1. Investor Meeting
Presentation Title Slide
February 28, 2008
Speaker Name
Title (change point size to 16pt)
1
Jon Rubin
Presentation Title Slide
Senior Vice President
Investor Relations and
Financial Planning
Speaker Name
Title (change point size to 16pt)
2
1

2. Agenda
Welcome Jon Rubin – SVP, IR & Financial Planning
Opening Remarks Chase Carey – President & CEO
Financial Overview Pat Doyle – Chief Financial Officer
Technology Romulo Pontual – Chief Technology Officer
Content Overview Derek Chang – EVP, Content Strategy & Development
DIRECTV Entertainment Eric Shanks – EVP, DIRECTV Entertainment
Sales & Marketing Paul Guyardo – EVP, Sales & Chief Marketing Officer
Break
Customer Service Operations Mike Palkovic – EVP, Operations
DIRECTV Latin America Bruce Churchill – President, DIRECTV Latin America
Closing Remarks Chase Carey
Q&A
Lunch / Demos
3
Cautionary Statement
This presentation includes certain statements that may be considered to be, “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These forward-looking
statements generally can be identified by words such as “believe,” “expect,” “estimate,” “anticipate,” “intend,”
“plan,” “foresee,” “project” or other similar words or phrases. Similarly, statements that describe our objectives,
plans or goals also are forward-looking statements. All of these forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially from historical results or from those
expressed or implied by the relevant forward-looking statement. Such risks and uncertainties include, but are not
limited to: economic conditions; product demand and market acceptance; ability to (a) improve customer service
or create new and desirable programming content and interactive features; government action; political,
economic and social uncertainties in many Latin American countries in which DTVLA operates; foreign currency
exchange rates; competition; the outcome of legal proceedings; ability to achieve cost reductions; ability to
renew programming contracts under favorable terms; technological risk; limitations on access to distribution
channels reliance on satellites as a significant part of our infrastructure and we may face other risks described
from time to time in periodic reports filed by us with the SEC.
Non-GAAP Financials
This presentation includes financial measures that are not determined in accordance with GAAP, such as
Operating Profit before Depreciation and Amortization, Free Cash Flow and Cash Flow before Interest and
Taxes. These financial measures should be used in conjunction with other GAAP financial measures and are not
presented as an alternative measure of operating results, as determined in accordance with GAAP. DIRECTV
management uses these measures to evaluate the profitability of DIRECTV U.S.’ subscriber base for the
purpose of allocating resources to discretionary activities such as adding new subscribers, upgrading and
retaining existing subscribers and for capital expenditures. A reconciliation of these measures to the nearest
GAAP measure is posted on our website and is included at the end of this presentation package.
4
2

3. Chase Carey
Presentation Title Slide
President & CEO
Speaker Name
Title (change point size to 16pt)
Overview
Recap Recent Results / Trends
Overview of Key Operating Areas
3-year Outlook
6
3

4. Unique Position of Strength
Brand / Content / HD
Technology
Direct Sales
Improved tools / efficiencies
Key cost reductions
7
Opportunities to Improve
Service quality / efficiency
Upgrade spending
Niche / target subscriber growth
Fix / address weak pockets
Develop new revenue streams
8
4

5. Competitive Market
Challenged competitors
FiOS
HD leadership
VOD solution
Bundle
Develop / sell options
Use distribution strength
9
5

6. Financial Overview
Presentation Title Slide
Pat Doyle
Chief Financial Officer
Speaker Name
Title (change point size to 16pt)
Agenda
Financial Overview
Subscriber Highlights
Key Financial and Operating Metrics
Balance Sheet
12
6

7. Building a Foundation for Growth
Extended DIRECTV’s video leadership
HD
Sports
Interactivity
Advanced equipment
Exerted greater financial discipline
Stricter credit policies
Improved segmentation
Greater cost controls
Enhanced Sales and Marketing
Attained higher-quality subscribers
Strengthened brand
Optimized subscriber channels and increased Direct Sales
13
The DIRECTV Group
2005 - 2007 Financial Results
2005 2006 2007
Revenue $13.2B $14.8B $17.2B
Operating Profit Before D&A $1.49B $3.39B $4.17B
Operating Profit Before D&A Margin 11.3% 23.0% 24.2%
Diluted EPS $0.24 $1.12 $1.21
Capital Expenditures $924M $1.99B $2.70B
Cash Flow Before Interest & Taxes $386M $1.31B $1.48B
Free Cash Flow $283M $1.19B $953M
Share Repurchases - $2.98B $2.02B
14
7

8. DIRECTV U.S.
2005 - 2007 Financial Results
2005 2006 2007
Customers
Gross Additions 4.2M 3.8M 3.8M
Monthly Churn % 1.70% 1.60% 1.51%
Net Additions 1.2M 0.8M 0.9M
Cumulative, Year-end 15.1M 15.9M 16.8M
Financial
Revenue $12.2B $13.7B $15.5B
Operating Profit Before D & A $1.50B $3.22B $3.85B
Operating Profit Before D&A Margin 12.3% 23.4% 24.8%
Capital Expenditures $782M $1.81B $2.33B
Cash Flow Before Interest & Taxes $776M $1.42B $1.46B
15
DIRECTV U.S. Subscriber Highlights
Over-indexed in key areas including:
Income
Education
Home ownership
Geographically diverse
Broadband penetration consistent
with cable
Profitably growing International
segment
16
8

9. Improving Subscriber Quality
Gross Additions
10%
15%
28%
Higher Risk
Lower Risk
72% 85% 90%
2005 2006 2007
17
Adding Higher Value Subscribers
HD and/or DVR Subscriber Additions (M)
2005 2006 2007
Advanced Gross Additions 0.6 1.0 1.7
% of Total Gross Additions 14% 28% 47%
Advanced Upgrades 0.9 0.9 0.9
Advanced Churn (0.2) (0.3) (0.6)
Churn Rate 0.6% 0.7% 0.8%
Net Advanced Additions 1.3 1.6 2.0
Cum Advanced Subscribers 3.0 4.6 6.6
% of Cum Residential Subscribers 21% 30% 41%
18
9

10. Strong ARPU Growth
Monthly Subscriber Revenue (ARPU)
2005 2006 2007 Key Drivers
Packages / Premiums / Average price increase
$55.70 $58.50 $60.30 of ~4%
Sports / PPV
Advanced sub-penetration
Advanced Services /
increased from 21% to 41%
Equipment / 8.90 9.70 12.20 Average boxes / home
Lease Fees increased from 2.27 to 2.53
25% Ad Sales growth /
Other / Ad Sales 5.00 5.50 6.60 fewer credits / Telesat /
Commercial / Protection Plan
Total ARPU $69.61 $73.74 $79.05 CAGR = 6.6%
19
Driving Lower Monthly Churn
Total Churn
1.70%
Stricter Credit Policies 1.60%
1.51%
Mandatory credit cards,
social security numbers
New fraud management system Voluntary
1.03%
0.99% 0.99%
Longer Term Commitments
Basic equipment: 12 18 months
0.71%
Advanced equipment: 24 months
0.57% 0.52%
More Advanced Subscribers
Involuntary
Improved Customer Service
2005 2006 2007
20
10

11. Declining Set-Top Box Costs
OEM Costs*
Q1 2005 Q1 2006 Q1 2007 Q1 2008
Basic $80 $55 $50 $45
DVR 245 200 180 150
HD 260 250 210 130
HD-DVR 520 480 430 260
* Excludes security card, middleware and other fees
21
Subscriber Acquisition Cost (SAC*)
Investing in Advanced Products and Targeting High Value
Customers Results in Higher ARPU and Lower Churn
2005 2006 2007
Advanced Equipment $55 $85 $140
Basic Boxes 200 160 120
Installation 165 160 165
Dealer Commissions /
225 235 265
Marketing
TOTAL $642 $642 $692
* Includes both acquisition expense and capitalized set-top box costs
22
11

12. Major Upgrade Cycle Peaking
Upgrade and Retention Costs*
2005 2006 2007
HD / DVR Upgrades $330M $570M $795M
Basic Boxes / Local Upgrades 310 210 250
Movers 260 270 270
Other Marketing 200 200 235
Sub-Total $1.10B $1.25B $1.55B
MPEG4 for MPEG2 HD Swaps - 75M 190M
Total $1.10B $1.33B $1.74B
Equipment Revenues $230M $230M $370M
* Includes both upgrade and retention expense and capitalized set-top box costs
23
Stabilizing Programming Margins
Programming Expense*
Recent Margin Erosion
as a % of Revenues
Due To:
Total
Older contracts / 40.0%
39.6%
38.6%
early years of newer
improved contracts
Addition of many new
Packages/Premiums / PPV
channels, particularly sports
Fox News and
NFL Network increases
in 2007
7.8% 8.1%
7.1%
End of purchase
Sports**
accounting treatment for
Showtime contract in 2006
2005 2006 2007
* Excludes non-programming cost of sales
** Includes a-la carte packages, RSNs and NFL Network
24
12

13. Other Operating Costs
Costs as a % of Revenues
2005 2006 2007 Key Drivers
Higher service costs
related to advanced
products and new call
Subscriber Services 7.7% 7.7% 7.3% centers offset by
efficiencies and cost
controls
Lower bad debt expense;
General &
6.6% 5.5% 5.0% efficiencies and cost
Administrative controls
Local-into-Local and
Broadcast Operations 1.2% 1.3% 1.4% HD build-out
25
HD Infrastructure Mostly Complete
Capital Expenditures ($B)
Basic
HD and local build-out
$0.8
3 satellites $0.8
$0.7
Ground infrastructure
Satellites
Set-Top Boxes
Implemented
lease program HD Infrastructure
Increased advanced
product penetration Sustaining
Richer mix of more
expensive boxes
2005 2006 2007
Set-top Boxes - $1.1 $1.5
Total CapEx $0.8 $1.8 $2.3
26
13

14. Strong Balance Sheet
$2.3B net debt position as of YE 2007
Cash and Cash Equiv. $1.1B
Total Debt 3.4B
Net Debt $2.3B
.6x Net Debt to OPBDA
Comfortable with current credit rating
27
Summary
DIRECTV is poised for profitable growth
and increasing cash flow
Leading digital multichannel TV service provider
Unique and exclusive programming
Most comprehensive HD programming
New products / services expected to further differentiate
Strong revenue, OPBDA, and subscriber growth
Increasing margins due to cost controls and operating leverage
Strong balance sheet with substantial liquidity
28
14

15. Technology Update
Presentation Title Slide
Rômulo Pontual
Speaker Name President
Executive Vice
Title (change point size toOfficer
& Chief Technology 16pt)
15

16. Technology Update and Plan
Space segment
Consumer premise equipment
Capitalize on technology leadership
Use of home network (demos)
31
Space Segment
Optimum orbital slots
Reduces obstructions and effect of rain
Allows single-dish solution for all customers
101°
103° 99°
32
16

17. Space Segment
Young satellite fleet
9 DIRECTV satellites plus 7 Intelsat transponders
12+ years average remaining estimated life
Two satellites under construction
D11 launches March 2008
D12 backup for D10 or D11
Will launch D12
Growing importance of HD warrants its use to
expand national capacity
Launch expected late 2009
33
Space Segment
Young satellite fleet
9 DIRECTV satellites plus 7 Intelsat transponders
12+ years average remaining estimated life
Two satellites under construction
D11 launches March 2008
D12 backup for D10 or D11
Will launch D12
Growing importance of HD warrants its use to
expand national capacity
Launch expected late 2009
34
17

18. Channel Expansion
During the last two years
Added 92 national channels, 74 in HD
Launched 77 HD local markets (76% USHH)
Added 7 local markets in SD (94% USHH)
Added 31 International channels
In 2008, will continue HD leadership
Capacity for 150 HD national channels
At least 100 HD local markets (84% USHH)
D12 will support further expansion
Capacity for more than 200 HD national channels
35
Channel Expansion
During the last two years
Added 92 national channels, 74 in HD
Launched 77 HD local markets (76% USHH)
Added 7 local markets in SD (94% USHH)
Added 31 International channels
In 2008, will continue HD leadership
Capacity for 150 HD national channels
At least 100 HD local markets (84% USHH)
D12 will support further expansion
Capacity for more than 200 HD national channels
36
18

19. Consumer
Equipment Video Slide
Presentation Title
Speaker Name
Title (change point size to 16pt)
Set-Top Box – Product Strategy
HD DVR
Whole
HD DVR
HD DVR
Home
HD DVR
DVR
DVR
HD Basic
HD Basic
HD Basic
Basic Basic
Basic
2004/5 2006/7 2008 2009/10
38
19

20. Set-Top Box – Product Strategy
HD DVR
Whole
HD DVR
HD DVR
Home
HD DVR
DVR
DVR
HD Basic
HD Basic
HD Basic
Basic Basic
Basic
2004/5 2006/7 2008 2009/10
39
Set-Top Box – Product Strategy
HD DVR
Whole
HD DVR
HD DVR
Home
HD DVR
DVR
DVR
HD Basic
HD Basic
HD Basic
Basic Basic
Basic
2004/5 2006/7 2008 2009/10
40
20

21. Set-Top Box – Product Line
2008 DVR convergence
Mid-2008, all DVRs are MPEG4 and HD capable
Model used in SD installs has 100 hours SD storage
Model used in HD installs has 100 hours HD storage
OEM Costs
Q1 ’08A Q1 ’09E
Basic $45 $40
DVR $150 $170
HD $130 $95
HD DVR $260 $220
41
Single Wire Installation
DIRECTV service using a single cable
Wire is also used for return path
Integrated antenna to be launched Q2’08
Benefits
Simpler and faster to install
Improved installation reliability
Upgrade from basic to DVR via drop shipment
Easier for consumer to relocate box within home
One box connected to back channel connects all
42
21

22. MDU Distribution
Unique solution supports reception
of all DIRECTV services including HD
and International channels
Two technologies available
One optimized for vertical MDUs
Another for garden-style MDUs
43
Efficiency Improvements
Installation
Monitoring connected boxes and proactively
correcting existing installs
Reduced set-top box boot times
Single antenna with simpler installation
Broadband as return channel
Set-top box software
Validating signal strength at install
Improved self-test with
suggested actions
Remotely initiated resets
44
22

23. Capitalize on Technology Leadership
DIRECTV serves specialized
high-end segments with unique
top-of-the-line products
45
Live DIRECTV Everywhere You Go
DIRECTV® Sat-Go
Automobiles & boats
Aircraft
Recreational vehicles
46
23

24. Professional DVR
Rack-mountable chassis
Optical fiber HDMI output
HR21 PRO
100 hours HD recording
IR remote port, RS-232 control
47
Interactive Platform Across All Products
48
24

25. Home Ecosystem Video
Presentation Title Slide
Speaker Name
Title (change point size to 16pt)
Review of Demonstrations
DVR Scheduler
DIRECTV on Demand
DIRECTV Media Share
Personal content on TV
Internet content on TV
DIRECTV content on PC
DIRECTV Latin America
50
25

