Associate A 1

DISH TV INDIA LIMITED Investor Presentation

May 2013

Associate A 2

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.

Associate A 3

Introduction to Dish TV

Key Investment Highlights

Company Strategy and Outlook

Questions & Answers

Agenda

Associate A 4

SECTION 1

Introduction to Dish TV India

Associate A 5

Largest DTH Provider in Asia by Subscribers

#1 DTH provider in India by Market Share and Profitability

Largest transponder capacity amongst DTH players in India – highest channel offering

ONLY listed Indian DTH player with a Market Cap of $1.3bn(1)

Promoted by a leading Indian Media Group—Essel Group

Dish TV India

Source: MPA Report, 2012 Note: (1) Market data as of May 27, 2013

Associate A 6

Essel Group Structure

One of India's largest vertically integrated media and entertainment groups, 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

Leading news broadcaster

Founded by Subhash Chandra

Group Market Cap: Rs 319.1 bn(1)

Source: Company websites, BSE, MPA Report 2012 Note: (1) Market data as of May 1, 2013

• Packaging (Essel Propack)

– Market Cap: Rs 5.6 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 Market Cap: Rs 235 bn(1) Market Cap: Rs 3.8 bn(1)

Launched in 2005

Asia’s largest DTH service provider

Launched in 2006

One of India’s largest cable distribution system, present in 54 cities

Daily News & Analysis

Market Cap: Rs 72 bn(1) Market Cap: Rs 12.1 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 News Ltd. Dish TV SITI Cable Network

Associate A 7

Launched in May 2005, Dish TV is Asia’s largest Direct To Home (DTH) multi-channel subscription television service to subscribers in India in terms of gross subscribers Pan-India distribution network with ~ 157,000 dealers located across 8,600 + towns as of May 1, 2013 − Network managed by over 250 sales personnel across 8 Zonal and

14 Regional offices as of December 31, 2012

One of the leaders in product and service offerings with ~400 channels and services Currently the only DTH provider in India to be serviced by two satellites; additional satellite to provide redundancy in case of satellite failure

Dish TV India at a Glance

Business Overview

Current Shareholding

Source: MPA Report 2012, BSE, Company data as on May 1, 2012

India’s first and Asia’s largest DTH company by gross subscriber base

Growing Subscriber Base

Leading Gross Subs Market Share

8.9 9.2 9.5 9.6 9.8 10.0 10.5 10.7

0

2

4

6

8

10

12

Q1 FY 12 Q2 FY 12 Q3 FY 12 Q4 FY 12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13

63.5% 8.0%

13.6%

4.3% 3.8% 6.8%

Promoters

GDR

FII

Fin. Institutions, Banks & M.F.

Indian Corporates

Other Investors

28%

19%

13% 7% 19%

14%

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

Associate A 8

Oct 03: Received license to operate DTH Services

Key Milestones and Performance

2003 2006 2007 2008 2009 2011 2010

Growth Trajectory Since Listing

Asia’s Largest DTH Provider

10.7 million

Rs 5,795 million (26.7%)

Company Profile

Net Customer Base

Total Revenues

EBITDA (% margin)

Market Capitalization(3) ~ Rs 70 billion

First Indian DTH player

< 3.0 million

Rs 4,162 million

(Rs 2,095 million)

~ Rs 21.1 billion

2008(1) 2013(2)

Jan 09: Rights offering of shares for ~Rs. 1,139mn

Mar 09: Gross subscriber base crosses 5 million

Records positive EBITDA for Q4 FY09

Nov 09: Raised $100mn through GDRs to Apollo for 11% ownership

Source: Company filings, Company website, BSE, NSE, MPA Report 2012 Notes: (1) 2008 reflects FY 2008 year end results (2) Total Revenues and EBITDA for 2013 reflect FY2013 year end results. Customer base as of March 31, 2013 (3) 2008 market capitalization as on March 31, 2008; 2013 market capitalization as on May 27, 2013

2004 2005

May 05: Launch of DTH Services

Apr 07: Listing of Equity Shares on NSE and BSE

Gross subscriber base crosses 2 million

May 10: Launched HD services

Dec 10: Acquired additional transponders on Asiasat 5

Feb 11: Gross subscriber base crosses 10 million

Rs 21,668 million

2012-13

March 13:

First full year of positive free cash flows.

