UBS 36th Annual Global Media and
Communications Conference
Jon Rubin
Senior VP of Financial Planning and Investor Relations
December 8, 2008

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.
2

DIRECTV’s Goal
To offer the best TV experience through
leadership in:
Content HD, Exclusive, Sports, Original,
Interactivity
Technology User Interface, DVR/ Advanced
Equipment, Internet, Whole Home
Service Call Centers, Installer Network,
Self Care
3

Increasing Market Share…
2006 2007 YTD 9/30/08
Subscribers (K) Net Adds % Net Adds % Net Adds %
DIRECTV U.S. 820 37% 878 44% 560 45%
Dish Network 1,065 47% 675 34% 0 0%
Cable 163 7% (520) (26)% (540) (43)%
Verizon FiOS 205 9% 742 37% 672 54%
AT&T U-Verse 3 0% 228 11% 550 44%
Total Pay TV
2,256 100% 2,003 100% 1,242 100%
Market
4

And Increasing Subscriber Returns
YTD Thru
2004 2005 2006 2007
9/30/08
ARPU $66.95 $69.61 $73.74 $79.05 $81.73
Churn 1.59% 1.70% 1.60% 1.51% 1.50%
Variable Margin 39% 41% 40% 37% 42%
SAC 643 642 641 692 711
After-Tax IRRs 23% 25% 29% 27% 33%
5

Subscriber Growth Drivers
Superior Programming/Services
Most comprehensive SD, HD and DVR services
Most sports/interactivity
Stronger Sales and Marketing
Advertising / National Offers
Direct Sales
Commercial Business
Building the Brand
“The 101” – Friday Night Lights, original shows and concerts
New Services – DVR Scheduler, DIRECTV2PC, 1080P
Video-on-Demand
6

HD Channel Comparison
Local
130*
Premiums
102
National HD
75*
50
37 35
DIRECTV Verizon DISH AT&T Time Comcast
Warner
Los Los Los
Florida Philadelphia
Denver
Angeles Angeles Angeles
Based on October survey of websites
*Excludes Games-only Regional Sports Networks and VOD
7

Rapid Growth in HD/DVR Subscribers
Net HD/DVR Subscriber Adds
~50%
Penetration of Total Subscribers
Comcast DIRECTV
41%
Q4 07 500K 600K
30% Q1 08 450K 550K
6.6M
Q2 08 150K 400K
21%
4.6M Q3 08 300K 450K
LTM 1,400K 2,000K
3.0M
Penetration
~30% ~50%
of Sub Base
2005 2006 2007 2008E
Cumulative HD/DVR Subscribers
8

Attracting More Valuable Subscribers
DIRECTV U.S. Subscriber Returns
2007 YTD Thru 9/30/08
Basic Basic
Advanced Advanced
Sub Sub
Sub Sub
Monthly Churn 1.9% 0.8% 1.9% 1.1%
ARPU $62 $100 $62 $106
Variable Margin 33% 44% 34% 47%
SAC* $575 $760 $600 $750
IRR 20% 59% 18% 66%
* Includes credit for upfront fees
9

A Large Opportunity
~40M U.S. Households are Expected to Sign-up for HD
Service Over the Next 3 Years
83M
76M
72M
65M
TV HHs with HDTVs
59M
54M
46M
TV HHs with HD Service
39M
34M
23M
2007 2008 2009 2010 2011
Source: Average of Analysts/Research Groups
10

Interactive Services
The Masters Golf Tournament
NFL Sunday Ticket
The Weather Channel News Mix
11

Advertising / National Offers
Drive 60%
40% of
of Profits
customers
Index Demographics
120 Men 35+
125 Married
121 Homeowner
130 Income >$70K
145 College+
12

Direct Sales Growth
Direct Sales as a % of
~49%
Total Gross Adds
43%
34% 1.6M
1.3M
2006 2007 2008E
Targeted DIRECTV.COM 1-800 DIRECTV
13

Commercial Business Growth
Commercial Accounts
DIRECTV Market Share
Gross Additions
Target Market = 6M+ Locations
(Equivalent Units)
~190K
140K
130K
4%
2006 2007 2008E
Business/Private Bars/Restaurants
Hotels
14

