Insight Communications (ICCI) SC 13E3/A Going private transaction (amended)

Exhibit 99(c)(4)

Preliminary Draft

Searchable text section of graphics shown above

Project Ohio River

Special Committee Discussion Materials
June 20, 2005

Table of Contents

1.	Overview
2.	Company Information & Performance
3.	Stock Price Performance & Shareholder Dynamics
4.	Dissolution Liquidity Analysis
5.	Preliminary Valuation Analyses
	Appendix

[LOGO]

1

1. Overview

Overview

•Received presentation from Buyer Group (April 27, 2005)

•Reviewed preliminary due diligence findings and valuation perspectives with Special Committee (May 4, 2005)

•Presented views on Proposal to Buyer Group financial advisors (May 11, 2005)

•Larry Smith/Comcast public statement regarding triggering dissolution (May 11, 2005)

•S&P downgrades Insight Communications and Insight Midwest bonds (June 1, 2005)

•Received response from Buyer Group financial advisors (June 15, 2005)

•Updated and refreshed due diligence

•Per Management guidance,

•2005 projections revised

•2006-2010 projections are substantially unchanged

2

Observations on the Offer

Documentation	•No Purchase Agreement has been provided by Buyer Group to date
	•Controlling Shareholders stated that they will not agree to any other transaction involving their stake in the Company
Process	•Carlyle is said to have prepared financial projections with little guidance from management
	•Controlling Shareholders informed the financial advisors that they have not seen the projections prepared by Carlyle
Controlling Shareholders	•Controlling Shareholders have 63% of vote and 15% of value ($104 mm as of 06/17/05)
Timing	•No timetable established

3

2. Company Information & Performance

Insight Communications vs. Cable Peer Group

Cable Revenue Growth (%)				Cable EBITDA Growth (%)
A bar chart showing cable revenue growth expressed in percentages by year. The bar chart compared Insight cable revenue growth versus a cable peer group (which included Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable).	Year	Insight/Management	Peer median	A bar chart showing cable EBITDA growth expressed in percentages by year. The bar chart compared Insight cable EBITDA growth versus a cable peer group (which included Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable).	Year	Insight/Management	Peer median
	2005	12.2%	9.3%		2005	3.8%	10.5%
	2006	8.6%	8.3%		2006	10.5%	10.3%
	2007	8.6%	7.5%		2007	8.8%	8.4%
	2008	7.3%	6.4%		2008	6.1%	6.5%
	2009	6.1%	5.6%		2009	4.3%	5.2%
	2010	4.9%	4.7%		2010	3.0%	4.3%

Cable EBITDA Margin (%)				Cable EBITDA per Subscriber ($)
A bar chart showing cable EBITDA margin expressed in percentages by year. The bar chart compared Insight cable EBITDA margin versus a cable peer group (which included Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable).	Year	Insight/Management	Peer median	A bar chart showing cable EBITDA per subscriber expressed in dollars by year. The bar chart compared Insight cable EBITDA per subscriber versus a cable peer group (which included Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable).	Year	Insight/Management	Peer median
	2005	39.9%	38.7%		2005	$350	$360
	2006	40.5%	39.3%		2006	$391	$402
	2007	40.6%	39.6%		2007	$432	$445
	2008	40.2%	39.8%		2008	$459	$483
	2009	39.5%	39.7%		2009	$479	$513
	2010	38.8%	38.6%		2010	$493	$524

Note:Peer group comprised of Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable.

Source:Wall Street Research and Insight Communications Management Projections dated 4/28/05.

4

Basic Penetration (% of Video Homes Passed)	Digital Penetration (% of Basic Subs)
[CHART]	[CHART]

Data Penetration (% of Video Homes Passed)	Telephony Penetration (% of Video Homes Passed)
[CHART]	[CHART]

Note:Peer group comprised of Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable.

Source:Wall Street Research and Insight Communications Management Projections dated 4/28/05.

5

Basic Subscriber Growth (%)	Data Subscriber Growth (%)
[CHART]	[CHART]

Digital Subscriber Growth (%)	Telephony Subscriber Growth (%)
[CHART]	[CHART]

Note:Peer group comprised of Cablevision, Charter, Comcast, Cox, Mediacom and Time Warner Cable.

Source:Wall Street Research and Insight Communications Management Projections dated 4/28/05.

6

Insight Communications Actual Performance vs. Budget

	2002								2003								2004
	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	)%
Digital Revenue	71.8			66.1			(7.9	)	95.0			83.5			(12.2)		101.1			98.8			(2.3	)
HSI Revenue	56.0			59.0			5.2		89.4			93.9			5.1		133.3			132.0			(0.9	)
Other	143.4			180.8			26.1		182.2			188.2			3.3		197.7			198.0			0.2
Total Revenue	$	780.9		$	812.0		4.0	%	$	915.1		$	902.6		(1.4	)%	$	1,013.6		$	1,002.5		(1.1	)%
EBITDA	$	362.2		$	355.5		(1.9	)%	$	404.1		$	387.1		(4.2	)%	$	430.6		$	432.0		0.3	%
Capex	$	(327.1	)	$	(283.0	)	(13.5	)%	$	(220.0	)	$	(196.7	)	(10.6	)%	$	(188.3	)	$	(174.1	)	(7.6	)%
Homes Passed (’000)	2,241			2,263			1.0	%	2,310			2,326			0.7	%	2,343			2,375			1.4	%
Basic Cable Subs (’000)	1,302			1,289			(1.0	)	1,322			1,294			(2.2	)	1,302			1,273			(2.3	)
Digital Subs (’000)	351			335			(4.6	)	412			403			(2.1	)	470			451			(4.0	)
HSI Subs (’000)	137			145			5.7		211			230			9.0		324			331			2.0
Telephony Subs (’000)	48			31			(35.9	)	80			55			(30.8	)	76			64			(15.5	)

	2005 Q1							2005 YTD (a)
	Budget		Actual			% Var.		Budget		Actual		% Var.
Basic Sub Revenue	$	147.5	$	147.6		0.1	%	$	249.7	$	249.3	(0.1	)%
Digital Revenue	24.6		26.8			8.9		43.1		45.4		5.2
HSI Revenue	39.6		42.1			6.4		72.3		72.8		0.8
Other	53.0		52.8			(0.5	)	89.8		90.1		0.3
Total Revenue	$	264.7		269.3		1.7	%	$	454.8	$	457.6	0.6	%
EBITDA	$	100.1	$	107.6		7.4	%	$	174.8	$	192.0	9.9	%
Capex	NA		$	(38.7	)	NM		NA		NA		NM
Homes Passed (’000)	2,335		2,384			2.1	%	NA		2,393		NM
Basic Cable Subs (’000)	1,267		1,271			0.4		1,273		1,264		(0.7	)
Digital Subs (’000)	460		459			(0.2	)	470		459		(2.3	)
HSI Subs (’000)	361		368			1.8		373		383		2.7
Telephony Subs (’000)	72		69			(5.0	)	77		72		(7.4	)

Source: Insight Communications budget materials as of 4/28/05 and 06/16/05, and Company filings.

(a)YTD through May 2005.

7

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		%	53.5		%	51.2		%	50.6		%	50.0		%	49.3		%	48.7		%
Digital	26.0			31.1			35.5			39.2			44.2			48.2			52.2			56.2			60.2
HSI	6.4			9.9			13.9			19.3			22.4			25.4			28.3			31.1			33.8
Telephony	1.4			2.4			2.7			4.5			8.8			12.7			16.6			19.4			22.0
EOP Subscribers (000’s)
Basic	1,289			1,294			1,273			1,287			1,247			1,247			1,247			1,247			1,247			(0.6	)%
Digital	335			403			451			505			551			601			651			701			751			8.3
HSI	145			230			331			464			545			625			705			785			865			13.3
Telephony	31			55			64			107			214			314			414			489			564			39.4
Subscriber Growth
Basic	0.4		%	0.4		%	(1.6		)%	1.2		%	(3.1		)%	0.0		%	0.0		%	0.0		%	0.0		%
Digital	29.9			20.4			12.0			11.9			9.2			9.1			8.3			7.7			7.1
HSI	64.4			58.8			43.7			40.4			17.5			14.7			12.8			11.3			10.2
Telephony	424.1			81.0			16.1			66.9			99.6			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			5.0			4.6			4.3			4.1			3.9			3.8
HSI	3.3			3.1			3.6			3.5			3.4			3.4			3.4			3.4			3.4
Telephony	3.9			4.0			4.2			3.4			3.8			3.5			3.7			3.8			3.6
ARPU
Basic	$	32.79		$	34.66		$	37.26		$	38.87		$	40.48		$	41.49		$	42.53		$	43.38		$	44.03		2.5	%
Digital	18.60			18.86			19.28			19.45			17.76			17.40			17.40			17.40			17.40			(2.2	)
HSI	42.20			41.77			39.25			36.89			36.81			34.97			33.22			31.56			29.98			(4.1	)
Telephony	28.70			23.90			21.24			34.78			33.67			32.83			32.01			31.21			30.43			(2.6	)
ARPU Growth
Basic				5.7		%	7.5		%	4.3		%	4.1		%	2.5		%	2.5		%	2.0		%	1.5		%
Digital				1.4			2.2			0.9			(8.7		)	(2.0		)	0.0			0.0			0.0
HSI				(1.0		)	(6.0		)	(6.0		)	(0.2		)	(5.0		)	(5.0		)	(5.0		)	(5.0		)
Telephony				(16.7		)	(11.1		)	63.8			(3.2		)	(2.5		)	(2.5		)	(2.5		)	(2.5		)

Source: Insight Communications management projections dated 4/28/05 and 06/15/05 and Company filings.

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

8

Insight Communications Management Projections – Consolidated

($ in millions)

																			’05 - ’10
	2005E			2006E			2007E			2008E			2009E			2010E			CAGR
Revenue
Basic	597			607			621			637			649			659			2.0	%
Digital	112			112			120			131			141			152			6.3	%
HSI	176			219			246			265			282			297			11.0	%
Commercial	9			19			29			37			45			50			39.5	%
Telephone	36			66			104			140			169			192			40.0	%
Premium	56			55			57			57			57			57			0.1	%
Ad Sales	81			91			99			109			118			128			9.6	%
Franchise Fee	30			30			31			32			32			33			1.6	%
Other	27			21			19			16			16			16			(10.3	)%
Total Revenue	$	1,125		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584		7.1	%
% Growth	12.2		%	8.6		%	8.6		%	7.3		%	6.1		%	4.9		%
Less: Direct Costs	$	(307	)	$	(329	)	$	(366	)	$	(407	)	$	(447	)	$	(481	)	9.4	%
Less: Operating Costs and SG&A	(369		)	(397		)	(421		)	(444		)	(466		)	(488		)	5.8	%
Total Expenses	$	(676	)	$	(726	)	$	(787	)	$	(851	)	$	(913	)	$	(969	)	7.5	%
Operating Cash Flow (EBITDA)	$	448		$	495		$	539		$	572		$	597		$	615		6.5	%
% Margin	39.9		%	40.5		%	40.6		%	40.2		%	39.5		%	38.8		%
% Growth	3.8		%	10.5		%	8.8		%	6.1		%	4.3		%	3.0		%
Plus: Corporate Overhead	$	24		$	24		$	26		$	27		$	28		$	30		4.4	%
System Cash Flow	$	472		$	520		$	565		$	599		$	625		$	644		6.4	%
% Margin	42.0		%	42.5		%	42.6		%	42.1		%	41.4		%	40.7		%
Cash Flow Data
Capital Expenditures	$	213		$	169		$	164		$	160		$	153		$	150		(6.8	)%
% of Revenue	18.9		%	13.8		%	12.3		%	11.2		%	10.1		%	9.5		%

Source: Insight Communications management projections dated 4/28/05 and 6/15/05, and Company filings.

