Liberty Global, Inc. ("Liberty Global") (Nasdaq: LBTYA, LBTYB, LBTYK), today announces financial and operating results for the fourth quarter and year-ended December 31, 2005. Highlights for the year compared to the results of Liberty Global's predecessor Liberty Media International, Inc. ("LMI") for the same period last year (unless noted) include(1):

* An organic(2) increase of nearly 500,000 RGUs in the fourth quarter to

bring our full year net gain to 1.25 million new RGUs(3), a 50% pro

forma increase in net additions

* Pro forma(4) revenue growth of 28% to $5.15 billion

* Pro forma operating cash flow (OCF) growth of 24% to $1.77 billion(5)

* Net loss from continuing operations increased to $84 million or

$0.20 per share

President and CEO Mike Fries said, "We had a very productive year in 2005 across all fronts. Most importantly, we achieved the aggressive goals that we set for ourselves in our core broadband cable operations, consistent with our full year guidance targets. We added nearly 500,000 organic RGUs in the fourth quarter which brought our full year total organic additions to over 1.25 million new RGUs, a 50% increase from our growth in the prior year. This success was driven in large part by continued strength in our broadband data business and accelerating growth in our voice over IP (VoIP) and digital TV product lines. As a result, our subscriber base at December 31, 2005 consisted of 19.2 million total RGUs and 14.8 million customer relationships, up 42% and 39% over last year, respectively."

"Our financial results were also strong. On a pro forma basis, revenue increased 28% to $5.15 billion for the full year, driven primarily by acquisitions and our success increasing advanced services RGUs. On an organic basis, we continue to grow our revenue at double digit rates. Operating cash flow for the full year was $1.77 billion, an increase of 24% on a pro forma basis over 2004. As foreshadowed, OCF was modestly impacted in the fourth quarter primarily as a result of better than expected RGU additions which affected marketing costs. Excluding results in the Netherlands, where we have a strategic digital TV initiative underway, our pro forma organic operating cash flow growth was approximately 16% for the full year, consistent with our long-term growth target."

"In terms of strategic developments, we had a busy and successful year on the M&A front, in particular during the fourth quarter when we closed the purchases of Cablecom in Switzerland, Astral in Romania, NTL in Ireland, Setamachi (Odakyu) and Kobe in Japan, and took a controlling stake in Austar's pay-TV operation in Australia. Our 2005 acquisitions added over 4.0 million RGUs to our consolidated footprint. We also completed the sale of our Norwegian cable system in January at a very attractive price. We will continue to evaluate rebalancing our operations, specifically exiting sub-scale markets and increasing our presence in existing or new markets that fit our operating business model."

"In terms of product strategy, we are excited about the acceleration of growth in our digital video business. In Japan, we're now at 37% digital penetration driven by strong demand for our high-definition product. In the Netherlands, our 'digital-for-all' (D4A) project is on track and by early March, we had more than 170,000 digital video subscribers in that market, double our total base at the end of December 2005.(6) Later this year we'll be expanding our product offerings in the Netherlands to include video-on-demand (VOD), personal video recorders (PVRs), and high-definition TV services."

"We have been actively repurchasing shares under our pre-existing $200 million stock buyback program, spending a total of $168 million to date. In addition to the $32 million that remains under our previous program, the Liberty Global Board recently authorized an additional $250 million for stock repurchases(7). We believe that our current stock price levels are very attractive and do not reflect the underlying values inherent in our business."

Fiscal 2005 Results

Our consolidated operations in Europe include our broadband cable division with operations in 13 countries, and chellomedia -- our media and programming division. In the Asia/Pacific region, our consolidated operations include J:COM, the largest broadband cable operator in Japan. In the Americas, our primary consolidated operation is VTR, the largest broadband cable operator in Chile. Although we consolidated 100% of their revenue and OCF during 2005, we owned at December 31, 2005, an indirect 80% interest in VTR and through our interest in Super Media, an indirect 36.8% interest in J:COM. Beginning with the first quarter of 2006, we will begin consolidating 100% of Austar's revenue and OCF, a 54% owned pay TV provider in Australia that we acquired in December 2005. Please refer to the appropriate sections herein for additional segment financial information.

Operating Statistics

We had 19.2 million total RGUs at December 31, 2005, including an organic increase of more than 1.25 million RGUs from the end of the prior year. The organic RGU additions represent a 50% improvement from last year's pro forma net additions driven by our success in adding advanced services RGUs. In the fourth quarter alone, we added 491,000 organic RGUs, a record result for the period which is typically our strongest quarter of the year. Including acquisitions, our total subscriber base increased by 42% or 5.7 million RGUs during 2005.

In terms of RGU additions by product, the breakdown of our 1.25 million organic RGU additions for the full year 2005 includes over 600,000 broadband Internet subscribers, 480,000 telephony subscribers and 170,000 net new video subscribers, including 537,000 new digital TV subscribers(8). Our organic broadband Internet, telephony, and digital TV subscriber growth increased 58%, 73% and 48%, respectively, from our pro forma net additions in these categories in the prior year.

