1. Deutsche Bank 2006 Media and
Telecommunications Conference
June 13, 2006
Mike Palkovic
CFO, DIRECTV

2. 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.

3. 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.

4. Solid 1st Quarter Results
1Q 2006 1Q 2005 Change
DIRECTV U.S.
Revenue $3.19B $2.80B +14%
Operating Profit Before
$545M $216M +152%
Depreciation & Amortization
Cash Flow Before Interest
$211M $63M +235%
and Taxes
ARPU $69.75 $65.78 +6%
SAC $668 $656 +2%
Monthly Churn 1.45% 1.49% (4 basis pts.)

5. Improving Subscriber Quality
(Residential Subscribers)
14% High Risk
39% 30% 24% 18%
61% 70% 76% 82% 86% Low Risk
Q1 Q2 Q3 Q4 Q1
2006
2005
# of High Risk 430K 275K 255K 170K 125K
Gross Adds
# of Low Risk 660K 640K 785K 740K 745K
Gross Adds

6. Higher Quality Subscribers = Lower Churn
A Decline in 1st Year Churn
A Decline in Involuntary Churn and …
Involuntary Churn as a % of Total Churn Monthly Churn for First Year Customers
3.2%
46%
45%
2.7% 2.7%
42%
34%
30% 2.0.%
2.0%
Q1 Q2 Q3 Q4
Q2 Q3 Q4
Q1 Q1 Q1
2005 2006 2005 2006
Is Driving Total Churn Lower
Total Monthly Churn
1.89%
1.70%
1.69%
1.49%
1.45%
Q2
Q1 Q3 Q4 Q1
2005 2006

7. Higher Quality Subscribers are also
Driving HD and DVR Penetration Rates
Penetration of Total Subscriber Base
25%
DVR Subs HD Subs
23%
20%
18%
17%
14%
12%
10%
8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2006

8. HD Local Market Rollout
Q4 2005 April 2006 May 2006 June 2006 2H 2006
Atlanta Birmingham Milwaukee Baltimore Albuquerque
Boston Columbus Phoenix Charlotte Austin
Chicago Kansas City Salt Lake City Cleveland Cincinnati
Dallas-Ft Worth Minneapolis St. Louis Denver Grand Rapids
Detroit Nashville Indianapolis Fresno Green Bay
Houston Pittsburgh Seattle Hartford Greensboro
Los Angeles Sacramento Miami Las Vegas
New York San Diego Orlando Madison
Philadelphia Raleigh Memphis
San Francisco W Palm Beach Portland, Mn
Tampa Portland, Or
Washington, D.C Providence
Reno
San Antonio
12 20 26 36 50
Markets
36M 45M 52M 63M 72M
TV HHs
33% 41% 47% 58% 66%
% of TV HHs

9. Subscriber Acquisition Costs (SAC)
(Excludes Benefits From the Lease Program)
$700
DVR/HD
Advertising/Marketing
Commission/Direct Sales
Installation
Basic Box/Dish
$0
2005 2006E 2007E 2008E

10. Advanced Products Drive Greater Value
New Customer Returns
(Excludes Benefits From the Lease Program)
Basic
Bold type reflects a
DVR HD HD-DVR
2-3 year outlook Box
ARPU $64 $78 $86 $89
Current (2005) $64 $93 $109 $115
Variable Margin 38% 44% 41% 45%
Current (2005) 38% 47% 46% 46%
Monthly Churn % 1.8% 1.0% 1.0% 1.0%
Current (2005) 1.9% 0.6% 0.5% 0.5%
SAC* $515 $680 $710 $660
Current (2005) $595 $710 $820 $730
31% 46% 45% 57%
After-tax IRR
Current (2005) 23% 63% 65% 66%
*Includes equipment revenues collected from customers

11. Upgrade and Retention Costs
(Excludes Benefits From the Lease Program and cost of HD swaps)
$1.2B
DVR/HD
Movers
Basic Box/Local Upgrades (SD)
$0
2005 2006E 2007E 2008E
Number of 5.0M 4.8M 5.1M 5.3M
Transactions
Cost of $220 $240 $235 $230
Transaction

12. Advanced Products Drive Greater Value
Existing Customer Upgrades
(Excludes Benefits From the Lease Program)
Basic
Bold type reflects a
DVR HD HD-DVR
2-3 year outlook Box
ARPU $70 $78 $86 $89
Current (2005) $70 $93 $109 $115
Variable Margin 43% 44% 41% 45%
Current (2005) 43% 47% 46% 46%
Monthly Churn % 1.7% 1.0% 1.0% 1.0%
Current (2005) 1.8% 0.6% 0.5% 0.5%
Cost to Upgrade* $90 $160 $290 $250
Current (2005) $170 $290 $400 $410
50% 84% 50% 77%
After-tax IRR
Current (2005) 19% 86% 83% 88%
*Includes equipment revenues collected from customer

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

14. Strong Balance Sheet
• $.9B net debt position as of 1Q 2006:
Cash and Short Term Inv. $2.5B
Total Debt 3.4B
Net 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

15. Summary
DIRECTV is poised for profitable growth
and increasing cash flow
• 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

17. Non-GAAP Financial Reconciliation Schedules
DIRECTV Holdings LLC
Reconciliation of Operating Profit before Depreciation and Amortization to Operating Profit
Three Months Ended
March 31,
2006 2005
(Dollars in Millions)
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
DIRECTV Holdings LLC
Reconciliation of Cash Flow before Interest and Taxes and Free Cash Flow to
Net Cash Provided by Operating Activities
Three Months Ended
March 31,
2006 2005
(Dollars in Millions)
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