In this 2nd quarter 2008 investor call, the following key points were made: 1) The company reported strong growth in value added services such as digital cable and broadband internet. Digital cable additions reached a record of 336,000. 2) Financial results for the first half of the year were stable with rebased revenue growth of 6% and rebased operating cash flow growth of 14%. Operating cash flow margin improved. 3) Subscriber growth trends were positive with voice, data, and video additions in line with or exceeding prior year comparisons. Digital cable penetration continued increasing across markets. 4) International operations reported rebased revenue and operating cash flow growth rates between 5-29% for the first

1. 2nd Quarter 2008 Investor Call
Q
August 6, 2008

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, and our borrowing availability; our
pp , g p g p , g y;
insight and expectations regarding competition in our markets; the impact of our M&A activity on our operations and financial
performance; our expectations 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
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 the continued growth in services for digital television at a reasonable cost the
challenges, cost,
effects of changes in technology and regulation, our ability to achieve expected operational efficiencies and economies of
scale, 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 (“SEC”) including our most recently filed Forms 10-K and 10-Q. 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 August 5, 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”), Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF Margin, as well as
GAAP reconciliations, where applicable.
2

3. Agenda
Highlights
Hi hli ht
Financial Results
Q&A
3

4. Highlights(1)
Strong Q2 Growth in Value Added Services
320,000 voice & data net adds – In line with prior year
Record digital cable growth of 336,000 – 74% increase over prior year
Continued weakness in low-end analog TV subscriber base in Europe
Stable YTD Financial Results
Rebased revenue growth of 6% to $5.34 billion
Rebased OCF growth of 14% to $2.26 billion
$2 26
Continued OCF margin improvement to 42.2%
Other Value Drivers Working
Record FCF generation of $318 million in Q2
M&A success on strategic in-fills (e.g. Belgium, Japan)
Repurchased ~$850 million of equity in Q2
4
(1) Please see Appendix for information on rebased growth, the definition of OCF, OCF margin and FCF and the reconciliation of OCF and FCF.

5. YTD Financial Results
YTD Rebased(1) Revenue Growth
19%
Majority of operations at
6% or above
12% 11%
8%
Excluding HU, AT & RO,
8% 7% 7% 6% Total LGI 6%
6% 5%
4%
LGI growth exceeds 7%
(0%)
Adjusted
Adj t d 2008 guidance
id
PL AU CL IE BE SI JP CH CZ SK NL HU AT RO
range to 6% - 8%
(3%)
(8%)
YTD Rebased(1) OCF Growth
Most operations growing
29%
28%
25%
OCF in double digits
21%
15% 14% 13%
13% 12% Total LGI 14%
Excl. AT
E l AT, HU & RO,
RO
12% 10%
LGI growth reaches 17%
2%
0%
Adjusted 2008 guidance
IE PL AU CL SK SI NL CZ CH BE JP AT HU RO
range to 13% - 15%
3
(19%)
5
(1) Please see Appendix for information on rebased growth.

6. Subscriber Growth Trends
Net Organic Additions (000s)
Voice Data
217 214
191 190 182
177 166 Average
161 154
159
Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08
Total RGUs Video
4 6
438
385
302 Average
266 249
(54)
(57)
(71)
Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08
6

7. Digital Cable Update
Key Takeaways
Organic Digital Cable Additions (000s)
336
330
Record quarter in digital adds
272
234
193
74% increase vs. Q2 ’07
171
Best quarter ever in 6 markets
Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08
All markets offering digital
Digital Penetration(1)
()
Poland & Hungary launched
73% Q2 2007 Q2 2008
Significant runway ahead
59%
31% 30% 28%
UPC still < 20% penetration
18%
21% 17%
16% 12%
J:COM VTR LGI Telenet UPC
7
(1) Digital penetration is calculated by dividing digital cable RGUs by the total of digital and analog cable RGUs.

8. UPC Broadband Update
Organic Digital Cable Adds (000s)
Operational Themes & Results
176
Digital accelerates with all markets launched
g
HU & PL generate ~60k digital cable adds for the quarter
50 253%
Over 25% of digital base subscribe to DVR or HD
YTD digital revenues up > 40% over same period ’07
g p p
Q2 '07 Q2 '08
Q2 net adds on par with Q2 ’07
OCF Growth(1) ($mm)
New services offsetting increased analog losses
$547
Responding to competitive offers (NL, AT, CEE)
$407
Stabilizing financial performance
34%
Q2 rebased revenue showed slight improvement
Taking actions to reaccelerate top line
Q2 '07 Q2 '08
Q2 rebased OCF excl. AT, HU & RO reached 20%
excl AT
13% Rebased Growth
8
(1) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