9

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	$	219		$	241		$	262		$	277		$	289		$	298		6.4	%
ICCI HoldCo EBITDA	11			14			16			17			18			19			12.2	%
Proportionate EBITDA	$	230		$	254		$	277		$	295		$	308		$	317		6.7	%
% Growth	7.7		%	10.9		%	9.0		%	6.2		%	4.4		%	3.0		%
Less: Depreciation & Amortization	(145		)	(152		)	(135		)	(129		)	(122		)	(120		)	(3.8	)%
Proportionate EBIT	$	84		$	102		$	142		$	166		$	186		$	197		18.6	%
Cash Flow Data
Proportionate EBITDA	$	230		$	254		$	277		$	295		$	308		$	317		6.7	%
Less: Capital Expenditures	(107		)	(85		)	(82		)	(80		)	(77		)	(76		)	(6.7	)%
Plus: Decrease in Working Capital	7			2			5			6			6			6			(3.1	)%
Less: Cash Interest Expense	(93		)	(118		)	(136		)	(129		)	(128		)	(117		)	4.7	%
Less: Cash Taxes	0			0			0			0			0			0			NM
Proportionate Free Cash Flow	$	36		$	54		$	64		$	91		$	109		$	130		29.1	%
% Growth				48.9		%	19.2		%	42.3		%	19.2		%	19.4		%

Source: Insight Communications management projections dated 4/28/05 and 6/15/05.

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

10

Dissolution Management Projections

•Assumptions in the event of a dissolution as provided by CompanyManagement

•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	$	1,125		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584
Midwest EBITDA	$	438		$	481		$	523		$	555		$	578		$	595
HoldCo EBITDA Adjustments:
Midwest EBITDA (50%)	219			241			262			277			289			298
Plus: HoldCo Management Fee Income	34			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	$	230		$	254		$	277		$	295		$	308		$	317
Pro Forma for Dissolution
Pro Forma Midwest Revenue (50%)	$	562		$	611		$	663		$	711		$	755		$	792
Midwest Level EBITDA Adjustments:
Status Quo Midwest EBITDA	438			481			523			555			578			595
Add back: Midwest Management Fee Expense	34			37			40			43			45			48
Add back: Interactive “Expense” to Midwest	3			4			4			4			4			4
Deduct: Midwest Additional Programming Expense	(34		)	(37		)	(40		)	(43		)	(45		)	(48		)
Adjusted Midwest EBITDA	441			485			527			558			582			599
HoldCo EBITDA Adjustments:
Post-Dissolution Share of Adjusted Midwest EBITDA (50%)	220			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	$	199		$	221		$	241		$	256		$	266		$	274
% Growth	6.7		%	11.0		%	9.0		%	6.1		%	4.2		%	2.7		%
% Change vs. Status Quo	(13.3		)%	(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.

11

3. Stock Price Performance & Shareholder Dynamics

ICCI Price Performance Since IPO

[CHART]

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

12

Valuation & Trading Trends

Cable Has Trended up Since July 2004

[CHART]

ICCI vs. Cable Sector Peers Since July 2004 through 3/4/05

[CHART]

Still, Values Are Near Historical Lows

[CHART]

Note:Current bars reflect balance sheet financials as of 12/31/04 (with exception of Comcast and Insight Communications which are as of 3/31/05); share prices as of 6/17/05, and ending Subs as of 12/31/04.

13

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 6/17/2005 reflect financials as of 3/31/05.

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

14

Trading Trends Immediately Prior to Offer

Trading Volume Indexed as of December 07, 2004 (LTM Low)

A line graph showing trading volume indexed as of December 7, 2004 (LTM low) expressed as price as a percent of base period	As of March 4, 2005
	CVC	34.8%
	ICCI	17.8%
	CMCSA	11.2%
	MCCC	9.9%
	S&P 500	3.8%
	CH	22.5%

15

•Although ICCI was one of the biggest gainers from a share price point-of-view between 12/7/04 and 3/4/05, from a Firm Value perspective, Insight traded relatively close to its peers

ICCI’s Firm Value has traded in line with its peers

[CHART]

Date	12/7/2004		1/5/2005		2/2/2005		3/4/2005
CVC	9.2	x	7.5	x	8.2	x	8.3	x
CHTR (debt at face value)	10.5		10.0		9.8		9.8
CHTR (debt at market)	9.7		9.2		9.0		9.0
CMCSK	9.0		9.2		9.1		9.3
ICCI	8.4		8.7		9.0		8.8
MCCC	8.5		8.8		8.8		8.6

Note: Monthly observation of Firm Value beginning on 12/7/04.

16

Stock Price / Volume Distributions

Insight Communications: 3/5/2003 through 3/4/2005 (Pre-announcement)

[CHART]

		Weighted Average	Volume Traded/ Shares Outstanding
•	Last 3 Months	9.44	36.69	%
•	Last 6 Months	9.19	60.53	%
•	Last 12 Months	9.22	140.2	%
•	Last 2 Years	10.45	320.47	%

Source: Rover Market Data.

17

Top 25 Shareholders (12/31/04)

•Based on public disclosure, prior to the Offer, 86.7% of shares held by top 25 institutional investors appear to have an estimated average purchase price greater than the current offer price

•Collectively, the top 25 institutional investors account for 88.6% of total Class A shares outstanding (75.9% of total basic shares outstanding)

Top 25 Institutional Investors:

					Last 6 Months
Rank	Institutional Investor	Position as of 12/31/04 (000s)	% Total Shares Outstanding (1)		% Change in Position (2)		Avg. Transaction Price (3)
1	Wallace R. Weitz & Co.	8,512	16.7	%	(1.9	)%	$		8.78
2	Eubel Brady & Suttman Asset Management, Inc.	6,590	13.0		1.9		8.78
3	Westport Asset Management, Inc.	4,895	9.6		(11.2	)	8.79
4	Dimensional Fund Advisors, Inc.	3,466	6.8		32.9		8.77
5	Barclays Global Investors, N.A.	3,460	6.8		4.3		8.78
6	Columbia Wanger Asset Management LP	2,980	5.9		0.0		NA
7	Royce & Associates LLC	1,712	3.4		2.0		8.78
8	Granahan Investment Management, Inc.	1,256	2.5		(28.4	)	8.80
9	Capital Guardian Trust Co.	1,133	2.2		(225.1	)	8.78
10	Jennison Associates LLC	1,101	2.2		7.6		8.80
11	Dalton, Greiner, Hartman, Maher & Co.	991	1.9		20.4		8.77
12	SSgA Funds Management	882	1.7		15.8		8.80
13	Loeb Partners Corp.	825	1.6		(32.1	)	8.80
14	F&C Asset Management	792	1.6		0.0		NA
15	Citadel Investment Group LLC	747	1.5		19.6		8.79
16	Vanguard Group, Inc.	731	1.4		(0.6	)	8.78
17	Skyline Asset Management LP	698	1.4		0.0		NA
18	State Teachers Retirement System of Ohio	645	1.3		92.3		8.80
19	Gannett, Welsh & Kotler, Inc.	602	1.2		6.6		8.79
20	Kirr, Marbach & Co. LLC	601	1.2		26.6		8.80
21	Steadfast Advisors LLC	592	1.2		7.1		8.76
22	New Jersey Division of Investment	540	1.1		0.0		NA
23	John A. Levin & Co., Inc.	454	0.9		(4.4	)	8.76
24	JPMorgan Investment Advisors, Inc.	429	0.8		(9.8	)	NA
25	Northern Trust Global Investments	418	0.8		(2.8	)	8.76
Total		45,050	88.6	%			$	8.78

		Last 12 Months					Est. Avg. Purchase
Rank	Institutional Investor	% Change in Position (2)		Avg. Transaction Price (3)			Price of Total Position (4)
1	Wallace R. Weitz & Co.	2.8	%	$		9.14	$	17.31
2	Eubel Brady & Suttman Asset Management, Inc.	17.6		9.64			11.11
3	Westport Asset Management, Inc.	(18.4	)	9.01			18.04
4	Dimensional Fund Advisors, Inc.	52.5		9.08			10.73
5	Barclays Global Investors, N.A.	17.1		9.25			12.22
6	Columbia Wanger Asset Management LP	36.2		9.35			12.65
7	Royce & Associates LLC	17.2		9.38			10.43
8	Granahan Investment Management, Inc.	19.4		9.63			16.18
9	Capital Guardian Trust Co.	(324.3	)	9.05			19.06
10	Jennison Associates LLC	7.4		8.81			16.80
11	Dalton, Greiner, Hartman, Maher & Co.	5.5		9.00			12.33
12	SSgA Funds Management	15.7		9.06			13.34
13	Loeb Partners Corp.	(27.5	)	8.90			13.36
14	F&C Asset Management	25.3		10.14			9.88
15	Citadel Investment Group LLC	69.9		9.65			10.17
16	Vanguard Group, Inc.	3.6		9.42			14.12
17	Skyline Asset Management LP	2.6		9.28			18.86
18	State Teachers Retirement System of Ohio	91.7		8.80			9.03
19	Gannett, Welsh & Kotler, Inc.	11.5		9.25			18.67
20	Kirr, Marbach & Co. LLC	100.0		9.61			9.61
21	Steadfast Advisors LLC	100.0		9.99			9.99
22	New Jersey Division of Investment	5.6		9.85			20.87
23	John A. Levin & Co., Inc.	(4.4	)	8.76			9.80
24	JPMorgan Investment Advisors, Inc.	42.4		9.52			10.65
25	Northern Trust Global Investments	(4.9	)	9.55			13.40
Total				$	9.33		$	13.54

Denotes institutional investors with average purchase price greater than offer price.

(1)Based on total basic Class A shares outstanding as of 3/31/05 per company filings.

(2)Change expressed as percentage of current position.

(3)Estimates based on quarterly volume weighted average price with quarterly position changes.

(4)Estimates based on quarterly volume weighted average price with quarterly position changes since 9/30/1999, assuming average price of position at 9/30/1999 is $24.50 (IPO price on 7/20/99).

Source: FactSet.  Data available as of 4/29/05.

