/FIRST AND FINAL ADD -- LAW056 -- Liberty Global Reports Third Quarter 2006 Results/

/FIRST AND FINAL ADD -- LAW056 -- Liberty Global Reports Third Quarter 2006 Results/

Liberty Global, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

September 30, December 31,
2006 2005
amounts in millions
ASSETS
Current assets:
Cash and cash equivalents $1,324.6 $1,202.2
Trade receivables, net 470.4 534.2
Other receivables, net 75.1 112.5
Current assets of discontinued operations -- 14.7
Restricted cash 291.6 56.8
Other current assets 409.0 342.0
Total current assets 2,570.7 2,262.4

Investments in affiliates, accounted
for using the equity method, and
related receivables 803.2 789.0

Other investments 471.7 569.0

Property and equipment, net 7,866.4 7,991.3

Goodwill 9,755.0 9,020.1

Franchise rights and other intangible
assets not subject to amortization 180.1 218.0

Intangible assets subject to
amortization, net 1,416.3 1,601.8

Long-term assets of discontinued operations -- 329.9

Other assets, net 700.7 597.0

Total assets $23,764.1 $23,378.5

Liberty Global, Inc.
Condensed Consolidated Balance Sheets (continued)
(unaudited)

September 30, December 31,
2006 2005
amounts in millions
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $598.6 $715.6
Accrued liabilities and other 708.9 668.9
Current portion of deferred revenue and
advance payments from subscribers and others 434.9 596.0
Accrued interest 138.4 145.5
Current liabilities of discontinued operations -- 35.3
Current portion of debt and capital lease
obligations 878.3 270.0
Total current liabilities 2,759.1 2,431.3

Long-term debt and capital lease obligations 10,396.5 9,845.0
Deferred tax liabilities 553.5 546.0
Long-term liabilities of discontinued
operations -- 9.6
Other long-term liabilities 1,122.7 933.7

Total liabilities 14,831.8 13,765.6

Commitments and contingencies

Minority interests in subsidiaries 1,867.2 1,796.5

Stockholders' equity:
Series A common stock, $.01 par value.
Authorized 500,000,000 shares;
issued 197,264,585 and 232,334,708 shares
at September 30, 2006 and
December 31, 2005, respectively 2.0 2.3
Series B common stock, $.01 par value.
Authorized 50,000,000 shares; issued
and outstanding 7,291,345 and
7,323,570 shares at September 30, 2006
and December 31, 2005, respectively 0.1 0.1
Series C common stock, $.01 par value.
Authorized 500,000,000 shares; issued
197,583,922 and 239,820,997 shares at
September 30, 2006 and December 31, 2005,
respectively 2.0 2.4
Additional paid-in capital 8,099.0 9,992.2
Accumulated deficit (989.2) (1,732.5)
Accumulated other comprehensive loss,
net of taxes (11.6) (262.9)
Deferred compensation -- (15.6)
Treasury stock, at cost (37.2) (169.6)
Total stockholders' equity 7,065.1 7,816.4

Total liabilities and stockholders'
equity $23,764.1 $23,378.5

Liberty Global, Inc.
Condensed Consolidated Statements of Operations
(unaudited)

Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005
amounts in millions, except per share amounts

Revenue $1,622.4 $1,105.1 $4,697.4 $3,231.1

Operating costs and expenses:
Operating (other than
depreciation) (including
stock-based compensation
of $2.1 million,
$5.9 million, $4.2 million
and $10.5 million,
respectively) 696.4 482.0 2,005.4 1,371.9
Selling, general and
administrative (SG&A)
(including stock-based
compensation of $19.1 million,
$54.9 million, $52.3 million
and $111.8 million,
respectively) 347.8 285.3 1,043.2 825.1
Depreciation and amortization 457.7 306.0 1,338.1 863.8
Impairment, restructuring and
other operating charges 5.5 2.7 11.7 3.5
1,507.4 1,076.0 4,398.4 3,064.3
Operating income 115.0 29.1 299.0 166.8

Other income (expense):
Interest expense (181.8) (122.3) (482.0) (275.8)
Interest and dividend income 26.1 18.9 62.1 60.9
Share of results of
affiliates, net 5.5 2.0 5.9 (14.8)
Realized and unrealized gains
(losses) on financial and
derivative instruments, net (181.1) (29.2) (160.0) 126.0
Foreign currency transaction
gains (losses), net 0.9 7.1 83.1 (194.1)
Losses on extinguishment
of debt (5.0) -- (40.6) (12.6)
Gains on disposition of
non-operating assets, net 52.7 0.4 100.3 25.9
Other income (expense), net 0.9 -- (5.3) 0.9
(281.8) (123.1) (436.5) (283.6)
Loss before income taxes,
minority interests and
discontinued operations (166.8) (94.0) (137.5) (116.8)

Income tax benefit (expense) 22.5 (3.3) (76.4) (11.3)
Minority interests in earnings
of subsidiaries, net (28.6) (25.7) (88.9) (81.7)
Loss from continuing
operations (172.9) (123.0) (302.8) (209.8)

Discontinued operations:
Earnings (loss) from
operations, including tax
expense of $0.2 million and
$1.5 million during the three
and nine months ended
September 30, 2005,
respectively (7.5) (4.9) 6.8 (15.6)
Gain on disposal of
discontinued operations 625.4 -- 1,033.4 --
617.9 (4.9) 1,040.2 (15.6)

Net earnings (loss) $445.0 $(127.9) $737.4 $(225.4)

Basic and diluted earnings
(loss) per common share:
Continuing operations $(0.40) $(0.26) $(0.67) $(0.53)
Discontinued operations 1.43 (0.01) 2.30 (0.04)
$1.03 $(0.27) $1.63 $(0.57)

Liberty Global, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

Nine months ended
September 30,
2006 2005
amounts in millions
Cash flows from operating activities:
Net earnings (loss) $737.4 $(225.4)
Net loss (earnings) from discontinued
operations (1,040.2) 15.6
Loss from continuing operations (302.8) (209.8)
Adjustments to reconcile loss from
continuing operations to net cash
provided by operating activities:
Stock-based compensation expense 56.5 122.3
Depreciation and amortization 1,338.1 863.8
Impairment, restructuring and other
operating charges 11.7 3.5
Amortization of deferred financing
costs and non-cash interest 59.9 78.9
Share of results of affiliates,
net of dividends (1.2) 14.8
Realized and unrealized losses
(gains) on financial and
derivative instruments, net 160.0 (126.0)
Foreign currency transaction
losses (gains), net (83.1) 194.1
Losses on extinguishment of debt 40.6 12.6
Gains on disposition of
non-operating assets, net (100.3) (25.9)
Deferred income tax expense (benefit) 9.2 (30.5)
Minority interests in earnings
of subsidiaries, net 88.9 81.7
Other non-cash items 10.3 --
Changes in operating assets and liabilities,
net of the effects of acquisitions and
dispositions:
Receivables and other operating assets 65.8 82.1
Payables and accruals (203.1) (291.8)
Net cash provided by operating activities
of discontinued operations 74.9 246.8
Net cash provided by operating activities 1,225.4 1,016.6

