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

* Ranked by DTH Subs (Y/E Dec. ‘09) – MPA

Report 2010

3

Part of:

India’s first & largest, fully integrated, media &

entertainment company.

Having diverse presence across media, packaging,

entertainment, technology enabled services,

infrastructure development & education.

G R O U P

• India’s pioneer and Asia Pacific’s largest* DTH company.

Asia’s largest DTH

• Consistent market leader with 31% absolute share currently.

Consistent Leader

• Promoted and led by Subhash Chandra, Chairman, Essel Group. A thought leader and pioneer in most of his businesses.

Promoted by India’s media pioneer

Indian DTH industry

4

5

Journey so far

0

5

10

15

20

25

SU

BS

CR

IBE

RS

IN

MN

LAUNCH OF DTH SERVICEBY DISH TV IN SELECTMARKETS

DISPUTE OVER CONTENT . SETTLEMENT BTW DISH & STAR

DIGITIZATION TRIGGRED,CAS MADE MANDATORY IN SELECT PART OF METROS

DTH SUBS BREACH THE 2MNMARK IN A 2 PLAYER MKT.

VOLUNTARY DIGITIZATION BY CABLE OPERATORS .

DISPUTE WITH SUN TV OVER CONTENT. SETTLED.

DTH SUBSCRIBERBASE AT ~10 MN

LAUNCH OFDTH SERVICE BY TATASKY

LAUNCH OF RELIANCE BIG TV

LAUNCH OF DTHSERVICE BY AIRTEL

DTH SUBS CROSS20 MN MARK

LAUNCH OF DTH SERVICE BY VIDEOCONLAUNCH BY

SUN DIRECT

DISH Subscribers DTH Subscribers

Opportunities galore!

Key statistics: 2010

Increasing TV HHs; likely to be 170 million, 64% penetration, by 2015. Developed countries average penetration at more than 97%. China at 98%.

C&S penetration: huge opportunity, likely to be 91% by 2015.

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

Total HHs

232 mn.

TV HHs 141 mn.

TV Penetration 61%

C&S HHs 116 mn.

C&S Penetration (in TV HHs)

82%

DTH Subs *

30.6 mn.

6 Source: MPA 2010 report

20092010

2011E

2012E

2013E

2014E

2015E0

50

100

150

200

250

300

70%

75%

80%

85%

90%

95%

223232

242249

256264 269

134 141 147 153 159 165 170

105 116126

135142 149 155

78%

82%

86%88% 89% 90% 91%

Total HHs TV HHs

C&S HHs C&S Penetration

C&S implies cable TV, DTH & IPTV* Up to 31/12/10. (Source: market est.)

Mill

ion

DTH growth projections…

7

2009 2010 2011p 2012p 2013p 2014p 2015p05

101520253035404550

17

24

3136

4145

48

DTH Sub. Base (mn.)2009 2010p 2011p 2012p 2013p 2014p

0

5

10

15

20

25

30

35

40

45

16

24

30

3539

43

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

MPA 2010 FICCI Frames 2010

0%

10%

20%

30%

40%

50%

60%

70%65.7% 65.5% 65.0% 64.5% 63.9% 63.2% 62.4% 61.5%

8.3%

12.8% 17.2%20.7% 23.6% 25.7% 27.2% 28.3%

11.2%16.4%

20.9%24.3% 26.8% 28.8% 30.1% 31.2%

% Cable HHs to TV HHs % DTH HHs to TV HHs % DTH HHs to Pay TV HHsSource: MPA 2010Cable HHs include analogue & digital cable Pay TV includes Cable + DTH + IPTV

MPA 2010 Report - DTH subscribers in India to reach 24 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 – December 2010 – 12.1 million* DTH

subscribers added taking industry size to 30.6 million!

Record 2 million subscribers added during November ‘10 !

 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 58% of all new C&S subscribers up to 2015 expected to opt for a DTH connection.*

Source: Dish TV actual & industry est.

2006 2007 2008 2009 2010 - Upto December

05

101520253035

1.54.3

10.3

18.430.6

DTH 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.

Dish TV continues to lead the industry with 31% market share & more than 9.4 mn.

subscribers currently.

* Source: MPA - APAC Pay TV & Broadband Report 2010

Outperformed !!

10

2006 2007 2008 2009 2010 P 2011 P0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%92%

83%

67%

56% 53% 51%

8%

17%

33%

44% 47% 49%

Cable subscription to broadcasers DTH subscription to broadcasters

` mn. Subscription Revenue Cable Subscription to Broadcasters 2006 2007 2008 2009 2010P 2011PSubscription 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 26005DTH 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.

Dish TV – market leader in DTH

12

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. 13

Key strengths

14

Strong Brand presence and Brand recall.

Largest subscriber base amongst all six players; currently at 31%. Carried and distributed by most third party dealers and distributors.

Brand

Market Leadership

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

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 16 KU band transponders equivalent.

