DISH TV INDIA LIMITED

Corporate Presentation
Updated on 27-October2009

Disclaimer
This presentation contains certain forward looking statements. These forward looking statements that include words or phrases such as Dish TV India Limited (the "Company") or its management believes, expects , anticipates, intends , plans, foresees , or other words or phrases of similar import. Similarly, statements that describe the Companys objectives, plans or goals also are forward-looking statements. All such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on managements current expectations or beliefs as well as assumptions made by, and information currently available to, management. Neither the Company nor any of its advisors nor any of their res pective affiliates, shareholders, directors, employees, agents or advisers makes expressed or implied representations or warranties as to the accuracy and completeness of the information contained herein and neither of them shall accept any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party s reliance or use of such information. The information and opinions in this presentation are subject to change without notice. This presentation does not constitute a placement document, prospectus or other placement document in whole or in part. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any security. There shall be no sale of thesesecurities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. This presentation must not be distributed to the press or any media organization. This is for informational purposes only and is not a solicitation of any bid from you or any investor. Nothing in the foregoing shall constitute and/or deem to constitute an offer or an invitation to an offer, to be made to the Indian public or any section thereof through this document, and this document and its contents should not be construed to be a prospectus in India. This document has not been and will not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchanges in India. This document does not comply with the disclosure requirements prescribed by the SEBI or any other applicable authority in relation to a public issue of securities on the Indian stock exchanges. This document and the contents hereof are restricted for only the intended recipient(s). This document and the contents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any manner whatsoever, and in particular, may not be forwarded to any US person or any address in the United States. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the US Securities Act of 1933, as amended, or the applicable laws of other jurisdictions. The Company or any other parties whose names appear herein, shall not be liable for any statements made herein or any event or circumstance arising there from. This document has been made available to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission. In accessing this document, you agree to be bound by the terms and conditions hereof, including any modifications to them any time you receive any information from us as a result of such access. This presentation is not an offer for sale of securities in the United States. The securities of the Company have not been and w ill not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of the Company may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) absent registration under the Securities Act or pursuant to an exemption from registration. There will be no public offering of the Company's securities in the United States.

DTH Industry Overview

India TV industry and DTH overview

Increasing TV Penetration
175

Pay-TV market on a growth trajectory

100% 86% 131 124 115 105 94 82 72 65 57 50% 40% 30% 20%
2004 2005 2006 2007 DTH 2008 2009p Digital + IPTV 2010p 2011p 2012p 2013p Analog Cable TV Pay-TV as a % of Total TV HH

250 225 No of Households in MM 200 175 150 125 100 75 50 2004 2005 2006 TV HH
Source: MPA report 2009

209

215

220

225

229

233

236

239

241

243 88 64%

70%
150 84% 81% 77% 125 73% 67% 100 56% 62% 59%

88% 90% 137 80% 70% 60%

94 104 103 100 56% 51% 49% 53% 54% 96 59% 60%

91 62%

89 63%

65% 60% 55% 50%

106

105

75

103

110

116

122

129

136

142

148

152

155 45% 40%

-

50

25

2007

2008

2009p

2010p

2011p

2012p

2013p

Non-TV HH

TV as of % of Total HH
Source: MPA report 2009

DTH gaining foothold in TV HHs

Share in incremental Pay TV HH added

2005 4% 1% 2006 2% 9% 2007 7% 27% 2008 12% 2009p 11% 2010p 19% 2011p 2012p 2013p 56%

2004 100% % share of incremental subscribers

70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
0% 0% 1% 9% 3% 17% 13% 20% 22% 24% 55% 59% 61% 64% 64% 64%

64%

64%

63%

63%

80% 60% 99% 40% 20% 96% 89%

29%

43%

60%

62% 63% 62%

67% 28% 0% -20% 26%

63%

61%

18%

9% -5% -17%

0.0% 2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

% Analog Cable TV
Source: MPA report 2009

% DTH

% Digital + IPTV

Source: MPA report 2009

% DTH HH to TV HH

% Cable HH to TV HH

India is a large TV market - 129 mm HH in 2008 and expected to grow at a CAGR of 3.4% (2008-13p) Pay-TV penetration at 73% of TV HH of which only 14% are Digital HH (2008) Analog is highly fragmented and with limited ability to finance digitization DTH expected to garner 60% market share of new Pay-TV HH over next 5 years as per MPA 2009 4 estimate

DTH exponential market growth

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

DTH % of HHs Increasing penetration

Increased competition fueling high growth High end audio-video quality leading to increased penetration DTH as a % of TV HH is expected to increase to 24% by 2013 (Source: MPA 2009)