Apr 04: Obtained teleport license from MIB

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SECTION 2

Investment Highlights

Associate A 10

• Organically growing industry further buoyed by digitization 1

• Market leader with focus on profitable growth 2 • Superior and differentiated product and service

offering combined with robust execution 3 • Significant operating leverage resulting in market

leading profitability 4

Key Investment Highlights

Associate A

239.1247.0 254.7

262.3 269.7 276.9 283.9

141 148155

162169 175 181

113.4 122.5133.0 144.0 154.2

163.5171.8

80.5%82.9%

85.9%

89.0%91.5%

93.4% 94.7%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2010 2011 2012E 2013E 2014E 2015E 2016E

(mn)

Total HHs TV HHs C&S HHs C&S Penetration

11

Television currently is and is expected to continue to remain the largest component of the Indian Media industry

Total Indian Media and Entertainment Industry Size

Source: FICCI-KPMG 2012 “Digital Dawn”, MPA Report 2012

Note: USD1 = INR 55

Key Indian Television Market Statistics Cable and DTH Revenues

Rapid Industry Growth

Composition of Indian Media Industry

6.6

9.7

1.4

4.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2011 2016 E

($bn

)

Cable Revenue DTH Revenue

8.0

13.9

13.215.0

16.919.6

22.8

26.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2011 2012E 2013E 2014E 2015E 2016E

($bn

) Television 45.2%

Print 28.7%

Film 12.8%

Others 13.4%

2011

Television 50.4%

Print 22.2%

Film 10.3%

Others 17.0%

2016E

Associate A 12

Dish TV Well Positioned to Benefit from Digitization

Phase I Deadline:

31-Oct-2012

4 Metros: Delhi, Mumbai,

Kolkata & Chennai

38 Cities with 1mn+

population

All other urban areas

(municipal corp./

municipalities

Rest of India (mostly rural

area)

Phase II Deadline:

31-Mar-2013

Phase III Deadline:

30-Sep-2014

Phase IV Deadline:

31-Dec-2014

Coverage Key Considerations

Provided DTH players a level playing field with cable operators.

Win back opportunity.

Customers expected to gradually align to service oriented platform;DTH

Key Target Market with significant upside potential for DTH operators

Strong reach for DTH operators vis-à-vis cable operators

Source: Ministry of Information & Broadcasting, TRAI, MPA Report 2012

Sunset Dates

100%

100%

100%

100%

100%

99%

90%

77%

57%

28%

0% 50% 100% 150%

Australia

Hong Kong

Malaysia

Singapore

New Zealand

Indonesia

Japan

Sri Lanka

Thailand

India

Digital penetration of total Pay-TV subscribers in India is amongst the lowest in Asia •

•2 out of 4 done • Chennai & Kolkata; lack

of ruling govt. support • Dish TV continues to get subscribers from Phase I cities at ~ double the run rate before digitization.

• Behind schedule • MSOs readiness on

encryption, packaging & dunning taking

undue time.

• Substantial on-ground activity expected only around sunset date.

• Regular conversion on-going.

• Substantial on-ground

activity expected only around sunset date.

• Regular conversion on-going.

Status

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Superior Product & Service Offering

Number of channels

Channels Dishtv Tata Sky Airtel Sun Direct Reliance Digital Videocon

LINEAR 325 226 291 200 247 288

HD 42 12 15 8 9 22

Associate A 14

Marquee Partnerships Dish TV has formed strategic partnerships with industry leaders to deliver the highest quality of products and services to its customers

Transponder / Satellite

State-of-the-art fully automated Broadcast Centre

Content Security and Customer Data Management

Middleware provider

NSS-6, Asiasat 5

Associate A 15

Pan-India Distribution Network Dish TV has a strong pan-India selling and distribution network

1,598 + distributors

~ 157,000 dealers across 8,600 + cities

Over 250 sales personnel

8 zonal offices

14 regional offices REGIONAL OFFICE

ZONAL & REGIONAL OFFICE

Jammu & Kashmir

Himachai Pradesh

Punjab

Haryana

Rajasthan

Uttaranchal

Uttar Pradesh

Gujarat Madhya Pradesh

Orissa

West Bengal

Bihar

Maharashtra

Andhra Pradesh

Karnataka

Tamil Nadu

Kerala

Chhattisgarh

Jharkhand

Sikkim

Arunachal Pradesh

Assam Nagaland

Manipur

Mizoram Tripura

Delhi

MOHALI

DELHI GHAZIABAD

INDORE

KOLKATA

HYDERABAD

CHENNAI

MUMBAI

BHUBANESHWAR

PATNA

COCHIN

BANGALORE

JAIPUR

LUCKNOW

GUWAHATI

JODHPUR

AHMEDABAD

NAGPUR

Dealer/Distributor network

Modern retail outlets

Direct selling agents

Home delivery

CSD and others

CPE Distribution Through:

Source: Company as on May 31, 2013

SURAT

JALANDHAR

KARNAL

JABALPUR

Associate A 16

Strong Financial and Operating Performance Dish’s recent financial performance has been strong, with run rate margins tracking up robustly

Standalone EBITDA Margins—Annual(1)

Standalone Operating Revenues—Quarterly(1) Standalone EBITDA and EBITDA Margins—Quarterly(1)

Source: Company filings . Amount in Rs. mn. Note: (1) Excludes Non –Operating “Other Income”

Standalone Operating Revenues—Annual(1)