Cash flows from investing activities:
Capital expended for property and equipment (1,050.4) (700.3)
Cash paid in connection with acquisitions,
net of cash acquired (1,134.6) (756.9)
Proceeds received upon disposition of
discontinued operations, net of
disposal costs 2,548.1 --
Proceeds received upon dispositions of assets 135.6 151.7
Net cash received to purchase and settle
derivative instruments 18.0 77.5
Change in restricted cash (244.2) 26.1
Return of cash previously paid into escrow
in connection with 2004 acquisition -- 56.9
Investments in and loans to affiliates and
others (10.4) (20.2)
Proceeds received from sale of short-term
liquid investments 2.6 69.3
Purchases of short-term liquid investments -- (51.8)
Cash paid in connection with LGI Combination -- (703.5)
Payment of deposit for pending acquisition -- (131.1)
Other investing activities, net 1.5 8.1
Net cash used by investing activities of
discontinued operations (92.5) (134.7)
Net cash provided (used) by investing
activities $173.7 $(2,108.9)

Liberty Global, Inc.
Condensed Consolidated Statements of Cash Flows (Continued)
(unaudited)

Nine months ended
September 30,
2006 2005
amounts in millions
Cash flows from financing activities:
Borrowings of debt $6,890.8 $4,250.4
Repayments of debt and capital lease
obligations (6,358.7) (3,915.8)
Repurchase of common stock (1,757.2) --
Payment of deferred financing costs (70.5) (62.2)
Proceeds from issuance of stock by subsidiaries 8.8 858.0
Cash distribution by subsidiaries to minority
interest owners (80.9) --
Change in cash collateral 21.1 --
Other financing activities, net 2.4 5.7
Net cash used by financing activities of
discontinued operations -- (8.1)

Net cash provided (used) by financing
activities (1,344.2) 1,128.0

Effect of exchange rates on cash 67.5 (150.3)

Net increase (decrease) in cash and
cash equivalents:
Continuing operations 140.0 (218.6)
Discontinued operations (17.6) 104.0
Net increase (decrease) in cash and
cash equivalents 122.4 (114.6)

Cash and cash equivalents:
Beginning of period 1,202.2 2,529.1
End of period $1,324.6 $2,414.5

Cash paid for interest $410.6 $231.5

Net cash paid for taxes $55.7 $29.7

Revenue and Operating Cash Flow

The tables presented below provide revenue and operating cash flow (as
defined below, OCF), by reportable segment for the three and nine months
ended September 30, 2006, as compared to the corresponding prior year
periods. The UPC Broadband Division segments provided services in 11
European countries at September 30, 2006. In each case, the tables
present (i) the amounts reported by each of our reportable segments for
the comparative interim periods, (ii) the U.S. dollar change and
percentage change from period to period, (iii) the percentage change from
period to period, after removing FX, and (iv) the percentage change from
period to period, after adjusting the results for the three and nine
months ended September 30, 2005 to reflect acquisitions to the extent that
they are included in the results for the three and nine months ended
September 30, 2006 and adjusting the three and nine month results for the
2005 periods to the applicable average 2006 exchange rates (see
supplemental information on page 19). The comparisons that exclude FX
assume that exchange rates remained constant during the periods that are
included in each table. Other Western Europe includes our operating
segments in Ireland and Belgium. Other Central and Eastern Europe includes
our operating segments in Poland, Czech Republic, Slovak Republic, Romania
and Slovenia. Our corporate and other category includes (i) certain less
significant operating segments that provide DTH satellite services in
Australia, broadband communication services in Puerto Rico, Brazil and
Peru, and video programming and other services in Europe and Argentina and
(ii) our corporate segment. Intersegment eliminations primarily represent
the elimination of intercompany transactions between our UPC Broadband
Division and Chellomedia.

During the second quarter of 2006, we changed our reporting such that we no longer allocate the central and corporate costs of the UPC Broadband

Division to individual operating segments within the UPC Broadband
Division. Instead, we present these costs as a separate category within
the UPC Broadband Division. The UPC Broadband Division's central and
corporate costs include billing, programming, network operations,
technology, marketing, facilities, finance, legal and other administrative
costs. Prior to July 1, 2006, our CLEC operations in The Netherlands and
Austria were owned and managed by our indirect subsidiary, Priority
Telecom N.V. (Priority Telecom) and included in our corporate and other
category for purposes of segment reporting. Effective July 1, 2006, we
integrated the Priority Telecom CLEC operations in The Netherlands and
Austria with our existing operations in each country and began reporting
these CLEC operations as components of our reportable segments in The
Netherlands and Austria, respectively. Segment information for all periods
presented has been restated to reflect the above-described changes and to
present UPC Norway, UPC Sweden, UPC France and PT Norway as discontinued
operations. Previously, UPC Norway and UPC Sweden were included in our
Other Western Europe reportable segment, UPC France was presented as a
separate reportable segment, and PT Norway was included in our corporate
and other category. Accordingly, we present only the reportable segments
of our continuing operations in the following tables.

Both Cablecom and UPC Broadband Holding have separate financial reporting
requirements in connection with their separate financing arrangements.
For purposes of these separate reporting requirements, certain of UPC
Broadband Holding's central and corporate costs are charged to Cablecom.
Consistent with how we present Cablecom's performance measures to our
chief operating decision maker, the segment information presented for
Cablecom in the following tables does not reflect intersegment charges
made for separate reporting purposes.

Revenue
Increase
(decrease)
Three months ended Increase excluding
September 30, (decrease) FX Rebased
2006 2005 $ % % %
amounts in millions, except % amounts
Europe (UPC
Broadband
Division)
The
Netherlands $237.9 $211.8 $26.1 12.3 7.5 --
Switzerland
(Cablecom) 192.3 -- 192.3 N.M. N.M. --
Austria 109.1 80.1 29.0 36.2 30.1 --
Other Western
Europe 77.5 68.4 9.1 13.3 8.2 --
Total
Western
Europe 616.8 360.3 256.5 71.2 66.0 8.5
Hungary 73.3 70.4 2.9 4.1 12.3 --
Other Central
and Eastern
Europe 141.3 83.8 57.5 68.6 58.4 --
Total Central
and Eastern
Europe 214.6 154.2 60.4 39.2 37.4 15.0
Central and
corporate
operations of
UPC Broadband
Division 7.8 0.7 7.1 1,014.3 771.4 --
Total Europe
(UPC
Broadband
Division) 839.2 515.2 324.0 62.9 58.4 11.0

Japan (J:COM) 469.5 418.8 50.7 12.1 17.2 10.3
Chile (VTR) 137.6 119.2 18.4 15.4 12.4 12.4
Corporate and
other 192.2 63.5 128.7 202.7 199.2 --
Intersegment
eliminations (16.1) (11.6) (4.5) (38.8) (32.6) --
Total
consoli-
dated
LGI $1,622.4 $1,105.1 $517.3 46.8 46.2 10.2

N.M. - Not meaningful.

