DISH TV INDIA LIMITED

Corporate Presentation
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2
DTH Industry Overview
 India TV industry and DTH overview
Increasing TV Penetration Pay-TV market on a growth trajectory
175 100%

239 241 243 88%

250 233 236 70% 86%
229 150 84% 90%
220 225 81% 137
225 215 88 77% 131
209 65% 124 80%
91 89 125 73%
115
No of Households in MM

200 94 67%
64% 105
70%
96 62% 63% 60% 62% 94
175 100 100
103 60% 59%
104 56% 82
105 59% 60%
106 72
150 56% 55% 75 65
51% 54% 57 50%
125 53%
49% 50% 50
40%
100 148 152 155
136 142
122 129
110 116 45% 25 30%
75 103

50 40% - 20%
2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p
2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p A nalo g Cable TV DT H Digital + IP T V P ay-TV as a % o f To tal T V HH

TV HH Non-TV HH TV as of % of Total HH
Source: MPA report 2009 Source: MPA report 2009
DTH gaining foothold in TV HHs Share in incremental Pay TV HH added
7 0 .0 % 2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p
64% 64% 64% 64% 64% 63% 63% 2%
6 1% 100%
59% 1% 4% 9% 7% 12% 11%
6 0 .0 % 55% 19% 56%
29%

% share of incremental subscribers

43%
80% 27%
5 0 .0 %

4 0 .0 % 60% 60% 62%

99% 96% 63%
89%
3 0 .0 % 24% 40% 62%
22% 67%
20% 63% 61%
2 0 .0 % 17 %
13 % 20%
9% 28% 26%
1 0 .0 % 18%
3% 9%
0% 0% 1% 0% -5%
0 .0 % -17%
2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p -20%
% Analog Cable TV % DTH % Digital + IPTV
% DTH HH to TV HH % Ca b le HH to TV HH
Source: MPA report 2009 Source: MPA report 2009

ƒ India is a large TV market - 129 mm HH in 2008 and expected to grow at a CAGR of 3.4% (2008-13p)
ƒ Pay-TV penetration at 73% of TV HH of which only 14% are Digital HH (2008)
ƒ Analog is highly fragmented and with limited ability to finance digitization
ƒ DTH expected to garner 60% market share of new Pay-TV HH over next 5 years as per MPA 2009 estimate
4
 DTH – exponential market growth
DTH % of HH’s – Increasing penetration
45%

40%
ƒ Increased competition fueling high
35%
growth
30%

25%
ƒ High end audio-video quality leading
20% to increased penetration
15%

10% ƒ DTH as a % of TV HH is expected to

5%
increase to 24% by 2013 (Source: MPA
2009)
0%
2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p

% D T H H H to T o ta l H H % D T H H H to T V H H
D T H % o f C a b le H H D TH % of P ay TV H H

Source: MPA report 2009

Rapidly growing - DTH Subscriber base
50
ƒ DTH leading the nation wide
40
p) 38
digitization wave
13
9p- 34
ƒ DTH HH increased from 1 mm in 2006
0
(20
%
No. of households in mm

0.7 29
:2
to 11 mm in 2008(Source: MPA 2009)
30
GR
CA 24

20 18
ƒ Increased DTH penetration will drive
11 continuous growth of DTH HH
10

0 1
0
0
2004 2005 2006 2007 2008 2009p 2010p 2011p 2012p 2013p
Source: MPA report 2009
5
 Key industry milestones

Subscribers in mm DTH subscribe

Voluntary Digitization base at ~10 mn
subs
12 DTH subs breach of Cable players
the 2 mn mark started to launch
between 2 players digital cable services
10 Launch of DTH
operations by
Launch of DTH
8 services by Tatasky
Reliance
Launch of DTH
operations by
6 Launch of DTH
Services by Dish TV
Dispute over Trigger on
Digitization CAS made
Sun Direct
Launch of DTH
content settled
in select markets between Dish & mandatory in select operations by
4 Star parts of metros Airtel

Dispute over
2 content with Sun TV
settled
-
Apr-05

Apr-07
Apr-06

Apr-08
Dec-05

Dec-06

Dec-07
Aug-05

Aug-07

Dec-08
Aug-06

Aug-08
Dish TV (mn) DTH HH (mn)

Source: Dish TV
6
Current DTH landscape
Company

Group Zee Group Tatas Sun TV Reliance ADAG Bharti

Launch Date2 Oct 03 Aug 06 Jan 08 Aug 08 Oct 08

Subscribers – Dec 081 4.5 3.2 2.3 1.1 NA

Ownership2 Public Private Private Division of R.com Division of Bharti

Technology2 MPEG2 S1 MPEG2 S1 MPEG4 S1 MPEG4 S1 MPEG4 S2

Geographical Spread2 ***** *** ** ** *

Distributors2 ***** *** ** **** *

Pricing Strategy2 ***** ***** *** ***** *****

Channels tie ups1 225 200 170 200 1502

Services2 40 19 29 54 32

Source: MPA report 2009 ; 2: Dish TV estimates

7
Industry -Key regulations

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

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

Quality of Service ƒ Subscriber to be offered STBs on Rental / Hire purchase / Sale

