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Dish TV India LimitedInvestor 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.

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The Indian TV Industry

4Source: TV industry size: FICCI-KPMG 2017; TV Households: BARC India Universe Update 2018; Distribution Industry: MPA Report 2017

AnalogCable28%

Digital Cable39%

Market share - Distribution Industry

DTH33%

2020 INR 821 Bn.TV subscription revenuesCAGR of 8%(2017-2020P)

TV Industry to gain from increasing TV and Pay -TV penetration

Broadcasting Industry

Multiple broadcasters, having 300 pay channels, 577 FTA channels, producing content in more than

15 languages

Total households (in Mn.)

Total TV households (in Mn.)

TV penetration (of total HH’s)

C&S Penetration (of TV HH’s)

2018 2020

298 311

197

66%

83%

212

68%

84%646

702

821

665

761

920

2017

2018

2020P

TV Industry Size (INR Bn.)

Subscription revenues Advertising revenues

What does TV mean to India?

5Source: Daily Time spent and Daily tune in on TV: BARC; Daily time spent per day with major media: eMarketer

57%

7%

5% 31%

TV

Radio

Print

Avg. daily time spent per day with major media by an adult

Digital

Daily tune in on TV:566 Mn. Individuals

Daily Time spent per individual03:44:28

(hh:mm:ss)

TV continues to remain the most popular form of entertainment across all age groups in the country

.. Collective family entertainment

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All India Urban Rural

95%98%97%

Percentage of single TV households

Source: Percentage of single TV households: BARC

77% large and affluent joint families have single TV’s, implying co-viewing as a consumption pattern

.. Across age groups

7Source: Share of TV viewership by, and across age groups: BARC

Share of TV viewership universe across age groups

0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000

51+ yrs

41-50 yrs

31-40 yrs

15-30 yrs

2-14 yrs

2017 2016

22%

Share of TV viewership universe by age groups(in Mn. impressions)

Contrary to popular perception, the youth contributes a massive 33% share of TV viewership, and has seen a growth of 22% in impressions over the year

20%

33%17%

14%

16%

Adults(31-40 yrs)

Youth(15-30 years)

Mature41-50 years

Kids(2-14 years)

Senior(>50 years)

And that is Despite increasing internet penetration

8Source: Broadband subscribers: TRAI Subscription Report, December 2017; TV viewership impressions: BARC

20% growthin overall TV viewership

All India internet penetration- 30%

0 2000 4000 6000 8000 10000

51+ yrs

41-50 yrs

31-40 yrs

15-30 yrs

2-14 yrs

Increasing TV viewership (in Mn. impressions)

2017 2016

40.770.4

120

218

345

14.5 15.3 16.5 18.1 17.9

0

50

100

150

200

250

300

350

400

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Broadband subscribers (in Mn.)

Wireless broadband subs (mn) Fixed broadband subs (mn)

Pay -TV and digital OTT services to remain complementary screens, with both growing individually and co-existing

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The Pay - TV Industry

An overview of the Pay - TV industry

TV households

197 Mn.

Pay -TV

163 Mn.

Cable Subs

109 Mn.

DTH Subs

54 Mn.

Non - Pay

34 Mn.

Free Dish

22 Mn.

10Source: TV households and Pay - TV distribution by platform: MPA Report 2017; Free Dish subscriber base: M&IB Annual Report, 2018

The onset of digitization brought about greater demand for quality TV viewing, with access to plethora of channels

Asymmetry in the Pay - TV Industry

11Source: Net additions and content cost: MPA Report 2017

Abysmally low content cost per subscriber per month in cable is an ARPU dampener for the entire Pay - TV industry

DTH maximized gains from Digitization (initiated in 2012). Majority of cable additions were conversion from Analog to Digital

Despite having only a 32% market share, DTH contributes >53% of subscription revenues earned by broadcasters

Cable DTH

Subscriber market share (%) 67% 33%

Content cost (INR Mn.) 50,938 56,982

Contribution towards subscription revenues of broadcasters 47% 53%

TRAI Orders effective from July 3, 2018. Stakeholders have a period of 180 days to

implement the provisions of the Order.