Increase
(decrease)
Nine months ended Increase excluding
September 30, (decrease) FX Rebased
2006 2005 $ % % %
amounts in millions, except % amounts
Europe (UPC
Broadband
Division)
The
Netherlands $677.3 $647.9 $29.4 4.5 6.1 --
Switzerland
(Cablecom) 564.6 -- 564.6 N.M. N.M. --
Austria 305.9 250.5 55.4 22.1 23.8 --
Other Western
Europe 224.8 158.3 66.5 42.0 42.7 --
Total
Western
Europe 1,772.6 1,056.7 715.9 67.7 69.2 9.1
Hungary 224.2 213.6 10.6 5.0 14.5 --
Other Central
and Eastern
Europe 408.1 252.3 155.8 61.8 58.8 --
Total Central
and Eastern
Europe 632.3 465.9 166.4 35.7 38.5 16.4
Central and
corporate
operations of
UPC Broadband
Division 10.6 2.1 8.5 404.8 400.0 --
Total Europe
(UPC
Broadband
Division) 2,415.5 1,524.7 890.8 58.4 60.2 11.3

Japan (J:COM) 1,362.7 1,237.8 124.9 10.1 18.4 11.5
Chile (VTR) 411.6 313.3 98.3 31.4 22.4 14.9
Corporate and
other 558.3 187.0 371.3 198.6 200.0 --
Intersegment
eliminations (50.7) (31.7) (19.0) (59.9) (62.2) --
Total
consoli-
dated
LGI $4,697.4 $3,231.1 $1,466.3 45.4 48.6 10.6

N.M. - Not meaningful.

Operating Cash Flow

Increase
(decrease)
Three months ended Increase excluding
September 30, (decrease) FX Rebased
2006 2005 $ % % %
amounts in millions, except % amounts
Europe (UPC
Broadband
Division)
The
Netherlands $118.3 $111.0 $7.3 6.6 1.8 --
Switzerland
(Cablecom) 96.1 -- 96.1 N.M. N.M. --
Austria 52.3 42.6 9.7 22.8 17.1 --
Other Western
Europe 24.0 24.1 (0.1) (0.4) (3.6) --
Total Western
Europe 290.7 177.7 113.0 63.6 58.8 13.9
Hungary 33.5 30.9 2.6 8.4 17.3 --
Other Central
and Eastern
Europe 67.3 36.8 30.5 82.9 72.5 --
Total Central
and Eastern
Europe 100.8 67.7 33.1 48.9 47.3 24.0
Central and
corporate
operations of
UPC Broadband
Division (51.1) (48.9) (2.2) (4.5) (0.2) --
Total Europe
(UPC
Broadband
Division) 340.4 196.5 143.9 73.2 69.4 19.2

Japan (J:COM) 187.4 165.6 21.8 13.2 18.3 10.6
Chile (VTR) 49.7 38.3 11.4 29.8 26.4 26.4
Corporate and
other 21.9 (1.8) 23.7 N.M. N.M. --
Total $599.4 $398.6 $200.8 50.4 50.2 14.9

N.M. - Not meaningful.

Increase
(decrease)
Nine months ended Increase excluding
September 30, (decrease) FX Rebased
2006 2005 $ % % %
amounts in millions, except % amounts
Europe (UPC
Broadband
Division)
The
Netherlands $327.5 $341.7 $(14.2) (4.2) (2.6) --
Switzerland
(Cablecom) 260.5 -- 260.5 N.M. N.M. --
Austria 146.6 127.6 19.0 14.9 16.4 --
Other Western
Europe 74.5 56.9 17.6 30.9 32.1 --
Total Western
Europe 809.1 526.2 282.9 53.8 55.3 10.9
Hungary 104.9 93.6 11.3 12.1 22.4 --
Other Central
and Eastern
Europe 193.7 115.1 78.6 68.3 65.3 --
Total Central
and Eastern
Europe 298.6 208.7 89.9 43.1 46.0 23.2
Central and
corporate
operations of
UPC Broadband
Division (151.8) (149.4) (2.4) (1.6) 2.6 --
Total Europe
(UPC
Broadband
Division) 955.9 585.5 370.4 63.3 65.4 16.0

Japan (J:COM) 537.6 481.2 56.4 11.7 20.2 12.6
Chile (VTR) 144.1 104.2 39.9 38.3 28.7 25.7
Corporate and
other 67.7 (14.5) 82.2 N.M. N.M. --
Total $1,705.3 $1,156.4 $548.9 47.5 50.9 15.1

N.M. - Not meaningful.

Quarterly Revenue and Operating Cash Flow Table

Quarterly Revenue

Three months ended
Sept. 30, June 30, Mar. 31,
2006 2006 2006
amounts in millions
Europe (UPC Broadband Division)
The Netherlands $237.9 $224.1 $215.3
Switzerland (Cablecom) 192.3 193.5 178.8
Austria 109.1 108.0 88.8
Other Western Europe 77.5 75.4 71.9
Total Western Europe 616.8 601.0 554.8
Hungary 73.3 75.9 75.0
Other Central and Eastern
Europe 141.3 139.1 127.7
Total Central and Eastern
Europe 214.6 215.0 202.7
Central and corporate
operations of UPC Broadband
Division 7.8 2.1 0.7
Total Europe (UPC
Broadband Division) 839.2 818.1 758.2

Japan (J:COM) 469.5 455.9 437.3
Chile (VTR) 137.6 141.1 132.9
Corporate and other 192.2 186.4 179.7
Intersegment eliminations (16.1) (15.4) (19.2)
Total consolidated LGI $1,622.4 $1,586.1 $1,488.9

Three months ended
Dec. 31, Sept. 30, June 30, Mar. 31,
2005 2005 2005 2005
amounts in millions
Europe (UPC Broadband Division)
The Netherlands $209.4 $211.8 $213.9 $222.2
Switzerland (Cablecom) 122.1 -- -- --
Austria 78.5 80.1 83.4 87.0
Other Western Europe 69.9 68.4 56.4 33.5
Total Western Europe 479.9 360.3 353.7 342.7
Hungary 67.8 70.4 71.0 72.2
Other Central and Eastern
Europe 118.0 83.8 84.7 83.8
Total Central and
Eastern Europe 185.8 154.2 155.7 156.0
Central and corporate
operations of UPC Broadband
Division 1.2 0.7 0.8 0.6
Total Europe (UPC
Broadband Division) 666.9 515.2 510.2 499.3

Japan (J:COM) 424.3 418.8 412.9 406.1
Chile (VTR) 130.9 119.2 109.2 84.9
Corporate and other 77.2 63.5 62.3 61.2
Intersegment eliminations (13.1) (11.6) (10.6) (9.5)
Total consolidated LGI $1,286.2 $1,105.1 $1,084.0 $1,042.0

Quarterly OCF
Three months ended
Sept. 30, June 30, Mar. 31,
2006 2006 2006
amounts in millions
Europe (UPC Broadband Division)
The Netherlands $118.3 $103.1 $106.1
Switzerland (Cablecom) 96.1 88.6 75.8
Austria 52.3 49.8 44.5
Other Western Europe 24.0 25.9 24.6
Total Western Europe 290.7 267.4 251.0
Hungary 33.5 35.6 35.8
Other Central and Eastern
Europe 67.3 65.0 61.4
Total Central and Eastern
Europe 100.8 100.6 97.2
Central and corporate
operations of UPC Broadband
Division (51.1) (49.6) (51.1)
Total Europe (UPC
Broadband Division) 340.4 318.4 297.1

Japan (J:COM) 187.4 178.0 172.2
Chile (VTR) 49.7 48.2 46.2
Corporate and other 21.9 22.9 22.9
Total consolidated LGI $599.4 $567.5 $538.4

