1. Half Year Report December 2002 19 February 2003 Half Year Report December 2002 19 February 2003

2. Subscriber Count Subscriber Count

3. Total Revenue Total Revenue CAGR 16% $345

4. Pay Television Penetration n Australia22% n France 32% n New Zealand37% n United Kingdom41% n Finland45% n Germany 70% n Switzerland 83% n United States85% n BeNeLux95%

5. Moving Annual Gross Churn Moving Annual Gross Churn

6. Subscriber Churn

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

9. SkyBet SKY Bet

10. Advertising Revenue Advertising Revenue CAGR 22% $16.5

11. The Effect of Rugby The Effect of Rugby SKY’s Top Ten Rating Programmes in SKY Homes (%) Source: AC Neilson McNair 2001 n Tri Nations Rugby Live n Inter Rugby Live n Tri Nations Live n Inter Rugby Live n Super 12 Final Live n Inter Rugby Live n Super 12 Rugby Live n Inter Rugby Live 2002 n Tri Nations Rugby Live n NRL Pre Final n NRL Final Live Live n Tri Nations Live n Inter Rugby Live n NPC Final Live n Super 12 Final Live n Inter Rugby Live 2000 n Tri Nations Rugby Live n NPC Rugby Live n Bledisloe Cup Live n Super 12 Live n NPC Rugby Live n International Rubgy Live n NPC Rugby Live n Tri Nations Live n NPC Rugby Live

12. Programming Costs as a percentage of revenue 49%

13. Source: Reuters Monthly Closes NZ$/US$ (Dec'84-Dec'02) Monthly Closes NZ$/US$ (Dec'84-Dec'02)

14. EBITDA EBITDA CAGR 16% $108.2

15. Net Profit/(Loss) Net Profit/(Loss) -$30.2

16. Subscriber Growth 442.8 6.7 30.4 267.1 138.62001(12%)121.6 UHF Residential Total Subscribers Commercial DBS Wholesale DBS Residential ‘00017%516.7 13%7.6 154%77.2 16%310.3 % Change 2002

17. Results Summary $ million 20012002 % Change Revenue 166.8186.211.6% Operating Expenses 114.7112.4(2%) EBITDA 52.173.841.6% Depn & Amort 54.460.912% EBIT (2.3)12.9660.9% Interest 12.614.414.3% Other (1.7)2.8263.4% Net Loss after Tax (13.2)(4.3)(67.2%)

18. Expense Analysis 169.1 54.4 24.2 3.4 6.2 80.92001(2.5%)78.9Programming Total Operating Expenses Depreciation & Amortisation Selling, General & Administration Transmission Subscriber Management $ million 2.5%173.3 12%60.9 (1.3%)23.9 1.7%3.5 (0.2%)6.1 % Change 2002

19. Free Cash Flow (17.1) (59.6) 42.52001(0.2%)(59.5) Net Investing Cash Flows 66.4%70.7 Net Operating Cash Flow Free Cash Flow $ million 166%11.2 % Change 2002

20. Foreign Currency Hedging n 49% hedged for 0-12 months $US exposures @.4354 n 21% hedged for 12-24 months $US exposures @.4303 n 97% hedged for 0-12 months $A exposures @.8506 n 0% hedged for 12-24 months $A exposures n average payment rate for 6 mths to Dec 02 - 44.5c

21. Capital Expenditure (excluding Transponders) $107.9

22. Average Direct Install Costs Average Direct Install Costs

23. Inventory Levels Inventory Levels