18

Top 25 Shareholders (3/31/05)

•During the first quarter of 2005 certain of the large shareholders reduced their positions in ICCI

•Several hedge funds have taken positions in ICCI for the first time in Q1 2005, as highlighted below:

Top 25 Institutional Investors:

					Last 3 Months				Est. Avg. Purchase
Rank	Institutional Investor	Position as of 3/31/05 (000s)	% Total Shares Outstanding (1)		Change From 12/31/04		% Change in Position (2)		Price of Total Position (4)
1	Wallace R. Weitz & Co.	6,768	13.3	%	(1,744	)	(25.8	)%	$	17.31
2	Eubel Brady & Suttman Asset Management, Inc.	6,062	11.9		(528	)	(8.7	)	11.11
3	Westport Asset Management, Inc.	4,590	9.0		(305	)	(6.6	)	18.04
4	Barclays Global Investors, N.A.	4,105	8.1		645		15.7		12.04
5	Dimensional Fund Advisors, Inc.	3,588	7.1		122		3.4		10.74
6	Columbia Wanger Asset Management LP	2,980	5.9		0		0.0		12.65
7	Rockbay Capital Advisors, Inc.	1,800	3.5		1,800		100.0		11.11
8	Caxton Associates LLC	1,056	2.1		1,056		100.0		11.11
9	Eton Park Capital Management LP	1,000	2.0		1,000		100.0		11.11
10	Loeb Partners Corp.	933	1.8		107		11.5		13.10
11	SSgA Funds Management	929	1.8		48		5.1		13.23
12	Gruss Asset Management LP	863	1.7		863		100.0		11.11
13	Vanguard Group, Inc.	741	1.5		10		1.4		14.07
14	Skyline Asset Management LP	698	1.4		0		0.0		18.86
15	S & E Partners LP	575	1.1		575		100.0		11.11
16	New Jersey Division of Investment	540	1.1		0		0.0		20.87
17	Empyrean Capital Partners	501	1.0		501		100.0		11.11
18	D. E. Shaw & Co., Inc.	425	0.8		425		100.0		11.11
19	JPMorgan Investment Advisors, Inc.	424	0.8		(5	)	(1.2	)	10.65
20	Northern Trust Global Investments	417	0.8		(1	)	(0.3	)	13.40
21	Allen & Company, Inc.	404	0.8		404		100.0		11.11
22	Deephaven Capital Management LLC	384	0.8		384		100.0		11.11
23	Goldentree Asset Management LP	345	0.7		327		94.6		11.01
24	John A. Levin & Co., Inc.	327	0.6		(127	)	(38.9	)	9.80
25	Schaper, Benz & Wise Investment Counsel, Inc.	321	0.6		2		0.7		11.49
Total		40,776	80.2	%	5,558				$	12.74

Denotes new shareholders.

(1)Based on total basic Class A shares outstanding as of 3/31/05 per company filings.

(2)Change expressed as percentage of current position.

(3)Estimates based on quarterly volume weighted average price with quarterly position changes.

(4)Estimates based on quarterly volume weighted average price with quarterly position changes since 9/30/1999, assuming average price of position at 9/30/1999 is $24.50 (IPO price on 7/20/99).

Source: FactSet.  Data available as of 6/16/05.

19

Insight Q1 Shareholder Momentum

•The largest buyers in Q1 were hedge funds who likely bought their shares post Offer

•Several of the largest owners have partially or entirely reduced their ownership stake in ICCI, again likely after the share price appreciation post Offer

Largest Buyers: 12/31/04 – 3/31/05

Rank	Institutional Investor	Shares Purchased (000s)	Value ($MM) (1)		% Change in Position (2)
1	Rockbay Capital Advisors, Inc.	1,800	$	20.0	100.0	%
2	Caxton Associates LLC	1,056	11.7		100.0
3	Eton Park Capital Management LP	1,000	11.1		100.0
4	Gruss Asset Management LP	863	9.6		100.0
5	Barclays Global Investors, N.A.	645	7.2		15.7
6	S & E Partners LP	575	6.4		100.0
7	Empyrean Capital Partners	501	5.6		100.0
8	D. E. Shaw & Co., Inc.	425	4.7		100.0
9	Allen & Company, Inc.	404	4.5		100.0
10	Deephaven Capital Management LLC	384	4.3		100.0
11	Goldentree Asset Management LP	327	3.6		94.6
12	Halcyon Asset Management Co. LLC	301	3.3		100.0
13	Oak Hill Platinum Partners LLC	270	3.0		100.0
14	York Capital Management LP	264	2.9		100.0
15	Thales Fund Management LLC	254	2.8		100.0
Total		9,068	$	100.8	94.0	%

Denotes top 25 Institutional investors at 3/31/05.

Largest Sellers: 12/31/04 – 3/31/05

Rank	Institutional Investor	Shares Sold (000s)		Value ($MM) (1)			% of 12/31/04 Position		Rank as of 12/31/04
1	Wallace R. Weitz & Co.	(1,744	)	(19.4		)	(20.5	)%	1
2	Royce & Associates LLC	(1,399	)	(15.5		)	(81.8	)	7
3	Granahan Investment Management, Inc.	(1,256	)	(14.0		)	(100.0	)	8
4	Capital Guardian Trust Co.	(1,133	)	(12.6		)	(100.0	)	9
5	Jennison Associates LLC	(1,101	)	(12.2		)	(100.0	)	10
6	Dalton, Greiner, Hartman, Maher & Co.	(991	)	(11.0		)	(100.0	)	11
7	F&C Asset Management	(751	)	(8.3		)	(94.9	)	14
8	Gannett, Welsh & Kotler, Inc.	(602	)	(6.7		)	(100.0	)	19
9	Kirr, Marbach & Co. LLC	(601	)	(6.7		)	(100.0	)	20
10	State Teachers Retirement System of Ohio	(593	)	(6.6		)	(92.0	)	18
11	Steadfast Advisors LLC	(592	)	(6.6		)	(100.0	)	—
12	Eubel Brady & Suttman Asset Management, Inc.	(528	)	(5.9		)	(8.0	)	2
13	Citadel Investment Group LLC	(517	)	(5.7		)	(69.3	)	15
14	Martingale Asset Management LP	(413	)	(4.6		)	(100.0	)	—
15	Trinity Investment Management Corp.	(399	)	(4.4		)	(100.0	)	—
Total		(12,621	)	$	(140.2	)	(84.4	)%

Denotes top 25 Institutional investors at 12/31/04.

(1)Based on VWAP for the quarter of $11.11.

(2)Change expressed as percentage of current position.

Source: FactSet.  Data available as of 6/16/05.

20

Q1 Stock Price / Trading Volume

•Trading volumes in Q1 2005 suggest that the selling from certain large shareholders, as well as the buying by several hedge funds both occurred post Offer at a price higher than the Offer Price

Insight Communications: First Quarter Trading Volume

[CHART]

69% of ICCI share volume in 1Q 2005 traded above the offer price of $10.70.

Source: Rover Market Data.

21

Wall Street Views on Insight

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

	Change in
Research Firm	Target Price (2)		Transaction Commentary
Banc of America	21.8	%	Precedents suggest the bidders may need to raise the offer
Calyon Securities (USA) Inc	25.8	%	NA
CIBC World Markets	NA
Citigroup	33.9	%	Second bid is likely
Credit Suisse First Boston	9.4	%	Bid likely to go higher
Friedman, Billings, Ramsey & Co	12.0	%	We expect the offer to be completed near current levels
Jefferies & Co	11.7	%	We view the tender price as “a little light”
RBC Capital Markets	21.8	%	NA
Stifel Nicolaus	NA		Offer will likely be sweetened
The Buckingham Research Group	50.9	%	Strong possibility board will ask for offer above $11
Tradition Asiel Securities Inc.	11.7	%	Clear upside to the contemplated $10.70 offer
Wachovia Securities	28.4	%	Likely that the deal will close at a higher price than $10.70
Mean	22.7	%
Median	21.8	%
Maximum	50.9	%
Minimum	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.

22

4. Dissolution Leverage Analysis

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	$	1,425		$	1,372		$	1,301		$	1,203		$	1,089		$	954
Total Proportionate Debt / Proportionate LTM EBITDA	7.0		x	6.1		x	5.3		x	4.6		x	4.0		x	3.4		x
Proportionate Net Debt / Proportionate LTM EBITDA	6.2		x	5.4		x	4.7		x	4.1		x	3.5		x	3.0		x
Proportionate Net Debt / (Proportionate LTM EBITDA - CapEx)	11.6		x	8.1		x	6.7		x	5.6		x	4.7		x	4.0		x
Proportionate LTM EBITDA / Cash Interest Expense	2.5		x	2.2		x	2.0		x	2.3		x	2.4		x	2.7		x
(Proportionate LTM EBITDA - CapEx) / Cash Interest Expense	1.3		x	1.4		x	1.4		x	1.7		x	1.8		x	2.1		x
Dissolution Pro Forma Leverage Statistics
Net Debt				$	1,411		$	1,367		$	1,301		$	1,217		$	1,120
Total Debt / LTM EBITDA				6.7		x	5.8		x	5.2		x	4.6		x	4.2		x
Net Debt / LTM EBITDA				6.4		x	5.7		x	5.1		x	4.6		x	4.1		x
Net Debt / (LTM EBITDA - CapEx)				10.4		x	8.6		x	7.4		x	6.4		x	5.7		x
LTM EBITDA / Cash Interest Expense				1.8		x	2.0		x	2.2		x	2.4		x	2.6		x
(LTM EBITDA - CapEx) / Cash Interest Expense				1.1		x	1.3		x	1.5		x	1.7		x	1.9		x

	Year Ending December 31,
	Status Quo						Dissolution Pro Forma
	2005E			2006E			2006E			2007E			2008E			2009E			2010E
Cash Flow Data
Proportionate EBITDA	$	230		$	254		$	221		$	241		$	256		$	266		$	274
Less: Proportionate Capital Expenditures	(107		)	(85		)	(85		)	(82		)	(80		)	(77		)	(76		)
Plus: Proportionate Decrease in Working Capital	7			2			2			5			6			6			6
Less: Proportionate Cash Interest Expense	(93		)	(118		)	(122		)	(120		)	(115		)	(111		)	(106		)
Proportionate Free Cash Flow	$	36		$	54		$	16		$	44		$	66		$	84		$	98

Note: (1) Assuming an illustrative 8.5x forward EBITDA multiple and an illustrative 12.0% cost of equity, discounted to 3/31/05

