m.
Tickets for the April 8 concert are $15 (student discount at
$7.

Revenue
Revenue for the quarter ended March 31, 2005 was $798 million, an increase
of 46% or $251 million compared to the same period in 2004.

Operating Statistics
Total RGUs were approximately 11., 4643 South Ulster
Street, Suite 1300, Denver, Colorado 80237, Attention: Investor Relations
Department , telephone: 303-770-4001.

Please visit http://www.9% 9,733 19.1%
chellomedia
Priority
Telecom 33,363 30,131 3,232 10.S.3%

Operating Cash Flow Definition and Reconciliation

Operating Cash Flow is the primary measure used by our chief operating
decision makers to evaluate segment operating performance and to decide
how to allocate resources to segments.6%
Sweden 18,499 18,439 0.3%
Slovak 7,625 6,854 11.6 % 13.9% 14.22 $21.

Capital Expenditures Update

The table below highlights our capital expenditures per NCTA cable
industry guidelines:

(thousands ) 3 months 3 months Year/Year 3 months Sequential
Mar-05 Mar-04 Change Dec-04 Change
Customer
Premises
Equipment $48,110 $28,182 71% $45,271 6%
Commercial 37 -- n. -- n.

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Using the same FX rates in effect during
last year's first quarter , our revenue and OCF growth rates were 38% and 28%
respectively, well ahead of our full year guidance targets of 20% growth for
each of those performance measures. Excluding
acquisitions (primarily Noos and Chorus), revenue in Western Europe increased
16% compared to the same period in 2004, while sales in Central and Eastern
Europe increased 36% on the same basis.9 billion and we had cash
and cash equivalents (including short-term liquid investments) of
$1. cable companies, we added 163,100 net new RGUs during the
quarter, a 77% improvement compared to the same period last year. The statement about the
Company's proposed business combination with Liberty Media International
("LMI") and acquisition of NTL Ireland are also forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.6%
Hungary 67,379 50,695 16,684 32 . dollar change and percent change,
respectively, from period to period.9%
Romania 4,549 2,879 1,670 58.4%) (4,804) (20.0%)
Total
UGC $279,332 $204,284 $75,048 36.S.

The table below highlights the reconciliation of net cash flows from
operating activities and Free Cash Flow:

3 months 3 months Year/Year 3 months Sequential
(thousands) Mar-05 Mar-04 Change Dec-04 Change
Net cash flows
from operating
activities $132,118 $115,771 14% $213,858 -38%
Capital
expenditures (167,306) (80 ,210) 109% (175,179) -4%
Free cash flow ($35,188) $35,561 -199% $38 ,679 -191%

UPC Distribution, B.1%
Quarterly Net
Subscriber Change (1) 102,900 98,300 60,700 47,700

Telephone
Telephone Homes
Serviceable 5,675,100 5,512,400 4,507,400 4,488,500
Telephone Subscribers 847,500 803,500 761,000 756,700
Penetration 14.e. n.m. n.

Total RGUs 9,065,100 8,995,100 140,100 535,700
Quarterly Net
Subscriber Change (1) 69,600 141,600 n.m., Noos, Chorus and Telemach) and 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. In some cases,
non-paying subscribers are counted as subscribers during their free
promotional service period.

(8) "MMDS Subscriber" is a home or commercial unit that receives our
video programming via a multipoint microwave (wireless) distribution
system. In some cases,
non-paying subscribers are counted as subscribers during their free
promotional service period.

(9) "Internet Homes Serviceable" are homes that can be connected to our
broadband networks, where customers can request and receive Internet
access services.

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Lifestyle Editors/Music Editors

NEW YORK ----Some may call it
symphonic technology, while others hear the harmony that exists
between engineering innovation and a passion for music. Record Q1 Subscriber Growth;
2005 Guidance Targets Confirmed

DENVER, UnitedGlobalCom, Inc."
"We have made good progress recently on a number of our key strategic
initiatives. Finally, we recently announced our
plans to migrate all of our cable subscribers to digital in the Netherlands,
which we expect to begin in the fourth quarter of 2005.

Operating Cash Flow
Operating Cash Flow (OCF) for the quarter ended March 31, 2005 was
$279 million, an increase of 37% compared to the prior year.

Net Income (Loss)
Net loss was $(3) million or ($0. Investors may obtain a copy of the definitive joint
proxy statement/prospectus and other documents related to the business
combination free of charge at the SEC's website (http://www. In
addition, copies of the definitive joint proxy statement/prospectus and other
related documents filed by the parties to the merger may be obtained free of
charge by directing a request to UnitedGlobalCom, Inc.01 par value,
1,000,000,000 shares authorized,
11,165,777 shares issued 112 112
Class C common stock, $0. dollar change and
percent change , respectively, after removing foreign currency translation
effects, or "F/X.4% 901 4.S. These amounts are
based on the Euro for the Netherlands, Austria, France, Belgium, Ireland ,
chellomedia, UGC Europe corporate and other, Norwegian Krone for Norway,
Swedish Krona for Sweden, Slovenian Tolar for Slovenia, Hungarian Forint
for Hungary, Polish Zloty for Poland , Czech Koruna for Czech Republic,
Slovak Koruna for Slovak Republic, Romanian Leu for Romania , Chilean Peso
for Chile, and U.1% 281 5.2%
chellomedia
Priority
Telecom 4,808 4,446 362 8.5%
Corporate
and other (12 ,883) (3,834) (9,049) (236.2%
Hungary 22,991 19,325 19.

In January 2005, we changed the structure of the internal organization to
manage our Internet access business, called chello broadband, within the
UPC Broadband division rather than within the chellomedia division.8%
Quarterly Net
Basic Subscriber
Change (1) (34,300) 46,100 (14,200) (37,100)

Digital Subscribers 719,200 696,200 654,600 191,500
Digital Penetration 4., Noos, Chorus and Telemach) and 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 .e.3% 1.1% n. n.m.m.
ARPU per RGU (2) $18.

(12) "Telephony Subscriber" is a home or commercial unit connected to our
networks, where a customer has requested and is receiving voice
services.

(3) "Customer Relationships" are the number of customers who receive at
least one level of service without regard to which service(s) they
subscribe. As mentioned above, we no longer include a Digital Cable
Subscriber as an Analog Cable Subscriber as well.

