DEN Networks Limited

Disclaimer

2

These presentation materials have been prepared by DEN Networks Limited (“DEN”) solely for use at this presentation and have not been

independently verified. This presentation material is highly confidential, is being presented solely for your information and may not be copied,

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Neither DEN nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date

hereof. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or

completeness of the information presented or contained in this presentation. The information presented or contained in this presentation is current

as of the date hereof and is subject to change without notice.

Certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements can be

identified by the use of forward-looking terminology such as “anticipate,” “believe,” “considering,” “depends,” “estimate,” “expect,” “intend,” “plan,”

“planning,” “planned,” “project,” “trend,” and similar expressions. All forward-looking statements are the current expectation of future events and are

subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. This

presentation should not be construed as legal, tax, investment or other advice. Caution should be taken with respect to such statements and you

should not place undue reliance on any such forward-looking statements.

Certain data in this presentation was obtained from various external data sources, and DEN has not verified such data with independent sources.

Accordingly, DEN does not make representations as to, and assumes no responsibility or liability for, the accuracy or completeness of that data, and

such data involves risks and uncertainties and is subject to change based on various factors.

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will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the

Company. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933,

as amended, or pursuant to an exemption from registration therefrom.

Contents

3

DEN’s Strategy

Digitisation in Indian Cable

DEN Networks – An Overview

Financials

The Indian Television Market – A Snapshot

4

Current Indian TV Market Cable & DTH: Household Break-up

Total Households

TV Households 162 mn

Cable Homes 98 mn

DTH subscribers

(Gross) 46 mn

262 mn Total Cable & DTH

Households 144 mn

Source: MPA Estimates (MPA Asia Pacific Pay-TV & Broadband Markets, 2012)

Forecasted market size for 2013

Phase 1 Deadline:

Oct 31, 2012

Phase 2 Deadline:

Mar 31, 2013

Phase 3 Deadline:

Sep 30, 2014

Phase 4 Deadline:

Dec 31, 2014

5

The Indian Cable Digitisation Law: A Four Phase Conversion of Analog to Digital

4 Metros

Delhi, Mumbai,

Kolkata, Chennai

38

1 Million+

Population Cities

All Other Urban

Areas

Rest of India

Phase 1 & 2 Covers

India’s Largest Cities

* Note: Forecasted cable TV homes for 2015. Assumed to by fully digitised (Source: MPA Asia Pacific Pay-TV & Broadband Markets 2012)

The Indian Cable Market in 2015

Digital Cable subscribers*: 101 mn

6

Phase 2: Pace of Digitisation – Cable vs DTH Cable Dominates Digital Conversions

DTH (subs added)

Cable (STBs installed)

470,000

5.28 mn

Note: Figures – approximate to nearest 10,000.

Source: Derived from Ministry of Information & Broadcasting, Govt. of India data available on pib.nic.in and www.digitalindiamib.com

Cable digitised at >11x

the pace of DTH during

the last 2 months

Phase 2 - Digitisation in 38 Cities (Feb 8 – April 12, 2013)

7

Phase 1: Pace of Digitisation – Cable vs DTH Similar Trends were Observed in Phase 1

DTH (subs added)

Cable (STBs installed)

171,000

1.75 mn

* Excludes Chennai as national MSOs are absent in the city.

Note: Figures – approximate to nearest 10,000.

Source: Derived from Ministry of Information & Broadcasting, Govt. of India data available on pib.nic.in and www.digitalindiamib.com

Cable digitised at 10x the

pace of DTH in the last 45

days before the deadline

Phase 1 Cities – Digitisation in 3 Metros*

(Delhi, Mumbai & Kolkata)

Sep 17 - Nov 1, 2012

Phase Total Digital

Cable & DTH

STBs Seeded

DTH

Subscribers

Digital Cable

STBs installed

Digital Cable

Market Share

(%)*

Phase 1** 8.7 mn 2.2 mn 6.5 mn 75%

Phase 2 13.6 mn 4.4 mn 9.2 mn 68%

Total 22.3 mn 6.6 mn 15.7 mn 70%

8

Government Data on Digitisation in Phase 1 & 2 Cities

* Digital cable market share = Digital cable STBs ÷ Sum of Digital Cable & DTH subscribers