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

23

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	16			44			66			84			98
Total Debt / LTM EBITDA	6.7		x	5.8		x	5.2		x	4.6		x	4.2		x
Net Debt / LTM EBITDA	6.4		x	5.7		x	5.1		x	4.6		x	4.1		x
Net Debt / (LTM EBITDA - CapEx)	10.4		x	8.6		x	7.4		x	6.4		x	5.7		x
LTM EBITDA / Cash Interest Expense	1.8		x	2.0		x	2.2		x	2.4		x	2.6		x
(LTM EBITDA - CapEx) / Cash Interest Expense	1.1		x	1.3		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	5			32			53			70			84
Total Debt / LTM EBITDA	7.1		x	6.1		x	5.4		x	4.9		x	4.4		x
Net Debt / LTM EBITDA	6.7		x	6.0		x	5.4		x	4.8		x	4.3		x
Net Debt / (LTM EBITDA - CapEx)	11.3		x	9.3		x	8.0		x	6.9		x	6.1		x
LTM EBITDA / Cash Interest Expense	1.7		x	1.9		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	1.7		x
Dissolution Pro Forma Leverage Statistics w/ 10.0% EBITDA miss
EBITDA	$	199		$	217		$	230		$	240		$	246
Free Cash Flow	(6		)	20			40			57			70
Total Debt / LTM EBITDA	7.5		x	6.4		x	5.7		x	5.2		x	4.6		x
Net Debt / LTM EBITDA	7.1		x	6.3		x	5.7		x	5.1		x	4.5		x
Net Debt / (LTM EBITDA - CapEx)	12.4		x	10.2		x	8.7		x	7.5		x	6.6		x
LTM EBITDA / Cash Interest Expense	1.6		x	1.8		x	2.0		x	2.2		x	2.3		x
(LTM EBITDA - CapEx) / Cash Interest Expense	0.9		x	1.1		x	1.3		x	1.5		x	1.6		x

Note: (1) Assuming an illustrative 8.5x forward EBITDA multiple and an illustrative 12.0% cost of equity, discounted to 3/31/05

24

Present Value of Future Stock Prices

•The following prices assume valuations of 8x – 9x the respective years EBITDA discounted to 6/30/05 at a 12% cost of equity

Status Quo

[CHART]

Early Dissolution – 5% EBITDA Miss

[CHART]

Early Dissolution

[CHART]

Early Dissolution – 10% EBITDA Miss

[CHART]

25

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

•$1,133 million of Insight Midwest debt refinanced through

•$663 million term loan @ 5.64%

•$470 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
	3/31/2005			2005E			2006E			2006E (1)				2007E				2008E			2009E			2010E
Detailed Balance Sheet
Midwest Level
Credit Facility	$	1,467		$	1,381		$	1,256
9 3/4% Senior Notes due 10/09	379			385			385
10 1/2% Senior Notes due 11/10	635			630			630
Note to ICCI HoldCo	130			132			145
Total Debt	$	2,611		$	2,528		$	2,417
Cash & Investments	(90		)	(24		)	(24		)
Net Debt	$	2,521		$	2,504		$	2,393
Insight HoldCo Level
Revolver											$	0			$	0		$	0		$	0		$	0
Term Loan										663				564				498			415			317
High Yield Notes										473				473				473			473			473
12 1/4% Senior Notes	$	314		$	343		$	350		350				350				350			350			350
Total Debt	$	314		$	343		$	350		$	1,486			$	1,387			$	1,321		$	1,237		$	1,140
Cash & Investments	(32		)	(38		)	(29		)	(75			)	(20			)	(20		)	(20		)	(20		)
Note from Insight Midwest	(130		)	(132		)	(145		)
Net Debt	$	152		$	172		$	176		$	1,411			$	1,367			$	1,301		$	1,217		$	1,120
Proportionate
Proportionate Total Debt	$	1,620		$	1,607		$	1,558		$	1,486			$	1,387			$	1,321		$	1,237		$	1,140
Proportionate Net Debt	1,413			1,425			1,372			1,411				1,367				1,301			1,217			1,120

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

26

Midwest Refinancing Assumptions

2006 Status Quo EBITDA (50%)	254
2006 Pro Forma EBITDA (50%)	221

	Debt Outstanding		Current		Attributable				Refinance	Call		Call
	at 3/31/2005	at 12/31/2006	Yield		to ICCI	Leverage		Refinance?	Amt	Premium		Date	Total Exp.
Midwest Holdings Term Loan A	$356	$165	4.94	%	$83	0.3	x	Yes	$83	0.00	%	NA	0.0
Midwest Holdings Term Loan B	1,111	1,091	5.74		546	2.1		Yes	546	0.00		NA	0.0
Midwest 9.75% Notes	385	385	6.82		193	0.8		Yes	193	1.63		10/1/2006	3.1
Midwest 10.5% Notes	630	630	7.32		315	1.2		Yes	315	3.50		11/1/2006	11.0
ICCI HoldCo 12.25% Notes	350	350	8.69		350	1.4		No	0	4.08		2/15/2006	0.0
Total	$2,832	$2,621			$1,486	5.8	x						$14.2

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		5.64	%
High Yield Notes	2.1	473	2.75	%	13		9.00	%
ICCI HoldCo 12.25% Notes	1.6	350	0.00	%	0		12.25	%
Total	6.7	x	$1,486		$25

Sources and Uses
Sources:
Total Debt Raised in Refinancing	$	1,136
Cash from Intercompany Note	73
Cash & Investments from Midwest	12
Total Sources	$	1,220
Uses:
Repayment of Existing Debt	$	1,136
Tender Premium / Fees	14
Fees from New Issuance	25
Cash to Balance Sheet	46
Total Uses	$	1,220

27

5. Preliminary Valuation Analyses

Transaction Metrics

	Insight Communications									Cox Communications (a)									Cablevision
($ in millions, except per share data)	Day Prior 3/4/2005			@ Offer Price			Current Price 6/17/2005			Day Prior 7/30/2004			Initial Offer 8/2/2004			Final Offer 10/19/2004			Day Prior 6/17/2005			Initial Offer 6/20/2005
Price	$	9.68		$	10.70		$	11.42		$	27.58		$	32.00		$	34.75		$	14.37		$	21.00
% Premium to Day Prior	—			10.5		%	18.0		%	—			16.0		%	26.0		%	—			46.1		%
Equity Value (b)	$	582		$	647		$	693		$	17,515		$	20,327		$	22,077		$	4,239		$	6,195
Net Debt & Minority Interest	1,413			1,413			1,413			6,670			6,670			6,670			7,371			7,371
Other Investments (c)	0			0			0			(2,552		)	(2,552		)	(2,552		)	0			0
Cable Firm Value	$	1,995		$	2,060		$	2,106		$	21,633		$	24,445		$	26,195		$	11,610		$	13,566
Premium / (Discount)
10 Trading Day Average	0.7		%	11.3		%	18.8		%	(1.4		)%	14.4		%	24.2		%	(0.7		)%	45.1		%
1 Month Average	(1.7		)	8.7			16.0			(1.5		)	14.3			24.1			3.9			51.9
3 Month Average	2.4			13.2			20.8			(7.2		)	7.7			16.9			(4.1		)	40.1
6 Month Average	6.1			17.2			25.1			(11.1		)	3.1			12.0			13.2			65.5
Cable FV / EBITDA
2004	9.4		x	9.7		x	9.9		x	9.0		x	10.1		x	10.9		x	8.8		x	10.3		x
2005	8.7			9.0			9.2			8.2			9.2			9.9			8.2			9.6
2006	7.8			8.1			8.3			7.5			8.5			9.1			7.3			8.5
LTM (d)	9.2			9.5			9.7			9.2			10.4			11.1			9.1		x	10.6		x
NTM (e)	8.5			8.7			8.9			8.1			9.1			9.8			8.0			9.4
FV / Subscribers
2004	$	3,135		$	3,237		$	3,309		$	3,400		$	3,842		$	4,117		$	3,918		$	4,578
2005	3,183			3,286			3,360			3,386			3,826			4,100			3,861			4,511
Value of Shares to be Purchased (f)	$	499		$	556		$	595		$	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.

Note: 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

Note:  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.

(a) Cox Communciations shown for illustrative purposes because it was the most recent going-private transaction in the cable 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. 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.

28

Stock Price Premium Analysis

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

				Day Prior $9.68			Proposal $10.70			Market (a) $11.42
Price				Premium / (Discount) to
1 Day Prior	$	9.68		0.0		%	10.5		%	18.0		%
10 Trading Day Avg.	9.61			0.7			11.3			18.8
1 Month Average	9.84			(1.7		)	8.7			16.0
3 Month Average	9.45			2.4			13.2			20.8
6 Month Average	9.13			6.1			17.2			25.1
Equity Value (b)				$	582		$	647		$	693
of Shares to be Purchased (c)				499			556			595
Proportionate Net Debt				1,413			1,413			1,413
Firm Value				1,995			2,060			2,106
Basic Subscribers				Firm Value /
2004A	636			$	3,135		$	3,237		$	3,309
2005E	627			3,183			3,286			3,360
EBITDA				Firm Value /
LTM	217			9.2		x	9.5		x	9.7		x
NTM (Q2 ’05 to Q1 ’06)	236			8.5		x	8.7		x	8.9		x
NTM (Q3 ’05 to Q2 ’06)	242			8.2		x	8.5		x	8.7		x
2005E	230			8.7		x	9.0		x	9.2		x
2006E	254			7.8			8.1			8.3
EBITDA - CapEx				Firm Value /
2005E	122			16.3		x	16.8		x	17.2		x
2006E	169			11.8			12.2			12.4
Adjusted Free Cash Flow (d)				Equity Value /
2005E	(2		)	NM			NM			NM
2006E	37			15.5		x	17.3		x	18.5		x

	Assumed Purchase Price Per Share
	$11.00			$11.50			$12.00			$12.50			$13.00			$13.50			$14.00
Price
1 Day Prior	13.6		%	18.8		%	24.0		%	29.1		%	34.3		%	39.5		%	44.6		%
10 Trading Day Avg.	14.5			19.7			24.9			30.1			35.3			40.5			45.7
1 Month Average	11.8			16.8			21.9			27.0			32.1			37.1			42.2
3 Month Average	16.4			21.7			27.0			32.3			37.5			42.8			48.1
6 Month Average	20.5			26.0			31.5			36.9			42.4			47.9			53.4
Equity Value (b)	$	666		$	698		$	730		$	761		$	793		$	826		$	858
of Shares to be Purchased (c)	572			600			627			655			683			695			723
Proportionate Net Debt	1,413			1,413			1,413			1,413			1,413			1,413			1,413
Firm Value	2,079			2,111			2,143			2,174			2,206			2,239			2,271
Basic Subscribers
2004A	$	3,267		$	3,317		$	3,368		$	3,418		$	3,468		$	3,518		$	3,569
2005E	3,317			3,368			3,419			3,470			3,521			3,572			3,624
EBITDA
LTM	9.6		x	9.7		x	9.9		x	10.0		x	10.1		x	10.3		x	10.4		x
NTM (Q2 ’05 to Q1 ’06)	8.8		x	9.0		x	9.1		x	9.2		x	9.4		x	9.5		x	9.6		x
NTM (Q3 ’05 to Q2 ’06)	8.6		x	8.7		x	8.9		x	9.0		x	9.1		x	9.2		x	9.4		x
2005E	9.1		x	9.2		x	9.3		x	9.5		x	9.6		x	9.8		x	9.9		x
2006E	8.2			8.3			8.4			8.5			8.7			8.8			8.9
EBITDA - CapEx
2005E	17.0		x	17.2		x	17.5		x	17.8		x	18.0		x	18.3		x	18.5		x
2006E	12.3			12.5			12.6			12.8			13.0			13.2			13.4
Adjusted Free Cash Flow (d)
2005E	NM			NM			NM			NM			NM			NM			NM
2006E	17.8		x	18.6		x	19.5		x	20.3		x	21.2		x	22.0		x	22.9		x

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 June 17, 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) Adjusted free cash flow defined as EBITDA less net interest expense, cash taxes and capex

29

Preliminary Valuation Range

[CHART]

Note: Underlying numbers are from Management Projections.

