27 May 2016 Broadcasting / Movie & Entertainment Dish TV Confet once cal! takeaways Dish TV rolled out differential pricing strategy in the balance of 38 cities covered under Phases 1 and 2 appl

27 May 2016 Broadcasting / Movie & Entertainment Dish 7V Model updated:26 May 2015 lihrinini the nnoit,,e. Asia India Broadcasting I Movie & Entertainment Dish IV Routers: DS ry BO Buy Pri

27 May 2015 Broadcasting / Movie & Entertainment Dish IV (Figure I: Dish TV 40P115 results snapshot INV m ArifY Ii 'JCIFYlb Cou pr..) 40; Y14 Subscnber addition for the Quarter 0.70 0.66

27 May 2016 Broadcasting / Movie & Entertainment Dish IV F=igure 3: Both gross margin and EBITDA registered a robust growth in FY 15 IIIIIIIIIIB3IT00 m INRmn (LHS) —.-.SrOnmargitIS%(RHS) 8 8 8

27 May 2016 Broadcasting / Movie & Entertainment Dish TV Valuation and risks We have factored in net subscriber additions in FY16/FY17 of 1.4/1.4mn. We now factor in EP/0/10% content-cost increa

27 May 2016 Broadcasting / Movie & Entertainment Dish TV [Figure 4: Quarterly ARPU •ARPU (Quarter) 185 180 175 170 165 160 159 155 150 145 150 1 140 10 LL ,1 5 8 CI 3 5 8 Sews. D

27 May 2015 Broadcasting / Movie & Entertainment Dish IV to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substanti

27 May 2016 Broadcasting / Movie & Entertainment Dish 1V Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also

27 May 2015 Broadcasting / Movie & Entertainment Dish IV Risks Key downside risks include a reduction in ARPU, an increase in content cost, and an increase in churn rate. Our sensitivity analys

27 May 2016 Broadcasting / Movie & Entertainment Dish TV Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectivel