Circ re. (Improved Credit Rating)

November 24, 2020

London Stock Exchange plc.

10 Paternoster Square

London

EC4M 7LS

Subject: Intimation of improved Credit Rating for Bank facilities

Dear Sir,

This is to inform you that 'Acuité Ratings & Research Limited' a SEBI Registered & RBI Accredited Credit Rating Agency, has assigned short term and long term ratings to Dish TV India Limited vide its letter dated November 24, 2020 (received by the Company on November 24, 2020). The details of the ratings assigned to the Company are as per details below:

In terms of the said communication, the Company has been informed that Acuité has considered consolidated business and financial risk profile of Dish TV India Limited and the rating reflects established presence of Dish TV India Limited in the domestic direct to home industry, a healthy subscriber base and extensive experience of the Promoters. These rating strengths are partially offset by the susceptibility to regulatory changes in the industry directly impacting the operations of the group, sequentially declining subscriber base and intense competition in the industry.

You are requested to kindly take the above on record.

Thanking you,

Yours faithfully,

For Dish TV India Limited

Ranjit Singh

Company Secretary and Compliance Officer

Membership No.: A15442