Regulation
ƒ Mechanism to handle customer complaints & grievances

ƒ Pricing information on content of the broadcaster

Reference Interconnect
ƒ Max 50% of Non CAS Cable Rates
offers
ƒ A-la-carte offering to be allowed

8
DISH – Market leader in DTH
Dish TV – From India’s largest media conglomerate

Essel Group

Market cap Revenues

Company Business (US$m) (US$m)

Dish TV (73%) „ India’s largest Direct to home satellite distribution company 888 153

Zee Entertainment „ 22 entertainment channels covering genres GEC, Movies, Sports, Music,
Enterprise Ltd (42%) 1,575 453
Religious, Comedy, Lifestyle

Zee News Ltd (54%) „ 11 channels covering genres news, business, and regional GECs 204 106

Wire & Wireless India

Ltd (49%) „ India’s 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

ƒ Up-front subsidy on set top boxes to acquire subscribers

ƒ Subscription revenues received in advance as per the chosen plan by subscribers

ƒ Other developing revenue streams

ƒ Teleport
ƒ Movies on demand
ƒ A-la carte
ƒ Carriage fees
ƒ Advertisement

ƒ Benefits of economies of scale to accrue – moved from variable payment of content cost to a fixed
payment structure

ƒ Focus on improving ARPU, reducing churn and subscriber acquisition cost (“SAC”)

11
Dish TV – Key strengths

ƒ Perceived as the industry pioneer with largest subscriber base

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

ƒ Largest number of channels offered on DTH platform – 240 channels & services (Jun09)
Largest channel
offering with ƒ ZEE brand name and content backing ==> One of India’s leading media group
diversified ƒ Continuous focus on strong regional content in linguistic zones
content ƒ Leverage in content tie-ups due to a dominant market leadership position

ƒ Pan-India presence through 800 distributors & ~48,000 dealers across 6600 towns as of
Jun 09
Sales & Distribution ƒ Network managed by over 200 sales personnel – 8 zonal and 9 regional offices (Jun 09)
network
ƒ ~600 ‘Dish Shoppees’ to provide demo product experience to prospective users as of
Jun-09
ƒ Incentive of dealers is per STB sold

ƒ Sufficient capacity to broadcast increasing channels – current 9 ku band transponders

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

12
Dish TV – Strategy

ƒ Focused marketing leading to creation of a BRAND – SRK campaign

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

ƒ Promotions and dealer incentives offered on an ongoing basis to retain

Customer customers through innovative packages
retention ƒ Over 350 Dish Care Centers (DCCs) & service franchisees providing
strategy installation and after sale-service as of Mar-09
ƒ In-house call centre, operating 24*7 with capacity of up to 800 operators

13
Select key management personnel
ƒ Mr.Chandra is the promoter of Essel Group of Companies
ƒ His business interests include television networks and film entertainment, cable systems, satellite communications,
Mr. Subhash Chandra theme parks, flexible packaging, family entertainment centers and online gaming
Non-Executive Chairman ƒ 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 Standard’s 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.

ƒ Jawahar Lal Goel has been the Managing Director of Dish TV since January 6, 2007
Mr.Jawahar Lal Goel ƒ 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.
Managing Director
ƒ 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.

ƒ 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.
Mr.Salil Kapoor
ƒ He has work experience of over 18 years in the industry with various global corporations including Samsung India Elec.
Chief Operating Officer Ltd., Microsoft Corp.India (Pvt) Ltd., LG Electronics India, Blue Star Limited and Fedders Llyod Ltd.
ƒ Mr. Kapoor holds a bachelor of engineering from Bangalore University and MBA from University of Delhi.

ƒ Rajiv Khattar has been the President-Projects of our Company since September 1, 2005. He is responsible for
Mr. Rajiv Khattar strategic tie-ups and technology upgrades of the DTH platform.
President Projects ƒ 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.

ƒ Since September 2005 Mr. Amitab Kumar is responsible for broadcasting operations of the Company
Mr. Amitabh Kumar ƒ 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)
President Technology
ƒ 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. Rajeev Dalmia ƒ 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
CFO
ƒ 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 Dish market share on total subscriber base

6 5.9

5.5 12 80%
75.7%
5.1 70%
5.0
5 10
4.7
4.6
60%
4.3 8
50%
3.9 4.0

% Share
4
42.4%
6 40%
11.1
3.4 3.4
30%
3.0 4
3 2.9
2.7 20%
2.5 4.7
2 3.6
2.2 2.7 10%

2 0 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Dec-07 Dec-08
FY08 FY08 FY09 FY09 FY09 FY09 FY10 FY10

