INVESTOR COMMUNICATIONS POLICY

1.BACKGROUNDSKY Network Television Ltd (‘the Company’) is committed to providing full, fair and timely disclosure of information about the Company to its shareholders and bondholders (‘Investors’), as well as the investment community. This commitment enables Investors and the investment community to engage with the Company, and assists Investors in exercising their rights and making an informed Assessment as to the Company’s value and prospects.

2.PURPOSEThe purpose of this Investment Communications Policy (‘Policy’) is to set out how the Company can most effectively communicate with its Investors. This Policy has been developed to ensure communication with Investors and the investment community is consistent with, and adheres to, the principles of continuous disclosure, and complies with the listing rules of the NZX and ASX.

3.SCOPEThis Policy is applicable to the Board of Directors, senior management and all employees and contractors of the Company.

4.COMMUNICATIONSSKY has adopted a comprehensive Investor and media relations programme, aimed at communicating with Investors in a consistent and effective manner. Communications with Investors may take the form of press releases, reports, meetings, teleconferences, webcasts, site visits and presentations.

5.ELECTRONIC INFORMATION AND WEBSITESKY’s website (www.sky.co.nz) has an Investor Relations section designed to provide relevant public information to all Investors. The website will:

Be updated to reflect any information released to the NZX and ASX as soon as practicable after the event.

Be a repository for relevant documents, including Annual Reports, half year financial reports, news releases, corporate governance-related material and similar documents.

Provide webcasting facilities for important events.

Website information will be reviewed regularly to ensure all information is current and where required archived. Investors who have provided the Company with an email address will be sent annual and half yearly reports and other Investor communications electronically, unless they opt to receive hard copies of these reports.

PAGE 2

6.INFORMATION REQUESTSInvestors and the investment community may request information from SKY via the Company's website and the Company will respond in a timely manner.

7. AUTHORISED SPOKESPEOPLETo ensure consistent delivery of information and to reduce the risk of information being selectively released, SKY has authorised certain executives to speak on its behalf with Investors and the investment community. These individuals are:

Chair of the Board.

Chief Executive.

Chief Financial Officer.

Director of Corporate Communication.

Anyone authorised by the Board or Chief Executive.

8. DISCLOSURES/RELEASESAll public releases of information will be reviewed prior to issue to determine whether such information is market sensitive and/or meets legal and listing rule requirements.

9. SHAREHOLDER MEETINGSNotices of shareholder meetings and explanatory information will be provided to enable shareholders to form a reasoned judgement and, where necessary, vote on the matter of business. At shareholders' meetings, shareholders will have the opportunity to ask questions of Directors and the Company's external auditors.

10. REVIEW AND MEASUREMENTThis Policy will be reviewed every two years.

April 2015

PAGE 3