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INTERIM RESULTS

DECEMBER 2013

SUBSCRIBERS

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Dec 2012Dec 2012Dec 2012Dec 2012 Dec Dec Dec Dec 2013201320132013 % Change% Change% Change% Change

Residential - Digital 264.8 198.6 -25.0%

Residential - MYSKY 424.0 486.3 14.7%

Wholesale 130.2 135.4 4.0%

Commercial & Other 28.0 36.9 31.8%

TOTAL SUBSCRIBERS 847.0 857.1 1.2%

THE INTERIM POSITION

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0

100

200

300

400

500

600

700

800

900

Jun-91

Jun-92

Jun-93

Jun-94

Jun-95

Jun-96

Jun-97

Jun-98

Jun-99

Jun-00

Jun-01

Jun-02

Dec-02

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Su

bsc

rib

ers

in T

ho

usa

nd

s

UHF Std SKY Wholesale SKY mySKY Other

THE SKY JOURNEY SO FAR

|

5

0

5

10

15

20

25

30

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Thousands

Thousands

Thousands

Thousands

2009

2010

2011

2012

2013

2014

NET GAIN BY MONTH

PRODUCTS

|

2.65

2.7

2.75

2.8

2.85

2.9

2.95

Dec-12 Dec-13

Millions

Millions

Millions

Millions

HD Access Ticket

SKY PREMIUM PRODUCTS

|

TOTAL ARPU

$63.49

$67.35

$69.45

$71.81

$75.78 $77.51

$50.00

$55.00

$60.00

$65.00

$70.00

$75.00

$80.00

Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13

CHURN

|

MOVING ANNUAL

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Jun-98

Dec-98

Jun-99

Dec-99

Jun-00

Dec-00

Jun-01

Dec-01

Jun-02

Dec-02

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

|

CHURNMONTHLY DEVICE

0.8%

0.9%

1.0%

1.1%

1.2%

1.3%

1.4%

1.5%

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2011 2012 2013 2014

0.8%

0.9%

1.0%

1.1%

1.2%

1.3%

1.4%

1.5%

1.6%

1.7%

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

MYSKY SKY

FINANCIAL GRAPHS

|

REVENUE

443 456

659692

742797

843885

0

100

200

300

400

500

600

700

800

900

1000

2008 2009 2010 2011 2012 2013 Interim 2014

Millions

|

ADVERTISING REVENUE

35 38

67

5854

6367 68

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 Interim 2014

Millions

|

TOTAL TELEVISION ADVERTISING REVENUE(YOY QUARTERLY CHANGE)

-20%

-15%

-10%

-5%

0%

5%

10%

15%Jun 08 Qtr

Sep 08 Qtr

Dec 08 Qtr

Mar 09 Qtr

Jun 09 Qtr

Sep 09 Qtr

Dec 09 Qtr

Mar 10

Qtr

Jun 10 Qtr

Sep 10 Qtr

Dec 10 Qtr

Mar 11 Qtr

Jun 11 Qtr

Sep 11 Qtr

Dec 11 Qtr

Mar 12 Qtr

Jun 12 Qtr

Sept 12 Qtr

Dec 12 Qtr

Mar 13 Qtr

Jun 13 Qtr

Sept 13 Qtr

Dec 13 Qtr

|

PROGRAMING COSTS % REVENUE

32%

33%33%

32% 32%33%

30%

20%

22%

24%

26%

28%

30%

32%

2008 2009 2010 2011 2012 2013 Interim 2014

|

EBITDA

177.5 190.4

266.6 261.0

287.5

321.7 336.0

353.1

2008 2009 2010 2011 2012 2013 Interim 2014

Millions

|

NET PROFIT

67.4 82.1

97.7 88.1

103.0

120.3 123.7

137.2

0

20

40

60

80

100

120

140

160

2008 2009 2010 2011 2012 2013 Interim 2014

Millions

FINANCIAL DETAIL

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INTERIM RESULTS SUMMARY

2012 2013 % Change

Revenue 443.3 456.4 3.0%

Operating Expenses 266.2 266.0 (0.1%)