Total DTH HH Dish TV HH Dish TV Market Share

Gross Subscriber base MM Net Subscriber Base
Source: Dish TV 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
run…..Dish TV well placed being the largest player in the DTH industry 15
Dish TV – Financials
 Dish TV - Financials
Revenues - Annual EBITDA - Annual

9,000 FY 07 FY 08 FY 09
7377 0 0%

7,000 CAGR: 56.9%

-500 -20%
INR MM

-26%
5,000 -1000 -40%
4127

-1500 -60%
-53%
3,000
1909
-2000 -1889 -1885 -80%

1,000 -2196
-2500 -100%
FY 07 FY 08 FY 09 -99%
Source: Audited financials Source: Audited financials
Revenues - Quarterly EBITDA - Quarterly

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

2,800 250
231
20%
2467 2575 145

44
9% 0%
6%
0
2%
2071
2,200 1927 -20%
INR MM

-250 -20%

1733
1644 -40%
-39% -41% -390
-500
1,600 -50%
-60%
-538
1363 -57%
-642 -667
1121 -750
-80%

-874
1,000 -1000 -100%
Q3 FY08 Q4 FY08 Q1FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1FY10 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 90%
2012
80% 80%
73% 1905
71% 71% 70% 1641
2000 70%
60% 1517
61%
61% 59%
60%
1332 1407
1500 1074 54% 54%
Subs mn

50%
880 46%
46%
704 39%
41% 40%
1000 591 40% 39% 1024 1087
29% 30% 588
29% 27% 540 30%
454 319 529 971
234
500 202 20%
20% 171 Dish TV moves
91
from variable to
10% fixed price content
363 420 502 646 755 804 867 929 670 881 925 cost contracts
0 0%
M ar-07 Jun-07 Sep-07 Dec-07 M ar-08 Jun-08 Sep-08 Dec-08 M ar-09 Jun-09 Sep-09

Content Cost Contribution

Content Cost (% Subs Revenue) Contribution (% Subs Revenue)
Source: Company

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

18
 Key business metrics
ARPU
180

170 164

160 158 150 137

132
142 139 ƒ ARPU under pressure with increased
150
142 competition
INR

140

130
ƒ Rational pricing to prevail as low pricing
120
not sustainable over long term
110

100
Q3 FY08 Q4 FY08 Q1FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1FY10 Q2 FY10

Subscriber acquisition cost

3,000
2832

2634 2635
2601
2505 2487
2,500
ƒ Focus on reducing subsidies – Moved to a
2034 model of charging for a bare box and
un-bundling of the content fees and the
INR

2,000
1880

Set top boxes

1,500

1,000
Q3 FY08 Q4 FY08 Q1FY09 Q2 FY09 Q3 FY09 Q4 FY09 Q1FY10 Q2 FY10
Source: Dish TV; ARPU = (Subscription revenue + activation charges) / Avg. subscribers during the period; SAC = Subsidy on STB+80% of marketing exp.+Comm. to dealers
19
Summary Financials – Quarterly
Quarter ended Sep-08 Mar-09 Sep-09
Gross Operating Revenue 1,733 2,071 2,575

Expenditure 2,607 2,027 2,344

EBITDA (874) 44 231

Add: Other Income 10 4

Less: Depreciation 495 644 730

EBIT (1,368) (590) (495)

Less: Financial Exps 171 217 66

PBT (1,539) (807) (562)

Provision for Tax 2 2 0

PAT (1,541) (809) (561)

Operating metrics Jun-08 Mar-09 Sep-09

Subscribers Added (mm) 0.53 0.35 0.41

SAC ( Rs/sub) 2,601 2,505 2635

ARPU ( INR ) 150 131 139

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

20
Investment summary
Large and growing ƒ Subscribers expected to grow from c.17m in 2009 to c. 37mm in 2013 (MPA 2009 report)
DTH market ƒ Competition to fuel growth to the DTH industry – currently only 6 players

ƒ Dish TV is the only player in the listed space in India and has been recognised as a BRAND
ƒ First mover advantage – ~1 year lead over nearest competitor and ~ 3 year lead over
Pioneer and leader of others
DTH services in India ƒ Leader in the DTH industry - largest subscriber base ~ 5.9 mm (Sep-09)
ƒ Backed by Zee Group Î One of India’s leading Media group

ƒ Basic subscription packs

Full-service ƒ Value added services
business model ƒ Bandwidth
ƒ Teleport services

Largest channel
offering with ƒ 240 channels & Services
diversified ƒ Content tie-ups at fixed rates – largest subscriber base to provide economies of scale
content
ƒ Only player with sufficient capacity to broadcast increasing channels – current 9
Advanced ku band transponders
infrastructure ƒ Model geared to grow in future – adding to transponder capacity and technology
upgrade on cards

Large distribution ƒ Wide reach to 6,600 towns through 800 distributors and 48,000 dealers (Sep 09)
network ƒ 8 Zonal and 9 regional offices (Sep 09)

21
Questions?
Thank you