Fiscal 2007 Investor Call
February 27, 2008
“Safe Harbor”

 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
 Forward Looking Stateme...
Agenda



     2007 Highlights
          Hi hli ht
     Financial Results
     Q&A




                         3
2007 Highlights

  Organic OCF growth targets achieved                         Organic
                                   ...
2007 Highlights


                                                                                           2007       20...
Subscriber Growth
                                                                     (1)




                       Digi...
Bundling Progress
                                                                 (1)




Bundled Customers & ARPU
      ...
Europe Update
                                                   (1)




                                                 ...
Chile Update
                                                                                              Advanced servic...
Japan Update
                                                                                                Advanced serv...
Agenda


     2007 Highlights
     Financial Results
     Q&A




                         11
Financial Highlights
 (US$ in Millions)

                                                                                 ...
Revenue Breakdown

 (In US$ Millions)
                                                  Q4                   Rebased      ...
OCF Breakdown(1)

 (In US$ Millions)
                                                 Q4                    Rebased      F...
OCF Margin & Conversion


             OCF Margin(1)                                                                 OCF C...
2007 CapEx Breakdown
                                                        (1)
   CapEx Components                      ...
FCF & Unlevered FCF
 (In US$ Millions)

                                                   (1)                            ...
Current Tax Profile
 (In US$ Billions)

                                                             (1)
        Tax Loss ...
Balance Sheet Snapshot

                                                                For periods ended 2007
           ...
Balance Sheet Snapshot

         Liquidity ~ $5bn                                                                Shares Ou...
2008 Guidance


                                            2007 Results   2008 Targets


       Rebased Revenue Growth   ...
Why LGI?


                 Growing & diverse economies
 Favorable
  market        Stable regulatory environments
 conditi...
Appendix
 pp
Appendix
                                          Definitions and Additional Information
Revenue Generating Unit (“RGU”) ...
Appendix
                              Operating Cash Flow Definition and Reconciliation
Operating cash flow is not a GAAP...
Appendix
                                    Operating Cash Flow Reconciliation

