1. Fiscal 2007 Investor Call
February 27, 2008

2. “Safe Harbor”
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Forward Looking Statements: The following slides contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including our expectations with respect to our 2008 guidance targets, our future
g
growth prospects, the timing and impact of our roll-out of digital products and services, our borrowing availability, and cash
pp , g p g p , g y,
taxes; our insight and expectations regarding competition in our markets; M&A activity including the impact on our operations
and financial performance and funding availability; and other information and statements that are not historical fact. These
forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from
those expressed or implied by these statements. These risks and uncertainties include the continued use by subscribers and
potential subscribers of the Company's services and willingness to upgrade to our more advanced offerings, our ability to meet
competitive challenges continued growth in services for digital television at a reasonable cost the effects of changes in
challenges, cost,
technology and regulation, our ability to achieve expected operational efficiencies and economies of scale, market
considerations, and our ability to generate expected revenue and operating cash flow, control capital expenditures as
measured by percentage of revenue and achieve assumed margins, as well as other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission including our most recently filed Form 10-K. These forward-
looking statements speak only as of the date of this presentation. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change
in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based.
Additional Information Relating to Defined Terms:
Please refer to the Appendix at the end of this presentation, as well as the Company’s Press Release dated February 26, 2008
and SEC fili
d filings, f d fi iti
for definitions of th f ll i t
f the following terms which may b used h i i l di
hi h be d herein including: O
Operating C h Fl
ti Cash Flow (“OCF”) F
(“OCF”), Free
Cash Flow (“FCF”), Unlevered FCF, Revenue Generating Units (“RGUs”), Average Revenue per Unit (“ARPU”), and OCF Margin,
as well as GAAP reconciliations.
2

3. Agenda
2007 Highlights
Hi hli ht
Financial Results
Q&A
3

4. 2007 Highlights
Organic OCF growth targets achieved Organic
Growth
16% rebased OCF growth for 2007 (ex Telenet)
17% rebased OCF growth in Q4 (ex Telenet) Capital
M&A
Structure
Disciplined & opportunistic on M&A
Control & consolidation of Telenet in Belgium
Generated ~$900 million in cash from asset rationalizations
Success u y a ag g capital st uctu e
Successfully managing cap ta structure
Opportunistic 2007 financings even during credit crunch
~$1.9 billion of stock repurchased during 2007
$1.9
4

5. 2007 Highlights
2007 2006
Total RGUs (000s) 24,035 19,432
Total Customers (000s) 16,165
16 165 13,843
13 843
Organic RGU Adds (000s) 1,446 1,631
Revenue ($mm) $9,003 $6,484
(1)
OCF ($mm) $3,568 $2,336
(1)
OCF Margin % 39.6% 36.0%
(1) Please see Appendix for definition of OCF and OCF Margin, as well as our OCF reconciliation.
5

6. Subscriber Growth
(1)
Digital Cable Penetration Rates (2)
25.1%
Over 900,000 organic adds in 2007
18.9%
Japan at 67% penetration
9.7%
Strong RGU growth in CH & CZ
2005 2006 2007
Broadband Internet
21.2%
17.8%
Over 780,000 organic adds in 2007 15.8%
Deployed 160 Mbps in Kansai
2005 2006 2007
Recent speed increases in NL & CH
Voice
15.8%
Over 740,000 organic adds in 2007 13.4% 13.2%
34% telephony penetration in Chile
Record adds in CEE of 211,000 2005 2006 2007
(1) As of December 31, 2007.
(2) Digital cable penetration = digital cable / (digital + analog). Data and voice penetrations are as of a percentage of their respective homes serviceable. 6

7. Bundling Progress
(1)
Bundled Customers & ARPU
(2)
Growth Statistics
2005 2007 CAGR
$39.07
$34.55
$34 55 2 Play
Pl 1,883
1 883 2,893
2 893 24%
5,381
$32.81
3 Play 1,122 2,489 49%
3,866
3,005
Bundled 3,005 5,381 34%
2005 2006 2007
Bundled Customers ARPU
Product bundling continues driving ARPU growth
g g g
(1) Subscriber data in thousands.
(2) Dollar ARPU per customer amounts include impacts of acquisitions and currency exchange rates.
7