26. DVR Scheduler (Web & Mobile)
Schedule DVR recordings
from directv.com
Use any browser to book programs
when away from home
Enabled from mobile phones
Linear &
On Demand
Programming
51
Streaming Over IP Infrastructure
s
uter
mp
o
al C
son es
Per hon
lP
Cel
52
26

27. DIRECTV Movies Now (Q2 Launch)
Selected movies
pushed to
DIRECTV Plus®
DVRs for on
demand viewing
Available to all
DIRECTV Plus® DVRs
53
DIRECTV On Demand (in Beta)
Relies on satellite and Internet for delivery
Integrated with linear channels
3,000+ titles today
60+ programmer pages
54
27

28. DIRECTV Media Share (in Beta)
Consumers can view personal content & Internet content
(photos, music and video) in the living room
Internet
Music
Video
Photo
s
55
DIRECTV Media Share (coming in 2008)
Consumers can view personal content & Internet content
(photos, music and video) in the living room
and view recordings Internet
on a PC at home
Music
Video
Photo DIRECTV on PC
s
56
28

29. DIRECTV Latin America
Synergies with DIRECTV U.S.
Box costs
Box features
Software updates L12
LR16
HD service later in 2008
HD DVR
LHR21
57
29

30. Content Overview
Presentation Title Slide
Derek Chang
ExecutiveNamePresident
Speaker Vice
Content Strategysize toDevelopment
Title (change point and 16pt)
Agenda
Content strategy
Opportunities and challenges
Sports leadership
DIRECTV on Demand
Ad Sales
60
30

31. Content Strategy
Extend content leadership
Breadth of programming
HD
Differentiated content
61
HD Superiority
62
31

32. DIRECTV vs. Competition
Time
Cablevision Comcast
DIRECTV Dish Warner
New York Philly
2/21/08 2/7/08 New York
1/22/08 1/23/08
1/22/08
National HD channels 58 27 17 18 14
VOOM* channels ----- 15 15 ----- -----
24/7 HD RSNs 11 ----- 4 1 4
HD PPV channels 15 5 ----- ----- 1
HD DNS / locals 8 4 9 8 7
Total HD national
92 51 45 27 26
channels
Games-only HD RSNs 15 22 ----- ----- -----
Total with
107 73** 45 27 26
Games-only RSNs
Note: Source for channel counts is company websites, which may contain some discrepancies
*VOOM consists of 15 HD-only channels: Animania HD, Equator HD, Family Room HD, Film Fest HD, GamePlay HD, Gallery HD,
HDNews, Kung Fu HD, Monsters HD, Rave HD, Rush HD, Treasure HD, Ultra HD, WorldCinema HD and WorldSport HD
**Last official full channel count was 76, however, only 73 can be accounted for on the Dish website
63
Programming Opportunities
Optimize programming packages
Maximize value to customer
DIRECTV® HD EXTRA PACK
Targeted segments
Local
International
Leverage existing programming
relationships to create unique content
Manage costs
64
32

33. Programming Challenges
Sports
Costs
New networks
Retransmission consent
New distribution models
Regulatory environment
65
33

34. DIRECTV Entertainment
Presentation Title Slide
Eric Shanks
ExecutiveNamePresident
Speaker Vice
DIRECTV Entertainment
Title (change point size to 16pt)
Sports Leadership
Interactive
Interactive Interactive Interactive
Interactive
68
34

35. 69
35

36. Original Entertainment on The 101
New for 2008
Returning / Continuing in 2008
71
The DIRECTV User Experience
DVR Scheduler
Control DIRECTV DVR through web or mobile
Moving content around the house
Photos and music today
Video to and from the PC by Q2 ’08 quarter
Designing new user interface for 2009
DIRECTV on Demand
Launched in Beta in October
60+ programmers
3,000+ titles
72
36

37. Ad Sales
Leverage new technology
and upscale demographic to create
new revenue streams
Interactive campaigns at 20% click-through rate
Guide banners
Targeted placement
Local ads placed on DVR
Telescoping
100,000 Home Panel for new
ratings service
Partnership with TNS Media Research
74
37

38. Sales & Marketing
Presentation Title Slide
Paul Guyardo
Executive Vice President Sales
Speaker Name
& Chief Marketing Officer
Title (change point size to 16pt)
38

39. Overall
Continue to position DIRECTV as
the best in television entertainment
Utilize this positioning to attract and
retain most profitable customers
77
Targeting for Profitability
Leverage data on existing customers to
find like prospects
38% of customers
Attract more customers who look like account for
the 38% who represent 63% of profit 63% of profit
Profit Tiers % of Subscriber Base % of Profit
5 15% 34%
4 23% 29%
3 33% 28%
2 20% 8%
1 9% 1%
78
39

40. Targeting for Profitability (cont’d)
Most profitable customers are married, 35+,
wealthier, better educated who live in single-
family homes
TIER 5 Index
Demographics
15% Customers
120
Men 35+
34% Profit
125
Married
121
Homeowner
130
Income >$70K
TIER 4
23% Customers 145
College/Grad School
29% Profit
79
National Advertising
Video
40