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5% 1,013 12.1%
Media (152) (6,195) 6,043 (97. In addition, our internal decision
makers believe our measure of Operating Cash Flow is important because
analysts and other investors use it to compare our performance to other
companies in our industry.0%
Total Triple Play UPC Broadband 482,484 467,765 3.6%
Quarterly Net
Digital Subscriber
Change (1 ) 23,000 27,100 28,100 33,200

DTH Subscribers 250,400 245,100 209,000 208,900

MMDS Subscribers 149,600 150,400 63,500 63,100

Broadband Internet
Broadband Internet
Homes Serviceable 10,536,700 10,303,100 10,032,200 7,326,900
Broadband Internet
Subscribers 1,514,400 1,401,100 1,299,800 1,031,000
Penetration 14.
Mar-04 Dec-03 4Q04 (1) 1Q04 (1)
Video
Homes Passed 12,288,800 12,260,100 49,200 202,200
Basic Analog
Subscribers 6,919,700 6,948,400 (34,300) (39,500)
Basis Penetration 56.m .e., Noos, Chorus and Telemach) and is
calculated as follows: average monthly broadband revenue converted at
the same average exchange rates for the three months ended
March 31, 2005 for each period as indicated, divided by the average
of the opening and closing Customer Relationships for the period.

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The performance is being held in conjunction with yearlong events
commemorating the 125th anniversary of ASME (The American Society of
Mechanical Engineers ). Please refer to the table on page 9 for additional
information. Net debt to annualized Operating Cash Flow(4) or our
consolidated leverage ratio was 3.S.

About UnitedGlobalCom
UGC is a leading international provider of video, voice, and broadband
Internet services with operations in 16 countries, including 13 countries in
Europe.01 par value,
1,000,000,000 shares authorized ,
413,455,479 and 413,206,357 shares
issued, respectively 4,134 4,132
Class B common stock, $0.9% 4,750 20.9%
Sweden 11,749 10,851 898 8.1%
Belgium 5,287 4,760 527 11.1% 138 3.6% 5,182 20.1%
Corporate and Other 8,338 5,548 50.7% 48., Noos, Chorus and Telemach) and is
calculated as follows: average monthly broadband revenue for the
period as indicated, divided by the average of the opening and closing
Customer Relationships for the period.e.3% 56.

Digital Subscribers 158,300 135,600 23,000 111,400
Digital Penetration 1.m.51 0.7% 17. 1. A home may contain one or more
RGUs.

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On April 7, 1880, the Society held its first organized meeting in
what is now the DeBaun Auditorium at Stevens Institute . As a result of this
initiative, we expect to eventually deploy over 2 million digital set-top
boxes and enhance our leading position in the Dutch pay-TV marketplace. Under the "old method" of double counting digital RGUs currently used
by most U. UGC STOCKHOLDERS
AND OTHER INVESTORS ARE URGED TO READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE
BUSINESS COMBINATION.sec.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited )

Three Months Ended
March 31,
2005 2004
Cash Flows from Operating Activities
Net income (loss ) $(2,859) $(149,665)
Adjustments to reconcile net income
(loss) to net cash flows from
operating activities:
Depreciation and amortization 226,899 217,694
Impairment of long-lived assets,
restructuring charges and other 4,269 4,335
Stock-based compensation (1,339) 61,852
Accretion of interest on senior notes
and amortization of deferred
financing costs 10,879 3,186
Unrealized foreign currency transaction
gains, net 25,159 13,100
Realized and unrealized (gains ) losses
on derivative instruments (75,339) 4,025
Losses (gains) on extinguishment of debt 11,980 (31,916)
Gains on sale of investments (28,300) (46)
Deferred income tax expense (benefit), net 5,816 (5,247)
Minority interests in losses of
subsidiaries and other , net (4,238) (470)
Share in results of affiliates, net 2,380 2,213
Other non-cash items -- 6 ,894
Change in assets and liabilities:
Change in receivables and other assets 28,661 (17,554)
Change in accounts payable, accrued
liabilities and other (71,850) 7,370
Net cash flows from operating activities 132,118 115,771

Cash Flows from Investing Activities
Cash paid for acquisitions ,
net of cash acquired (139,634) --
Cash paid for acquisition, refunded by seller 56,493 --
Capital expenditures (167,306) (80,210)
Purchases of short-term liquid investments (16 ,233) (17,487)
Proceeds from sale of short-term
liquid investments 46,869 --
Restricted cash released, net 26 ,019 6,105
Investments in and loans to affiliates (907) (50)
Proceeds from sale of investments in affiliates 35,439 --
Purchase of interest rate caps and swaps (2,559) (14,198)
Settlement of interest rate caps and swaps (542) --
Dividends received from affiliates 9,840 4,801
Other 3,631 24
Net cash flows from investing activities (148,890) (101,015)

Cash Flows from Financing Activities
Issuance of common stock 1,016 1,076,264
Proceeds from issuance of debt 3,327,594 18,773
Repayments of debt (3,184,973) (113,557)
Financing costs (44,261) (21,071)
Net cash flows from financing activities 99,376 960 ,409

Effects of Exchange Rates on Cash (45,513) (9,741)
Increase in Cash and Cash Equivalents 37,091 965,424
Cash and Cash Equivalents,
Beginning of Period 1,028,993 310,361
Cash and Cash Equivalents ,
End of Period $1,066,084 $1,275,785

Revenue

The following table provides an analysis of our revenue by business
segment for the three months ended March 31, 2005 and 2004 (in thousands,
except percentages). The first two columns present our consolidated
revenue for each comparative period.0%
Corporate
and other 10,943 6,699 4,244 63.7% 1,687 5.3% 5 2.1% 43 2.8% $208,113 38. The fifth and sixth columns present
the U.3%
Slovak
Republic 5,313 3,884 1,429 36.1% 11,907 25. We define Free Cash
Flow as net cash flows from operating activities less capital
expenditures. 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.0%
France (other than Noos) 28,162 26,922 4.98 $18. n.m.34 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.

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

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Interviews and special
photo ops will be available following the performance.
Average monthly revenue (ARPU) per RGU, excluding acquisitions, for the
three months ended March 31, 2005 was $21.
During the first quarter we added 140,100 net new RGUs, which represents a
101% increase from last year's first quarter RGU additions, primarily driven
by strength in our broadband Internet and digital phone (VoIP) products in
Europe.
Condensed Consolidated Balance Sheets
(In thousands, except par value and number of shares)
(Unaudited)

March 31, December 31,
Assets 2005 2004
Current assets:
Cash and cash equivalents $1,066,084 $1,028,993
Restricted cash 16,866 43,640
Short-term liquid investments 18,361 48 ,965
Trade receivables, net 177,375 184,222
Other receivables 66,874 134,110
Other current assets, net 150,171 98,525
Total current assets 1,495,731 1,538,455
Long-term assets:
Investments in affiliates, accounted
for using the equity method 311,845 345,790
Other investments 277,819 262,091
Property and equipment, net 3,984 ,935 4,193,095
Goodwill 2,176,803 2,170,705
Intangible assets, net 414,573 445,172
Other assets, net 216,646 178,989
Total assets $8,878,352 $9,134,297

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $313,866 $345,535
Accrued liabilities 409,160 462,927
Subscriber advance payments and deposits 343,903 332,765
Accrued interest 32,403 88,608
Notes payable, related party 103,990 108,414
Current portion of debt 7,138 34,325
Other current liabilities 50,784 49,675
Total current liabilities 1 ,261,244 1,422,249
Long-term liabilities:
Long-term portion of debt 4,791,246 4,818,583
Other long-term liabilities 395,277 375,103
Total liabilities 6,447,767 6,615,935
Commitments and contingencies
Minority interests in subsidiaries 88,978 96,378
Stockholders' equity:
Preferred stock, $0.