8. Europe Update
(1)
(2)
2007 Highlights Advanced services organic adds
(000s)
Robust Triple Play growth 1,569
1,431
Digital volume & ARPU expansion
Record voice subscriber adds 10%
Maintain data speed leadership
2006 2007
What’s next?
(3)
OCF
($mm) $2,271
All markets digital by Q2
Strengthened, simplified bundles
$1,309
$1 309 74%
Bulk of network upgrades complete
Romanian strategy defined
2006 2007
15% Rebased Growth
(1) Includes UPC Broadband and Telenet.
(2) Advanced services represent our services related to digital video (including digital cable and DTH), broadband Internet and telephony.
(3) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF. 8

9. Chile Update
Advanced services organic adds
2007 Highlights
(000s)
313
270
Expanded digital in regional cities
Introduced 3-play to southern Chile
Launched triple pack digital in Q4
Launched HD channel & DVR service 2006 2007
(1)
OCF
What’s next? ($mm)
$249
Accelerate digital conversion $199
26%
Launch CNN Chile
Leverage VTR’s customer service
2006 2007
23% Rebased Growth
(1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.
9

10. Japan Update
Advanced services organic adds
2007 Highlights
(000s)
Merger with JTV Thematics
g 683
598
Rationalization of Shop Channel
14%
Synthetically levered J:COM interest
Launch of 160 Mbps in Kansai region
2006 2007
(1)
OCF
What s
What’s next? ($mm)
$912
Stimulate growth in pay-TV market
$739
Expand 160 Mbps rollout nationwide 23%
J:COM announced dividend
2006 2007
Continued regionalization
14% Rebased Growth
(1) Please see Appendix for information on rebased growth and for the definition and reconciliation of OCF.
10

11. Agenda
2007 Highlights
Financial Results
Q&A
11

12. Financial Highlights
(US$ in Millions)
(1)
Revenue OCF
$9,003 $3,568
$,
$6,484
$2,336
$4,517
$1,588
39% 53%
2005 2006 2007 2005 2006 2007
41% CAGR 2005-2007 50% CAGR 2005-2007
(1) Please see Appendix for the definition and reconciliation of OCF.
12

13. Revenue Breakdown
(In US$ Millions)
Q4 Rebased Full Year Rebased
(1) (1)
2007 Growth
G th 2007 Growth
G th
Western Europe $ 742 4% $ 2,745 6%
C & E Europe 320 7% 1,183 10%
(2)
Other 2 -- 11 --
UPC Broadband 1,064 4% 3,939 7%
Telenet (Belgium) 353 8% 1,291 9%
J:COM (Japan) 620 7% 2,250 9%
VTR (Chile) 175 13% 635 12%
Other 251 -- 889 --
Total LGI $ 2,461 7% $ 9,003 9%
(1) Please see Appendix for information on rebased growth.
(2) Represents central and corporate operations of UPC Broadband.
13

14. OCF Breakdown(1)
(In US$ Millions)
Q4 Rebased Full Year Rebased
(2) (2)
2007 Growth 2007 Growth
Western Europe $ 359 11% $ 1,318 13%
C & E Europe 160 21% 594 19%
(3)
Other (66) -- (238) --
UPC Broadband 452 15% 1,674 16%
Telenet (Belgium) 155 6% 597 12%
J:COM (Japan) 251 18% 912 14%
VTR (Chile) 71 24% 249 23%
Other 35 -- 136 --
Total
T t l LGI $ 965 15% $ 3 568
3,568 15%
Excluding Telenet 17% 16%
(1) Please see Appendix for a definition of OCF and a reconciliation.
(2) Please see Appendix for information on rebased growth.
(3) Represents central and corporate costs of UPC Broadband. 14

15. OCF Margin & Conversion
OCF Margin(1) OCF Conversion(2)
65%
39.6%
50%
36.0% 360
bps
2006 2007 2006 2007
Efficiencies driving OCF improvement
(1) Please see Appendix for definition of OCF Margin.
(2) For 2007, represents the variance between reported 2007 OCF and rebased 2006 OCF divided by the variance for reported 2007 revenue and rebased
2006 revenue. For 2006, represents the variance between reported 2006 OCF and rebased 2005 OCF divided by the variance for reported 2006
15
revenue and rebased 2005 revenue.

