Liberty Global 8-K Regulation FD Disclosure

EXHIBIT 99.1

UPC Holding B.V.

UPC Holding B.V. Provides Selected Financial Information for
the Three Months and Year Ended December 31, 2005

Amsterdam, the Netherlands— March 15, 2006: UPC Holding B.V. (“UPC Holding”) is providing today selected, preliminary financial information for the three months and year ended December 31, 2005. UPC Holding is a subsidiary of Liberty Global, Inc. (“Liberty Global”) (Nasdaq: LBTYA, LBTYB, LBTYK). A copy of this press release will be posted to the investor relations section of the Liberty Global website (www.lgi.com). In addition, the full financials statements with the accompanying notes will be posted in the coming weeks. Highlights for the year compared to UPC Holding’s results for the same period last year include¹:

• Revenue growth of 30% to€2,086 million

• Operating cash flow growth of 24% to€769 million²

• Earnings (loss) before tax³ improved by 30% to€(638) million

• An organic⁴ increase of 664,000 RGUs⁵, a 105% improvement in net additions

Financial and Operating Results

Total consolidated revenue for the year ended December 31, 2005 increased 30% to€2,086 million as compared to the same period last year. The increase was principally due to acquisitions and continued growth in our central and eastern European businesses. Eliminating the effects of exchange rate movements and acquisitions, revenue increased over 9% year over year.

Operating cash flow for the year ended December 31, 2005 increased 24% to€769 million as compared to the prior year period. The increase was principally driven by the impact of acquisitions and the continued growth in our central and eastern European businesses; while partially offset by the Netherlands, where we are implementing our “digital-for-all” (D4A) project⁶, and increased marketing costs from subscriber additions. Eliminating the effects of exchange rate movements and acquisitions, operating cash flow increased 9% year over year. Excluding the Netherlands as well as the effects of exchange rate movements and acquisitions, operating cash flow improved 22% year over year.

At December 31, 2005, UPC Holding had 11.6 million RGUs, which represented an organic increase of 664,000 RGUs and an increase of 1.5 million RGUs as a result of acquisitions during the year. The organic RGU net additions in 2005 represent a 105% increase in net additions over the prior year. The 664,000 organic net additions for the year ended December 31, 2005 include 388,000 broadband Internet subscribers, 229,000 telephony subscribers and 46,000 video subscribers. Our broadband Internet subscriber additions were strong in 2005, particularly due to the continued success of our high-speed internet access services in the Netherlands, Poland and Hungary. Our telephony additions were driven primarily by the continued success of our digital phone offerings in the Netherlands,

1	Results from UPC Norway are treated as a discontinued operation in the historical financial figures, thus UPC Norway’s revenue and operating cash flow for all historical periods are retroactively removed from such figures. We have separately identified Norway as a discontinued operation in our historical subscriber tables and are reporting subscriber metrics excluding the impact of Norway.
2	Please see pages 4 and 5 for an explanation of operating cash flow and its reconciliation.
3	Earnings (loss) before tax is before income taxes, minority interest, and discontinued operations.
4	Organic figures exclude RGUs at the date of acquisition but include the impact of changes in RGUs from the date of acquisition.
5	Please see footnote 4 on page 8 for details to the definition of Revenue Generating Units.
6	In our D4A project, we provide a digital interactive television box and digital service at the analog rate for six months to analog subscribers who accept the box and agree to accept the service. Upon acceptance of the box, the subscriber is counted as a digital cable subscriber rather than an analog cable subscriber. After the six month promotional period, the subscriber will have the option to discontinue the digital service or pay an additional amount, on top of the analog rate, to receive the digital service.

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France and Hungary. The digital video RGU increase was driven primarily by upgrades from our analog video subscriber base and increased subscribers to our DTH service offering. The “digital-for-all” project in the Netherlands is on track and by early March, our digital video subscribers in the market were over 170,000, double the total base at the end of December 2005.

2006 Guidance

With respect to the full year 2006 targets for UPC Holding B.V., we expect that revenue growth and capital expenditures (including capital lease additions) as a percentage of revenue will largely be in line with the consolidated targets for Liberty Global as set out in the press release dated March 14, 2006; while we expect OCF growth will be somewhat below Liberty Global’s consolidated target. The UPC Holding 2006 targets may be impacted by the Netherlands where we expect flat OCF, due primarily to the continuing roll-out of the D4A project.

About UPC Holding B.V.

UPC Holding owns businesses that provide video, high-speed Internet access and telephone services through broadband networks in 12 European countries. At December 31, 2005, UPC Holding’s networks passed approximately 16 million homes and served approximately 11.6 million revenue generating units (as customarily defined by Liberty Global), including approximately 9.3 million video subscribers, 1.6 million broadband Internet subscribers and 0.7 million telephone subscribers.