The majority of our telephony additions were driven by growth in our VoIP customers as we continue to expand our serviceable footprint across new markets. We have recently launched VoIP services in Austria, Poland, and Romania, expanding our footprint to 7 European markets. As a result, we continue to see steady growth, recently averaging over 9,000 weekly European VoIP RGU additions, an increase of approximately 50% from our run-rate in the middle of last year's fourth quarter. Including our upgraded networks in Japan and the Americas, our total VoIP-ready homes passed now exceeds 11 million worldwide.

Our video subscriber base increased organically by approximately 170,000 video subscribers, primarily as a result of 537,000 digital video RGU additions in 2005. Our digital video growth was driven by our continued success in Japan and by the early efforts of our D4A initiative in the Netherlands. In Japan, J:COM added approximately 350,000 organic digital subscribers during 2005, ending the year with 37% digital penetration. In the Netherlands, we added over 30,000 digital subscribers in Q4 alone, and we've added over 80,000 additional digital RGUs during the first two months of 2006.

Revenue

Revenue for the year ended December 31, 2005 increased 28% on a pro forma basis to $5.15 billion as compared to the same period last year. This increase was principally due to the impact of acquisitions and pro forma organic(9) revenue growth of 11%. Pro forma organic revenue growth was driven primarily by higher average RGUs during the period as well as solid growth in our central and eastern European operations and in Chile. For the three months ended December 31, 2005, revenue increased 24% on a pro forma basis to $1.4 billion compared to the same period last year, with acquisitions and pro forma organic growth of 10% driving this improvement.

In terms of average monthly revenue (ARPU(10)) per RGU and ARPU per customer relationship, Europe Broadband, VTR and J:COM experienced sequential growth over the third quarter in both metrics. For the three months ended December 31, 2005, ARPU per RGU and ARPU per customer relationship for Europe Broadband was 17.98 Euro and 22.11 Euro, reflecting increases of 7.0% and 9.7% sequentially over the third quarter, respectively. Those increases were due, in part, to the acquisition of Cablecom. Similarly, VTR's metrics improved as well as it further integrated the Metropolis acquisition, with ARPU per RGU and ARPU per customer relationship of CLP 16,444 and CLP 25,507, representing improvements of 1.1% and 3.2% over the third quarter, respectively. Additionally, J:COM generated ARPU per RGU and ARPU per customer relationship of 4,907 Yen and 8,429 Yen for the three months ended December 31, 2005, which was an increase of 0.1% and 0.2% over the third quarter, respectively.

Operating Cash Flow

Operating cash flow for the year ended December 31, 2005 increased 24% on a pro forma basis to $1.77 billion as compared to the same period last year. This increase was principally due to acquisitions, including Cablecom and NTL Ireland, and pro forma organic(9) OCF growth of 11% for the year ended December 31, 2005. The pro forma organic figure does not reflect growth rates that would be derived from comparing 2005 and 2004 results, after rebasing both periods for the full year effect of acquisitions. Operating cash flow for the three months ended December 31, 2005 also increased 25% to $471 million compared to the prior year period pro forma for J:COM. A portion of this increase in the fourth quarter was due to organic growth of 11%.

Excluding results of the Netherlands where we have our D4A project underway, our pro forma organic OCF growth rates for the year and the quarter improve to 16% and 18%, respectively. As expected, our D4A initiative has significantly impacted our Netherland's OCF results, particularly in terms of higher operating, marketing and customer care costs as we invest in the roll-out of digital boxes to drive future growth in that market.

Our reported OCF margin(11) for the year ended December 31, 2005 was 34.4%. The margin declined as compared to the pro forma OCF margin of 35.5% for the year ended December 31, 2004. The decline in margin was due primarily to increases in marketing expenses, costs associated with new service launches around digital video and VoIP services, and the impact of acquired businesses, which are generally at an earlier stage of development and have lower margins. The increases in marketing expenses primarily were attributable to our successful efforts to increase RGUs, as evidenced by the fact that our organic additions in 2005 increased 50% year over year.

Net Loss from Continuing Operations

Our net loss from continuing operations for the year ended December 31, 2005 was $84 million or $0.20 per share. The fiscal 2005 loss compares to a net loss from continuing operations of $14 million or $0.04 per share for the same period last year. The increased loss from continuing operations was in large part due to higher interest expense, increased foreign currency transaction losses, and higher minority interests in earnings of subsidiaries, partially offset by positive changes in operating income and realized and unrealized gains on derivative instruments.

Free Cash Flow and Capital Expenditures

Our Free Cash Flow(12) (FCF) for the year-ended ended December 31, 2005 was $207 million, including payments of approximately $75 million relating to the settlement and termination of a Dutch programming contract (MovieCo). Excluding those payments, FCF for the year-ended ended December 31, 2005 would have been approximately $282 million, which compares to FCF for the year ended December 31, 2004 of $235 million.

Capital expenditures and capital lease additions for the year ended December 31, 2005 were $1.35 billion, an increase of 176% compared to last year. The primary reason for the increase was the consolidation of J:COM's results in 2005, as well as an increase in spending on customer premise equipment to support our faster unit growth in the current period.