16. 2007 CapEx Breakdown
(1)
CapEx Components 1.2mm Two-way Homes
13%
22%
19%
54%
24%
68%
Success Based Network Other Europe Japan The Americas
CapEx as a % of revenue improved 70 bps in 2007
(1) CapEx categorized as: Success Based (including CPE and Scalable Infrastructure), Network (including Line Extensions and Upgrade) or Other
(including Support Capital). Most of our success based spend tracks with our subscriber levels and/or involves the roll-out of new equipment.
16

17. FCF & Unlevered FCF
(In US$ Millions)
(1) (2)
Free Cash Flow Unlevered Free Cash Flow
$1,402
$515
$763
$277 84%
86%
2006 2007 2006 2007
80%+ increase in FCF & Unlevered FCF
(1) Please see Appendix for the definition and reconciliation of Free Cash Flow. Please note the definition of FCF has been modified.
(2) Unlevered Free Cash Flow is defined as FCF plus cash paid for interest. Please see Appendix for reconciliation.
17

18. Current Tax Profile
(In US$ Billions)
(1)
Tax Loss Carryforwards Key Takeaways
TLC’s increased 28% due
$12.0
primarily to TNET & NL
2007 cash taxes of $76 mm
$9.3
Target cash taxes of
~$100mm over next three
years (excluding J:COM)
2006 2007
Continued focus on maximizing tax efficiencies
(1) Please see Note 12 of the Liberty Global 2007 10-K for additional information.
18

19. Balance Sheet Snapshot
For periods ended 2007
September 30, December 31,
Septembe 30 Decembe 31
(US$ in Millions)
Total Debt $ 16,279 $ 18,353
Total Cash(1) (2,002)
(2 002) (2,520)
(2 520)
Net Debt $ 14,276 $ 15,833
Gross Leverage(2) 4.4x
4 4x 4.8x
4 8x
Net Leverage(2) 3.9x 4.1x
Leverage in target range & ample cash position
(1) Cash includes restricted cash related to our debt instruments of approximately $485 million in both periods.
(2) Gross and Net Leverage equals total and net debt, respectively, divided by annualized OCF for the three months ended as of the date indicated.
19

20. Balance Sheet Snapshot
Liquidity ~ $5bn Shares Outstanding
(In US$ Billions) (In Millions)
472
$1.4
344
$2.9
$0.6
(2)
(1)
Cash at LGI Cash at Subsidiaries Undrawn Lines
12/31/2005 2/21/2008
Strong liquidity position funding share repurchases
(1) Includes cash at LGI parent and its non-operating subsidiaries.
(2) The $2.9 billion represents our aggregate unused borrowing capacity, as of December 31, 2007, without regard to covenant compliance
calculations and excludes approximately $274 million related to unused borrowing capacity associated with the VTR Bank Facility. Pursuant to
the deposit arrangements with the lender in relation to the VTR Bank Facility, we are required to fund a cash collateral account in an amount
equal to the outstanding principal and interest under the VTR Bank Facility. 20

21. 2008 Guidance
2007 Results 2008 Targets
Rebased Revenue Growth 9% 7 – 9%
Rebased OCF Growth 15% 14 – 16%
Capital Expenditures(1) 23% 20 – 22%
(% of Revenue)
Another Year of Mid-Teens OCF Growth in 2008
(1) Excluding capital lease additions.
21

22. Why LGI?
Growing & diverse economies
Favorable
market Stable regulatory environments
conditions
No HD “arms race” in LGI markets
Equity
Value
Creation
Drive advanced service penetration
Clear &
consistent Exploit operating & tax efficiencies
strategy
Active capital structure management
22