** Phase 1 data corresponds to Delhi, Mumbai & Kolkata. Excludes Chennai as national MSOs are absent in the city

Source: Phase 1 data as per MIB Press Release (Nov 1, 2012); Phase 2 data as per MIB Press Release (April 12, 2013)

Cable & DTH in Phase 1 & 2 Cities Cable Becomes Largest Digital Platform

Approx. 3 mn cable

homes yet to be

digitised in Phase 2

How Digitisation is Set to Transform Indian Cable…

9

All Consumers

Paying

All Cable TV consumers paying the last mile operator (LCO)

• ARPUs in the range of $3-$4(a)

• Digitisation targets 100% transparency of sub. base by LCO

• Government – Higher tax revenues

• MSOs & Broadcasters – Legitimate share of subscription

• LCOs – Medium to Long Term Gains

‒ From transparency of multiple TVs

‒ Higher ARPUs from more channels

‒ Share in VAS (VOD/ PPV) & Broadband revenues

Stage Set for

Transformation

• More Channels

• ARPU Growth

• Broadband & Triple Play

• Consolidation in Cable

India’s Cable TV Industry Likely to Resemble

Mature Markets Like the US

All Stakeholders

Stand to Gain

(a) Source: MPA Asia Pacific Pay-TV & Broadband Markets 2012

…Early Signs of That Transformation Already Evident

10

New Channel

Launches

DTH platforms taking up their entry pack pricing:

• July 2012: Rs 180 Rs 200

• March 2013: Rs 200 Rs 220

ARPUs Rising MSOs’ current packaging and pricing already

indicating a rise in ARPUs

• Star Sports 2, Ten Golf

• HBO Hits & HBO Defined (Ad-free pay channels)

New channels, including niche & subscription

only channels being launched:

Early Indicators of Digitisation Driven Transformation

Contents

11

DEN’s Strategy

Digitisation in Indian Cable

DEN Networks – An Overview

Financials

DEN: Leader in Indian Cable

12

Pan-India presence in

11 million analog

homes;

Digital base of 4.1mn

Strategic Content J-V –

exclusive distributor of

all Star, Zee & Other

channels in India

EBITDA positive in 1st

full year of operations;

PAT positive for 3 years

in a row

India’s

Largest* Cable

Distribution

Company

Star DEN & MediaPro

Strategic J-V With

Star & Zee

Strong Financials

* As per MPA Asia Pacific Pay-TV & Broadband Markets 2012 in terms of subscribers

Pan-India Presence in Important States & Cities

13

Delhi

Mumbai

Bangalore Mysore

Kolkata

Strong Nationwide

Presence in 150+ Cities

across 13 States

3 Metros

24 One mn+ cities

123+ Other cities &

towns

DEN’s Presence Spans

India’s Economically

Important Urban

Landscape

Metros

1 Million+ Cities

Other DEN Cities

DEN States

Map not to scale

6 DTH

Platforms

DEN – Digitisation in Phase 1 Cities DEN Alone Rivals All DTH Platforms Put Together

Delhi

Mumbai

Kolkata 300,000

300,000 +

~ 320,000

~ 753,000

1.02 million

2.0 Million 2.1 million Total

STBs Installed/ Subscribers

Note: DTH data is as of Oct 30, 2012 (Ministry of Information & Broadcasting, Press Release dated Oct 31, 2012)

DEN data corresponds to STBs installed, as of March 2013

1.4 million+

14

June 6 2012 October 29 2012 April 5 2013

DEN: Rapid Digital Scale Up Driven by DAS

15

DEN Digital Base (STBs installed in millions)

Over 2 mn

conversions

in 158 days

1 mn

conversions

in 145 days 1 Million

2 Million

4.1 Million

DAS: Digital Addressable Systems

State Cities Estimated Seeding in Phase 2

Uttar Pradesh

Karnataka

Rajasthan

Gujarat

Maharashtra

Others

7

2

3

2

6

4

1.3 mn

0.3 mn

0.3 mn

0.2 mn

0.6 mn

0.3 mn

Total 3.0 mn

DEN – Phase 2 Cities

Digitisation in Full Swing

24

2.0 million STBs

already

deployed in

Phase 2 cities

16 STBs: Set top Boxes

4 million

DEN – Phase 3 & 4 Cities

17

Significant Scope to Increase Subscribers Through Further

Consolidation

Uttar Pradesh

Karnataka

Rajasthan

Gujarat

Maharashtra

Bihar

Haryana

West Bengal

Kerala

Madhya Pradesh

Jharkhand

Uttarakhand

Phases 3 & 4: DEN Presence Spans

120 + Cities Across 13 States...