41. Brand Awareness
DIRECTV unaided brand awareness
hit a new high of 50%
DIRECTV approaching near-universal
total brand awareness at 93%
Total advertising awareness significantly
higher than Dish (61% vs. 47%) and
now equal to cable
81
Local Marketing
Attack competitive weaknesses
MSO buy-out / transition issues
Outages, repackaging or programming changes
Customer service issues
Maximize competitive strengths
HD local superiority
Exclusive programming
82
41

42. 42

43. 2007 Local Marketing Campaigns
January February March April May June July August September October November December
CAMPAIGN
1 8 15 22 29 5 12 19 26 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25 2 9 16 23 30 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 24
E M 4th L T C
MLK
Superbowl (4 Markets)
Competitive Issue (2 Markets)
Competitive ( Markets)
Turn Around Campaign (3 Markets)
St. Louis, Cardinals (7 Markets)
Tigers MLB (2 Markets)
Digital Conversion
Transition (3 Markets)
Competitive Customer Service (1 Mkt)
Users Interface Changes (1 Market)
Rural Markets (28 Markets)
Cable Consolidation (3 Markets)
Customer Service Issue (1 Market)
Cable Outage (1 Market)
Competitive (4 Markets)
Digital Tier Transition (3 Markets)
Competitor (10 Markets)
HD (10 Markets)
Digital Tier (1 Market)
Big Ten (6 Markets) Stadium Trays & Events
Outage (1 Market)
Outage (1 Market)
Customer Over-bills (1 Market)
MASN (5 Markets)
Competitive Advantage (10 Markets)
Service Interruption (1 Market)
NFL Network (5 Markets)
Exclusive Channels (13 Markets)
HD Advantage (23 Markets)
86
43

44. Sales Distribution Trends
Conscientiously grow Direct Sales
60%
50%
40%
30%
20%
10%
0%
2005 2006 2007 2008
Direct Sales Independent Telco CE Other
87
Direct Sales Composition
Gross Additions
2005 2006 2007
Targeted Marketing 367K 476K 732K
directv.com 214 380 429
1-800-DIRECTV 364 354 403
Other 87 79 60
88
44

45. 45

46. Sales Channels
Channels work together in a complementary fashion
Channel Reason for Being
In-house, national direct marketing
Direct Sales
Quick to market, targeted, flexible, in-control
Extends DIRECTV’s “share-of-voice”
National Dealers Pursue more entrepreneurial opportunities
(e.g. mall kiosks, door-to-door)
Face-to-face sale
Local Dealers International, in-language expertise
Rural
Telco DIRECTV’s bundle play
91
National Dealers
Extend DIRECTV’s “share-of-voice”
92
46

47. BellSouth Recovery Plan
More aggressive Direct Sales efforts
in region
Engage strongest local dealers within
BellSouth region with unique offer
Sell the bundle ourselves
93
Jump-start Opportunistic Businesses
Commercial
MDU
Más / WorldDirect
94
47

48. Driving Lower Monthly Churn
1.70%
1.60%
1.51%
0.99%
1.03%
0.99%
Voluntary
Churn
0.71%
0.57% 0.52% Involuntary
Churn
2005 2006 2007
95
2007 Churn Initiatives
Improved customer analytics
Created a “true” customer retention
group (CRG) within Customer Service
Initiated proactive retention marketing
96
48

49. 2008 Churn Initiatives
ICU for “at-risk” customers
Reduce initial 30-day churn
Address customers rolling off commitment
Unique treatment in high-risk geography
Attack causes of telco channel churn
Continue to improve Hispanic churn
True CRG expansion
97
Maximize Return on Retention Spending
Almost 60% of spend is focused on top two value segments
Customer
% Customers % Spend
Value Segment
Top 2 Tiers 38% 58%
Bottom 3 Tiers 62% 42%
98
49

50. Customer Service
Operations Title Slide
Presentation
Speaker Name
Mike Palkovicto 16pt)
Title (change point size
Executive Vice President
Operations
50

51. Customer Service Operations
Call Centers
Field Services
Supply Chain and Logistics
Service Calls and Equipment
Replacement Program (ERP)
101
Major Objectives for 2008
Improve the quality of the service experience
for all customers, existing and new, at all points of
customer interaction
Improve the cost of providing service by being
more efficient, handling interactions properly the
first time and making investments in places that
directly impact the quality of our service
Finally, the result of this focus on the quality
side of the business should and will increase
customer satisfaction which in turn also improves
our profitability
102
51

52. Customer Care Call Center Network
103
Call Centers – Key Metrics
Calls Offered (M)
Cost/Customer/Month
139 138
$3.33
$3.17
$3.02
124
2005 2006 2007
2005 2006 2007
Average Handle Time (sec) Self Care (% of Total Contacts)
493
38%
457
437
34% 34%
2005 2006 2007
2005 2006 2007
104
52

