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1
Q4 and FY 2010 Results
24 February 2011
Q4 and FY 2010 Results | 24 February 2011

Key operating metrics moving in the right
direction
2
Q4 and FY 2010 Results | 24 February 2011
Iron Man 2 ab Mai auf Sky Cinema und Sky Cinema HD. © 2010 Concorde Filmverleih GmbH

Strong subscriber growth
3
Net growth (in '000)
70
183
FY 2009 FY 2010
Q4 and FY 2010 Results | 24 February 2011
39
1
6
45
131
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
• FY 2010 net growth of
183,000 (FY 2009: 70,000),
more than 2.5 times higher
year-on-year
• Strong subscriber net growth
of 131,000 in Q4 2010
(Q4 2009: 39,000)
• 2,653 million total subscribers
at the end of 2010

Subscriber gross additions up
4
Gross additions (in '000)
597
599
FY 2009 FY 2010
167
Q4 and FY 2010 Results | 24 February 2011
123
107
208
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
161
• FY 2010 gross additions of
599,000 (FY 2009: 597,000)
• Gross additions of 208,000 in
Q4 2010, up 24% year-on-year

Churn rate down, satisfaction up
5
Churn (in '000)
Churn rate (in %)
527
21.6%
415
16.2%
FY 2009 FY 2010
128
21.0%
Q4 and FY 2010 Results | 24 February 2011
122
19.8%
101
16.3%
116
18.5%
76
11.8%
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
• 12-month rolling churn rate
down to 16.2% (Q4 2009:
21.6%), quarterly annualized
churn rate down to 11.8%
• Churn rates at lowest levels in
over five years

Viewing share increasing
6
Viewing share in Sky homes
(in %)
23.7
27.8
31.1
FY 2008 FY 2009 FY 2010
Q4 and FY 2010 Results | 24 February 2011
Sky HD/SD viewing share
distribution 2010 (in %)
67%
SD
33%
HD
• Sky channels achieved their
best annual viewing share ever
with over 31 percent
• In Sky HD homes one-third of
all Sky viewing goes to Sky’s
HD channels

Acceleration of HD subscribers
7
HD net additions
(in '000)
115
325
FY 2009 FY 2010
HD penetration
(in %)
268
10.9%
323
13.1%
Q4 and FY 2010 Results | 24 February 2011
370
14.9%
460
18.2%
>900
22.4%
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
593
• 325,000 HD subscribers
added in 2010 to total of
593,000 HD subscribers
• HD penetration more than
doubled in 2010
• Over 900,000 HD viewers,
including customers with HD
capable set-top-boxes that
now enjoy the HD Welt
channels for free

Solid ARPU development
8
Subscription ARPU (in €, monthly)
25.46
28.68
FY 2009 FY 2010
27.45
28.85
Q4 and FY 2010 Results | 24 February 2011
28.62
29.45
30.22
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
• Q4 subscription ARPU at record
level of €30.22

9
Q4 and FY 2010 Results | 24 February 2011
Full year results 2010 in line
with expectations
Alvin und die Chipmunks 2 im März auf Sky Cinema und Sky Cinema HD. © 2009 Twentieth Century Fox Film Corporation. All rights reserved.

Revenues and Costs
in in €m €m
Q4 Q4 10 10 Q4 Q4 09
09
Revenues Revenues
Revenues
10
Q4 and FY 2010 Results | 24 February 2011
Change
Change
(absolute)
(absolute)
Change
Change
(in (in %) %) %) 2010 2010 2010 2009
2009
Change
Change
(absolute)
(absolute)
Change
Change
(in (in (in %) %)
%)
Subscription 234.6 200.9 33.7 16.8 881.5 743.0 138.5 18.6
Hardware 7.0 9.7 -2.7 -27.4 25.1 47.4 -22.3 -47.1
Wholesale 3.3 3.5 -0.2 -5.5 14.3 39.0 -24.8 -63.4
Advertising 7.7 5.3 2.4 44.9 21.4 15.7 5.7 36.5
Other 11.1 10.8 0.2 2.1 35.4 56.9 -21.5 -37.7
Total Total
263.7 263.7 230.2 230.2 33.5 33.5 14.5 14.5 977.8 977.8 977.8 902.1 902.1 75.7 75.7 8.4
8.4
Costs Costs (including (including depreciation)
depreciation)
Program 207.7 195.1 12.6 6.5 751.6 720.4 31.2 4.3
Technology 39.4 32.6 6.7 20.6 149.4 133.9 15.5 11.6
Hardware 16.2 16.0 0.2 1.3 52.9 58.5 -5.6 -9.6
Customer service and other cost of sales 17.3 12.9 4.4 34.1 65.0 50.9 14.1 27.7
Selling expenses 67.4 52.7 14.7 28.0 188.2 171.1 17.1 10.0
General and administrative expenses 22.3 15.8 6.5 41.3 88.2 74.7 13.4 17.9
Other operating expenses/income 8.5 -3.5 12.0 >100 1.0 -0.1 1.1 >100
Total Total
378.9 378.9 321.6 321.6 57.2 57.2 17.8 17.8 1,296.2 1,296.2 1,209.4 1,209.4 86.7 86.7 7.2
7.2
Depreciation included 13.4 9.8 3.6 36.3 49.8 44.7 5.1 11.5
Costs Costs (excluding (excluding depreciation) depreciation)
365.5 365.5 311.8 311.8 53.7 53.7 17.2 17.2 1,246.3 1,246.3 1,164.8 1,164.8 81.6 81.6 81.6 7.0
7.0
EBITDA EBITDA
-101.7 -101.7 -81.6 -81.6 -20.2 -20.2 -24.7 -24.7 -268.6 -268.6 -262.7 -262.7 -5.9 -5.9 -2.2
-2.2

