EFTA01457525.pdf

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 0.40 010 Closing net subscribers 12.89 12.46 11.38 12.64 ARM 179 177 1.1 164 97 164 (2 7) Income from subscription 6.806 6.554 38 5.552 22.6 6,929 (1.81 Net revenue 7.525 7,112 5.8 5,349 M5 7,414 1.5 Preylemmata and other costs 2.088 2.004 4.2 2.019 3.4 2.262 P.7) Other cost of goods and services 1,593 1.526 4.4 1.504 5.9 1,570 1.5 Employee costs 247 258 (431 210 17.6 264 to.41 Adnin expenses 319 308 35 513 O781 320 (0.31 Advertisement exp 115 124 (7.3) 155 /25.81 157 (268) Commission 650 691 (5.9) 507 283 720 (9.7/ Other selling and distribution exp 316 316 (0.0) 172 fkl.0 325 (28/ ERMA 2219 1,012 MI 1.299 711 1.825 21.7 Recurring net profit 350 Ini n.e. (327) n.e. 11571 Margins /ha 22* 2Ps EBITDA Margin 29.5% 26.9% 20 20.3% 267 24.6% 490 FCF 750 290 152 1,802 He) son* DOcesOtO ant .wren. covenen Figure 2: Dish N has increased the price of its base pack despite the increase in competitive intensity ease Pnck rim) (me) Jun'14 220 Aug'14 230 F06'15 INR240 for base pack and INR250 for Metros due to differential pricing May IS INR250 for base pack and INR260 for Metros due to differential pricing fi r♦ Crory diva /Lavas Sant Dolitschn Rank AC/Hong Kong Page 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117100 CONFIDENTIAL SDNY_GM_00263284 EFTA01457525