Chase CareyPresident & CEOThe DIRECTV Group

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The DIRECTV GroupCautionary 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 FinancialsThis 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.

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Goal: Deliver The Best TV Experience

Through Leadership In:

Content

Technology

Service

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Financial Objectives

Solid Top Line Growth

Increasing Margins

Strong Cash Flow Growth

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Strong First Half Results

510

653

25.6%

2,063

8,043

1H 2007

917

1,335

27.0%

2,539

9,398

1H 2008

137 BpsOPBDA Margin

104%Cash Flow Before Interest & Taxes

80%Free Cash Flow

23%

17%

Change

Operating Profit Before D&A (OPBDA)

Revenue

$M except OPBDA Margin

The DIRECTV Group

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High Quality Subscriber Growth

900

318

439

(270)

10

404

First Half 2008

2,003

228

742

(520)

675

878

Full Year 2007

2,256

3

205

163

1,065

820

Full Year 2006

Verizon FiOS

Total Pay TV Market

AT&T U-Verse

Cable

Dish Network

DIRECTV U.S.

Net Subscriber Additions (K)

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Unique Marketing Strengths

8

Direct Sales Expansion

2005 2006 2007 2008E

25%

34%42%

~50%

Direct Sales as a % of Total Gross Additions

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Target Opportunistically

Weak Cable

Market Disruptions

Unique Content Advantages• HD• Sports

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Build Key Niches

Commercial

MDU

Ethnic

Rural

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Manage Churn

Full Year2005

Full Year2006

Full Year2007

First Half2008

Voluntary

Involuntary

DIRECTV U.S. Average Monthly Churn

.99% .99%1.03%

1.70%1.60%

1.51%1.42%

1.02%

.71% .57% .52% .40%

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Tighter Credit Policies/Key Customer Terms

Upfront Fee Required for High Risk Subs

Dealer Compensation Realigned

Upfront Fee Increased for High Risk Subs

Raised Minimum Credit Score

Credit Cards Required

Minimum Commitment Period Increased to 18 months

Implemented 1 and 2 Year Commitments Increased

Focus on Collecting Social Security Numbers S

trict

er C

redi

t Pol

icie

s

2005 2008

Enhanced Fraud Protection System

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Customer Segmentation

TIER 515% Customers

34% Profit

TIER 423% Customers

29% Profit

DemographicsMen 35+

MarriedHomeowner

Income >$70KCollege/Grad

School

Index 120125121130145

38% of Customers Drive 63% of Profits

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Communication / Loyalty

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ARPU Growth

$80.79$79.05$73.74$69.61Total ARPU

7.8%7.2%5.9%4.0%Year-over-Year ARPU Growth

5.50

9.70

$58.50

Full Year 2006

5.00

8.90

$55.70

Full Year 2005

6.60

12.20

$60.30

Full Year 2007

7.50

13.60

$59.70

First Half 2008

Other / Ad Sales

Advanced Services / Equipment / Lease Fees

Packages / Premiums /Sports / PPV

DIRECTV U.S.

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Advanced Product Leadership

2.0M

4.6M

3.0M

6.6M

30%21%

13%

41%

2004 2005 2006 2007

Cumulative Advanced Subscribers

Total HD and/or DVR Subscribers

Penetration of Total Subscribers

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Focus on Quality Subscribers

Full Year2005

Full Year2006

Full Year2007

First Half2008

DIRECTV U.S. Gross Additions’ Mix

Higher Risk

Lower Risk

28%

72%

15%

85%

8%

92%

7%

93%

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DIRECTV on Demand

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Advertising Opportunities

Interactive

Telescoping

Local Advertising

DVR Insertion

Audience Measurement

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Content Leadership

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HD Advantage

DIRECTV DISH Comcast Time Warner

National HD Premiums Local

Los Angeles Denver Los AngelesPhiladelphia

130*

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75*

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Based on August survey of websites*Excludes Games-only Regional Sports Networks and VOD

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Sports Leadership

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Original / Unique Programming

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Interactive / Enhanced Services

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User Interface

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Technology and Engineering

Improve Reliability

Upgradeable

Add Functionality

Next Gen/Whole Home Experience

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Ultimate Customer Experience

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Optimize Quality and Efficiencies

