EFTA Document EFTA01457523

Deutsche Bank Markets Research Hoting Buy .4cia India Broadcasting / Movie & Entertainment Dish TV DSIV BO 210:41-4:er, DfRr IN Back to the good old days of operating leverage EN,17",n,a , SSE DSTV I ov: inflation in content cost provides vinibilitv on siren() earninas growth During FY10-12, Dish TVs EBITDA grew 4.2x as the company doubled its number of subscribers and entered into fixed content cost deals with the broadcasters. We believe operating leverage will play out for