Fiscal 2008 Investor CallFebruary 24, 2009

“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 2009 outlook, our future growthprospects, including our continued ability to grow our operating cash flow and free cash flow, improve our operating cash flowp p , g y g p g , p p gmargins, expand our advanced services RGUs and increase our ARPU per customer, and our liquidity, including our ability torepay near-term debt amortizations, the performance of our currency hedges and our borrowing availability; our expectationswith respect to the timing and impact of our roll-out of digital and broadband products and services; our insight andexpectations regarding competitive and economic factors and regulatory initiatives in our markets; the impact of our M&Aactivity on our operations and financial performance; our expectations concerning future repurchases of our stock; and otherinformation and statements that are not historical fact These forward-looking statements involve certain risks andinformation and statements that are not historical fact. These forward looking statements involve certain risks anduncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Theserisks and uncertainties include the continued use by subscribers and potential subscribers of the Company's services andwillingness to upgrade to our more advanced offerings, our ability to meet challenges from competition and economic factors,the continued growth in services for digital television at a reasonable cost, the effects of changes in technology andregulation, our ability to achieve expected operational efficiencies and economies of scale, our ability to generate expectedrevenue and operating cash flow control capital expenditures as measured by percentage of revenue and achieve assumedrevenue and operating cash flow, control capital expenditures as measured by percentage of revenue and achieve assumedmargins, our ability to access cash of our subsidiaries and the impact of our future financial performance, or market conditionsgenerally, on the availability, terms and deployment of capital, as well as other factors detailed from time to time in theCompany's filings with the Securities and Exchange Commission (“SEC”) including our most recently filed Form 10-K. Theseforward-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 changein the Company's expectations with regard thereto or any change in events conditions or circumstances on which any suchin 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 23, 2009and SEC filings, for definitions of the following terms which may be used herein including: Rebased Growth, Operating Cash

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Flow (“OCF”), Free Cash Flow (“FCF”), FCF Conversion, Revenue Generating Units (“RGUs”), Average Revenue per Unit(“ARPU”), and OCF Margin, as well as GAAP reconciliations, where applicable.

Agenda

2008 Hi hli ht 2008 Highlights

Financial ResultsFinancial Results

Q & A

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2008 Highlights

Strong Organic Growth(1) Opportunistic M&A Activity

Strategic consolidation in core markets 1.0 mm organic RGU net adds Strategic consolidation in core markets

1.4 mm RGUs acquired

Tactical disposals completed or underway

14% rebased OCF growth

330 bps increase in OCF margin

OrganicStable Balance Sheet & Liquidity

Tactical disposals completed or underway 82% Free Cash Flow growth

Appropriately leveraged

Hedged with long-term maturities

Organic Growth

~$2 bn of liquidity(2) available

Over $2 bn in stock buybacks in 2008M&A Capital

Structure

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(1) Please see Appendix for the definition and reconciliation of OCF and FCF, as well as information on organic additions.(2) Consists of our consolidated cash balance plus our aggregate unused borrowing capacity.

Steady Subscriber Growth(1)

302 284

Total Net Adds (RGUs) Video Net Loss2008 = 1,048k 2008 = (235k)

(57) (71) (53) (54)

249 214

284 Average

262k

Average(59k)

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

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

182177 0

Data Net AddsVoice Net Adds2008 = 655k 2008 = 629k

182

154 125

168 177 166

142

170 Average

164kAverage

157k

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

(1) Net adds refer to subscriber additions on an organic basis. Figures are shown in thousands.

Digital is Moving the Needle

36%

DTV Highlights Digital Cable Subscribers

5.1 25%

RGUs (in millions) Penetration 5.1 mm subs

Record Q4 & FY ’08

(1)

3 43.7

4.0

4.4 19%

36% digital penetration

DVRs driving growth

2.2 2.6

2.8 3.1

3.4 12%

g g

Over 50% of base takes DVR and/or HD

1.3 1.6

1.8 Meaningful digital ARPU uplift

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2008

(1) Digital Penetration is calculated by dividing digital cable RGUs by the total of digital and analog cable RGUs.