Subscribers (in Mn.) 2011 2012 2013 2014 2015 2016 2017 2018

Net new additions by DTH 7.3 4.1 3.6 3.9 3.0 3.5 3.7 4.0

New digital additions by Cable 1.1 9.6 13.3 -1.5 9.7 13.5 10.2 6.9

Out of Which Analog seeding 0.0 7.6 11.5 0.0 8.2 12.1 9.0 5.8

Net new additions by Cable 1.1 2.0 1.9 -1.5 1.6 1.4 1.3 1.2

% of new additions by DTH 87% 67% 66% 100% 65% 72% 75% 78%

% of new additions by Cable 13% 33% 34% 0% 35% 28% 25% 22%

DTHCable

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The Global OTT phenomenon

1,439

1,1311,064

997

103

DirecTV Charter Dish Comcast Netflix

Annual cost of Netflix 1/10th of Pay -TV cost in the US

Annual ARPU (USD) -2016

80

54

30

11 88 117 8 6

USA Australia Sweden Mexico Nigeria

Low cost of OTT vs Pay -TV drove adoption

Pay TV monthly ARPU Netflix monthly fee

Source: Cost of OTT vs Pay –TV: Digital TV Research; Annual cost of Netflix of Pay – TV cost in US: Marymaker Internet Trends Report 2017

Low OTT costs compared to traditional Pay -TV platforms led to higher adoption of OTT content globally

Addressing the elephant in the room - OTT

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The India exception

600

260299

Netflix Cable Pack DTH Basic packs

Pricing (per month) of OTT services vis-à-vis cable and DTH80

54

30

11 82

8 117 8 6 8

USA Australia Sweden Mexico Nigeria India

Pay TV monthly ARPU Netflix monthly fee

Source: Cost of OTT vs Pay –TV: Digital TV Research; Pricing of OTT services vis-à-vis Cable and DTH: Market Estimates;

Or is it really the elephant?

India is an exception to the global OTT phenomenon, with higher cost of OTT vs Pay -TV

Cost of OTT vs Pay -TV per month (in USD)

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1 + 1 = 11

Consolidation to lead to value creation

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Dish TV-Videocon

37%

Tata Sky27%

Airtel23%

Sun Direct11%

Reliance2%

Market Share (% of net subscribers)

Source: Market share: TRAI Data, December 2017

Higher market share of the combined entity to create synergies

A combined entity with a significant presence across

India

Value creation through synergies

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Leveraging strengths of

each company

Cost and financial synergies

Revenue synergies

Adopting best practises

Identifying the strengths of each brand

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High top of the mind brand recall

Value for money offerings

Deep penetration in tier 2 and beyond markets

High brand loyalty in trade circles

Premium segment offerings like 4K

Reasonable presence in urban markets

Popular in regional content markets

Tailor made packages for regional audiences

Presence in key vernacular markets like Orissa and West Bengal

Co-existence of all three brands to target a higher market share while maintaining healthy competition and synergy in backend operations

Adopting best practises- Customer service

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1 million home visits every month by field service

Faster, Better and Efficient Service model built on a service infrastructure no other DTH player can match

Adoption of the company owned service model for the entire entity

More than 4,000 distributors and around 470,000 dealers Mobile App for subscribers

Call centres across India supported by a large no. of agents

Targeting more than 450 owned service centres and 5,500 company

technicians

Adopting best practises - Backend and IT Operations

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IVR for faster response

Optimising AHT for better customer experience

Cross utilising critical infrastructure for synergies

Inbound/outbound swap

Synergising backend operations to reap long term benefits and faster turnaround time for customer resolutions