(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.

30

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.

31

DCF – Management Projections

(US $ in millions) Insight Midwest Income Statement	Fiscal Year Ended December 30,															Dissolution Terminal Year
	2005			2006			2007			2008			2009
Revenue Growth	12.3		%	8.6		%	8.6		%	7.3		%	6.1		%	4.9		%
EBITDA Growth	5.5			10.0			8.7			6.0			4.3			(5.4		)
EBITDA Margin	38.9			39.4			39.5			39.0			38.3			34.5
Capex / Revenue	18.8			13.7			12.2			11.1			10.0			9.5
Unlevered FCF / EBITDA	41.0			50.8			50.6			51.3			51.7			51.4
Revenue	$	1,125		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584
EBITDA	438			481			523			555			578			547
EBIT	150			179			256			300			337			307
Less: Taxes at 41%	(61		)	(74		)	(105		)	(123		)	(138		)	(126		)
Plus: D&A	288			302			267			255			241			240
Less: CapEx	(211		)	(168		)	(162		)	(158		)	(151		)	(151		)
Plus: Change in Working Capital	14			4			9			11			10			11
Unlevered FCF	$	180		$	244		$	265		$	285		$	299		$	281
Terminal Adjusted FCF																$	234

DCF Valuation (as of 03/31/05) (a)
NPV of Cash Flows at 9.0% WACC	$	991
Terminal EBITDA (b)	547
Terminal Multiple	8.5		x
NPV of Terminal Value at 9.0% WACC	$	3,086
Midwest Firm Value	$	4,077
Less: Net Debt at Midwest	(2,521		)
Midwest Equity Value	$	1,556
Value of ICCI Stake in Midwest (50%)	$	778
Less: Net Debt at ICCI HoldCo	(152		)
Plus: Value of NOL’s	153
Plus: NPV of Hold Co. Cash Flows	39
ICCI Equity Value	$	817
Plus: Options Proceeds	51
ICCI Fully Converted Equity Value	$	868
Implied Price Per ICCI Share	$	13.37

(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.

32

ICCI Equity Value as of 3/31/05

		Terminal EBITDA Multiple
WACC		7.5 x			8.0 x			8.5 x			9.0 x			9.5 x
8.0	%	$	708		$	803		$	897		$	992		$	1,087
8.5	%	671			764			857			950			1,042
9.0	%	636			726			817			908			999
9.5	%	601			690			778			867			956
10.0	%	567			654			741			828			915
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	%	$	11.66		$	13.14		$	14.61		$	16.07		$	17.53
8.5	%	11.08			12.54			13.98			15.41			16.84
9.0	%	10.52			11.95			13.37			14.77			16.17
9.5	%	9.98			11.37			12.77			14.14			15.51
10.0	%	9.45			10.81			12.17			13.53			14.87
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			9.9			10.3
9.0	%	8.5			8.9			9.3			9.7			10.1
9.5	%	8.3			8.7			9.1			9.5			10.0
10.0	%	8.2			8.6			9.0			9.4			9.8
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
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	%	20.4		%	35.8		%	50.9		%	66.0		%	81.1		%
8.5	%	14.5			29.5			44.4			59.2			74.0
9.0	%	8.7			23.4			38.1			52.6			67.0
9.5	%	3.1			17.5			31.9			46.1			60.2
10.0	%	(2.4		)	11.7			25.8			39.8			53.6
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	%	8.0		x	8.4		x	8.8		x	9.2		x	9.6		x
8.5	%	7.9			8.2			8.6			9.0			9.4
9.0	%	7.7			8.1			8.5			8.8			9.2
9.5	%	7.6			7.9			8.3			8.7			9.0
10.0	%	7.4			7.8			8.2			8.5			8.9

33

DCF Sensitivities

Pricing Sensitivity

•Penetration from Management Projections

•Telephony & HSI ARPU varied in each projected year and in terminal period

		Change in Telephony ARPU
		(10.0%)		(7.5%)		(5.0%)		(2.5%)		0.0%
Change in HSI ARPU
(10.0	)%	$	10.60	$	10.85	$	11.11	$	11.37	$	11.63
(7.5	)%	11.03		11.29		11.55		11.81		12.07
(5.0	)%	11.47		11.72		11.98		12.24		12.50
(2.5	)%	11.90		12.16		12.42		12.68		12.94
0.0	%	12.34		12.60		12.85		13.11		13.37

Penetration Sensitivity

•ARPU from Management Projections

•Penetration of HSI and Telephony varied through 2010

		Cumulative Change in Telephony Penetration by 2010
		(10.0%)		(7.5%)		(5.0%)		(2.5%)		0.0%
Cum. Change in HSI Penet by 2010
(10.0	)%	$	6.63	$	7.40	$	8.16	$	8.93	$	9.66
(7.5	)%	7.62		8.39		9.15		9.87		10.59
(5.0	)%	8.61		9.36		10.08		10.80		11.52
(2.5	)%	9.57		10.29		11.01		11.73		12.44
0.0	%	10.50		11.22		11.93		12.65		13.37

34

DCF – Dissolution Management Projections

		Fiscal Year Ended December 30,
($ in millions)	2005				2006			2007			2008			2009			2010
EBITDA	230				254			241			256			266			274
EBIT	84				102			106			127			144			154
Less: Taxes	(34			)	(42		)	(43		)	(52		)	(59		)	(63		)
Plus: D&A	145				152			135			129			122			120
Less: CapEx	(107			)	(85		)	(82		)	(80		)	(77		)	(76		)
Plus: Change in Working Capital	7				2			5			6			6			6
Unlevered FCF	$		95		$	130		$	120		$	129		$	136		$	141
Terminal Adjusted FCF																	$	117

DCF Valuation (as of 03/31/05) (a)
NPV of Cash Flows at 9.0% WACC	$	475
Terminal EBITDA (b)	274
Terminal Multiple	8.5		x
NPV of Terminal Value at 9.0% WACC	$	1,543
Midwest Firm Value	$	2,018
Less: Net Debt at Midwest	(1,261		)
Midwest Equity Value	$	758
Value of ICCI Stake in Midwest	$	758
Less: Net Debt at ICCI HoldCo	(152		)
Plus: Value of NOL’s	131
Plus: NPV of Hold Co. Cash Flows	NA
Less: PV of Refinance for Dissolution	(33		)
ICCI Equity Value	$	703
Plus: Options Proceeds	36
ICCI Fully Converted Equity Value	$	738
Implied Price Per ICCI Share	$	11.58

(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

35

ICCI Equity Value as of 3/31/05

		Terminal EBITDA Multiple
WACC		7.5 x		8.0 x		8.5 x		9.0 x		9.5 x
8.0	%	$	592	$	687	$	782	$	877	$	971
8.5	%	556		649		742		835		927
9.0	%	521		612		703		794		884
9.5	%	487		576		665		754		842
10.0	%	454		541		628		715		802

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	%	$	9.84	$	11.33	$	12.82	$	14.29	$	15.75
8.5	%	9.28		10.74		12.19		13.64		15.07
9.0	%	8.70		10.16		11.58		13.00		14.41
9.5	%	8.14		9.59		10.98		12.38		13.76
10.0	%	7.58		9.03		10.40		11.77		13.13

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	8.7	x	9.1	x	9.6	x	10.0	x
8.5	%	8.2		8.6		9.0		9.4		9.8
9.0	%	8.0		8.4		8.8		9.2		9.6
9.5	%	7.9		8.2		8.6		9.0		9.4
10.0	%	7.7		8.1		8.5		8.8		9.2

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

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	%	1.7	%	17.1	%	32.4	%	47.6	%	62.7	%
8.5	%	(4.1	)	10.9		25.9		40.9		55.7
9.0	%	(10.1	)	4.9		19.6		34.3		48.8
9.5	%	(16.0	)	(0.9	)	13.5		27.9		42.2
10.0	%	(21.7	)	(6.7	)	7.5		21.5		35.6

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	%	7.5	x	7.9	x	8.2	x	8.6	x	9.0	x
8.5	%	7.4		7.7		8.1		8.5		8.8
9.0	%	7.2		7.6		7.9		8.3		8.6
9.5	%	7.1		7.4		7.8		8.1		8.5
10.0	%	7.0		7.3		7.6		8.0		8.3

36

Peer Group Trading Analysis (5/10/05)

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. Current stock prices as of 5/10/05.

37

Peer Group Trading Analysis (6/17/05)

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. Current stock prices as of 6/17/05.

38

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	$	506	$	719	$	8.44	$	11.83
2005E EBITDA	230		8.5			9.5			1,951		2,181		538		768		8.99		12.60
2006E EBITDA	254		8.0			9.0			2,036		2,290		623		877		10.32		14.30
2004 Subscribers	636		$	3,000		$	3,500		$	1,909	$	2,227	$	496	$	814	$	8.28	$	13.32
													Max				$	10.32	$	14.30
													Mean				9.01		13.01
													Median				8.72		12.96
													Low				8.28		11.83

(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	$	230	10.0		x	11.0		x	$	2,295	$	2,525	$	882	$	1,112	$	14.38	$	17.91
2004 Subscribers	636		$	3,500		$	4,000		$	2,227	$	2,545	$	814	$	1,132	$	13.32	$	18.22
													Mean				$	13.85	$	18.07

(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.

39

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	$	266	$	453	$	4.44	$	7.56
2005E EBITDA	199		8.5			9.5			1,692		1,891		279		478		4.66		7.99
2006E EBITDA	221		8.0			9.0			1,768		1,989		355		576		5.92		9.59
2004 Subscribers	636		$	3,000		$	3,500		$	1,909	$	2,227	$	496	$	814	$	8.28	$	13.32
													Max				$	8.28	$	13.32
													Mean				5.83		9.61
													Median				5.29		8.79
													Low				4.44		7.56

(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	$	199	10.0		x	11.0		x	$	1,991	$	2,190	$	578	$	777	$	9.62	$	12.74
2004 Subscribers	636		$	3,500		$	4,000		$	2,227	$	2,545	$	814	$	1,132	$	13.32	$	18.22
													Mean				$	11.47	$	15.48

(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.

40

Premia Paid in Going Private Transactions

•Since 2000, all completed cash going private transactions received both initial offer premia and a subsequent increase (“the bump”)

Summary of Announced Going Private Transactions, 2000 -Present

	Average Cash
	Minority
Criteria	Squeeze-Outs
Transaction Value	$	918
Percent Acquired	33.6		%
Timing & Frequency
Frequency of a Bump (a)	92.3		%
Announcement - Bump	75 Days
Bump - Close	65 Days
Announcement - Close	138 Days
Offer Premium
Ann. to 1 Day Pre-Annc.	27.8		%
Ann. to 30 Days Pre-Annc.	29.5
Ann. to Bump Prem. Change	15.2

Source:  Citigroup Risk Arbitrage Strategy Group as of March 9, 2005.

