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DirecTV Debt Exchange Done

9/24/2003 8:55 AM Eastern

Two DirecTV Inc. units announced Wednesday that they have completed a debt
exchange.

DirecTV Holdings LLC and DirecTV Financing Co. Inc. completed an offer to
exchange an aggregate principal amount of up to $1.4 billion of DirecTV’s newly
issued 8 3/8% senior notes due March 15, 2013 -- which have been registered
under the Securities Act of 1933, as amended -- for a like principal amount of
DirecTV’s outstanding unregistered 8 3/8% senior notes due March 15, 2013, from
the holders thereof.

At least $1.39 billion, or approximately 99% of the outstanding aggregate
principal amount of the original notes, had been validly tendered by the holders
and accepted for exchange, the direct-broadcast satellite provider
said.

September