Balance Sheet, Leverage, and Liquidity

Total debt (including capital lease obligations) was $10.1 billion at December 31, 2005. Our consolidated leverage ratio, defined as gross debt (including capital lease obligations) to Q4 annualized operating cash flow, was 5.4x at December 31, 2005. Based upon reported numbers, our leverage ratio during the period increased in part because of the acquisition of Cablecom in October and the consolidation of Austar, which occurred on December 31, 2005. Giving effect to fourth quarter acquisitions as if they had occurred on October 1, 2005, and to the partial debt repayment with a portion of the proceeds from the Norwegian asset sale, our Q4 2005 leverage ratio would have been approximately 4.7x.

At December 31, 2005, we had $1.2 billion of cash and cash equivalents. Adjusting for the sale of Norway, at December 31, 2005, our cash and cash equivalents would have been approximately $1.5 billion and our consolidated debt would have been approximately $9.9 billion.

In addition to our cash balances at December 31, 2005, we had approximately $271 million (229 million Euro) of availability under our 1.0 billion Euro in revolvers at UPC Broadband Holding B.V., subject to the completion of fourth quarter bank reporting requirements and $254 million (30 billion Yen) of availability under our 30 billion Yen Japanese revolver. Subject to their terms, the undrawn amounts under those revolvers may be borrowed to finance acquisitions.

We have also made good progress in terms of rationalizing our non-strategic investments. We received approximately $326 million in proceeds from the disposition of our ownership interest in SBS Broadcasting during the fourth quarter, and subsequent to December 31, we have received $88 million in proceeds from the sale of our ownership interest in Sky Mexico.

Based on our December 31, 2005 results, the ratio of Senior Debt to Annualized EBITDA (last two quarters annualized) for UPC Broadband Holding B.V., as defined in and calculated in accordance with the UPC Broadband Holding credit facility was 3.83x. The ratio of Total Debt to Annualized EBITDA (last two quarters annualized), as defined and calculated in accordance with the UPC Broadband Holding credit facility was 4.77x.

2006 Guidance

For full year 2006, we are providing consolidated guidance for Liberty Global. In terms of RGU additions, we expect to add 1.6 million RGUs on an organic basis (excluding the impact of acquisitions at closing). The RGU addition forecast assumes continued demand for our broadband Internet, telephony, and digital video products.

Our guidance targets for 2006 consist of consolidated revenue of $6.8 billion and consolidated operating cash flow of $2.4 billion. These financial targets assume full year 2006 average exchange rates of approximately 1.20 dollars per Euro, 115 yen per dollar, 550 Chilean pesos per dollar and 1.28 Swiss Francs per dollar. Our revenue and OCF targets represent growth of approximately 11% and 14%, respectively, over "rebased" 2005 figures which adjust for the full year impact of acquisitions made during 2005 and which assume foreign exchange rates consistent with our 2006 guidance rates noted above.(13) Additionally, we expect flat growth in the Netherlands in local currency, which may be impacted by the pace and success of our D4A roll-out. To the extent that our organic RGU growth exceeds our target range, we would expect to report lower OCF due to the associated increase in marketing and subscriber acquisition costs.

In terms of capital expenditures (including capital lease additions) for 2006, our guidance target is for full year 2006 capital expenditures to be approximately 27% of revenue. The majority of our capital spend is expected to be customer premise and related equipment to support our RGU growth across Europe, Japan, and Chile, as well as network upgrade and rebuild investment.

About Liberty Global

Liberty Global is the leading international cable operator offering advanced video, voice, and Internet-access services to connect our 15 million customers to the world of information, communications and entertainment. The Company operates state-of-the-art broadband communications networks in 19 countries principally located in Europe, Japan, Chile, and Australia. Liberty Global's operations also include significant media and programming businesses such as Jupiter TV in Japan and chellomedia in Europe.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including 2006 guidance for Liberty Global, anticipated product trends and strategy and associated subscriber growth, the level of our anticipated M&A activity, possible activity under our stock repurchase program, 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, changes in technology, regulation and competition, our ability to achieve expected operational efficiencies and economies of scale, the long-term success of our D4A program, our ability to generate expected revenue and operating cash flow and achieve assumed margins including, to the extent annualized figures imply forward-looking projections, continued performance comparable with the period annualized, as well as other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any guidance and other 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.

For more information, please visit http://www.lgi.com or contact:

Christopher Noyes Hanne Wolf

Investor Relations - Denver Corporate Communications - Denver

303.220.6693 303.220.6678

Ivan Nash Vila Bert Holtkamp

Investor Relations - Europe Corporate Communications - Europe

+41 44 277 97 38 +31 20 778 9447

Liberty Global, Inc.

