Notification of CEO Appointment

SKY TV
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt W ellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz






NOTIFICATION OF APPOINTMENT OF CHIEF EXECUTIVE OFFICER
for immediate release, 25 November 2018

SKY Television has appointed Martin Stewart as Chief Executive Officer.

Mr Stewart is a highly-regarded international media sector operator with a wealth of experience
in the UK, Europe and the Middle East. In the TMT space Mr Stewart has been CEO of OSN,
the leading pay TV network in the Middle East and was CFO of Sky in the United Kingdom
when Sky launched its digital platform and the company doubled its subscriber base in 4
years. He also led the successful turnaround of Ono, a leading telecom operator in Spain, which
is now part of Vodafone.

His sports credentials include being CFO of the Football Association, serving on the Board of
the London Organising Committee for the Olympic and Paralympic Games for 7 years and
playing a key role in successful Premier League and UEFA broadcast renewals on behalf of
Sky UK.

“I am excited at the opportunity to lead SKY as it continues its transformation from a traditional
television broadcaster to a multi-platform entertainment business”, Mr Stewart said.

“SKY has an exceptional sport offering that covers the sports that New Zealanders love to
watch, an unrivalled line-up of entertainment content, and it serves over 760,000 New
Zealanders.

“SKY is in a good place to take advantage of the opportunities that increased internet
connectivity is offering, while retaining its important strategic position of being able to deliver
content, particularly live sport, to 100% of the country.”

“I’m looking forward to being part of the next phase of the SKY story.”

SKY Chairman Peter Macourt said “We are delighted to be appointing a CEO of Martin’s calibre
and international experience. We conducted an extensive global search for the right person to
lead SKY, and had a strong field of candidates to select from. Martin’s experience, his
leadership skills and his strong understanding of the opportunities and challenges of our sector
made him a stand-out choice.”

Retiring CEO John Fellet also welcomed the appointment, saying that “Martin is an experienced
professional with a deep understanding of our industry. He is highly regarded as a
transformational leader, and I look forward to welcoming him to SKY.”

“Martin joins SKY at an exciting time for the company. Continuing to transform and enhance
the experiences that SKY customers receive is a key part of SKY’s strategy, and Martin will
bring a valuable international perspective to our business.”

Mr Stewart will commence as CEO on 21 February 2019.

- ENDS


For further information, please contact:
Chris Major
Director of External Affairs
+64 29 917 6127
chris.major@skytv.co.nz

Who is Martin Stewart?
Martin comes to SKY from OSN in Dubai, where he led a transformational programme including
the launch of a new OTT service, and a major strengthening of infrastructure capability across
the organisation with an emphasis on the digitisation of the business. Also during his tenure the
company revamped its pricing and packaging to make the service more accessible to
customers. In March 2018 he was awarded ‘Broadcast Executive of the Year’ at the Digital
Studio Awards (for the Middle East and North African (MENA) region).

Martin was CFO and Executive Director of British Sky Broadcasting Group (Sky), where he
played a key role in successful Premier League broadcast renewals and the launch of Sky’s
digital platform. He contributed to doubling Sky’s subscriber base to seven million.

Other major roles include:

- CFO of the Football Association in the UK

- Director General of ONO (Cable Europa in Madrid)

- CFO and Executive Director of EMI Group

Martin has held a number of other high-profile leadership roles, including non-executive director
of The Department of Energy & Climate Change (part of the UK Government), non-
executive director and Audit Committee chair of London 2017 World Athletics Championships,
Board member and chair of the Audit Committee for Satellite Information Services (SiS) Ltd
and the same role for Kabel Deutschland the Germany based broadband operator in Munich
(now part of Vodafone).

He was also a board member and chair of the Audit Committee for the London Organising
Committee for the Olympic and Paralympic Games.

Summary of Material terms for Martin Stewart Employment Agreement

Commencement date 21 February 2019
Term Appointment is ongoing until terminated by either party in
accordance with the agreement.
Notice period 6 months by either party
Post-Employment Restraint 6 months
Base salary NZ$1.5 million pa
Short Term/Long Term
Incentive
Annual on target STI/LTI incentive of 50% of base salary,
at the discretion of the Board
Share scheme 200,000 SKY shares to be provided for no
consideration on the first four anniversaries of
commencement of employment (total 800,000 shares). The
shares will vest if the company exercises its no fault
termination right or if there is a change of control and Mr
Stewart is no longer CEO.
Post termination
entitlements
These include a mix of remuneration for a limited
period, statutory entitlements and relocation costs which
vary depending on how the appointment comes to an end.