1. SKY NETWORK TELEVISION ANNUAL RESULTS 2008

2. JOHN FELLET CEO

3. Subscribers

4. Subscriber Growth 711.2 13.7 114.0 529.8 53.7 2007 (42.1%)31.1 UHF Residential Total Subscribers Commercial/Other DBS Wholesale DBS (Satellite) Residential ‘000 5.3%748.6 40.9%19.3 5.4%120.2 9.1%578.0 % Change2008

5. Total Net Gain

6. Moving Annual Churn

7. 2008 Monthly Churn Split

8. Total Revenue

9. Total ARPU

10. ARPU

11. Additional Outlets

12. Big Mac Index

13. Sky’s Share of All Television Viewing is Growing. % Share of viewing in all NZ Homes Source: Nielsen TV Ratings, All New Zealanders 5+

14. Prime’s Share Source: Nielsen TV Ratings, All New Zealanders 25-54 Peak

15. Advertising Revenue

16. Viewerhours generated by Subscriber per annum Source: Nielsen TV Ratings, All New Zealanders 5+/SKY TV

17. Programming Costs % Revenue

18. EBITDA

19. Satellite Impact Finance Lease2007 2008 Interest 0.80 Depreciation 5.10 5.90 Operating lease (9 months in 2007) 18.824.6

20. Net Profit/(Loss)

21. DIVIDEND

22. The SKY Board has declared a fully imputed final dividend of 7.0 cps. Record date is 5 September 2008. Payment date is 12 September 2008. Total dividend for the year is 14.0 cps

23. JASON HOLLINGWORTH CFO

24. Capital Expenditure (excluding transponders and Prime assets)

25. Capital Expenditure Analysis $ NZ million 20072008%Change Subscriber Equipment62.062.61.0% Studio Upgrade12.342.6246.3% Building2.22.722.7% Other 4.911.6136.7% Total Capital Expenditure81.4119.546.8%

26. DBS (Satellite) Install Costs $512 $719 $487 $454 $506 $439

27. Results Summary $NZ Million 20072008% Change Revenue618.5658.86.5% Operating Expenses369.2392.26.2% EBITDA249.3266.66.9% Depn & Amort85.078.0(8.2%) EBIT164.3188.614.8% Interest46.444.3(4.5%) Tax39.946.416.3% Other0.2 0% Net Profit after Tax77.897.725.6%

28. Revenue Analysis 618.5 12.6 63.4 20.9 88.1 433.4 2007 9.9%476.3 Residential satellite subscriptions Total Revenue Other income Advertising Installation Other subscriptions $NZ million 6.5%658.8 11.9% 14.1 4.9%66.5 (23%)16.1 (2.5%) 85.9 % Change2008

29. Expense Analysis $million 20072008% Change Programme rights166.6169.51.7% Programme operations38.040.25.8% Subscriber management41.745.18.2% Sales and marketing37.439.86.4% Advertising18.719.85.9% Broadcasting and infrastructure51.461.519.6% Depreciation and amortisation84.978.0(8.1%) Other administrative15.416.25.2% Total Operating Expenses454.1470.13.5%

30. Cash Flow Analysis $NZ Million 20072008 Capex8310830% Debt reduction7930(62%) Dividend395233% Cash inc/(dec)(26)2(108%) Operating Cash Flow17519210%

31. Prime Financials $NZ Million 20072008 Revenue23.027.0 Rights10.511.8 Operations5.24.4 Program Costs15.716.2 Margin7.310.8

32. Foreign Currency Hedging Sky’s hedging positions at 30 June 2008 94% hedged for 0 -12 months $US exposures @.6769 56% hedged for 13-24 months $US exposures @.6672 49% hedged for 25-36 months $US exposures @.6715 94% hedged for 0 -12 months $A exposures @.8612 74% hedged for 13-24 months $A exposures @.8648 70% hedged for 25-36 months $A exposures @.8540 average $US payment rate »for opex for year to June 08 = 69.0c June 07 = 63.5c

33. MYSKY HDi Financial Assumptions Our working assumptions for FY 08/09 are: Monthly box rental $15 or one-off $599 HD ticket $10/month Multiroom $25/month (including free HD ticket) Target 80,000 new MYSKY HDi boxes 15% upfront, 85% pay monthly 10% to new subscribers, 90% to existing subscribers 45% of MYSKY HDi take multiroom (to 103,000 boxes) 15% buy HD ticket (and no multiroom) MYSKY HDi gross churn rate of 7.4% MYSKY HDi cost is US$330 (vs standard decoder of US$122) MYSKY HDi ARPU $81 (vs $62 FY07)

34. Pro forma Impact FY09FY10 Capex$million Decoder Capex4043 MySKY HDi Installs1213 Depreciation Base depreciation7175 MySKY HDi719 7894 P&L Impact MySKY HDi revenues1731 Incremental Opex810 EBITDA921 Depreciation719 EBIT22

35. MY SKY

36. JOHN FELLET CEO

38. GUIDANCE

39. Ratio Too Low Ratio Too High Ratio just Right Sky Network How appropriate is the level of gearing? Ross Carmichael Singer (NZ) Pty Limited, April 2008

40. SKY Highlights 1.6 new channels ­Crime & Investigation ­Vibe ­CNBC ­SKY Movies Greats ­SKY Sport Highlights ­Fashion TV 2.SKY Online launched 3.SKY Sport Magazine 4.Netball World Champs Nov 2007 5.Inaugural ANZ Championship 6.Screen Enterprises (Fatso, DVD Unlimited,Movieshack) 7.MYSKY HDi launch

41. Available now: 35 top Movies SKY Movies, MGM, Rialto Cartoon Network Discovery Channel The Box Air New Zealand Cup 200 sporting downloads Netball, Cricket, Rugby Live streaming and content download via broadband internet SKY Online

42. Net profit of $97.7m, up 26% Subscriber numbers up 5.3% to 748.6 ARPU up 2.6% to $62.10, DBS ARPU up 1.9% to $66.12 Churn increased from 13.4% to 14.9% SKY share of total television viewing up from 25% to 28% 2008 Key Messages

43. SKY NETWORK TELEVISION ANNUAL RESULTS 2008