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HUGHES ELECTRONICS CORPORATION

Hughes Electronics Corporation is a world-leading provider of digital television entertainment, broadband satellite and network services, and global video and data broadcasting. It trades under the ticker symbol HS on the New York Stock Exchange and is 34 percent owned by Fox Entertainment Group, which is approximately 82 percent owned by News Corporation (NYSE: NWS, NWS.A).

Hughes reported revenues of $8.9 billion in 2002. Hughes is composed of four main operating units -- DIRECTV, DIRECTV Latin America, Hughes Network Systems, and PanAmSat Corporation.

DIRECTV is the world's leading provider of digital multichannel television entertainment. DIRECTV offers more than 850 broadcast channels of sports, news, movies and family programming, including local broadcast channels in 64 television markets, high definition and foreign-language programming, and up to 38 channels of commercial-free, digital-quality music to more than 12 million customers in the United States. DIRECTV has its headquarters in El Segundo, California, and operates a fleet of seven satellites.

DIRECTV Latin America is a leading direct-to-home satellite entertainment service with approximately 1.5 million customers in 28 countries in Latin America and the Caribbean. With operational offices in Ft. Lauderdale, Florida, DIRECTV Latin America operates five broadcast centers, which beam more than 9,000 hours of programming a day over 450-plus audio, video and data channels with content from Latin America, the United States, Europe and Asia. In March 2003, DIRECTV Latin America filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company expects to successfully emerge from Chapter 11 in early 2004.

Hughes Network Systems (HNS) is the world's leading provider of broadband satellite network solutions for businesses and consumers, with more than 600,000 systems ordered or shipped in 85 countries. HNS pioneered the development of DIRECWAY®, the high-speed satellite Internet access services, and is a leading manufacturer of DIRECTV® satellite television receivers. In 2004, HNS will launch SPACEWAY, a high-capacity, next-generation Ka-band satellite system that will enable new multimedia applications. Headquartered in Germantown, Maryland, HNS maintains sales and support offices worldwide.

PanAmSat Corporation (NASDAQ: SPOT) is one of the world’s top three providers of satellite-based video and data broadcast services. With headquarters in Wilton, Connecticut, PanAmSat manages a global fleet of 30 satellites, 24 of which are wholly owned by the Company, for the delivery of news, sports and other television programming, and Internet serves that can reach more than 98 percent of the world’s population. PanAmSat also develops hybrid satellite and fiber communications solutions for the US Government, and supports the largest concentration of satellite-based business networks in the U.S., as well as specialized communications services in remote areas of the world.

12/03