Liberty Global 8-K Consolidated Quarterly Financial Results Release

Exhibit 99.1

(Translation from Japanese disclosure to JASDAQ)

October 26, 2006
[U.S. GAAP]

Consolidated Quarterly Financial Results Release

For the Nine Months Ended September 30, 2006

Jupiter Telecommunications Co., Ltd. ( Consolidated )

Company code number: 4817 (URL http://www.jcom.co.jp/)
Shares traded: JASDAQ
Location of headquarters: Tokyo
Executive position of legal representative: Tomoyuki Moriizumi, Chief Executive Officer
Please address all communications to:
   Koji Kobayashi,   IR Department   Phone: +81-3-6765-8157 E-Mail: KobayashiKo@jupiter.jcom.co.jp
   Hiroto Motomiya, Accounting Controlling Dept. Phone: +81-3-6765-8140 E-Mail: MotomiyaH@jupiter.jcom.co.jp

1. Accounting Policy

	Adoption of any simplified accounting method	: No
‚	Accounting policy or method change from last reporting period	: No
ƒ	Changes of consolidated companies	: Yes

     Number of consolidated subsidiaries as of September 30, 2006: 28 (increased by 8 from Dec. 31, 2005)

     Number of affiliates (equity method) as of September 30, 2006: 5 (decreased by 2 from Dec. 31, 2005)

2. Consolidated operating results (From January 1, 2006 to September 30, 2006)

(1) Consolidated financial results

(In millions of yen, with fractional amounts rounded)

	Revenue			Operating income				Income before income taxes
	(Millions of yen)		%	(Millions of yen)		%		(Millions of yen)
September 30, 2006		157,902	18.4		24,760	39.9			22,016	61.2
September 30, 2005		133,413	12.7		17,705	(3.3	)		13,656	7.2
December 31, 2005		183,144	13.5		24,475	8.3			16,748	32.1

							Net income per share,
	Net income				Net income per share		(diluted)
	(Millions of yen)		%		(Yen)		(Yen)
September 30, 2006		13,658	(2.2	)		2,145.60		2,143.73
September 30, 2005		13,969	23.2			2,332.90		2,326.73
December 31, 2005		19,333	78.7			3,178.95		3,168.81

(Notes)

1.	The percentages shown next to revenue, operating income, income before income taxes and net income represent year-on-year changes.
2.	Average number of outstanding shares during the term (consolidated)

	Basic	Diluted
For the nine months ended September 30, 2006	6,365,428 shares	6,371,001 shares
For the nine months ended September 30, 2005	5,987,696 shares	6,003,572 shares
For the fiscal year ended December 31, 2005	6,081,511 shares	6,100,971 shares

(2) Consolidated financial position

					Equity capital ratio to		Shareholders' equity
	Total assets		Shareholders' equity		total assets		per share
	(Millions of yen)		(Millions of yen)			%	(Yen)
September 30, 2006		595,904		265,411		44.5		41,677.56
December 31, 2005		516,457		251,445		48.7		39,511.48

(Notes)

   Number of outstanding shares at the end of the term (consolidated): As of September 30, 2006 term: 6,368,198 shares
As of December 31, 2005 term: 6,363,840 shares

Jupiter Telecommunications Co., Ltd.

(3) Consolidated cash flow statement

	Cash flows from		Cash flows used in			Cash flows from		Balance of cash & cash
	operating activities		investing activities			financing activities		equivalents
	(Millions of yen)		(Millions of yen)			(Millions of yen)		(Millions of yen)
September 30, 2006		52,502		(96,966	)		19,084		9,903
September 30, 2005		42,917		(41,249	)		25,867		37,955

3. Business Results and Financial Conditions

(1) Business Results (comparisons are year-on-year)

The business conditions surrounding the Jupiter Telecommunications consolidated group (J:COM Group or Group) have further intensified as a result of the progression in the fusion of the broadcasting and communications industries. During the nine months ended September 30, 2006, the J:COM Group steadily carried out its “Volume plus Value” strategy, with focus on increasing the number of customers served (expanding volume) while raising average monthly revenue per subscriber (increasing value).