Consolidated Balance Sheets

December 31,

2005 2004

as adjusted

amounts in thousands

Assets

Current assets:

Cash and cash equivalents $1,202,200 $2,529,115

Trade receivables, net 534,243 203,890

Other receivables, net 112,537 165,631

Current assets of discontinued operations 14,686 --

Other current assets 398,719 293,947

Total current assets 2,262,385 3,192,583

Investments in affiliates, accounted

for using the equity method, and

related receivables 789,066 1,865,642

Other investments 569,059 838,608

Property and equipment, net 7,991,292 4,303,099

Goodwill 9,020,071 2,667,279

Franchise rights and other intangible

assets not subject to amortization 218,002 230,674

Intangible assets subject to

amortization, net 1,601,806 382,599

Long-term assets of discontinued

operations 329,871 --

Other assets, net 596,977 221,879

Total assets $23,378,529 $13,702,363

Liberty Global, Inc.

Consolidated Balance Sheets (Continued)

December 31,

2005 2004

as adjusted

amounts in thousands

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $715,599 $363,549

Accrued liabilities and other 669,060 556,015

Deferred revenue and advance payments

from subscribers and others 595,982 353,069

Accrued interest 145,457 89,612

Current liabilities of discontinued

operations 35,266 --

Current portion of debt and capital

lease obligations 269,947 36,827

Total current liabilities 2,431,311 1,399,072

Long-term debt and capital lease

obligations 9,845,025 4,955,919

Deferred tax liabilities 546,049 464,661

Long-term liabilities of discontinued

operations 9,599 --

Other long-term liabilities 933,591 432,018

Total liabilities 13,765,575 7,251,670

Commitments and contingencies

Minority interests in subsidiaries 1,796,508 1,213,610

Stockholders' Equity:

Series A common stock, $.01 par value.

Authorized 500,000,000 shares; issued

232,334,708 and 168,514,962 shares at

December 31, 2005 and 2004, respectively 2,323 1,685

Series B common stock, $.01 par value.

Authorized 50,000,000 shares; issued and

outstanding 7,323,570 and 7,264,300 shares

at December 31, 2005 and 2004, respectively 73 73

Series C common stock, $.01 par value.

Authorized 500,000,000 shares; 239,820,997

and 175,779,262 shares issued at

December 31, 2005 and 2004, respectively 2,398 1,758

Additional paid-in capital 9,992,236 6,999,877

Accumulated deficit (1,732,527) (1,652,430)

Accumulated other comprehensive earnings

(loss), net of taxes (262,889) 14,010

Deferred compensation (15,592) --

Treasury stock, at cost (169,576) (127,890)

Total stockholders' equity 7,816,446 5,237,083

Total liabilities and stockholders' equity $23,378,529 $13,702,363

Liberty Global, Inc.

Consolidated Statements of Operations

Year Ended December 31,

2005 2004

as adjusted

amounts in thousands

except per share amounts

Revenue $5,151,332 $2,531,889

Operating costs and expenses:

Operating (other than depreciation) 2,185,515 1,050,493

Selling, general and administrative (SG&A) 1,194,972 639,609

Stock-based compensation charges -

primarily SG&A 59,231 142,676

Depreciation and amortization 1,454,863 915,748

Impairment of long-lived assets 8,320 69,353

Restructuring and other operating

charges (credits) (2,753) 28,901

4,900,148 2,846,780

Operating income (loss) 251,184 (314,891)

Other income (expense):

Interest expense (433,467) (286,321)

Interest and dividend income 77,649 65,494

Share of earnings (losses) of affiliates, net (22,949) 38,710

Realized and unrealized gains (losses) on

derivative instruments, net 309,973 (35,775)

Foreign currency transaction gains

(losses), net (209,400) 117,514

Gain on exchange of investment securities -- 178,818

Other-than-temporary declines in fair

values of investments (3,403) (18,542)

Gains (losses) on extinguishment of debt (33,700) 27,977

Gains (losses) on disposition of

non-operating assets, net 115,169 43,714

Other income (expense), net (263) (7,931)

(200,391) 123,658

Earnings (loss) before income taxes, minority

interests and discontinued operations 50,793 (191,233)

Income tax benefit (expense) (29,849) 13,800

Minority interests in losses (earnings) of

subsidiaries (104,535) 163,724

Earnings (loss) from continuing operations (83,591) (13,709)

Discontinued operations:

Earnings (loss) from operations, net of tax

expense of $565,000 and $2,874,000 in 2005

and 2004, respectively 3,494 (7,772)

Net earnings (loss) $(80,097) $(21,481)

Historical and pro forma earnings (loss) per

common share, basic and diluted:

Continuing operations $(0.20) $(0.04)

Discontinued operations 0.01 (0.03)

$(0.19) $(0.07)

Liberty Global, Inc.