% DTH HH to Total HH DTH % of Cable HH

% DTH HH to TV HH DTH % of Pay TV HH

Source: MPA report 2009

Rapidly growing - DTH Subscriber base

50

40

p) -13 09p (20 .7% :20 GR CA 24

18 29

38 34

DTH leading the nation wide digitization wave DTH HH increased from 1 mm in 2006 to 11 mm in 2008(Source: MPA 2009) Increased DTH penetration will drive continuous growth of DTH HH

No. of households in mm

30

20

11 10 4 0 0 2004
Source: MPA report 2009

0 2005

1 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

Key industry milestones

Subscribers in mm
DTH subscribe base at ~10 mn subs

12 10 8 6 4 2 Apr-05 Apr-06
Launch of DTH Services by Dish TV in select markets

DTH subs breach the 2 mn mark between 2 players

Voluntary Digitization of Cable players started to launch digital cable services Launch of DTH operations by Reliance Launch of DTH operations by Sun Direct

Launch of DTH services by Tatasky Dispute over content settled between Dish & Star Trigger on Digitization CAS made mandatory in select parts of metros

Launch of DTH operations by Airtel

Dispute over content with Sun TV settled

Apr-07

Dec-05

Dec-06

Dec-07

Apr-08

Dish TV (mn)

DTH HH (mn)

Source: Dish TV

Dec-08

Aug-05

Aug-06

Aug-07

Aug-08

Current DTH landscape

Company Group Launch Date2 Subscribers Dec 081 Ownership2 Technology
2

Zee Group Oct 03 4.5 Public MPEG2 S1

2

Tatas Aug 06 3.2 Private MPEG2 S1 *** *** ***** 200 19

Sun TV Jan 08 2.3 Private MPEG4 S1 ** ** *** 170 29

Reliance ADAG Aug 08 1.1 Division of R.com MPEG4 S1 ** **** ***** 200 54

Bharti Oct 08 NA Division of Bharti MPEG4 S2 * * ***** 1502 32

Geographical Spread Distributors2 Pricing Strategy2 Channels tie ups1 Services

2

***** ***** ***** 225 40

Source: MPA report 2009 ; 2: Dish TV estimates

Industry -Key regulations

Total Foreign investment limit of 49% with a sub limit of maximum 20% for Foreign Direct Investment Uplink centre in India Set-top boxes have to be BIS compliant License Fee at 10% of subscription revenues (Proposed for 6% under approval) Initial license validity of 10 years; renewable there after

Licensing regulations

Inter Connect Regulation

Content providers have to provide content to all broadcasters; Pricing flexible Prohibits broadcasters from guaranteeing minimum number of subscribers

Quality of Service Regulation

Subscriber to be offered STBs on Rental / Hire purchase / Sale Mechanism to handle customer complaints & grievances

Reference Interconnect offers

Pricing information on content of the broadcaster Max 50% of Non CAS Cable Rates A-la-carte offering to be allowed

DISH Market leader in DTH

Dish TV From Indias largest media conglomerate

Essel Group
Company
Dish TV (73%)
n

Business
Indias largest Direct to home satellite distribution company

Market cap (US$m)

888

Revenues (US$m)
153

Zee Entertainment Enterprise Ltd (42%)

22 entertainment channels covering genres GEC, Movies, Sports, Music, Religious, Comedy, Lifestyle

1,575

453

Zee News Ltd (54%)

11 channels covering genres news, business, and regional GECs

204

106

Wire & Wireless India Ltd (49%)

Indias largest Cable distribution company

87

57

ETC Networks (71%)

Music and regional channels, education business

23

14

Note: The % figures in bracket indicate shareholding by Mr Subhash Chandra & family; M.Cap as of July 30, 09 ; Revenues as per audited statements of FY 2009; Source: Dish TV

10

Dish TV - Business model

Up-front subsidy on set top boxes to acquire subscribers

Subscription revenues received in advance as per the chosen plan by subscribers Other developing revenue streams Teleport Movies on demand A-la carte Carriage fees Advertisement Benefits of economies of scale to accrue moved from variable payment of content cost to a fixed payment structure Focus on improving ARPU, reducing churn and subscriber acquisition cost (SAC)

11

Dish TV Key strengths

Perceived as the industry pioneer with largest subscriber base

Market Leadership

Carried and distributed by majority third party distributors and dealers Strong Branding with consumers

Largest channel offering with diversified content

Largest number of channels offered on DTH platform 240 channels & services (Jun09) ZEE brand name and content backing ==> One of Indias leading media group Continuous focus on strong regional content in linguistic zones Leverage in content tie-ups due to a dominant market leadership position Pan-India presence through 800 distributors & ~48,000 dealers across 6600 towns as of Jun 09