In terms of volume strategy, the J:COM Group strengthened its sales and marketing capabilities and continued to actively promote bulk contracts with multiple dwelling units (MDUs) under its “J:COM In My Room,” program, which is designed to convert MDUs into a stable revenue source. In addition, the J:COM Group endeavored to provide a service package centering on high-speed Internet access and telephony, developed especially for approximately 200,000 small and home offices (SOHO) within the Group’s service areas. The J:COM Group also concentrated resources on extending its networks in order to increase the number of homes passed (“homes passed” refers to the number of households that can be connected through lines that have been laid for cable television, high-speed Internet access and telephony). In August 2006, the J:COM Group acquired a controlling interest in Cable Net Shimonoseki Co.,Ltd., formerly an equity-method managed affiliate. On September 28, 2006, the J:COM Group acquired shares of Kansai-based CATV operator Cable West Inc., which were held by Matsushita Electric Industrial Co.,Ltd. and Kosaido Co.,Ltd., as well certain shares held by minority shareholders, and thereby making Cable West a consolidated subsidiary. Cable West was the third-largest domestic operator, and is J:COM’s largest acquisition since our listing on the JASDAQ Exchange. The Cable West group consists of 6 managed franchises and an MSO, and operates in 9 wards in the city of Osaka as well as 11 cities and 1 town in the northern part of the Osaka prefecture. The total number of customers is 357,800* as of the end of September 2006, increasing the total number of customers of the J:COM Group to approximately 2,500,000* as of the end of September, 2006. By making the Cable West acquisition, J:COM increased its market share for domestic cable television from 30% to 35% (as estimated by J:COM), which strengthens its competitiveness. By Cable West joining the J:COM Group it expands the number of homes passed in J:COM’s service area by 1,397,700* from approximately 7.64 million households to approximately 9.04 million households* as of the end of September 30, 2006. In addition, the J:COM Group expects operational synergies such as a reduction of operational costs through the sharing of facilities with its existing subsidiaries, joint procurement of programming, equipment and materials, economies of scale, and more efficient sales and marketing. With a new Kansai-region strategy in sight, J:COM will make efforts to become a significant contributor to the development of the region and industry.

In terms of value strategy, with the aim of increasing ARPU (average revenue per unit) and reducing churn rates, the J:COM Group further promoted to offer bundled services, in which the three services provided (J:COM TV, J:COM NET, and J:COM PHONE) are combined into a single package. The J:COM Group promotes subscription to J:COM TV Digital service and the shift to the digital service from analog. As a result, the number of subscribers to J:COM TV Digital, excluding Cable West, surged to 842,800 as of the end of September 2006, resulting in a digital service ratio of 47.4%. Its digital video recording (DVR) service “HDR,” which was introduced in April 2006 and enables recording of high-definition broadcasting to an internal hard drive, has been well received by our customers due to its features and strong value. The J:COM Group received more than 50,000 applications for the HDR service in the five months since it began accepting applications. In addition, the J:COM Group continued to endeavor to expand appealing content for its video on demand service “J:COM On Demand.” In August 2006, the Group introduced MoviePlus HD, a cable TV operator-exclusive high-definition

* Subscriber information for Cable West Inc. is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies. The services Cable West provides are different from those under J:COM brand.

2

Jupiter Telecommunications Co., Ltd.

channel and made a decision to introduce KBS World in October 2006, which consists mainly of Korean dramas. Through these activities, the J:COM Group strives to differentiate and enhance the attractiveness of its cable TV services. On the Internet access service, the J:COM Group strengthened sales and marketing activities for a new Internet access service called “J:COM NET Hikari,” which was introduced in August 2005, with access speed of up to 100Mbps to residents of MDUs. In March 2006, the J:COM Group launched its mobile phone service, in alliance with WILLCOM, Inc. Furthermore, the J:COM Group established two new call centers in Sapporo and Fukuoka, each responsible for outbound calls to existing subscribers. The call centers focus is on raising customer satisfaction, boosting ARPU and lowering churn rates through the introduction of services based on the tastes of each subscriber.

