Capital Change Notice

Capital Change Notice

Updated as at February 2025


Section 1: Issuer information
Name of issuer Sky Network Television Limited (Sky)
NZX ticker code SKT
Class of financial product FY27 Unquoted Performance Share
Rights (PSR), with each PSR convertible
to one ordinary Sky share, subject to
satisfying the conditions of Sky’s Long
Term Incentive Plan (LTIP).
ISIN (If unknown, check on NZX website)
N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 395,486
Nominal value (if any) N/A
Issue/acquisition/redemption price per security No cash consideration payable
Nature of the payment (for example, cash or other
consideration)
PSRs are issued for nil cash consideration
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
The PSRs relate to PSR grants issued
with respect to FY27 (the FY27 Grant).
The resulting PSRs represent 100% of the
financial products for that class.
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
Each PSR entitles the holder, upon
vesting and exercise, to one ordinary Sky
share, subject to adjustment in
accordance with the LTIP Rules, ranking
equally with all other Sky ordinary shares.
The PSRs have a set exercise price of $0.
The number of PSRs that vest is
conditional upon the service and
performance conditions of the LTIP having
been met.
These conditions are set out in detail on
page 38 of Sky's 2026 Annual Report and
include service rights conditions and
performance rights conditions agreed by
the Board.

The performance conditions include a
50% weighting to Absolute Total
Shareholder Return (TSR) and 50% to
Relative Total Shareholder Return.

Lapse

PSRs will lapse where the performance
hurdle is not met on the vesting date or
where the participant ceases to be
employed by Sky before the vesting date
(except in certain circumstances).
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Issued under Sky’s LTIP and approved by
the Board by way of Board Resolution
dated 22 October 2026.
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
FY27 Grant: 395,486 PSRs.
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Approved by Board Resolution and issued
under Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
See ‘Principal terms of Conversion’ above.
PSRs are not transferrable (other than in
exceptional circumstances) and do not
entitle the holder to receive dividends or
other distributions or vote in respect of
Sky ordinary shares. Any ordinary shares
issued on the valid exercise of PSRs will
rank equally with existing ordinary shares.
Date of issue/acquisition/redemption 22 October 2026
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Kirstin Jones
Contact person for this announcement Kirstin Jones
Contact phone number 021 673 795
Contact email address Kirstin.Jones@sky.co.nz
Date of release through MAP

23 October 2026