First Quarter 2008 Investor CallQMay 8, 2008

“Safe Harbor”

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:Forward-Looking Statements: The following slides contain forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995, including our expectations with respect to our future growth prospects, the timingand impact of our roll-out of digital products and services, and our borrowing availability; our insight and expectationsp g p , g y; g pregarding competition in our markets; the impact of our M&A activity on our operations and financial performance; ourexpectations concerning future repurchases of our stock; and other information and statements that are not historical fact.These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materiallyfrom those expressed or implied by these statements. These risks and uncertainties include the continued use by subscribersand potential subscribers of the Company's services and willingness to upgrade to our more advanced offerings, our ability tomeet competitive challenges continued growth in services for digital television at a reasonable cost and the positive impact ofmeet competitive challenges, continued growth in services for digital television at a reasonable cost and the positive impact ofsuch growth on our European video ARPU, the effects of changes in technology and regulation, our ability to achieve expectedoperational efficiencies and economies of scale, and our ability to generate expected revenue and operating cash flow, controlcapital expenditures as measured by percentage of revenue and achieve assumed margins, as well as other factors detailedfrom time to time in the Company's filings with the Securities and Exchange Commission (“SEC”) including our most recentlyfiled Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this presentation. TheCompany expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-lookingCompany expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-lookingstatement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events,conditions or circumstances on which any such statement is based.

Additional Information Relating to Defined Terms:Please refer to the Appendix at the end of this presentation, as well as the Company’s Press Release dated May 7, 2008 andSEC fili f d fi iti f th f ll i t hi h b d h i i l di O ti C h Fl (“OCF”) F C hSEC filings, for definitions of the following terms which may be used herein including: Operating Cash Flow (“OCF”), Free CashFlow (“FCF”), Unlevered FCF, Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF Margin, aswell as GAAP reconciliations.

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Agenda

Q1 2008 Hi hli htQ1 2008 Highlights

Financial ResultsFinancial Results

Q & A

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Q1 2008 Highlights

Consolidated OCF(1) of $1.1 billion

Rebased OCF growth of 14%OrganicGrowth

Rebased OCF growth of 14%

Achieved record 42% OCF marginM&A Capital

Structure

Few actionable M&A opportunities

Completed several small acquisitions in Q1 (JP & CZ)

Exploring opportunities in emerging markets

Strong liquidity & continued stock buybacksSt o g qu d ty & co t ued stoc buybac s

Purchased over $900 mm YTD; ~$650 mm remaining on program

Ample undrawn capacity available to maintain leverage

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Ample undrawn capacity available to maintain leverage

(1) Please see Appendix for information on rebased growth, the definition of OCF and OCF margin and the reconciliation of OCF.

Q1 Highlights

Q1 2008 Q1 2007

Total RGUs (000s) 24,383 22,811

Total Customers (000s) 16 123 15 942Total Customers (000s) 16,123 15,942

Organic RGU Adds 301,600 357,000

Revenue ($mm) $2,611 $2,106

OCF ($mm)(1) $1,101 $825

OCF Margin %(1) 42.2% 39.2%

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(1) Please see Appendix for definition of OCF and OCF Margin, as well as our OCF reconciliation.

Rebased(1) Revenue Growth

Most operations at or above FY guidance range

14%

10%9%

7-9% guidance range

7%6%

3%

Austar VTR Telenet J:COM Total LGI UPC

6(1) Please see Appendix for information on rebased growth.

Subscriber Growth TrendsN t Additi (000’ )

VideoTotal RGUs438 4 6

Net Additions (000’s)

357

266

385

302

(34)

(54)

Average

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

(54)(57)

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

DataVoice

172191

217

177

219190

214182

Average172 161 159Average

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Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

Key Performance Factors

Penetration of advanced Up 10% over Q1 ’07

Performance Factor Operating Update

Penetration of advanced services (digital, voice & data) is ramping

Higher revenue and gross margin products

Driving customer ARPUs up ~6%

Net adds up 47% over Q1 ’07Digital video is launched and making a difference

Net adds up 47% over Q1 07

Digital cable penetration 27% and growing

Digital video ARPU uplift of 25% - 50%

Voice & data ARPUs (especially in Europe) remain under pressure

Broadband competition and voice usage

Aggressive bundling to drive market share

Accelerating DOCSIS 3.0 speed upgrades

__

Higher churn in low-end video sub base in Europe

Primarily three markets (NL, AT, CZ)

Digital and retention strategies taking hold__

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video sub base in EuropeRomania back to positive RGU growth

UPC Broadband Update

Operational Highlights

Growth across all advanced services

Organic VAS Growth(1)(000s)

432Average = 306

Digital becoming 2008 growth engine

Organic voice adds up 14% from new bundles

“Mega” broadband will extend speed advantage

285

188

304

319g

“Mega” broadband will extend speed advantage

Strong OCF growth & margin expansion

Not sacrificing spend on sales & marketing OCF Growth(2)($mm)

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

UPC sales 84,000 ahead of Q1 last year

Competition continuing as expected $389

$514

ARPU compression & analog losses

Special situations in RO, HU, & AT

Q1 '07 Q1 '08

32%

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(1) VAS is defined as value-added services which includes digital cable and DTH, broadband internet and telephony.

