Fiscal 2007 Investor CallFebruary 27, 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 2008 guidance targets, our futuregrowth prospects, the timing and impact of our roll-out of digital products and services, our borrowing availability, and cashg p p , g p g p , g y,taxes; our insight and expectations regarding competition in our markets; M&A activity including the impact on our operationsand financial performance and funding availability; and other information and statements that are not historical fact. Theseforward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially fromthose expressed or implied by these statements. These risks and uncertainties include the continued use by subscribers andpotential subscribers of the Company's services and willingness to upgrade to our more advanced offerings, our ability to meetcompetitive challenges continued growth in services for digital television at a reasonable cost the effects of changes incompetitive challenges, continued growth in services for digital television at a reasonable cost, the effects of changes intechnology and regulation, our ability to achieve expected operational efficiencies and economies of scale, marketconsiderations, and our ability to generate expected revenue and operating cash flow, control capital expenditures asmeasured by percentage of revenue and achieve assumed margins, as well as other factors detailed from time to time in theCompany's filings with the Securities and Exchange Commission including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this presentation. The Company expressly disclaims any obligation orundertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any changeundertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any changein the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any suchstatement 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 February 26, 2008

d SEC 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”) Fand SEC filings, for definitions of the following terms which may be used herein including: Operating Cash Flow (“OCF”), FreeCash Flow (“FCF”), Unlevered FCF, Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF Margin,as well as GAAP reconciliations.

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Agenda

2007 Hi hli ht2007 Highlights

Financial ResultsFinancial Results

Q & A

3

2007 Highlights

Organic OCF growth targets achieved

16% rebased OCF growth for 2007 (ex Telenet)OrganicGrowth

16% rebased OCF growth for 2007 (ex Telenet)

17% rebased OCF growth in Q4 (ex Telenet)M&A Capital

Structure

Disciplined & opportunistic on M&A

Control & consolidation of Telenet in Belgium

Generated ~$900 million in cash from asset rationalizations

Successfully managing capital structureSuccess u y a ag g cap ta st uctu e

Opportunistic 2007 financings even during credit crunch

~$1.9 billion of stock repurchased during 2007

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$1.9 billion of stock repurchased during 2007

2007 Highlights

2007 2006

Total RGUs (000s) 24,035 19,432

Total Customers (000s) 16 165 13 843Total Customers (000s) 16,165 13,843

Organic RGU Adds (000s) 1,446 1,631

Revenue ($mm) $9,003 $6,484

OCF ($mm)(1) $3,568 $2,336

OCF Margin %(1) 39.6% 36.0%

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

Subscriber Growth(1)

Digital Cable Penetration Rates (2)

Over 900,000 organic adds in 200718.9%

25.1%

Japan at 67% penetration

Strong RGU growth in CH & CZ9.7%

2005 2006 2007

Broadband Internet

Over 780,000 organic adds in 2007

Deployed 160 Mbps in Kansai

15.8%17.8%

21.2%

Voice

Deployed 160 Mbps in Kansai

Recent speed increases in NL & CH 2005 2006 2007

Voice

Over 740,000 organic adds in 2007

34% telephony penetration in Chile 13.4% 13.2%

15.8%

6(1) As of December 31, 2007.(2) Digital cable penetration = digital cable / (digital + analog). Data and voice penetrations are as of a percentage of their respective homes serviceable.

Record adds in CEE of 211,000 2005 2006 2007

Bundling Progress(1)

Bundled Customers & ARPU (2) Growth Statistics

$34 55

$39.07 2005 2007 CAGR

2 Pl 1 883 2 893 24%

3,005 3,866

5,381 $32.81

$34.55 2 Play 1,883 2,893 24%

3 Play 1,122 2,489 49%

2005 2006 2007

Bundled 3,005 5,381 34%

Bundled Customers ARPU

Product bundling continues driving ARPU growth

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g g g

(1) Subscriber data in thousands. (2) Dollar ARPU per customer amounts include impacts of acquisitions and currency exchange rates.

Europe Update(1)

1,569

2007 Highlights

Robust Triple Play growth

Advanced services organic adds(2)

(000s)

1,431 Digital volume & ARPU expansion

Record voice subscriber adds 10%

2006 2007

Maintain data speed leadership

What’s next? OCF (3)

$1 309

$2,271 All markets digital by Q2

Strengthened, simplified bundles

($mm)

$1,309

2006 2007

Bulk of network upgrades complete

Romanian strategy defined

74%

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(1) Includes UPC Broadband and Telenet.(2) Advanced services represent our services related to digital video (including digital cable and DTH), broadband Internet and telephony.(3) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.