Revenue synergies

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Targeting brands

Monetising data for

targeting brands

Reverse Data Path for

understanding customer

preferences

Advertising synergies VAS synergies

Focus on entering into content partnership, and enhancing VAS business by leveraging programming and promotions on both platforms

Revenue synergies by harnessing customer data analytics, and using targeted programming content

Cost and financial synergies

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Re-balancing transponder capacity

Optimising content payout

Minimising borrowing costs

Leveraging scale for better negotiations

Cost and financial synergies

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Entering the New Era

Reinvigorating the new entity

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#JeetoSaareHeart

New leadership mix comprising of select professionals from both

entities

Separate sales teams with uniform structures

Fresh campaigns and branding initiatives

Taking the lead in the industry with new customer centric packs-

‘Mera Apna Pack’

The beginning of the transformation into India’s most loved DTH brand!

Sharper customer focus with High Definition

24* Exclusive of taxes

Dish TV HD Add-Ons

English Club HD @ 106*

All Sports HD @ 84*

Maxi Sports HD @ 64*

Sports HD South @ 84*

All Sports HD South @ 102*

Sharper than ever focus on boosting HD acquisition and recharges by maximising combined shelf and

retail visibility

Encouraging HD sampling through economical, must-have HD bouquets

Focussing on High Definition offerings across brands to result in greater ARPU accretion

Launch of new HD compliant STB’s that would be more

economical than the existing STB’s

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Financials

Quarterly performance metrics

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Dish TV India Limited’s performance in 1Q FY19

Net subscriber additions of 301 thousand

EBITDA margin – 33.6%

Operating revenues

INR 16,556

EBITDA & MarginINR 5,568

33.6%

ARPU

INR 214

90%

2%2%

2% 4%

Subscription revenues

Bandwidth income

Advertising income

Lease rent

Other income

Consolidated revenues

34%

19%

3.5%

9.5%

Programming and other costs

Other operating expenses(excl.prog. & other costs)

Employee benefit expenses

Other expenses (including S&Dexpenses)

Consolidated expenses

P&L structure – 1Q FY19

Kicking off growth with a stellar performance in 1Q FY19 ; setting pace for the full year

Quarter ended Quarter ended

INR Million June 2018 March 2018

Operating revenues 16,55615,324

Expenditure 10,989 11,317

EBITDA 5,568 4,006

EBITDA margin (%) 33.6 26.1

Other income 157 127

Depreciation 3,608 3,471

Finance cost 1,775 1,329

Profit / (Loss) before tax 342 (667)

Tax expense:

- Current Tax- Current Tax-prior years- Deferred Tax- Deferred Tax- prior years

104-

(18)-

(378)-

(1,471)-

Net Profit / (Loss) for the period 255 1,182

1QFY 2019 vs. 4QFY 2018Operating revenues break-up

(Rs. mn)

1QFY 2019

Summarized Consolidated P&L - Quarterly

14,893

251

387 346 680

Subscription revenues

Lease rentals

Bandwidth charges

Advertisement income

Teleport services, CPE &Other

27On March 22, 2018, Videocon D2h Limited had merged with and into Dish TV India Limited with the appointed date of the merger being October 1, 2017. Financial numbers for 1Q FY19 are thus not comparable with the corresponding period last year (1Q FY18)

Annual performance metrics

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Dish TV India Limited’s first set of merged financials for FY18

Combined subscriber base of 23 million

EBITDA margin – 28.4% #

Operating revenues*

INR 62,377

Adjusted EBITDA & Margin*INR 19,690

31.6%

ARPU

INR 201

91%

3%

3%

1% 2%

Subscription revenues

Bandwidth income

Advertising income

Lease rent

Other income

Consolidated revenues

36%

18%

5%

13%

Programming and other costs

Other operating expenses(excl.prog. & other costs)

Employee benefit expenses

Other expenses (including S&Dexpenses)