                                         ...
Appendix
                                        Free Cash Flow Definition and Reconciliation
FCF includes amounts from bo...
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  1. 1. Fiscal 2007 Investor Call February 27, 2008
  2. 2. “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 Private Securities Litigation Reform Act of 1995, including our expectations with respect to our 2008 guidance targets, our future g growth prospects, the timing and impact of our roll-out of digital products and services, our borrowing availability, and cash pp , g p g p , g y, taxes; our insight and expectations regarding competition in our markets; M&A activity including the impact on our operations and financial performance and funding availability; 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 materially from those expressed or implied by these statements. These risks and uncertainties include the continued use by subscribers and potential subscribers of the Company's services and willingness to upgrade to our more advanced offerings, our ability to meet competitive challenges continued growth in services for digital television at a reasonable cost the effects of changes in challenges, cost, technology and regulation, our ability to achieve expected operational efficiencies and economies of scale, market considerations, and our ability to generate expected revenue and operating cash flow, control capital expenditures as measured by percentage of revenue and achieve assumed margins, as well as other factors detailed from time to time in the Company'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 or undertaking to disseminate any updates or revisions to any forward-looking statement 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 February 26, 2008 and SEC fili d filings, f d fi iti for definitions of th f ll i t f the following terms which may b used h i i l di hi h be d herein including: O Operating C h Fl ti Cash Flow (“OCF”) F (“OCF”), Free Cash Flow (“FCF”), Unlevered FCF, Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF Margin, as well as GAAP reconciliations. 2
  3. 3. Agenda 2007 Highlights Hi hli ht Financial Results Q&A 3
  4. 4. 2007 Highlights Organic OCF growth targets achieved Organic Growth 16% rebased OCF growth for 2007 (ex Telenet) 17% rebased OCF growth in Q4 (ex Telenet) Capital M&A Structure Disciplined & opportunistic on M&A Control & consolidation of Telenet in Belgium Generated ~$900 million in cash from asset rationalizations Success u y a ag g capital st uctu e Successfully managing cap ta structure Opportunistic 2007 financings even during credit crunch ~$1.9 billion of stock repurchased during 2007 $1.9 4
  5. 5. 2007 Highlights 2007 2006 Total RGUs (000s) 24,035 19,432 Total Customers (000s) 16,165 16 165 13,843 13 843 Organic RGU Adds (000s) 1,446 1,631 Revenue ($mm) $9,003 $6,484 (1) OCF ($mm) $3,568 $2,336 (1) OCF Margin % 39.6% 36.0% (1) Please see Appendix for definition of OCF and OCF Margin, as well as our OCF reconciliation. 5
  6. 6. Subscriber Growth (1) Digital Cable Penetration Rates (2) 25.1% Over 900,000 organic adds in 2007 18.9% Japan at 67% penetration 9.7% Strong RGU growth in CH & CZ 2005 2006 2007 Broadband Internet 21.2% 17.8% Over 780,000 organic adds in 2007 15.8% Deployed 160 Mbps in Kansai 2005 2006 2007 Recent speed increases in NL & CH Voice 15.8% Over 740,000 organic adds in 2007 13.4% 13.2% 34% telephony penetration in Chile Record adds in CEE of 211,000 2005 2006 2007 (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. 6
  7. 7. Bundling Progress (1) Bundled Customers & ARPU (2) Growth Statistics 2005 2007 CAGR $39.07 $34.55 $34 55 2 Play Pl 1,883 1 883 2,893 2 893 24% 5,381 $32.81 3 Play 1,122 2,489 49% 3,866 3,005 Bundled 3,005 5,381 34% 2005 2006 2007 Bundled Customers ARPU Product bundling continues driving ARPU growth g g g (1) Subscriber data in thousands. (2) Dollar ARPU per customer amounts include impacts of acquisitions and currency exchange rates. 7
  8. 8. Europe Update (1) (2) 2007 Highlights Advanced services organic adds (000s) Robust Triple Play growth 1,569 1,431 Digital volume & ARPU expansion Record voice subscriber adds 10% Maintain data speed leadership 2006 2007 What’s next? (3) OCF ($mm) $2,271 All markets digital by Q2 Strengthened, simplified bundles $1,309 $1 309 74% Bulk of network upgrades complete Romanian strategy defined 2006 2007 15% Rebased Growth (1) Includes UPC Broadband and Telenet. (2) Advanced services represent our services related to digital video (including digital cable and DTH), broadband Internet and telephony. (3) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF. 8
  9. 9. Chile Update Advanced services organic adds 2007 Highlights (000s) 313 270 Expanded digital in regional cities Introduced 3-play to southern Chile Launched triple pack digital in Q4 Launched HD channel & DVR service 2006 2007 (1) OCF What’s next? ($mm) $249 Accelerate digital conversion $199 26% Launch CNN Chile Leverage VTR’s customer service 2006 2007 23% Rebased Growth (1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF. 9
  10. 10. Japan Update Advanced services organic adds 2007 Highlights (000s) Merger with JTV Thematics g 683 598 Rationalization of Shop Channel 14% Synthetically levered J:COM interest Launch of 160 Mbps in Kansai region 2006 2007 (1) OCF What s What’s next? ($mm) $912 Stimulate growth in pay-TV market $739 Expand 160 Mbps rollout nationwide 23% J:COM announced dividend 2006 2007 Continued regionalization 14% Rebased Growth (1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF. 10
  11. 11. Agenda 2007 Highlights Financial Results Q&A 11