“The 101”
Concert Blizzcon
15

DIRECTV on Demand
16

Enhanced Services
NFL Supercast
DIRECTV2PC DVR Scheduler
17

Strong Financial Results
DIRECTV U.S.
YTD Thru YTD Thru
Change
$M except Margin
9/30/07 9/30/08
Revenue 11,150 12,569 13%
Operating Profit Before
2,847 3,335 17%
D&A (OPBDA)
OPBDA Margin 25.5% 26.5% 100 Bps
Capital Expenditures 1,784 1,240 (30)%
Cash Flow Before
974 1,819 87%
Interest & Taxes
18

Strong Gross Additions
Key Trends
(000)’s 2007 2008 Change Favorable
AT&T partnership
Q1 929 964 4%
Stronger brand
Q2 900 894 (1)% Commercial / MDU /
International growth
Q3 1,032 1,002 (3)%
Unfavorable
Q4 986 Up over last year
Weaker economy
FiOS / U-Verse expansion
Full
3,847 Up over last year Less upfront offer
Year
discounting
19

Managing Churn
Key Trends
Favorable
2007 2008 Change
Higher HD/DVR penetration
Q1 1.44% 1.36% (8) bps
AT&T partnership
Further credit tightening
Q2 1.58% 1.49% (9) bps
Q3 1.61% 1.64% 3 bps Unfavorable
FiOS/U-Verse expansion
Up slightly from
Q4 1.42%
Weaker economy
last year
More disciplined upgrade/
retention offers
Full Down slightly from
1.51%
Year last year
20

ARPU Growth
Key Trends
Favorable
2007 2008 Change
Price increases
Q1 5.2% 8.6% 340 bps
HD/DVR monthly fees
Q2 6.8% 7.0% 20 bps
Unfavorable
Q3 8.3% 6.1% (220) bps National offers/discounts
Lease fees per home
Q4 8.3% ~4%
Free/lower equipment fees
“Law of large numbers”
Full
7.2% 6 - 6.5%
Year
21

Subscriber Acquisition Costs
Key Trends
YTD Thru Favorable
$/Subscriber Change
9/30/07 9/30/08 Lower box costs
More refurbished boxes
Hardware 260 240 (8)%
Owned & Operated installers
Commissions/
190 225 18%
Direct
Unfavorable
Marketing
Richer mix of HD-DVRs
Installation 165 170 3%
New products/services
National
70 75 7% Broadband connection
Advertising
Whole Home solution
Total SAC 684 711 4%
Note: Includes expensed and capitalized costs
22

Upgrade and Retention
Key Trends
YTD Thru Favorable
$M Change
9/30/07 9/30/08
Decline in box costs
Upgrades 680 480 (29)% Lower “pent-up” demand
More refurbished boxes
Retention 460 520 13%
Unfavorable
Swaps 130 100 (23)%
Slower economy/greater
competition
Total Upgrade Richer mix of HD-DVRs
1,270 1,097 (14)%
& Retention
Loyalty program
Note: Includes expensed and capitalized costs
23

Increasing Margins
YTD Thru Key Trends
% of Revenues Change
9/30/07 9/30/08
Programming/ Greater cost controls &
41.7% 41.5% (0.2)%
Other COS
operating efficiencies
Subscriber
7.6% 6.7% (0.9)% Subscriber Services
Services
G&A
G&A/Broadcast
6.6% 6.8% 0.2%
Operations
Stabilize key costs
Upgrade &
6.2% 5.8% (0.4)%
Retention Expenses
Programming
Subscriber SAC
12.4% 12.7% 0.3%
Acquisition Costs
Upgrade & Retention
Subtotal 74.5% 73.5% (1.0)%
Operating Profit
25.5% 26.5% 1.0%
Before D&A Margin
24

Declining Capital Expenditures
Key Trends
YTD Thru Favorable
$M
9/30/07 9/30/08 Change Lower box costs
More refurbished boxes
Set-Top Boxes 1,159 805 (31)%
Completion of satellite
expansion plan
Basic/Other 476 343 (28)%
Satellites 149 92 (38)% Unfavorable
Richer mix of HD-DVRs
New projects/new local
Total CapEx 1,784 1,240 (30)%
market launches
Owned and Operated
installers
25