Sales & Distribution network

Network managed by over 200 sales personnel 8 zonal and 9 regional offices (Jun 09) ~600 Dish Shoppees to provide demo product experience to prospective users as of Jun-09 Incentive of dealers is per STB sold Sufficient capacity to broadcast increasing channels current 9 ku band transponders

Advanced infrastructure

Model geared to grow in future adding to transponder capacity and technology upgrade on cards Heavy capex investment enables to deliver a high end audio-video quality

12

Dish TV Strategy
Focused marketing leading to creation of a BRAND SRK campaign

Customer acquisition strategy

Largest content offering and digital viewing experience Aligned dealer incentive structure-Higher incentives for subscriber at higher packs Competitive pricing, A-la carte offerings and ease of making payments Distribution and after sales service

Customer retention strategy

Promotions and dealer incentives offered on an ongoing basis to retain customers through innovative packages Over 350 Dish Care Centers (DCCs) & service franchisees providing installation and after sale-service as of Mar-09 In-house call centre, operating 24*7 with capacity of up to 800 operators

13

Select key management personnel

Mr.Chandra is the promoter of Essel Group of Companies His business interests include television networks and film entertainment, cable systems, satellite communications, theme parks, flexible packaging, family entertainment centers and online gaming Mr. Chandra has been the recipient of numerous honorary degrees, industry awards and civic honors, including being named Global Indian Entertainment Personality of the Year by FICCI for 2004, Business Standards Businessman of the Year in 1999, Entrepreneur of the Year by Ernst & Young in 1999 and Enterprise CEO of the Year by International Brand Summit. Jawahar Lal Goel has been the Managing Director of Dish TV since January 6, 2007 Mr. Goel is been actively involved in the creation and expansion of Essel Group of Industries and has been instrumental in establishing Dish TV as a prominent DTH brand in India. He is the president of the Indian Broadcasting Foundation and is an active member on the Board of various committees and task forces, set up by Ministry of Information & Broadcasting. Salil Kapoor has been the Chief Operating Officer since July 2008. He is responsible for sales, marketing, service and overall supervision of the zonal offices of Company. He has work experience of over 18 years in the industry with various global corporations including Samsung India Elec. Ltd., Microsoft Corp.India (Pvt) Ltd., LG Electronics India, Blue Star Limited and Fedders Llyod Ltd. Mr. Kapoor holds a bachelor of engineering from Bangalore University and MBA from University of Delhi. Rajiv Khattar has been the President-Projects of our Company since September 1, 2005. He is responsible for strategic tie-ups and technology upgrades of the DTH platform. Mr. Khattar has an aggregate work experience of 20 years and experience of 12 years in the telecom industry. Prior to joining Dish, he worked with Reliance Infocom Limited as the President for Netway. Since September 2005 Mr. Amitab Kumar is responsible for broadcasting operations of the Company Prior to joining Dish, he has held various senior positions in the Industry including the position of the acting Chairman and Managing Director of Tata Communications Limited (formerly known as Videsh Sanchar Nigam Limited) Mr. Kumar has an aggregate work experience of 31 years in the telecom industry and holds a professional certificate in electronic data interchange from All India Management Association and Deakin University, Australia

Mr. Subhash Chandra Non-Executive Chairman

Mr.Jawahar Lal Goel Managing Director

Mr.Salil Kapoor Chief Operating Officer

Mr. Rajiv Khattar President Projects

Mr. Amitabh Kumar President Technology

Mr. Rajeev Dalmia CFO

Mr. Dalmia has an overall work experience of 20 years in the finance industry and is responsible for maintaining finance and accounts of the company He is a qualified fellow chartered accountant from the Institute of Chartered Accountants of India

14

DISH TV - Competitive position

Dish TV Increasing number of subscribers
6 5.5 5.1 5 4.7 4.6 4.3 4 3.4 3.0 3 2.7 2.5 2.2 2 Q3 Q4 Q1 Q2 FY08 FY08 FY09 FY09 Q3 Q4 FY09 FY09 Q1 FY10 Q2 FY10 3.9 4.0 5.9

Dish market share on total subscriber base

12 75.7%
5.0

80% 70% 60%

10

8 50% 6 42.4% 11.1 40% 30% 20% 2 4.7 3.6 2.7 10% 0% Dec-07 Total DTH HH Dish TV HH Dec-08 Dish TV Market Share % Share

3.4

4
2.9

Gross Subscriber base MM

Source: Dish TV

Net Subscriber Base

Source :Total DTH HH as per MPA report 2009; Dish TV HH Gross Subscribers as per Dish TV

Players with large and stable subscriber base to emerge as winners in the long 15 run..Dish TV well placed being the largest player in the DTH industry