15% Rebased Growth

Chile Update

313 270

2007 Highlights

Expanded digital in regional cities

Advanced services organic adds

(000s)

270 Expanded digital in regional cities

Introduced 3-play to southern Chile

Launched triple pack digital in Q4

2006 2007

Launched triple pack digital in Q4

Launched HD channel & DVR serviceOCF

(1)

$199

$249 What’s next?

Accelerate digital conversion

($mm)

2006 2007

Launch CNN Chile

Leverage VTR’s customer service

26%

9(1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.

23% Rebased Growth

Japan Update

683

2007 Highlights

Merger with JTV Thematics

Advanced services organic adds

(000s)

598

g

Rationalization of Shop Channel

Synthetically levered J:COM interest 14%

2006 2007Launch of 160 Mbps in Kansai region

What’s next?OCF

(1)

$739

$912 What s next?

Stimulate growth in pay-TV market

Expand 160 Mbps rollout nationwide

($mm)

2006 2007

Expand 160 Mbps rollout nationwide

J:COM announced dividend

Continued regionalization

23%

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Continued regionalization

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

14% Rebased Growth

Agenda

2007 Highlights2007 Highlights

Financial Results

Q & A

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Financial Highlights

Revenue

(US$ in Millions)

OCF(1)

$3,568$9,003

$1,588

$2,336

$ ,

$4,517

$6,484

39% 53%

2005 2006 20072005 2006 2007

41% CAGR 2005-2007 50% CAGR 2005-2007

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(1) Please see Appendix for the definition and reconciliation of OCF.

Revenue Breakdown

Q4 Rebased Full Year Rebased2007 G th(1) 2007 G th(1)

(In US$ Millions)

2007 Growth(1) 2007 Growth(1)

Western Europe 742$ 4% 2,745$ 6%C & E Europe 320 7% 1,183 10%

(2)Other(2) 2 -- 11 -- UPC Broadband 1,064 4% 3,939 7%

Telenet (Belgium) 353 8% 1,291 9%Telenet (Belgium) 353 8% 1,291 9%J:COM (Japan) 620 7% 2,250 9%VTR (Chile) 175 13% 635 12%Other 251 -- 889 -- Total LGI 2,461$ 7% 9,003$ 9%

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

OCF Breakdown(1)

Q4 Rebased Full Year Rebased2007 Growth(2) 2007 Growth(2)

(In US$ Millions)

2007 Growth 2007 Growth

Western Europe 359$ 11% 1,318$ 13%C & E Europe 160 21% 594 19%Other(3) (66) (238)Other(3) (66) -- (238) -- UPC Broadband 452 15% 1,674 16%

Telenet (Belgium) 155 6% 597 12%J:COM (Japan) 251 18% 912 14%VTR (Chile) 71 24% 249 23%Other 35 -- 136 --T t l LGI 965$ 15% 3 568$ 15% Total LGI 965$ 15% 3,568$ 15%

Excluding Telenet 17% 16%

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

OCF Margin & Conversion

OCF Margin(1) OCF Conversion(2)

39.6%

50%

65%

36.0% 360 bps

50%

2006 2007 2006 2007

Efficiencies driving OCF improvement

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(1) Please see Appendix for definition of OCF Margin.(2) For 2007, represents the variance between reported 2007 OCF and rebased 2006 OCF divided by the variance for reported 2007 revenue and rebased

2006 revenue. For 2006, represents the variance between reported 2006 OCF and rebased 2005 OCF divided by the variance for reported 2006revenue and rebased 2005 revenue.

2007 CapEx Breakdown

CapEx Components(1)

1.2mm Two-way Homes

22%13%

54%24%

68%

19%

Success Based Network Other

68%

Europe Japan The Americas

CapEx as a % of revenue improved 70 bps in 2007

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(1) CapEx categorized as: Success Based (including CPE and Scalable Infrastructure), Network (including Line Extensions and Upgrade) or Other (including Support Capital). Most of our success based spend tracks with our subscriber levels and/or involves the roll-out of new equipment.

FCF & Unlevered FCF(In US$ Millions)

Unlevered Free Cash Flow(2)

Free Cash Flow(1)

$1,402 $515

$763 $277

86%84%

2006 20072006 2007

80%+ increase in FCF & Unlevered FCF

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(1) Please see Appendix for the definition and reconciliation of Free Cash Flow. Please note the definition of FCF has been modified.(2) Unlevered Free Cash Flow is defined as FCF plus cash paid for interest. Please see Appendix for reconciliation.

Current Tax Profile

Tax Loss Carryforwards(1)

Key Takeaways

(In US$ Billions)

TLC’s increased 28% due primarily to TNET & NL

$12.0

2007 cash taxes of $76 mm

Target cash taxes of

$9.3

Target cash taxes of ~$100mm over next three years (excluding J:COM)2006 2007

Continued focus on maximizing tax efficiencies

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(1) Please see Note 12 of the Liberty Global 2007 10-K for additional information.

