MOMENTUM ESTABLISHED

The ability to not only withstand such a tough economic environment, but to respond to it with sustained energy and effectiveness is a testament to the expertise, resilience and commitment of our people. On behalf of my Board colleagues, I extend our sincere thanks to the teams in Network Ten and EYE.

Media remains an exciting, unquestionably relevant and ever-developing sector. The work done during the year to strengthen our businesses and establish momentum across the Company means Ten Holdings is in a much stronger position for 2010 and beyond. I would like to thank our shareholders for their continued support throughout this demanding process.

As we optimise our programming successes on TEN, continue to build our multi-channel and cross-platform offerings as both digital take-up and online engagement accelerates, and confidently take our proven out-of-home offerings to the market through EYE, Ten Holdings is well positioned to benefit as the strength in advertising markets is restored.

Nick Falloon
Executive Chairman

*Source - OzTAM Establishment Survey Quarter 2 2009
**Source - OzTAM Metropolitan Television Universe
Estimates (UEs) 2009: STV Households