Simplify and Standardize

Technology Advancements• Home Installation• Wireless Handheld• New Diagnostic Tools

Increased Self-Care• Web• IVR

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Owned and Operated NetworkBest Practices

Accurate Metrics

Flexibility and Speed

~35%TotalMississippi, Alabama, Georgia, Tennessee, Florida, Louisiana~5%Bruister

Oklahoma, Missouri, Nebraska, Iowa, N. Dakota, S. Dakota, Minnesota, Wisconsin~10%Premier

California, Oregon, Washington, Idaho, Montana, Wyoming, Colorado, Utah, Arkansas, New Jersey, Pennsylvania, Virginia~20%180 Connect

States Served% of Network Volume

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Subscriber Acquisition and Retention Costs

Upward Pressure• Demand for Advanced Products• New Technologies (e.g. Connecting the Home)• Targeting High Quality Subscribers• Equipment Upgrade Flexibility

Offsets:• Lower Box Costs• Use of Refurbished Boxes• Installation and Marketing Efficiencies

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Declining Capital Expenditures

2005 2006 2007 2008E

Sustaining

Satellites

HD Infrastructure

$0.8B$0.7B

$0.8B

$0.6B

Note: Excludes Set-Top Box CapEx

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DIRECTV U.S. 3 Year Outlook

Revenues of $20B in 2010• 1.5M – 2M New Subscribers Additions (cum)• ARPU Growth of 5%+

OPBDA Margin Approaches 30%

Cash Flow Before Interest and Taxes of ~$4B in 2010~40% CAGR from 2007

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DIRECTV Latin America

Sky Mexico1.7M Subscribers

59% Televisa41% DIRECTV

Sky Brazil1.7M Subscribers

74% DIRECTV26% Globo

PanAmericana2.1M Subscribers100% DIRECTV

4th Largest Pay-TV Provider Outside the U.S. with 5.5M Subscribers

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Latin America Market Overview

Large TV Market with Low Pay-TV Penetration• Brazil – 11%; Mexico – 28%; PanAmericana – 36%

Competitive Landscape:• Cable is Main Competitor• Digital Roll-Out Only in Major Urban Markets• Bundle Product Offers Increasing: Telmex,

Telefonica

Low Penetration of Advanced Products

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DIRECTV Latin American Strategy

Adapt DIRECTV U.S. roadmap to Latin AmericaContent and Technology LeadershipCustomer Service SuperiorityMulti-Box and DVR ExpansionIntroduce HD and Secure Leadership Position Expand Pre-Paid Offer into New Countries

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DIRECTV Latin America

28%23%24%OPBDA Margin

~4,000K3,279K2,711KCumulative Subscribers

~$250M$140M$0MCash Flow Before Interest & Taxes

~$625+M

~$2,200M+

2008E

$394M

$1,719M

2007

$244M

$1,013M

2006

Operating Profit Before Depreciation and Amortization (OPBDA)

Revenue

Note: Excludes Mexico

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Conclusions

DIRECTV U.S.• Meeting or Exceeding Operating Targets• Generating Substantial Cash Flow Growth

DIRECTV Latin America• Momentum Building• Tremendous Upside for Value Creation

Strong Balance Sheet• Remains Underleveraged • $6.5B in Buybacks Over Past 2.5 Years

• Half Remaining on Current $3B Program

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Non-GAAP Financial Reconciliations(Unaudited)

2008 2007

Operating Profit Before Depreciation and Amortization $2,539 $2,063

Subtract: Depreciation and amortization expense 1,081 760

Operating Profit $1,458 $1,303 Revenue $9,398 $8,043 OPBDA Margin 27.0% 25.6%

2008 2007

Cash Flow Before Interest and Taxes $1,335 $653 Adjustments: Cash paid for interest (124) (113) Interest income 37 71 Income taxes paid (331) (101)Subtotal - Free Cash Flow 917 510 Add Cash Paid For: Property and equipment 959 1,234 Satellites 77 112 Net Cash Provided by Operating Activities $1,953 $1,856

June 30,

S ix Months EndedJune 30,

The DIRECTV Group

(Dollars in Millions)

(Dollars in Millions)

The DIRECTV Group

Reconciliation of Operating Profit Before Depreciation and Amortization to Operating Profit

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

Six Months Ended

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)