‘

Advanced Infrastructure & Technology

15

Highest Bandwidth

Best placed to provide MAXIMUM services. Differentiating through the largest bouquet.

16

Highest Bandwidth

Best placed to provide MAXIMUM HD channels.HD & VAS - natural progression for DTH services; significant ARPU

drivers.

17

Highest Bandwidth

Best placed to provide MAXIMUM regional channels – capturing subscribers far and wide.

Select key management personnel

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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 ChandraNon 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 GoelManaging Director

R.C. VenkateishCEO 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.pdfSalil Kapoor

COO

Rajeev DalmiaCFO

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

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Market leading share

20

31%

20%

17% 9%

16%

7%

Dish TV Tata Sky Sun DirectBig 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. (31/12/10)

Q3 FY 09

Q4 FY 09

Q1 FY 10

Q2 FY 10

Q3 FY 10

Q4 FY 10

Q1 FY 11

Q2 FY 11

Q3 FY 11

0

2

4

6

8

10

4.75.1

5.55.9

6.46.9

7.5

8.3

9.4

44.3

4.65 5.3

5.76.2

6.8

7.7

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

21

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

Dec. '07

Dec. '08

Dec. '09

Mar. '10

June '10

Sept. '10

Dec. '10

0

5

10

15

20

25

30

35

0%

10%

20%

30%

40%

50%

60%

70%

80%

3.6

11.1

18.4

20.7

23

26

30.6

2.7

4.76.4 6.9 7.5 8.3 9.4

75%

42%

35% 33%33% 32% 31%

Total DTH Subscribers Dish TV SubscribersDish TV Market Share

22

Key business metrics

Average Revenue Per User (ARPU)

ARPU breaks out of a five quarter flattish trend !

Increasing traction in middle level subscription packs.

Focus on reducing subsidies.

Aggressive competition at the acquisition front resulted in marginally higher box subsidies.

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)

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

Q3 F

Y 1

1

0

1000

2000

3000 26012832

2505 2487 26352477 2383

2147 2083 2142

`

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

Q3 F

Y 1

1

80

160 150

137 132142

139 135 138 139 139142

`

23

Driving up ARPUs – marketing initiatives

Silver pack made dormant. Price increase in three out of five packs.Constant marketing initiatives to create better value proposition in higher

ARPU packs.

Financials

24

25

Encouraging performance

FY 08-10 CAGR 62.0%

Q1 FY 10

Q2 FY10

Q3 FY10

Q4 FY10

Q1 FY 11

Q2 FY 11

Q3 FY 11

0500

1000150020002500300035004000

2467 25752775

3032 30433261

3732

EBITDA Margins - Annual

EBITDA & EBITDA Margins - QuarterlyOperating Revenues - Quarterly

` M

n

FY 07 FY 08 FY 09 FY 100

2000

4000

6000

8000

10000

12000

1909

4127

7377

10848

` M

n.

Operating Revenues - Annual

FY 07 FY 08 FY 09 FY 10

-100%

-80%

-60%

-40%

-20%

0%

20%

-97%

-53%

-18%

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

Q3 F

Y 1

1

-600

-400

-200

0

200

400

600

800

-25%-20%-15%-10%-5%0%5%10%15%20%25%

-389

42 157

255

134 4

00

322 498 667

-20%

2%6%

10%

5%

13%11%

15%18%

` M

n

502 646 755 804 867 929 670 881 925 986 1,001 1,060 1,062 1,229

202 23

4 319

529 540 588

971 10

23

1086 1150

1298 1437

1638 18

62

71% 73%70%

60% 61% 61%

41%46% 46%

46% 43% 42%39%

39%

29%27%

30%

40%39% 39%

59%54%

54%54%

57% 58%

61%

61%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

500

1000

1500

2000

2500

3000

3500

Sep-07 Dec-07 Mar-08 J un-08 Sep-08 Dec-08 Mar-09 J un-09 Sep-09 Dec-09 Mar-10 J un-10 Sep-10 Dec-10

Content Cost Contribution Content Cost (% Subs Revenue)

26

Fixed content cost driving margins`

mn.

27

Summary financials

** HITS operations discontinued w.e.f. 1Q FY11.

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

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

Gross operating revenue 2775 3032 3043 3261 3732

Expenditure 2659 2683 2721 2763 3065

EBITDA 116 349 322 498 667

Add: Other income 11 5 69 25 17

Less: Depreciation 779 846 889 843 902

EBIT -652 -492 -498 -320 -218

Less: Financial expenses 110 106 133 131 225

PBT -762 -598 -631 -451 -443

Provision for tax 0 0 0 0 0

PAT -762 -598 -631 -451 -443

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

Subscribers added (mn.) 0.55 0.44 0.64 0.76 1.1

SAC (Rs/subscriber) 2477 2383 2147 2083 2142

ARPU (INR) 135 138 139 139 142

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:

Content enrichment

Customer care Brand building

Technology

and

Distribution

Growth beyond just subscriber numbers

29

Thank you

30

Questions

31