Three Months Ended March 31,
Increase
(Decrease)
Increase Excluding
(Decrease ) F/X Effects
2005 2004 $ % $ %
Europe
(UGC Europe):
UPC Broadband
The
Nether-
lands $201,442 $171,595 $29,847 17.4%
Slovak
Republic 10,008 7,973 2,035 25.9% 179,913 40. The third and
fourth columns present the U.3% 228 2.2%) 5,785 (354.9%)
Total
Europe 261,234 182,998 78 ,236 42.7% n.m.1% n.

Telephone
Telephone Homes
Serviceable 4,467,700 4,467,800 162,700 1,183,200
Telephone Subscribers 741,800 732,800 44,000 105,200
Penetration 16.52 n. As mentioned above, we no longer include a Digital Cable
Subscriber as an Analog Cable Subscriber as well. As of March 31, 2005, we modified our methodology
and adjusted our prior Digital Cable Subscriber count accordingly.

(11) "Telephony Homes Serviceable" are homes that can be connected to our
networks, where customers can request and receive voice services.

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, on April 10. In Chile, revenue at VTR increased
18% for the first quarter 2005 compared to same period last year. Excluding foreign currency movements, the organic
increase in ARPU per RGU was approximately 8.9%
Austria 83,448 74,720 8,728 11.4% 815 8.8% 889 22.0 %) (9,049) (236. 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.6%
France (Noos) 72,297 73,899 -2.2%
Slovenia 3,123 -- n.a.9% 16.56 $25.04 $24.52

RGUs by region:
Europe (UGC Europe) 10,095,100 9,864,000 9,430,400 8,162,400
Chile (VTR) 1,031,400 1,004,800 968,900 939,700
Other 31,800 32,000 31,900 31,700
Total RGUs 11 ,158,300 10,900,800 10,431,200 9,133,800

(1) The net adds for each period as shown include the net gain from all
operations, including acquisitions, but exclude the impact from
acquisitions when they were originally acquired.m.0% 14.

(6) "Digital Cable Subscriber" is a customer with one or more digital
converter boxes that receives our digital video service as just one
customer.

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6% year-over-year. Excluding approximately $7 million of charges
associated with the potential business combination with Liberty Media
International , our organic cash flow growth rate for the quarter would have
been 15%.
Excluding acquisitions (primarily Noos and Chorus), OCF in Western Europe
increased 17% to $188 million.00) $(0.5%
Brazil,
Peru
and other 2,077 2,034 43 2. The first two columns present our
Operating Cash Flow by segment for each comparative period.8%
Czech
Republic 12,223 9,825 2,398 24.0%
Total
Latin
America 30,981 25,120 5,861 23. Any and/or all of these
items could be significant to our financial results.
(UPCD).4% n.

(3) Constant ARPU per RGU is for organic operations only and excludes
acquisitions (i.m.m. Some of these subscribers choose to
disconnect after their free service period. Commercial contracts
such as hotels and hospitals are counted on an equivalent bulk unit
(EBU) basis.

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Simply put,
the Romanian Orchestra of Engineers is a unique testament to the music
of engineering. Ghenghea is a
graduate of the Royal Music Academy in Bucharest and is an
accomplished cellist. Stevens Building
on Fifth Street between River and Hudson Street, Hoboken. Through the
years, ASME and Stevens Institute have provided leadership in
important activities, which have advanced the professional standing
and reputation of each institution, and have made significant
contributions to the engineering profession."

First Quarter 2005 Results
Our consolidated operating subsidiaries in Europe include UPC Broadband --
our cable television and broadband division with operations in 13 countries,
and chellomedia -- our media and programming division, which also includes our
Competitive Local Exchange Carrier (CLEC), Priority Telecom. Excluding the
results of Noos and Chorus and approximately $7 million of costs associated
with the potential business combination with Liberty Media International , our
first quarter overall OCF margin was 38. These forward-looking statements speak only as of the date of
this release.

Additional Information
Liberty Global, Inc.4% 21,420 57.3%)
Total
Europe 711,015 473,625 237,390 50.

Three Months Ended March 31,
Increase
(Decrease )
Increase Excluding
(Decrease) F/X Effects
2005 2004 $ % $ %

Europe
(UGC Europe):
UPC Broadband
The
Nether-
lands $113,168 $97,654 $15,514 15.2%
Corporate
and
other (29,479) (23,320) (6,159) (26.2%)
Total
chello-
media 4,355 (1,630) 5,985 (367.7%
Brazil,
Peru and
other 306 90 216 240.17

Customer Relationships 9,235,800 9,108,000 8,739,200 7,633,200
ARPU per Customer
Relationship (4) $26., Noos, Chorus and Telemach) and is
calculated as follows: average monthly broadband revenue converted at
the same average exchange rates for the three months ended
March 31, 2005 for each period as indicated, divided by the average
of the opening and closing Customer Relationships for the period. n.m. n.

(4) "Revenue Generating Unit" is separately an Analog Cable Subscriber,
Digital Cable Subscriber, DTH Subscriber , MMDS Subscriber, Internet
Subscriber or Telephony Subscriber.

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Comprised entirely of engineering and technical professionals, the
Romanian Orchestra of Engineers will perform at the Center for the
Performing Arts at Stevens Institute's DeBaun Auditorium in Hoboken,
N. Under the direction of founder Maestro
Petru Ghenghea, 92, an electro-mechanical engineer by profession, the
orchestra, with more than 130 titles in its repertoire, is acclaimed
as one of the world's premier amateur orchestras.