DIRECTV Latin America Overview
~5.5M Subscribers in the Region
Sky Mexico
1.73M Subscribers Sky Brazil
59% Televisa 1.61M Subscribers
41% DIRECTV 74% DIRECTV
26% Globo
PanAmericana
2.09M Subscribers
100% DIRECTV
26

DIRECTV Latin America
Rapid Subscriber Growth
YTD Thru YTD Thru
Change
Subscriber Metrics
9/30/07 9/30/08
Gross Subscriber Additions 753K 1,052K 40%
Monthly Churn Rate 1.40% 1.85% 45 bps
1.40% 1.59% 19 bps
Excluding Brazil Adjustments
Net Subscriber Additions 390K 463K 19%
ARPU $46.98 $56.88 21%
Subscriber Acquisition Cost
$347 $400 15%
(SAC)
27

DIRECTV Latin America
Strong Financial Results
YTD Thru YTD Thru
Change
$M
9/30/07 9/30/08
Revenue 1,220 1,811 48%
Operating Profit Before D&A 280 507 81%
OPBDA Margin 23.0% 28.0% 500 bps
Capital Expenditures 237 322 36%
Cash Flow Before Interest &
105 218 108%
Taxes
Free Cash Flow 74 113 53%
28

DIRECTV Latin America Strategy
Drive Strong Subscriber Growth
Offer the best content, technology and service throughout the region
Establish HD leadership position
Already launched: Argentina, Colombia, Venezuela, Chile and Puerto Rico
Brazil launch: 2Q 2009
Aggressively market superior set-top boxes and DVR service
Expand pre-paid service
Leverage DIRECTV U.S. Capabilities
Speed-to-market
Advanced set-top boxes at a lower cost
Access to exclusive programming
Mitigate Currency Exposure
~80% of costs in local currency
29

The DIRECTV Group (Consolidated)
Generating Substantial Cash Flow
YTD Thru YTD Thru
Change
$M except EPS and OPBDA Margin
9/30/07 9/30/08
Revenue 12,370 14,379 16%
Operating Profit Before D&A (OPBDA) 3,067 3,791 24%
OPBDA Margin 24.8% 26.4% 160 bps
EPS $0.91 $1.05 15%
Capital Expenditures 2,052 1,572 (23)%
Cash Flow Before Interest & Taxes 968 1,954 102%
Free Cash Flow 592 1,249 111%
30

The DIRECTV Group (Consolidated)
Strong Balance Sheet
Share Repurchases
Net Debt
YTD Thru
2006 2007
$M 12/07 9/08
9/30/08
Shares (M) 184 86 69
Cash 1,083 2,988
Short Term Debt 48 95
Cum Shares (M) 184 270 339
Long Term Debt 3,347 5,755
Total Cost ($M) 2,977 2,025 1,838
Total Debt 3,395 5,850
Cum Cost ($M) 2,977 5,002 6,840
Net Debt 2,312 2,862
31