In August 2006, the J:COM Group began offering a new service to program suppliers called “Digital Viewership Ratings.” This service offers the viewership ratings of multichannel digital broadcasts that are being made available for the first time on a full-scale basis, and the J:COM Group hopes this service will contribute to increase the number of subscribers to multichannel broadcasts by enabling programmers to more fully customize channels and show producers to tailor content based on audience preferences.

The number of J:COM Group customers connected, excluding the Cable West group, has increased from September 30, 2005 by 276,400 (15%) to 2,141,400 as of September 30, 2006. The breakdown per service and the increases from September 30, 2005 are as follows: cable TV increased by 203,600 (13%) to 1,778,000 revenue generating units (RGUs), including digital TV services which increased by 348,500 (71%) to 842,800 RGUs and occupy 47% of cable TV RGUs. High-speed Internet access and telephony services, increased by 161,400 (20%) to 953,100 and by 198,200 (23%) to 1,052,600 RGUs, respectively. RGU per customer also increased to 1.77 at September 30, 2006 compared to 1.73 at September 30, 2005.

As a result of subscriber growth, subscription fees increased by ¥22,273 million, or 19%, to ¥141,617 million. Other revenue increased by ¥2,216 million, or 16%, to ¥16,285 million for the nine months ended September 30, 2006. As a result, total revenue increased by ¥24,489 million, or 18%, to ¥157,902 million. The effect of acquisitions accounted for approximately ¥8,313 million of such total revenue increase.

Operating and programming costs increased by ¥9,401 million, or 17%, to ¥64,215 million. The effect of acquisitions accounted for approximately ¥1,556 million, or 17% of such increase in operating and programming costs with the remaining increase primarily the result of a ¥3,337 million increase in programming costs associated with the 13% increase in the number of cable television subscribers, excluding Cable West, and ¥695 million increase in maintenance expense.

Selling, general and administrative expenses increased by ¥4,642 million, or 17%, to ¥31,398 million. The effect of acquisitions accounted for approximately ¥3,734 million, or 80% of such increase with the remaining increase primarily attributable to increased salary, wages and other employee related costs, partially offset by decreased marketing and advertising expenses.

Stock compensation expense decreased by ¥2,364 million, or 89%, to ¥287 million. In January 2006, the Company adopted the provisions of Statement of Financial Accounting Standards No. 123(R), Share Based Payment (SFAS No. 123R), applying the modified prospective method. The adoption of SFAS No. 123R primarily resulted in a change in our method of recognizing the fair value of share-based compensation and estimating forfeitures for all unvested awards.

Depreciation and amortization expenses increased by ¥5,755 million, or 18%, to ¥37,242 million. The increase was primarily attributable to additions to the fixed assets related to the installation of services to new customers, the expansion and upgrade of our networks, and ¥2,543 million of the increase related to acquisitions.

Operating income increased by ¥7,055 million, or 40%, to ¥24,760 million.

Interest expense, net, decreased by ¥1,649 million, or 40%, to ¥2,489 million. This decrease is primarily due to the repayment of our ¥50 billion subordinated loan facility in March 2005, reduced margins under the current bank facility, and reduced bank fee amortization.

Income before income tax was increased by ¥8,360 million, or 61%, to ¥22,016 million.

Net income for the nine months ended September 30, 2006 decreased by ¥311 million, or 2%, to ¥13,658 million for the reasons set forth above.

3

Jupiter Telecommunications Co., Ltd.

(2) Financial situation

As of September 30, 2006, cash and cash equivalents balance was ¥9,903 million, a decrease of 74% (of ¥28,052 million) compared to September 30, 2005.

The following is a summary of cash flow during the interim period ended September 30, 2006 as compared to the interim period ended September 30, 2005.

Cash Flows from Operating Activities

Net cash provided by operating activities amounted to ¥52,502 million, an increase of ¥9,585 million compared to net cash provided in the previous period of ¥42,917 million. This was primarily the result of a ¥10,447 million increase in operating income before depreciation, amortization and non-cash stock compensation charges.