20072006

Advanced Services Drive Growth

Advanced Services(1)

(Net Adds in 000s)Driving Key Operational

Performance(2)

652 678 630

839

Average700k 6.4 mm bundled customers

(up 18% YoY)(up 18% YoY)

3 play customers up 27% YoY

ARPU per customer up 15% Q1 '08 Q2 '08 Q3 '08 Q4 '08

Record year of 2.8 mm adds

to $45.27

Regional ARPU’s strong:

UPC up 9% Q4 up 28% vs. prior 3 qtr average

Record performances at UPC & TNET

UPC up 9% VTR up 8% TNET up 7%

7(1) Advanced Services include organic net additions in digital cable, DTH, broadband internet and telephony services.(2) Please refer to Appendix for ARPU per customer definition. For the consolidated ARPU per customer ($) and UPC’s ARPU per customer (Euros), no adjustment is made for FX.

Regional ARPUs refers to ARPU per customer.

European Update

Largely limited effects in 2008 Record digital adds in Q4 ‘08

Economic Impact Limited Product Roadmap on Track

Largely limited effects in 2008

Modest impact to date on sales, churn & ARPU

Watching CEE markets closely

Record digital adds in Q4 08

DVR launched in all markets, VoD & HD ramping

3 0 b db d ll t l ti Watching CEE markets closely 3.0 broadband rollouts accelerating

Full-year rebased OCF growth of 15% in NL & CH p 17%

EC decision re: OPTA in Netherlands

Regulatory Update Countries of Focus

15% in NL & CH up 17%

Romania poised for turnaround

HU & AT continue to be WIP

Access obligations technically effective in mid-March

But limited to no impact in 2009

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ut ted to o pact 009

2009 Operating Outlook

Marketing the right products in diverse marketsEconomy

Targeting 5 – 7% rebased OCF growthOCF

Expect continued OCF margin expansionEfficiency

Expect at least 25% free cash flow growthFCF

Maintaining liquidity for buybacks & acquisitionsCapital Allocation

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Another Solid Growth Year in 2009

Agenda

2008 Highlights2008 Highlights

Financial Results

Q & A

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Three-Year Growth Trends

Revenue($ )

OCF(1)

($ )

$10,561

($mm)

$4 533

($mm)

$6,484

$9,003

$10,561

$2 336

$3,568

$4,533

$6,484 $2,336

2006 2007 2008 2006 2007 2008

11(1) Please see Appendix for a definition and reconciliation of OCF.

Revenue Breakdown

Q4 Rebased Full Year Rebased( ) ( )

($mm)

2008 Growth(1) 2008 Growth(1)

Western Europe 712$ 2% 3,092$ 3%C & E Europe 297 3% 1,356 4%Other(2) 2 -- 11 -- UPC Broadband 1,011 3% 4,458 3%

Telenet (Belgium) 372 4% 1 509 6%Telenet (Belgium) 372 4% 1,509 6%J:COM (Japan) 798 6% 2,854 6%VTR (Chile) 153 12% 714 12%Corporate & Other 237 -- 1,026 --p , Total LGI 2,571$ 6% 10,561$ 6%

12(1) Please see Appendix for information on rebased growth.(2) Represents central and corporate operations of UPC Broadband.

OCF(1) Breakdown

($mm)

Q4 Rebased Full Year Rebased2008 Growth(2) 2008 Growth(2)2008 Growth(2) 2008 Growth(2)

Western Europe 394$ 17% 1,639$ 14%C & E Europe 153 6% 702 7%O h (3) (57) (235)Other(3) (57) -- (235) -- UPC Broadband 489 16% 2,106 14%

Telenet (Belgium) 175 12% 727 11%( g )J:COM (Japan) 342 10% 1,191 11%VTR (Chile) 66 18% 296 18%Corporate & Other 38 -- 214 --

$ $ Total LGI 1,110$ 14% 4,533$ 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.

