13th Annual Merrill Lynch Media &
Entertainment 2006 Fall Preview
Conference
September 12th, 2006
Michael Palkovic
Chief Financial Officer, DIRECTV
1

Cautionary Statement
This presentation may include or incorporate by reference certain statements that we believe are, or
may be considered to be, “forward-looking statements” within the meaning of various provisions of the
Securities Act of 1933 and of the Securities Exchange Act of 1934. These forward-looking statements
generally can be identified by use of statements that include phrases 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 simplify aspects of our business model;
improve customer service; create new and desirable programming content and interactive features;
achieve anticipated economies of scale; government action; local political or economic developments
in or affecting countries where we have operations, including 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; the success and timeliness of satellite launches; in-orbit performance of satellites, including
technical anomalies; loss of uninsured satellites; theft of satellite programming signals; and our ability
to access capital to maintain our financial flexibility; and we may face other risks described from time
to time in periodic reports filed by us with the SEC.
2

Non-GAAP Financials
This presentation includes financial measures that are not determined in accordance with accounting
principles generally accepted in the United States of America, or GAAP, such as Operating Profit
before Depreciation and Amortization, Free Cash Flow, Pre-SAC margin 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.
3

Solid 2nd Quarter Results
2Q 2006 2Q 2005 Change
DIRECTV U.S.
Revenue $3.32B $2.96B +12%
Operating Profit Before
Depreciation & Amortization $977M $505M +93%
$724M $505M +43%
Excluding Lease Accounting
Cash Flow Before Interest
$450M $154M +192%
and Taxes
ARPU $71.59 $67.79 +6%
SAC $642 $646 -
Monthly Churn 1.59% 1.69% (10 basis pts.)
4

DIRECTV Market Share
DIRECTV has Maintained or Increased its Share of Industry
Gross Additions Despite the Launch of New Cable Services
20%
DTV Share of Industry Gross Adds
Cable
Cable ramps-up ramps-up
High Definition VOIP
15%
Cable ramps-up
Video-on-Demand
10%
Cable ramps-up
Broadband
5%
2001 2002 2003 2004 2005 2006E
5

Improving Subscriber Quality
(Residential Subscribers)
39% 30% 24% 18% 14% 15% Higher Risk
85% Lower Risk
61% 70% 76% 82% 86%
Q1 Q2 Q3 Q4 Q1 Q2
2005 2006
# of Higher Risk 430K 275K 255K 170K 125K 120K
Gross Adds
# of Lower Risk 710K
660K 640K 740K
785K 745K
6
Gross Adds

Higher Quality Subscribers = Lower Churn
Monthly Churn
1.89%
Key Factors
2Q 2Q
1.69%
2006 2005
1.70% Lower Involuntary
.53% .71%
Churn
1.49% 1.59%
Lower Churn from
2.2% 2.7%
1.45% 1st Year Subscribers
1Q 2Q 3Q 4Q
2005 Monthly Churn
2006 Monthly Churn
7

Continued Strong ARPU Growth
• DIRECTV continues to generate industry-leading ARPU
driven by price increases and:
• Unique and differentiated programming
• DVR and HD services
• Advertising revenues
• A few recent examples:
• First–ever Interactive TV content
for MLB:
• Player Tracker
- Up-to-the-minute statistics, box
• Red Zone Channel
scores and scoreboards
• Game Mix
- Bonus Cam
• Short Cuts
• First–ever Interactive TV
coverage of a major U.S. tennis
event:
• CD USA
- Mix Channel (up to 5 matches
• Network Live
simultaneously)
- Statistics and info on demand
8

Increasing Sales of HD and DVRs
Penetration of Total Subscriber Base
Penetration of New
25%
HD Subs Subscribers
24%
DVR Subs (% of Gross Adds)
21%
19%
2Q 2Q
17%
16%
2006 2005
DVR 17% 8%
HD 6% 2%
Total 23% 10%
Q1 Q2 Q3 Q4 Q1 Q2
2005 2006 9

HD Local Market Rollout
Today: 39 Markets Reaching 60%
of U.S. TV HHs
2H 2006 HD Market Launches
Milwaukee
Atlanta
• Over 20 additional markets bringing the
Phoenix
Boston
cumulative total to more than 70% of
Salt Lake City
Chicago
U.S. TV HHs
St. Louis
Dallas-Ft Worth
Indianapolis
Detroit
Seattle
Houston
2H 2007 HD Market Launches
Baltimore
Los Angeles
• Capacity to reach 100% of U.S. TV
Charlotte
New York
HHs
Cleveland
Philadelphia
- 1500 local HD channels
Denver
San Francisco
- 150 national HD channels
Fresno
Tampa
Hartford
Washington, D.C
• Positions DIRECTV to have the most
Miami
Birmingham
HD capacity in the U.S.
Orlando
Columbus
Raleigh
Kansas City
W. Palm Beach
Minneapolis
Memphis
Nashville
San Antonio
Pittsburgh
Portland
Sacramento 10
San Diego