Balance Sheet Snapshot

Septembe 30 Decembe 31For periods ended 2007

(US$ in Millions) September 30, December 31,

Total Debt 16,279$ 18,353$ Total Cash(1)

(2 002) (2 520)Total Cash (2,002) (2,520) Net Debt 14,276$ 15,833$

Gross Leverage(2) 4 4x 4 8xGross Leverage(2) 4.4x 4.8x Net Leverage(2) 3.9x 4.1x

Leverage in target range & ample cash position

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(1) Cash includes restricted cash related to our debt instruments of approximately $485 million in both periods.(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.

Balance Sheet Snapshot

Liquidity ~ $5bn Shares Outstanding(In US$ Billions) (In Millions)

$1.4

(In US$ Billions) (In Millions)

472

344

$0.6

$2.9344

Cash at LGI Cash at Subsidiaries Undrawn Lines(2)

12/31/2005 2/21/2008(1)

Strong liquidity position funding share repurchases

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(1) Includes cash at LGI parent and its non-operating subsidiaries.(2) The $2.9 billion represents our aggregate unused borrowing capacity, as of December 31, 2007, without regard to covenant compliance

calculations and excludes approximately $274 million related to unused borrowing capacity associated with the VTR Bank Facility. Pursuant tothe deposit arrangements with the lender in relation to the VTR Bank Facility, we are required to fund a cash collateral account in an amountequal to the outstanding principal and interest under the VTR Bank Facility.

2008 Guidance

2007 Results 2008 Targets2007 Results 2008 Targets

Rebased Revenue Growth 9% 7 – 9%

Rebased OCF Growth 15% 14 – 16%

Capital Expenditures(1)

(% of Revenue)23% 20 – 22%

Another Year of Mid-Teens OCF Growth in 2008

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(1) Excluding capital lease additions.

Why LGI?

Growing & diverse economies

Stable regulatory environments

Favorable

market

conditionsNo HD “arms race” in LGI markets

conditions

Equity Value

Drive advanced service penetration

Clear &

Creation

Exploit operating & tax efficiencies

Active capital structure management

consistent

strategy

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Active capital structure management

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 February 26, 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 2007, wehave adjusted our historical revenue and OCF for the three months and year ended December 31, 2006, respectively to (i) include the pre-acquisition revenue andOCF of certain entities acquired during 2006 and 2007 in our rebased amounts for the three months and year ended December 31, 2006 to the same extent that therevenue and OCF of such entities are included in our results for the three months and year ended December 31, 2007 and (ii) reflect the translation of our rebasedamounts for the three months and year ended December 31 2006 at the applicable average exchange rates that were used to translate our results for the threeamounts for the three months and year ended December 31, 2006 at the applicable average exchange rates that were used to translate our results for the threemonths and year ended December 31, 2007. The acquired entities that have been included in the determination of our rebased revenue and OCF for the threemonths ended December 31, 2006 include Telenet, JTV Thematics, Telesystems Tirol, ten small acquisitions in Europe and one small acquisition in Japan. Theacquired entities that have been included in the determination of our rebased revenue and OCF for the year ended December 31, 2006 include Telenet, Cable West,Karneval, INODE, JTV Thematics, Telesystems Tirol, thirteen small acquisitions in Europe and three small acquisitions in Japan. We have reflected the revenue andOCF of these acquired entities in our 2006 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generallypre-acquisition financial statements), as adjusted for the estimated effects of (i) any significant differences between U.S. generally accepted accounting principles(“GAAP”) and local generally accepted accounting principles (ii) any significant effects of post-acquisition purchase accounting adjustments (iii) any significant( GAAP ) and local generally accepted accounting principles, (ii) any significant effects of post-acquisition purchase accounting adjustments, (iii) any significantdifferences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. As we did not own or operate thesebusinesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue and OCF of theseentities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical 2007 results or that the pre-acquisitionfinancial statements we have relied upon do not contain undetected errors. The adjustments reflected in our 2006 rebased amounts have not been prepared with aview 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 andOCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased 2006 amounts or the revenue andOCF that will occur in the future The rebased growth percentages have been presented as a basis for assessing 2007 growth rates on a comparable basis and are

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OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing 2007 growth rates on a comparable basis, and arenot presented as a measure of our pro forma financial performance for 2006. Therefore, we believe our rebased data is not a non-GAAP measure as contemplatedby 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 lid d i (l ) b f i i i i d di i d i ireconciliation of total segment operating cash flow to our consolidated earnings (loss) before income taxes, minority interests and discontinued operations, ispresented below. Operating cash flow should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operatingincome, net earnings, cash flow from operating activities and other GAAP measures of income.