9. VTR Update
Nationwide Market Share(1)
Operational Themes & Results
70%
Substantial market share across all services
47%
Digital adds are cornerstone of VAS(2) growth
25%
46,000 digital cable adds in Q2 – VTR record
HD available in 8 cities; pushing VoD in H2
Video Voice Data
Customer acquisition activity remains healthy
OCF(3) ($mm)
Total customer base grew 5% from Q2 ’07
$82
Bundling ratio of 1.98x leads LGI
$60
Market becoming more competitive
Strong financial performance in Q2 38%
13% revenue & 23% OCF rebased growth
ARPU / customer up 8% over Q2 ’07
Q2 '07 Q2 '08
23% Rebased Growth
(1) Reflects company estimates for 2007 market share.
(2) VAS refers to the value-added services of digital cable, broadband internet and telephony.
9
(3) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

10. J:COM Update
160 Mbps RGUs (000s)
Operational Themes & Results _________
56
Strongest quarterly data adds i l
ld dd in last 3 years
Launched 160 Mbps in every region
18 219%
26% of net adds taking 160 Mbps service
Q4 '07 Q2 '08
Digital penetration reached 73%
OCF(1) ($mm)
Currently offering over 20 HD channels
$276
HD DVRs and on Demand showing YoY gains
Consolidation of FCN expected in Q3 $213
29%
7% Revenue & 9% OCF Q2 rebased growth
Sequential decline in OCF
Q2 '07 Q2 '08
9% Rebased Growth
10
(1) Please see Appendix for the OCF definition and reconciliation, and for information on rebased growth.

11. Agenda
Highlights
Financial Results
Q&A
11

12. Q2 Financial Highlights
Revenue OCF(1)
(US$ in Millions) (US$ in Millions)
$1,155
$2,730
$2,181 $861
34%
25%
Q2 '07 Q2 '08
Q2 '07 Q2 '08
OCF Margin(1) OCF Conversion(2)
42.3% 88%
61%
39.5% 280
bps
Q '07 Q '08
Q2 Q2 Q '07
Q2 Q '08
Q2
(1) Please see Appendix for the definition and reconciliation of OCF and definition of OCF margin.
(2) OCF conversion is derived by taking the variance of reported OCF for the period and the respective rebased OCF from the prior year period divided by the variance of
12
reported revenue for the period and the respective rebased revenue from the prior year period.

13. OCF Breakdown
(1)
(In US$ Millions)
Q2 Rebased YTD Rebased
(2) (2)
2008 Growth 2008 Growth
Western Europe $ 421 12% $ 825 12%
C & E Europe
p 187 5% 357 7%
(3)
Other (62) -- (122) --
UPC Broadband 547 13% 1,060 13%
Telenet (Belgium) 190 11% 365 12%
J:COM (Japan) 276 9% 559 10%
VTR (Chile) 82 23% 158 21%
Other 61 -- 113 --
Total LGI $ 1,155 13% $ 2,256 14%
(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. 13

14. Free Cash Flow & CapEx
FCF(1)
(In US$ Millions)
$445
Driving cash flow from operations
(up 45% YTD)
Aided by OCF growth
348%
$
$99
Managing CapEx spend in 2008
YTD '07 YTD '08
CapEx breakdown remains consistent
CapEx as % of Revenue 58% YTD spend related to CPE & scalable
infrastructure
22%
23% YTD spend tied to upgrade & line
20%
extensions
Q2 & Q4 FCF typically highest
YTD '07 YTD '08
(1) Please see appendix for definition of FCF and for reconciliation. 14

15. Balance Sheet Snapshot
For periods ended
Dec. 31, 2007 June 30, 2008
(US$ in Millions)
Total Debt $ 18,353 $ 19,786
Total Cash(1) (2,520)
(2 520) (1,691)
(1 691)
Net Debt $ 15,833 $ 18,095
Leverage(2)
Gross L
G 4.8x
48 4.3x
43
Net Leverage(2) 4.1x 3.9x
Cost of Debt 5.6%(3) & Leverage Down from YE’07
(1) Cash includes restricted cash related to our debt instruments of approximately $485 million at December 31, 2007 and $480 million at June 30, 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.
(3) Cost of debt reflects the weighted average interest rate, excluding capital lease obligations and the impact of interest rate derivative agreements, deferred financing
15
costs and commitment fees, all of which affect our overall cost of borrowing.

16. Conclusions
Accelerating digital & steady voice / data additions
Expect revenue & OCF improvement in H2 ’08
Continued commitment to stock buybacks
16