EDITOR'S NOTE: Complimentary tickets (limited to one pair) will be
available to members of the press while supplies last. We added 140,100 total RGUs during the period, which was more than
double last year's net additions in the first quarter, driven by robust
broadband data and digital phone sales. In Latin
America, our primary operation is VTR, our cable television and broadband
provider in Chile.4x compared to 3.
In addition to our cash balances, we currently have EUR 1.1 million homes passed and served over
11.9% 23,659 22.4% 3,731 55.7%
Total
UPC
Broad-
band 667,489 448,147 219 ,342 48.0% 11,872 16.0%

Operating Cash Flow

The following table provides an analysis of our Operating Cash Flow by
business segment for the three months ended March 31, 2005 and 2004 (in
thousands, except percentages). These columns demonstrate what the
Operating Cash Flow change would have been had exchange rates remained
the same as the comparative period in the prior year.0% 1,106 38.0% 216 240. As we use the term, Operating
Cash Flow is defined as revenue less operating, selling, general and
administrative expenses (excluding depreciation and amortization,
impairment of long-lived assets, restructuring charges and other and
stock based compensation). 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.V.9%
Austria 30,033 24,537 22.7 %
Czech Republic 9,313 6,566 41.2%
France (Noos ) 17,378 18,750 -7.5% 4.9%
Quarterly Net
Subscriber Change (1) 44,000 42,000 4,300 14,900

Total RGUs 11,158 ,300 10,900,800 10,431,200 9,133,800
Quarterly Net
Subscriber Change (1) 140 ,100 247,500 79,400 68,700
ARPU per RGU (2) $21.

(4) ARPU per Customer Relationship is for organic operations only and
excludes acquisitions (i.
Quarterly Net Digital
Subscriber Change (1) 22,700 6,200 n.

DTH Subscribers 199,000 191,500 5,300 51,400

MMDS Subscribers 63,000 64,100 (800) (2,400)

Broadband Internet
Broadband Internet
Homes Serviceable 7,127,100 7,045,000 51,400 652,900
Broadband Internet
Subscribers 983,300 922,700 102,900 309,600
Penetration 13. A home may contain one or more
RGUs.

(10) "Internet Subscriber " is a home or commercial unit with one or more
cable modems connected to our broadband networks , where a customer
has requested and is receiving high-speed Internet access services.

(5) "Analog Cable Subscriber" is comprised of basic cable video customers
that are counted on a per connection basis.

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When founded in 1956, the orchestra was originally comprised of
prominent scientists and teachers under the auspices of the Bucharest
Institute of Railroad Engineers . Reserved tickets are available by calling the DeBaun
Auditorium at 201-216-8937 or by email at BoxOffice@debaun .
"On a reported basis, revenue and Operating Cash Flow (OCF) in first
quarter 2005 increased 46% and 37%, respectively, in part due to favorable
foreign currency (FX) movements. Together with the market value of our interests in the
publicly traded securities of SBS Broadcasting and Austar United, and
including our cash balances at March 31, 2005, our total liquidity was
approximately $3.2 million RGUs, including approximately 8.5 million broadband Internet subscribers, and 847,500 telephone subscribers. 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.01 par value,
400,000,000 shares authorized,
379,603,223 shares issued and outstanding 3,796 3,796
Additional paid-in capital 2,621,810 2,624,159
Deferred compensation (10,671) (1,851)
Treasury stock, at cost (67,343) (75,844)
Accumulated deficit (359,173) (356,314)
Accumulated other comprehensive income 148,942 223,794
Total stockholders ' equity 2,341,607 2,421,984
Total liabilities and
stockholders ' equity $8,878,352 $9,134,297

UnitedGlobalCom , Inc.9%
France
(other
than Noos) 5,939 3,861 2,078 53 .0% 55.4% 13.51 n., Noos, Chorus and Telemach) and is calculated as
follows: average monthly broadband revenue converted at the same
average exchange rates for the three months ended March 31, 2005 for
each period as indicated, divided by the average of the opening and
closing RGUs for the period.

(5) Constant ARPU per Customer Relationship is for organic operations only
and excludes acquisitions (i. With
respect to MMDS , one home passed is equal to one MMDS subscriber. With respect to DTH, we do not count homes passed . 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.

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S. ("UGC")(1)
(Nasdaq: UCOMA), today announces operating and financial results for the three
months ended March 31, 2005.
We also expect to generate meaningful synergies from merger of NTL Ireland's
business with our Chorus asset, if the transaction receives regulatory
approval.
Total European revenue increased 50% to $711 million for the quarter ended
March 31, 2005 compared to the same period last year, primarily due to a 49%
increase in our core triple play operation, UPC Broadband.56 for the three months ended March 31, 2005, an
increase of 18% from $22. On a sequential basis,
however, our consolidated OCF margin increased by approximately 400 basis
points compared to 31.0% compared to 37.3% for the same
period last year due primarily to the inclusion of results from lower margin
broadband business in France and Ireland in the current period.com.gov).
(3) RGUs or Revenue Generating Units as determined by our "new"
methodology to eliminate the double counting of digital video RGUs. dollar change and percent change , respectively, from period to
period.7% 4,857 6.5%
Austria 39,418 34,831 4,587 13.7% 4,826 21.V.8%
Norway 9,590 8,550 12.0%
France (other than Noos) 4,525 2,354 92. The
Unaudited Data represent management accounts prepared by the management
of the Company . While presented with numerical specificity, the
Unaudited Data were not prepared with a view to public disclosure.11 $25.m.m.54 $19.7% 8.9%
Constant ARPU per
Customer
Relationship (5) $23.0%

RGUs by region:
Europe (UGC Europe) 8,124,100 8,075,400 113,700 413,500
Chile (VTR) 909,400 888 ,500 26,600 122,000
Other 31,600 31,200 (200) 200
Total RGUs 9,065,100 8,995,100 140,100 535,700

(1) The net adds for each period as shown include the net gain from all
operations, including acquisitions, but exclude the impact from
acquisitions when they were originally acquired .

(2) ARPU per RGU is for organic operations only and excludes acquisitions
(i . 31,999 -31%
Intangibles
+ Other 12,358 5,635 119% 8,070 53%
Total Capital
Expenditures $167,306 $80,210 109% $175,179 -4%
Capital
Expenditures
(% of Revenue) 21.

carpatho tirgu

We are also
aggressively increasing the speeds of our broadband Internet products across
Europe beginning with 20+ Mbps 'Extreme' products already launched in the
Netherlands, Norway, Belgium, and Sweden .21) per share in last year's first quarter. As of March 31, 2005, our broadband Internet
subscriber base exceeds 1.