Three months ended
Dec. 31, Sept. 30, June 30, Mar. 31,
2005 2005 2005 2005
amounts in millions
Europe (UPC Broadband Division)
The Netherlands $105.2 $111.0 $105.4 $125.3
Switzerland (Cablecom) 43.6 -- -- --
Austria 38.1 42.6 41.9 43.1
Other Western Europe 23.5 24.1 19.8 13.0
Total Western Europe 210.4 177.7 167.1 181.4
Hungary 29.8 30.9 30.6 32.1
Other Central and Eastern
Europe 53.1 36.8 38.6 39.7
Total Central and Eastern
Europe 82.9 67.7 69.2 71.8
Central and corporate
operations of UPC Broadband
Division (54.2) (48.9) (49.0) (51.5)
Total Europe (UPC
Broadband Division) 239.1 196.5 187.3 201.7

Japan (J:COM) 155.1 165.6 147.2 168.4
Chile (VTR) 47.3 38.3 35.3 30.6
Corporate and other (10.3) (1.8) (0.8) (11.9)
Total consolidated LGI $431.2 $398.6 $369.0 $388.8

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 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 are 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 readily view operating trends, perform analytical
comparisons and benchmarking between segments in the different countries
in which we operate and identify strategies to improve operating
performance. 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. A reconciliation of total segment
operating cash flow to our consolidated earnings (loss) before income
taxes, minority interests and discontinued operations, is presented below.
Investors should view operating cash flow 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.

Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005
amounts in millions

Total segment operating
cash flow $599.4 $398.6 $1,705.3 $1,156.4
Stock-based compensation
expense (21.2) (60.8) (56.5) (122.3)
Depreciation and
amortization (457.7) (306.0) (1,338.1) (863.8)
Impairment, restructuring
and other operating charges (5.5) (2.7) (11.7) (3.5)
Operating income 115.0 29.1 299.0 166.8
Interest expense (181.8) (122.3) (482.0) (275.8)
Interest and dividend income 26.1 18.9 62.1 60.9
Share of results of
affiliates, net 5.5 2.0 5.9 (14.8)
Realized and unrealized gains
(losses) on financial and
derivative instruments, net (181.1) (29.2) (160.0) 126.0
Foreign currency transaction
gains (losses), net 0.9 7.1 83.1 (194.1)
Losses on extinguishment of debt (5.0) -- (40.6) (12.6)
Gains on disposition of
non-operating assets, net 52.7 0.4 100.3 25.9
Other income (expense), net 0.9 -- (5.3) 0.9
Loss before income taxes,
minority interests and
discontinued operations $(166.8) $(94.0) $(137.5) $(116.8)

Three months ended
Sept. 30, June 30, Mar. 31,
2006 2006 2006
amounts in millions
Total segment operating
cash flow $599.4 $567.5 $538.4
Stock-based compensation (21.2) (19.3) (16.0)
Depreciation and
amortization (457.7) (454.6) (425.8)
Impairment, restructuring
and other operating
credits (charges) (5.5) (0.1) (6.1)
Operating income 115.0 93.5 90.5
Interest expense (181.8) (156.1) (144.1)
Interest and dividend income 26.1 20.3 15.7
Share of results of
affiliates, net 5.5 (1.0) 1.4
Realized and unrealized
gains (losses) on financial
and derivative instruments,
net (181.1) (92.7) 113.8
Foreign currency transaction
gains (losses), net 0.9 43.6 38.6
Losses on extinguishment
of debt (5.0) (26.7) (8.9)
Gains (losses) on disposition
of non-operating assets, net 52.7 2.3 45.3
Other income (expense), net 0.9 (6.1) (0.1)
Earnings (loss) before income
taxes, minority interests
and discontinued operations $(166.8) $(122.9) $152.2

Three months ended
Dec. 31, Sept. 30, June 30, Mar. 31,
2005 2005 2005 2005
amounts in millions
Total segment operating
cash flow $431.2 $398.6 $369.0 $388.8
Stock-based compensation 63.3 (60.8) (42.9) (18.6)
Depreciation and
amortization (404.9) (306.0) (289.8) (268.0)
Impairment, restructuring
and other operating
credits (charges) (6.3) (2.7) 3.4 (4.2)
Operating income 83.3 29.1 39.7 98.0
Interest expense (120.3) (122.3) (77.8) (75.7)
Interest and dividend income 15.9 18.9 22.2 19.8
Share of results of
affiliates, net (8.2) 2.0 4.5 (21.3)
Realized and unrealized
gains (losses) on financial
and derivative instruments,
net 184.0 (29.2) 69.3 85.9
Foreign currency transaction
gains (losses), net (15.1) 7.1 (136.5) (64.7)
Losses on extinguishment
of debt (21.1) -- (0.7) (11.9)
Gains (losses) on disposition
of non-operating assets, net 89.3 0.4 (44.0) 69.5
Other income (expense), net (4.9) -- 0.2 0.7
Earnings (loss) before income
taxes, minority interests
and discontinued operations $202.9 $(94.0) $(123.1) $100.3

Summary of Debt, Capital Lease Obligations and Cash and Cash Equivalents

The following table details the U.S. dollar equivalent balances of our
consolidated debt, capital lease obligations and cash and cash equivalents
at September 30, 2006(16):

Debt and Cash
Capital Lease Capital Lease and Cash
Debt Obligations Obligations Equivalents
amounts in millions
LGI and its
non-operating
subsidiaries $1,809.7 $-- $1,809.7 $901.5
UPC Broadband
Division
UPC Holding 1,015.0 -- 1,015.0 1.0
UPC Broadband
Holding and
its unrestricted
subsidiaries 3,926.9 2.5 3,929.4 74.6
Cablecom Luxembourg
and its
unrestricted
subsidiaries 1,481.8 22.6 1,504.4 128.2
J:COM 1,512.0 397.2 1,909.2 83.9
VTR 475.0 -- 475.0 84.8
Other operating
subsidiaries 631.7 0.4 632.1 50.6
LGI Total $10,852.1 $422.7 $11,274.8 $1,324.6

(16) Excludes $286 million of restricted cash that is related to our debt
instruments.

Capital Expenditures and Capital Lease Additions

The table below highlights our capital expenditures per NCTA cable
industry guidelines, as well as capital lease additions for the three and
nine months ended September 30, 2006 and 2005, respectively:

Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2006 2005 2006 2005
amounts in millions
Customer Premises Equipment $130.6 $74.7 $443.8 $257.1
Scaleable Infrastructure 52.3 45.3 132.5 130.7
Line Extensions 38.8 22.4 117.0 57.5
Upgrade/Rebuild 40.3 33.5 132.6 81.9
Support Capital 86.6 50.1 209.4 154.5
Other including Chellomedia 4.7 6.7 15.1 18.6
Total Capital Expenditures
(Capex) $353.3 $232.7 $1,050.4 $700.3
Percent of Revenue 22% 21% 22% 22%

Add: Capital Lease Additions(17) 18.3 34.8 72.6 106.2
Total Capex and Capital
Leases $371.6 $267.5 $1,123.0 $806.5
Percent of Revenue 23% 24% 24% 25%

(17) Relates primarily to customer premise equipment for J:COM.