23. Appendix
pp

24. Appendix
Definitions and Additional Information
Revenue Generating Unit (“RGU”) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber or
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 broadband Internet service, the customer would constitute three RGUs. Total RGUs is the sum of Analog Cable, 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. Please refer to our February 26, 2008 press release for additional subscriber definitions.
Average Revenue Per Unit (“ARPU”) refers to the average monthly subscription revenue per average RGU. ARPU per customer relationship refers to the average
monthly subscription revenue per average customer relationship. In both cases, the amounts are calculated by dividing the average monthly subscription revenue
(excluding installation and mobile telephony revenue) for the indicated period, by the average of the opening and closing balances for RGUs or customer
relationships, as the case may be, for the period. RGUs and customer relationships of entities acquired during the period are normalized.
OCF margin is calculated by dividing OCF by total revenue for the applicable period.
Information on Rebased Growth: For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2007, we
have adjusted our historical revenue and OCF for the three months and year ended December 31, 2006, respectively to (i) include the pre-acquisition revenue and
OCF of certain entities acquired during 2006 and 2007 in our rebased amounts for the three months and year ended December 31, 2006 to the same extent that the
revenue and OCF of such entities are included in our results for the three months and year ended December 31, 2007 and (ii) reflect the translation of our rebased
amounts for the three months and year ended December 31 2006 at the applicable average exchange rates that were used to translate our results for the three
31,
months and year ended December 31, 2007. The acquired entities that have been included in the determination of our rebased revenue and OCF for the three
months ended December 31, 2006 include Telenet, JTV Thematics, Telesystems Tirol, ten small acquisitions in Europe and one small acquisition in Japan. The
acquired entities that have been included in the determination of our rebased revenue and OCF for the year ended December 31, 2006 include Telenet, Cable West,
Karneval, INODE, JTV Thematics, Telesystems Tirol, thirteen small acquisitions in Europe and three small acquisitions in Japan. We have reflected the revenue and
OCF of these acquired entities in our 2006 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. generally accepted accounting principles
( GAAP )
(“GAAP”) and local generally accepted accounting principles (ii) any significant effects of post-acquisition purchase accounting adjustments (iii) any significant
principles, adjustments,
differences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. As we did not own or operate 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 2007 results or that the pre-acquisition
financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our 2006 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 2006 amounts or the revenue and
OCF that will occur in the future The rebased growth percentages have been presented as a basis for assessing 2007 growth rates on a comparable basis and are
future. basis,
not presented as a measure of our pro forma financial performance for 2006. Therefore, we believe our rebased data is not a non-GAAP measure as contemplated
by Regulation G or Item 10 of Regulation S-K.
24

25. Appendix
Operating Cash Flow Definition and Reconciliation
Operating cash flow is not a GAAP measure. Operating cash flow is the primary measure used by our chief operating decision maker to evaluate segment operating
performance and to decide how to allocate resources to segments. As we use the term, operating cash flow is defined as revenue less operating and SG&A
expenses (excluding stock-based compensation, depreciation and amortization, provisions for litigation, and impairment, restructuring and other operating charges
or credits). We believe operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of our segments and our
company on an ongoing basis using criteria that is used by our internal decision makers. Our internal decision makers believe operating cash flow is a meaningful
measure and is superior to other available GAAP measures because it represents a transparent view of our recurring operating performance and allows
management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve
operating performance in the different countries in which we operate. For example, our internal decision makers believe that the inclusion of impairment and
restructuring charges within operating cash flow would distort the ability to efficiently assess and view the core operating trends in our segments. In addition, our
internal decision makers believe our measure of operating cash flow is important because analysts and investors use it to compare our performance to other
companies in our industry. However, our definition of operating cash flow may differ from cash flow measurements provided by other public companies. A
reconciliation of total segment operating cash fl
ili i f l i h flow to our consolidated earnings (l ) b f
lid d i (loss) before i
income taxes, minority i
i i interests and di
d discontinued operations, i
i d i is
presented below. Operating cash flow should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating
income, net earnings, cash flow from operating activities and other GAAP measures of income.
Year ended December 31,
2007 2006 2005
in millions
Total segment operating cash flow ........................................ $ 3,567.8 $ 2,336.2 $ 1,587.6
Stock-based compensation expense....................................... (193.4) (70.0) (59.0)
Depreciation and amortization............................................... (2,493.1) (1,884.7) (1,274.0)
Provisions for litigation ......................................................... (171.0) — —
Impairment, restructuring and other operating charges, net .... (43.5) (29.2) (4.5)
Operating income ............................................................. 666.8 352.3 250.1
Interest expense .................................................................. (982.1) (673.4) (396.1)
Interest and dividend income ................................................ 115.3 85.4 76.8
Share of results of affiliates, net ............................................ 33.7 13.0 (23.0)
Realized and unrealized gains (losses) on financial and
derivative instruments, net ................................................ (38.7) (347.6) 310.0
Foreign currency transaction gains (losses), net...................... 20.5 236.1 (209.2)
Other-than-temporary declines in fair values of investments .... (212.6) (13.8) (3.4)
Losses on extinguishment of debt.......................................... (112.1) (40.8) (33.7)
Gains on disposition of assets net .........................................
assets, 557.6
557 6 206.4
206 4 115.2
115 2
Other income (expense), net................................................. 1.3 12.2 (0.6)
Earnings (loss) before income taxes, minority interests and
discontinued operations ................................................. $ 49.7 $ (170.2) $ 86.1
25

