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The Directors present their report together with the consolidated financial report of Ten Network Holdings Limited and its controlled entities for the half-year ended 29 February 2008.
Directors
The Directors who have been in office during the half-year and since the half-year end are:
Mr NG Falloon (Chairman)
Mr JJ Cowin (Alternate Mr JB Studdy)
Mr LS Freedman (Alternate Mr NG Falloon) ^A
Mr PV Gleeson (Alternate Mr NG Falloon)
Mr PPA Harris (Alternate Mr PV Gleeson) ^A
Ms IYL Lee (Alternate Mr JB Studdy) ^A
Mr GH Levy (Alternate Mr PV Gleeson) ^A
Mr R Magid (Alternate Mr NG Falloon) ^A
Mr BM Sherman (Alternate Mr B Sechos)^A
Mr JB Studdy (Alternates Mr JJ Cowin and Mr AJ Peschar) ^C
Mr PD Viner (Alternates Mr LJ Asper, Mr TC Strike and Mr JE Maguire)
Mr. T Strike ^B
Mr. L Asper ^B
A:  Resigned as directors effective 25 October 2007.
^B:  Mr T Strike and Mr L Asper were appointed as directors on 26 October 2007.
^C:  Mr A Peschar resigned as Alternate Director for Mr JB Studdy on 11 September 2007.
Profit
The consolidated profit after income tax for the half-year ended 29 February 2008 is:

	29/02/08 $’000	28/02/07 $’000
Earnings before interest, tax, depreciation and amortisation	163,734	156,390
Depreciation	15,084	11,089
Amortisation	1,628	1,278
Earnings before interest and tax	147,022	144,023
Subordinated debenture interest	____-__	43,323
Earnings after debenture interest before other interest & tax	147,022	100,700
Net interest expense – other	22,164	19,716
Profit from ordinary activities before income tax	124,858	80,984
Income tax (benefit)/ expense
Normal	37,471	36,241
Tax Consolidations (Refer Note 2)	(183,695)	____-__
Net profit from ordinary activities after income tax	271,082	44,743
Net Profit attributable to minority interests	__535	7,027
Net Profit attributable to members of Ten Network Holdings Ltd	270,547	37,716

Review of Operations
A summation of the operations for the period is attached in the commentary prefacing this financial report.
Auditors Independence Declaration
A copy of the Auditors Independence Declaration as required under s307 of the Corporation Act 2001 is set out on page 3.
Rounding of amounts
The company is of a kind referred to in Class order 98/0100, issued by the Australian Securities and Investments Commission, relating to the ''rounding off'' of amounts in the financial report.  Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar.
 
Signed at Sydney on 27 March 2008 in accordance with a resolution of the Directors.
                                                             
N Falloon
Chairman

The Directors present their report together with the consolidated financial report of Ten Network Holdings Limited and its controlled entities for the half-year ended 29 February 2008.
Directors
The Directors who have been in office during the half-year and since the half-year end are:
Mr NG Falloon (Chairman)
Mr JJ Cowin (Alternate Mr JB Studdy)
Mr LS Freedman (Alternate Mr NG Falloon) ^A
Mr PV Gleeson (Alternate Mr NG Falloon)
Mr PPA Harris (Alternate Mr PV Gleeson) ^A
Ms IYL Lee (Alternate Mr JB Studdy) ^A
Mr GH Levy (Alternate Mr PV Gleeson) ^A
Mr R Magid (Alternate Mr NG Falloon) ^A
Mr BM Sherman (Alternate Mr B Sechos)^A
Mr JB Studdy (Alternates Mr JJ Cowin and Mr AJ Peschar) ^C
Mr PD Viner (Alternates Mr LJ Asper, Mr TC Strike and Mr JE Maguire)
Mr. T Strike ^B
Mr. L Asper ^B
A:  Resigned as directors effective 25 October 2007.
^B:  Mr T Strike and Mr L Asper were appointed as directors on 26 October 2007.
^C:  Mr A Peschar resigned as Alternate Director for Mr JB Studdy on 11 September 2007.
Profit
The consolidated profit after income tax for the half-year ended 29 February 2008 is:

	29/02/08 $’000	28/02/07 $’000
Earnings before interest, tax, depreciation and amortisation	163,734	156,390
Depreciation	15,084	11,089
Amortisation	1,628	1,278
Earnings before interest and tax	147,022	144,023
Subordinated debenture interest	____-__	43,323
Earnings after debenture interest before other interest & tax	147,022	100,700
Net interest expense – other	22,164	19,716
Profit from ordinary activities before income tax	124,858	80,984
Income tax (benefit)/ expense
Normal	37,471	36,241
Tax Consolidations (Refer Note 2)	(183,695)	____-__
Net profit from ordinary activities after income tax	271,082	44,743
Net Profit attributable to minority interests	__535	7,027
Net Profit attributable to members of Ten Network Holdings Ltd	270,547	37,716

Review of Operations
A summation of the operations for the period is attached in the commentary prefacing this financial report.
Auditors Independence Declaration
A copy of the Auditors Independence Declaration as required under s307 of the Corporation Act 2001 is set out on page 3.
Rounding of amounts
The company is of a kind referred to in Class order 98/0100, issued by the Australian Securities and Investments Commission, relating to the ''rounding off'' of amounts in the financial report.  Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar.
 
Signed at Sydney on 27 March 2008 in accordance with a resolution of the Directors.
                                                             
N Falloon
Chairman