Insight Communications (ICCI) SC 13E3 Going private transaction

Exhibit 99(c)(5)

Draft

Searchable text section of graphics shown above

Project Ohio River

Special Committee Discussion Materials
July 28, 2005

Table of Contents

1.	Overview
2.	Valuation Analyses
3.	Dissolution Liquidity Analysis
	Appendix

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1

1. Overview

Transaction Summary

•     On March 7, 2005, Sidney Knafel (Chairman) and Michael Willner (President & CEO) along with certain other members of the management team (‘Management Group’), and The Carlyle Group (together ‘Buyer Group’), made an offer to purchase shares not owned by the Management Group for $10.70 per share in cash

•The Management Group owns 14% of the economic interest in Insight and 62% of the voting interest

•     On July 27, 2005, subsequent to negotiations with the Special Committee of the Board of Directors of Insight and its advisors, Evercore Partners, Citigroup and Skadden Arps Meagher and Flom, the Buyer Group presented a revised offer of $11.75 per share in cash

			Proposal
			$11.75
Premium/(Discount) to
1 Day Prior to Initial Offer	$	9.68	21.4		%
10 Trading Day Avg.	9.61		22.3
1 Month Average	9.84		19.4
3 Month Average	9.45		24.3
6 Month Average	9.13		28.7
Equity Value (a)			$	714
of Shares to be Purchased (b)			614
Proportionate Net Debt			1,430
Firm Value			2,143
TEV/Basic Subscribers
2004A			$	3,368
2005E			3,407
			Status Quo			PF for Dissolution (c)
TEV/EBITDA
LTM			9.9		x	11.2	x
NTM (Q2 ’05 to Q1 ’06)			9.0			10.3
NTM (Q3 ’05 to Q2 ’06)			8.8			10.1
2005E			9.2		x	10.6	x
2006E			8.4			9.7

Note: Insight capitalization is on a proportionate basis that includes 50% of Insight Midwest’s net debt and earnings and 100% of ICCI HoldCo’s net debt and earnings.

(a) Equity Value based on shares outstanding, plus restricted stock and in-the-money stock options, net of options proceeds.

(b) Net of option proceeds. Assumes 63.8 mm shares outstanding after option exercise, of which 9.1 mm are owned by management and affiliates and 8.5 mm are to be rolled over.

(c) Pro forma EBITDA statistics reflect the impact of dissolution as if dissolution were to occur on January 1, 2005.  See page 37 for additional information on methodology used to arrive at pro forma statistics.

2

Chronology

Date (2005)		Event
March 7	•	Buyer Group initial offer of $10.70 per share
March 14	•	Evercore and Citigroup engaged by Special Committee as financial advisors
April 13	•	Receipt of management projections by Special Committee and financial advisors
April 27	•	Received presentation from Buyer Group
May 4	•	Special Committee discussed preliminary due diligence findings and valuation perspectives with its advisors
May 10	•	Larry Smith/Comcast public statement regarding triggering dissolution (a)
May 11	•	Responded to the Buyer Group’s Proposal
June 1	•	S&P downgraded Insight Communications and Insight Midwest bonds
June 15	•	Received response from Buyer Group financial advisors
June 21	•	Revised offer of $11.20 per share communicated to Special Committee
June 27	•	Insight announced proposed debt refinancing
July 5	•	Revised offer of $11.50 per share communicated to Special Committee
July 14	•	Special Committee indicated it was unlikely to accept the Revised Offer
July 16	•	Revised offer of $11.60 per share communicated to Special Committee, including certain contract concessions; Special Committee indicated it was unlikely to accept Revised Offer
July 22	•	Insight completed debt refinancing
July 27	•	Revised offer of $11.75 per share communicated to Special Committee

(a) Larry Smith stated the following at Comcast’s analyst day on May 10, 2005: “[Insight] is on track to be broken up at the end of the year... We can pull the trigger Dec. 31, 2005.  We’ve made it clear, as of now, that certainly, that is our intent.”

3

Transaction Summary

Term		Summary
Transaction	•	Insight Acquisition Corp. (the “Buyer”) will be merged with and into Insight (“the Merger”). As a result of the Merger, Insight will become a privately held company controlled by the Buyer Group. To capitalize the Buyer, The Carlyle Group will contribute cash to the Buyer and the Management Group will contribute their shares of Insight Common Stock to the Buyer
Cash Consideration	•	$11.75 per share of Insight Common Stock
Transaction Funding	•	Carlyle to provide 100% of the cash purchase price
Representations &	•	No Material Adverse Effect clause
Warranties	•	Pursuant to the Partnership Agreement, Insight Communications Company, L.P. is the general partner of Insight Midwest, L.P.
	•	Certain industry specific representations
Covenants	•	Interim business covenant includes limitation on ability to enter into new material contracts
	•	No solicitation, except if there will be a breach in fiduciary duty, and the proposal is likely to lead to a Superior Proposal (as defined in the Merger Agreement)
	•	Force the vote provision
	•	No settlement of stockholder litigation without Buyer’s consent (not to be unreasonably withheld)
	•	Consent solicitation; Back-Stop Facility
Conditions to Closing	•	Majority of the Minority stockholder approval
	•	Filing of the Charter Amendment with the Secretary of State of Delaware
	•	Regulatory approval (Hart-Scott-Rodino)
	•	No Material Adverse Change (as defined in the Merger Agreement)

4

Term		Summary
Termination	•	By either the Buyer or the Company if:
		•     The Merger shall not have been consummated by February 15, 2006
		•     There is final order or injunction precluding the merger
		•     There is a failure to receive Company stockholder approval
	•	By Buyer if:
		•     Incurable breach by Company of its representations, warranties or covenants
		•     Material violation of no shop
		•     Failure to solicit proxies or hold stockholder meeting
		•     Change of recommendation (Buyer may terminate only within first 5 business days following the change)
Termination Fees	•	$10mm fee (less expenses) and $4mm expense reimbursement policy payable by Company immediately following termination in certain circumstances
	•	Fee may not be shared with Knafel or Willner (other than for their out-of-pocket expenses)
Ancillary Agreements	•	Voting Agreement, Exchange Agreement, Carlyle Guarantee
Comcast Partnership	•	Prior to the effective time of the Merger, Insight will not deliver an exit notice pursuant to its partnership agreement with Comcast, and if Comcast delivers such an exit notice to Insight, Insight will elect to postpone for a period of 6 months

5

ICCI Price Performance Since IPO

[CHART]

(a) One-year averages starting from IPO date (7/23/99).

6

Cable Sector Share Price Performance

•Since ICCI’s IPO, stock prices for cable providers have declined by an average of 51%

•Over the same time period, the S&P 500 has declined 9%

[CHART]

7

Historical Cable Trading Ranges

Cable Sector (a) FV / EBITDA Multiple

[CHART]

Source: Wall Street research.

Note: LTM data based on actual quarterly data.  Forward information based on projected quarterly data.  FTM and LTM EBITDA for 7/27/2005 reflect financials as of 3/31/05.

(a) Universe comprised of Cablevision, Charter, Comcast, Cox (through 2Q ’04), Insight and Mediacom.

8

ICCI Price Performance Since Initial Offer Date

[CHART]

9

Transaction Metrics

	Insight Communications												Cox Communications (a)									Cablevision (a)
	Day Prior			@ Original			@ Revised			Revised Offer PF			Day Prior			Initial Offer			Final Offer			Day Prior			Initial Offer
($ in millions, except per share data)	3/4/2005			Offer Price			Offer Price			Dissolution Case (g)			7/30/2004			8/2/2004			10/19/2004			6/17/2005			6/20/2005
Price	$	9.68		$	10.70		$	11.75		$	11.75		$	27.58		$	32.00		$	34.75		$	14.37		$	21.00
% Premium to Day Prior	—			10.5		%	21.4		%	21.4		%	—			16.0		%	26.0		%	NM			NM
Equity Value (b)	$	582		$	647		$	714		$	714		$	17,515		$	20,327		$	22,077		$	4,239		$	6,195
Net Debt & Minority Interest	1,430			1,430			1,430			1,430			6,670			6,670			6,670			7,371			7,371
Other Investments (c)	0			0			0			0			(2,552		)	(2,552		)	(2,552		)	0			0
Cable Firm Value	$	2,011		$	2,076		$	2,143		$	2,143		$	21,633		$	24,445		$	26,195		$	11,610		$	13,566
Premium / (Discount)
10 Trading Day Average	0.7		%	11.3		%	22.3		%	22.3		%	(1.4		)%	14.4		%	24.2		%	NM			NM
1 Month Average	(1.7		)	8.7			19.4			19.4			(1.5		)	14.3			24.1			NM			NM
3 Month Average	2.4			13.2			24.3			24.3			(7.2		)	7.7			16.9			NM			NM
6 Month Average	6.1			17.2			28.7			28.7			(11.1		)	3.1			12.0			NM			NM
Cable FV / EBITDA
2004	9.4		x	9.7		x	10.1		x	11.5		x	9.0		x	10.1		x	10.9		x	8.8		x	10.3		x
2005	8.6			8.9			9.2			10.6			8.2			9.2			9.9			8.2			9.6
2006	7.9			8.2			8.4			9.7			7.5			8.5			9.1			7.3			8.5
LTM (d)	9.3			9.6			9.9			11.2			9.2			10.4			11.1			9.1			10.6
NTM (e)	8.4			8.7			9.0			10.3			8.1			9.1			9.8			8.0			9.4
FV / Subscribers
2004	$	3,161		$	3,263		$	3,368		$	3,368		$	3,400		$	3,842		$	4,117		$	3,918		$	4,578
2005	3,197			3,300			3,407			3,407			3,386			3,826			4,100			3,861			4,511
Value of Shares to be Purchased (f)	$	499		$	556		$	614		$	614		$	6,633		$	7,696		$	8,357		$	3,391		$	4,956

Note: Insight capitalization is on a proportionate basis that includes 50% of Insight Midwest’s net debt and earnings and 100% of ICCI HoldCo’s net debt and earnings.