  12. 12. Financial Highlights (US$ in Millions) (1) Revenue OCF $9,003 $3,568 $, $6,484 $2,336 $4,517 $1,588 39% 53% 2005 2006 2007 2005 2006 2007 41% CAGR 2005-2007 50% CAGR 2005-2007 (1) Please see Appendix for the definition and reconciliation of OCF. 12
  13. 13. Revenue Breakdown (In US$ Millions) Q4 Rebased Full Year Rebased (1) (1) 2007 Growth G th 2007 Growth G th Western Europe $ 742 4% $ 2,745 6% C & E Europe 320 7% 1,183 10% (2) Other 2 -- 11 -- UPC Broadband 1,064 4% 3,939 7% 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% (1) Please see Appendix for information on rebased growth. (2) Represents central and corporate operations of UPC Broadband. 13
  14. 14. OCF Breakdown(1) (In US$ Millions) Q4 Rebased Full Year Rebased (2) (2) 2007 Growth 2007 Growth Western Europe $ 359 11% $ 1,318 13% C & E Europe 160 21% 594 19% (3) Other (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 -- Total T t l LGI $ 965 15% $ 3 568 3,568 15% Excluding Telenet 17% 16% (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. 14
  15. 15. OCF Margin & Conversion OCF Margin(1) OCF Conversion(2) 65% 39.6% 50% 36.0% 360 bps 2006 2007 2006 2007 Efficiencies driving OCF improvement (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 2006 15 revenue and rebased 2005 revenue.
  16. 16. 2007 CapEx Breakdown (1) CapEx Components 1.2mm Two-way Homes 13% 22% 19% 54% 24% 68% Success Based Network Other Europe Japan The Americas CapEx as a % of revenue improved 70 bps in 2007 (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. 16
  17. 17. FCF & Unlevered FCF (In US$ Millions) (1) (2) Free Cash Flow Unlevered Free Cash Flow $1,402 $515 $763 $277 84% 86% 2006 2007 2006 2007 80%+ increase in FCF & Unlevered FCF (1) Please see Appendix for the definition and reconciliation of Free Cash Flow. Please note the definition of FCF has been modified. (2) Unlevered Free Cash Flow is defined as FCF plus cash paid for interest. Please see Appendix for reconciliation. 17
  18. 18. Current Tax Profile (In US$ Billions) (1) Tax Loss Carryforwards Key Takeaways TLC’s increased 28% due $12.0 primarily to TNET & NL 2007 cash taxes of $76 mm $9.3 Target cash taxes of ~$100mm over next three years (excluding J:COM) 2006 2007 Continued focus on maximizing tax efficiencies (1) Please see Note 12 of the Liberty Global 2007 10-K for additional information. 18
  19. 19. Balance Sheet Snapshot For periods ended 2007 September 30, December 31, Septembe 30 Decembe 31 (US$ in Millions) Total Debt $ 16,279 $ 18,353 Total Cash(1) (2,002) (2 002) (2,520) (2 520) Net Debt $ 14,276 $ 15,833 Gross Leverage(2) 4.4x 4 4x 4.8x 4 8x Net Leverage(2) 3.9x 4.1x Leverage in target range & ample cash position (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. 19
  20. 20. Balance Sheet Snapshot Liquidity ~ $5bn Shares Outstanding (In US$ Billions) (In Millions) 472 $1.4 344 $2.9 $0.6 (2) (1) Cash at LGI Cash at Subsidiaries Undrawn Lines 12/31/2005 2/21/2008 Strong liquidity position funding share repurchases (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 to the deposit arrangements with the lender in relation to the VTR Bank Facility, we are required to fund a cash collateral account in an amount equal to the outstanding principal and interest under the VTR Bank Facility. 20
  21. 21. 2008 Guidance 2007 Results 2008 Targets Rebased Revenue Growth 9% 7 – 9% Rebased OCF Growth 15% 14 – 16% Capital Expenditures(1) 23% 20 – 22% (% of Revenue) Another Year of Mid-Teens OCF Growth in 2008 (1) Excluding capital lease additions. 21
  22. 22. Why LGI? Growing & diverse economies Favorable market Stable regulatory environments conditions No HD “arms race” in LGI markets Equity Value Creation Drive advanced service penetration Clear & consistent Exploit operating & tax efficiencies strategy Active capital structure management 22
  23. 23. Appendix pp
  24. 24. Appendix Definitions and Additional Information Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber or Telephone 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, Internet and Telephone Subscribers. In some cases, non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers 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 average monthly 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 customer relationships, 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, we have adjusted our historical revenue and OCF for the three months and year ended December 31, 2006, respectively to (i) include the pre-acquisition revenue and OCF 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 the revenue 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 rebased amounts 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 three 31, months and year ended December 31, 2007. The acquired entities that have been included in the determination of our rebased revenue and OCF for the three months ended December 31, 2006 include Telenet, JTV Thematics, Telesystems Tirol, ten small acquisitions in Europe and one small acquisition in Japan. The acquired 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 and OCF 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 (generally pre-acquisition financial statements), as adjusted for the estimated effects of (i) any significant differences between U.S. generally accepted accounting principles ( GAAP ) (“GAAP”) and local generally accepted accounting principles (ii) any significant effects of post-acquisition purchase accounting adjustments (iii) any significant principles, adjustments, differences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. As we did not own or operate these businesses during the pre-acquisition periods, no assurance can be given 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 2007 results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our 2006 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 the dates assumed for purposes of calculating our rebased 2006 amounts or the revenue and 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 are future. basis, not 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 contemplated by Regulation G or Item 10 of Regulation S-K. 24