Year ended December 31, 2007 2006 2005

in millions

Total segment operating cash flow ........................................ $ 3,567.8 $ 2,336.2 $ 1,587.6Stock-based compensation expense....................................... (193.4) (70.0) (59.0)Depreciation and amortization............................................... (2,493.1) (1,884.7) (1,274.0)Provisions for litigation ......................................................... (171.0) — —Impairment, restructuring and other operating charges, net .... (43.5) (29.2) (4.5)

Operating income ............................................................. 666.8 352.3 250.1Interest expense .................................................................. (982.1) (673.4) (396.1)Interest and dividend income ................................................ 115.3 85.4 76.8Share of results of affiliates, net ............................................ 33.7 13.0 (23.0)Realized and unrealized gains (losses) on financial and

derivative instruments, net ................................................ (38.7) (347.6) 310.0 Foreign currency transaction gains (losses), net...................... 20.5 236.1 (209.2)Other-than-temporary declines in fair values of investments .... (212.6) (13.8) (3.4)Losses on extinguishment of debt.......................................... (112.1) (40.8) (33.7)Gains on disposition of assets net 557 6 206 4 115 2

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Gains on disposition of assets, net ......................................... 557.6 206.4 115.2Other income (expense), net................................................. 1.3 12.2 (0.6)

Earnings (loss) before income taxes, minority interests and discontinued operations ................................................. $ 49.7 $ (170.2) $ 86.1

AppendixOperating Cash Flow Reconciliation

Three months ended

Dec 31 Dec 31 Dec. 31, 2007

Dec. 31, 2006

amounts in millions Total segment operating cash flow.......................................... $ 964.6 $ 630.9Stock-based compensation expense (52 1) (13 5)Stock based compensation expense ........................................ (52.1) (13.5)Depreciation and amortization ................................................ (673.5) (546.6)Provisions for litigation ........................................................... (25.0) —Impairment, restructuring and other operating charges, net...... (26.0) (17.5)

Operating income ............................................................. 188.0 53.3Interest expense ................................................................... (275.7) (191.4)Interest expense ................................................................... (275.7) (191.4)Interest and dividend income ................................................. 30.7 23.3Share of results of affiliates, net ............................................. 4.7 7.1Realized and unrealized gains (losses) on financial and derivative instruments, net ................................................... 195.2 (187.6)

Foreign currency transaction gains, net ................................... 46.7 153.0o e g cu e cy t a sact o ga s, et 6 53 0Other-than-temporary declines in fair values of investments...... (206.6) (3.5)Losses on extinguishment of debt, net .................................... (90.4) (0.2)Gains on disposition of assets, net .......................................... 4.5 106.1Other income (expense), net .................................................. (1.1) 7.2

Loss before income taxes, minority interests and

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, ydiscontinued operations ................................................. $ (104.0) $ (32.7)

AppendixFree Cash Flow Definition and Reconciliation

FCF includes amounts from both our continuing and discontinued operations and is defined as net cash provided by operating activities less capital expenditures,each as reported in our consolidated statements of cash flows. We have modified this definition from previous reporting so that non-cash capital lease additions areno longer deducted to arrive at FCF. Accordingly, prior period FCF amounts have been revised to conform to our new FCF definition. Adjusted FCF represents FCFless non-cash capital lease additions. Unlevered FCF represents FCF plus cash paid for interest. FCF, Adjusted FCF and Unlevered FCF are not GAAP measures ofp p p p , jliquidity. We believe that our presentation of FCF, Adjusted FCF and Unlevered FCF provides useful information to our investors because these measures can beused to gauge our ability to service debt and fund new investment opportunities. These FCF measures should not be understood to represent our ability to funddiscretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at these amounts.Investors should view these FCF measures as a supplement to, and not a substitute for, GAAP measures of liquidity included in our consolidated cash flowstatements. The table below highlights the reconciliation of net cash from operating activities to FCF, FCF to Adjusted FCF and FCF to Unlevered FCF for the threemonths and year ended December 31, 2007 and 2006, respectively:

Th th d d Y d d

Three months ended December 31,

Year ended December 31,

2007 2006 2007 2006 Amounts in millionsNet cash provided by continuing operations .......... $ 793.7 $ 652.6 $ 2,549.8 $ 1,803.1Capital expenditures of continuing operations........ (583.3) (457.5) (2,034.5) (1,507.9)

fFCF from discontinued operations ........................ - - - (17.8)FCF .............................................................. $ 210.4 $ 195.1 $ 515.3 $ 277.4

FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4Capital lease additions ......................................... (46.0) (77.8) (185.2) (150.4)

Adjusted FCF $ 164 4 $ 117 3 $ 330 1 $ 127 0Adjusted FCF ................................................. $ 164.4 $ 117.3 $ 330.1 $ 127.0 FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4 Cash Interest ..................................................... 175.5 67.1 887.1 485.6

Unlevered FCF ............................................... $ 385.9 $ 262.2 $ 1,402.4 $ 763.0

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