(a)Cox Communciations shown for illustrative purposes because it is the most recent completed going-private transaction in the cable industry.  Cablevision is the most recent announced going private transaction in the industry.

(b)Equity Value for Insight based on shares outstanding, plus restricted stock and in-the-money stock options, net of options proceeds.

(c)Cox includes Discovery value of $2,552 million pre-tax.

(d)LTM for Insight defined as Q2 ’04 to Q1 ’05. LTM for Cox defined as Q4 ’03 to Q3 ’04.

(e)NTM for Insight defined as Q2 ’05 to Q1 ’06. NTM for Cox defined as Q4 ’04 to Q3 ’05.

(f)Net of option proceeds. For Insight, assumes 63.8 mm shares outstanding after option exercise, of which 9.1 mm are owned by management and affiliates and 8.5 mm are to be rolled over.

(g)Pro forma EBITDA statistics reflect the impact of dissolution as if dissolution were to occur on January 1, 2005.  See page 37 for additional information on methodology used to arrive at pro forma statistics.

10

Stock Price Premium Analysis

(Dollars in Millions, Except per Share Data and Multiples)

			Day Prior			Initial Offer			Interim Proposals									Revised Offer			Market (a)
			$9.68			$10.70			$11.20			$11.50			$11.60			$11.75			$11.38
Price			Premium / (Discount) to
1 Day Prior	$	9.68	0.0		%	10.5		%	15.7		%	18.8		%	19.8		%	21.4		%	17.6		%
10 Trading Day Avg.	9.61		0.7			11.3			16.6			19.7			20.7			22.3			18.4
1 Month Average	9.84		(1.7		)	8.7			13.8			16.8			17.8			19.4			15.6
3 Month Average	9.45		2.4			13.2			18.5			21.7			22.7			24.3			20.4
6 Month Average	9.13		6.1			17.2			22.7			26.0			27.1			28.7			24.7
Equity Value (b)			$	582		$	647		$	679		$	698		$	704		$	714		$	690
of Shares to be Purchased (c)			499			556			583			600			605			614			593
Proportionate Net Debt			1,430			1,430			1,430			1,430			1,430			1,430			1,430
Firm Value			2,011			2,076			2,108			2,127			2,134			2,143			2,120
Basic Subscribers			Firm Value /
2004A	636		$	3,161		$	3,263		$	3,313		$	3,343		$	3,353		$	3,368		$	3,331
2005E	629		3,197			3,300			3,351			3,382			3,392			3,407			3,369
EBITDA			Firm Value /
LTM	$	217	9.3		x	9.6		x	9.7		x	9.8		x	9.8		x	9.9		x	9.7		x
NTM (Q2 ’05 to Q1 ’06)	238		8.4			8.7			8.8			8.9			9.0			9.0			8.9
NTM (Q3 ’05 to Q2 ’06)	244		8.3			8.5			8.6			8.7			8.8			8.8			8.7
2005E	$	233	8.6		x	8.9		x	9.0		x	9.1		x	9.2		x	9.2		x	9.1		x
2006E	254		7.9			8.2			8.3			8.4			8.4			8.4			8.3
EBITDA (PF for Dissolution) (d)			Firm Value /
LTM	$	191	10.6		x	10.9		x	11.1		x	11.2		x	11.2		x	11.2		x	11.1		x
NTM (Q2 ’05 to Q1 ’06)	207		9.7			10.0			10.2			10.3			10.3			10.3			10.2
NTM (Q3 ’05 to Q2 ’06)	212		9.5			9.8			9.9			10.0			10.1			10.1			10.0
2005E	$	203	9.9		x	10.2		x	10.4		x	10.5		x	10.5		x	10.6		x	10.5		x
2006E	221		9.1		x	9.4			9.5			9.6			9.7			9.7			9.6

Note: Insight capitalization is on a proportionate basis that includes 50% of Insight Midwest’s net debt and earnings and 100% of ICCI HoldCo’s net debt and earnings.

(a)Market price as of July 27, 2005.

(b)Equity Value based on shares outstanding, plus restricted stock and in-the-money stock options, net of options proceeds.

(c)Net of option proceeds. Assumes 63.8 mm shares outstanding after option exercise, of which 9.1 mm are owned by management and affiliates and 8.5 mm are to be rolled over.

(d)Pro forma EBITDA statistics assume dissolution were to take place on January 1, 2005.  See page 37 for additional information on methodology used to arrive at pro forma statistics.

11

2. Valuation Analyses

Summary Valuation Analyses

[CHART]

Note: Underlying numbers are from Management Projections for each of Status Quo and Dissolution scenarios.

(a)Targeting an IRR of approximately 20%, assumes dissolution 12/31/06, and sale to strategic in 2009.

(b)Targeting an IRR of approximately 20%, assumes dissolution 12/31/06, and IPO in 2009.

12

Squeeze Outs Analysis – 100% Cash Transactions

•Data below is for 100% cash transactions in which acquirers sought 20% or greater of target equity

Precedent All Cash Transactions

Date Announced	Date Completed					Target’s		Transaction Value ($ mm) (b)			Price				Initial Premium (c)				Final Premium (c)
		Target	Acquiror	% Sought		Leverage(a)		at Announcement		at Execution	Initial		Final		1 - Day		30 - Day		1 - Day		30 - Day
20-Jun-05	Not Closed	Cablevision Systems	Dolan Family	80.0	%	5.0	x	$	4,956	—	$	21.00	—		NM		NM		—		—
21-Feb-05	Not Closed	Eon Labs	Novartis	34.6		NM		989		—	31.00		—		11.0		18.2		—		—
02-Aug-04	02-Dec-04	Cox Communications	Cox Enterprises	38.0		2.9		7,857		8,532	32.00		$	34.75	16.0		13.6		26.0	%	23.4	%
22-Jul-04	23-Dec-04	AMC Entertainment	Investor Group	50.1		2.8		N/A		834	N/A		19.50		N/A		N/A		13.6		28.5
19-Feb-02	11-Apr-02	Travelocity.com Inc	Sabre Holdings Corp.	30.0		0.1		403		491	23.00		28.00		19.8		1.0		45.8		23.0
21-Sep-01	08-Nov-01	Prodigy Communications Corp.	SBC Communications	58.3		4.4		409		496	5.45		6.60		54.0		2.3		86.4		23.9
15-Feb-01	01-Oct-01	Westfield America Inc	Westfield America Trust	22.5		0.0		262		268	15.88		16.25		9.9		9.9		12.5		12.5
25-Jan-01	20-Jun-01	SodexhoMarriott Services	Sodexho Alliance	52.0		3.2		989		1,173	27.00		32.00		8.5		23.0		28.6		45.8
27-Oct-00	16-Mar-01	AzurixCorp.	Enron Corp.	33.0		6.8		276		330	7.00		8.38		96.5		73.5		135.1		107.6
15-Aug-00	01-Mar-01	Avis Group Holdings	Cendant	82.0		1.6		823		937	29.00		33.00		13.7		29.4		29.4		47.3
24-Jul-00	11-Jan-01	Phoenix Investment Partners	Phoenix Home Life Mutual	40.5		1.9		344		434	12.50		15.75		15.6		19.8		45.7		50.9
													Mean:		29.4	%	22.6	%	47.0	%	40.3	%
													Median:		15.8		19.0		29.4		28.5

Note:Data is for 100% cash transactions in which acquirors sought 20% or greater of target equity, and where transaction value was greater than $200 mm in past 5 years.

Cablevision transaction reflects proposed acquisition of cable and telecom business only.  Value based on assumption of 80% of 295 mm fully diluted shares outstanding being sought, based on disclosure in 13-D filing and information found in latest 10-Q and 10-K.  Leverage based on cable debt and EBITDA.  Premia based on stock price net of estimated value of Rainbow at $12.50 a share, per 13-D filing.

In cases where deals were pre-negotiated, initial offer price based company filings.

(a)Leverage defined as Total Debt & Preferred / LTM EBITDA.

(b)Represents equity value of the minority shareholders’ stake, which the acquiror proposed to acquire in the transaction.

(c)One-day premium measured relative to target’s closing stock price on last trading day prior to annoucement date; 30-day premium measured relative to target’s average closing stock price during the 30-day trading period prior to announcement date.

Implied ICCI Stock Prices

			Final Premium Paid (a)				Implied Stock Price
	Stock Price		Low		High		Low		High
One Day Prior	$	9.68	25.0	%	30.0	%	$	12.10	$	12.58
30 Day Average Prior (b)	9.93		25.0		30.0		12.42		12.91

(a)Based on median data from precedent squeeze out analysis.

(b)Average of 30 trading days prior to announcement date.

13

DCF – Status Quo Management Projections

(US $ in millions)	Fiscal Year Ending December 30,															Dissolution
Insight Midwest Income Statement	2005			2006			2007			2008			2009			Terminal Year
Revenue Growth	11.5		%	9.4		%	8.6		%	7.3		%	6.1		%	4.9		%
EBITDA Growth	7.3			8.2			8.7			6.0			4.3			(5.4		)
EBITDA Margin	39.9			39.4			39.5			39.0			38.3			34.5
Capex / Revenue	17.3			15.2			12.2			11.1			10.0			9.5
Unlevered FCF / EBITDA	44.6			47.6			50.5			51.4			51.8			51.4
Revenue	$	1,116		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584
EBITDA	445			481			523			555			578			547
EBIT	160			181			255			299			337			307
Less: Taxes at 41%	(66		)	(74		)	(105		)	(122		)	(138		)	(126		)
Plus: D&A	285			300			268			256			242			240
Less: CapEx	(193		)	(186		)	(162		)	(158		)	(151		)	(151		)
Plus: Change in Working Capital	12			8			8			11			10			11
Unlevered FCF	$	199		$	229		$	264		$	285		$	299		$	281
Terminal Adjusted FCF																$	234

DCF Valuation (as of 06/30/05) (a)
NPV of Cash Flows at 9.0% WACC	$	1,011
Terminal EBITDA (b)	547
Terminal Multiple	8.5		x
NPV of Terminal Value at 9.0% WACC	$	3,153
Midwest Firm Value	$	4,164
Less: Net Debt at Midwest	(2,481		)
Midwest Equity Value	$	1,683
Value of ICCI Stake in Midwest (50%)	$	842
Less: Net Debt at ICCI HoldCo	(189		)
Plus: Value of NOL’s	157
Plus: NPV of Hold Co. Cash Flows	40
ICCI Equity Value	$	849
Plus: Options Proceeds	51
ICCI Fully Converted Equity Value	$	900
Implied Price Per ICCI Share	$	13.86

(a) DCF valuation shown for illustrative purposes only at 9.0% WACC and a 8.5x FY1 EBITDA exit multiple.