EBITDA 177.1 190.4 7.4%

Depn & Amort 67.6 61.8 (8.6%)

EBIT 109.5 128.6 17.4%

Interest 15.9 14.4 (9.4%)

Tax 26.3 32.1 22.1%

Non-Controlling Interest -0.8 -1.4 75.0%

NET PROFIT after TAX and non-controlling interest

68.1 83.5 22.4%

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REVENUE ANALYSIS

2012 2013 % Change

Residential Satellite subscriptions

363.3 371.8 2.3%

Other subscriptions 31.0 31.7 2.3%

Installation 4.7 4.3 (8.5%)

Advertising 35.3 37.6 6.5%

Other Income 9.0 11.0 22.2%

TOTAL REVENUE 443.3 456.4 3.0%

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EXPENSE ANALYSIS

2012 2013 % Change

Programming rights 118.0 110.8 (6.1%)

Programme operations 33.2 26.9 (19.0%)

Subscriber management 30.9 33.1 7.1%

Sales and marketing 16.5 20.4 23.6%

Advertising 10.7 11.7 9.3%

Broadcasting and infrastructure

43.6 44.3 1.6%

Depreciation and amortisation

67.6 61.8 (8.6%)

Corporate 13.3 18.8 41.4%

TOTAL EXPENSE 333.8 327.8 (1.8%)

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CAPITAL EXPENSE ANALYSIS

2012 2013 % Change

Install 20.8 18.7 (13.5%)

Decoders 12.8 9.5 (25.8%)

Building Improvements 0.1 0.1 0.0%

Broadcasting and Technology equipment

2.4 4.1 70.8%

Other 7.0 15.2 117.1%

TOTAL CAPITAL EXPENSE 43.1 47.6 10.4%

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OPERATING CASHFLOW

2012 2013 % Change

Operating Cashflow 150.8 155.7 3.2%

Capex (43.0) (47.6) 10.7%

Net debt drawn/(repaid) 90.0 (45.0) (75.9%)

Dividends (174.0) (51.8) (70.2%)

Other (2.2) (2.2) 0.0%

NET CASHMOVEMENT 21.6 9.1 (57.9%)

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FUNDING PROFILE

FACILITY DRAWN MARGIN MATURITY

Bank Debt $400m $227m 180bp Jul 2018

Bond $200m $200m 65bp Oct 2016

SKY is considering offering a BOND to the value of $100m

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DIVIDEND

The Board has declared a fully imputed final dividend of 14.0 cps ($54.5m)

to be paid and a supplementary dividend of 2.4706 to be paid to non-

residents.

Record date is 10 March 2014.

Payment date is 17 March 2014.

2014201420142014 2013201320132013 2012201220122012 2011201120112011 2010201020102010 2009200920092009 2008200820082008

Interim 14.0 12.0 11.0 8.0 7.0 7.0 7.0

Final 12.0 11.0 10.5 7.0 7.0 7.0

Ordinary Total

24.0 22.0 18.5 14.0 14.0 14.0

Special 0 32.0 25.0 0 0 0

TOTAL 24.0 54.0 43.5 14.0 14.0 14.0

SKY HIGHLIGHTS

2014 YTD 2010 YTD

WINTER OLYMPICS 2014

SKY HOMES VIEWERHOURS

DAY 1 DAY 2

VIEWERHOURS

AVERAGE

AUDIENCE OF

113,000

TUNED IN TO

WATCH

WARRIORSWARRIORS

Oct

Guidance

$m

Analysts

Mean

New

Guidance

Revenue 890-900 905 895-905

EBITDA 355-360 360 360-370

Depreciation 115-120 120-125

NPAT 145-155 153 155-160

Capex 100-120 108 100-110

Subscribers – SKY 10 8.6 10

IGLOO 20 13.7 10

Analysts’ have the following mean FY14 forecasts for SKY:

GUIDANCE

INTERIM RESULTSDECEMBER 2013