20.8 24.4

13.3

10.6

17.9

-

1,000

2,000

3,000

4,000

5,000

6,000

Q1 FY 12

Q2 FY 12

Q3 FY 12

Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13

4,604 4,822 4,905 5,247 5,200 5,336 5,578 5,554

323

663 1

,122

1,2

02

1,4

42

1,5

56

1,5

57

1,3

77

1,2

00

10.6%

17.7%

24.4% 24.5% 27.5%

29.9% 29.2%

24.7% 21.60%

0%

5%

10%

15%

20%

25%

30%

35%

0 200 400 600 800

1000 1200 1400 1600 1800

Q1

FY 1

1

Q3

FY 1

1

Q1

FY 1

2

Q3

FY 1

2

Q4

FY12

Q1

FY13

Q2

FY13

Q3

FY13

Q4

FY13

-

5,000

10,000

15,000

20,000

25,000

FY 09 FY 10 FY 11 FY 12 FY 13

7,377

10,848

14,365

19,578 21,668

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

FY 09 FY 10 FY 11 FY 12 FY 13

-18.3%

8.7% 16.6%

25.5% 26.70%

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SECTION 3

Strategic Focus Areas

Associate A 18

Minimizing Subsidy

1640 1840

1999

0

500

1000

1500

2000

2500

Before Feb 13 First hike - Feb 13 Second hike - Feb 13

STB Price Hike - SD

2890

3090 3099

2750

2800

2850

2900

2950

3000

3050

3100

3150

Before - Feb 13 First hike - Feb 13 Second hike - Feb 13

Offer Price Hike - HD

Under Dish TV’s leadership, industry pulled off a significant price increase in the acquisition price of the box over the last 12 months. Current bare box price to consumer is Rs 1,999 vs. Rs. 1,290 an year ago.

Focus on completely eliminating subsidy in the medium term.

Associate A 19

Price Hikes to Drive ARPUs

19

200 255

305

380

220

280 320

400

0

100

200

300

400

500

New Family Super Gold Super World Super Platinum Previous price Revised price

385 460

560

399

499

599

0

100

200

300

400

500

600

700

New Super HD World New Super HD Premiere Super HD Royale

Previous price Revised price

Pack Price Hike - SD

Pack Price Hike - HD

Associate A 20

Strategic Focus Areas

Focus on value growth/ profitability and net subscriber additions rather than headline subscriber numbers.

Subsidy reduction to reduce cash burn and expedite break-even.

Continue to build premium and differentiation through innovation and relevant technology.

Launched HD, HD and SD recorder with USB at an affordable price.

Make the most of industry rationalization; drive ARPU by initiating price hikes.

Aggressively continue to push HD acquisitions and add further innovations.

Focus on recharge distribution as a focused metric to improve efficiencies and reduce loss on account of delayed payments.

Promote Value Added Services; alternate and self funded revenue streams.

Maximize opportunities arising from digitization.

Improved service and CRM infrastructure to service customers better

Associate A 21

Summary Financials - FY 2013

Associate A 22 Source: Company Financials

Summarized P&L

FY 2013 FY 2012 % Growth

Rs. million (Audited) (Audited) Y o Y

Operating revenues 21,668 19,579 10.7

Expenditure 15,874 14,619 8.6

EBITDA 5,794 4,960 16.8

Other Income 511 900 (43.2)

Depreciation 6,276 5,218 20.3

Financial expenses 1,284 1,973 (34.9)

Profit / (Loss) before exceptional items (1,254) (1,331) -

Exceptional items 594 - -

Profit / (Loss) before tax after exceptional items (660) (1,331) -

Tax expense 0.1 - -

Loss attributable to minority 0.1 - -

Net Profit / (Loss) for the period (660) (1,331) -

Associate A 23

Balance Sheet

Source: Company Financials

Rs. million FY 2013 FY 2012

(Audited) (Audited) EQUITY AND LIABILITIES Shareholders’ funds (a) Share capital 1,065 1,064 (b) Reserves and surplus -2,621 -2,002

-1,556 -939 Non-current liabilities (a) Long-term borrowings 8,460 10,193 (b) Other long term liabilities 1,504 1,798 (c) Long-term provisions 127 105

10,092 12,097 Current liabilities (a) Short-term borrowings 300 1,950 (b) Trade payables 2,138 1,275 (c) Other current liabilities 14,027 7,063 (d) Short-term provisions 6,547 4,893

23,012 15,181 Total 31,548 26,340 ASSETS Non-current assets (a) Fixed assets (i) Tangible assets 14,273 14,160 (ii) Intangible assets 67 43 (iii) Capital work-in-progress 6,535 3,884

20,875 18,088 (b) Non-current investments - 1,500 (c) Long-term loans and advances 646 348 (d) Other non-current assets 97 69

743 1,917 Current assets (a) Current investments 2,782 - (b) Inventories 86 69 (c) Trade receivables 304 286 (d) Cash and bank balances 3,645 3,919 (e) Short-term loans and advances 3,060 1,978 (f) Other current assets 53 83

9,929 6,335 Total 31,548 26,340

Associate A 24

Thank You!