ANNUAL GENERAL MEETING

29 OCTOBER 2003

70

90

110

130

150

170

BASE SKY.NZ BASE NZSE40.NZ

Current Year Performance

70

90

110

130

150

170

190

210

BASE SKY.NZ BASE NZSE40.NZ

Annual Performance

Subscribers

0

100,000

200,000

300,000

400,000

500,000

Ju

n-9

1

Ju

n-9

2

Ju

n-9

3

Ju

n-9

4

Ju

n-9

5

Ju

n-9

6

Ju

n-9

7

Ju

n-9

8

Ju

n-9

9

Ju

n-0

0

Ju

n-0

1

Ju

n-0

2

Ju

n-0

3

UHF DBS (Satellite) Wholesale

• Australia 22%• France 32%• New Zealand 39%• United Kingdom 41%• Finland 45%• Germany 70%• Switzerland 83%• United States 85%• BeNeLux 95%

Pay Television Penetration

Subscriber Growth

503.2

7.2

75.4

284.3

136.3

2002

(13.6%)117.7UHF Residential

Total Subscribers

Commercial

DBS Wholesale

DBS (Satellite) Residential

‘000

7.9%542.9

12.5%8.1

1.7%76.7

19.7%340.3

% Change2003

10%12%14%16%18%20%22%24%26%28%30%32%

Jun-98

Oct-98

Feb-99

Jun-99

Oct-99

Feb-00

Jun-00

Oct-00

Feb-01

Jun-01

Oct-01

Feb-02

Jun-02

Oct-02

Feb-03

Jun-03

Moving Annual Churn

1.00%

1.50%

2.00%

2.50%

2001 2002 2003 2004

Churn

0

2,000

4,000

6,000

8,000

YE 2003 YE 2004

Net Gain

$188

$236 $262$300

$345

$391

$0

$50

$100

$150

$200

$250

$300

$350

$400

$NZ

mil

lion

s

1998 1999 2000 2001 2002 2003Year End 30 June

Subscriber Revenue

CAGR 15.8%

CAGR 15.8%

$48.79

$50.14

$51.83

$47.00

$48.00

$49.00

$50.00

$51.00

$52.00

$N

Z

2001 2002 2003

Total ARPU

$54.41$56.56

$59.35

$42.55

$42.06

$40.36

$37.36

$36.09

$36.94

$20.00

$30.00

$40.00

$50.00

$60.00

$NZ

Satellite UHF Wholesale

2001 2002 2003

ARPU

$8.6$10.7 $11.6

$12.6$16.5 $19.6

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$NZ

mil

lion

s

1998 1999 2000 2001 2002 2003Year End 30 June

Advertising Revenue

CAGR 17.9%

CAGR 17.9%

Programming Costs % Revenue

46%43%

49%50%

48%

43%

38%

40%

42%

44%

46%

48%

50%

52%

1998 1999 2000 2001 2002 2003Year End 30 June

$48.3$73.7 $74.1

$75.7

$108.2$150.8

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$NZ

mill

ions

1998 1999 2000 2001 2002 2003

Year End 30 June

EBITDA

CAGR 25.6%

CAGR 25.6%

$63.8

$114.7 $103.3

$153.3

$105.9$86.1

$0

$20

$40

$60

$80

$100

$120

$140

$160

$NZ

mil

lion

s

1998 1999 2000 2001 2002 2003Year End 30 June

Capital Expenditure

(excluding transponders)

-$6.1

$4.5

-$27.0

-$42.3

-$30.2

$0.7

-$45.0

-$40.0

-$35.0

-$30.0

-$25.0

-$20.0

-$15.0

-$10.0

-$5.0

$0.0

$5.0

$NZ

mill

ions

1998 1999 2000 2001 2002 2003

Year End 30 June

Net Profit/(Loss)

Results Summary

(30.2)

(1.3)

26.7

(4.8)

113.0

108.2

236.4

344.6

2002

53.8%(2.0)Other

13.6%391.3Revenue

Net Profit/(Loss) after Tax

Interest

EBIT

Depn & Amort

EBITDA

Operating Expenses

$NZ million

102.3%0.7

4.9%28.0

656.3%26.7

9.8%124.1

39.4%150.8

1.7%240.5

% Change2003

Revenue Analysis

344.6

36.4

16.5

6.1

19.6

266.0

2002

16.2%309.1Residential

Total Revenue

Installation, programming sales & other

Advertising

Sky Watch

Commercial

$NZ million

13.6%391.3

(8.0)%33.5

18.8%19.6

11.5%6.8

13.8%22.3

% Change2003

Expense Analysis

347.9

113.1

48.6

6.9

12.7

166.6

2002

0.9%168.1Programming

Total Operating Expenses

Depreciation & Amortisation

Selling, General & Administration

Transmission

Subscriber Management

$ million

4.2%362.6

9.7%124.1

2.3%49.7

1.4%7.0

7.9%13.7

% Change2003

Satellite Renewal

New LNB Technology

Existing LNB Dual LNBSatellite 1

Redundant Satellite

1 November 2003

1 December 2003

24 December 2003

• At our results announcement in August we provided the following

guidance: NZ$m

EBITDA 175 - 180

NPAT 28 - 35

Capex 65 - 70

2004 Guidance

ANNUAL GENERAL MEETING

29 OCTOBER 2003