Results
in in €m €m
Q4 Q4 10 10 10 Q4 Q4 09
09
11
Q4 and FY 2010 Results | 24 February 2011
Change
Change
(absolute)
(absolute)
Change
Change
(in (in %) %) 2010 2010 2009
2009
Change
Change
(absolute)
(absolute)
Change
Change
(in (in %)
%)
Revenues 263.7 230.2 33.5 14.5 977.8 902.1 75.7 8.4
Operating expenses 365.5 311.8 53.7 17.2 1,246.3 1,164.8 81.6 7.0
EBITDA EBITDA
-101.7 -101.7 -101.7 -81.6 -81.6 -81.6 -20.2 -20.2 -24.7 -24.7 -268.6 -268.6 -262.7 -262.7 -5.9 -5.9 -2.2
-2.2
Depreciation and amortization 13.4 9.8 3.6 36.3 49.8 44.7 5.1 11.5
Amortization of subscriber base/trademark 12.5 12.3 0.1 1.1 49.2 380.6 -331.4 -87.1
EBIT EBIT
-127.6 -127.6 -127.6 -103.7 -103.7 -23.9 -23.9 -23.0 -23.0 -23.0 -367.6 -367.6 -688.0 -688.0 320.4 320.4 46.6
46.6
Financial result -7.4 -8.0 0.5 6.8 -33.4 -38.9 5.5 14.1
Result Result before before taxes taxes
-135.1 -135.1 -111.7 -111.7 -23.3 -23.3 -20.9 -20.9 -401.0 -726.9 -726.9 325.9 325.9 44.8
44.8
Income taxes -4.4 -2.3 -2.1 -89.9 -6.6 50.4 -57.0 >-100
Result Result for for the the period period
-139.4 -139.4 -114.0 -114.0 -25.4 -25.4 -22.3 -22.3 -407.6 -407.6 -676.5 -676.5 269.0 269.0 39.8
39.8

Cash Flow and Net Debt
in in in €m €m €m
Q4 Q4 10 10 Q4 Q4 09 09 09 2010 2010 2009
2009
Cash flow from operating activities -69.9 -32.0 -324.4 -158.4
Cash flow from investing activities -39.1 -20.9 -88.9 -53.3
Cash flow from financing activities -61.3 53.3 410.2 152.7
Cash Cash flow flow
-170.3 -170.3 0.4 0.4 -3.1 -3.1 -59.0
in in €m €m
31.12.10 31.12.10 31.12.09
Cash and cash equivalents 5.0 8.1
Net debt 319.3 162.4
12
Q4 and FY 2010 Results | 24 February 2011

Continued product and content innovation
13
Q4 and FY 2010 Results | 24 February 2011
Iron Man 2 ab Mai auf Sky Cinema und Sky Cinema HD. © 2010 Concorde Filmverleih GmbH

Continuous innovation
• Market-leading HD offer with 12 true HD
channels, with more to come
• First HD-3D channel
• Launch of Sky+ PVR to satellite / cable
customers
• “Sky Sport” app on iPad in HD, “Sky Sport
Mobile” app, “Sky Match Tracker”
• Partnerships with Kabel BW, Tele Columbus
and NetCologne
• Sky CI-Plus module launched
• Agreement with Deutsche Telekom
14
Q4 and FY 2010 Results | 24 February 2011