53. Call Centers –
Issues / Challenges = Opportunities
Improve agent quality –
tenure, training, attrition
Lower contact rate
1st call resolution
Transfer rate
Increase / improve customer self care
Improve / simplify billing
Reduce agent handle time, without
increasing contact rate
105
Call Centers – Initiatives
Align call types with agent skills
and tools
Improve training environment
Wage adjustment / incentives tied to
tenure / attrition / performance
Launch IM for agent / supervisor
interaction
Better use of analytical tools to
mine data / comments
106
53

54. Self Care – Initiatives
Options
directv.com
IVR / natural language
Initiatives / Accomplishments
Customer email addresses >40%
DVR Scheduler – online, cell phone
Improve account management, redesign dashboard
Improve order process – fewer clicks
“Green” focus – paperless bill, auto bill pay
Overall goal is more options, consistent experience
107
Home Service Provider Map
108
54

55. Field Services –
Issues / Challenges = Opportunities
Reduce repeat service calls
Focus on quality vs. just quantity
Improve completion rates –
without risk to quality
Simplify installation process,
even with more advanced products
Automate activation process
Re-evaluate HSP economic relationship
109
Field Services – Initiatives
Implement quality-based incentives /
penalties for HSPs
Implement hand-held devices
across the network
Redesign ODU to simplify installation
Standardize connectors, cables –
centralize procurement
Owned and operated – buy vs. build
110
110
55

56. Supply Chain / Logistics – Initiatives
Lower cost of recovered boxes
Multi-pack kit
HSP pick-up
Revamp repair process
Implement auto testers
Built-in Self Test (BIST)
Remove cables from boxes
Full production of recycled cards
Ramp to 400-500K cards per month
111
111
Service Calls / ERP –
Issues / Challenges = Opportunities
Improve equipment quality
Boxes
ODUs
Connectors
Switches
Improve field technician quality
Dish pointing
Trouble shooting skills in the field
Repeat visits
Unnecessary truck rolls
Diagnostic capability
Simplify complexity of the equipment /
installation
112
112
56

57. Service Calls / ERP – Initiatives
Box specific issues – downloads
Automation – remote reset,
auto cancel, BIST
Re-design ODU, simplify, new mounts
Standardize connectors, cables
Revamp repair facilities
Double / triple case management –
3rd down to 2nd
113
113
57

58. DIRECTV Latin America
Presentation Title Slide
Bruce Churchill
President DIRECTV Latin America
Speaker Name
Title (change point size to 16pt)
2007 – A Milestone Year
First full year of consolidated operations
Executed on our key operational goals
Completed integration of Brazilian businesses
Grew PanAmericana to scale
+400k net adds in 2007
+1.7 million YE subscribers
Expanded content and technology leadership
Updated satellite fleet
Solidified our financial performance
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58

59. Content Leadership
Exclusive programming
La Liga, EPL
Concerts, special events
Enhanced / interactive applications
NFL SUNDAY TICKET®
NASCAR HotPass™
MLB Strike Zone
Expanded coverage
U.S. Open Tennis
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Technology Leadership
Leverage DTVUS’ scale and technology
Speed to market
Superior product
Lower cost
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59

60. Update Satellite Fleet
IS 16
IS 11
Online January 2008 Estimated H2 2009
Expanded capacity Shared back-up for
IS 9 and IS 11
18 transponders
~250 video channels Expanded capacity
for Mexico
Replaced failing IS 6B
Co-locate with
Same orbital slot IS 9 at 58°
24 transponders
Improved performance
119
Financial Results - 2007
May
Selected Financial Information (in US$ millions)
Outlook Actual
Revenue ~$1,600 $ 1,719
OPBDA ~$350 $ 394
Operating profit ~$120 $ 159
CapEx
SAC related ~$175 $ 296
Non-SAC related ~50 40
Sub-Total ~$225 $ 336
Cash flow before interest and taxes ~$165 $ 140
End of period subscribers (000's) ~3,100 3,279
Gross additions (000's) ~900 1,080
Net additions (000's) ~400 588
ARPU (US$) ~$46 $ 48.33
Monthly churn ~1.35% 1.38%
SAC (US$) ~$380 $ 361
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60

61. 2008 and Beyond
Strategy
Continue to enhance TV experience
Exclusive programming
Enhanced features
Maximize growth opportunities
Expand Pre-paid in key markets
Increase multiple set-top box penetration
Continue focus of delivering superior
financial results
121
Enhance “TV Experience”
Enhancement in PanAmericana
Game Lounge
Mix channels
SMS functionality
Cartelera
Expanded interactivity in Brazil
EPG, games, self care
Expand local markets in Brazil
Solidify key programming contracts
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61

62. Maximize Growth
Push “whole home experience”
Increase DVR penetration and mirrors
Launch HD
PanAmericana – H2 2008
Brazil / Mexico – H2 2009
Expand Pre-paid offer
Mexico
Brazil
PanAmericana - Colombia, Chile
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Venezuela
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62