(2) Please see Appendix for the OCF definition and reconciliation and for information on rebased growth.

Q Q

13% Rebased Growth

Digital Cable Update

European Highlights

Digital deployed across all markets in Q2

Digital Cable RGUs (000s)

1,380 g p y Q

Digital revenue growth at UPC over 35%

Digital penetration of 16% vs. 11% last year 969

1,020 1,108

1,255

Advanced features deployed in 7 countries

Netherlands Spotlight NL Digital ARPU(1)

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

Netherlands Spotlight

Advanced services gaining traction

NL digital penetration now 27% €4

€8€10

NL Digital ARPU

NL digital penetration now 27%

Successfully reducing churn

Momentum building around HD Q4 '06 Q4 '07 Q1 '08

25%

10(1) Represents incremental digital ARPU, above €16.37 analog rate.

o e tu bu d g a ou d

Up 150% since Q4 ’06

VTR Update

Organic VAS Growth (000s) Operational Themes & Results

Further penetrating value added services 69 6885

68p g

Digital penetration > 25%

All new triple play sales are digital

Focus on 2P bundles (Data & Voice)

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69 68 68

Avg = 68

$76

OCF(1)($mm)

Focus on 2P bundles (Data & Voice)

Reached 1 mm customers at end of Q1 ’08

56% of customer base is bundled

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

$55 $76

39%

Competition increasing in Southern Region

Q1 OCF financial performance was strong

Q1 '07 Q1 '08

19% Rebased Growth

OCF margin > 40%

>70% OCF conversion ratio(2)

Focus on SG&A & FTE cost controls

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(1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.(2) Represents the variance between reported Q1 2008 OCF and rebased Q1 2007 OCF divided by the variance

for reported Q1 2008 revenue and rebased Q1 2007 revenue.

19% Rebased Growth

J:COM Update

Organic VAS Growth (000s) Operational Themes & Results

Organic adds were up 7% over Q1 ’07 185 174 187Organic adds were up 7% over Q1 07

Digital penetration now stands at 70%

Launched 160 Mbps nationwide

137

185 174 187144

Avg = 165

OCF(1)($mm)

Gross adds stronger in 160 Mbps areas

Reviewing data tiering strategy

Competitive FTTH growth slowing

Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08

$218

$284

30%

Competitive FTTH growth slowing

Completed 2 M&A deals (Kyoto & Kobe)

Consistent OCF growth with margin of ~42%

Q1 '07 Q1 '08

30%g g

Realizing cost savings from JTV

More effective sales channels

d d d d ( h )

12(1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.

11% Rebased GrowthJ:COM announced dividend (this summer)

Agenda

Q1 2008 HighlightsQ1 2008 Highlights

Financial Results

Q & A

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Financial Highlights

Revenue

(US$ in Millions)

OCF(1)

$1,101$2,611

$825$2,106

24% 34%

Q1 '07 Q1 '08Q1 '07 Q1 '08

Rebased Growth of 6% Rebased Growth of 14%

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(1) Please see Appendix for the definition and reconciliation of OCF and for information on rebased growth.

Financial Breakdown

Revenue Operating Cash Flow(1)

(In US$ Millions)

Q1 Rebased Q1 Rebased2008 Growth(2) 2008 Growth(2)

Western Europe 782$ 3% 404$ 12%p $ $C & E Europe 335 4% 170 9%Other(3) 3 -- (60) -- UPC Broadband 1,119 3% 514 13%,

Telenet (Belgium) 374 9% 175 12%J:COM (Japan) 679 7% 284 11%VTR (Chile) 187 10% 76 19%VTR (Chile) 187 10% 76 19%Other 252 -- 53 -- Total LGI 2,611$ 6% 1,101$ 14%

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(1) Please see Appendix for a definition and reconciliation of OCF.(2) Please see Appendix for information on rebased growth.(3) Represents central and corporate operations of UPC Broadband.

OCF Margin & Conversion

OCF Margin(1) OCF Conversion(2)

42.2% 89%

39.2%54%

300

bps

Q1 '07 Q1 '08 Q1 '07 Q1 '08

OCF margin and conversion continue to improve

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(1) Please see Appendix for definition of OCF Margin.(2) For Q1 2008, represents the variance between reported Q1 2008 OCF and rebased Q1 2007 OCF divided by the variance for reported Q1 2008

revenue and rebased Q1 2007 revenue. For Q1 2007, represents the variance between reported Q1 2007 OCF and rebased Q1 2006 OCF divided bythe variance for reported Q1 2007 revenue and rebased Q1 2006 revenue.