(b) Terminal value based on post-dissolution EBITDA.

14

Implied Value per Share

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	$	12.05	$	13.56	$	15.05	$	16.54	$	18.03
8.5	%	11.50		12.99		14.45		15.91		17.37
9.0	%	10.96		12.42		13.86		15.29		16.72
9.5	%	10.44		11.87		13.29		14.69		16.09
10.0	%	9.93		11.32		12.72		14.10		15.47

ICCI Equity Value as of 6/30/05

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	$	733	$	830	$	926	$	1,023	$	1,120
8.5	%	698		792		887		982		1,077
9.0	%	664		756		849		942		1,035
9.5	%	630		721		812		903		994
10.0	%	598		687		776		865		954

Implied FV Multiple of 2005E EBITDA

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	8.8	x	9.3	x	9.7	x	10.1	x	10.6	x
8.5	%	8.7		9.1		9.5		10.0		10.4
9.0	%	8.5		8.9		9.4		9.8		10.2
9.5	%	8.4		8.8		9.2		9.6		10.0
10.0	%	8.2		8.6		9.0		9.4		9.8

Corresponding Premium to Pre-Offer Price Per Share

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	24.5	%	40.1	%	55.5	%	70.9	%	86.3	%
8.5	%	18.8		34.2		49.3		64.3		79.4
9.0	%	13.3		28.3		43.2		58.0		72.7
9.5	%	7.9		22.6		37.3		51.7		66.2
10.0	%	2.6		17.0		31.4		45.7		59.8

Implied Perpetuity Growth Rate

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	2.1	%	2.5	%	2.8	%	3.1	%	3.3	%
8.5	%	2.6		2.9		3.3		3.6		3.8
9.0	%	3.1		3.4		3.8		4.0		4.3
9.5	%	3.5		3.9		4.2		4.5		4.8
10.0	%	4.0		4.4		4.7		5.0		5.3

Implied FV Multiple of 2006E EBITDA

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	8.2	x	8.6	x	9.0	x	9.4	x	9.8	x
8.5	%	8.0		8.4		8.8		9.2		9.6
9.0	%	7.9		8.3		8.6		9.0		9.4
9.5	%	7.7		8.1		8.5		8.9		9.2
10.0	%	7.6		8.0		8.3		8.7		9.1

15

DCF – Dissolution Management Projections

	Fiscal Year Ended December 30,
($ in millions)	2005			2006			2007			2008			2009			2010
EBITDA	233			254			241			256			266			274
EBIT	89			103			105			126			144			154
Less: Taxes	(36		)	(42		)	(43		)	(52		)	(59		)	(63		)
Plus: D&A	144			151			135			129			122			120
Less: CapEx	(98		)	(94		)	(82		)	(80		)	(77		)	(76		)
Plus: Change in Working Capital	5			4			4			6			6			6
Unlevered FCF	$	104		$	122		$	120		$	129		$	136		$	141
Terminal Adjusted FCF																$	117

DCF Valuation (as of 06/30/05) (a)
NPV of Cash Flows at 9.0% WACC	$	485
Terminal EBITDA (b)	274
Terminal Multiple	8.5		x
NPV of Terminal Value at 9.0% WACC	$	1,577
Midwest Firm Value	$	2,061
Less: Net Debt at Midwest	(1,240		)
Midwest Equity Value	$	821
Value of ICCI Stake in Midwest	$	821
Less: Net Debt at ICCI HoldCo	(189		)
Plus: Value of NOL’s	135
Plus: NPV of Hold Co. Cash Flows	NA
Less: PV of Refinance for Dissolution	(34		)
ICCI Equity Value	$	733
Plus: Options Proceeds	36
ICCI Fully Converted Equity Value	$	769
Implied Price Per ICCI Share	$	12.06

(a) DCF valuation shown for illustrative purposes only at 9.0% WACC and a 8.5x FY1 EBITDA exit multiple

(b) Terminal value based on post-dissolution EBITDA

16

Implied Value per Share

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	$	10.22	$	11.73	$	13.25	$	14.74	$	16.23
8.5	%	9.68		11.16		12.65		14.12		15.58
9.0	%	9.15		10.60		12.06		13.51		14.94
9.5	%	8.60		10.06		11.49		12.91		14.32
10.0	%	8.07		9.53		10.93		12.32		13.71

ICCI Equity Value as of 6/30/05

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	$	616	$	713	$	809	$	906	$	1,003
8.5	%	581		676		771		866		960
9.0	%	548		641		733		826		919
9.5	%	515		606		697		788		879
10.0	%	483		572		661		750		839

Implied FV Multiple of 2005E EBITDA

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	8.3	x	8.8	x	9.2	x	9.6	x	10.0	x
8.5	%	8.2		8.6		9.0		9.4		9.8
9.0	%	8.1		8.4		8.8		9.2		9.6
9.5	%	7.9		8.3		8.7		9.1		9.5
10.0	%	7.8		8.2		8.5		8.9		9.3

Corresponding Premium to Pre-Offer Price Per Share

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	5.5	%	21.2	%	36.9	%	52.3	%	67.7	%
8.5	%	(0.0	)	15.3		30.7		45.8		60.9
9.0	%	(5.5	)	9.6		24.6		39.6		54.3
9.5	%	(11.1	)	3.9		18.7		33.4		47.9
10.0	%	(16.7	)	(1.5	)	12.9		27.3		41.6

Implied Perpetuity Growth Rate

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	2.1	%	2.5	%	2.8	%	3.1	%	3.3	%
8.5	%	2.6		2.9		3.3		3.6		3.8
9.0	%	3.1		3.4		3.8		4.0		4.3
9.5	%	3.5		3.9		4.2		4.5		4.8
10.0	%	4.0		4.4		4.7		5.0		5.3

Implied FV Multiple of 2006E EBITDA

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	7.6	x	8.0	x	8.4	x	8.8	x	9.2	x
8.5	%	7.5		7.9		8.2		8.6		9.0
9.0	%	7.4		7.7		8.1		8.5		8.8
9.5	%	7.2		7.6		8.0		8.3		8.7
10.0	%	7.1		7.5		7.8		8.2		8.5

17

Multiples Analysis – Status Quo

Public Market Multiples

($ in millions, Except per Share Data)

			Multiple Range						Implied Firm Value				Implied Equity Value (a)				Implied Equity Value per Share (b)
Metric	Data		Low			High			Low		High		Low		High		Low		High
2004A EBITDA	$	213	9.0		x	10.0		x	$	1,919	$	2,132	$	489	$	702	$	8.17	$	11.57
2005E EBITDA	233		8.5			9.5			1,980		2,213		551		784		9.20		12.85
2006E EBITDA	254		8.0			9.0			2,036		2,290		606		861		10.06		14.04
2004 Subscribers	636		$	3,000		$	3,500		$	1,909	$	2,227	$	479	$	797	$	8.00	$	13.06
															Max		$	10.06	$	14.04
															Mean		8.86		12.88
															Median		8.68		12.96
															Low		8.00		11.57

(a) Equity Value = Firm Value - Proportionate Net Debt

(b) Shares outstanding fluctuate based on fully converted share count for the implied equity value per share.

Precedent Transactions

($ in millions, Except per Share Data)

			Multiple Range						Implied Firm Value				Implied Equity Value (a)				Implied Equity Value per Share (b)
Metric	Data		Low			High			Low		High		Low		High		Low		High
2005E EBITDA	$	233	9.5		x	11.5		x	$	2,213	$	2,679	$	784	$	1,250	$	12.85	$	20.04
2004 Subscribers	636		$	3,250		$	3,750		$	2,068	$	2,386	$	638	$	956	$	10.57	$	15.52
															Mean		$	11.71	$	17.78

(a) Equity Value = Firm Value - Proportionate Net Debt

(b) Shares outstanding fluctuate based on fully converted share count for the implied equity value per share.

18

Multiples Analysis – Dissolution

Public Market Multiples

($ in millions, Except per Share Data)

			Multiple Range						Implied Firm Value				Implied Equity Value (a)				Implied Equity Value per Share (b)
Metric	Data		Low			High			Low		High		Low		High		Low		High
2004A EBITDA	$	187	9.0		x	10.0		x	$	1,679	$	1,866	$	250	$	436	$	4.17	$	7.28
2005E EBITDA	203		8.5			9.5			1,724		1,926		294		497		4.91		8.30
2006E EBITDA	221		8.0			9.0			1,768		1,989		338		559		5.65		9.33
2004 Subscribers	636		$	3,000		$	3,500		$	1,909	$	2,227	$	479	$	797	$	8.00	$	13.06
															Max		$	8.00	$	13.06
															Mean		5.68		9.49
															Median		5.28		8.81
															Low		4.17		7.28

(a) Equity Value = Firm Value - Proportionate Net Debt

(b) Shares outstanding fluctuate based on fully converted share count for the implied equity value per share.