63. Pre-Pago DIRECTV - Venezuela
Enter PIN #
Self Enter PIN #
Self
to activate
Installation to activate
Installation
Buy scratch card
Buy kit
Enjoy DIRECTV
experience
Customer Proposition
Packages PREFERENCIAL
71 Channels
14 Channels
# of Channels 40 Channels
Local content only
NEW
Prices
~$7 ~$29 ~$42
VAT included
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Pre-Pago DIRECTV - Venezuela
High familiarity with pre-paid
95% of cell phone market is pre-paid
Completely cash based
Favorable economics
Minimum net SAC
No bad debt
Minimum on-going subscriber costs
80% reactivation behavior after
first 3 months
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63

64. Pre-Pago DIRECTV - Venezuela
‘Diario El Universal. Caracas. Venezuela’.
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SKY Mexico
Presentation Title Slide
Speaker Name
Title (change point size to 16pt)
64

65. Operational Highlights - Mexico
Deliver best exclusive and non-exclusive
programming content
La Liga
Local soccer
Reality shows (e.g. Big Brother, El Bar)
Launch SKY operations in Costa Rica
and Dominican Republic
Increased multiple set-top box
penetration
129
Financial Highlights - Mexico
Actual Actual Actual
Selected Financial Information (in US$ millions)
2005 2006 2007
Revenue $ 550 $ 684 $ 752
OPBDA $ 231 $ 326 $ 364
CapEx
SAC related $ 90 $ 84 $ 108
Non-SAC related 19 7 14
Sub-Total $ 109 $ 91 $ 122
Cash flow before interest and taxes $ 103 $ 204 $ 269
End of period subscribers (000's) 1,250 1,430 1,585
447* 408 *
Gross additions (000's) 380
Net additions (000's) 248 180 155
ARPU (US$) $ 39.50 $ 40.90 $ 41.90
Monthly churn 1.2% 1.0% 1.1%
SAC (US$) $ 350 $ 370 $ 423
* Includes acquired subscribers of 110K in 2005 and 20K in 2007
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65

66. DIRECTV Latin America
Presentation Title Slide
Speaker Name
Title (change point size to 16pt)
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66

67. Financial Information
Outlook
(in US$ millions) 2007
2006 Outlook Actual 2009
Revenue $ 1,013 ~$1,600 $ 1,719 ~ $2,000
OPBDA $ 244 ~$350 $ 394 ~ $600
Operating profit $ 79 ~$120 $ 159 ~ $400
CapEx
SAC related $ 130 ~$175 $ 296
Non-SAC related 49 ~50 40
Sub-Total $ 179 ~$225 $ 336 ~ $250
Cash flow before interest and taxes $ 0 ~$165 $ 140 ~ $400
Note: Excludes Sky Mexico
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Key Metrics
Outlook
2007
2006 Outlook Actual 2009
Subscribers (000's) 2,711 ~3,100 3,279 ~ 4,000
ARPU (US$) $ 41.71 ~$46.00 $ 48.33 ~$48
Monthly churn 1.45% ~1.35% 1.38% ~1.3%
SAC (US$) $ 371 ~$ 380 $ 361 ~$395
Note: Excludes Sky Mexico
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67

68. Chase Carey
Presentation Title Slide
President and CEO
Speaker Name
Title (change point size to 16pt)
68

69. U.S. Pay TV Market – Net Additions
Cumulative Net Adds
2006 Projection 2008 Projection
For 2006 - 2008 for 2006 - 2008
Satellite 4 – 5M <5M
Telco 2 – 3M <3M
Cable/Other (1)M <(1)M
137
DIRECTV Prior 2008 Outlook
Cum Subscribers ~18M
Churn Steady Improvement
Revenues Double-digit CAGR
ARPU 5%+ CAGR
SAC $650 - 700
Upgrade & Retention $1.2B
(excluding swaps)
Cash Flow Before
$3B
Interest & Taxes
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69

70. HD and DVR Subscribers
Yield Strong Returns
New Customers
2006
2007
Projection for
Actual
2008
ARPU $83 $95
Variable Margin 43% 44%
Churn 1.0% 0.8%
SAC* $685 $757
IRR 48% 53%
* Net of upfront revenues
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DIRECTV Prior 2008 Outlook
Cum Subscribers ~18M
Churn Steady Improvement
Revenues Double-digit CAGR
ARPU 5%+ CAGR
SAC $650 - 700
Upgrade & Retention $1.2B
(excluding swaps)
Cash Flow Before
$3B
Interest & Taxes
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70

71. Solid Subscriber Growth
Continued focus on quality customers
Increased penetration of HD and DVR
subscribers
50% penetration at year-end 2008
70% at year-end 2010
Direct Sales strength
Attack key niches
Cum net adds of 1.5-2.0M over three years
141
Churn Improvement
Focused on quality customers
Limit risky subscribers
HD and DVR penetration
Improved customer service
Continued steady improvement
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71

72. Strong ARPU Growth
Increased advanced products
Modest price increases
Build emerging revenues streams
Challenges
Increased offers
Reduced hardware revenues
5%+ CAGR
143
Stabilize Subscriber Acquisition Costs (SAC)
Increased pressure
Demand for advanced products
Technology investments
Offsets
Continued box cost reductions
Use of refurbished boxes
Streamline installation
Improve sales channels’ efficiencies
Optimize dealer / installer compensation
structure
$700+ SAC
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72

