SKY NETWORK TELEVISION LIMITED. — Capital/Financing Update 2012

Aug 19, 2012

16 August 2012

Dear Bondholder,

Amendments to Master Trust Deed Relating to Bonds

This letter is sent to you as a holder of bonds issued by Sky Network Television Limited (the "Company") under the Master Trust Deed (the "Master Trust Deed") dated 11 September 2006 between the Company and The New Zealand Guardian Trust Company Limited (the "Trustee").

In order to comply with the requirements of Regulation 39A of the Securities Regulations 2009, as amended by the Securities Amendment Regulations (No.2) 2011, the Company and the Trustee have amended the terms of the Master Trust Deed.

The amendments are of a minor nature, with the result that:

• in clause 8.1(a)(i), a specific reference to the Companies Act 1993 has been inserted; and $1.$
• $2.$ a new clause $8.1(a)(iv)$ has been inserted so that the Company represents and warrants that it is, as at the date of the Master Trust Deed and so long as the shares of the Company remain listed on NZX, subject to the governance requirements of the listing rules in force from time to time of NZX.

A copy of the deed amending the Master Trust Deed is available at the Companies Office website (www.business.govt.nz/companies).

As the amendments were made to comply with the requirements of applicable law, they did not require bondholders' consent. This notice is sent to you as required by the Master Trust Deed and you need not take any action on receiving it.

Yours faithfully

SKY NETWORK TELEVISION LIMITED

Jason Hollingworth Company Secretary

SKY Network Television Limited 10 Panorama Road, Mt Wellington PO Box 9059, Newmarket Auckland, New Zealand Tel: +64 9 579 9999 Fax: +64 9 525 8324 www.skytv.co.nz