Participants in Solicitation
The directors and executive officers of UGC and other persons may be
deemed to be participants in the solicitation of proxies in respect of the
proposed business combination.
(4) Represents net debt / annualized Operating Cash Flow for the three
months ended March 31, 2005. These amounts are based on the Euro for the
Netherlands, Austria, France, Ireland, Belgium, chellomedia, UGC Europe
corporate and other, Norwegian Krone for Norway, Swedish Krona for
Sweden, Slovenian Tolar for Slovenia , Hungarian Forint for Hungary,
Polish Zloty for Poland, Czech Koruna for Czech Republic, Slovak Koruna
for Slovak Republic, Romanian Leu for Romania, Chilean Peso for Chile,
and U .6% 152,523 45.2%
Poland 34,729 23,172 11,557 49.4% 11,829 16.1%
Corporate and
other 305 -- 305 -- 305 --
Total
UGC $798,286 $547,342 $250,944 45. Investors should view Operating
Cash Flow as a supplement to, and not a substitute for, operating income,
net income , cash flow from operating activities and other GAAP measures
of income as a measure of operating performance.

The table below highlights the reconciliation of Operating Cash Flow to
Net income (loss):

3 months 3 months 3 months
(thousands) Q1 2005 Q1 2004 Q4 2004

Total segment Operating Cash Flow $279,332 $204,284 $231,743
Depreciation and amortization (226,899) (217,694) (256,745)
Restructuring charges and other (4,269) (4,335) (41,541)
Stock-based compensation (8,738) (61,852) (52,767)
Operating income (loss) 39,426 (79,597) (119,310)
Interest expense , net (65,108) (68,405) (77,653)
Realized and unrealized gains
(losses ) on derivative
instruments, net 75,339 (4,025) (96,976)
Foreign currency transaction
losses, net (48,132) (21,852) 53,392
(Losses) gains on extinguishment
of debt (11 ,980) 31,916 --
Gains on sale of investments 28,300 46 12 ,096
Share in results of affiliates, net (2,380) (2,213) 5,766
Other expense , net (659) (7,298) (3,682)
Income (loss) before income
taxes and other items 14,806 (151,428) (226,367)
Income taxes and other (17,665) 1,763 125,259
Net income (loss) ( $2,859) ($149,665) ($101,108)

Free Cash Flow Definition and Reconciliation

Free Cash Flow is not a GAAP measure of liquidity.9%
Belgium 7 ,712 7,937 -2.3%
Slovenia 1,342 -- n.a.

(5) Constant ARPU per Customer Relationship is for organic operations only
and excludes acquisitions (i.m. n. 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. We have approximately
1. Commercial contracts
such as hotels and hospitals are counted on an equivalent bulk unit
(EBU) basis.

beskydy hennie

, April 8, at 7:30 p. Please refer to the end of this press release for
additional segment financial information.3% for the same period last year.8 million video subscribers ,
1. ("Liberty Global") has filed a Registration Statement
on Form S-4 containing a definitive joint proxy statement/prospectus related
to the proposed business combination between LMI and UGC .
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss)
(In thousands, except per share data)
(Unaudited)

Three Months Ended
March 31,
2005 2004
Statements of Operations
Revenue $798,286 $547,342
Operating costs and expenses:
Operating (327,240) (214,028)
Selling, general and
administrative ("SG+A") (191,714) (129 ,030)
Depreciation and
amortization (operating) (226,899) (217,694)
Restructuring charges and
other (operating) (4,269) (4,335)
Stock-based compensation (SG+A) (8,738) (61,852)
Operating income (loss) 39,426 (79,597)
Interest income 7,071 3,328
Interest expense (72,179) (71,733)
Foreign currency transaction losses, net (48,132) (21,852)
Realized and unrealized gains (losses)
on derivative instruments , net 75,339 (4,025)
(Losses) gains on extinguishment of debt (11,980) 31,916
Gains on sale of investments 28,300 46
Share in results of affiliates, net (2,380) (2,213)
Other expense , net (659) (7,298)
Income (loss) before income taxes
and other items 14,806 (151,428)
Income tax (expense) benefit, net (21,903) 1,293
Minority interests in losses of
subsidiaries and other, net 4,238 470
Net income (loss) $(2,859) $(149,665)
Earnings per share:
Basic and diluted earnings (loss)
per share $(0.4% $20 ,420 11.3% 3,999 12.9% 19,728 290.8% 1,803 46.1% 48,623 30.4%
Slovenia 1,761 -- 1,761 -- 1,761 --
Total
Central
and
Eastern
Europe 67,622 47,249 20,373 43.
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.8%
Czech Republic 19,091 16,656 14.6%
Norway 24,401 24,242 0.2%
Romania 3,466 2,153 61.2%

The above selected historic financial data of UPCD (the "Unaudited Data")
contained herein are unaudited, were not reviewed by the Company's
certified public accountants and are subject to possible adjustments.51
Constant ARPU per
Customer
Relationship (5) $26.

(2) ARPU per RGU is for organic operations only and excludes acquisitions
(i.

(3) Constant ARPU per RGU is for organic operations only and excludes
acquisitions (i.e.
Quarterly Net Basic
Subscriber Change (1) (29,100) 36,200 n.m.m.m.

(9) "Internet Homes Serviceable" are homes that can be connected to our
broadband networks, where customers can request and receive Internet
access services.

Consolidated Operating Data
March 31, 2005

Video Internet Telephone
DTH MMDS Homes Homes
Subscri- Subscri- Service- Subscri- Service- Subscri-
bers (7) bers(8) able(9) bers(10) able(11) bers(12)

Europe:
The
Nether -
lands -- -- 2,505,600 420,900 2,380,900 212,800
France -- -- 3,358,800 260,400 707,800 70,100
Austria -- -- 945,400 249,500 912,200 152,100
Norway -- -- 250,200 52,800 153,200 22,400
Sweden -- -- 282,300 80,000 -- --
Ireland -- 89,000 19,700 900 24,200 400
Belgium -- -- 155,900 31,400 -- --

Total
Western
Europe -- 89,000 7,517,900 1,095,900 4,178,300 457,800

Poland -- -- 582,500 62,700 -- --
Hungary 146 ,000 -- 706,600 85,300 426,100 72,900
Czech
Republic 89,900 -- 328,200 51,400 -- --
Romania -- -- 4 ,400 500 -- --
Slovak
Republic 14,500 32,100 182,200 12,000 -- --
Slovenia -- -- 87,500 11,400 -- --

Total
Central
and
Eastern
Europe 250 ,400 32,100 1,891,400 223,300 426,100 72,900

Total
Europe 250 ,400 121,100 9,409,300 1,319,200 4,604,400 530,700

Latin
America:
Chile -- 13,400 1,082,000 190,800 1,070,700 316,800
Brazil - - 15,100 15,100 1,100 -- --
Peru -- -- 30 ,300 3,300 -- --