73. Reduce Upgrade Investment Costs
Reduced pent-up demand
Box cost reductions + refurbished boxes
Technology improvements
Reduce truck rolls and box replacements
Target the right customers
Incentives to upgrade at acquisition
Maintain spending below the 2007 level
145
Margin Improvement for Other Key Costs
Programming Expenses
2008 programming expense increases 5% / subscriber
Subscriber Services Expenses
Drive call center costs to $3 / subscriber / month
G&A
Continued margin improvement
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73

74. Capital Expenditures
(excluding set-top boxes)
Nearing end of satellite expansion plan
HD ground infrastructure completed in 2008
2008 spending down $200M
Sustaining CapEx target of $500M
147
DIRECTV U.S. Financial Overview
Revenues of $20B in 2010
OPBDA margin approaches 30%
Cash Flow Before Interest and Taxes
2008 over $1B higher than 2007
2010 ~$4B
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74

75. The DIRECTV Group
Non-GAAP Financial Measure Reconciliation Schedules
(Unaudited)
Reconciliation of Operating Profit Before Depreciation and Amortization to Operating
Profit
Twelve Months Ended
December 31,
2007 2006 2005
(Dollars in Millions)
Operating Profit Before Depreciation and Amortization $4,170 $3,391 $1,486
Subtract: Depreciation and amortization expense 1,684 1,034 853
Operating Profit $2,486 $2,357 $633
Revenue $17,246 $14,755 $13,164
OPBDA M argin 24.2% 23.0% 11.3%
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to
Net Cash Provided by Operating Activities
Twelve Months Ended
December 31,
2007 2006 2005
(Dollars in Millions)
Cash Flow Before Interest and Taxes $1,480 $1,313 $386
Adjustments:
Cash paid for interest (230) (243) (240)
Interest income 111 146 150
Income taxes paid (408) (30) (13)
Subtotal - Free Cash Flow 953 1,186 283
Add Cash Paid For:
Property and equipment 2,523 1,754 489
Satellites 169 222 400
Net Cash Provided by Operating Activities $3,645 $3,162 $1,172
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75

76. DIRECTV HOLDINGS LLC (DIRECTV U.S.)
Non-GAAP Financial Measure Reconciliation
(Unaudited)
Reconciliation of Operating Profit Before Depreciation and Amortization to Operating Profit
Twelve Months Ended
December 31,
2007 2006 2005
(Dollars in Millions)
$3,850 $3,221 $1,500
Operating Profit Before Depreciation and Amortization
expense 1,448 873 698
Operating Profit $2,402 $2,348 $802
Revenue $15,527 $13,744 $12,216
OPBDA Margin 24.8% 23.4% 12.3%
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to
Net Cash Provided by Operating Activities
Twelve Months Ended
December 31,
2010 Outlook 2008 Outlook 2007 Actual 2006 Actual 2005 Actual
(Dollars in Millions)
Cash Flow Before Interest and Taxes ~$4,000 over $2,455 $1,455 $1,418 $774
Adjustments:
Cash paid for interest* - ~(200) (211) (215) (229)
Interest income 69 69 26
Income taxes paid ~ (1,300) ~(900) (730) (728) (36)
Subtotal - Free Cash Flow ~2,700 over $1,355 583 544 535
Add Cash Paid For:
Property and equipment 621 504 381
762 599 -
Subscriber leased equipment - subscriber acquisitions
774 473 -
Subscriber leased equipment - upgrade and retention
Satellites 169 222 367
Subtotal - Cash Paid for PP&E ~1,800 ~2,000 2,326 1,798 748
Net Cash Provided by Operating Activities ~$4,500 over $3,355 $2,909 $2,342 $1,283
Outlook for 2008 and 2010 nets interest income and interest expense as well as combines all capital into Property and Equipment
151
DIRECTV Latin America
Non-GAAP Financial Measure Reconciliation
(Unaudited)
Reconciliation of Operating Profit Before Depreciation and Amortization to Operating Profit
Twelve Months Ended
December 31,
2007 May
2009 Outlook 2007 2006
Outlook
(Dollars in Millions)
Operating Profit Before Depreciation and Amortization $600 $350 $394 $244
Subtract: Depreciation and amortization expense 200 230 235 165
Operating Profit $400 $120 $159 $79
Revenue $2,000 $1,600 $1,719 $1,013
OPBDA M argin 30.0% 21.9% 22.9% 24.1%
DIRECTV Latin America
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to Net Cash Provided by
Operating Activities
Twelve Months Ended
December 31,
2007 May
2009 Outlook 2007 2006
Outlook
(Dollars in Millions)
Cash Flow Before Interest and Taxes $400 $165 $140 $0
Adjustments:
Cash paid for interest (27) (12)
Interest income 18 16
Income taxes paid * (100) (25) (51) (14)
Subtotal - Free Cash Flow 300 140 80 (10)
Add Cash Paid For:
Property and equipment 250 220 336 175
Net Cash Provided by Operating Activities $550 $360 $416 $165
*Outlook data combines interest received, interest paid and income taxes paid under income taxes paid
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