates

• A-la-carte offering to be allowed

* As per TRAI‟s (Telecom Regulatory Authority of India) recommendation dated 30th June, 2010 to the Ministry of I&B, Foreign Investment

Limit for DTH is to be increased to 74%. The recommendation is yet to be approved.

Recent regulatory initiatives

12

Tariff Order

for

addressable

systems

Digitization

• Broadcasters to mandatorily provide pay channels to digital service providers at a maximum of 35%

of corresponding rates for non-addressable cable TV services *

• Retail tariff under forbearance.

TRAI recommendation on sunset date for analogue TV systems in India:

• Phase I # - Four metros – by 31/03/2011. Phase II – Cities with 1 mn.+ population - by 31/12/2011

• Phase III – Other urban areas – by 31/12/2012. Phase IV – Rest of India – by 31/12/2013.

* Since challenged by Pay Broadcasters in TDSAT.

# Phase I likely to miss deadline due to Common Wealth Games and state elections.

Dish TV – market leader in DTH

13

Business – basics

Direct-to-home distribution of TV channels up-linked from India by

Broadcasters.

CPE installed on rent at consumer’s premises.

Inertia to pay for hardware equipment results in up-front subsidy on STBs.

Negative Working Capital cycle – subscription revenue collected in advance.

DTH revenue includes subscription and lease rentals.

Emerging revenue streams - Value-added-services, Movie –on-demand and

Bandwidth charges.

Fixed content cost deals with most broadcasters; significant competitive

advantage.

Growing subscriber base would bring operating leverage into play.

14

Key strengths

15

Strong Brand presence and Brand recall.

Largest subscriber base amongst all six players; currently at 32%.

Carried and distributed by most third party dealers and distributors.

Brand

Market Leadership

Highest number; more than 250 channels & services and growing.

Fixed content cost deal with most big broadcasters.

Content

Pan-India presence through 1400 distributors & ~55,000 dealers across 6600 towns

Network managed by over 200 sales personnel. 8 Zonal and 19 Regional Offices.

Selling & Distribution Network

Sufficient capacity to broadcast increasing number of channels – currently 11 KU

band transponders equivalent.

‘DISH TRUHD’ with content tie-up with highest no. of HD channel broadcasters.

Advanced Infrastructure & Technology

Select key management personnel

16

Promoter – Essel Group of Companies. He is the

pioneer of the Indian television industry and recipient

of numerous honorary degrees, industry awards and

civic honours. Profile - Chairman.pdf

Subhash Chandra

Non Executive Chairman

Mr. Goel is the MD of Dish TV since January ‘07 & has

been instrumental in establishing it as India’s leading

DTH company. He has also been actively involved in

the expansion of the Essel Group and is an active

member on the Board of various committees set up by

MIB, Govt. of India for addressing critical matters

relating to the industry. Profile - MD.pdf

Jawahar Lal Goel

Managing Director

R.C. Venkateish

CEO On-board since July ‘10, he was the MD-India & South

Asia, ESPN Star Sports before that. An IIT, IIM

Graduate, Venkateish has more than 27 years of

experience & a successful track record in turning

around businesses & re- defining business processes

for winning brands like Oral-B, Nestle and Kelloggs.

Profile - CEO.pdf

Salil Kapoor

COO

Rajeev Dalmia

CFO

Salil has a work experience of more than 18 years and

has worked with various global corporations including

Microsoft and Samsung. He is an MBA from Delhi

University.

A qualified Chartered Accountant, Rajeev has been

leading the finance department since January, ‘07.

Dish TV – now

17

18Dish TV crossed the 9 million subscriber mark in November, ‘10 becoming the first DTH player in

the country to achieve the landmark number so far.

Market leading share

19

32%

20%

18% 10%

15%

5%

Dish TV Tata Sky Sun Direct

Big TV Airtel Digital Videocon D2h

Dish TV continues to lead with the highest market share amongst all 6

players

Source: Dish TV actual & industry est.

(31/10/10)

20

Consistent leadership

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.

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

Source: Dish TV

0

2

4

6

8

10

3.9

4.75.1

5.55.9

6.46.9

7.5

8.38.7

3.4

44.3

4.65

5.35.7

6.2

6.87.1

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

3.6

11.1

18.4

20.7

23

26

27.5

2.7

4.7

6.46.9

7.5 8.3 8.7

75%

42%

35% 33%33% 32% 32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

5

10

15

20

25

30

Dec. '07 Dec. '08 Dec. '09 Mar. '10 June '10 Sept. '10

Oct. '10

Total DTH Subscribers Dish TV Subscribers

Dish TV Market Share

21

Key business metrics

Average Revenue Per User (ARPU)

Increasing trend – rationalisation back!