Consolidated Statements of Cash Flows

Year Ended December 31,

2005 2004

as adjusted

amounts in thousands

Cash flows from operating activities:

Net earnings (loss) $(80,097) $(21,481)

Net loss (earnings) from discontinued

operations (3,494) 7,772

Net earnings (loss) from continuing

operations (83,591) (13,709)

Adjustments to reconcile earnings (loss)

from continuing operations to net

cash provided by operating activities:

Stock-based compensation expense 59,231 142,676

Depreciation and amortization 1,454,863 915,748

Impairment of long-lived assets 8,320 69,353

Restructuring and other charges (credits) (2,753) 28,901

Amortization of deferred financing costs

and non-cash interest 103,800 40,218

Share of losses (earnings) of

affiliates, net 22,949 (38,710)

Realized and unrealized losses (gains) on

derivative instruments, net (309,973) 35,775

Foreign currency transaction losses

(gains), net 209,400 (117,514)

Gain on exchange of investment securities -- (178,818)

Other-than-temporary declines in fair

values of investments 3,403 18,542

Losses (gains) on extinguishment of debt 33,700 (27,977)

Gains on disposition of investments, net (115,169) (43,714)

Deferred income tax expense (benefit) (74,740) (80,500)

Minority interests in earnings (losses) of

subsidiaries 104,535 (163,724)

Non-cash recognition of deferred revenue (30,298) --

Non-cash charges from Liberty Media

Corporation -- 15,490

Other non-cash items 4,152 --

Changes in operating assets and

liabilities, net of the effects of

acquisitions and dispositions:

Receivables and other operating assets 60,409 (61,426)

Payables and accruals 77,886 167,840

Net cash provided by operating activities

of discontinued operations 49,978 34,857

Net cash provided by operating

activities 1,576,102 743,308

Cash flows from investing activities:

Cash paid in connection with LGI Combination (703,535) --

Cash paid in connection with acquisitions,

net of cash acquired (3,584,442) (509,696)

Cash paid for acquisition to be

refunded by seller -- (52,128)

Return of cash previously paid into escrow

in connection with 2004 acquisition 56,883 --

Investments in and loans to affiliates

and others (133,749) (256,959)

Proceeds received upon repayment of

principal amounts loaned to affiliates -- 535,074

Proceeds received upon repayment of

debt securities -- 115,592

Purchases of short-term liquid investments (55,103) (293,734)

Proceeds received from sale of short-term

liquid investments 101,489 246,981

Capital expended for property and equipment (1,194,993) (487,617)

Net cash received (paid) to purchase or

settle derivative instruments 82,414 (158,949)

Proceeds received upon dispositions of

assets 464,501 315,792

Deposits received in connection with

pending asset sales -- 80,264

Change in restricted cash 24,734 (27,335)

Other investing activities, net 29,343 (13,732)

Net cash used by investing activities of

discontinued operations (22,249) (19,833)

Net cash used by investing activities $(4,934,707) $(526,280)

Liberty Global, Inc.

Consolidated Statements of Cash Flows (Continued)

Year Ended December 31,

2005 2004

as adjusted

amounts in thousands

Cash flows from financing activities:

Borrowings of debt $6,968,835 $2,301,211

Repayments of debt and capital lease

obligations (5,413,584) (1,857,184)

Net proceeds received from rights offering -- 735,661

Proceeds from issuance of stock by

subsidiaries 873,554 488,437

Change in cash collateral (57,209) 41,700

Contributions from Liberty Media Corporation -- 704,250

Treasury stock purchase (78,893) (127,890)

Payment of deferred financing costs (101,293) (65,951)

Other financing activities, net 7,876 12,351

Net cash used by financing activities of

discontinued operations (7,444) (7)

Net cash provided by financing activities 2,191,842 2,232,578

Effect of exchange rates on cash (160,152) 66,756

Net increase (decrease) in cash and

cash equivalents:

Continuing operations (1,347,200) 2,501,345

Discontinued operations 20,285 15,017

Net increase (decrease) in cash and

cash equivalents (1,326,915) 2,516,362

Cash and cash equivalents:

Beginning of period 2,529,115 12,753

End of period $1,202,200 $2,529,115

Cash paid for interest $286,656 $280,815

Net cash paid for taxes $35,565 $4,264

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 months and year-ended December 31, 2005, as compared to corresponding prior year periods. In each case, the tables present (i) the amounts reported by each of our reportable segments for the comparative periods, (ii) the U.S. dollar change and percentage change from period to period, (iii) the percentage change from period to period, after removing foreign currency effects (FX), and (iv) the percentage change from period to period, after removing FX and the effects of acquisitions. The comparisons that exclude FX assume that exchange rates remained constant during the periods that are included in each table. The acquisition impact is calculated as the difference between current and prior year amounts that are attributable to the timing of an acquisition. The FX adjustment and acquisition impact, when taken together, yield an organic growth calculation that incorporates the impact of acquisitions only when they are included in both comparable periods. Other Western Europe includes our operating segments in Ireland, Sweden 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 direct-to-home satellite services in Australia, video programming and other services in Europe and Argentina and broadband services in Puerto Rico, Brazil and Peru and (ii) our corporate segment.