2008 Financial Results by Market

18%

12% 12%

2008 Rebased(1) Revenue Growth

8% 6% 6% 6%

5% 4% 4% 3% 1% 0%

Total LGI 6%

(5%) (9%)

PL AU CL IE JP BE SK CH CZ NL SI PR HU AT RO

2008 Rebased(1) OCF Growth29% 28%

21% 18% 17% 15%

12%Total LGI 14%

2008 Rebased OCF Growth

12% 12% 11% 11% 11% 8% 4% 2%

(25%)

IE PL AU CL CH NL PR CZ BE SK JP SI HU AT RO

14(1) Please see Appendix for information on rebased growth.

(25%)

OCF Margin Analysis

OCF Margin(1) Regional OCF Margins

42.9%

2007 2008 Growth

UPC 42.5% 47.2% 470

36.0%

39.6%Telenet 46.2% 48.2% 200

J:COM 40.5% 41.7% 120

VTR 39 3% 41 4% 210330 VTR 39.3% 41.4% 210

LGI 39.6% 42.9% 330

bps

2006 2007 2008

Expect Continued OCF Margin Expansion in 2009

15(1) Please see Appendix for the definition of OCF margin.

p g p

2008 CapEx Breakdown

CapEx Components(1) Key Takeaways

FY ‘08 CapEx of 22% of revenue, down slightly to FY ‘07Scalable

Infrastructure

41%

18%

16% > 55% related to CPE & SI

> 80% CPE, SI and NetworkCPE

Support

> 90% of cable network 2-way

Q4 CapEx impacted by brought

Network25%

forward spend

E pect 2009 CapE / Re en e Ratio to Decline

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Expect 2009 CapEx / Revenue Ratio to Decline

(1) CapEx is categorized and defined as follows for this slide: (i) customer premise equipment (“CPE”); (ii) scalable infrastructure (“SI”); (iii) network which consists of line extensions and upgrade / rebuild; and (iv) support which consists of support capital and other including Chellomedia.

Free Cash Flow(1)

FCF FCF Conversion

17%$763

12%$419 500 bps

82%

2007 20082007 2008

Strong Improvement in Free Cash Flow & FCF Conversion

17(1) Please see appendix for definitions of FCF and FCF Conversion and the reconciliation of FCF.

Balance Sheet Snapshot

LGI balance sheet at Dec 31, 2008:4.8x 4.6x

Gross Leverage(2)

Total debt & capital leases of $20.5 bn

Total cash & cash equivalents(1)

(including restricted cash) of $1 8 bn(including restricted cash) of $1.8 bn

Overall net debt of $18.7 bn2007 2008

N t L (2)

~90% of debt amortizes 2012 & thereafter(3) 4.1x 4.2x

Net Leverage(2)

Gross leverage ratio comfortably in 4x – 5x target range

2007 2008

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2007 2008

(1) Cash includes restricted cash related to our debt instruments of approximately $476 million at December 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.(3) Includes principal amount of capital leases.

Liquidity Overview

Liquidity ~$2bn Shares Outstanding

(In US$ Millions) (In Millions)

$817$

(In US$ Millions) (In Millions)

354$817 $871

276

$557

Cash at LGI Cash at Subsidiaries Undrawn Lines(2) 12/31/2007 2/16/2009(1)

Cash at LGI Cash at Subsidiaries Undrawn Lines

Maintaining Ample Liquidity in Current Environment

12/31/2007 2/16/2009

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(1) Includes cash at LGI parent and its non-operating subsidiaries. Restricted cash is excluded.(2) The $871 million represents our aggregate unused borrowing capacity, as of December 31, 2008, without regard to covenant compliance calculations and excludes approximately

$214 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.