Continuous efforts to evolve ARPU levels.

Focus on reducing subsidies.

Support coming in from growing

incremental market share.

Source: Company ARPU = (Subscription revenue + activation charges) / Avg. subscribers during the period; SAC = Subsidy on STB+80% of

marketing expenses + Commission to dealers

Subscriber Acquisition Cost (SAC)

0

1000

2000

3000

Q1 F

Y 0

9

Q2 F

Y 0

9

Q3 F

Y 0

9

Q4 F

Y 0

9

Q1 F

Y 1

0

Q2 F

Y 1

0

Q3 F

Y 1

0

Q4 F

Y 1

0

Q1 F

Y 1

1

Q2 F

Y 1

12634 2601

28322505

24872635

24772383

21472083

`

0

80

160

240

Q1 F

Y 0

9

Q2 F

Y 0

9

Q3 F

Y 0

9

Q4 F

Y 0

9

Q1 F

Y 1

0

Q2 F

Y 1

0

Q3 F

Y 1

0

Q4 F

Y 1

0

Q1 F

Y 1

1

Q2 F

Y 1

1

164150 137 132

142139 135 138 139 139

`

22

Driving up ARPUs – marketing initiatives

Silver pack made dormant.

Constant marketing initiatives to create better value proposition in higher ARPU packs.

23

Driving up ARPUs – HD & VAS

High Definition & Value Added Services seen as ARPU drivers in the long run.

Financials

24

25

Encouraging performance

FY 08-10 CAGR 62.0%

0

500

1000

1500

2000

2500

3000

3500

Q1 FY 10 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY 11 Q2 FY 11

2467 25752775

3032 30433261

EBITDA Margins - Annual

EBITDA & EBITDA Margins - QuarterlyOperating Revenues - Quarterly

`M

n

0

2000

4000

6000

8000

10000

12000

FY 07 FY 08 FY 09 FY 10

1909

4127

7377

10848

`M

n.

Operating Revenues - Annual

-100%

-80%

-60%

-40%

-20%

0%

20%

FY 07 FY 08 FY 09 FY 10

-97%

-53%

-18.3%

8.7%

-874

-389

42 157

255

134 4

00

322 498

-50%

-20%

2%6.4%

9.9%4.8%

13.2% 10.6%15.3%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

-1000

-800

-600

-400

-200

0

200

400

600

Q2 F

Y 0

9

Q3 F

Y 0

9

Q4 F

Y 0

9

Q1 F

Y 1

0

Q2 F

Y 1

0

Q3 F

Y 1

0

Q4 F

Y 1

0

Q1 F

Y 1

1

Q2 F

Y 1

1

`M

n

420 502 646 755 804 867 929 670 881 925 986 1,001 1,060 1,062

171

202 234

319

529

540

588

971 1

023

1086

1150

1298

1437

1638

71% 71%73%

70%

60%61% 61%

41%46%

46% 46%43% 42% 39%

29% 29% 27%30%

40% 39% 39%

59%

54%54% 54%

57%

58%61%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

500

1000

1500

2000

2500

3000

Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10

Su

bs m

n

Content Cost Contribution Content Cost (% Subs Revenue)

26

Fixed content cost driving margins

27

Summary financials

** Flat QoQ revenue growth in June „10 due to discontinuation of HITS operations.

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

Quarter ended Sept '09 Dec '09 March '10 June '10 Sept '10

Gross operating revenue 2575 2775 3032 3043 3261

Expenditure 2344 2659 2683 2721 2763

EBITDA 231 116 349 322 498

Add: Other income 4 11 5 69 25

Less: Depreciation 730 779 846 889 843

EBIT -495 -652 -492 -498 -320

Less: Financial expenses 66 110 106 133 131

PBT -561 -762 -598 -631 -451

Provision for tax 0 0 0 0 0

PAT -561 -762 -598 -631 -451

Operating Metrics Sept '09 Dec '09 March '10 June '10 Sept '10

Subscribers added (mn.) 0.41 0.55 0.44 0.64 0.76

SAC (Rs/subscriber) 2635 2477 2383 2147 2083

ARPU (INR) 139 135 138 139 139

Way forward

28

Expand

customer

base with

focus on

leadership

Augmenting

revenue

contribution

through

innovative value

added services

Sustained

product

innovation to

retain

subscribers and

expand

category

Continuous focus on:

Customer care

Brand building

Technology

and

Distribution

Growth beyond just subscriber numbers

29

Thank you

30

Questions

31