(a) Includes announced deals that have not yet closed; all completed deals have received a “bump”.

41

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	Acquiror	% Sought		Target’s Leverage (a)		Transaction Value ($ mm) (b)			Price				Initial Premium (c)				Final Premium (c)
								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	—		46.1	%	51.9	%	—		—
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
25-Jan-01	20-Jun-01	Sodexho Marriott 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	Azurix Corp.	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:		31.3	%	25.9	%	51.3	%	43.8	%
													Median:		16.0		19.8		37.5		37.2

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.

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.

(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.

42

“No Bump” Deals Highlighted by Morgan Stanley

•5 deals were highlighted by Morgan Stanley as having no improvement in offer

Deals Highlighted by Morgan Stanley

			Per Morgan Stanley
Date Ann’d	Target	Acquirer	Value ($ mm)		% Sought		Cons.	Prem./ (Disc.) to 1 Day Prior		Prem./ (Disc.) to LTM High
02/15/01	Westfield America Inc	Westfield America Trust	$	598	44	%	Cash	13.0	%	(5.0	)%
08/14/00	BHC Communications	News Corp	888		24	%	Mixed	16.0	%	(3.0	)%
02/22/00	Ixnet Inc	Global Crossing Ltd.	877		28	%	Stock	18.0	%	18.0	%
02/02/00	Thermo Instrument Systems	Thermo Electron Corp	832		11	%	Stock	27.0	%	27.0	%
05/07/99	J Ray McDermott SA	McDermott International	515		37	%	Cash	17.0	%	(24.0	)%

Date Ann’d	Special Committee	Prenegotiated?	Comments	Source
02/15/01	Yes	Yes	- Initial offer proposed to Special Committee for a cash purchase price of $15.75 to $16.00 per Share. - The Special Committee, did not approve the offer and asked for $16.50 per share. - Increased offer to $16.15 per share, Special Committee reiterated $16.50 per share. - Final offer of $16.25 per Share, Special Committee unanimously recommends that the Board approve the merger agreement and the transactions.	Merger Proxy
08/14/00	Yes	Yes	- Initial offer from Viacom for $155 per share to Special Committee of BHC. - Special Committee directs its investment bank to seek an increase in offer price and continue discussions with other potential bidders. - News Corp offered $165 per share in cash and stock to Special Committee. Viacom withdraws offer. Special Committee approves transaction with News Corp.	Merger Proxy
02/22/00	No Official Committee - Independent Directors approved merger separately	Yes	- On 1/11/2000, executives of IX Corp (IXNet’s majority holder), IXnet and Global Crossing discuss possible merger. - Between 2/14/2000 and 2/16/2000, executives from all 3 companies met for preliminary discussions regarding possible merger - Between 2/18/2000 and 2/18/2000, the 3 parties gathered to “discuss and negotiate the terms of the proposed merger, the merger agreement, the consent and voting agreement and related agreements.” - A final exchange ratio is agreed upon and presented to the Board. The Board, including independent directors, approves merger.	Merger Proxy
02/02/00	Yes	Yes	- Buyer announced plans to restructure its overall business structure and planned to take Thermo Electron private, as part of the Company’s continued evaluation over the previous few years. - The parent owned 89% of the company and only needed to acquire 1% of the company to force a short-form merger. - An exchange ratio was proposed 3 months later after negotiation, which the special committee recommended after consulting with a financial advisor.	Tender Offer Statement
05/07/99	Yes	Yes	- Buyer delivered its initial proposal to the Independent Committee at an exchange ratio of 1.15 shares of Parent Stock per share - The Independent Committee rejects offer and asks investment bankers to renegotiate offer - The purchaser decided to increase its offer to 1.15 shares of Parent Stock plus $1.50 in cash per share - The Independent Committee decided to present to the purchaser a counteroffer of 1.15 shares of Parent Stock and $5 in cash per share. - The purchaser agrees to make an offer of $35.62 per share in cash per share, which is subsequently recommended by the Independent Committee	Tender Offer Statement

43

LBO Analysis –Sale to Strategic (post-Dissolution)

LBO Summary

(Dollars in Millions)
Purchase Price	$	10.70
ICCI Equity Value	$	647
Plus: Proportionate Net Debt (3/31/05)	1,413
Enterprise Value	$	2,060
2005E Proportionate EBITDA Multiple	9.0		x
Proportionate Debt / 2005E Dissolution EBITDA	7.1		x
Exit Multiple	9.0		x
2010E EBITDA (1)	$	317
Value of Midwest	$	2,851
Less: Proportionate Net Debt (12/31/09)	(1,217		)
Less: Promote Profits Interest	(52		)
Implied Equity Value (Midwest)	$	1,582
Implied Value per ICCI Share	$	25.37
IRR	20.7		%

(1) Assumes sale to strategic post-dissolution on 12/31/09

IRR Sensitivity Analysis

At 7.1x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$10.70		$11.20		$11.50		$11.75		$12.00		$13.00		$14.00
Exit Multiple
8.5	x	18.4	%	17.3	%	16.6	%	16.1	%	15.6	%	13.7	%	12.0	%
9.0	x	20.7	%	19.6	%	19.0	%	18.4	%	17.9	%	16.1	%	14.3	%
9.5	x	22.8	%	21.7	%	21.1	%	20.6	%	20.1	%	18.1	%	16.4	%
10.0	x	24.7	%	23.6	%	23.0	%	22.5	%	22.0	%	20.1	%	18.3	%
10.5	x	26.4	%	25.4	%	24.8	%	24.3	%	23.8	%	21.8	%	20.1	%

At 8.1x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$10.70		$11.20		$11.50		$11.75		$12.00		$13.00		$14.00
Exit Multiple
8.5	x	21.3	%	19.8	%	18.9	%	18.1	%	17.4	%	14.9	%	12.6	%
9.0	x	24.2	%	22.6	%	21.8	%	21.0	%	20.4	%	17.8	%	15.5	%
9.5	x	26.7	%	25.2	%	24.4	%	23.6	%	22.9	%	20.4	%	18.0	%
10.0	x	28.9	%	27.4	%	26.6	%	25.9	%	25.3	%	22.7	%	20.4	%
10.5	x	31.0	%	29.4	%	28.6	%	27.9	%	27.2	%	24.8	%	22.4	%

44

LBO Analysis – IPO (post-Dissolution)

LBO Summary

(Dollars in Millions)
Purchase Price	$	10.70
ICCI Equity Value	$	647
Plus: Proportionate Net Debt (3/31/05)	1,413
Enterprise Value	$	2,060
2005E Proportionate EBITDA Multiple	9.0		x
Proportionate Debt / 2005E Dissolution EBITDA	7.1		x
Exit Multiple	8.0		x
2010E EBITDA (1)	$	274
Value of Midwest	$	2,188
Less: Proportionate Net Debt (12/31/09)	(1,217		)
Less: Promote Profits Interest	0
Implied Equity Value (Midwest)	$	971
Implied Value per ICCI Share	$	15.78
IRR	8.9		%

(1) Assumes IPO on 12/31/09

IRR Sensitivity Analysis

		Share Price Paid
		$10.70		$11.20		$11.50		$11.75		$12.00		$13.00		$14.00
Exit Multiple
7.5	x	5.5	%	4.4	%	3.8	%	3.3	%	2.9	%	1.1	%	(0.6	)%
8.0	x	8.9	%	7.8	%	7.2	%	6.7	%	6.2	%	4.3	%	2.7	%
8.5	x	11.9	%	10.8	%	10.2	%	9.7	%	9.2	%	7.3	%	5.5	%
9.0	x	14.5	%	13.4	%	12.8	%	12.3	%	11.8	%	9.9	%	8.2	%
9.5	x	16.9	%	15.8	%	15.2	%	14.7	%	14.2	%	12.2	%	10.5	%

At 8.1x Proportionate Debt / 2005E Dissolution EBITDA

		Share Price Paid
		$10.70		$11.20		$11.50		$11.75		$12.00		$13.00		$14.00
Exit Multiple
7.5	x	3.2	%	1.8	%	0.9	%	0.3	%	(0.4	)%	(2.7	)%	(4.8	)%
8.0	x	8.4	%	6.9	%	6.0	%	5.3	%	4.6	%	2.2	%	(0.0	)%
8.5	x	12.7	%	11.1	%	10.3	%	9.6	%	8.9	%	6.3	%	4.0	%
9.0	x	16.3	%	14.7	%	13.8	%	13.1	%	12.4	%	9.9	%	7.6	%
9.5	x	19.4	%	17.8	%	16.9	%	16.2	%	15.6	%	13.0	%	10.7	%

45

Present Value of Future Stock Prices – Public Market

•These cases represent mutually exclusive potential outcomes

•Due to the uncertainty surrounding these scenarios, we cannot assume a probability-weighted outcome

[CHART]

Note: Value as of 3/31/05. Assumes future stock prices discounted based on a 11-13% cost of equity.  Dissolution valuations based on pro forma post-dissolution EBITDA, as per Insight Management guidance.

46

Theoretical Strategic Sale

•A multiple range of 9.0x-9.5x in a strategic sale appears conservative when assessing recent cable M&A precedent transactions (see p. 54)

($ in millions)

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

	Assumed Post Dissolution Exit Date
	12/31/2006			12/31/2007			12/31/2008			12/31/2009
FY1 Exit Multiple	9.5		x	9.5		x	9.5		x	9.5		x
FY1 EBITDA	$	265		$	285		$	302		$	317
Terminal Value	$	2,519		$	2,703		$	2,868		$	3,009
Implied Non-Synergized Multiple	10.5		x	10.6		x	10.8		x	11.0		x
Implied TEV / Sub	$	4,040		$	4,335		$	4,600		$	4,826
Less: Proportionate Net Debt	(1,411		)	(1,367		)	(1,301		)	(1,217		)
Less: Cost of Dissolution Refinance	(39		)	(37		)	(35		)	(29		)
Equity Value	$	1,070		$	1,300		$	1,533		$	1,763
Plus: Cash from Option Exercise	51			51			53			53
Fully Converted Equity Value	$	1,121		$	1,350		$	1,586		$	1,816
Fully Converted Shares	64.9			64.9			65.0			65.0
Implied Future Price Per ICCI Share	$	17.27		$	20.80		$	24.39		$	27.94
Present Value (at 12.0% cost of equity) (a)	$	14.16		$	15.23		$	15.94		$	16.30
If miss EBITDA projections by 2.5%	13.36			14.46			15.22			15.62
If miss EBITDA projections by 5.0%	12.56			13.70			14.49			14.95
If miss EBITDA projections by 10.0%	10.97			12.18			13.05			13.60

		Sensitivity of 12/31/06 Exit
Cost of		Terminal EBITDA Multiple
Equity (a)		8.5 x		9.0 x		9.5 x		10.0 x
11.0	%	$	10.98	$	12.68	$	14.38	$	16.08
11.5	%	10.89		12.58		14.27		15.95
12.0	%	10.80		12.48		14.16		15.83
12.5	%	10.72		12.38		14.05		15.71
13.0	%	10.64		12.29		13.94		15.59

(a) Share price discounted to 03/31/05.