Precedent Transactions

($ in millions, Except per Share Data)

			Multiple Range						Implied Firm Value				Implied Equity Value (a)				Implied Equity Value per Share (b)
Metric	Data		Low			High			Low		High		Low		High		Low		High
2005E EBITDA	$	203	9.5		x	11.5		x	$	1,926	$	2,332	$	497	$	903	$	8.30	$	14.69
2004 Subscribers	636		$	3,250		$	3,750		$	2,068	$	2,386	$	638	$	956	$	10.57	$	15.52
															Mean		$	9.43	$	15.10

(a) Equity Value = Firm Value - Proportionate Net Debt

(b) Shares outstanding fluctuate based on fully converted share count for the implied equity value per share.

19

Cable Change of Control Transactions

(Dollars in Millions, Subscribers in Thousands)

Date of Announcement	Acquiring Company	Seller/Acquired Company	Firm Value		Total Subs	Adjusted Core Cable Consideration per Subscriber		Forward EBITDA Multiple
Apr-05	Time Warner and Comcast	Adelphia	$	18,100	5,300	$	3,415	13.9	x
Sep-03	Atlantic Broadband LLC	Charter Communications	765		235	3,255		10.6
Jul-03	Susquehanna Communications	RCN Corp	120		30	4,027		9.4
Feb-03	Cequel III	Shaw Communications	85		27	3,148		11.9
Feb-03	Advance / Newhouse	Shaw Communications	112		44	2,545		10.1
Dec-02	G-Force LLC	Northland Cable	46		17	2,756		11.6
Aug-02	Patriot Media (Spectrum and Steve Simmons)	RCN Corp	245		80	3,063		11.3
Apr-02	Bresnan Communications	Comcast / AT&T Broadband	675		317	2,129		10.1
Dec-01	Comcast Corp	AT&T Broadband	56,560		13,357	4,235		22.9
May-01	Comcast	AT&T Baltimore Cable	500		110	4,545		NA
Apr-01	Comcast	AT&T	2,696		595	4,531		NA
Apr-01	Adelphia Communications	AT&T “PONY”	300		115	2,609		NA
Feb-01	Mediacom	AT&T Broadband	2,215		840	2,637		11.8
Jun-00	Adelphia Communications	GS Communications	826		155	5,329		27.5
Apr-00	Cablevision	AT&T Westchester Cable	628		126	5,000		NA
Apr-00	AT&T Broadband	Cablevision Boston Cable	1,790		358	5,001		NA
Mar-00	Sandler Capital	James Cable	160		72	2,226		11.6
Mar-00	Charter Communications	Cablevision of Michigan	173		49	3,557		18.7
May-99	Cox Communications Inc	TCA Cable TV Inc	3,634		883	4,115		19.6
					High	$	5,329	27.5	x
					Median	3,486		11.6
					Mean	3,615		14.1
					Low	2,129		9.4

20

Research Analyst Price Targets

	Pre Announcement					Post Announcement				Change in
Research Firm	Date	Target Price		PV (1)		Date	Recommendation	Target Price		Target Price (2)
Banc of America	02/24/05	$	11.00	$	9.86	06/14/05	Neutral	$	12.00	21.8	%
Calyon Securities (USA) Inc	02/25/05	9.50		8.51		03/07/05	Neutral	10.70		25.8	%
CIBC World Markets	02/24/05	13.00		11.65		03/21/05	Sector Perform	NA		NA
Citigroup	02/22/05	10.00		8.96		04/19/05	Hold	12.00		33.9	%
Credit Suisse First Boston	12/21/04	11.00		10.06		03/07/05	Neutral	11.00		9.4	%
Friedman, Billings, Ramsey & Co	02/25/05	10.00		8.93		04/29/05	Market Perform	10.00		12.0	%
Jefferies & Co	02/25/05	12.00		10.75		04/28/05	Hold	12.00		11.7	%
RBC Capital Markets	02/25/05	11.00		9.85		05/17/05	Underperform	12.00		21.8	%
Stifel Nicolaus	02/25/05	16.00		14.33		05/03/05	Market Perform	NA		NA
The Buckingham Research Group	11/01/04	8.00		7.29		03/07/05	Neutral	11.00		50.9	%
Tradition Asiel Securities Inc.	02/25/05	13.00		11.64		03/07/05	Buy	13.00		11.7	%
Wachovia Securities	02/24/05	10.00		8.96		03/07/05	Market Perform	11.50		28.4	%
Mean		$	11.21	$	10.07			$	11.52	22.7	%
Median		11.00		9.85				11.75		21.8	%
Maximum		16.00		14.33				13.00		50.9	%
Minimum		8.00		7.29				10.00		9.4	%

Source: Bloomberg, I/B/E/S, Nelson.

	Cost of Equity
Change in Target Price	11.0%		12.0%		13.0%
Mean	21.7	%	22.7	%	23.7	%
Median	20.7		21.8		22.8

Source: Bloomberg, I/B/E/S, Nelson

(1) Present value of 12 month forward price target discounted to 03/07/05 at an illustrative 12.0% equity cost of capital, with the exception of Buckingham price target, which is discounted from 12/31/05 to 03/07/05.

(2) Calculated as Post Announcement Target Price over Pre Announcement Target Price PV.

21

LBO Analysis – Sale to Strategic
(post-Dissolution)

LBO Summary

(Dollars in Millions)

Purchase Price	$	11.75
ICCI Equity Value	$	714
Plus: Proportionate Net Debt (3/31/05)	1,430
Enterprise Value	$	2,143
2005E Proportionate Dissolution EBITDA Multiple	10.6		x
Proportionate Debt / 2005E Dissolution EBITDA	7.0		x
Exit Multiple	9.0		x
2010E EBITDA (1)	$	317
Value of Midwest	$	2,851
Less: Proportionate Net Debt (12/31/09)	(1,203		)
Less: Promote Profits Interest	(42		)
Implied Equity Value (Midwest)	$	1,605
Implied Value per ICCI Share	$	25.73
IRR	19.7		%

(1) Assumes sale to strategic post-dissolution.

IRR Sensitivity Analysis

At 7.0x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$9.00		$10.00		$10.70		$11.75		$12.00		$13.00		$14.00
Exit Multiple
8.5	x	24.0	%	21.3	%	19.6	%	17.3	%	16.7	%	14.8	%	12.9	%
9.0	x	26.4	%	23.8	%	22.0	%	19.7	%	19.2	%	17.1	%	15.3	%
9.5	x	28.5	%	25.9	%	24.3	%	21.9	%	21.4	%	19.4	%	17.5	%
10.0	x	30.4	%	27.8	%	26.2	%	23.9	%	23.4	%	21.4	%	19.5	%
10.5	x	32.3	%	29.6	%	28.0	%	25.7	%	25.2	%	23.2	%	21.4	%

At 8.0x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$9.00		$10.00		$10.70		$11.75		$12.00		$13.00		$14.00
Exit Multiple
8.5	x	29.4	%	25.4	%	22.9	%	19.5	%	18.8	%	16.0	%	13.6	%
9.0	x	32.4	%	28.3	%	25.9	%	22.5	%	21.8	%	19.1	%	16.6	%
9.5	x	35.3	%	30.9	%	28.4	%	25.3	%	24.5	%	21.8	%	19.3	%
10.0	x	37.9	%	33.4	%	30.8	%	27.5	%	26.8	%	24.2	%	21.7	%
10.5	x	40.4	%	35.7	%	33.1	%	29.7	%	28.9	%	26.3	%	23.9	%

22

LBO Analysis – IPO
(Post-Dissolution)

LBO Summary

(Dollars in Millions)

Purchase Price	$	11.75
ICCI Equity Value	$	714
Plus: Proportionate Net Debt (3/31/05)	1,430
Enterprise Value	$	2,143
2005E Proportionate Dissolution EBITDA Multiple	10.6		x
Proportionate Debt / 2005E Dissolution EBITDA	7.0		x
Exit Multiple	8.0		x
2010E EBITDA (1)	$	274
Value of Midwest	$	2,188
Less: Proportionate Net Debt (12/31/09)	(1,203		)
Less: Promote Profits Interest	0
Implied Equity Value (Midwest)	$	985
Implied Value per ICCI Share	$	16.01
IRR	7.4		%

(1) Assumes IPO on 12/31/09

IRR Sensitivity Analysis

At 7.0x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$6.00		$7.00		$8.00		$9.00		$10.00		$10.70		$11.75
Exit Multiple
8.0	x	24.7	%	20.6	%	17.1	%	14.1	%	11.5	%	9.8	%	7.4	%
8.5	x	27.6	%	23.7	%	20.3	%	17.2	%	14.6	%	12.9	%	10.5	%
9.0	x	30.3	%	26.4	%	23.0	%	20.0	%	17.3	%	15.6	%	13.3	%
9.5	x	32.8	%	28.8	%	25.5	%	22.5	%	19.8	%	18.1	%	15.7	%
10.0	x	35.2	%	31.0	%	27.6	%	24.7	%	22.0	%	20.3	%	17.9	%

At 8.0x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$6.00		$7.00		$8.00		$9.00		$10.00		$10.70		$11.75
Exit Multiple
8.0	x	36.3	%	27.4	%	21.1	%	16.1	%	11.9	%	9.4	%	6.1	%
8.5	x	41.3	%	31.8	%	25.6	%	20.6	%	16.4	%	13.9	%	10.5	%
9.0	x	45.8	%	35.7	%	29.2	%	24.3	%	20.2	%	17.6	%	14.3	%
9.5	x	49.8	%	39.3	%	32.4	%	27.4	%	23.4	%	20.9	%	17.5	%
10.0	x	53.4	%	42.6	%	35.4	%	30.2	%	26.2	%	23.7	%	20.4	%

23

Theoretical Strategic Sale

•A multiple range of 9.5x-11.5x in a strategic sale appears in line with recent cable M&A precedent transactions