Free Cash Flow & CapEx

(In US$ Millions)

Free Cash Flow(1) CapEx (% of Rev)

$58

$12824%

20%

$58122%

Q1 '07 Q1 '08 Q1 '07 Q1 '08

Higher cash from operations $520 mm of CapEx in Q1 ’08

FCF positively impacted by FX

Large outflows associated with cash interest & taxes in quarter

45% CPE-related

CapEx down year-over-year, after neutralizing FX

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(1) Please see Appendix for a definition and reconciliation of FCF.

Balance Sheet Snapshot

For periods ended (US$ in Millions) Dec. 31, 2007 Mar. 31, 2008

Total Debt 18,353$ 19,524$ T t l C h(1)

( ) ( )Total Cash(1)(2,520) (1,854)

Net Debt 15,833$ 17,671$

G L (2) 4 8 4 4Gross Leverage(2) 4.8x 4.4x Net Leverage(2) 4.1x 4.0x

Leverage ratios have decreased from Q4

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(1) Cash includes restricted cash related to our debt instruments of approximately $485 million at December 31, 2007 and at March 31, 2008.(2) Gross and Net Leverage equals total and net debt, respectively, divided by annualized OCF for the three months ended as of the date indicated.

Conclusions

OCF growth & margin expansion ahead of plan

Positive subscriber trends in advanced services

Competitive challenges being addressed

Ample liquidity for stock buybacks and future M&A

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Appendixpp

Appendix

Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber orTelephone Subscriber. A home may contain one or more RGUs. For example, if a residential customer in our Austrian system subscribed to our digital cable service,telephone service and broadband Internet service, the customer would constitute three RGUs. Total RGUs is the sum of Analog Cable, Digital Cable, DTH, MMDS,

Definitions and Additional Information

Internet and Telephone Subscribers. In some cases, non-paying subscribers are counted as subscribers during their free promotional service period. Some of thesesubscribers choose to disconnect after their free service period. Please refer to our May 7, 2008 press release for additional subscriber definitions.

Average Revenue Per Unit (“ARPU”) refers to the average monthly subscription revenue per average RGU. ARPU per customer relationship refers to the averagemonthly subscription revenue per average customer relationship. In both cases, the amounts are calculated by dividing the average monthly subscription revenue(excluding installation and mobile telephony revenue) for the indicated period, by the average of the opening and closing balances for RGUs or customerrelationships, as the case may be, for the period. RGUs and customer relationships of entities acquired during the period are normalized.

OCF margin is calculated by dividing OCF by total revenue for the applicable period.

Information on Rebased Growth: For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2008, wehave adjusted our historical revenue and OCF for the three months ended March 31, 2007, respectively to (i) include the pre-acquisition revenue and OCF of certainentities acquired during 2007 and 2008 in our rebased amounts for the three months ended March 31, 2007 to the same extent that the revenue and OCF of suchentities are included in our results for the three months ended March 31, 2008, (ii) exclude the pre-disposition revenue and OCF of certain entities that weredisposed of during 2007 and 2008 from our rebased amounts for the three months ended March 31 2007 to the same extent that such entities were excluded fromdisposed of during 2007 and 2008 from our rebased amounts for the three months ended March 31, 2007 to the same extent that such entities were excluded fromour results for the three months ended March 31, 2008, and (iii) reflect the translation of our rebased amounts for the three months ended March 31, 2007 at theapplicable average exchange rates that were used to translate our results for the three months ended March 31, 2008. The acquired entities that have been includedin whole or in part in the determination of our rebased revenue and OCF for the three months ended March 31, 2007 include JTV Thematics, Telesystems Tirol, tensmall acquisitions in Europe and three small acquisitions in Japan. Additionally, the disposed entities that were excluded in whole or in part from the determination ofour rebased revenue and OCF for the three months ended March 31, 2007 include our broadband communications operations in Brazil and Peru and our Liveshopoperations in the Netherlands. In terms of acquired entities, we have reflected the revenue and OCF of these acquired entities in our 2007 rebased amounts basedon what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements) as adjusted for the estimatedon what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimatedeffects of (i) any significant differences between U.S. generally accepted accounting principles (“GAAP”) and local generally accepted accounting principles, (ii) anysignificant effects of post-acquisition purchase accounting adjustments, (iii) any significant differences between our accounting policies and those of the acquiredentities and (iv) other items we deem appropriate. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can begiven that we have identified all adjustments necessary to present the revenue and OCF of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical 2008 results or that the pre-acquisition financial statements we have relied upon do not contain undetectederrors. The adjustments reflected in our 2007 rebased amounts have not been prepared with a view towards complying with Article 11 of the SEC's Regulation S-X.In addition the rebased growth percentages are not necessarily indicative of the revenue and OCF that would have occurred if these transactions had occurred on

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In addition, the rebased growth percentages are not necessarily indicative of the revenue and OCF that would have occurred if these transactions had occurred onthe dates assumed for purposes of calculating our rebased 2007 amounts or the revenue and OCF that will occur in the future. The rebased growth percentageshave been presented as a basis for assessing 2008 growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performancefor 2007. Therefore, we believe our rebased data is not a non-GAAP measure as contemplated by Regulation G or Item 10 of Regulation S-K.

