Deutsche Bank 2006 Media and Telecommunications Conference

June 13, 2006

Mike PalkovicCFO, DIRECTV

Cautionary StatementThis 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.

Non-GAAP FinancialsThis 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.

Solid 1st Quarter Results

+235%$63M$211MCash Flow Before Interestand Taxes

(4 basis pts.)1.49%1.45%Monthly Churn

+2%$656$668SAC

+6%

+152%

+14%

Change

$65.78$69.75ARPU

$216M$545MOperating Profit BeforeDepreciation & Amortization

$2.80B$3.19BRevenue

1Q 20051Q 2006DIRECTV U.S.

Improving Subscriber Quality(Residential Subscribers)

Q1 Q2 Q3 Q4 Q1

High Risk

Low Risk

2005

39%

61%

30%

70%

24%

76%

18%

82%

14%

86%

# of High Risk Gross Adds

430K 275K 255K 170K 125K

# of Low Risk Gross Adds

660K 640K 785K 740K 745K

2006

Higher Quality Subscribers = Lower Churn

Is Driving Total Churn Lower

1.49%

A Decline in 1st Year ChurnA Decline in Involuntary Churn and …

Q1

34% 30%

Q1

Monthly Churn for First Year Customers

Q1

2.0.%

Q2 Q3 Q4

2.7%

3.2%

2.7%

Q1

2.0%

2005 2006

Involuntary Churn as a % of Total Churn

Q2 Q3 Q4

42%

46% 45%

2005 2006

1.45%

Q1 Q1

1.69%

1.89%

1.70%

Total Monthly Churn

Q2 Q3 Q42005 2006

Higher Quality Subscribers are also Driving HD and DVR Penetration Rates

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

DVR Subs HD SubsPenetration of Total Subscriber Base

2004 2005 2006

8%10%

12%14%

17%18%

20%23%

25%

HD Local Market RolloutQ4 2005

AtlantaBostonChicagoDallas-Ft Worth DetroitHoustonLos AngelesNew York PhiladelphiaSan Francisco Tampa Washington, D.C

May 2006

MilwaukeePhoenixSalt Lake CitySt. LouisIndianapolisSeattle

June 2006

BaltimoreCharlotteClevelandDenver Fresno HartfordMiami OrlandoRaleighW Palm Beach

April 2006

Birmingham Columbus Kansas City Minneapolis Nashville Pittsburgh Sacramento San Diego

Markets 12 20 26 36 50TV HHs 36M 45M 52M 63M 72M% of TV HHs 33% 41% 47% 58% 66%

2H 2006

Albuquerque AustinCincinnatiGrand RapidsGreen BayGreensboroLas Vegas MadisonMemphisPortland, MnPortland, OrProvidence RenoSan Antonio

Subscriber Acquisition Costs (SAC)(Excludes Benefits From the Lease Program)

Commission/Direct Sales

Installation

DVR/HD

Basic Box/Dish

Advertising/Marketing

$0

$700

2005 2006E 2007E 2008E

Advanced Products Drive Greater ValueNew Customer Returns (Excludes Benefits From the Lease Program)

HD-DVRHD

57%66%

$660$730

1.0%0.5%

45%46%

$89$115

$710$820

$680$710

$515$595

SAC*Current (2005)

45%65%

1.0%0.5%

41%46%

$86$109

46%63%

31%23%

After-tax IRRCurrent (2005)

1.0%0.6%

1.8%1.9%

Monthly Churn %Current (2005)

44%47%

38%38%

Variable MarginCurrent (2005)

$78$93

$64$64

ARPUCurrent (2005)

DVRBasic Box

Bold type reflects a 2-3 year outlook

*Includes equipment revenues collected from customers

Upgrade and Retention Costs(Excludes Benefits From the Lease Program and cost of HD swaps)

$0

$1.2B

Number of Transactions

5.0M 4.8M 5.1M 5.3M

Cost of Transaction

$220 $240 $235 $230

Movers

DVR/HD

Basic Box/Local Upgrades (SD)

2005 2006E 2007E 2008E

Advanced Products Drive Greater ValueExisting Customer Upgrades(Excludes Benefits From the Lease Program)

HD-DVRHD

77%88%

$250$410

1.0%0.5%

45%46%

$89$115

$290$400

$160$290

$90$170

Cost to Upgrade*Current (2005)

50%83%

1.0%0.5%

41%46%

$86$109

84%86%

50%19%

After-tax IRRCurrent (2005)

1.0%0.6%

1.7%1.8%

Monthly Churn %Current (2005)

44%47%

43%43%

Variable MarginCurrent (2005)

$78$93

$70$70

ARPUCurrent (2005)

DVRBasic Box

Bold type reflects a 2-3 year outlook

*Includes equipment revenues collected from customer

DIRECTV U.S. Capital Expenditures*

2004 2005 2006E 2007E 2008E

HD GroundMaintenanceSatellites$672M

$782M

$300-400M

*Excludes lease program

Strong Balance Sheet• $.9B net debt position as of 1Q 2006:

Cash and Short Term Inv. $2.5BTotal Debt 3.4BNet Debt $.9B

• Repurchased approximately 160.1M shares for $2.56B– Stock buyback program authorized for $3B

• Expect significant cash flow growth• Current credit rating provides significant

borrowing capacity

Summary

• 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

• Strong balance sheet with substantial liquidity

DIRECTV is poised for profitable growth and increasing cash flow

Non-GAAP Financial Reconciliation Schedules

2006 2005

Operating Profit before Depreciation and Amortization $ 544.6 $ 215.6

Subtract: Depreciation and amortization expense 182.2 177.2

Operating Profit (loss) $ 362.4 $ 38.4

2006 2005

Cash Flow before Interest and Taxes $ 211.1 $ 63.1 Subtract: Net interest paid 43.6 82.9 Income taxes paid (refunded) 119.4 (44.1)Subtotal - Free Cash Flow 48.1 24.3 Add Cash Paid For: Property and equipment 97.8 45.8 Satellites 56.6 100.4 Subscriber leased equipment - subscriber acquisitions 46.4 - Subscriber leased equipment - upgrade and retention 40.4 - Net Cash Provided by Operating Activities $ 289.3 $ 170.5

(Dollars in Millions)

Reconciliation of Cash Flow before Interest and Taxes and Free Cash Flow to DIRECTV Holdings LLC

DIRECTV Holdings LLCReconciliation of Operating Profit before Depreciation and Amortization to Operating Profit

Three Months EndedMarch 31,

March 31,

Net Cash Provided by Operating Activities

(Dollars in Millions)

Three Months Ended