47

Appendix

Insight Communications Management Projections – Midwest Only Summary

($ in millions)

	Year End December 31,																		’05 - ’10
	2005E			2006E			2007E			2008E			2009E			2010E			CAGR
Revenue	$	1,125		$	1,221		$	1,326		$	1,423		$	1,510		$	1,584		7.1	%
% Growth	12.3		%	8.6		%	8.6		%	7.3		%	6.1		%	4.9		%
Direct Costs
Consolidated Direct Costs	$	(307	)	$	(329	)	$	(366	)	$	(407	)	$	(447	)	$	(481	)	9.4	%
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	$	(310	)	$	(332	)	$	(368	)	$	(410	)	$	(450	)	$	(484	)	9.3	%
Operating Costs and SG&A
Consolidated Operating Costs & SG&A	$	(369	)	$	(397	)	$	(421	)	$	(444	)	$	(466	)	$	(488	)	5.8	%
Include: Management Fee	(34		)	(37		)	(40		)	(43		)	(45		)	(48		)	7.1	%
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	$	(377	)	$	(408	)	$	(434	)	$	(458	)	$	(482	)	$	(505	)	6.0	%
Total Expenses	$	(687	)	$	(740	)	$	(803	)	$	(868	)	$	(931	)	$	(988	)	7.5	%
EBITDA	$	438		$	481		$	523		$	555		$	578		$	595		6.4	%
% Margin	38.9		%	39.4		%	39.5		%	39.0		%	38.3		%	37.6		%
% Growth	5.5		%	10.0		%	8.7		%	6.0		%	4.3		%	2.9		%
Depreciation and Amortization	(288		)	(302		)	(267		)	(255		)	(241		)	(237		)	(3.8	)%
EBIT	$	150		$	179		$	256		$	300		$	337		$	359		19.1	%
Cash Flow Data
EBITDA	$	438		$	481		$	523		$	555		$	578		$	595		6.4	%
Less: Capital Expenditures	(211		)	(168		)	(162		)	(158		)	(151		)	(148		)	(6.8	)%
% of Revenue	18.8		%	13.7		%	12.2		%	11.1		%	10.0		%	9.4		%
Less: Net Cash Interest Expense	(187		)	(193		)	(186		)	(172		)	(170		)	(149		)	(4.4	)%
Plus: Decrese in Working Capital	14			4			9			11			10			11			(5.9	)%
Free Cash Flow	$	54		$	125		$	184		$	235		$	268		$	309		41.6	%
% Growth				129.8		%	47.8		%	27.8		%	13.9		%	15.2		%

Source: Insight Communications management projections dated 4/28/05 and 6/15/05.

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

48

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	34			37			40			43			45			48			7.1	%
Interactive Revenue	3			4			4			4			4			4			3.1	%
Total Revenue	$	37		$	40		$	43		$	46		$	49		$	51		6.8	%
% Growth	8.2		%	9.3		%	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	$	11		$	14		$	16		$	17		$	18		$	19		12.2	%
% Margin	29.3		%	34.2		%	36.0		%	37.2		%	37.6		%	37.5		%
% Growth	85.6		%	27.7		%	13.6		%	10.0		%	7.0		%	4.1		%
Less: Depreciation & Amortization	(2		)	(1		)	(1		)	(1		)	(1		)	(1		)
EBIT	$	9		$	12		$	14		$	16		$	17		$	18		14.0	%
Cash Flow Data
EBITDA	$	11		$	14		$	16		$	17		$	18		$	19		12.2	%
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				(195.7		)%	226.8		%	(5.2		)%	(4.5		)%	(2.9		)%

Source: Insight Communications management projections dated 4/28/05 and 6/15/05.

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

49

DCF – Hold Co.

(US $ in millions)

	Fiscal Year Ending December 31,
	2005			2006			2007			2008			2009			2010
EBIT	$	9.2		$	12.5		$	14.3		$	15.9		$	17.0		$	17.7
Less: Taxes at 41%	(3.8		)	(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	$	4.9		$	7.4		$	8.8		$	9.7		$	10.4		$	10.9

Discount Rate	9.0		%
Discount to	3/31/2005
Terminal Value (a)	$	0.0
NPV of Holdco Cash Flows	$	38.9

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

50

NOL Valuation

ASSUMPTIONS:

Existing NOLs
Total Amount Outstanding (12/31/04)	$	651.3
Income Tax Rate	41.0		%
Assumed Discount Rate	8.0
Valuation Date	3/31/2005
Fully Diluted Shares Outstanding (mm)	63.8

SEC 382 NOL Limitation

SEC 382 Limitation? (1=Yes; 0=No)	No
Assumed Purchase Price per Share	$	10.70
Market Value of Equity	$	682.3
Current Tax-Exempt Rate	4.20		%
Annual NOL Limitation	$	0.0

Taxable Income Calculation	2004	2005			2006			2007			2008			2009			2010			2011
Insight Midwest EBT		$	(48.6	)	$	(26.7	)	$	56.8		$	114.3		$	155.9		$	198.8		$	204.7
% Growth					NM			NM			101.1		%	36.4		%	27.5		%	3.0		%
ICCI EBT		$	21.2		$	4.1		$	(14.9	)	$	(13.9	)	$	(13.9	)	$	(14.5	)	$	(14.5	)
% Growth					NM			(460.7		)%	(6.7		)%	0.5		%	4.0		%	0.0		%
Dissolution (Proportional)		$	(3.2	)	$	(9.2	)	$	(13.5	)	$	11.4		$	33.3		$	47.8		$	49.3
% Growth					NM			NM			(184.3		)%	192.8		%	43.4		%	3.0		%
Proportional EBT		$	(3.2	)	$	(9.2	)	$	13.6		$	43.3		$	64.0		$	84.9		$	87.9

	Partnership Dissolution
Taxable Income Calculation	2012			2013			2014			2015			2016			2017			2018			2019
Insight Midwest EBT
% Growth
ICCI EBT
% Growth
Dissolution (Proportional)	$	50.7		$	52.3		$	53.8		$	55.4		$	57.1		$	58.8		$	60.6		$	62.4
% Growth	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%
Proportional EBT	$	50.7		$	52.3		$	53.8		$	55.4		$	57.1		$	58.8		$	60.6		$	62.4

NOL USAGE	2004		2005			2006			2007			2008			2009			2010			2011
Existing NOLs
NOL Beginnig Balance			$	651.3		$	651.3		$	651.3		$	637.7		$	594.5		$	530.5		$	445.6
Addition / (Usage)			0.0			0.0			(13.6		)	(43.3		)	(64.0		)	(84.9		)	(87.9		)
Unused Expired NOLs from Schedule			0.0			0.0			0.0			0.0			0.0			0.0			0.0
NOL Ending Balance	$	651.3	$	651.3		$	651.3		$	637.7		$	594.5		$	530.5		$	445.6		$	357.7
New NOLs
NOL Beginnig Balance			$	0.0		$	3.2		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4
Addition			3.2			9.2			0.0			0.0			0.0			0.0			0.0
(Usage)			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Unused Expired NOLs from Schedule			0.0			0.0			0.0			0.0			0.0			0.0			0.0
NOL Ending Balance	$	0.0	$	3.2		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4
Taxable Income & NOL Usage
Taxable Income at ICCI			$	(3.2	)	$	(9.2	)	$	13.6		$	43.3		$	64.0		$	84.9		$	87.9
SEC 382 Maximum NOL Usage			—			—			—			—			—			—			—
“Practical” Maximum NOL Usage
Existing NOLs			0.0			0.0			13.6			43.3			64.0			84.9			87.9
New NOLs			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Sub-Total			$	0.0		$	0.0		$	13.6		$	43.3		$	64.0		$	84.9		$	87.9
Tax Benefit of NOLs
NOL Usage			$	0.0		$	0.0		$	13.6		$	43.3		$	64.0		$	84.9		$	87.9
Tax Rate			41.0		%	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%
Annual Tax Benefit of NOLs	$	0.0	$	0.0		$	0.0		$	5.6		$	17.7		$	26.2		$	34.8		$	36.0
Discount Dates	3/31/2005		8/15/2005			6/30/2006			6/30/2007			6/30/2008			6/30/2009			6/30/2010			6/30/2011

NOL USAGE	2012			2013			2014			2015			2016			2017			2018			2019
Existing NOLs
NOL Beginnig Balance	$	357.7		$	307.0		$	254.7		$	200.9		$	145.4		$	88.3		$	29.5		$	0.0
Addition / (Usage)	(50.7		)	(52.3		)	(53.8		)	(55.4		)	(57.1		)	(58.8		)	(29.5		)	0.0
Unused Expired NOLs from Schedule	0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
NOL Ending Balance	$	307.0		$	254.7		$	200.9		$	145.4		$	88.3		$	29.5		$	0.0		$	0.0
New NOLs
NOL Beginnig Balance	$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	0.0
Addition	0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
(Usage)	0.0			0.0			0.0			0.0			0.0			0.0			(12.4		)	0.0
Unused Expired NOLs from Schedule	0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
NOL Ending Balance	$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	12.4		$	0.0		$	0.0
Taxable Income & NOL Usage
Taxable Income at ICCI	$	50.7		$	52.3		$	53.8		$	55.4		$	57.1		$	58.8		$	60.6		$	62.4
SEC 382 Maximum NOL Usage	—			—			—			—			—			—			—			—
“Practical” Maximum NOL Usage
Existing NOLs	50.7			52.3			53.8			55.4			57.1			58.8			29.5			0.0
New NOLs	0.0			0.0			0.0			0.0			0.0			0.0			12.4			0.0
Sub-Total	$	50.7		$	52.3		$	53.8		$	55.4		$	57.1		$	58.8		$	41.9		$	0.0
Tax Benefit of NOLs
NOL Usage	$	50.7		$	52.3		$	53.8		$	55.4		$	57.1		$	58.8		$	41.9		$	0.0
Tax Rate	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%	41.0		%
Annual Tax Benefit of NOLs	$	20.8		$	21.4		$	22.1		$	22.7		$	23.4		$	24.1		$	17.2		$	0.0
Discount Dates	6/30/2012			6/30/2013			6/30/2014			6/30/2015			6/30/2016			6/30/2017			6/30/2018			6/30/2019
NPV of NOL Tax Benefit
Value per Share

NPV of NOL Tax Benefit	$	152.7
Value per Share	$	2.40

51

Peer Group Trading Analysis (5/10/05)

($ 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	$	27.05	$	7,868	$	16,485	$	11,446	8.1	x	7.2	x	12.2	%	$	3,835	45.5	x	16.1	x
Charter Communications
with debt at face value	1.14		739		19,535		19,471		9.7		9.3		5.1		3,253		NM		NM
with debt at market price	1.14		739		17,793		17,729		8.8		8.5		5.1		2,962		NM		NM
Comcast	31.87		70,939		93,758		76,769		9.1		8.1		11.5		3,567		24.9		20.3
Insight Communications (a)
at current market price (5/10/05)	11.18		677		2,090		2,090		9.0		8.2		9.2		3,288		NM		18.0
at deal price	10.70		647		2,060		2,060		8.8		8.1		9.2		3,240		NM		17.2
at market prices prior to deal annoucement	9.68		582		1,995		1,995		8.6		7.8		9.2		3,138		NM		15.5
Mediacom Communications
at current market price (5/10/05)	5.96		702		3,722		3,722		8.8		8.3		5.2		2,547		41.1		11.3
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	8.5	x	12.2	x	$	3,835	45.5	x	20.3	x
							Mean		8.8		8.1		8.6		3,240		37.2		16.4
							Median		8.8		8.2		9.2		3,288		41.1		17.1
							Minimum		8.1		7.2		5.1		2,547		24.9		11.3

CREDIT STATISTICS

		Total		Net		Total		Cable
		Debt /		Debt /		Cable Debt /		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		7.2		6.5		7.2		6.5
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		6.5		6.4		6.2
	Median	7.2		6.5		7.2		6.5
	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.