Dish TV Financials

16

Dish TV - Financials
Revenues - Annual EBITDA - Annual

CAGR: 56.9%
9,000 7377 7,000 INR MM
0 -500 FY 07 FY 08 FY 09 0% -20% -26% -40% -60% -1885 -2196 -99% -80% -100%

5,000

4127

-1000 -1500 -53% -1889

3,000
Source: Audited financials

1909

-2000 -2500

Source: Audited financials

1,000 FY 07 FY 08 FY 09

Revenues - Quarterly
2,800 2467 2575
250 Q3 FY 08 Q4 FY 08

EBITDA - Quarterly
Q1 FY 09 Q2 FY 09 Q3 FY0 9 Q4 FY0 9 Q1 FY10 145 44 Q2 FY10 231 20%

2,200 INR MM 1733

2071 1927

6% 2%

9%

0%

-20% -250 -20% -40% -39% -41% -50% -667 -80% -874 -1000 -100% -390 -60% -500

1644 1,600 1363 1121 1,000

-57% -642 -750

-538

Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1 FY10 Q2 FY10

Source: Published quarterly results Source: Published quarterly results

Aggressive subscriber acquisition coupled with higher margins

17

Lower content cost driving higher margins

2500
2012
80% 73% 70% 60% 61%

90%
1905 1641 1517
61 % 59% 54% 46% 30% 319 40% 529 39% 540 39% 588 971 41% 1024

80% 70% 60%

54% 46%

2000

71%

71%

Subs mn

1500
880 704
29% 27% 234

1074

1332

1407

50% 40% 30% 20% 10%

Dish TV moves from variable to fixed price content cost contracts

1000
454

591
29%

1087

500

171 9120% 363 420

202

502

646

755

804

867

929

670

881

925

0%

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

Content Cost Content Cost (% Subs Revenue)

Source: Company

Contribution Contribution (% Subs Revenue)

Contribution margin are steadily improving.. business heading towards EBIDTA break even
18

Key business metrics

ARPU
180 170 160 150 INR 142 140 130 120 110 100
Q3 FY08 Q4 FY08

164 158 150 137 132 142

139

ARPU under pressure with increased competition Rational pricing to prevail as low pricing not sustainable over long term

Subscriber acquisition cost

2832 2634 2601

Q1 FY09

Q2 FY09

Q3 FY09 Q4 FY09

Q1 FY10

Q2 FY10

3,000

2635 2505 2487

2,500

2034 INR 2,000 1880

Focus on reducing subsidies Moved to a model of charging for a bare box and un-bundling of the content fees and the Set top boxes

1,500

1,000
Source:

Q3 = (Subscription revenue FY09 Q2 FY09 Avg. subscribers during Q1 FY10 Q2 FY10 Dish TV; ARPUFY08 Q4 FY08 Q1 + activation charges) /Q3 FY09 Q4 FY09 the period; SAC = Subsidy on STB+80% of marketing exp.+Comm. to dealers

19

Summary Financials Quarterly

Quarter ended Gross Operating Revenue Expenditure EBITDA Add: Other Income Less: Depreciation EBIT Less: Financial Exps PBT Provision for Tax PAT Operating metrics Subscribers Added (mm) SAC ( Rs/sub) ARPU ( INR ) 495 (1,368) 171 (1,539) 2 (1,541) Jun-08 0.53 2,601 150 Sep-08 1,733 2,607 (874) Mar-09 2,071 2,027 44 10 644 (590) 217 (807) 2 (809) Mar-09 0.35 2,505 131 Sep-09 2,575 2,344 231 4 730 (495) 66 (562) 0 (561) Sep-09 0.41 2635 139

Source: Dish TV Earnings release and published quarterly results; Amounts in INR MM unless other wise mentioned

20

Investment summary
Large and growing DTH market Pioneer and leader of DTH services in India
Subscribers expected to grow from c.17m in 2009 to c. 37mm in 2013 (MPA 2009 report) Competition to fuel growth to the DTH industry currently only 6 players Dish TV is the only player in the listed space in India and has been recognised as a BRAND First mover advantage ~1 year lead over nearest competitor and ~ 3 year lead over others Leader in the DTH industry - largest subscriber base ~ 5.9 mm (Sep-09) Backed by Zee Group One of Indias leading Media group Basic subscription packs Value added services Bandwidth Teleport services

Full-service business model Largest channel offering with diversified content Advanced infrastructure

240 channels & Services Content tie-ups at fixed rates largest subscriber base to provide economies of scale Only player with sufficient capacity to broadcast increasing channels current 9 ku band transponders Model geared to grow in future adding to transponder capacity and technology upgrade on cards Wide reach to 6,600 towns through 800 distributors and 48,000 dealers (Sep 09) 8 Zonal and 9 regional offices (Sep 09)

Large distribution network

21

Questions?

22

Thank you

23