Stabilizing Subscriber Acquisition Costs
Q2 Q2 3-Year
2006 2005 Trend Comments
Higher sales of HD and DVR receivers
Hardware $230 $250 Higher partially offset by set-top cost reductions
and lease program benefits
More complex installations offset by
Installation 160 160 Flat
improved efficiencies/technologies
Higher dealer incentives for quality subs
Commission/
180 180 Flat offset by higher upfront fees, dealer
Direct Sales chargebacks and Direct Sales efficiencies
Marketing dollars roughly proportional to
Marketing 70 50 Flat
gross adds
$640 $650-$700
Total $640
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Controlling Upgrade and Retention Costs
Q2 Q2 2-3 Yr.
2006 2005 Trend Comments
Higher sales of HD and DVR receivers
HD/DVRs $100M $50M Higher partially offset by set-top cost reductions
and lease program benefits
Basic Boxes/ Cumulative STBs/home of 2.4 is
Local Channel approaching national average of 2.6; SD
40 60 Lower
local upgrade program is winding down
Upgrades
Movers program should be roughly
Flat to
Movers/Other
100 110 proportionate to revenues; other programs
Slightly
Programs are largely discretionary
Higher
Total $240M $220M $1.1B-1.2B/year
(excluding MPEG-4 swaps)
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Note: MPEG-4 HD swap program expected to cost $300-400M over 2-3 years

DIRECTV U.S.
Capital Expenditures*
HD Ground
$782M
Maintenance
$672M
Satellites
$300-400M
2004 2005 2006E 2007E 2008E
*Excludes lease program 13

DIRECTV Latin America
A Great Opportunity to Unlock Value
Monthly
Subs ARPU SAC Churn Value/Sub Value
BSkyB 8.2M $60 $450 – 475 0.9% $1,950 $ 16.0B
$1,700(1)
Sky Italia 3.8M $55 $300 – 325 0.8% $ 6.5B
$2,000(1)
Sky Mexico 1.4M $40 $260 – 320 1.0% $ 2.7B
DIRECTV Latin
2.6M $40 $300 – 350 1.5% - -
America(2)
DIRECTV U.S 15.5M $70 $650 – 700 1.6% $1,550 $ 23.2B
EchoStar 12.5M $60 $675 – 725 1.7% $1,450 $ 18.0B
(1) Analyst consensus (these companies are not publicly traded)
(2) Excludes Sky Mexico 14

DIRECTV Latin America
Potential Valuation
(1)
DIRECTV Latin America’s Attributable Subscribers
Region Owner- Reported Attributable
ship % Subs Subs
PanAmericana 100% 1.3 M 1.3 M
Brazil 74% 1.3 M 1.0 M
Mexico 41% 1.4 M 0.6 M
Total 4.0 M 2.9 M
DIRECTV Latin America’s Potential Valuation
(assumes 2.9M attributable subs)
Value/Sub Value Value/Share
$500 $1.5 B $1
$1,000 $2.9 B $2
$1,500 $4.4 B $4
$2,000 $5.8 B $5
15
(1) Excludes effect of Darlene’s minority interest

Strong Balance Sheet
• $1.4.B net debt position as of 2Q 2006:
Total Debt $3.4B
Cash and Short Term Inv. $2.0B
Net Debt $1.4B
• Repurchased approximately 176M shares for
$2.8B (as of the 2Q Earnings Call on August 8th, 2006)
– Stock buyback program authorized for $3B
• Expect significant cash flow growth
• Current credit rating provides significant
borrowing capacity
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Summary
DIRECTV is poised for significant
cash flow growth
• Leading digital multichannel TV service provider
– 100% digital platform
– Unique and exclusive programming
– New products/services expected to further differentiate
• Strong revenue, OPBD&A and subscriber growth
– Increasing margins due to cost controls and operating leverage
• Significant upside potential at DIRECTV Latin America
• Strong balance sheet with substantial liquidity
17

18

Non-GAAP Financial Reconciliation Schedules
DIRECTV Holdings LLC (U.S.)
Reconciliation of Operating Profit Before Depreciation and Amortization to Operating Profit
Three Months Ended
June 30,
2006 2005
(Dollars in Millions)
Operating Profit Before Depreciation and Amortization $ 976.3 $ 504.6
Subtract: Depreciation and amortization expense 202.0 171.4
Operating Profit $ 774.3 $ 333.2
DIRECTV Holdings LLC (U.S.)
Reconciliation of Cash Flow before Interest and Taxes and Free Cash Flow to
Net Cash Provided by Operating Activities
Three Months Ended
June 30,
2006 2005
(Dollars in Millions)
Cash Flow before Interest and Taxes $ 449.5 $ 153.8
Adjustments:
Cash paid for interest (50.3) (31.2)
Interest income 17.3 3.7
Income taxes refunded (paid) (192.5) -
Subtotal - Free Cash Flow 224.0 126.3
Add Cash Paid For:
Property and equipment 121.3 102.5
Subscriber leased equipment - subscriber acquisitions 153.0 -
Subscriber leased equipment - upgrade and retention 99.5 -
Satellites 48.6 95.2
Net Cash Provided by Operating Activities $ 646.4 $ 324.0
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