Free Cash Flow Definition and Reconciliation

Free Cash Flow is not a GAAP measure of liquidity. We define Free Cash
Flow as net cash provided by operating activities (including net cash
provided by discontinued operations) less capital expenditures and capital
lease additions. Our definition of free cash flow includes capital lease
additions which are used to finance capital expenditures. From a
financial reporting perspective, capital expenditures that are financed by
capital lease arrangements are treated as non-cash activities and
accordingly are not included in the capital expenditure amounts presented
in our consolidated statements of cash flows. We believe our presentation
of free cash flow provides useful information to our investors because it
can be used to gauge our ability to service debt and fund new investment
opportunities. Investors should view free cash flow as a supplement to,
and not a substitute for, GAAP cash flows from operating, investing and
financing activities as a measure of liquidity. The table below
highlights the reconciliation of net cash flows from operating activities
to Free Cash Flow for the three and nine months ended September 30, 2006
and 2005, respectively:

Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2006 2005 2006 2005
amounts in millions
Net cash provided by continuing
operations(18) $364.6 $307.8 $1,150.5 $769.8
Capital expenditures of
continuing operations (353.3) (232.7) (1,050.4) (700.3)
Capital lease additions of
continuing operations (18.3) (34.8) (72.6) (106.2)
FCF of continuing operations (7.0) 40.3 27.5 (36.7)

FCF of discontinued operations (7.4) 8.2 (17.8) 110.1
Free cash flow $(14.4) $48.5 $9.7 $73.4

(18) Excludes net cash provided by operating activities of discontinued
operations.

ARPU per Customer Relationship Table(19)

The following table provides ARPU per customer relationship for the three
months ended September 30, 2006 and 2005, respectively.

As of September 30, Percent
2006 2005 Change
UPC Broadband EUR20.29 EUR18.84 7.7%
J:COM YEN7,520 YEN7,352 2.3%
VTR CLP23,900 CLP22,449 6.5%
Liberty Global Consolidated $35.07 $33.28 5.4%

(19) ARPUs for UPC Broadband and Liberty Global Consolidated are not
adjusted for currency impacts.

Customer Breakdown and Bundling

The following table provides information on the geography of our customer
base and highlights our customer bundling metrics for September 30, 2006,
June 30, 2006 and September 30, 2005, respectively:

As of As of As of Q3'06/ Q3'06/
Sept. 30, June 30, Sept. 30, Q2'06 Q3'05
2006 2006 2005 (% Change) (% Change)

Total Customers
UPC Broadband 9,396,900 9,369,800 6,347,000 0.3% 48.1%
J:COM 2,141,400 2,081,200 1,865,000 2.9% 14.8%
VTR 933,800 928,100 889,200 0.6% 5.0%
Other 661,900 643,000 141,300 2.9% 368.4%
Liberty Global
Consoli-
dated(20) 13,134,000 13,022,100 9,242,500 0.9% 42.1%

Total
Single-Play
Customers 9,593,200 9,654,100 6,865,900 (0.6)% 39.7%
Total Dual-Play
Customers 2,049,900 2,002,300 1,507,800 2.4% 36.0%
Total
Triple-Play
Customers 1,490,900 1,365,700 868,800 9.2% 71.6%

% Dual-Play
Customers
UPC Broadband 13.5% 13.2% 12.3% 2.3% 9.8%
J:COM 28.6% 28.5% 28.3% 0.4% 1.1%
VTR 14.6% 15.6% 19.4% (6.4)% (24.7)%
Liberty Global
Consolidated 15.6% 15.4% 16.3% 1.3% (4.3)%

% Triple-Play
Customers
UPC Broadband 7.3% 6.6% 4.6% 10.6% 58.7%
J:COM 24.1% 23.4% 22.2% 3.0% 8.6%
VTR 30.4% 27.1% 17.4% 12.2% 74.7%
Liberty Global
Consolidated 11.4% 10.5% 9.4% 8.6% 21.3%

RGUs per Customer
Relationship
UPC Broadband 1.28 1.26 1.21 1.6% 5.8%
J:COM 1.77 1.75 1.73 1.1% 2.3%
VTR 1.76 1.70 1.54 3.5% 14.3%
Liberty Global
Consolidated 1.39 1.37 1.35 1.5% 3.0%

(20) Excludes mobile customers.

Jupiter TV Co., Ltd ("Jupiter TV") Supplemental Financial Information

Liberty Global owned 50% of Jupiter TV at September 30, 2006. Jupiter TV
is the largest multi-channel pay television programming and content
provider in Japan based upon the number of subscribers receiving the
channels. Jupiter TV currently owns or has investments in 18 channels.
Summary financial information is presented below, as well as a
reconciliation of operating cash flow to operating income calculated in
accordance with GAAP for the periods presented therein:

Nine months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30, Percent
2006 2005 2006 2005 Change
amounts in millions

Revenue $692 $566 YEN80,224 YEN 61,041 31%

Operating Cash Flow 142 111 16,472 12,007 37%
Depreciation and
Amortization (16) (12) (1,852) (1,330) 39%
Operating Income $126 $99 YEN14,620 YEN10,677 37%

Cash, net of debt(21)
at period end $114 $52 YEN13,460 YEN5,884

Cumulative
Subscribers(22)
(in thousands) 64,401 54,058

(21) Includes shareholder debt of $9 million at September 30, 2005.

(22) Includes subscribers at all consolidated and equity owned Jupiter TV
channels. Shop Channel subscribers are stated on a full-time
equivalent basis. Shop Channel's prior year full-time equivalent
subscriber numbers have been restated for comparability with the
current year presentation.

Explanation of Calculation of Rebased 2005 Amounts:

For purposes of calculating rebased growth rates on a comparable basis for
all businesses that we owned during the first nine months of 2006, we have
adjusted our historical revenue and OCF for the three and nine months
ended September 30, 2005 to (i) include the pre-acquisition revenue and
OCF of certain entities acquired during 2005 and 2006 in our rebased
amounts for the three and nine months ended September 30, 2005 to the same
extent that the revenue and OCF of such entities are included in our
results for the three and nine months ended September 30, 2006 and (ii)
reflect the translation of our rebased amounts for the three and nine
months ended September 30, 2005 at the applicable average exchange rates
that were used to translate our results for the three and nine months
ended September 30, 2006. The acquired entities that have been included
in the determination of our rebased revenue and OCF for the three and nine
months ended September 30, 2005 include, as applicable, Cablecom, NTL
Ireland, Astral, IPS, Canal+, Metropolis, Telemach, Austar, J:COM Chofu,
J:COM Setamachi, INODE, three smaller acquisitions in Europe and four
smaller acquisitions in Japan. We have reflected the revenue and OCF of
these acquired entities in our 2005 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. GAAP and
local GAAP, (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
appropriate items. 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 2006 results
or that the pre-acquisition financial statements we have relied upon do
not contain undetected errors. The adjustments reflected in our 2005
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 2005 amounts or the
revenue and OCF that will occur in the future. The rebased growth
percentages have been presented as a basis for assessing 2006 growth rates
on a comparable basis, and are not presented as a measure of our pro forma
financial performance for 2005. Therefore, we believe our rebased data is
not a non-GAAP measure as contemplated by Regulation G or item 10 of
Regulation S-K.