Phase 3

2 million Phase 4

Est. Subscriber Base

Phase 3 + 4 =

6 million

NCR of Delhi

MediaPro: Exclusive Distribution J-V for all Star, Zee,

Turner & NDTV Channels

18

50%

50%

DEN is the Only Major Cable TV Company in India to have a

Strategic Stake in a Large Pay Channel Distribution Entity

DEN holds an

effective stake of

25% in MediaPro

MediaPro: A Content Distribution Powerhouse

19

FOX

NatGeo Others

Star

Unrivalled Collection of 70+ Leading Television Brands Under One Roof

NDTV

Zee Turner

List of channels not exhaustive

Contents

20

DEN’s Strategy

Digitisation in Indian Cable

DEN Networks – An Overview

Financials

DEN: Strategy Growth with Digitisation

Digitisation Broadband Consolidation

Digitisation of

Current Analog

Subscriber Base

Consolidate

Fragmented Cable

Players and Digitise

Launch and Scale

up Broadband

Service

21

Growth Verticals Over the Next 2-3 Years

Cable: Large Consolidation Opportunity in Phase 3 & 4

Cities

22 Source: Derived from Indian Cable Industry – A Digital Evolution, January 2013 report and MPA Asia Pacific Pay-TV & Broadband Markets 2012

50% 50%

Top 6

players

Others

Indian Cable Market (Market Shares %)

Small, Independent MSOs, mainly in Phase 3 & 4 Towns Who

Control nearly 50% of the Market – Not in a Position to Digitise...

...These markets ripe for expansion through organic & inorganic

routes while Digitisation is playing out

Broadband: The Next Wave of Growth in Cable

23 Source: Forecasted cable TV homes for 2013 (MPA Asia Pacific Pay-TV & Broadband Markets, 2012)

TRAI Recommendation Paper on National Broadband Plan, Dec 2010

Unrivalled Last-Mile Presence High Bandwidth Platform .

DEN’s Strong Presence Across India’s Urban, Affluent

Landscape Offers a Great Opportunity to Become One of the

Largest Wired Broadband Platforms Following DAS

98 million Indian homes on cable

Other wired platforms (fixed phones)

limited last mile presence

78 mn broadband connections after

completion of DAS (TRAI)

Broadband through the existing cable

last mile

Existing backbone & last mile network with

some upgrades can offer DOCSIS enabled

broadband

Cable’s Inherent Strengths Likely to Make it One of the

Largest Broadband Platforms…

Contents

DEN’s Strategy

Digitisation in Indian Cable

DEN Networks – An Overview

Financials

24

Strong financials

25

(a) Includes other non-operating income; (b) Calculated as Profit before tax plus finance cost plus depreciation; (c) PAT after minority interest ; (d) Does not include minority interest; (e) Calculated as long term

borrowings plus short term borrowings plus current portion of long term debt ; (f) From 1 April 2012, Media Pro Enterprises, a indirect JV of DEN, in its standalone financial results has started reporting Net revenues

(Gross revenues less cost of distribution right), hence the prior periods are not comparable; (g) Total long term borrowings + Short term Borrowings as per balance sheet as of December 31, 2012;

Note: Period ending December 2012 financials are limited reviewed and are provisional

9,256 10,581

11,566

6,588

FY10 FY11 FY12 9MFY13

962

1,264

1,093

1,501

FY10 FY11 FY12 9MFY13

301

375

143

429

FY10 FY11 FY12 9MFY13

7,410

7,746

8,046

8,554

Mar-10 Mar-11 Mar-12 Dec-12

1,750 1,573

2,582

4,362

Mar-10 Mar-11 Mar-12 Dec-12

– 1.5x growth in revenues in just 2 years

EBITDA positive in 1st full year of

operation; PAT positive in 2nd year

– India’s only listed PAT positive cable

or DTH company

– Low debt & debt-equity ratio as on

December 2012

Total Income (INR mn)(a)(f) EBITDA (INR mn)(b)(f) PAT (INR mn)(c)

Shareholder’s equity (INR mn)(d) Total debt (INR mn)(e)

(g)