Deutsche Bank June 16, 2005

1. Deutsche BankJune 16, 2005

2. “Safe Harbor” Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Forward-Looking Statements: Except for historical information contained herein, this presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including guidance given for 2005, expectations about RGU growth and customer migration to new products. 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 our services, changes in the technology and competition, our ability to achieve expected operational efficiencies and economies of scale, our ability to generate expected revenue 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. Please refer to the Appendix at the end of this presentation, as well as to the press releases and SEC filings, of our wholly-owned subsidiaries’, UnitedGlobalCom, Inc. and Liberty Media International, Inc., for the three months ended March 31, 2005, for definitions of the following terms which are used herein including: Operating Cash Flow (OCF), Free Cash Flow, Revenue Generating Units (RGUs), and Average Revenue per Unit (ARPU), as well as a GAAP reconciliation of non-GAAP financial measures.

3. Agenda • Liberty Global Overview • European Product & Strategy Update • Financial Results • Q & A

4. Overview • Largest MSO outside • the United States • 23 million homes passed in 18 countries • 14 million RGU’s; 3.9 million voice & data subs • $4.9 billion of revenue and $1.8 billion of OCF (1) • Market Capitalization of over $10 billion (2) Cash & Other Assets • Based on LMI’s Q1 2005 results annualized. • LGI’s market capitalization pro-forma for merger based on LBTYA closing price on June 14, 2005 of $44.35.

5. Agenda • Liberty Global Overview • European Product & Strategy Update • Financial Results • Q & A

6. European Product Strategy Moving Towards a Digital Home Implementing our Leadership Strategies Video “Content” Data “Speed” Voice “Price” Mobile “4-Play” Off Footprint “Reach” Progress on our Key Strategic Initiatives • Digital Migration • Canal+ • Zone Vision • New DTH EBT • New Channels for NL • Speed / Data Leadership • “Extreme” Speeds, Symmetric • VAS’s (e.g. security storage) • VoIP / Digital Telephone • Market Roll outs • Product Features • New Concepts • Mobile Strategic Collaborations • NL MVNO • Austria “Take2” • Other Markets • ADSL Off Footprint • NL launch in Utrecht to over 100k homes • Rolling out next in the Hague

7. Digital Phone Marketing • Primary line for 25-50%less than incumbent • Lower usage rates & unlimited domestic packages • Ease of use - number portability - feature rich

8. Digital Phone Update • Over 140,000 sales since Q4 launch • 85,000 net adds with 25,000 backlog • Over 1 million homes released for marketing Weekly VoIP Sales in The Netherlands

9. Data Update in Europe Objectives Strategy Tactics Meet Price & Beat Speed, Quality, Features • Tiering • Extreme speeds • VAS Achieve Product Leadership

10. 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total '04 into '05 Total '03 into '04 Data Sales in Europe • Launching “Extreme” services across Europe • Aggressively bundling with digital phone (VoIP) • Over 100,000 adds in Q1 – momentum continues Weekly Data Sales in Europe Total Sales (2003-2004) Total Sales (2004-2005)

11. Digital Migration in Holland • What is the Plan? • Aggressively migrate all analog cable customers in the Netherlands to digital platform • Roll out scheduled to begin Q4 2005 • Over 2 million digital boxes • Why? • Reclaim digital high ground • Gateway for new service delivery • Favorable economics

12. Digital Migration in Holland Product & Platform Development

13. Bundling Statistics For Triple Play Markets: • 31% of all Data customers are Triple Play • 49% of all Telephony customers are Triple Play • 52% of all Digital Phone sales create Triple Play RGUs per Customer

14. Agenda • Liberty Global Overview • European Product & Strategy Update • Financial Results • Q & A

15. Revenue Generating Units • RGUs per new methodology whereby a Digital RGU is not double counted as an Analog RGU, which was the case under the “Old Method” for UnitedGlobalCom, Inc. (UGC) only. See UGC’s press release for Q1 2005 results. • Analog cable includes MMDS subscribers. • Organic net gain only (excludes impact of acquisitions at closing).

16. Revenues (1) • Represents Liberty Media International, Inc. (LMI) revenues. Please refer to LMI’s 10Q as of March 31, 2005. • Japan was consolidated beginning Q1 2005 and was accounted for as an equity affiliate during Q1 2004.

17. Operating Cash Flow (1) • Represents Liberty Media International, Inc. (LMI) Operating Cash Flow. Please refer to LMI’s 10Q as of March 31, 2005. • Japan was consolidated beginning Q1 2005 and was accounted for as an equity affiliate during Q1 2004. • “Operating Cash Flow” - Please see Appendix for a definition and reconciliation with net income (loss).

18. Financial Results “Operating Cash Flow” - Please see Appendix for a definition and reconciliation with net income (loss). “Free Cash Flow” – Please see Appendix for a definition and additional information.

19. Leverage & Liquidity • For March 31, 2005, represents net debt / Operating Cash Flow annualized for the three months. • Subject to covenant compliance, represents the maximum potential availability under UPC Distribution • Bank Facility and Cablevision Puerto Rico as of Dec. 31, 2004 and March 31, 2005. For March 31, 2005, also includes the maximum potential availability under J:COM’s Revolving facility of Yen 20 billion. • (3) Market values of News Corporations, ABC Family Preferred, Austar United and SBS Broadcasting.

20. Conclusions • Aggressive 2005 game plan • Continued Focus on Operating Efficiency, Capital Discipline, and Execution • Exploiting Strategic Opportunities Wisely, Acquisition Pipeline Active • The Cable Investment for Growth

21. DRAFT: Version 4 Deutsche BankJune 16, 2005

22. Appendix Operating Cash Flow Definition • Liberty Global defines operating cash flow as revenue less operating and SG&A expenses (excluding stock-based compensation, depreciation and amortization, impairment of long-lived assets, and restructuring and other charges). Liberty Global believes this is an important indicator of the operational strength and performance of its businesses, including the ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. In this regard, Liberty Global believes that operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of the Company and its reportable segments on an ongoing basis using criteria that is used by Liberty Global’s internal decision makers. This measure of performance excludes depreciation and amortization, stock-based compensation and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, operating cash flow should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty Global generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices.

23. Appendix Other Definitions • Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber or Telephony 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, telephony 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 Telephony 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. We revised our methodology for RGUs (the new methodology), whereby a Digital RGU is no longer double counted as an Analog RGU, which was the case under the “Old Method”. • Average Revenue Per Unit (“ARPU”) is calculated as follows: average monthly broadband revenue for the period as indicated, divided by the average of the opening and closing RGUs for the period.

24. Appendix Non-GAAP Reconciliations (1) We are unable to provide a reconciliation of forecasted Operating Cash Flow to the most directly comparable GAAP measure, net income (loss), 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 forecasted financial results.

25. Appendix Non-GAAP Reconciliations • Free Cash Flow is not a GAAP measure of liquidity. We define Free Cash Flow as net cash flows from operating activities less capital expenditures. 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.