Conclusions

Well-positioned to weather economic downturnWell positioned to weather economic downturn

Advanced digital services driving RGU growth Advanced digital services driving RGU growth

Strong balance sheet & ample liquidity

Expect 2009 to be a solid growth year on OCF & FCF

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Appendixpp

f d dd l f

Appendix

Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, InternetSubscriber or Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if aresidential customer in our Austrian system subscribed to our digital cable service, telephony service and broadband internet service, the customer wouldconstitute three RGUs. Total RGUs is the sum of Analog Cable, Digital Cable, DTH, MMDS, Internet and Telephony Subscribers. RGUs generally are countedon a unique premise basis such that a given premise does not count as more than one RGU for any given service On the other hand if an individual

Definitions and Additional Information

on a unique premise basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individualreceives our service in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs. Non-paying subscribers arecounted as subscribers during their free promotional service period. Some of these subscribers choose to disconnect after their free service period. Servicesoffered 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 theaverage monthly subscription revenue per average customer relationship. In both cases, the amounts are calculated by dividing the average monthlysubscription revenue (excluding installation, late fees and mobile telephony revenue) for the indicated period, by the average of the opening and closingp ( g , p y ) p , y g p g gbalances for RGUs or customer relationships, as the case may be, for the period. Customer relationships of entities acquired during the period arenormalized. ARPU per customer relationship for UPC Broadband and Liberty Global Consolidated are not adjusted for currency impacts.

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

Free Cash Flow Conversion is defined as FCF divided by OCF. Please see following pages for further information on OCF and FCF.

Organic Addition figures exclude RGUs of acquired entities at the date of acquisition but include the impact of changes in RGUs from the date ofOrganic Addition figures exclude RGUs of acquired entities at the date of acquisition but include the impact of changes in RGUs from the date ofacquisition. Organic figures represent additions on a net basis.

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f d dd l f

Appendix

Information on Rebased Growth: For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during2008, we have adjusted our historical revenue and OCF for the three months and year ended December 31, 2007 to (i) include the pre-acquisition revenueand OCF of certain entities acquired during 2007 and 2008 in our rebased amounts for the three months and year ended December 31, 2007 to the sameextent that the revenue and OCF of such entities are included in our results for the three months and year ended December 31, 2008, (ii) exclude the pre-disposition revenue and OCF of certain entities that were disposed of during 2007 and 2008 from our rebased amounts for the three months and year

Definitions and Additional Information

disposition revenue and OCF of certain entities that were disposed of during 2007 and 2008 from our rebased amounts for the three months and yearended December 31, 2007 to the same extent that such entities were excluded from our results for the three months and year ended December 31, 2008,and (iii) reflect the translation of our rebased amounts for the three months and year ended December 31, 2007 at the applicable average exchange ratesthat were used to translate our results for the three months and year ended December 31, 2008. The acquired entities that have been included in whole orin part in the determination of our rebased revenue and OCF for the three months ended December 31, 2007 include Interkabel, six small acquisitions inEurope and four small acquisitions in Japan. The acquired entities that have been included in whole or in part in the determination of our rebased revenueand OCF for the year ended December 31, 2007 include Interkabel, JTV Thematics, Telesystems Tirol, fourteen small acquisitions in Europe and five smallacquisitions in Japan Additionally the disposed entities that were excluded in whole or in part from the determination of our rebased revenue and OCF foracquisitions in Japan. Additionally, the disposed entities that were excluded in whole or in part from the determination of our rebased revenue and OCF forthe three months and year ended December 31, 2007 include our broadband communications operations in Brazil and Peru and our Liveshop operations inthe Netherlands. In terms of acquired entities, we have reflected the revenue and OCF of these acquired entities in our 2007 rebased amounts based onwhat we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for theestimated effects of (i) any significant differences between generally accepted accounting principles in the U.S. (“GAAP”) and local generally acceptedaccounting principles, (ii) any significant effects of post-acquisition purchase accounting adjustments, (iii) any significant differences between ouraccounting policies and those of the acquired entities and (iv) other items we deem appropriate. As we did not own or operate the acquired businessesduring the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue and OCF of theseduring 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 2008 results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our 2007 rebased amounts have notbeen prepared with a view towards complying with Article 11 of the SEC's Regulation S-X. In addition, the rebased growth percentages are not necessarilyindicative of the revenue and OCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating ourrebased 2007 amounts or the revenue and OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing2008 growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance for 2007. Therefore, we believe ourrebased data is not a non-GAAP measure as contemplated by Regulation G or Item 10 of Regulation S-K.p y g g

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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 i (l ) b f i i i i d di i d i i d b lreconciliation of total segment operating cash flow to our earnings (loss) before income taxes, minority interests and discontinued operations 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(loss), cash flow from operating activities and other GAAP measures of income or cash flows.