Total
Latin
America -- 28 ,500 1,127,400 195,200 1,070,700 316,800

Grand
Total 250,400 149 ,600 10,536,700 1,514,400 5,675,100 847,500

Grand
Total
-Old
Method 250,400 149,600 10,536,700 1,514,400 5,675,100 847,500

(1) "Homes Passed " are homes that can be connected to our networks
without further extending the distribution plant, except for DTH and
MMDS homes. We have approximately
1.

wallachia rusyn

Dr.
Now, some 500 concerts later, the orchestra features a
multidisciplinary ensemble of mechanical, civil , chemical, electrical
and design engineers who share a common vision of technical
advancements along with the admiration for musical greats such as
Haydn, Handel, Mozart, Iosif Ivanovici and others .
Conductor Andrei Ilieshu, 54, a computer science engineer and
graduate of the Bucharest National Academy of Music, will take the
baton for the U. tour, which also includes a performance at the
Cathedral Basilica of the Sacred Heart in Newark, N. Contact Mel
Torre at 212-591-8157. In the meantime, digital phone sales
remain strong, averaging over 5,000 per week in the Netherlands and Hungary,
and we recently began our commercial VoIP launch in France.52 compared to the same period in 2004. In Chile , OCF for the quarter ended March 31,
2005 increased 23% to $31 million.
For the quarter ended March 31, 2005, our consolidated OCF margin was
35.00) earnings per share for the quarter
ended March 31, 2005, which compares with a net loss of $(150) million or
$(0.
Subscriber acquisition costs and corresponding equipment costs were materially
higher in this year's first quarter compared to last year given the
substantial increase in our net RGU additions. We expect our
digital phone RGU additions to increase over the next several quarters as we
launch the product across additional markets in Europe.

2005 Guidance
We are confirming all 2005 guidance targets as set forth in our Fourth
Quarter and Full Year 2004 Results press release and presentation dated
March 14, 2005, copies of which are available on our website at
http://www.8%
France
(Noos) 94,894 -- 94,894 -- 94,894 --
Norway 32,028 25,616 6,412 25.0% 3,509 13.6%
Media
(including
ZoneVision ) 27,808 6,784 21,024 309.4%) (5,397) (46.1% 195,936 41. dollar change and percent change , respectively, after removing
foreign currency translation effects.7%
France
(Noos) 23,810 -- 23,810 -- 23,810 --
Norway 12 ,587 8,742 3,845 44.9%
Ireland 6,778 -- 6,778 -- 6,778 --
Total
Western
Europe 218,736 160,699 58,037 36.3% 5,398 21. 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.7%
Slovak 4,048 2,543 59.0%
Total Triple Play UPC Broadband 212,252 184,135 15.3%
Corporate and Other (16,697) (11,394 ) 46.08 $20. vs.8% 13.m.

rusyn wudwor

The Republic of Ireland is one of the fastest growing economies in
Western Europe and we are well positioned to participate in the rapid growth
of broadband services there."
"In Europe, UPC is poised for the rapid expansion of digital phone (VoIP)
services across several new markets. ARPU per
customer relationship was $26.
Capital expenditures for the quarter ended March 31, 2005 were
$167 million (21% of revenues ) compared to $80 million (15% of revenues) for
first quarter 2004.1x for the same period in
the prior year, primarily as a result of increased borrowings to finance
acquisitions, which were financed with additional debt and cash on hand. Based on the Company's operating statistics at March 31, 2005 , UGC's
networks reached approximately 16.8% 682 7.7%
Intercompany
elimin -
ations (17,880) (11,656) (6,224) (53.1%
Total
Latin
America 86,966 73,717 13,249 18.2%
Romania 6,730 6,347 6.4%
Belgium 4,028 3,848 4. The
segment information for the three months ended December 31, 2004 has been
restated to reflect this change.22 $20.
Quarterly Net
Subscriber Change (1) 60,600 56,200 n. n.

(4) ARPU per Customer Relationship is for organic operations only and
excludes acquisitions (i. With respect to DTH, we do not count homes passed.

(11) "Telephony Homes Serviceable" are homes that can be connected to our
networks, where customers can request and receive voice services.

slovaks ursu

J.

Highlights for the quarter compared to the same period last year include:

* Revenue growth of 46% to $798 million
* Operating Cash Flow growth of 37% to $279 million(2)
* Net RGU additions of 140,100 (using new method)(3), an increase
of 101%
* Net loss of $(3) million compared to net loss of $(150) million

Mike Fries, President and Chief Executive Officer of UGC said, "We
delivered excellent operating and financial results for the first quarter of
2005 . In April, we closed on the merger or our Chilean subsidiary,
VTR, with Metropolis-Intercom, which will strengthen our market leading
position in broadband Internet, multi-channel video and triple -play services.0% in the fourth quarter of 2004 when our OCF margin
suffered primarily as a result of costs associated with the settlement of a
legal dispute for a Dutch programming contract (MovieCo ). Over the
past 12 months and excluding acquisitions, the Company has added 535,700 net
new RGUs on an organic basis.

(1) Also referred to as the "Company," "we," "us," "our," and
similar terms.
(2) Please see page 11 for an explanation of Operating Cash Flow and a
reconciliation of Operating Cash Flow to Net Income (Loss).01 par value,
10 ,000,000 shares authorized,
nil shares issued and outstanding -- --
Class A common stock, $0.6%
Ireland 23,261 -- 23,261 -- 23,261 --
Total
Western
Europe 506,440 334 ,134 172,306 51.S.0% 2,701 30.

Revenue 3 months 3 months Sequential
(in thousands of Euros) Mar-05 Dec-04 Change (%)

Triple Play:
The Netherlands 153,474 152,839 0.7%
Hungary 51,334 47,982 7.
Poland 26,459 25,055 5.7%

Operating Cash Flow 3 months 3 months Sequential
(in thousands of Euros) Mar-05 Dec-04 Change (%)
Triple Play:
The Netherlands 86,223 80,665 6.
Poland 10,363 7,665 35.2%
Sweden 8,952 7,179 24.5%
Total UPC Holding BV 195,555 172,741 13.6% 16.4%
Constant ARPU per RGU (3) $19.