Revenue

Revenue - Fourth Quarter

Three Months ended Increase Increase (decrease)

December 31, (decrease) excluding

FX and

Acquisit-

2005 2004 $ % FX % ions %

amounts in thousands, except % amounts

Europe (Europe

Broadband)

The

Netherlands $188,021 $200,399 $(12,378) (6.2) 2.1 2.1

Switzerland 122,078 -- 122,078 N.M. N.M. --

France 126,219 129,772 (3,553) (2.7) 4.1 4.1

Austria 76,869 80,268 (3,399) (4.2) 4.5 4.5

Other Western

Europe 92,529 56,187 36,342 64.7 74.7 6.4

Total Western

Europe 605,716 466,626 139,090 29.8 38.0 3.6

Hungary 68,040 61,908 6,132 9.9 22.2 22.2

Other Central

and Eastern

Europe 118,005 71,384 46,621 65.3 66.4 13.8

Total Central

and Eastern

Europe 186,045 133,292 52,753 39.6 45.9 17.7

Total

Europe

(Europe

Broadband) 791,761 599,918 191,843 32.0 39.7 6.7

Japan (J:COM) 424,313 414,233 10,080 2.4 15.7 10.3

Chile (VTR) 130,901 83,414 47,487 56.9 39.5 17.8

Corporate and

other 116,181 76,509 39,672 51.9 60.9 33.2

Intersegment

eliminations (20,051) (12,398) (7,653) (61.7) (76.3) (76.3)

Total LGI before

elimination of

equity

affiliates 1,443,105 1,161,676 281,429 24.2 32.2 9.8

Elimination of

equity

affiliate

(J:COM) -- (414,233) 414,233 -- -- --

Total

consoli-

dated LGI $1,443,105 $747,443 $695,662 93.1 98.0 9.5

N.M. - Not Meaningful

Revenue - Full Year

Year ended Increase Increase (decrease)

December 31, (decrease) excluding

FX and

Acquisit-

2005 2004 $ % FX % ions %

amounts in thousands, except % amounts

Europe (Europe

Broadband)

The

Netherlands $780,934 $730,483 $50,451 6.9 6.9 6.9

Switzerland 122,078 -- 122,078 N.M. N.M. --

France 513,762 312,948 200,814 64.2 64.2 6.5

Austria 322,196 306,479 15,717 5.1 5.0 5.0

Other Western

Europe 321,377 174,389 146,988 84.3 85.1 7.0

Total

Western

Europe 2,060,347 1,524,299 536,048 35.2 35.2 6.4

Hungary 281,707 217,429 64,278 29.6 27.7 27.7

Other Central

and Eastern

Europe 370,560 252,064 118,496 47.0 35.6 13.9

Total Central

and Eastern

Europe 652,267 469,493 182,774 38.9 31.9 20.3

Total

Europe

(Europe

Broad-

band) 2,712,614 1,993,792 718,822 36.1 34.5 9.7

Japan (J:COM) 1,662,105 1,504,709 157,396 10.5 13.5 11.0

Chile (VTR) 444,161 299,951 144,210 48.1 35.6 17.6

Corporate and

other 407,564 285,507 122,057 42.8 43.2 20.7

Intersegment

eliminations (75,112) (47,361) (27,751) (58.6) (58.9) (58.9)

Total LGI before

elimination of

equity

affiliates 5,151,332 4,036,598 1,114,734 27.6 27.1 11.0

Elimination of

equity

affiliate

(J:COM) -- (1,504,709) 1,504,709 -- -- --

Total

consoli-

dated LGI $5,151,332 $2,531,889 $2,619,443 103.5 100.8 11.0

Operating Cash Flow

OCF - Fourth Quarter

Three Months ended Increase Increase (decrease)

December 31, (decrease) excluding

FX and

Acquisit-

2005 2004 $ % FX % ions %

amounts in thousands, except % amounts

Europe (Europe

Broadband)

The

Netherlands $81,936 $98,250 $(16,314) (16.6) (9.4) (9.4)

Switzerland 43,525 -- 43,525 N.M. N.M. --

France(14) 19,297 22,156 (2,859) (12.9) (8.3) (8.3)

Austria 30,964 28,967 1,997 6.9 16.5 16.5

Other Western

Europe 29,588 17,336 12,252 70.7 81.6 13.4

Total Western

Europe 205,310 166,709 38,601 23.2 30.8 (2.4)

Hungary 25,640 22,326 3,314 14.8 27.2 27.2

Other Central

and Eastern

Europe 45,453 22,401 23,052 102.9 104.7 39.6

Total Central

and Eastern

Europe 71,093 44,727 26,366 58.9 66.0 33.4

Total

Europe

(Europe

Broad-

band) 276,403 211,436 64,967 30.7 38.3 5.2

Japan (J:COM) 155,118 156,485 (1,367) (0.9) 12.0 8.6

Chile (VTR) 47,223 33,810 13,413 39.7 24.7 17.7

Corporate and

other (7,388) (23,343) 15,955 68.4 67.2 43.2

Intersegment

eliminations -- -- -- -- -- --

Total LGI before

elimination of

equity

affiliates 471,356 378,388 92,968 24.6 32.7 10.7

Elimination of

equity

affiliate

(J:COM) -- (156,485) 156,485 -- -- --

Total

consoli-

dated LGI $471,356 $221,903 $249,453 112.4 117.2 12.2

OCF - Full Year

Year ended Increase Increase (decrease)

