DIRECTV HOLDINGS LLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31,

December 31,

2003

2002

(dollars in millions)

ASSETS

Current Assets

Cash and cash equivalents

$

        273.8

$

            14.1

Accounts receivable, net of allowances

        466.9

          506.7

Inventories, net

         78.2

            62.6

Prepaid expenses and other

        490.9

          545.8

Total Current Assets

     1,309.8

       1,129.2

Satellites, net

     1,019.0

       1,011.3

Property, net

        786.2

          838.6

Goodwill, net

     2,888.5

       2,888.5

Intangible Assets, net

        605.2

          623.7

Investments and Other Assets

        106.3

            87.3

Total Assets

$

     6,715.0

$

       6,578.6

LIABILITIES AND OWNER'S EQUITY

Accounts payable and accrued liabilities

$

     1,204.6

$

       1,139.2

Unearned subscriber revenue

        162.7

          156.6

Total Current Liabilities

     1,367.3

       1,295.8

Long-Term Debt

     2,625.0

                - 

Other Liabilities and Deferred Credits

        446.6

          477.6

Deferred Income Taxes

        269.6

          246.7

Commitments and Contingencies

Owner's Equity

Capital stock and additional paid-in capital

     2,782.9

       5,385.1

Accumulated deficit

       (776.4)

         (823.7)

Subtotal Owner's Equity

     2,006.5

       4,561.4

Accumulated Other Comprehensive Loss

Accumulated unrealized losses on securities

              - 

            (2.9)

Total Owner's Equity

     2,006.5

       4,558.5

Total Liabilities and Owner's Equity

$

     6,715.0

$

       6,578.6