(a)           Statistics shown based on proportional valuation methodology.

Current stock prices as of 5/10/05.

52

Peer Group Trading Analysis (6/17/05)

($ 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	$	26.87	$	7,815	$	16,491	$	11,452	8.1	x	7.2	x	12.2	%	$	3,837	45.2	x	16.0	x
Charter Communications
with debt at face value	1.07		693		19,489		19,425		9.7		9.3		5.1		3,246		NM		NM
with debt at market price	1.07		693		17,189		17,125		8.5		8.2		5.1		2,861		NM		NM
Comcast	31.22		69,455		92,274		75,203		8.9		8.0		11.5		3,494		24.4		19.8
Insight Communications (a)
at current market price (6/17/05)	11.42		693		2,106		2,106		9.2		8.3		9.2		3,312		NM		18.5
at deal price	10.70		647		2,060		2,060		9.0		8.1		9.2		3,240		NM		17.3
at market prices prior to deal annoucement	9.68		582		1,995		1,995		8.7		7.8		9.2		3,138		NM		15.5
Mediacom Communications
at current market price (6/17/05)	6.69		788		3,808		3,808		9.0		8.5		5.2		2,606		46.1		12.6
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		9.2	x	8.5	x	12.2	x	$	3,837	46.1	x	19.8	x
							Mean		8.7		8.0		8.6		3,222		38.6		16.7
							Median		8.9		8.2		9.2		3,312		45.2		17.2
							Minimum		8.1		7.2		5.1		2,606		24.4		12.6

CREDIT STATISTICS

		Total		Net		Total		Cable
		Debt /		Debt /		Cable Debt /		Net Debt /
		LTM EBITDA				LTM Cable EBITDA
Cablevision Systems		6.6	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		7.2		6.5		7.2		6.5
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		6.5		6.4		6.2
	Median	7.2		6.5		7.2		6.5
	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.

(a)Statistics shown based on proportional valuation methodology.

Current stock prices as of 6/17/05.

53

Cable Precedent Transactions

(Dollars in Millions, Subscribers in Thousands)

						Adjusted
						Core Cable		Forward
Date of	Acquiring	Seller/Acquired	Firm		Total	Consideration		EBITDA
Announcement	Company	Company	Value		Subs	per Subscriber		Multiple
Apr-05	Time Warner and Comcast	Adelphia	$	18,100	5,300	$	3,415	13.9	x
Oct-04	Cox Enterprises	Cox Communications Inc	26,195		6,263	4,183		9.9
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 Broadban	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

54

Minority Squeeze Outs

•Summary of cash deals represents deals with transaction value at announcement above $250 mm since January 1, 2000

•Summaries of both pure stock and stock and cash deals represent deals with transaction value at announcement above $500 mm since January 1, 2000.

All Cash Deals

Date	Date					Transaction Value ($ mm) (a)			Price				Initial Premium (b)				Final Premium (b)
Announced	Completed	Target	Acquiror	% Sought		at Announcement		at Execution	Initial		Final		1 - Day		30 - Day		1 - Day		30 - Day
21-Feb-05	Not Closed	Eon Labs	Novartis	34.6	%	$	989	N/A	$	31.00	—		11.0	%	18.2	%	—		—
02-Aug-04	02-Dec-04	Cox Communications	Cox Enterprises	38.0		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		834		834	19.50		19.50		13.6		28.5		13.6		28.5
19-Feb-02	11-Apr-02	Travelocity.com Inc	Sabre Holdings Corp.	30.0		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		409		496	5.45		6.60		54.0		2.3		86.4		23.9
04-Jun-01	12-Dec-01	Liberty Financial Companies	Liberty Mutual Insurance Company	29.5		483		487	33.44		33.70		(1.1	)	(8.0	)	(0.3	)	(7.3	)
25-Jan-01	20-Jun-01	Sodexho Marriott Services	Sodexho Alliance	52.0		989		1,173	27.00		32.00		8.5		23.0		28.6		45.8
27-Oct-00	16-Mar-01	Azurix Corp.	Enron Corp.	33.0		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		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		344		434	12.50		15.75		15.6		19.8		45.7		50.9
											Mean:		24.8	%	20.1	%	45.6	%	38.1	%
											Median:		14.7		19.0		29.4		28.5

All Stock Deals

Date	Date					Transaction Value ($ mm) (a)				Exchange Ratio					Initial Premium (d)					Final Premium (d)
Announced	Completed	Target	Acquiror	% Sought		at Announcement		at Execution (c)			Initial		Final			1 - Day		30 - Day			1 - Day		30 - Day
10-Jan-05	21-Mar-05	Fox Entertainment Group	News Corporation	17.9	%	$	6,055	$	6,337		1.900	x	2.040	x		10.9	%	14.1	%		19.1	%	22.5	%
03-Jun-02	23-Jun-03	Hotels.com	InterActiveCorp	34.0		1,012		1,185			1.806		2.400			7.5		(5.3	)		42.8		25.8
03-Jun-02	08-Aug-03	Expedia Inc	InterActiveCorp	46.0		2,642		3,531			1.348		1.939			7.5		1.3			54.6		45.7
03-Jun-02	17-Jan-03	Ticketmaster	USA Interactive	34.0		1,116		736			0.807		0.935			7.5		3.6			24.6		20.1
15-Feb-02	03-Jun-02	NRG Energy	Xcel Energy	25.7		587		657			0.485		0.500			15.0		0.9			18.7		4.1
04-Feb-02	21-Mar-02	Intimate Brands	The Limited	16.3		1,657		1,760			1.046		1.100			6.1		5.8			11.6		11.3
08-Oct-01	15-Feb-02	Telecorp PCS	AT&T Wireless	77.0		2,400		2,400			0.900		0.900			44.5		12.0			44.5		12.0
04-Oct-01	18-Dec-01	TyCom	Tyco International	11.0		784		864			0.300		0.313			48.0		42.0			54.7		48.4
07-Sep-00	25-Apr-01	Delhaize America	Delhaize Group	55.0		1,887		1,874			0.350		0.400			17.2		31.5			33.9		50.3
15-Aug-00	21-Feb-01	Infinity Broadcasting	Viacom	35.7		15,927		13,083			0.564		0.592			13.6		10.1			19.2		15.5
													Mean:			17.8	%	11.6	%		32.4	%	25.6	%
													Median:			12.3		8.0			29.3		21.3

Cash & Stock Deals

						Transaction Value ($mm) (a)								Initial Premium (c)				Final Premium (c)
Date Announced	Date Completed	Target	Acquiror	% Sought		at Announcement		at Execution		Initial Price Final Price				1 - Day		30 - Day		1 - Day		30 - Day
18-Jan-05	Not Closed	UnitedGlobalCom (e)	Liberty Media International	46.2	%	$	4,061	N/A		$	9.45	—		(2.0	)%	2.5	%	—		—
30-Aug-00	02-Jan-01	AXA Financial	AXA Group	39.7		9,384		$	9,580	53.51		$	54.63	2.4		21.8		4.5	%	24.4	%
14-Aug-00	31-Jul-01	BHC Communications (f)	News Corporation	20.0		743		743		165.00		165.00		16.4		11.1		16.4		11.1
14-Aug-00	31-Jul-01	United Television (f)	News Corporation	43.0		616		616		150.00		150.00		10.3		13.5		10.3		13.5
												Mean:		6.8	%	12.2	%	10.4	%	16.3	%
												Median:		6.3		12.3		10.3		13.5

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

(b) 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. (c) Based on shares held by minority stakeholders at offer price, calculated as product of final exchange ratio and acquiror’s stock price as of date of final bump or announcement date (if no bump took place).

(d) One-day premium measured relative to market exchange ratio on last trading day prior to annoucement date; 30-day premium measured relative to average market exchange ratio during the 30-day trading period prior to announcement date. (e) Under terms of the agreement, up to 20% of shareholders can opt for an all cash payment and remaining 80% will receive an all stock exchange.

(f) BHC and UTV transactions relate to News Corp’s acquisition of Chris Craft Industries. Chris Craft owned 80% of BHC’s common stock, and BHC owned 57% of United TV’s common stock.

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Cable Sector Share Price Performance

•Since our last meeting with Morgan Stanley and Carlyle on May 11, stock prices for cable providers have fallen by an average of 1.6%

•Over the same time period, the S&P 500 has gained 4.3%

[CHART]

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ICCI and Midwest Bond Trading Levels

•Bond levels have remained relatively stable since 05/11/05 with no noticeable reaction to the recent S&P downgrades to Insight Communications and Insight Midwest (06/01/05)

[CHART]

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Research Analyst DCF valuation Versus Trading Value Prior to Offer

			Average		DCF Premium
	Trading		Research Analyst		/ (Discount)
Company	Price (a)		DCF Price		to Trading Price
Cablevision Systems	$	30.26	$	34.39	13.7	%
Charter Communications	1.85		2.85		54.0	%
Comcast	32.07		33.20		3.5	%
Insight Communications	9.60		10.08		5.0	%
Mediacom Communications	5.50		6.08		10.5	%
	Mean (with Charter)				17.3	%
	Median (with Charter)				10.5	%
	Mean (without Charter)				8.2	%
	Median (without Charter)				7.7	%

Note: Assumes Comcast DCF price per share same for CMCSA and CMCSK.
(a) Represents average price as of report date.

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Disclaimer

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.

Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting characterizations and consequences of any such Transaction.  In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.

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Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers.  These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument.  The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product.  Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice.  We and/or our affiliates may make a market in these instruments for our customers and for our own account.  Accordingly, we may have a position in any such instrument at any time.

Although this material may contain publicly available information about Smith Barney equity research or Citigroup corporate bond research, Citigroup policies prohibit analysts from participating in any efforts to solicit investment banking business; accordingly, research analysts may not have any communications with companies for the purpose of soliciting investment banking business. Moreover, Citigroup policy (i) prohibits research analysts from participating in road show meetings; (ii) prohibits investment banking personnel from having any input into company-specific research coverage decisions and from directing research analysts to engage in marketing or selling efforts to investors with respect to an investment banking transaction; (iii) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (iv) prohibits analysts from being compensated for specific recommendations or views contained in research reports.  So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citigroup has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances.

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