Consolidated Operating Data - September 30, 2006

Two-way Customer
Homes Homes Relation- Total
Passed(1) Passed(2) ships(3) RGUs(4)
Europe:
The Netherlands 2,667,500 2,584,700 2,191,100 3,093,900
Switzerland (13) 1,820,500 1,271,500 1,556,400 2,189,400
Austria 965,500 962,200 673,200 1,039,100
Ireland 853,800 282,400 595,100 640,700
Belgium 186,800 186,800 146,500 172,400
Total Western
Europe 6,494,100 5,287,600 5,162,300 7,135,500
Hungary 1,109,800 1,012,800 1,016,600 1,221,900
Poland 1,924,400 1,177,200 1,024,100 1,203,300
Czech Republic 757,600 486,400 447,100 526,100
Romania 1,918,100 1,158,000 1,334,300 1,484,000
Slovak Republic 435,500 254,000 299,300 324,700
Slovenia 132,100 86,500 113,200 134,900
Total Central and
Eastern Europe 6,277,500 4,174,900 4,234,600 4,894,900
Total Europe 12,771,600 9,462,500 9,396,900 12,030,400

Japan:
J:Com 7,644,600 7,644,600 2,141,400 3,783,700

The Americas:
Chile 2,321,200 1,446,100 933,800 1,639,700
Puerto Rico 333,300 333,300 125,800 173,700
Brazil & Peru 82,500 63,000 28,100 31,700
Total The
Americas 2,737,000 1,842,400 1,087,700 1,845,100

Australia:
Austar 2,435,600 -- 508,000 591,100

Grand Total 25,588,800 18,949,500 13,134,000 18,250,300

Consolidated Operating Data - September 30, 2006

Video
Analog Digital
Cable Cable DTH MMDS
Subscr- Subscr- Subscr- Subscr- Total
ibers(5) ibers(6) ibers(7) ibers(8) Video
Europe:
The Netherlands 1,764,000 423,100 -- -- 2,187,100
Switzerland (13) 1,430,600 124,300 -- -- 1,554,900
Austria 447,000 46,900 -- -- 493,900
Ireland 284,200 190,900 -- 117,100 592,200
Belgium 126,800 5,000 -- -- 131,800
Total Western
Europe 4,052,600 790,200 -- 117,100 4,959,900
Hungary 733,200 -- 173,500 -- 906,700
Poland 993,500 -- -- -- 993,500
Czech Republic 297,600 -- 119,400 -- 417,000
Romania 1,305,700 4,600 23,800 -- 1,334,100
Slovak Republic 257,700 -- 16,900 21,800 296,400
Slovenia 113,200 -- -- -- 113,200
Total Central
and Eastern
Europe 3,700,900 4,600 333,600 21,800 4,060,900
Total Europe 7,753,500 794,800 333,600 138,900 9,020,800

Japan:
J:Com 935,200 842,800 -- -- 1,778,000

The Americas:
Chile 717,400 81,400 -- -- 798,800
Puerto Rico -- 110,200 -- -- 110,200
Brazil & Peru 11,000 -- -- 15,100 26,100
Total The
Americas 728,400 191,600 -- 15,100 935,100

Australia:
Austar -- 8,700 582,300 -- 591,000

Grand Total 9,417,100 1,837,900 915,900 154,000 12,324,900

Consolidated Operating Data - September 30, 2006

Internet Telephone
Homes Homes
Service- Subscr- Service- Subscr-
able(9) ibers(10) able(11) ibers(12)
Europe:
The Netherlands 2,584,700 543,700 2,470,700 363,100
Switzerland (13) 1,420,300 394,900 1,420,300 239,600
Austria 962,200 376,400 928,300 168,800
Ireland 282,400 48,200 24,200 300
Belgium 186,800 40,600 -- --
Total Western
Europe 5,436,400 1,403,800 4,843,500 771,800
Hungary 1,012,800 184,900 995,800 130,300
Poland 1,177,200 169,100 1,145,600 40,700
Czech Republic 486,400 99,700 483,800 9,400
Romania 1,032,700 98,100 1,000,800 51,800
Slovak Republic 237,100 28,300 164,900 --
Slovenia 86,500 21,700 -- --
Total Central
and Eastern
Europe 4,032,700 601,800 3,790,900 232,200
Total Europe 9,469,100 2,005,600 8,634,400 1,004,000

Japan:
J:Com 7,644,600 953,100 7,453,900 1,052,600

The Americas:
Chile 1,446,100 394,700 1,401,800 446,200
Puerto Rico 333,300 43,100 333,300 20,400
Brazil & Peru 63,000 5,600 -- --
Total The
Americas 1,842,400 443,400 1,735,100 466,600

Australia:
Austar -- 100 -- --

Grand Total 18,956,100 3,402,200 17,823,400 2,523,200

Subscriber Variance Table - September 30, 2006 vs. June 30, 2006

Two-way Customer
Homes Homes Relation- Total
Passed(1) Passed(2) ships(3) RGUs(4)
Europe:
The Netherlands 8,000 7,800 (17,600) 16,000
Switzerland 16,200 10,300 12,100 43,900
Austria 3,100 3,100 7,300 11,600
Ireland 3,700 23,100 3,600 10,500
Belgium 400 400 900 3,700
Total Western
Europe 31,400 44,700 6,300 85,700
Hungary 32,300 50,200 6,900 23,000
Poland 6,300 113,800 4,900 30,600
Czech Republic 4,800 43,900 6,200 18,800
Romania -- 116,600 3,100 26,600
Slovak Republic 2,400 8,200 (200) 1,500
Slovenia 400 1,700 (100) 900
Total Central
and Eastern
Europe 46,200 334,400 20,800 101,400
Total Europe 77,600 379,100 27,100 187,100

Japan:
J:Com 140,700 148,600 60,200 136,000

The Americas:
Chile 37,700 44,400 5,700 62,800
Puerto Rico 600 600 2,400 7,400
Brazil & Peru 700 14,200 200 400
Total The
Americas 39,000 59,200 8,300 70,600

Australia:
Austar 6,000 -- 16,300 20,200

Total Continuing
Operations 263,300 586,900 111,900 413,900

Disc Operations
- France (4,615,100) (3,365,000) (1,612,400) (2,011,000)

Grand Total (4,351,800) (2,778,100) (1,500,500) (1,597,100)

ORGANIC GROWTH SUMMARY:
Europe 25,100 338,600 20,500 180,200
Japan 64,000 71,900 32,200 85,600
The Americas 39,000 59,200 8,300 70,600
Australia 6,000 -- 16,300 20,200
Organic growth from
Continuing Operations 134,100 469,700 77,300 356,600
Organic growth from
Discontinued Operations -- -- -- --
Total Organic Change 134,100 469,700 77,300 356,600

ADJUSTMENTS FOR M&A
AND OTHER:
Q3 2006 Hungary
Acquisition
- Balaton 19,500 19,500 6,600 6,900
Q3 2006 J:COM
Acquisition
- Shimonoseki 76,700 76,700 28,000 50,400
Total Q3
acquisitions 96,200 96,200 34,600 57,300

Disc Ops - France (4,615,100) (3,365,000) (1,612,400) (2,011,000)
Hungary
adjustment 21,000 21,000 -- --
Switzerland
adjustment 12,000 -- -- --
Net adj. to Cont Ops
for Acquisitions
& Other (4,485,900) (3,247,800) (1,577,800) (1,953,700)

Net Adds (Reductions)
from Continuing
Operations 263,300 586,900 111,900 413,900
Net Reductions from
Discontinued
Operations (4,615,100) (3,365,000) (1,612,400) (2,011,000)
Total Net Adds
(Reductions) (4,351,800) (2,778,100) (1,500,500) (1,597,100)

