SKY NETWORK TELEVISION LIMITED. — Capital/Financing Update 2012

Mar 19, 2012

Notice of event affecting securities

New Zealand Stock Exchange Listing Rule 7.12.2. For rights, Listing Rules 7.10.9 and 7.10.10. details on additional pages) For change to allotment, Listing Rule 7.12.1, a separate advice is required.

Full nameof Issuer							SKY NETWORK TELEVISION LIMITED
Name of officer authorised tomake this notice				JASON HOLLINGWORTH								Authority for event,	e.g. Directors' resolution
Contact phonenumber	09 579 9999						Contact fax09 525 8324number									19		03		2012
Nature of eventTick as appropriate		BonusIssueRights Issuenon-renouncable			If ticked,state whether:	Capitalchange	Taxable	Call		/ Non TaxableDividend		Conversion	If ticked, statewhether:	Interim	Interest		xFullYear	Rights IssueRenouncable		Special
EXISTING securities affected by this											If more than one security is affected by the event, use a separate form.
Description of theclass of securities				3.6% capital bonds									ISIN			NZSKTD0001S8If unknown, contact NZX
Details of securities issued pursuant to this event											If more than one class of security is to be issued, use a separate form for each class.
Description of theclass of securities																If unknown, contact NZX
Number of Securities tobe issued following event											MinimumEntitlement					Ratio, e.g	1 for 2			for
Conversion, Maturity, CallPayable or Exercise Date									Treatment of Fractions
Enter N/A if notapplicableStrike price per security for any issue in lieu or dateStrike Price available.				Tick ifpari passuORof theranking						provide anexplanation
Monies Associated with Event							Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Amount per security				In dollars and cents				Source ofPayment
Currency		NZD							Supplementarydividenddetails -			Amount per securityin dollars and cents			N/A
Total monies			$3,600,000				Listing Rule 7.12.7			Date Payable			16 April, 2012
Taxation											Amount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusissue state strike price			$			ResidentWithholding Tax	$						Credits(Give details)		$
Timing				(Refer Appendix 8 in the Listing Rules)
Record Date 5pmFor calculation of entitlements -must be the last business day ofa week				5 April, 2012							Application DateAlso, Call Payable, Dividend /Interest Payable, Exercise Date,Conversion Date. In the caseof applications this must be thelast business day of the week.		16/04/2012
Notice DateEntitlement letters, call notices,conversion notices mailed											Allotment DateFor the issue of new securities.Must be within 5 business daysof record date.
OFFICE USE ONLYEx Date:Commence Quoting Rights:Cease Quoting Rights 5pm:Commence Quoting New Securities:Cease Quoting Old Security 5pm:										Security Code:Security Code:

Number of pages including this one (Please provide any other relevant

TO FAX ++64-4-473-1470