Cash Flows from Investing Activities

Net cash used in investing activities amounted to ¥96,966 million, an increase of ¥55,717 million compared to net cash used in the previous period of ¥41,249 million. The increase was primarily attributable to a ¥10,847 million increase in capital expenditures and a ¥46,178 million increase in the acquisition of new subsidiaries, net of cash acquired, and the acquisition of minority interest in consolidated subsidiaries.

Cash Flows from Financing Activities

Net cash provided by financing activities amounted to ¥19,084 million, a decrease of ¥6,783 million compared to net cash provided in the previous period of ¥25,867 million. The net cash provided by financing activities for the nine months ended September 30, 2006 primarily consisted of ¥76,139 million increase in short term loans and long-term debt primarily obtained to fund the Cable West acquisition and refinance certain long-term debt, offset by ¥49,620 million in principle payments of long-term debt and ¥6,647 million principle payment of capital leases. The net cash provided by financing activities for the nine months ended September 30, 2005 primarily consisted of ¥90,980 million from the proceeds on the issuance of the common stock and repaid ¥59,032 million in long-term debt and ¥8,885 million of principal on its capital leases.

(3) Forecasts for the year ending December 2006

The forecasts that were previously announced by the Company on January 30, 2006 have been updated as follows, with revisions explained.

(Millions of yen, except percentages)

						Income before
	Revenue			Operating income		income taxes			Net income
Last disclosure (A)		220,000			31,500		27,000			18,500
Forecast (B)		221,000			31,500		27,500			19,500
Change (B-A)		1,000			—		500			1,000
Change %		0.5	%		—		1.9	%		5.4	%

     (N.b.) Estimated net income per share (annual): 3,062.09 yen

Considering our actual business results for the nine months ended September 30, 2006 and estimating the results for the fourth quarter of 2006, which includes the Cable West group, we anticipate an increase in revenue of ¥1,000 million, operating income to remain unchanged at ¥31,500 million, income before income taxes to increase by ¥500 million and net income to increase by ¥1,000 million, as compared to our last disclosure.

(Cautionary note regarding future-related information)

The forecasts contained in this report have been prepared on the basis of information that is currently available. Because such estimates are inherently very uncertain, actual results may differ from the forecasts. The Company does not guarantee that it will achieve these estimated results and advises readers to refrain from depending solely on these forecasts. Readers should also note that the Company is under no obligation to revise this information on a regular basis.

4

Jupiter Telecommunications Co., Ltd.

Consolidated Quarterly Financial Statements

JUPITER TELECOMMUNICATIONS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(YEN IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)
	9 months ended			9 months ended									12 months ended
Account	September 30, 2006			September 30,2005			Change						Dec. 31, 2005
	Amount			Amount			Amount			(%)			Amount
Revenue:
Subscription fees		141,617			119,344			22,273			18.7			163,378
Other		16,285			14,069			2,216			15.8			19,766
		157,902			133,413			24,489			18.4			183,144
Operating costs and expenses
Operating and programming costs		(64,215	)		(54,814	)		(9,401	)		(17.1	)		(76,133	)
Selling, general and administrative		(31,398	)		(26,756	)		(4,642	)		(17.4	)		(36,988	)
Stock compensation		(287	)		(2,651	)		2,364			89.2			(2,210	)
Depreciation and amortization		(37,242	)		(31,487	)		(5,755	)		(18.3	)		(43,338	)
		(133,142	)		(115,708	)		(17,434	)		(15.1	)		(158,669	)
Operating income		24,760			17,705			7,055			39.9			24,475
Other income :
Interest expense, net:
Related parties		(805	)		(727	)		(78	)		(10.7	)		(988	)
Other		(1,684	)		(3,411	)		1,727			50.6			(6,715	)
Other income, net		452			277			175			63.7			322
Income before income taxes and other items		22,723			13,844			8,879			64.1			17,094
Equity in earnings of affiliates		190			301			(111	)		(36.8	)		651
Minority interest in net income of consolidated subsidiaries		(897	)		(489	)		(408	)		(83.6	)		(997	)
Income before income taxes		22,016			13,656			8,360			61.2			16,748
Income taxes(expense)/benefit		(8,358	)		313			(8,671	)		—			3,071
Income before cumulative effect of accounting change		13,658			13,969			(311	)		(2.2	)		19,819
Cumulative effect of accounting change		—			—			—	��		—			(486	)
Net income		13,658			13,969			(311	)		(2.2	)		19,333
Per Share data
Income before cumulative effect of accounting change per share — basic		2,145.60			2,332.90			(187.30	)		(8.0	)		3,258.96
Income before cumulative effect of accounting change per share — diluted		2,143.73			2,326.73			(183.00	)		(7.9	)		3,248.57
Cumulative effect of accounting change per share — basic		—			—			—			—			(80.02	)
Cumulative effect of accounting change per share — diluted		—			—			—			—			(79.76	)
Net income per share — basic		2,145.60			2,332.90			(187.30	)		(8.0	)		3,178.95
Net income per share — diluted		2,143.73			2,326.73			(183.00	)		(7.9	)		3,168.81
Weighted average number of ordinary shares outstanding — basic		6,365,428			5,987,696			377,732			6.3			6,081,511
Weighted average number of ordinary shares outstanding — diluted		6,371,001			6,003,572			367,429			6.1			6,100,971