Subscriber Variance Table - September 30, 2006 vs. June 30, 2006

Video
Analog Digital
Cable Cable DTH MMDS
Subscr- Subscr- Subscr- Subscr- Total
ibers(5) ibers(6) ibers(7) ibers(8) Video
Europe:
The Netherlands (95,200) 77,600 -- -- (17,600)
Switzerland 5,000 6,900 -- -- 11,900
Austria (2,300) 700 -- -- (1,600)
Ireland (12,100) 13,000 -- 1,700 2,600
Belgium 1,100 (100) -- -- 1,000
Total Western
Europe (103,500) 98,100 -- 1,700 (3,700)
Hungary 3,800 -- (3,300) -- 500
Poland (3,000) -- -- -- (3,000)
Czech Republic 200 -- 2,100 -- 2,300
Romania (12,900) 1,500 14,400 -- 3,000
Slovak Republic 4,400 -- (200) (4,700) (500)
Slovenia (100) -- -- -- (100)
Total Central
and Eastern
Europe (7,600) 1,500 13,000 (4,700) 2,200
Total Europe (111,100) 99,600 13,000 (3,000) (1,500)

Japan:
J:Com (35,000) 79,000 -- -- 44,000

The Americas:
Chile (16,800) 24,100 -- -- 7,300
Puerto Rico -- 1,500 -- -- 1,500
Brazil & Peru 100 -- -- -- 100
Total The
Americas (16,700) 25,600 -- -- 8,900

Australia:
Austar -- 100 20,000 -- 20,100

Total Continuing
Operations (162,800) 204,300 33,000 (3,000) 71,500

Disc Operations
- France (935,700) (573,800) -- -- (1,509,500)

Grand Total (1,098,500) (369,500) 33,000 (3,000) (1,438,000)

ORGANIC GROWTH
SUMMARY:
Europe (117,700) 99,600 13,000 (3,000) (8,100)
Japan (53,400) 71,600 -- -- 18,200
The Americas (16,700) 25,600 -- -- 8,900
Australia -- 100 20,000 -- 20,100
Organic growth
from Continuing
Operations (187,800) 196,900 33,000 (3,000) 39,100
Organic growth
from Discontinued
Operations -- -- -- -- --
Total Organic
Change (187,800) 196,900 33,000 (3,000) 39,100

ADJUSTMENTS FOR M&A
AND OTHER:
Q3 2006 Hungary
Acquisition
- Balaton 6,600 -- -- -- 6,600
Q3 2006 J:COM
Acquisition
- Shimonoseki 18,400 7,400 -- -- 25,800
Total Q3
acquisitions 25,000 7,400 -- -- 32,400

Disc Ops - France (935,700) (573,800) -- -- (1,509,500)
Hungary
adjustment -- -- -- -- --
Switzerland
adjustment -- -- -- -- --
Net adj. to Cont Ops
for Acquisitions
& Other (910,700) (566,400) -- -- (1,477,100)

Net Adds (Reductions)
from Continuing
Operations (162,800) 204,300 33,000 (3,000) 71,500
Net Reductions
from Discontinued
Operations (935,700) (573,800) -- -- (1,509,500)
Total Net Adds
(Reductions) (1,098,500) (369,500) 33,000 (3,000) (1,438,000)

Subscriber Variance Table - September 30, 2006 vs. June 30, 2006

Internet Telephone
Homes Homes
Service- Subscr- Service- Subscr-
able(9) ibers(10) able(11) ibers(12)
Europe:
The Netherlands 7,800 17,700 52,900 15,900
Switzerland 10,400 15,900 10,400 16,100
Austria 3,100 10,400 3,000 2,800
Ireland 23,100 7,900 -- --
Belgium 400 2,700 -- --
Total Western
Europe 44,800 54,600 66,300 34,800
Hungary 50,200 16,700 30,600 5,800
Poland 113,800 20,300 146,000 13,300
Czech Republic 43,900 8,700 43,800 7,800
Romania 120,800 16,300 122,200 7,300
Slovak Republic 7,400 2,000 164,900 --
Slovenia 1,700 1,000 -- --
Total Central
and Eastern
Europe 337,800 65,000 507,500 34,200
Total Europe 382,600 119,600 573,800 69,000

Japan:
J:Com 148,600 33,100 327,900 58,900

The Americas:
Chile 44,400 27,900 50,300 27,600
Puerto Rico 600 5,200 600 700
Brazil & Peru 14,200 300 -- --
Total The
Americas 59,200 33,400 50,900 28,300

Australia:
Austar -- 100 -- --

Total Continuing
Operations 590,400 186,200 952,600 156,200

Disc Operations
- France (3,365,000) (316,000) (2,677,300) (185,500)

Grand Total (2,774,600) (129,800) (1,724,700) (29,300)

ORGANIC GROWTH
SUMMARY:
Europe 342,100 119,300 552,800 69,000
Japan 71,900 22,600 251,200 44,800
The Americas 59,200 33,400 50,900 28,300
Australia -- 100 -- --
Organic growth
from Continuing
Operations 473,200 175,400 854,900 142,100
Organic growth
from Discontinued
Operations -- -- -- --
Total Organic Change 473,200 175,400 854,900 142,100

ADJUSTMENTS FOR M&A
AND OTHER:
Q3 2006 Hungary
Acquisition
- Balaton 19,500 300 -- --
Q3 2006 J:COM
Acquisition
- Shimonoseki 76,700 10,500 76,700 14,100
Total Q3
acquisitions 96,200 10,800 76,700 14,100

Disc Ops - France (3,365,000) (316,000) (2,677,300) (185,500)
Hungary
adjustment 21,000 -- 21,000 --
Switzerland
adjustment -- -- -- --
Net adj. to Cont Ops
for Acquisitions
& Other (3,247,800) (305,200) (2,579,600) (171,400)

Net Adds (Reductions)
from Continuing
Operations 590,400 186,200 952,600 156,200
Net Reductions
from Discontinued
Operations (3,365,000) (316,000) (2,677,300) (185,500)
Total Net Adds
(Reductions) (2,774,600) (129,800) (1,724,700) (29,300)

Footnotes for the previous tables

(1) Homes Passed are homes that can be connected to our networks without
further extending the distribution plant, except for direct-to-home
(DTH) and Multi-channel Multipoint Distribution System (MMDS) homes.
Our Homes Passed counts are based on census data that can change
based on either revisions to the data or from new census results.
With the exception of Austar, we do not count homes passed for DTH.
With respect to Austar, we count all homes in the areas that Austar
is authorized to serve. With respect to MMDS, one home passed is
equal to one MMDS subscriber. Due to the fact that we do not own the
Cablecom partner networks in Switzerland or the unbundled loop and
shared access network used by INODE in Austria, we do not report
homes passed for Cablecom's partner networks or for INODE.
See note 13 below.

(2) Two-way Homes Passed are homes where customers can request and
receive the installation of a two-way addressable set-top converter,
cable modem, transceiver and/or voice port which, in most cases,
allows for the provision of video and Internet services and, in some
cases, telephone services. Due to the fact that we do not own the
Cablecom partner networks in Switzerland or the unbundled loop and
shared access network used by INODE in Austria, we do not report
homes passed for Cablecom's partner networks or for INODE.