($ in millions)

	Year Ending December 31,
	2005E			2006E			2007E			2008E			2009E			2010E
Pro Forma Proportionate Revenue	$	558		$	611		$	663		$	711		$	755		$	792
Pro Forma Proportionate EBITDA	$	203		$	221		$	241		$	256		$	266		$	274
Plus: Half of Proportionate Additional Programming Expense	8			9			10			11			11			12
Plus: Half of HoldCo Corporate Overhead	10			10			10			11			11			12
Plus: Other Operational Synergies	2			4			4			8			13			19
Pro Forma Proportionate EBITDA with 50% Synergies	$	223		$	244		$	265		$	285		$	302		$	317
% Margin	40.0		%	40.0		%	40.0		%	40.0		%	40.0		%	40.0		%
% Change vs. Status Quo	(4.2		)%	(4.0		)%	(4.4		)%	(3.4		)%	(1.8		)%	(0.0		)%

	Assumed Post Dissolution Exit Date
	12/31/2005			12/31/2006			12/31/2007			12/31/2008			12/31/2009
FY1 Exit Multiple	10.5		x	10.5		x	10.5		x	10.5		x	10.5		x
FY1 EBITDA	$	244		$	265		$	285		$	302		$	317
Terminal Value	$	2,565		$	2,785		$	2,988		$	3,170		$	3,326
Less: Proportionate Net Debt	(1,460		)	(1,402		)	(1,357		)	(1,289		)	(1,203		)
Equity Value	$	1,105		$	1,382		$	1,631		$	1,881		$	2,123
Implied Future Price Per ICCI Share	$	17.80		$	22.08		$	25.91		$	29.76		$	33.47
Present Value (at 12.0% cost of equity) (a)	$	16.82		$	18.62		$	19.50		$	20.00		$	20.09

		Sensitivity of 12/31/06 Exit
Cost of		Terminal EBITDA Multiple
Equity (a)		9.5 x		10.0 x		10.5 x		11.0 x		11.5 x
11.0	%	$	15.38	$	17.12	$	18.87	$	20.61	$	22.36
11.5	%	15.27		17.01		18.74		20.48		22.21
12.0	%	15.17		16.89		18.62		20.34		22.06
12.5	%	15.07		16.78		18.49		20.20		21.91
13.0	%	14.97		16.67		18.37		20.07		21.77

(a) Share price discounted to 06/30/05.

24

Potential Outcomes of a Future Sale

Dissolution with Synergies

12/31/05 Exit

		Multiple of 2006E EBITDA
		9.5x		10.0x		10.5x		11.0x		11.5x
Annual EBITDA Performance vs. Plan
10	%	$	16.64	$	18.59	$	20.55	$	22.50	$	24.45
5	%	14.95		16.82		18.68		20.55		22.41
0	%	13.26		15.04		16.82		18.59		20.37
(5	)%	11.56		13.26		14.95		16.64		18.33
(10	)%	9.84		11.47		13.08		14.68		16.28

12/31/06 Exit

		Multiple of 2007E EBITDA
		9.5x		10.0x		10.5x		11.0x		11.5x
Annual EBITDA Performance vs. Plan
10	%	$	18.44	$	20.34	$	22.23	$	24.12	$	26.02
5	%	16.81		18.62		20.42		22.23		24.04
0	%	15.17		16.89		18.62		20.34		22.06
(5	)%	13.53		15.17		16.81		18.44		20.08
(10	)%	11.90		13.45		15.00		16.55		18.10

Dissolution without Synergies

12/31/05 Exit

		Multiple of 2006E EBITDA
		9.5x		10.0x		10.5x		11.0x		11.5x
Annual EBITDA Performance vs. Plan
10.0	%	$	13.10	$	14.87	$	16.63	$	18.40	$	20.17
5.0	%	11.55		13.26		14.95		16.63		18.32
0.0	%	10.00		11.63		13.26		14.87		16.47
(5.0	)%	8.43		10.00		11.55		13.10		14.62
(10.0	)%	6.77		8.34		9.83		11.31		12.78

12/31/06 Exit

		Multiple of 2007E EBITDA
		9.5x		10.0x		10.5x		11.0x		11.5x
Annual EBITDA Performance vs. Plan
10.0	%	$	15.14	$	16.86	$	18.59	$	20.31	$	22.03
5.0	%	13.66		15.30		16.94		18.59		20.23
0.0	%	12.17		13.74		15.30		16.86		18.43
(5.0	)%	10.67		12.17		13.66		15.14		16.63
(10.0	)%	9.16		10.60		12.01		13.42		14.83

Note: Present value of future stock prices analysis assumes 12% cost of equity.

25

3. Dissolution Leverage Analysis

25

Dissolution Leverage Statistics

•Dissolution assumed to occur on 12/31/06, pro forma EBITDA assumptions per Management guidance

•Dissolution Pro Forma leverage statistics assumes all debt at Insight Midwest is refinanced

•ICCI HoldCo 12 ¼% Senior Notes remain in place

	Year Ending December 31,
	2005E			2006E			2007E			2008E			2009E			2010E
Status Quo Proportionate Leverage Statistics
Net Debt	$	1,412		$	1,364		$	1,292		$	1,192		$	1,076		$	941
Total Proportionate Debt / Proportionate LTM EBITDA	6.8		x	6.1		x	5.3		x	4.6		x	4.0		x	3.4		x
Proportionate Net Debt / Proportionate LTM EBITDA	6.1		x	5.4		x	4.7		x	4.0		x	3.5		x	3.0		x
Proportionate Net Debt / (Proportionate LTM EBITDA - CapEx)	10.5		x	8.5		x	6.6		x	5.6		x	4.7		x	3.9		x
Proportionate LTM EBITDA / Cash Interest Expense	2.5		x	2.2		x	2.1		x	2.3		x	2.4		x	2.7		x
(Proportionate LTM EBITDA - CapEx) / Cash Interest Expense	1.5		x	1.4		x	1.5		x	1.7		x	1.8		x	2.1		x
Dissolution Pro Forma Leverage Statistics
Net Debt				$	1,402		$	1,357		$	1,289		$	1,203		$	1,103
Total Debt / LTM EBITDA				6.7		x	5.7		x	5.1		x	4.6		x	4.1		x
Net Debt / LTM EBITDA				6.3			5.6			5.0			4.5			4.0
Net Debt / (LTM EBITDA - CapEx)				11.0			8.6			7.4			6.4			5.6
LTM EBITDA / Cash Interest Expense				1.8			2.1			2.3			2.4			2.6
(LTM EBITDA - CapEx) / Cash Interest Expense				1.1			1.4			1.5			1.7			1.9

	Year Ending December 31,
	Status Quo						Dissolution Pro Forma
	2005E			2006E			2006E			2007E			2008E			2009E			2010E
Cash Flow Data
Proportionate EBITDA	$	233		$	254		$	221		$	241		$	256		$	266		$	274
Less: Proportionate Capital Expenditures	(98		)	(94		)	(94		)	(82		)	(80		)	(77		)	(76		)
Plus: Proportionate Decrease in Working Capital	5			4			4			4			6			6			6
Less: Proportionate Cash Interest Expense	(92		)	(115		)	(120		)	(117		)	(113		)	(109		)	(104		)
Proportionate Free Cash Flow	$	49		$	49		$	11		$	45		$	68		$	86		$	100

Note: Proportionate defined as 50% of Insight Midwest and 100% of Insight HoldCo

26

Dissolution EBITDA Sensitivity Analysis

	Year Ending December 31,
	2006E			2007E			2008E			2009E			2010E
Dissolution Pro Forma Leverage Statistics
EBITDA	$	221		$	241		$	256		$	266		$	274
Free Cash Flow	11			45			68			86			100
Total Debt / LTM EBITDA	6.7		x	5.7		x	5.1		x	4.6		x	4.1		x
Net Debt / LTM EBITDA	6.3		x	5.6		x	5.0		x	4.5		x	4.0		x
Net Debt / (LTM EBITDA - CapEx)	11.0		x	8.6		x	7.4		x	6.4		x	5.6		x
LTM EBITDA / Cash Interest Expense	1.8		x	2.1		x	2.3		x	2.4		x	2.6		x
(LTM EBITDA - CapEx) / Cash Interest Expense	1.1		x	1.4		x	1.5		x	1.7		x	1.9		x
Dissolution Pro Forma Leverage Statistics w/ 5.0% EBITDA miss
EBITDA	$	210		$	229		$	243		$	253		$	260
Free Cash Flow	0			33			55			73			86
Total Debt / LTM EBITDA	7.0		x	6.0		x	5.4		x	4.8		x	4.3		x
Net Debt / LTM EBITDA	6.7		x	5.9		x	5.3		x	4.8		x	4.2		x
Net Debt / (LTM EBITDA - CapEx)	12.1		x	9.3		x	7.9		x	6.8		x	6.0		x
LTM EBITDA / Cash Interest Expense	1.8		x	2.0		x	2.1		x	2.3		x	2.5		x
(LTM EBITDA - CapEx) / Cash Interest Expense	1.0		x	1.2		x	1.4		x	1.6		x	1.8		x
Dissolution Pro Forma Leverage Statistics w/ 10.0% EBITDA miss
EBITDA	$	199		$	217		$	230		$	240		$	246
Free Cash Flow	(11		)	21			42			59			72
Total Debt / LTM EBITDA	7.4		x	6.4		x	5.7		x	5.1		x	4.6		x
Net Debt / LTM EBITDA	7.1		x	6.3		x	5.6		x	5.0		x	4.5		x
Net Debt / (LTM EBITDA - CapEx)	13.4		x	10.1		x	8.6		x	7.4		x	6.5		x
LTM EBITDA / Cash Interest Expense	1.7		x	1.8		x	2.0		x	2.2		x	2.4		x
(LTM EBITDA - CapEx) / Cash Interest Expense	0.9		x	1.1		x	1.3		x	1.5		x	1.6		x

27

Present Value of Illustrative Future Stock Prices

•The following prices assume valuations of 8.5x – 9.0x the respective year’s forward EBITDA discounted to 6/30/05 at a 12% cost of equity

Status Quo	Early Dissolution
[CHART]	[CHART]
Early Dissolution – 5% EBITDA Miss	Early Dissolution – 10% EBITDA Miss
[CHART]	[CHART]

28

Appendix

Projections &
Valuation Backup

Insight Communications Actual Performance vs. Budget

2002

2003

2003

2005 Q2

2005 YTD (a)

Budget

Actual

% Var.