Three months ended December 31,

Year ended December 31,

2008 2007 2008 2007 2006 in millions Total segment operating cash flow............................................... $ 1,109.5 $ 964.6 $ 4,533.1 $ 3,567.8 $ 2,336.2Stock-based compensation expense ............................................. (28.2) (52.1) (153.5) (193.4) (70.0)Depreciation and amortization ..................................................... (697.7) (673.5) (2,857.7) (2,493.1) (1,884.7)Provisions for litigation ................................................................ - (25.0) - (171.0) -Impairment, restructuring and other operating charges, net ........... (155.3) (26.0) (158.5) (43.5) (29.2)

Operating income .................................................................. 228.3 188.0 1,363.4 666.8 352.3Interest expense ........................................................................ (283.7) (275.7) (1,147.4) (982.1) (673.4)Interest and dividend income ...................................................... 16.4 30.7 91.8 115.3 85.4Sh f lt f ffili t t 0 2 4 7 5 4 33 7 13 0Share of results of affiliates, net .................................................. 0.2 4.7 5.4 33.7 13.0Realized and unrealized gains (losses) on derivative instruments, net ....................................................................... (10.3) 143.6 78.9 72.4 (264.8)

Foreign currency transaction gains (losses), net ............................ (648.4) 67.8 (552.1) 109.4 299.5Unrealized gains (losse)s due to changes in fair values of certain investments and debt, net .............................................. 77.4 30.5 (7.0) (200.0) (146.2)

Other-than-temporary declines in fair values of investments........... - (206.6) - (212.6) (13.8)Losses on extinguishment of debt, net ......................................... - (90.4) - (112.1) (40.8)Gains on disposition of assets, net ............................................... 1.8 4.5 - 557.6 206.4Other income (expense) net (1 8) (1 1) - 1 3 12 2

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Other income (expense), net ....................................................... (1.8) (1.1) 1.3 12.2Earnings (loss) before income taxes, minority interests and

discontinued operations ...................................................... $ (620.1) $ (104.0) $ (167.0) $ 49.7 $ (170.2)

AppendixFree 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 cashflows. Adjusted FCF represents FCF less non-cash capital lease additions. FCF and Adjusted FCF are not GAAP measures of liquidity. We believe that ourpresentation of FCF and Adjusted FCF provides useful information to our investors because these measures can be used to gauge our ability to service debt andfund new investment opportunities. FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory andpp p y y , ycontractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view FCF as a supplement to, and not asubstitute for, GAAP measures of liquidity included in our consolidated cash flow statements. The table below highlights the reconciliation of net cash provided byoperating activities to FCF and FCF to Adjusted FCF for the indicated periods.

Three months ended Year ended December 31, December 31, 2008 2007 2008 2007 in millions Net cash provided by operating activities .............. $ 913.9 $ 777.3 $ 3,138.0 $ 2,453.2 Capital expenditures ........................................... (695.9) (583.3) (2,375.0) (2,034.5)

FCF .............................................................. $ 218.0 $ 194.0 $ 763.0 $ 418.7 FCF ................................................................... $ 218.0 $ 194.0 $ 763.0 $ 418.7 Capital lease additions ......................................... (57.5) (46.0) (166.5) (185.2)

Adjusted FCF ................................................. $ 160.5 $ 148.0 $ 596.5 $ 233.5

25(1) Our cash provided by operations for the three months and year ended December 31, 2007 differs from the previously reported amounts due primarily to the reclassification of

cash flows related to derivative instruments to align with the classification of the applicable underlying cash flows.