Non-GAAP Financial Reconciliations Non-GAAP Financial Measure Reconciliation Schedules
(Unaudited)
DIRECTV HOLDINGS LLC (DIRECTV U.S.)
Non-GAAP Financial Measure Reconciliation
The DIRECTV Group
(Unaudited)
Reconciliation of Operating Profit Before Depreciation and Amortization to Operating
2 3
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to Profit*
Net Cash Provided by Operating Activities
Nine Months Ended
Nine Months Ended
S eptember 30,
S eptember 30,
2008 2007
2008 2007
(Dollars in Millions)
(Dollars in Millions)
Operating Profit Before Depreciation and Amortization $3,791 $3,067
Cash Flow Before Interest and Taxes $1,819 $974
Adjustments: S ubtract: Depreciation and amortization expense 1,675 1,198
Cash paid for interest (175) (162)
Operating Profit $2,116 $1,869
Interest income 31 60
Income taxes paid (585) (624)
S ubtotal - Free Cash Flow 1,090 248
Add Cash Paid For: *For a reconciliation of this non-GAAP financial measure for each of our segments,
Property and equipment 343 476 please see the Notes to the Consolidated Financial Statements which will be included in
S ubscriber leased equipment - subscriber acquisitions 432 580 The DIRECTV Group’s Quarterly Report on Form 10-Q for the quarter ended Sept 30, 2008,
filed with the SEC in November 2008.
S ubscriber leased equipment - upgrade and retention 373 579
S atellites 92 149
Net Cash Provided by Operating Activities $2,330 $2,032
The DIRECTV Group
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to
Cash flow before interest and taxes, w hich is a financial measure that is not determined in accordance w ith GAAP, is calculated by
Net Cash Provided by Operating Activities
deducting amounts under the captions “Cash paid for property and equipment”, “Cash paid for satellites”, “Cash paid for subscriber
Nine Months Ended
leased equipment – subscriber acquisitions” and “Cash paid for subscriber leased equipment – upgrade and retention” from “Net cash
S eptember 30,
provided by operating activities” from the Consolidated Statements of Cash Flow s and adding back net interest paid and “Cash paid for
income taxes”. This financial measure should be used in conjunction w ith other GAAP financial measures and is not presented as an 2008 2007
alternative measure of cash flow s from operating activities, as determined in accordance w ith GAAP. The DIRECTV Group and DIRECTV (Dollars in Millions)
U.S. management use cash flow before interest and taxes to evaluate the cash generated by our current subscriber base, net of capital
Cash Flow Before Interest and Taxes $1,954 $968
expenditures, and excluding the impact of interest and taxes, for the purpose of allocating resources to activities such as adding new
Adjustments:
subscribers, retaining and upgrading existing subscribers, for additional capital expenditures and as a measure of performance for incenti
Cash paid for interest (201) (176)
Interest income 64 96
T he DIRECT V Group and DIRECT V U.S. believe this measure is useful to investors, along with other GAAP measures (such as cash flows from
operating and investing activities), to compare our operating performance to other communications, entertainment and media companies. We Income taxes paid (568) (296)
believe that investors also use current and projected cash flow before interest and taxes to determine the ability of our current and projected S ubtotal - Free Cash Flow 1,249 592
subscriber base to fund required and discretionary spending and to help determine the financial value of the company.
Add Cash Paid For:
Property and equipment 1,480 1,903
Free cash flow , w hich is a financial measure that is not determined in accordance w ith GAAP, is calculated by deducting amounts under
S atellites 92 149
the captions “Cash paid for property and equipment”, “Cash paid for satellites”, “Cash paid for subscriber leased equipment – subscriber
Net Cash Provided by Operating Activities $2,821 $2,644
acquisitions”, and “Cash paid for subscriber leased equipment – upgrade and retention” from “Net cash provided by operating activities”
from the Consolidated Statements of Cash Flow s. This financial measure should be used in conjunction w ith other GAAP financial
measures and is not presented as an alternative measure of cash flow s from operating activities, as determined in accordance w ith
DIRECTV Latin America
GAAP. The DIRECTV Group and DIRECTV U.S. management use free cash flow to evaluate the cash generated by our current subscriber
Reconciliation of Cash Flow Before Interest and Taxes and Free Cash Flow to
base, net of capital expenditures, for the purpose of allocating resources to activities such as adding new subscribers, retaining and
upgrading existing subscribers, for additional capital expenditures and as a measure of performance for incentive compensation Net Cash Provided by Operating Activities
purposes. The DIRECTV Group and DIRECTV U.S. believe this measure is useful to investors, along w ith other GAAP measures (such as c
Nine Months Ended
our operating performance to other communications, entertainment and media companies. We believe that investors also use current and S eptember 30,
projected free cash flow to determine the ability of our current and projected subscriber base to fund required and discretionary 2008 2007
spending and to help determine the financial value of the company.
(Dollars in Millions)
Cash Flow Before Interest and Taxes $218 $105
Adjustments:
Cash paid for interest (29) (21)
Interest income 18 14
Income taxes paid (94) (24)
S ubtotal - Free Cash Flow 113 74
Add Cash Paid For:
Property and equipment 322 237
Net Cash Provided by Operating Activities $435 $311
33