Consolidated Operating Data
March 31, 2005
Video
Analog Digital
Two-way Customer Cable Cable
Homes Homes Relation- Total Subscri- Subscri-
Passed(1) Passed(2) ships(3) RGUs(4) bers(5) bers(6 )

Europe:
The
Nether-
lands 2,629,500 2,505,600 2,272,200 2,902,300 2,213,400 55,200
France 4,588,700 3,358,800 1,616,700 1,831,200 963 ,200 537,500
Austria 948,700 945,500 575,600 902,500 463,700 37,200
Norway 487,800 250,200 344,800 417,400 311,200 31,000
Sweden 421 ,600 282,300 293,800 373,800 252,100 41,700
Ireland 317,900 29,400 201,300 202,200 95,300 16,600
Belgium 155,900 155,900 147,100 166,300 134,900 --

Total
Western
Europe 9,550,100 7,527,700 5,451 ,500 6,795,700 4,433,800 719,200

Poland 1,886,800 582,500 997,500 1,053,200 990,500 --
Hungary 1,011,500 706,600 940,700 1,023,900 719,700 --
Czech
Republic 730,300 328,200 403,500 435,800 294,500 --
Romania 518,700 4,400 362,000 362,300 361,800 --
Slovak
Republic 420,700 193,700 296,800 306,800 248,200 --
Slovenia 123,700 87,500 106,000 117,400 106,000 --

Total
Central
and
Eastern
Europe 4,691,700 1,902,900 3,106,500 3,299,400 2,720,700 --

Total
Europe 14,241,800 9,430,600 8,558,000 10,095,100 7,154,500 719,200

Latin
America:
Chile 1,805,800 1,082,000 649,000 1,031,400 510,400 --
Brazil 15,400 15,100 15,100 16,200 -- --
Peru 66,800 30,300 13,700 15,600 12,300 --

Total
Latin
America 1,888,000 1,127,400 677,800 1,063,200 522,700 --

Grand
Total 16,129,800 10,558,000 9,235,800 11,158,300 7,677,200 719,200

Grand
Total
-Old
Method 16,129,800 10,558,000 9,235,800 11,877,500 8,396,400 719,200

(1) "Homes Passed" are homes that can be connected to our networks
without further extending the distribution plant, except for DTH and
MMDS homes. "Total RGUs" is the sum of Analog, Digital
Cable, DTH, MMDS, Internet and Telephony Subscribers.

(5) "Analog Cable Subscriber" is comprised of basic cable video customers
that are counted on a per connection basis.

(10) "Internet Subscriber" is a home or commercial unit with one or more
cable modems connected to our broadband networks, where a customer
has requested and is receiving high-speed Internet access services.

batumi sorb

50).

UGC Reports First Quarter 2005 Results

Excluding the
impact of foreign exchange movements, currency adjusted year-over-year revenue
growth was 38% for first quarter 2005, well ahead of our 20% full year 2005
guidance target, as a result of higher average monthly revenue per subscriber
(ARPU) and RGU growth. Excluding
that payment, our FCF for the period would have been a positive $14 million,
which compares to $36 million that we generated in last year's first quarter. As a result, we no longer "double count" a
digital video subscriber also as an analog video subscriber. Telephony additions were
44,000 for the first quarter primarily driven by the early success of our
digital phone (VoIP) launches in the Netherlands and Hungary.com for further information.S.S.6%
Latin America:
Broadband
Chile
(VTR) 30,675 25,030 5,645 22.7% $57,860 28.2% 1.0% 14.69 $18.56 $26.

Consolidated Operating Statistics

The table below shows operating statistics for UGC on a consolidated
basis:

Growth Growth
As of As of vs. n.

(2) "Two-way Homes Passed" are homes passed by our networks 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, telephony services. In addition, we recently
modified our RGU count methodology whereby a Digital Cable Subscriber
is not counted as an Analog Cable Subscriber as well, thereby
reducing RGUs accordingly.

sorb wallachia

org
The DeBaun Auditorium is located at the Edwin A. Excluding the
impact of FX movements , our OCF growth was 28% compared to the prior year
period, significantly above our guidance target of 20% OCF growth for the full
year.
Total European OCF increased 43% to $261 million for the quarter ended
March 31, 2005, primarily due to a 39% increase at UPC Broadband.0% compared to 37.1 billion. We are providing
our subscriber results under both this "new" method as well as our "old"
method for comparative purposes.5 million total RGUs. Information regarding UGC's directors and
executive officers and other participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, is available in the definitive joint proxy statement/prospectus
contained in the above-referenced Registration Statement. dollars for Brazil, Peru and other and UGC corporate.5%
France
(excluding
Noos) 36,964 31,245 5,719 18.4% 1,659 27.3%
Total
chello-
media 61,406 37,134 24,272 65.2% 2,752 7. We reconcile the total of the reportable
segments' Operating Cash Flow to our consolidated net income as presented
in our consolidated statements of operations, because we believe
consolidated net income is the most directly comparable financial measure
to total segment operating performance.7% 13.e. Prior to March 31, 2005, we counted certain customers,
primarily at Noos, with two digital converter boxes as two customers,
instead of one.34 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.

lusatia sorbian

Ticket will be
distributed on a first come, first serve basis. At March 31, 2005, we had
approximately 11. As a result, we believe that we're on
track to meet or exceed our full year guidance for 600,000 net new RGUs(3). Please refer to the table on page 10 for additional information.21)

Statements of Comprehensive Income (Loss)
Net income (loss) $(2,859) $(149,665)
Other comprehensive income (loss):
Foreign currency translation adjustments (91,324) (48,091)
Net unrealized gains on
available-for-sale securities 26,575 19,438
Reclassification adjustment for
gains on available-for-sale securities
included in net income -- --
Other comprehensive income (loss)
before income taxes (64,749) (28,653)
Provision for income taxes related
to net unrealized gains on
available -for-sale securities (10,103) --
Other comprehensive income (loss) (74,852) (28,653)
Comprehensive income (loss) $(77 ,711) $(178,318)

UnitedGlobalCom, Inc. The third and fourth columns present
the U. The fifth and sixth columns present the U.7%
Sweden 24,281 21,987 2,294 10.5%
Czech
Republic 25,058 19,398 5,660 29 .3%
Hungary 30,175 22,238 7,937 35.5% 2,510 29.

Consolidated Operating Statistics

The table below shows operating statistics for UGC on a consolidated
basis:

As of As of As of As of
Mar-05 Dec-04 Sep-04 Jun-04
Video
Homes Passed 16,129,800 15,956,900 15,510,100 12,323,500
Basic Analog
Subscribers 7,677,200 7,604,500 7,443,300 6,882,600
Basis Penetration 47.4 % 4.52
Constant ARPU per RGU (3) $21.74 2.e.7% 43% 23.

(2) "Two-way Homes Passed" are homes passed by our networks 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, telephony services. In addition, we recently
modified our RGU count methodology whereby a Digital Cable Subscriber
is not counted as an Analog Cable Subscriber as well, thereby
reducing RGUs accordingly. With
respect to MMDS, one home passed is equal to one MMDS subscriber. 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 . Prior to March 31, 2005, we counted certain customers,
primarily at Noos, with two digital converter boxes as two customers,
instead of one.