  (Note) Percentages are calculated based on amounts before rounding.

5

Jupiter Telecommunications Co., Ltd.

JUPITER TELECOMMUNICATIONS CO., LTD.
AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(YEN IN MILLIONS)
Account	September 30, 2006			December 31, 2005			Change
	Amount			Amount			Amount
Current assets:
Cash and cash equivalents		9,903			35,283			(25,380	)
Accounts receivable		15,231			10,754			4,477
Allowance for doubtful account		(430	)		(285	)		(145	)
Prepaid expenses and other current assets		15,652			13,454			2,198
Total current assets		40,356			59,206			(18,850	)
Investments:
Investments in affiliates		2,419			5,155			(2,736	)
Investments in other securities, at cost		801			2,890			(2,089	)
		3,220			8,045			(4,825	)
Property and equipment, at cost:
Land		2,780			1,796			984
Distribution system and equipment		460,366			395,738			64,628
Support equipment and buildings		30,346			28,246			2,100
		493,492			425,780			67,712
Less accumulated depreciation		(169,814	)		(144,080	)		(25,734	)
		323,678			281,700			41,978
Other assets:
Goodwill, net		206,964			150,030			56,934
Other		21,686			17,476			4,210
		228,650			167,506			61,144
		595,904			516,457			79,447

6

Jupiter Telecommunications Co., Ltd.

	September 30, 2006			December 31, 2005			Change
Account	Amount			Amount			Amount
Current liabilities:
Short-term loans		1,800			2,000			(200	)
Long-term debt—current portion		15,593			11,508			4,085
Capital lease obligations—current portion
Related parties		10,334			9,253			1,081
Other		1,729			1,299			430
Accounts payable		19,300			19,855			(555	)
Accrued expenses and other liabilities		18,916			10,236			8,680
Total current liabilities		67,672			54,151			13,521
Long-term debt, less current portion		161,034			133,096			27,938
Capital lease obligations, less current portion:
Related parties		28,659			25,292			3,367
Other		6,157			2,679			3,478
Deferred revenue		59,341			44,346			14,995
Redeemable preferred stock of consolidated subsidiary		500			500			—
Other liabilities		1,862			1,658			204
Total liabilities		325,225			261,722			63,503
Minority interests		5,268			3,290			1,978
Shareholders’ equity:
Ordinary shares no par value		114,655			114,481			174
Additional paid-in capital		195,729			195,219			510
Accumulated deficit		(44,695	)		(58,353	)		13,658
Accumulated other comprehensive gain (loss)		(278	)		98			(376	)
Treasury stock		(0	)		(0	)		(0	)
Total shareholders’ equity		265,411			251,445			13,966
		595,904			516,457			79,447

 7 

Jupiter Telecommunications Co., Ltd.