December 31, (decrease) excluding

FX and

Acquisit-

2005 2004 $ % FX % ions %

amounts in thousands, except % amounts

Europe (Europe

Broadband)

The

Netherlands $360,924 $375,738 $(14,814) (3.9) (4.2) (4.2)

Switzerland 43,525 -- 43,525 N.M. N.M. --

France 97,247 45,774 51,473 112.5 111.4 28.8

Austria 137,247 122,307 14,940 12.2 11.9 11.9

Other Western

Europe 111,168 63,680 47,488 74.6 74.9 10.5

Total Western

Europe 750,111 607,499 142,612 23.5 23.2 3.1

Hungary 108,378 82,455 25,923 31.4 29.1 29.1

Other Central

and Eastern

Europe 147,270 94,478 52,792 55.9 43.5 20.1

Total Central

and Eastern

Europe 255,648 176,933 78,715 44.5 36.8 24.3

Total

Europe

(Europe

Broad-

band) 1,005,759 784,432 221,327 28.2 26.3 7.9

Japan (J:COM) 636,297 589,597 46,700 7.9 10.7 9.3

Chile (VTR) 151,450 108,752 42,698 39.3 27.7 20.3

Corporate and

other (22,661) (51,397) 28,736 55.9 55.3 26.6

Total LGI before

elimination of

equity

affiliates 1,770,845 1,431,384 339,461 23.7 22.9 10.6

Elimination of

equity

affiliate

(J:COM) -- (589,597) 589,597 -- -- --

Total

consoli-

dated LGI $1,770,845 $841,787 $929,058 110.4 107.0 11.6

Quarterly Information:

The following table summarizes the Company's revenue and operating cash flow by quarter for 2005. It is important to note that the first three quarters will differ from previously reported figures, since Norway has been classified as a discontinued operation.

Three Months Ended

Dec. 31, 2005 Sept. 30, 2005 June 30, 2005 March 31, 2005

amounts in thousands

Revenue $1,443,105 $1,262,405 $1,242,593 $1,203,229

Operating

Cash Flow 471,356 450,712 413,050 435,727

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 depreciation and amortization, stock-based compensation 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 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. 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. 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.

We are unable to provide a reconciliation of forecasted Operating Cash Flow, to the most directly comparable GAAP measure, net income (loss), as applicable, because certain items are out of our control and/or cannot be reasonably predicted. For example, it is impractical to: (1) estimate future fluctuations in interest rates on our variable-rate debt facilities; (2) estimate the fluctuations in exchange rates relative to the U.S. dollar and its impact on our results of operations; (3) estimate the financial results of our non-consolidated affiliates; and (4) estimate changes in circumstances that lead to gains and/or losses such as sales of investments in affiliates and other assets. Any and/or all of these items could be significant to our financial results. The table below highlights the reconciliation of operating cash flow to consolidated earnings (loss) before income taxes, minority interests and discontinued operations for the periods indicated below:

Year ended December 31,

2005 2004

amounts in thousands

Total segment operating cash flow $1,770,845 $841,787

Stock-based compensation (59,231) (142,676)

Depreciation and amortization (1,454,863) (915,748)

Impairment of long-lived assets (8,320) (69,353)

Restructuring and other operating

credits (charges) 2,753 (28,901)

Operating income (loss) 251,184 (314,891)

Interest expense (433,467) (286,321)

Interest and dividend income 77,649 65,494

Share of earnings (losses) of

affiliates, net (22,949) 38,710

Realized and unrealized gains (losses)

on derivative instruments, net 309,973 (35,775)

Foreign currency transaction gains

(losses), net (209,400) 117,514

Gains on exchanges of investment

securities -- 178,818

Other-than-temporary declines in fair

values of investments (3,403) (18,542)

Gains (losses) on extinguishment of debt (33,700) 27,977

Gains (losses) on disposition of

non-operating assets, net 115,169 43,714

Other income (expense), net (263) (7,931)

Earnings (loss) before income taxes,

minority interests and

discontinued operations $50,793 $(191,233)

Three months ended

Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,

2005 2005 2005 2005 2004

amounts in thousands

Total segment

operating

cash flow $471,356 $450,712 $413,050 $435,727 $221,903

Stock-based

compensation 63,078 (60,784) (42,871) (18,654) (76,556)

Depreciation and

amortization (447,894) (354,273) (335,327) (317,369) (253,577)

Impairment of

long-lived

assets (8,170) 17 (167) -- (26,730)

Restructuring

and other

operating

credits

(charges) 6,313 (947) 2,250 (4,863) (18,277)

Operating

income (loss) 84,683 34,725 36,935 94,841 (153,237)

Interest

expense (130,658) (131,235) (83,673) (87,901) (78,711)

Interest and

dividend

income 16,032 18,827 22,280 20,510 21,490

Share of

earnings

(losses) of

affiliates,

net (8,197) 2,055 4,517 (21,324) (15,808)

Realized and

unrealized

gains (losses)

on derivative

instruments,

net 183,982 (29,178) 69,301 85,868 (122,415)