Appendix

Operating cash flow is not a GAAP measure. Operating cash flow is the primary measure used by our chief operating decision maker to evaluate segment operatingperformance and to decide how to allocate resources to segments. As we use the term, operating cash flow is defined as revenue less operating and SG&Aexpenses (excluding stock-based compensation, depreciation and amortization, provisions for litigation, and impairment, restructuring and other operating chargesor credits). We believe operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of our segments and our

Operating Cash Flow Definition and Reconciliation

company on an ongoing basis using criteria that is used by our internal decision makers. Our internal decision makers believe operating cash flow is a meaningfulmeasure and is superior to other available GAAP measures because it represents a transparent view of our recurring operating performance and allowsmanagement to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improveoperating performance in the different countries in which we operate. For example, our internal decision makers believe that the inclusion of impairment andrestructuring charges within operating cash flow would distort the ability to efficiently assess and view the core operating trends in our segments. In addition, ourinternal decision makers believe our measure of operating cash flow is important because analysts and investors use it to compare our performance to othercompanies in our industry. However, our definition of operating cash flow may differ from cash flow measurements provided by other public companies. A

ili i f l i h fl l b f i d i i i i d b l O i h fl h ld b i dreconciliation of total segment operating cash flow to our loss before income taxes and minority interests is presented below. Operating cash flow should be viewedas a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings (loss), cash flow from operating activitiesand other GAAP measures of income.

Three months endedMarch 31,

2008 2007 amounts in millions Total segment operating cash flow...................................................... $ 1,100.7 $ 824.6Stock-based compensation expense .................................................... (40.3) (43.5)Depreciation and amortization ............................................................ (704.1) (594.0)Impairment, restructuring and other operating credits (charges), net..... 1.5 (5.3)

Operating income .......................................................................... 357.8 181.8Interest expense ............................................................................... (279.6) (233.0)Interest and dividend income 34 8 24 4Interest and dividend income ............................................................. 34.8 24.4Share of results of affiliates, net ......................................................... 2.5 13.6Realized and unrealized losses on derivative instruments, net................ (335.4) (10.3)Foreign currency transaction gains, net ............................................... 172.6 24.3Unrealized gains (losses) due to changes in fair values of certain investments and debt, net ................................................................ 22.0 (71.6)

Other expense, net ............................................................................ (0.4) (3.0)Loss before income taxes and minority interests .............................. $ (25.7) $ (73.8)

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AppendixFree Cash Flow Definition and Reconciliation

FCF is defined as net cash provided by operating activities less capital expenditures, each as reported in our consolidated statements of cash flows. Adjusted FCFrepresents FCF less non-cash capital lease additions. Unlevered FCF represents FCF excluding cash paid for interest and excluding cash flows on derivativeinstruments that hedge interest rate risk. FCF, Adjusted FCF and Unlevered FCF are not GAAP measures of liquidity. We believe that our presentation of FCF,Adjusted FCF and Unlevered FCF provides useful information to our investors because these measures can be used to gauge our ability to service debt and fundj p g g ynew investment opportunities. These FCF measures should not be understood to represent our ability to fund discretionary amounts, as we have variousmandatory and contractual obligations, including debt repayments, which are not deducted to arrive at these amounts. Investors should view these FCF measuresas a supplement to, and not a substitute for, GAAP measures of liquidity included in our consolidated cash flow statements. The table below highlights thereconciliation of net cash from operating activities to FCF, FCF to Adjusted FCF and FCF to Unlevered FCF for the three months ended March 31, 2008 and 2007,respectively:

Th th d d

Three months ended March 31,

2008 2007 Amounts in millions Net cash provided by continuing operations ........................... $ 647.5 $ 562.7 Capital expenditures ............................................................ (519.8) (505.2)

FCF ............................................................................... $ 127.7 $ 57.5$ $

FCF .................................................................................... $ 127.7 $ 57.5 Capital lease additions .......................................................... (41.4) (48.3)

Adjusted FCF .................................................................. $ 86.3 $ 9.2 FCF .................................................................................... $ 127.7 $ 57.5 Cash interest ....................................................................... 473.2 210.4Cash flows on interest-related derivative instruments ............. (39.2) 25.3

Unlevered FCF ................................................................ $ 561.7 $ 293.2

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