JUPITER TELECOMMUNICATIONS CO., LTD.
AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(YEN IN MILLIONS)

	9 months ended			9 months ended			12 months ended
	September 30, 2006			September 30, 2005			Dec. 31, 2005
Classification	Amount			Amount			Amount
Cash flows from operating activities:
Net income		13,658			13,969			19,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		37,242			31,487			43,338
Equity in earnings of affiliates		(190	)		(301	)		(651	)
Minority interest in net income of consolidated subsidiaries		897			489			997
Stock compensation expenses		287			2,651			2,210
Deferred income taxes		4,719			(1,798	)		(5,257	)
Cumulative effect of accounting change		—			—			486
Changes in operating assets and liabilities, excluding effects of business combinations:
(Increase)/decrease in accounts receivable, net		(826	)		422			(974	)
Increase in prepaid expenses and other current assets		(2,779	)		(1,479	)		(1,499	)
(Increase)/decrease in other assets		643			(315	)		2,810
Increase/(decrease) in accounts payable		(1,597	)		930			4,955
Increase/(decrease)in accrued expenses and other liabilities		4,198			630			(335	)
Provision for retirement allowance		(77	)		(2,579	)		(2,676	)
Decrease in deferred revenue		(3,673	)		(1,189	)		(1,974	)
Net cash provided by operating activities		52,502			42,917			60,763
Cash flows from investing activities:
Capital expenditures		(34,516	)		(23,669	)		(38,405	)
Acquisition of new subsidiaries, net of cash acquired		(56,622	)		(13,094	)		(12,049	)
Investments in and advances to affiliates		—			165			140
Acquisition of minority interest in consolidated subsidiaries		(6,667	)		(4,017	)		(4,905	)
Other investing activities		839			(634	)		(2,011	)
Net cash used in investing activities		(96,966	)		(41,249	)		(57,230	)
Cash flows from financing activities:
Proceeds from issuance of common stock		396			90,980			91,420
Net increase/(decrease) in short-term loans		(200	)		1,084			1,750
Proceeds from long-term debt		76,339			1,720			126,904
Principal payments of long-term debt		(49,620	)		(59,032	)		(187,542	)
Principal payments under capital lease obligations		(6,647	)		(8,885	)		(11,970	)
Other financing activities		(1,184	)		—			768
Net cash provided by financing activities		19,084			25,867			21,330
Net increase/(decrease) in cash and cash equivalents		(25,380	)		27,535			24,863
Cash and cash equivalents at beginning of year		35,283			10,420			10,420
Cash and cash equivalents at end of term		9,903			37,955			35,283

8

Jupiter Telecommunications Co., Ltd.

Segment Information

(1)	Operating segments
	The Jupiter Telecommunications Group (the Company and its consolidated subsidiaries) has determined it has one reportable segment “Broadband services”. Therefore, information on operating segments is not required in this section.
(2)	Segment information by region
	Because the Company does not have any overseas subsidiaries or branches, this section is not applicable.

9

Highlights of 2006 Q3 (1/2)

Oct 26 2006
Jupiter Telecommunications Co., Ltd.
Unit:Yen in 100 million(rounding in 10 million yen)