Budget

Actual

% Var.

Budget

Actual

% Var.

Budget

Actual

% Var.

Budget

Actual

% Var.

Basic Sub Revenue	$	509.7		$	506.1		(0.7	)%	$	548.5		$	537.0		(2.1	)%	$	581.5		$	573.7		(1.4	)%	$	152.2	$	150.8	(1.0	)%	$	300.4	$	299.2	(0.4	)%
Digital Revenue	71.8			66.1			(7.9	)	95.0			83.5			(12.2	)	101.1			98.8			(2.3	)	26.2		27.8		6.1		51.9		54.6		5.2
HSI Revenue	56.0			59.0			5.2		89.4			93.9			5.1		133.3			132.0			(0.9	)	45.9		46.3		0.8		87.8		88.4		0.7
Other	143.4			180.8			26.1		182.2			188.2			3.3		197.7			198.0			0.2		56.5		55.0		(2.5	)	108.3		107.8		(0.5	)
Total Revenue	$	780.9		$	812.0		4.0	%	$	915.1		$	902.6		(1.4	)%	$	1,013.6		$	1,002.5		(1.1	)%	$	280.9	$	280.0	(0.3	)%	$	548.5	$	550.0	0.3	%
EBITDA	$	362.2		$	355.5		(1.9	)%	$	404.1		$	387.1		(4.2	)%	$	430.6		$	432.0		0.3	%	$	111.4	$	122.4	9.9	%	$	211.6	$	230.0	8.7	%
Capex	$	(327.1	)	$	(283.0	)	(13.5	)%	$	(220.0	)	$	(196.7	)	(10.6	)%	$	(188.3	)	$	(174.1	)	(7.6	)%	NA		NA		NM		NA		NA		NM
Homes Passed (’000)	2,241			2,263			1.0	%	2,310			2,326			0.7	%	2,343			2,375			1.4	%	NA		2,396		NM		NA		2,396		NM
Basic Cable Subs (’000)	1,302			1,289			(1.0	)	1,322			1,294			(2.2	)	1,302			1,273			(2.3	)	1,271		1,257		(1.1	)	1,271		1,257		(1.1	)
Digital Subs (’000)	351			335			(4.6	)	412			403			(2.1	)	470			451			(4.0	)	474		461		(2.8	)	474		461		(2.8	)
HSI Subs (’000)	137			145			5.7		211			230			9.0		324			331			2.0		381		391		2.7		381		391		2.7
Telephony Subs (’000)	48			31			(35.9	)	80			55			(30.8	)	76			64			(15.5	)	80		73		(8.5	)	80		73		(8.5	)

Source: Insight Communications budget materials as of 4/28/05 and 07/27/05, and Company filings.

(a) YTD through June 2005.

29

Insight Communications Management Projections – Key Drivers

	Year Ending December 31,																											’05 - ’10
	2002A			2003A			2004A			2005E			2006E			2007E			2008E			2009E			2010E			CAGR
Penetration (a)
Basic	57.0		%	55.6		%	53.6		%	52.3		%	51.2		%	50.6		%	50.0		%	49.3		%	48.7		%
Digital	26.0			31.1			35.5			38.7			44.2			48.2			52.2			56.2			60.2
HSI	6.4			9.9			13.9			19.4			22.4			25.4			28.3			31.1			33.8
Telephony	1.4			2.4			2.7			3.9			8.8			12.7			16.6			19.4			22.0
EOP Subscribers (000’s)
Basic	1,289			1,294			1,273			1,258			1,247			1,247			1,247			1,247			1,247			(0.2	)%
Digital	335			403			451			487			551			601			651			701			751			9.1
HSI	145			230			331			465			545			625			705			785			865			13.2
Telephony	31			55			64			94			214			314			414			489			564			43.0
Subscriber Growth
Basic	0.4		%	0.4		%	(1.6		)%	(1.1		)%	(0.9		)%	0.0		%	0.0		%	0.0		%	0.0		%
Digital	29.9			20.4			12.0			7.9			13.2			9.1			8.3			7.7			7.1
HSI	64.4			58.8			43.7			40.8			17.2			14.7			12.8			11.3			10.2
Telephony	424.1			81.0			16.1			46.6			127.2			46.7			31.8			18.1			15.3
Churn
Basic	2.6		%	2.6		%	2.8		%	2.8		%	2.8		%	2.7		%	2.7		%	2.7		%	2.7		%
Digital	6.2			5.3			5.3			4.8			4.6			4.3			4.1			3.9			3.8
HSI	3.3			3.1			3.6			3.6			3.4			3.4			3.4			3.4			3.4
Telephony	3.9			4.0			4.2			3.8			3.8			3.5			3.7			3.8			3.6
ARPU
Basic	$	32.79		$	34.66		$	37.26		$	39.32		$	40.48		$	41.49		$	42.53		$	43.38		$	44.03		2.3	%
Digital	18.60			18.86			19.28			19.82			17.76			17.40			17.40			17.40			17.40			(2.6	)
HSI	42.20			41.77			39.25			36.83			36.81			34.97			33.22			31.56			29.98			(4.0	)
Telephony	28.70			23.90			21.24			37.65			33.67			32.83			32.01			31.21			30.43			(4.2	)
ARPU Growth
Basic				5.7		%	7.5		%	5.5		%	3.0		%	2.5		%	2.5		%	2.0		%	1.5		%
Digital				1.4			2.2			2.8			(10.4		)	(2.0		)	0.0			0.0			0.0
HSI				(1.0		)	(6.0		)	(6.2		)	(0.1		)	(5.0		)	(5.0		)	(5.0		)	(5.0		)
Telephony				(16.7		)	(11.1		)	77.2			(10.6		)	(2.5		)	(2.5		)	(2.5		)	(2.5		)

Source: Insight Communications management projections dated 4/28/05 and 07/27/05 and Company filings.

(a) Penetration calculated as percent of video homes passed, except for digital, which is calculated as percent of EOP basic subscribers.

30

Insight Communications Management Projections – Consolidated

																			’05 - ’10 CAGR
	2005E			2006E			2007E			2008E			2009E			2010E
Revenue
Basic	593			607			621			637			649			659			2.1	%
Digital	111			112			120			131			141			152			6.5	%
HSI	178			219			246			265			282			297			10.8	%
Commercial	10			19			29			37			45			50			39.1	%
Telephone	35			66			104			140			169			192			40.7	%
Premium	55			55			57			57			57			57			0.7	%
Ad Sales	81			91			99			109			118			128			9.7	%
Franchise Fee	31			30			31			32			32			33			1.5	%
Other	23			21			19			16			16			16			(7.6	)%
Total Revenue	$	1,116		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584		7.3	%
% Growth	11.3		%	9.4		%	8.6		%	7.3		%	6.1		%	4.9		%
Less: Direct Costs	$	(299	)	$	(329	)	$	(366	)	$	(407	)	$	(447	)	$	(481	)	10.0	%
Less: Operating Costs and SG&A	(362		)	(397		)	(421		)	(444		)	(466		)	(488		)	6.2	%
Total Expenses	$	(661	)	$	(726	)	$	(787	)	$	(851	)	$	(913	)	$	(969	)	8.0	%
Operating Cash Flow (EBITDA)	$	455		$	495		$	539		$	572		$	597		$	615		6.2	%
% Margin	40.8		%	40.5		%	40.6		%	40.2		%	39.5		%	38.8		%
% Growth	5.4		%	8.7		%	8.8		%	6.1		%	4.3		%	3.0		%
Plus: Corporate Overhead	$	24		$	24		$	26		$	27		$	28		$	30		4.4	%
System Cash Flow	$	479		$	520		$	565		$	599		$	625		$	644		6.1	%
% Margin	43.0		%	42.5		%	42.6		%	42.1		%	41.4		%	40.7		%
Cash Flow Data
Capital Expenditures	$	195		$	187		$	164		$	160		$	153		$	150		(5.1	)%
% of Revenue	17.4		%	15.3		%	12.3		%	11.2		%	10.1		%	9.5		%

Source: Insight Communications management projections dated 4/28/05 and 7/27/05, and Company filings.

