1. Annual Results June 2002 15 August 2002

2. Results Summary $ million 20012002 % Change Revenue 300.4344.615% Operating Expenses 224.7236.45% EBITDA 75.7108.243% Depn & Amort 95.4113.018% EBIT (19.7)(4.8)(76%) Interest 21.326.725% Other 1.3(1.3)(200%) Net Loss after Tax (42.3)(30.2)(29%)

3. Subscriber Growth ‘00020012002 % Change UHF Residential 159.8136.3(15%) DBS Residential 264.2284.38% DBS Wholesale -75.4- Commercial 6.47.314% Total Subscribers 430.4503.217%

4. Full Year Subscribers Full Year Subscribers

5. Pay Television Penetration Australia22% Australia22% France 32% France 32% New Zealand36% New Zealand36% United Kingdom41% United Kingdom41% Finland45% Finland45% Germany 70% Germany 70% United States81% United States81% Switzerland83% Switzerland83% BeNeLux95% BeNeLux95%

6. Moving Annual Net Churn Moving Annual Net Churn

7. Moving Annual Gross Churn Moving Annual Gross Churn

8. Total Revenue Total Revenue CAGR 16%

9. Average Revenue per Unit (ARPU) Average Revenue per Unit (ARPU)

11. Advertising Revenue Advertising Revenue CAGR 22%

12. Programming Costs as a percentage of revenue

13. EBITDA EBITDA CAGR 16%

14. Capital Expenditure (excluding Transponders)

15. Net Profit/(Loss) Net Profit/(Loss)

16. Second Half Comparison $ million 2 nd Half 01 2 nd Half 02 % Change Revenue 155.9177.814% Operating Expenses 116.6121.74% EBITDA 39.356.143% Depn & Amort 50.458.717% EBIT (11.1)(2.6)(77%) Interest 11.114.228% Other 0.60.2(67%) Net Loss after Tax (22.8)(17.0)(25%)

17. 2002 Operating Cash Flow $ million 20012002 % Change Net Loss after Tax (42.3)(30.2)(29%) ADD Depn & Amort 95.4113.018% Loss on Football Kingz 0.02.00% Working Cap Dec/(Inc) (12.4)(10.7)(14%) Other 3.22.9(34%) Net Operating Cash Flow 43.977.075%

18. Free Cash Flow $ million 20012002 % Change Net Operating Cash Flow 43.977.075% Net Investing Cash Flows (140.7)(114.2)(19%) Free Cash Flow (96.8)(37.2)(62%)

19. Impact of Football Kingz $ million As Reported Adjusted for Kingz Net Loss after Tax (30.2)(25.7) Net Operating Cash Flow 77.078.8 $m Kingz After Tax Loss 1.8 Loss on Disposal 2.0 Goodwill Amortised 0.7 Total4.5

20. Funding n $111m of Capital Notes raised October 2001 @ 9.3%. Election date October 2006 n Bank Facility $225m, drawn to $157m. Margin is 50bp Bank Facility repayable March 2004 Bank Facility repayable March 2004

21. Tax n Tax losses carried forward of $110m n Tax Asset not recognised n Approximately $58m of losses to be offset by INL n INL to repay cash to SKY when tax is due ie $58mx 33% = $19.1m

22. Foreign Currency Hedging 84% hedged for 2002/03 $US commitments @.4343 84% hedged for 2002/03 $US commitments @.4343 20% hedged for 2003/04 $US commitments@.4342 20% hedged for 2003/04 $US commitments@.4342 88% hedged for 2002/03 $Aud commitments @.8217 88% hedged for 2002/03 $Aud commitments @.8217 17% hedged for 2003/04 $Aud commitments @.8270 17% hedged for 2003/04 $Aud commitments @.8270

23. Expense Analysis $ million 20012002 % Change Programming 151.5166.610% Subscriber Management 9.312.737% Transmission 17.56.9(61%) Selling, General & Administration 43.643.4(0.5%) Depreciation & Amortisation 94.6112.319% Football Kingz 4.86.025% Total Operating Expenses 321.3347.98%

24. Capital Expenditure Analysis $ million 20012002 % Change Transponder Lease -17.5100% Subscriber Equipment 130.785.7(34%) Digital Expansion 11.42.0(82%) Interactive Applications 2.03.050% Right of renewal 4.510.7138% Other 5.34.5(15%) Total Capital Expenditure 153.3123.4(20%) Subscriber Acquisition Cost (DBS) $815$680(17%)

25. Industry Strategic Consolidation TVNZ on SKY Digital Platform TVNZ on SKY Digital Platform TelstraClear wholesale distribution agreement TelstraClear wholesale distribution agreement SKY re-sold on TCL network SKY re-sold on TCL network SKY exclusive procurer of TCL programming SKY exclusive procurer of TCL programming 7 year term 7 year term Telecom Telecom Expires March 2003 Expires March 2003

26. 2002 Key Messages Net loss reduced by 29% to $30m Net loss reduced by 29% to $30m Operating cash flow up 75% to $77m Operating cash flow up 75% to $77m Negative free cash flow reduced by $60m to $37m Negative free cash flow reduced by $60m to $37m Subscriber numbers up 17% to 503k. Subscriber numbers up 17% to 503k. ARPU up 4% to $50.51, DBS ARPU up 2% to $55.46 ARPU up 4% to $50.51, DBS ARPU up 2% to $55.46 Churn down 16% to 11.7% (Net) Churn down 16% to 11.7% (Net) Subscriber acquisition costs reduced by 17% to $680 Subscriber acquisition costs reduced by 17% to $680