	9 months			9 months									Estimate for
	ended Sept.			ended Sept.			Change						the year ending
P/L	30, '06			30, '05			Amount			%			Dec. 31, 2006		Progress (%)			Explanation of changes
Revenue:
Subscription fee		1,416			1,193			223			19	%						Revenue breakdown: Cable TV 734(+110, or +18%), HS Internet 422(+77, or +22%), Telephony 261(+36, or +16%), effect of acquisition(+71)
Other		163			141			22			16	%
Total		1,579			1,334			245			18	%		2,210		71	%	Effect of acquisition (+83)
Operating costs and expenses:
Operating & programming costs		(642	)		(548	)		(94	)		17	%						In line with an increase in RGU, program purchase cost, wages and others increased. Effect of acquisition(+16)
Selling, general & administrative		(314	)		(268	)		(46	)		17	%						Increase due to effect of acquisitions(+37), however, the growth rate of SGA was less than that of revenue due to lower increase in wages and decrease in advertising expense.
Stock compensation		(3	)		(27	)		24			(89	%)						In 2005 under variable accounting, and fair value exceeded exercisable price.
Depreciation & amortization		(372	)		(315	)		(57	)		18	%						Increase in installation equipments, and the expansion of network. Effect of acquisition(+25)
Operating income		248			177			71			40	%		315		79	%
Other income(expense):
Interest expense, net		(25	)		(41	)		16			(39	)%						Debt repayment of 500 in March 05, significant decrease in interest rates as a result of refinancing in Dec 2005 and reduced bank fee amortization.
Other income(expense), net		5			3			2			67	%
Income before tax, equity, minority		227			138			89			64	%
Equity in earnings of affiliates		2			3			(1	)		(33	%)
Minority interest in net income		(9	)		(5	)		(4	)		80	%
Income before income taxes		220			137			83			61	%		275		80	%
Income taxes & Other		(84	)		3			(87	)		—							Due to reversal of valuation allowance, that was recognized in 2005(39).
Net income		137			140			(3	)		(2	%)		195		70	%
OCF *1		623			518			105			20	%
Margin		39	%		39	%		0	%		—

*1: OCF (Operating Cash Flow=Revenue Operating & programming costs — Selling, general & administrative expenses):

	As of Sept.			As of Dec.
Assets and Liabilities*2	30, '06			31, '05			Change
Total Assets		5,959			5,165			794
Equity		2,654			2,514			140
Equity capital ratio to total assets		45	%		49	%		(4	%)
Debt (including capital lease obligations)		2,253			1,851			402
Net Debt		2,154			1,498			656
D/E Ratio (Net)		0.81			0.60			0.21

*2: Since we acquired shares of CW on Sep 28th, financial data of CW Group is reflected in Assets and Liabilities.

	9 months			9 months
	ended Sept.			ended Sept.
Cash Flows	30, '06			30, '05			Explanation of 2006 amounts
Cash provided by operating activities		525			429		OCF(623)
Cash used in investing activities		(970	)		(412	)	Capital expenditure(345), and Acquisition of new subsidiaries and MI purchases(633)
Free Cash Flow		97			80		(Cash provided by operating activities 525) — (Capital expenditure incl. Capital Lease 428)
Cash generated from (used in) financing activities		191			259		Proceed from long-term debt and short-term loans(+761), Principal payment of long-term debt and capital lease(-563)
Increase/(decrease) in cash		(254	)		275

	9 months		9 months
	ended		ended		Change
Capital Expenditure	Sept. 30, '06		Sept. 30, '05		Amount			%
Capital expenditures		345		237		108			46	%
Capital lease expenditure		83		112		(29	)		(26	%)
Total		428		349		79			23	%

(Cautionary note regarding future-related information)
The forecasts contained in this report have been prepared on the basis of information that is currently available. Because such estimates are inherently very uncertain, actual results may differ from the forecasts. The Company does not guarantee that it will achieve these estimated results and advises readers to refrain from depending solely on these forecasts. Readers should also note that the Company is under no obligation to revise this information on a regular basis.

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Highlights of 2006 Q3 (2/2)

October 26, 2006

Jupiter Telecommunications Co., Ltd.

	As of Sept.		As of Dec.
J:COM Group	30, ’06		31, ’05		Change				Explanation of changes
Consolidated subsidiaries
CATV company (including CW group)		24		17		7		(a)	Inclusion of Rokko Island Cable Vision(Jan’06), Sakura Cable(Apr’06), Cable Net Shimonoseki(Aug’08), Cable West Inc and their 5 subsidiaries (Suita, Toyonaka Ikeda, Takatsuki, Higashi Osaka and Kitakawachi) Merger of KobeAshiya with Rokko, and Urawa with Media Saitama
Others		4		3		1			Kansai Multimedia Service(KMS) became subsidiary(Jan’06)
Total		28		20		8		
Equity-method affiliates
Managed systems		1		2		(1	)	(b)	Shimonoseki became subsidiary(Aug’06)
Others		4		5		(1	)		KMS became subsidiary(Jan’06)
Total		5		7		(2	)	‚
Group total +‚		33		27		6
Managed system operators (a) + (b)		25		19		6