31

Insight Communications Management Projections – Midwest Only Summary

($ in millions)

	Year End December 31,																		’05 - ’10
	2005E			2006E			2007E			2008E			2009E			2010E			CAGR
Revenue	$	1,116		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584		7.3	%
% Growth	11.5		%	9.4		%	8.6		%	7.3		%	6.1		%	4.9		%
Direct Costs
Consolidated Direct Costs	$	(299	)	$	(329	)	$	(366	)	$	(407	)	$	(447	)	$	(481	)	10.0	%
Include: Interactive Revenue	(3		)	(4		)	(4		)	(4		)	(4		)	(4		)	3.1	%
Exclude: Interactive Direct Costs	1			1			1			1			1			1			4.4	%
Total Direct Costs	$	(301	)	$	(332	)	$	(368	)	$	(410	)	$	(450	)	$	(484	)	9.9	%
Operating Costs and SG&A
Consolidated Operating Costs & SG&A	$	(362	)	$	(397	)	$	(421	)	$	(444	)	$	(466	)	$	(488	)	6.2	%
Include: Management Fee	(33		)	(37		)	(40		)	(43		)	(45		)	(48		)	7.3	%
Exclude: Corporate Overhead	24			24			26			27			28			30			4.4	%
Exclude: Interactive Operating Costs	1			1			1			1			1			1			0.4	%
Total Operating Costs and SG&A	$	(370	)	$	(408	)	$	(434	)	$	(458	)	$	(482	)	$	(505	)	6.4	%
Total Expenses	$	(671	)	$	(740	)	$	(803	)	$	(868	)	$	(931	)	$	(988	)	8.0	%
EBITDA	$	445		$	481		$	523		$	555		$	578		$	595		6.0	%
% Margin	39.9		%	39.4		%	39.5		%	39.0		%	38.3		%	37.6		%
% Growth	7.3		%	8.2		%	8.7		%	6.0		%	4.3		%	2.9		%
Depreciation and Amortization	(285		)	(300		)	(268		)	(256		)	(242		)	(237		)	(3.6	)%
EBIT	$	160		$	181		$	255		$	299		$	337		$	358		17.5	%
Cash Flow Data
EBITDA	$	445		$	481		$	523		$	555		$	578		$	595		6.0	%
Less: Capital Expenditures	(193		)	(186		)	(162		)	(158		)	(151		)	(148		)	(5.1	)%
% of Revenue	17.3		%	15.2		%	12.2		%	11.1		%	10.0		%	9.4		%
Less: Net Cash Interest Expense	(184		)	(189		)	(182		)	(168		)	(167		)	(147		)	(4.3	)%
Plus: Decrese in Working Capital	12			8			8			11			10			11			(2.5	)%
Free Cash Flow	$	80		$	115		$	187		$	239		$	271		$	310		31.1	%
% Growth				43.3		%	63.1		%	27.8		%	13.2		%	14.7		%

Source: Insight Communications management projections dated 4/28/05 and 7/27/05.

Note: Represents isolated income statement and cash flows of Insight Midwest joint venture.

32

Insight Communications Management Projections – HoldCo Summary

($ in millions)

	Year End December 31,																		’05 - ’10
	2005E			2006E			2007E			2008E			2009E			2010E			CAGR
Total Revenue
Management Fee	33			37			40			43			45			48			7.3	%
Interactive Revenue	3			4			4			4			4			4			3.1	%
Total Revenue	$	36		$	40		$	43		$	46		$	49		$	51		6.9	%
% Growth	7.5		%	10.0		%	7.8		%	6.7		%	5.6		%	4.6		%
Costs and Expenses
Interactive Direct Costs	(1		)	(1		)	(1		)	(1		)	(1		)	(1		)	4.4	%
Interactive Operating Costs	(1		)	(1		)	(1		)	(1		)	(1		)	(1		)	0.4	%
Corporate Overhead	(24		)	(24		)	(26		)	(27		)	(28		)	(30		)	4.4	%
Total Expenses	$	(26	)	$	(26	)	$	(28	)	$	(29	)	$	(30	)	$	(32	)	4.2	%
EBITDA	$	10		$	14		$	16		$	17		$	18		$	19		12.7	%
% Margin	28.8		%	34.2		%	36.0		%	37.2		%	37.6		%	37.5		%
% Growth	81.2		%	30.8		%	13.6		%	10.0		%	7.0		%	4.1		%
Less: Depreciation & Amortization	(2		)	(1		)	(1		)	(1		)	(1		)	(1		)
EBIT	$	9		$	12		$	14		$	16		$	17		$	18		14.7	%
Cash Flow Data
EBITDA	$	10		$	14		$	16		$	17		$	18		$	19		12.7	%
Less: Capital Expenditures	(2		)	(1		)	(1		)	(1		)	(1		)	(1		)	NM
Plus: Decrease in Working Capital	(1		)	0			0			0			0			0			(192.7	)%
Less: Cash Interest Expense	0			(21		)	(43		)	(43		)	(43		)	(43		)	NM
Less: Cash Taxes	0			0			0			0			0			0			NM
Free Cash Flow	$	9		$	(9	)	$	(28	)	$	(27	)	$	(25	)	$	(25	)	NM
% Growth				(198.5		)%	226.7		%	(5.2		)%	(4.5		)%	(2.9		)%

Source: Insight Communications management projections dated 4/28/05 and 7/27/05.

Note: Represents isolated income statement and cash flows of ICCI HoldCo.

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Insight Communications Management Projections – Proportionate Summary

($ in millions)

	Year End December 31,																		’05 - ’10
	2005E			2006E			2007E			2008E			2009E			2010E			CAGR
50% of Insight Midwest EBITDA	$	222		$	241		$	262		$	277		$	289		$	298		6.0	%
ICCI HoldCo EBITDA	10			14			16			17			18			19			12.7	%
Proportionate EBITDA	$	233		$	254		$	277		$	295		$	308		$	317		6.3	%
% Growth	9.3		%	9.2		%	9.0		%	6.2		%	4.4		%	3.0		%
Less: Depreciation & Amortization	(144		)	(151		)	(135		)	(129		)	(122		)	(120		)	(3.6	)%
Proportionate EBIT	$	89		$	103		$	142		$	165		$	185		$	197		17.3	%
Cash Flow Data
Proportionate EBITDA	$	233		$	254		$	277		$	295		$	308		$	317		6.3	%
Less: Capital Expenditures	(98		)	(94		)	(82		)	(80		)	(77		)	(76		)	(5.1	)%
Plus: Decrease in Working Capital	5			4			4			6			6			6			0.8	%
Less: Cash Interest Expense	(92		)	(115		)	(134		)	(127		)	(126		)	(116		)	4.9	%
Less: Cash Taxes	0			0			0			0			0			0			NM
Proportionate Free Cash Flow	$	49		$	49		$	66		$	93		$	110		$	131		21.8	%
% Growth				0.1		%	34.3		%	41.9		%	18.2		%	18.7		%

Source: Insight Communications management projections dated 4/28/05 and 7/27/05.

Note: Represents proportionate income statement and cash flows (50% of Insight Midwest and 100% of ICCI HoldCo).

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DCF Valuation Approach

Current Structure
Co-Founders
Sidney R. Knafel	Public		Carlyle
Michael S. Willner
ICCI (Public Co.)		Comcast
50%		50%
Insight Midwest

Valuation Steps

Discounted Cash Flows + Adj. Terminal Value (a)

[GRAPHIC]

Midwest Firm Value

(-) Midwest Net Debt

[GRAPHIC]

Midwest Equity Value

x 50% (ICCI Ownership)

[GRAPHIC]

ICCI Firm Value

(-) ICCI HoldCo Net Debt (b)

(+) NPV of NOLs

(+) NPV of ICCI HoldCo Cash Flows

[GRAPHIC]

ICCI Equity Value

(a) Assumes JV is not renewed upon its current contractual termination date of October 1, 2011.

(b) Including option proceeds.

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DCF – Hold Co.

(US $ in millions)

	Fiscal Year Ending December 31,
	2005			2006			2007			2008			2009			2010
EBIT	$	8.9		$	12.5		$	14.3		$	15.9		$	17.0		$	17.7
Less: Taxes at 41%	(3.7		)	(5.1		)	(5.9		)	(6.5		)	(7.0		)	(7.3		)
Plus: D&A	1.6			1.3			1.3			1.3			1.3			1.4
Less: Capex	(1.6		)	(1.3		)	(1.3		)	(1.3		)	(1.3		)	(1.4		)
Less: NWC Change	(0.6		)	0.1			0.3			0.3			0.4			0.4
Unlevered Free Cash Flow	$	4.7		$	7.4		$	8.8		$	9.7		$	10.4		$	10.9

Discount Rate	9.0		%
Discount to	6/30/2005
Terminal Value (a)	$	0.0
NPV of Holdco Cash Flows	$	39.6

(a) Assumes dissolution of partnership in 2011, and consequently no terminal value.

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Dissolution Information

Dissolution Management Projections

•Assumptions in the event of a dissolution as provided by Company Management

•Dissolution process assumed to be concluded on 12/31/06

•Insight Midwest assets and liabilities assumed to be split 50/50 (no assumption made regarding the asset split)

•Management fee, Interactive and 20% of corporate overhead are eliminated in dissolution

•Programming expenses increase by 300bp

($ in millions)

	Year Ending December 31,
	2005E			2006E			2007E			2008E			2009E			2010E
Status Quo
Midwest Revenue	$	1,116		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584
Midwest EBITDA	$	445		$	481		$	523		$	555		$	578		$	595
HoldCo EBITDA Adjustments:
Midwest EBITDA (50%)	222			241			262			277			289			298
Plus: HoldCo Management Fee Income	33			37			40			43			45			48
Less: HoldCo Corporate Overhead	(24		)	(24		)	(26		)	(27		)	(28		)	(30		)
Plus: HoldCo Interactive EBITDA Contribution	1			2			1			1			1			1
Status Quo Proportionate EBITDA	$	233		$	254		$	277		$	295		$	308		$	317
Pro Forma for Dissolution
Pro Forma Midwest Revenue (50%)	$	558		$	611		$	663		$	711		$	755		$	792
Midwest Level EBITDA Adjustments:
Status Quo Midwest EBITDA	445			481			523			555			578			595
Add back: Midwest Management Fee Expense	33			37			40			43			45			48
Add back: Interactive “Expense” to Midwest	3			4			4			4			4			4
Deduct: Midwest Additional Programming Expense	(33		)	(37		)	(40		)	(43		)	(45		)	(48		)
Adjusted Midwest EBITDA	448			485			527			558			582			599
HoldCo EBITDA Adjustments:
Post-Dissolution Share of Adjusted Midwest EBITDA (50%)	224			242			263			279			291			299
Less: HoldCo Corporate Overhead (80% of status quo)	(19		)	(20		)	(21		)	(22		)	(23		)	(24		)
Less: Interactive Costs	(2		)	(2		)	(2		)	(2		)	(2		)	(2		)
Pro Forma Proportionate EBITDA	$	203		$	221		$	241		$	256		$	266		$	274
% Growth	8.7		%	9.0		%	9.0		%	6.1		%	4.2		%	2.7		%
% Change vs. Status Quo	(13.0		)%	(13.2		)%	(13.1		)%	(13.3		)%	(13.5		)%	(13.7		)%

Note:Potential tax liability to Comcast in the event of a dissolution prior to 1/1/08 could be as high as approximately $230 million.