26. Appendix
Operating Cash Flow Reconciliation
Three months ended
Dec. 31,
Dec 31 Dec. 31,
Dec 31
2007 2006
amounts in millions
Total segment operating cash flow.......................................... $ 964.6 $ 630.9
Stock based
Stock-based compensation expense ........................................ (52.1)
(52 1) (13.5)
(13 5)
Depreciation and amortization ................................................ (673.5) (546.6)
Provisions for litigation ........................................................... (25.0) —
Impairment, restructuring and other operating charges, net...... (26.0) (17.5)
Operating income ............................................................. 188.0 53.3
Interest expense ................................................................... (275.7) (191.4)
Interest and dividend income ................................................. 30.7 23.3
Share of results of affiliates, net ............................................. 4.7 7.1
Realized and unrealized gains (losses) on financial and
derivative instruments, net ................................................... 195.2 (187.6)
Foreign cu e cy t a sact o ga s, net ...................................
o e g currency transaction gains, et 46.7
6 153.0
53 0
Other-than-temporary declines in fair values of investments...... (206.6) (3.5)
Losses on extinguishment of debt, net .................................... (90.4) (0.2)
Gains on disposition of assets, net .......................................... 4.5 106.1
Other income (expense), net .................................................. (1.1) 7.2
Loss before income taxes, minority interests and
, y
discontinued operations ................................................. $ (104.0) $ (32.7)
26

27. Appendix
Free Cash Flow Definition and Reconciliation
FCF includes amounts from both our continuing and discontinued operations and is defined as net cash provided by operating activities less capital expenditures,
each as reported in our consolidated statements of cash flows. We have modified this definition from previous reporting so that non-cash capital lease additions are
no longer deducted to arrive at FCF. Accordingly, prior period FCF amounts have been revised to conform to our new FCF definition. Adjusted FCF represents FCF
less non-cash capital lease additions. Unlevered FCF represents FCF plus cash paid for interest. FCF, Adjusted FCF and Unlevered FCF are not GAAP measures of
p p p p , j
liquidity. We believe that our presentation of FCF, Adjusted FCF and Unlevered FCF provides useful information to our investors because these measures can be
used to gauge our ability to service debt and fund new investment opportunities. These FCF measures should not be understood to represent our ability to fund
discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at these amounts.
Investors should view these FCF measures as a supplement to, and not a substitute for, GAAP measures of liquidity included in our consolidated cash flow
statements. The table below highlights the reconciliation of net cash from operating activities to FCF, FCF to Adjusted FCF and FCF to Unlevered FCF for the three
months and year ended December 31, 2007 and 2006, respectively:
Three months ended
Th th dd Year ended
Y dd
December 31, December 31,
2007 2006 2007 2006
Amounts in millions
Net cash provided by continuing operations .......... $ 793.7 $ 652.6 $ 2,549.8 $ 1,803.1
Capital expenditures of continuing operations........ (583.3) (457.5) (2,034.5) (1,507.9)
FCF f
from discontinued operations ........................ - - - (17.8)
FCF .............................................................. $ 210.4 $ 195.1 $ 515.3 $ 277.4
FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4
(46.0) (77.8) (185.2) (150.4)
Capital lease additions.........................................
Adjusted FCF ................................................. $ 164.4
164 4 $ 117.3
117 3 $ 330.1
330 1 $ 127.0
127 0
FCF ................................................................... $ 210.4 $ 195.1 $ 515.3 $ 277.4
175.5 67.1 887.1 485.6
Cash Interest .....................................................
Unlevered FCF ............................................... $ 385.9 $ 262.2 $ 1,402.4 $ 763.0
27