Foreign

currency

transaction

gains

(losses),

net (15,102) 7,349 (136,885) (64,762) 118,768

Gains on

exchanges

of investment

securities -- -- -- -- 10,517

Other-than-

temporary

declines in

fair values of

investments (3,403) -- -- -- (3,427)

Gains (losses)

on extinguish-

ment of debt (21,069) -- (651) (11,980) (3,567)

Gains (losses)

on disposition

of non-

operating

assets, net 89,314 277 (43,994) 69,572 31,082

Other income

(expense),

net (1,525) 4 583 675 (396)

Earnings

(loss)

before

income

taxes,

minority

interests

and dis-

continued

operations $194,057 $(97,176) $(131,587) $85,499 $(195,704)

Capital Expenditures

The following table highlights capital expenditures by reporting segment:

Year ended December 31,

Capital Expenditures 2005 2004

amounts in thousands

Europe Broadband

The Netherlands $152,575 $84,698

Switzerland 27,001 --

France 128,655 65,435

Austria 48,325 53,660

Other Western Europe 73,544 46,626

Total Western Europe 430,100 250,419

Hungary 70,941 39,833

Other Central and Eastern Europe 84,473 39,776

Total Central and Eastern Europe 155,414 79,609

Total Europe Broadband 585,514 330,028

Japan (J:COM) 354,705 295,914

Chile (VTR) 98,576 41,685

Corporate and other 156,198 115,904

Total LGI before elimination of

equity affiliates 1,194,993 783,531

Elimination of equity affiliates -- (295,914)

Total consolidated LGI $1,194,993 $487,617

Capital Expenditures and Capital Lease Additions

The table below highlights our capital expenditures per NCTA cable

industry guidelines, as well as capital lease additions:

Three months ended Percent Year ended

Dec. 31, 2005 Sept. 30, 2005 Change Dec. 31, 2005

amounts in thousands

Customer Premises

Equipment $121,371 $87,646 38.5% $416,208

Scaleable

Infrastructure 37,419 46,935 (20.3%) 177,306

Line Extensions 56,998 27,472 107.5% 131,206

Upgrade/Rebuild 32,692 40,663 (19.6%) 131,142

Support Capital 80,850 52,495 54.0% 241,527

Cablecom 27,001 0 N.M. 27,001

NTL Ireland 9,572 9,663 (0.9%) 23,740

Other including

chellomedia 11,189 10,846 3.2% 46,863

Total Capital

Expenditures (Capex) $377,092 $275,720 36.8% $1,194,993

Percent of Revenue 26.1% 21.8% 19.6% 23.2%

Add: Capital Lease

Additions(15) 47,043 34,790 35.2% 153,247

Total Capex and

Capital Leases $424,135 $310,510 36.6% $1,348,240

Percent of Revenue 29.4% 24.6% 19.5% 26.2%

N.M. - Not meaningful.

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:

Three months ended Year ended

Dec. 31, Sept. 30, Dec. 31, Dec. 31,

2005 2005 2005 2004

amounts in thousands

Net cash provided by

operating activities(16) $551,364 $356,610 $1,526,124 $708,451

Capital expenditures (377,092) (275,720) (1,194,993) (487,617)

Free cash flow of

continuing operations 174,272 80,890 331,131 220,834

Free cash flow of

discontinued operations 2,115 4,841 28,992 14,127

Consolidated free cash

flow before capital

lease additions 176,387 85,731 360,123 234,961

Capital lease additions (47,043) (34,790) (153,247) 0

Free cash flow $129,344 $50,941 $206,876 $234,961

Summary of Debt, Capital Lease Obligations and Cash

The following table details the U.S. dollar equivalent balances of our consolidated debt, capital lease obligations and cash at December 31, 2005:

Debt and

Capital Capital

Lease Lease

Debt Obligations Obligations Cash

amounts in thousands

LGI and its non-operating

subsidiaries $1,289,218 $--- $1,289,218 $660,763

Europe Broadband

UPC Holding 946,634 --- 946,634 14,556

UPC Broadband Holding

and its unrestricted

subsidiaries 4,070,948 40,077 4,111,025 48,154

Cablecom Luxembourg and

its unrestricted

subsidiaries 1,380,317 21,707 1,402,024 85,479

J:COM 1,242,931 326,603 1,569,534 299,140

VTR 341,437 18 341,455 41,263

Other operating

subsidiaries 454,708 374 455,082 52,845

LGI Total $9,726,193 $388,779 $10,114,972 $1,202,200

ARPU(17) Table

The following table provides ARPU per RGU and per customer relationship for the three months ended December 31, 2005 and September 30, 2005, respectively.

As of As of Percent

Europe Broadband(18) Dec. 31, 2005 Sept. 30, 2005 Change

ARPU per RGU 17.98 Euro 16.80 Euro 7.0%

ARPU per Customer

Relationship 22.11 Euro 20.15 Euro 9.7%

J:COM

ARPU per RGU 4,907 Yen 4,900 Yen 0.1%

ARPU per Customer

Relationship 8,429 Yen 8,413 Yen 0.2%

VTR

ARPU per RGU CLP 16,444 CLP 16,261 1.1%

ARPU per Customer