(3) Customer Relationships are the number of customers who receive at
least one level of service without regard to which service(s) they
subscribe. We exclude mobile customers from customer relationships.

(4) Revenue Generating Unit 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 high-
speed broadband Internet access service, the customer would
constitute three RGUs. Total RGUs is the sum of Analog, 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.

(5) Analog Cable Subscriber is comprised of video cable customers that
are counted on a per connection or equivalent billing unit (EBU)
basis. In Europe, we have approximately 0.65 million "lifeline"
customers that are counted on a per connection basis, representing
the least expensive regulated tier of basic cable service, with only
a few channels.

(6) Digital Cable Subscriber is a customer with one or more digital
converter boxes that receives our digital video service. We count a
subscriber with one or more digital converter boxes that receives our
digital video service as just one subscriber. A digital subscriber
is not counted as an analog subscriber. Subscribers to digital video
services provided by Cablecom over partner networks receive analog
video services from the partner networks as opposed to Cablecom. As
we migrate customers from analog to digital video services, we report
a decrease in our analog subscribers equal to the increase in our
digital subscribers. In the Netherlands, where our mass digital
migration project is underway, a subscriber is moved from the analog
subscriber count to the digital subscriber count when such subscriber
accepts delivery of our digital converter box and agrees to accept
digital video service regardless of when the subscriber begins to
receive our digital video service. The digital video service and the
digital converter box are provided at the analog rate for six months
after which the subscriber has the option to discontinue the digital
service or pay an additional amount to continue to receive the
digital service. An estimated 10% to 15% of the Netherlands digital
cable subscribers at September 30, 2006 have accepted but not
installed their digital converter boxes.

(7) DTH Subscriber is a home or commercial unit that receives our video
programming broadcast directly to the home via a geosynchronous
satellite.

(8) MMDS Subscriber is a home or commercial unit that receives our video
programming via a multipoint microwave (wireless) distribution
system.

(9) Internet Homes Serviceable are homes that can be connected to our
broadband networks, where customers can request and receive Internet
access services. With respect to INODE, we do not report Internet
homes serviceable as INODE's service is not delivered over our
network but instead is delivered over an unbundled loop, or in
certain cases, over a shared access network.

(10) Internet Subscriber is a home or commercial unit or EBU with one or
more cable modem connections to our broadband networks, where a
customer has requested and is receiving high-speed Internet access
services. At September 30, 2006, our Internet Subscribers in Austria
included 80,300 residential digital subscriber lines or DSL
subscribers of INODE that are not serviced over our networks. Our
Internet Subscribers do not include customers that receive services
via resale arrangements or from dial-up connections.

(11) Telephone Homes Serviceable are homes that can be connected to our
networks, where customers can request and receive voice services.
With respect to INODE, we do not report telephone homes serviceable
as service is delivered over an unbundled loop rather than our
network.

(12) Telephone Subscriber is a home or commercial unit or EBU connected to
our networks, where a customer has requested and is receiving voice
services. Telephone subscribers as of September 30, 2006, exclude an
aggregate of 115,500 mobile telephone subscribers in the Netherlands
and Australia. Mobile telephone services generate a significantly
lower ARPU than broadband or Voice-over-Internet Protocol or "VoIP"
telephone services. Also, our Telephone Subscribers do not include
customers that receive services via resale arrangements. At
September 30, 2006, our Telephone Subscribers in Austria included
19,700 residential subscribers of INODE.

(13) Pursuant to service agreements, Cablecom offers digital cable,
Internet access and telephony services over networks owned by third
parties or "partner networks." A partner network RGU is only
recognized if Cablecom has a direct billing relationship with the
customer. Homes serviceable for partner networks represent the
estimated number of homes that are technologically capable of
receiving the applicable service within the geographic regions
covered by Cablecom's service agreements. Internet and telephone
homes serviceable and customer relationships with respect to partner
networks have been estimated by Cablecom. These estimates may change
in future periods as more accurate information becomes available.
Cablecom's partner network information generally is presented one
quarter in arrears such that the information included in our
September 30, 2006 subscriber table is based on June 30, 2006 data.
In our September 30, 2006 subscriber table, Cablecom's partner
networks account for 43,200 customer relationships, 72,900 RGUs,
22,000 digital cable RGUs, 148,800 broadband Internet and telephone
homes serviceable, 33,100 Internet RGUs, and 17,800 telephone RGUs.
In addition, partner networks account for 490,000 digital video homes
serviceable that are not included in our September 30, 2006
subscriber table.

Additional General Notes to Tables:

Tables exclude systems owned by affiliates that were not consolidated
for financial reporting purposes as of September 30, 2006, or that
were acquired after September 30, 2006. However, our September 30,
2006 subscriber table does not include any subscriber data for Cable
West, which J:COM acquired on September 28, 2006, or Karneval, a
variable interest entity that we began consolidating on September 30,
2006. We have not included the Cable West subscriber data because
J:COM management has not yet completed their review of such
information and accordingly, has not determined that it is presented
in accordance with our subscriber counting policies. On a
preliminary basis, J:COM has reported that Cable West has 1,397,700
homes passed, 357,800 customer relationships, 175,900 analog video
RGUs, 148,900 digital video RGUs, 125,700 Internet RGUs and 16,000
telephone RGUs. As we currently do not own or manage Karneval, we
have not included Karneval in our subscriber statistics. In our
press release dated August 9, 2006, we reported, based on information
provided to us by Karneval, that Karneval had 310,000 RGUs, including
253,000 video RGUs and 57,000 broadband Internet RGUs.

With respect to Japan, Chile and Puerto Rico, residential multiple
dwelling units with a discounted pricing structure for video,
Internet or telephony services are counted on an equivalent billing
unit or EBU basis. With respect to commercial establishments, such
as bars, hotels and hospitals, to which we provide video and other
services primarily for the patrons of such establishments, the
subscriber count is generally calculated on an EBU basis by our
subsidiaries. EBU is calculated by dividing the bulk price charged
to accounts in an area by the most prevalent price charged to
non-bulk residential customers in that market for the comparable tier
of service. On a business-to-business basis, certain of our
subsidiaries provide data, telephony and other services to
businesses, primarily in Switzerland, Ireland and Romania, and
another of our subsidiaries provides telephony services as a
competitive local exchange carrier. We generally do not count
customers of these services as subscribers, customers or RGUs.

While we take appropriate steps to ensure that subscriber statistics
are presented on a consistent and accurate basis at any given balance
sheet date, the variability from country to country in (i) the nature
and pricing of products and services, (ii) the distribution platform,
(iii) billing systems, (iv) bad debt collection experience, and (v)
other factors adds complexity to the subscriber counting process. We
periodically review our subscriber counting policies and underlying
systems to improve the accuracy and consistency of the data reported.
Accordingly, we may from time to time make appropriate adjustments to
our subscriber statistics based on those reviews.

Subscriber information for acquired entities is preliminary and
subject to adjustment until we have completed our review of such
information and determined that it is presented in accordance with
our policies.

PRNewswire -- Nov. 8
END FIRST AND FINAL ADD
First Call Analyst:
FCMN Contact: amcneill@lgi.com

Source: Liberty Global, Inc.

Web site: http://www.lgi.com/

-------
Profile: intent