Sky Sport News HD
15
Q4 and FY 2010 Results | 24 February 2011

Sky Sport News HD
• First ever 24/7 live sports news
channel for Germany and Austria
• HD channel (with SD simulcast),
offered to all subscribers as part of
Sky Welt package
• Emphasis on live coverage and
breaking news
• Multi-platform delivery – TV, web,
tablets and phones with full social
media integration
• More than 100 new employees to
be hired
• Launch planned next winter
16
Q4 and FY 2010 Results | 24 February 2011

Outlook
17
Q4 and FY 2010 Results | 24 February 2011
Garfield im Mai auf Sky Comedy © 2004 Twentieth Century Foy Film Corporation

Outlook confirmed
• Full year 2011 EBITDA is expected to be significantly better than 2010, but
will remain negative.
18
Q4 and FY 2010 Results | 24 February 2011

Disclaimer
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the
management of Sky Deutschland AG, which are expressed in good faith and, in their opinion, reasonable. Forwardlooking
statements involve known and unknown risks, uncertainties and other factors, which may cause the actual
results, financial condition, performance, or achievements of Sky Deutschland AG, or media industry results, to differ
materially from the results, financial condition, performance or achievements expressed or implied by such forwardlooking
statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not
to place undue reliance on these forward-looking statements. Sky Deutschland AG disclaims any obligation to
update these forward-looking statements to reflect future events or developments.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and
that the opinions and expectations contained herein are fair and reasonable, no representation or warranty,
expressed or implied, is made by Sky Deutschland AG with respect to the fairness, completeness, correctness,
reasonableness or accuracy of any information and opinions contained herein. It is pointed out that the existing
presentation may be incomplete or condensed, and it may not contain all material information concerning Sky
Deutschland AG or the Sky Deutschland group.
Sky Deutschland AG reserves the right to change and complete the information in this presentation without notice.
19
Q4 and FY 2010 Results | 24 February 2011

20
Questions & Answers
Q4 and FY 2010 Results | 24 February 2011

Appendix
21
Q4 and FY 2010 Results | 24 February 2011
Rapunzel – Neu verföhnt im April auf Sky Select © Disney. All rights reserved

Subscribers and Key Metrics (quarterly)
'000 '000 '000
Q4 Q4 09 09 Q1 10 10 Q2 10 Q3 10 Q4 10
Direct subscribers at beginning 2,431 2,470 2,471 2,476 2,521
22
Gross additions 167 123 107 161 208
Churn -128 -122 -101 -116 -76
Net growth 39 1 6 45 131
Direct Direct subscribers subscribers subscribers at at end end end
2,470 2,470 2,470 2,471 2,476 2,521 2,653
HD penetration (%) 10.9 13.1 14.9 18.2 22.4
Subscription ARPU (in €, monthly) 27.45 28.85 28.62 29.45 30.22
Churn rate (in %, quarterly annualized) 21.0 19.8 16.3 18.5 11.8
Churn rate (in %, 12 month rolling) 21.6 21.0 20.1 18.9 16.2
Wholesale subscribers at end 131 132 133 130 132
Q4 and FY 2010 Results | 24 February 2011

Subscribers and Key Metrics (year-on-year)
'000 '000
Q4 Q4 Q4 10 10 10 Q4 Q4 Q4 09
09
23
Q4 and FY 2010 Results | 24 February 2011
Change
Change
(absolute)
(absolute)
Change
Change
(in (in %) %) 2010 2010 2009
2009
Change
Change
(absolute)
(absolute)
Change
Change
(in (in %)
%)
Direct subscribers at beginning 2,521 2,431 91 3.7 2,470 2,399 70 2.9
Gross additions 208 167 41 24.3 599 597 2 0.3
Churn -76 -128 52 40.6 -415 -527 111 21.1
Net growth 131 39 93 >100 183 70 113 >100
Direct Direct subscribers subscribers subscribers at at at end end
2,653 2,653 2,470 2,470 2,470 183 183 183 7.4 7.4 2,653 2,653 2,470 2,470 2,470 183 183 7.4
7.4
HD penetration (%) 22.4 10.9 11.5 - 22.4 10.9 11.5 -
Subscription ARPU (in €, monthly) 30.22 27.45 2.77 10.1 28.68 25.46 3.22 12.6
Churn rate (in %, quarterly annualized) 11.8 21.0 -9.2 - 16.2 21.6 -5.4 -
Churn rate (in %, 12 month rolling) 16.2 21.6 -5.4 - 16.2 21.6 -5.4 -
Wholesale subscribers at end 132 131 1 0.7 132 131 1 0.7