17. Appendix
pp

18. 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
Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in our Austrian
system subscribed to our digital cable service, telephony 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 Telephony Subscribers. RGUs generally are counted on a unique premise basis such that a given premise does not
g ,g , , , p y g y qp g p
count as more than one RGU for any given service. On the other hand, if an individual receives our service in two premises (e.g., a primary home and a vacation home),
that individual will count as two RGUs. 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. Services offered without charge on a permanent basis (e.g. VIP subscribers, free service to employees) are not counted as RGUs.
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, late fees 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.
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, we have
adjusted our historical revenue and OCF for the three and six months ended June 30, 2007, respectively to (i) include the pre-acquisition revenue and OCF of certain
entities acquired during 2007 and 2008 in our rebased amounts for the three and six months ended June 30, 2007 to the same extent that the revenue and OCF of such
entities are i l d d i our results f the three and six months ended J
ii included in l for h h di h d d June 30 2008 (ii) exclude the pre-disposition revenue and OCF of certain entities that were di
30, 2008, ld h di ii d f i ii h disposedd
of during 2007 and 2008 from our rebased amounts for the three and six months ended June 30, 2007 to the same extent that such entities were excluded from our results
for the three and six months ended June 30, 2008, and (iii) reflect the translation of our rebased amounts for the three and six months ended June 30, 2007 at the
applicable average exchange rates that were used to translate our results for the three and six months ended June 30, 2008. The acquired entities that have been included
in whole or in part in the determination of our rebased revenue and OCF for the three months ended June 30, 2007 include JTV Thematics, Telesystems Tirol, nine small
acquisitions in Europe and three small acquisitions in Japan. The acquired entities that have been included in whole or in part in the determination of our rebased revenue
and OCF for the six months ended June 30, 2007 include JTV Thematics, Telesystems Tirol, twelve small acquisitions in Europe and three small acquisitions in Japan.
Additionally,
Additionall the disposed entities that were e cl ded in whole o in pa t in the dete mination of o rebased revenue and OCF fo the th ee and si months ended J ne 30
e e excluded hole or part determination our ebased e en e for three six June 30,
2007 include our broadband communications operations in Brazil and Peru and our Liveshop operations in the Netherlands. In terms of acquired entities, we have reflected
the revenue and OCF of these acquired entities in our 2007 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 generally accepted accounting principles in
the U.S. (“GAAP”) and local generally accepted accounting principles, (ii) any significant effects of post-acquisition purchase accounting adjustments, (iii) any significant
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 the acquired
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 2008 results or that the pre acquisition financial statements
post-acquisition pre-acquisition
we have relied upon do not contain undetected errors. 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 the dates assumed for purposes of calculating our rebased 2007 amounts or the revenue and OCF that will occur in the future. The rebased
growth percentages have 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
performance for 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. 18

19. 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 earnings (l ) b f
i (loss) before iincome taxes and minority i
d i i interests i presented b l
is d below. OOperating cash fl
i h flow should
h ld
be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings (loss), cash flow from
operating activities and other GAAP measures of income or cash flows.
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
in millions
os
Total segment operating cash flow............................................... $ 1,154.8 $ 861.0 $ 2,255.5 $ 1,685.6
(43.0) (40.0) (83.3) (83.5)
Stock-based compensation expense .............................................
(744.0) (610.2) (1,448.1) (1,204.2)
Depreciation and amortization .....................................................
(3.3) (0.6) (1.8) (5.9)
Impairment, restructuring and other operating charges, net...........
364.5 210.2 722.3 392.0
Operating income ..................................................................
(290.7) (226.3) (570.3) (459.3)
Interest expense ........................................................................
17.1 24.1 51.9 48.5
Interest and dividend income ......................................................
0.3 9.5 2.8 23.1
Share of results of affiliates, net ..................................................
406.4 73.9 71.0 63.6
Realized and unrealized gains on derivative instruments, net..........
210.4 49.0 383.0 73.3
Foreign currency transaction gains, net ........................................
Unrealized gains (losses) due to changes in fair values of
22.8 (158.6) 44.8 (230.2)
certain investments and debt, net ..............................................
— (23.3) — (23.3)
Losses on extinguishment of debt, net .........................................
1.3 (1.3) 0.9 (4.3)
Other income (expense), net .......................................................
Earnings (loss) before income taxes and minority interests ........ $ 732.1 $ (42.8) $ 706.4 $ (116.6)
19

20. Appendix
Free Cash Flow Definition and Reconciliation
FCF is defined as net cash provided by operating activities less capital expenditures, each as reported in our condensed consolidated statements of cash
flows. Adjusted FCF represents FCF less non-cash capital lease additions. FCF and Adjusted FCF are not GAAP measures of liquidity. We believe that our
presentation of FCF and Adjusted 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. FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and
pp p y y , y
contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view FCF 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 provided by
operating activities to FCF and FCF to Adjusted FCF for the three and six months ended June 30, 2008 and 2007, respectively.
Three months ended Six months ended
June 30, June 30,
2008 2007
2008 2007
in millions
Net cash provided by operating activities .............. $ 879.2 $ 488.5 $ 1,526.7 $ 1,051.2
Capital expenditures ........................................... (561.6) (446.6) (1,081.4) (951.8)
FCF .............................................................. $ 317.6
317 6 $ 41.9
41 9 $ 445.3
445 3 $ 99.4
99 4
FCF ................................................................... $ 317.6 $ 41.9 $ 445.3 $ 99.4
(30.2) (40.5) (71.6) (88.8)
Capital lease additions.........................................
Adjusted FCF ................................................. $ 287.4 $ 1.4 $ 373.7 $ 10.6
20