Consolidated systems (A+B)*3
	As of Sept.			As of Sept.
Operational Data	30, ’06			30, ’05			Change
RGUs
CATV		1,778,000			1,574,400			203,600
of which digital service		842,800			494,300			348,500
HS Internet access		953,100			791,700			161,400
Telephony		1,052,600			854,400			198,200
Total		3,783,700			3,220,500			563,200
Customers connected		2,141,400			1,865,000			276,400
Homes passed		7,644,600			6,717,100			927,500
Average number of RGUs per customer		1.77			1.73			0.04
Rate of customers taking 3 services		24.1	%		22.2	%		1.9	%
ARPU *4		¥7,756			¥7,492			¥264
(Average revenue per customer per month)		*5			*6
Monthly churn rate *7
CATV		1.1	%		1.3	%		(0.2	%)
HS Internet access		1.4	%		1.3	%		0.1	%
Telephony		0.8	%		0.7	%		0.1	%

A. Existing consolidated									B. Newly consolidated
managed systems *8									managed systems *9			CW Group *10
As of Sept.			As of Sept.						As of Sept.			As of Sept.
30, ’06			30, ’05			Change			30, ’06			30, ’06
	1,651,700			1,574,400			77,300			126,300			324,800
	780,000			494,300			285,700			62,800			148,900
	897,700			791,700			106,000			55,400			125,700
	1,033,600			854,400			179,200			19,000			16,000
	3,583,000			3,220,500			362,500			200,700			466,500
	1,999,500			1,865,000			134,500			141,800			357,800
	6,934,300			6,717,100			217,200			710,300			1,397,700
	1.79			1.73			0.06			1.42			—
	25.3	%		22.2	%		3.1	%		6.2	%		—
	¥7,843			¥7,489			¥354			¥6,253			—
	*5			*6						*5
	1.1	%		1.3	%		(0.2	%)		0.8	%		—
	1.4	%		1.3	%		0.1	%		1.2	%		—
	0.8	%		0.7	%		0.1	%		0.4	%		—

[Reference]

	Total of managed systems
	As of Sept.			As of Sept.
Operational Data	30, ’06			30, ’05			Change
RGUs
CATV		1,864,700			1,684,900			179,800
of which digital service		878,300			518,700			359,600
HS Internet access		992,600			837,700			154,900
Telephony		1,104,300			909,900			194,400
Total		3,961,600			3,432,500			529,100
Customers connected		2,250,000			1,996,100			253,900
Homes passed		8,171,100			7,303,100			868,000
Average number of RGUs per customer		1.76			1.72			0.04
Rate of customers taking 3 services		23.7	%		21.8	%		1.9	%
ARPU*4		¥7,725			¥7,444			¥281
(Average revenue per customer per month)		*5			*6
Monthly churn rate *7
CATV		1.1	%		1.3	%		(0.2	%)
HS Internet access		1.4	%		1.3	%		0.1	%
Telephony		0.8	%		0.8	%		0.0	%

*3:	Cable West Opening operational data is not included in “Consolidated systems”, however, it is shown in “Cable West Group”. These amounts are preliminary and subject to adjustments until we have completed our review of such information and determined that it is presented in accordance with our policies.
*4:	ARPU is subscription fees together with various commissions and other revenue included in the “Other Revenue” line item.
*5:	Monthly average for January — September, 2006
*6:	Monthly average for January — September, 2005
*7:	Churn Rate = monthly number of disconnects from a service / the monthly weighted average number of subscribers /12
*8:	Consolidated managed systems other than *9
*9:	4 new managed systems that were consolidated after IPO 2005 (I.e. J:COM Setamachi, Cable TV Kobe, Sakura Cable, and Shimonoseki)
*10:	The Cable West Group consists of 6 managed systems and an MSO. Numbers are preliminary and subject to adjustments until we have completed our review of such information and determined that it is presented in accordance with our policies.

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