  25. 25. Appendix Operating Cash Flow Definition and Reconciliation 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 operating performance 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&A expenses (excluding stock-based compensation, depreciation and amortization, provisions for litigation, and impairment, restructuring and other operating charges or credits). We believe operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of our segments and our 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 meaningful measure and is superior to other available GAAP measures because it represents a transparent view of our recurring operating performance and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. For example, our internal decision makers believe that the inclusion of impairment and restructuring charges within operating cash flow would distort the ability to efficiently assess and view the core operating trends in our segments. In addition, our internal decision makers believe our measure of operating cash flow is important because analysts and investors use it to compare our performance to other companies in our industry. However, our definition of operating cash flow may differ from cash flow measurements provided by other public companies. A reconciliation of total segment operating cash fl ili i f l i h flow to our consolidated earnings (l ) b f lid d i (loss) before i income taxes, minority i i i interests and di d discontinued operations, i i d i is presented below. Operating cash flow should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, 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 $ 1,587.6 Stock-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 ............................................................. 666.8 352.3 250.1 Interest expense .................................................................. (982.1) (673.4) (396.1) Interest and dividend income ................................................ 115.3 85.4 76.8 Share 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 ......................................... assets, 557.6 557 6 206.4 206 4 115.2 115 2 Other 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 25
  26. 26. Appendix Operating Cash Flow Reconciliation Three months ended Dec. 31, Dec 31 Dec. 31, Dec 31 2007 2006 amounts in millions Total segment operating cash flow.......................................... $ 964.6 $ 630.9 Stock based Stock-based compensation expense ........................................ (52.1) (52 1) (13.5) (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 53.3 Interest expense ................................................................... (275.7) (191.4) Interest and dividend income ................................................. 30.7 23.3 Share of results of affiliates, net ............................................. 4.7 7.1 Realized and unrealized gains (losses) on financial and derivative instruments, net ................................................... 195.2 (187.6) Foreign cu e cy t a sact o ga s, net ................................... o e g currency transaction gains, et 46.7 6 153.0 53 0 Other-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 .......................................... 4.5 106.1 Other income (expense), net .................................................. (1.1) 7.2 Loss before income taxes, minority interests and , y discontinued operations ................................................. $ (104.0) $ (32.7) 26
  27. 27. Appendix Free 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 are no longer deducted to arrive at FCF. Accordingly, prior period FCF amounts have been revised to conform to our new FCF definition. Adjusted FCF represents FCF less non-cash capital lease additions. Unlevered FCF represents FCF plus cash paid for interest. FCF, Adjusted FCF and Unlevered FCF are not GAAP measures of p p p p , j 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 fund new investment opportunities. These FCF measures should not be understood to represent our ability to fund discretionary 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 flow statements. 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 three months and year ended December 31, 2007 and 2006, respectively: Three months ended Th th dd Year ended Y dd December 31, December 31, 2007 2006 2007 2006 Amounts in millions Net cash provided by continuing operations .......... $ 793.7 $ 652.6 $ 2,549.8 $ 1,803.1 Capital expenditures of continuing operations........ (583.3) (457.5) (2,034.5) (1,507.9) FCF f from discontinued operations ........................ - - - (17.8) FCF .............................................................. $ 210.4 $ 195.1 $ 515.3 $ 277.4 FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4 (46.0) (77.8) (185.2) (150.4) Capital lease additions......................................... Adjusted FCF ................................................. $ 164.4 164 4 $ 117.3 117 3 $ 330.1 330 1 $ 127.0 127 0 FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4 175.5 67.1 887.1 485.6 Cash Interest ..................................................... Unlevered FCF ............................................... $ 385.9 $ 262.2 $ 1,402.4 $ 763.0 27
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