Consolidated expenses

P&L structure – FY18

* Presuming FY 18 financials represented 12 months each of Dish TV and d2h. * Adjusted EBITDA is EBITDA adjusted for merger expenses to the tune of Rs. 840 million booked in FY18 that have been excluded while calculating Adjusted EBITDA# Merged financials for FY18 basis 12 months of Dish TV and 6 months of d2h

Yearended

Yearended

INR Million Mar. – 2018 Mar. – 2017

Operating revenues 46,342 30,144

Expenditure 33,181 20,464

EBITDA 13,160 9,680

EBITDA margin (%) 28.4 32.1

Other income 542 615

Depreciation 10,717 6,908

Financial expenses 3,964 2,292

Profit / (Loss) before tax (979) 1,095

Current TaxCurrent Tax-prior periodDeferred Tax

53(30)

(166)

9820

(708)

Deferred Tax- prior period 13 -

Net Profit / (Loss) for the period (849) 821

FY 2018 vs. FY 2017Operating revenues break-up

(INR Mn.)

FY 2018

Summarized Consolidated P&L- Annual

42,167

1,225

1,375

670

905 Subscription revenues

Lease rentals

Bandwidth charges

Advertisement income

Teleport services, CPE &Other

29Financials of Dish TV India Limited for the year ended March 31, 2018 represent 12 months financial performance of Dish TV India Limited and 6 months financial performance of Videocon d2h Limited

INR Million March 2018 (Audited)

Equity and liabilities

Equity

(a) Equity share capital 1,841

(b) Other equity 65,700

(c) Non-controlling interest (181)Liabilities(1) Non-current liabilities

(a) Financial liabilities

(i) Borrowings 17,949

(ii) Other financial liabilities 526

(b) Provisions 408

(c) Other non-current liabilities 1,214(2) Current liabilities

(a) Financial liabilities

(i) Borrowings 4,532

(ii) Trade payables 6,702

(iii) Other financial liabilities 14,490

(b) Other current liabilities 10,802(c) Provisions(d) Current tax liabilities (net)

27,8860

Total Equity & Liabilities 1,51,871

Consolidated Balance Sheet

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INR Million March 2018 (Audited)Assets(1) Non-current assets

(a) Property, plant & equipment 36,338(b) Capital work in progress 6,781(c) Goodwill 62,754(d) Other intangible assets 22,757(e) Investment accounted for using the equity method 0(f) financial assets

(i) Investments 1,500(ii) Loans 153(iii) Other financial assets 360

(g) Deferred tax assets (net) 6,026(h) Non-current tax assets (net) 1,077

(i) Other non-current assets 1,931

(2) Current assets(a) Inventories 380(b) Financial assets

(i) Investments(ii) Trade receivables(iii) Cash and cash equivalents(iv) Bank balances other than (iii) above(v) Loans(vi) Other financial assets

(c) Other current assets

01,4603,0202,610

65317

4,340

Total assets 1,51,871 31

Annexure

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

Strong presence in national and regional news genre

Founded by Dr. Subhash Chandra

Group Market Cap ( Listed entities under Essel Group ): Rs 752.9 bn(1)

Source: Company websites, BSE, MPA Report 2016

Note: (1) Market capitalization as on 14th May, 2018

Market Cap: Rs 548.1 bn(1) Market Cap: Rs 15.9 bn(1)

Launched in 2005

Asia’s largest DTH service provider

Launched in 2006

One of India’s largest MSO, presence across 54 cities

Daily News & Analysis

Market Cap: Rs 131.9 bn(1) Market Cap: Rs 14.94 bn(1)

Launched in 2005

English broadsheet daily with presence across Mumbai, Bangalore, Pune, Ahmedabad, Jaipur & Indore

Content Distribution

Zee Entertainment Zee Media Corp. Ltd. Dish TV SITI Network

Packaging (Essel Propack)

– Market Cap: Rs 42.12 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

Launched in 1976, Essel Group is one of India’s largest business houses, with a dominant presence in Media

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Thank You