1. ANNUAL GENERAL MEETING 29 OCTOBER 2003

2. Current Year Performance

3. Annual Performance

4. Subscribers

5. Australia22% France 32% New Zealand39% United Kingdom41% Finland45% Germany 70% Switzerland 83% United States85% BeNeLux95% Pay Television Penetration

6. Subscriber Growth 503.2 7.2 75.4 284.3 136.3 2002 (13.6%)117.7 UHF 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

7. Moving Annual Churn

8. Churn

9. Net Gain

10. Subscriber Revenue CAGR 15.8%

11. Total ARPU

12. ARPU

13. Advertising Revenue CAGR 17.9%

14. Programming Costs % Revenue

15. EBITDA CAGR 25.6%

16. Capital Expenditure (excluding transponders)

17. Net Profit/(Loss)

18. 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%391.3 Revenue 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 % Change 2003

19. Revenue Analysis 344.6 36.4 16.5 6.1 19.6 266.0 2002 16.2%309.1 Residential 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

20. Expense Analysis 347.9 113.1 48.6 6.9 12.7 166.6 2002 0.9%168.1 Programming 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

21. Satellite Renewal

22. New LNB Technology Existing LNBDual LNB Satellite 1 Redundant Satellite

26. 1 November 2003

27. 1 December 2003

28. 24 December 2003

29. At our results announcement in August we provided the following guidance:NZ$m EBITDA175 - 180 NPAT28 - 35 Capex65 - 70 2004 Guidance

30. ANNUAL GENERAL MEETING 29 OCTOBER 2003