DIRECTV Latin America2008 Media Fall Preview

Bruce Churchill President DIRECTV Latin America

Cautionary Statement and Non-GAAP Financials

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 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.

DIRECTV Latin America

RegionsDTVLA

Partner Globo N/A Televisa

Brand SKY DIRECTV SKY

Brazil PanAmericana Mexico

Ownership 74% 100% 41%

Subscribers 1. 7M 2.1M 1.7M

The 4th largest Pay-TV platform outside the USA with 5.5M subscribers

DIRECTV Latin America Market

Low Pay-TV penetration throughout the regions Brazil – 11%, PanAmericana – 36%, Mexico – 28%

Like USA, cable is our main competitor

Digital roll-out only in major urban markets

Bundle product offers (data, voice, wireless) gaining traction: Telmex, Telefonica

Advanced products (DVR) only in infancy

Nascent HD content offerings

DIRECTV Latin America Strategy

Adapt DIRECTV US roadmap to Latin America

Content and technology leader

Customer service superiority

Push “whole home experience”

Expand Pre-paid offer into new regions

Introduce HD and secure leadership position

DIRECTV Latin America Strategy

Content Leadership

Sports and exclusivity rights where possible (e.g. La Liga, EPL,

Local Soccer)

Partnership where strategic value exists (e.g. Televisa, Globo,

TyC)

Concerts, Special Events

Leverage technology leadership of DIRECTV US

Speed to market, superior product and lower cost

DIRECTV Latin America Strategy

Superior Customer ServiceCombination of local and regional call centers: Bogota, Cali

Developed alternative communication channels (e.g. Mobile)

Improve “self-care” services

Brazil subscribers contacts evolution

Phone, 49%

IVR, 26%

Internet, 25%

Phone, 69%

IVR, 20%

Internet, 11%

Phone, 45%

IVR, 29%

Internet, 26%

Jan ‘08 Jun ‘08 Dec ’08 (E)

DIRECTV Latin America Strategy

Push “whole home experience”

Increase DVR and multiple set-up boxes penetration

Expand broadband alliances

Expand Pre-paid offer into new regions

Brazil, Mexico, Colombia, Puerto Rico, Peru and Chile

Introduce HD and secure leadership position

Launch in PanAmericana – Q4 2008

Launch in Brazil – Q2 2009

Launch in Mexico – Q4 2009

Pre-pago DIRECTV

Buy scratch card Enjoy DIRECTVexperience

Buy kit

Self Installation

Self Installation Enter PIN #

to activateEnter PIN # to activate

High familiarity with Pre-paidCompletely cash basedFavorable economicsMinimum net SAC

No bad debtMinimum on-going subscriber costs80+% reactivation behavior after first 3 months in Venezuela

DTVLA - HD Launch

PanAmericana will launch in Q4 2008

12-15 channels in Puerto Rico and 3-5 channels in the rest of the

regions

Sky Brasil

Expected to launch in Q2 2009

5-10 channels package including top programming providers

Sky Mexico

Expected to launch in Q4 2009

13-18 channels package including Mexican soccer league, MLB,

Spanish soccer league and PPV

Outlook 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

2007RevisedOutlook

2008

~$55

~1.6%

Key Metrics Update

Expect to meet or exceed most key 2009 targets by end of 2008

Financial Information Update

Expect to meet or exceed most key 2009 targets by end of 2008

(in US$ millions) Outlook 2006 Outlook Actual 2009

Revenue 1,013$ ~$1,600 1,719$ ~ $2,000OPBDA 244$ ~$350 394$ ~ $600Operating profit 79$ ~$120 159$ ~ $400

CapExSAC 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

2007RevisedOutlook

2008

~$450

~$250

~$2,200+~$625+

DTVLA Valuation

DTVLA Ownership % Subscribers Attributable Subscribers

PanAmericana 100% 2.1M 2.1MBrazil 74% 1.7M 1.3MMexico 41% 1.7M 0.7MTotal 5.5M 4.1M

4.1M attributable subscribers at $1,400 = ~$5.7B or ~$5.201 of DTV market value

Notes

1. DTVLA target price is derived from an average of several analysts

DTVLA Valuation

Carving out DTVLA value

DTVUS versus Competitors (Price/Free Cash Flow )

Notes

1. DTVLA target price is derived from an average of several analysts

2. 2009 Consensus

Time Warner Cable 23xComcast 18xDish Network 12xDTV-US 10x

1

2

2

5-Sep-2008

DTV trading value $26.57

Less avg. target price for DTVLA ($5.20)

Implied DTV-US trading value $21.37 or 10x (Price/Free Cash Flow )

DTVLA Non-GAAP Financial Reconciliations

2008 Outlook 2007 2006

Operating Profit Before Depreciation and Amortization ~625+ $394 $244 Subtract: Depreciation and amortization expense ~225+ 235 165Operating Profit ~$400 $159 $79 Revenue ~$2,200 $1,719 $1,013 OPBDA Margin ~28% 22.9% 24.1%

2008 Outlook 2007 2006

Cash Flow Before Interest and Taxes ~$250 $140 $0 Adjustments: Cash paid for interest (27) (12) Interest income 18 16 Income taxes paid * ~(100) (51) (14)Add Cash Paid For:

Property and equipment ~450 336 175 Net Cash Provided by Operating Activities ~$600 $416 $165

Twelve Months EndedDecember 31,

*Outlook data combines interest received, interest paid and income taxes paid under income taxes paid

Reconciliation of Operating Profit Before Depreciation and Amortization to Operating Profit

Twelve Months EndedDecember 31,

(Dollars in Millions)

Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to Net Cash Provided by Operating Activities

DIRECTV Latin America

(Dollars in Millions)