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Pro Forma Capitalization

•Pro Forma leverage statistics assume debt at Insight Midwest is refinanced

•ICCI is entitled to 50% of the cash at Insight Midwest ($12mm) and responsible for refinancing 50% of the debt

•$1,136 million of Insight Midwest debt refinanced through

•$663 million term loan @ L+200

•$473 million high yield notes @ 9.00%

•Total fees of $39 million for recalling and reissuing debt

•Assumes note from Insight Midwest to ICCI HoldCo is repaid, resulting in net $73 million proceeds to ICCI

				Year Ending December 31,
	Status Quo									Pro Forma
	6/30/2005			2005E			2006E			2006E (1)			2007E			2008E			2009E			2010E
Detailed Balance Sheet
Midwest Level
Credit Facility	$	1,446		$	1,355		$	1,240
9 3/4% Senior Notes due 10/09	380			385			385
10 1/2% Senior Notes due 11/10	635			630			630
Note to ICCI HoldCo	100			132			145
Total Debt	$	2,560		$	2,502		$	2,400
Cash & Investments	(80		)	(24		)	(24		)
Net Debt	$	2,481		$	2,478		$	2,376
Insight HoldCo Level
Revolver										$	0		$	0		$	0		$	0		$	0
Term Loan										663			562			494			408			308
High Yield Notes										465			465			465			465			465
12 1/4% Senior Notes	$	324		$	343		$	350		350			350			350			350			350
Total Debt	$	324		$	343		$	350		$	1,478		$	1,377		$	1,309		$	1,223		$	1,123
Cash & Investments	(35		)	(38		)	(29		)	(75		)	(20		)	(20		)	(20		)	(20		)
Note from Insight Midwest	(100		)	(132		)	(145		)
Net Debt	$	189		$	173		$	176		$	1,402		$	1,357		$	1,289		$	1,203		$	1,103
Proportionate
Proportionate Total Debt	$	1,604		$	1,594		$	1,550		$	1,478		$	1,377		$	1,309		$	1,223		$	1,123
Proportionate Net Debt	1,430			1,412			1,364			1,402			1,357			1,289			1,203			1,103

Note: (1) Pro Forma cash adjusted for $73 mm from paydown of Intercompany note and $12 of Insight Midwest cash, less $39 of refinancing fees
Proportionate defined as 50% of Insight Midwest and 100% of Insight HoldCo

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Midwest Refinancing Assumptions

	Debt Outstanding					Current		Attributable					Refinance		Call		Call
	at 6/30/2005			at 12/31/2006		Yield		to ICCI		Leverage		Refinance?	Amt		Premium		Date	Total Exp.
Midwest Holdings Term Loan A	$	356		$	149	4.94	%	$	75	0.3	x	Yes	$	75	0.00	%	NA	$	0
Midwest Holdings Term Loan B	1,090			1,091		5.74		546		2.1		Yes	546		0.00		NA	0
Midwest 9.75% Notes	380			385		6.82		193		0.8		Yes	193		1.63		10/1/2006	3
Midwest 10.5% Notes	635			630		7.32		315		1.2		Yes	315		3.50		11/1/2006	11
ICCI HoldCo 12.25% Notes	324			350		8.69		350		1.4		No	0		4.08		2/15/2006	0
Total	$	2,784		$	2,605			$	1,478	5.8	x							$	14
New Capital Structure	Leverage			Amount		Fee (%)		Fee ($)		Interest
Revolver	0.0		x	$	0	1.75	%	$	0	0.00	%
Term Loan B	3.0			663		1.75	%	12		5.39	%
High Yield Notes	2.1			465		2.75	%	13		9.00	%
ICCI HoldCo 12.25% Notes	1.6			350		0.00	%	0		12.25	%
Total	6.7		x	$	1,478			$	24

Sources and Uses
Sources:
Total Debt Raised in Refinancing	$	1,128
Cash from Intercompany Note	73
Cash & Investments from Midwest	12
Total Sources	$	1,212
Uses:
Repayment of Existing Debt	$	1,128
Tender Premium / Fees	14
Fees from New Issuance	24
Cash to Balance Sheet	46
Total Uses	$	1,212

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Other

Peer Group Trading Analysis

Cable Firm Value / 2005 EBITDA	Cable Firm Value / Latest Subs
[CHART]	[CHART]
Total Cable Debt / LTM Cable EBITDA	Firm Value / 2005 EBITDA - Capex
[CHART]	[CHART]

Source:Wall Street Research and Company Filings.

Note:Valuation statistics shown based on proportionate valuation methodology.  Total Insight cable debt excludes HoldCo note. Balance sheet data and leverage statistics as of 3/31/05.  Current stock prices as of 7/27/05.

40

Peer Group Trading Analysis

($ in millions, except per share and per sub data)

							Cable						EBITDA
			Equity		Firm		Firm		Cable FV / EBITDA				Growth		Cable FV /		EV / FCF
	Stock Price		Value		Value		Value		2005E		2006E		’04-’07		Latest Subs		2005E		2006E
Cablevision Systems
at current market price (7/27/05)	$	30.89	$	9,002	$	17,678	$	12,639	9.0	x	7.9	x	12.2	%	$	4,235	52.0	x	18.4	x
at market prices prior to deal annoucement	26.87		$	7,815	$	16,491	$	11,610	8.2	x	7.3	x	12.2	%	$	3,890	45.2	x	16.0	x
Charter Communications
with debt at face value	1.31		849		19,645		19,581		9.7		9.3		5.1		3,272		NM		NM
with debt at market price	1.31		849		17,345		17,281		8.6		8.2		5.1		2,887		NM		NM
Comcast	30.72		68,317		91,137		74,051		8.7		7.8		11.5		3,440		24.0		19.5
Insight Communications (a)
at current market price (7/27/05)	11.38		690		2,120		2,120		9.1		8.3		9.2		3,334		59.0		22.4
at revised offer price	11.75		714		2,143		2,143		9.2		8.4		9.2		3,371		61.0		23.1
at market prices prior to deal annoucement	9.68		582		2,011		2,011		8.6		7.9		9.2		3,164		49.7		18.9
Mediacom Communications
at current market price (7/27/05)	7.05		831		3,850		3,850		9.1		8.6		5.2		2,635		48.6		13.3
at market prices prior deal annoucement	5.66		667		3,686		3,686		8.7		8.2		5.2		2,523		39.0		10.7
							Maximum		9.1	x	8.6	x	12.2	x	$	4,235	59.0	x	22.4	x
							Mean		8.9		8.2		8.6		3,306		45.9		18.4
							Median		9.0		8.2		9.2		3,334		50.3		19.0
							Minimum		8.6		7.8		5.1		2,635		24.0		13.3

CREDIT STATISTICS

		Total Debt /		Net Debt /		Total Cable Debt /		Cable Net Debt /
		LTM EBITDA				LTM Cable EBITDA
Cablevision Systems		6.7	x	6.1	x	5.0	x	4.4	x
Charter Communications		9.8		9.7		9.8		9.7
Comcast		2.8		2.7		2.8		2.7
Insight Communications		7.1		6.8		7.1		6.8
Mediacom Communications		7.4		7.4		7.4		7.4
	Maximum	9.8	x	9.7	x	9.8	x	9.7	x
	Mean	6.8		6.6		6.4		6.2
	Median	7.1		6.8		7.1		6.8
	Minimum	2.8		2.7		2.8		2.7

Note:Valuation statistics based on current market prices for ICCI and MCCC, and using debt at market prices for CHTR. Statistics exclude “NM” values.  Credit statistics show CHTR debt at book value.

Total Insight cable debt excludes HoldCo note.  Balance sheet data and leverage statistics as of 3/31/05.

(a)Statistics shown based on proportional valuation methodology.

Current stock prices as of 7/27/05.

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Refinancing of Bank Facility

•Insight has refinanced the existing $1.1 billion Term Loan B with a new Term Loan C

•Pricing adjusted from LIBOR + 275 basis points to LIBOR + 200 basis points

•Soft Call Protection @ 101 added for one year from the Amendment Date

•The Leverage Ratio Covenant adjusted as follows:

Existing Leverage Covenant

07/01/04 to 06/30/05	4.25	x
07/01/05 to 06/30/06	3.75	x
Thereafter	3.25	x

New Leverage Covenant

06/30/05 to 06/30/06	4.50	x
07/01/06 to 06/30/07	4.25	x
Thereafter	4.00	x

•All remaining terms of the existing credit facilities remained unchanged including the maturity date

•The Credit Agreement amended to allow for the refinancing of existing Insight Midwest LP notes

•Amendment allows for a cashless exchange of existing Tem Loan “B” for the new Term Loan “C”

42

Disclaimer

The accompanying material was compiled on a confidential basis for use solely by the Special Committee of the board of directors of Insight Communications (the “Special Committee”) in evaluating a proposed transaction and not with a view to public disclosure or filing thereof under the Securities Act of 1933 or the Securities Exchange Act of 1934 (collectively, the “Securities Laws”).  This material was prepared for a specific use by specific persons and was not prepared to conform with any disclosure standards under the Securities Laws.  Neither the Special Committee nor Evercore Group Inc. nor any of their respective officers, directors, partners, employees, affiliates, advisors, agents or representatives warrants the accuracy or completeness of any of the material set forth herein provided by or based on information received from third parties.  Nothing contained in the accompanying material is, or shall be relied upon as, a promise or representation as to the past or the future.

Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements.

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