(12) "Telephony Subscriber " is a home or commercial unit connected to our
networks, where a customer has requested and is receiving voice
services.

choreographic carpatho

ASME, a 120,000-member educational and technical organization ,
provides continuing education, technical publications, develops
international standards and promotes the art, science and practice of
mechanical engineering worldwide. Excluding FX movements as well as acquisitions,
organic revenue growth for the first quarter 2005 was 13% compared to the same
period last year.22, an increase of 13% compared to
the same period in 2004. On an organic basis (excluding FX and the impact of acquisitions), OCF
growth was 11% year-over-year. OCF in
Western Europe increased 36% to $219 million (including Noos and Chorus),
while OCF in Central and Eastern Europe increased 43% to $68 million.

Free Cash Flow and Capital Expenditures
Free Cash Flow (FCF) for the quarter ended March 31, 2005 was negative
$35 million due in part to an approximate $50 million payment related to the
litigation settlement of a Dutch programming contract (MovieCo ).

Balance Sheet, Leverage, and Liquidity
At March 31, 2005, total long-term debt was $4.2 million at March 31, 2005. These risks and uncertainties include our
ability to complete the proposed merger with LMI by obtaining the approval of
holders of a majority of the aggregate voting power of our shares not
beneficially owned by LMI, Liberty Media Corporation ("Liberty") or any of
their respective subsidiaries or any of the executive officers of directors of
LMI, Liberty or the Company and satisfaction of other conditions necessary to
close the merger, regulatory approval for the acquisition of NTL Ireland,
continued use by subscribers and potential subscribers of the Company's
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.unitedglobal.
Please see footnote (4) for more detail.S." These columns demonstrate what the revenue change
would have been had exchange rates remained the same as the comparative
period in the prior year.1%
Belgium 10,122 8,971 1,151 12. dollars for Brazil, Peru and other and UGC corporate.9% $10,270 10.4%
Austria 63,577 60,593 4.3%
Total UPC Holding BV 490,822 473,313 3.6% 13.a.e.m.
Scaleable
Infrastructure 17,179 11,989 43% 27,744 -38%
Line Extensions 18,116 11,797 54% 12,096 50%
Upgrade /Rebuild 13,280 5,386 147% 17,920 -26%
Support Capital 36,079 17,221 110% 32,079 12%
Acquisitions (1) 22,147 0 n.

(3) "Customer Relationships" are the number of customers who receive at
least one level of service without regard to which service(s) they
subscribe. Some of these subscribers choose to
disconnect after their free service period.

ursu slovaks

Romanian Engineers Orchestra Makes First U.S. Appearance at Stevens Institute of Technology

2 million consolidated RGUs and customer growth has remained
strong early in the second quarter. The primary reason for the increase was higher spending
on customer premise equipment (CPE) due to the significant increase in RGU
growth in first quarter 2005 compared to the same period last year, as well as
foreign currency movements .2% 2,405 12.7%
Romania 8,833 6,076 2,757 45.5%) 6,053 (97.9% ) (406) (341.

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. UPCD is the borrower of record on our European Credit Facility.6% 47.30 $22.6%

Customer Relationships 7,625 ,000 7,624,300
ARPU per Customer
Relationship (4) $22. 3.a.4% -10%

(1) Includes Noos, Chorus, Telemach and Zone Vision.

(4) "Revenue Generating Unit" is separately an Analog Cable Subscriber,
Digital Cable Subscriber, DTH Subscriber , MMDS Subscriber, Internet
Subscriber or Telephony Subscriber. As of March 31, 2005, we modified our methodology
and adjusted our prior Digital Cable Subscriber count accordingly .

radost balada

For over 50 years the Bucharest-based orchestra has performed
throughout Romania and Europe.

We expect to benefit from a significant reduction in duplicative operating
costs and other synergies as a result of the merger over the next 1-2 years. Excluding
foreign currency movements, the organic increase in ARPU per customer
relationships was 13%.0 billion of
availability under the revolvers of our European credit facility subject to
covenant compliance.unitedglobal.
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.6%)
Total UPC
Broad -
band 256,879 184,628 72,251 39.7%)
Investments (301) 119 (420) (352. For example, our internal decision makers believe that the
inclusion of impairment and restructuring charges within Operating Cash
Flow distorts their ability to efficiently assess and view the core
operating trends in our segments., Noos, Chorus and Telemach) and is calculated as
follows: average monthly broadband revenue converted at the same
average exchange rates for the three months ended March 31, 2005 for
each period as indicated, divided by the average of the opening and
closing RGUs for the period.m.6% 16.
Quarterly Net
Subscriber Change (1) 9,000 15,100 n., Noos, Chorus and Telemach) and is
calculated as follows: average monthly broadband revenue for the
period as indicated, divided by the average of the opening and closing
Customer Relationships for the period. 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.

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

aska carpatho

0 billion using the market values and FX rates in effect on
that date. UGC
management has recently implemented a change in how we analyze RGUs with
respect to our video business.
In terms of net additions by product, we added a total of 102,900
broadband Internet subscribers during the first quarter, including 88,300 in
Europe and 14,500 in Chile.

Forward-Looking Statements: Except for historical information contained
herein, this press release contains forward -looking statements, including
guidance given for 2005, expectations about RGU growth, planned increases in
the speed of our broadband internet products and anticipated cost savings and
synergies from the recent VTR-Metropolis merger.

UnitedGlobalCom, Inc.3%
Slovenia 4,099 -- 4,099 -- 4,099 --
Total
Central
and
Eastern
Europe 150,106 107,314 42 ,792 39.8%
Investments 235 219 16 7.4%
Latin America:
Broadband
Chile (VTR) 84,889 71,683 13,206 18.7%
Poland 13,601 8,423 5,178 61.1% 55,726 30.8% 61,511 33.

The following table is provided for informational purposes only to
highlight revenue and Operating Cash Flow of UPC Distribution, B. As
such, the Unaudited Data should not be relied on, although management
believes that the Unaudited Data is accurate.40 $20.62 $23.71 $17.

(6 ) "Digital Cable Subscriber" is a customer with one or more digital
converter boxes that receives our digital video service as just one
customer.

(7) "DTH Subscriber " is a home or commercial unit that receives our video
programming broadcast directly to the home via a geosynchronous
satellite. "Total RGUs" is the sum of Analog, Digital
Cable, DTH, MMDS, Internet and Telephony Subscribers.