On July 29, 2005, UPC Holding issued€500 million of 7 3/4% Senior Notes due 2014 and on October 10, 2005, UPC Holding issued a further€300 million of 8 5/8% Senior Notes due 2014. UPC Holding is required under the terms of the indentures for the foregoing Senior Notes to provide certain financial information regarding UPC Holding B.V. to bondholders on a quarterly basis. UPC Broadband Holding B.V., a wholly owned subsidiary of UPC Holding, is the borrower and UPC Holding is the guarantor of outstanding indebtedness under a senior secured credit facility (the “UPC Broadband Holding credit facility”) which also requires the provision of certain financial and related information to the lenders. This press release is being issued at this time, in connection with those obligations, due to the contemporaneous release by Liberty Global of its year end results. The financial information contained herein is preliminary and subject to possible change. UPC Holding presently expects to issue its financial statements prior to the end of March, at which time they will be posted in the investor relations section of the Liberty Global website (www.lgi.com). Copies will also be available from the Trustee for the Senior Notes.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including guidance given for 2006 and the continued strength of our service offerings. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include the continued use by subscribers and potential subscribers of the Company’s services, the long-term success of our D4A program in the Netherlands, changes in technology, regulation and competition, our ability to achieve expected operational efficiencies and economies of scale, our ability to generate expected revenue and operating cash flow and achieve assumed margins including, to the extent annualized figures imply forward-looking projections, continued performance comparable with the period annualized, as well as other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any guidance and other forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

For more information, please contact:

Iván Nash Vila	Bert Holtkamp
Investor Relations — Europe	Corporate Communications — Europe
+41 44 277 9738	+31 20 778 9447

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Selected Financial Data

The following table provides selected, preliminary Revenue and Operating Cash Flow data for the year and three months ended December 31, 2005 and 2004 for each reportable segment of UPC Holding B.V. The selected financial data contained herein is preliminary and unaudited and subject to possible adjustments in connection with the publication of UPC Holding’s year-end audited financial statements. In each case, the tables present (i) the amounts reported by each of our reportable segments for the comparative periods, (ii) the Euro change and percentage change from period to period, (iii) the percentage change from period to period, after removing foreign currency effects (FX), and (iv) the percentage change from period to period, after removing FX and the effects of acquisitions. The comparisons that exclude FX assume that exchange rates remained constant during the periods that are included in each table. The acquisition impact is calculated as the difference between current and prior year amounts that are attributable to the timing of an acquisition. The FX adjustment and acquisition impact, when taken together, yield an organic growth calculation that incorporates the impact of acquisitions only when they are included in both comparable periods. Other Western Europe includes our operating segments in Ireland, Sweden and Belgium. Other Central and Eastern Europe includes our operating segments in Poland, Czech Republic, Slovak Republic, Romania and Slovenia.

Revenue

	Year ended				Increase						Increase (decrease)
Full Year	December 31,				(decrease)						excluding FX
														FX and
	2005		2004		€			%			FX %			Acquisitions %
	amounts in thousands, except % amounts
The Netherlands	€	627,400	€	587,173	€	40,227			6.9			6.9			6.9
France		412,970		251,552		161,418			64.2			64.2			6.5
Austria		258,766		246,353		12,413			5.0			5.0			5.0
Other Western Europe		260,070		140,176		119,894			85.5			85.1			7.0
Total Western Europe		1,559,206		1,225,254		333,952			27.3			27.4			6.4
Hungary		226,401		174,772		51,629			29.5			27.7			27.7
Other Central and Eastern Europe		299,292		202,613		96,679			47.7			35.6			13.9
Total Central and Eastern Europe		525,693		377,385		148,308			39.3			31.9			20.3
Corporate and other		755		4,169		(3,414	)		(81.9	)		(81.9	)		(81.9	)
Total UPC Holding	€	2,085,654	€	1,606,808	€	478,846			29.8			28.2			9.4

	Three months ended				Increase						Increase (decrease)
Fourth Quarter	December 31,				(decrease)						excluding FX
														FX and
	2005		2004		€			%			FX %			Acquisitions %
	amounts in thousands, except % amounts
The Netherlands	€	158,171	€	154,909	€	3,262			2.1			2.1			2.1
France		106,180		101,994		4,168			4.1			4.1			4.1
Austria		64,665		61,881		2,784			4.5			4.5			4.5
Other Western Europe		77,840		43,694		34,146			78.1			74.7			6.4
Total Western Europe		406,856		362,478		44,378			12.2			12.5			3.6
Hungary		57,238		47,920		9,318			19.4			22.2			22.2
Other Central and Eastern Europe		99,271		55,221		44,050			79.8			66.4			13.8
Total Central and Eastern Europe		156,509		103,141		53,368			51.7			45.9			17.7
Corporate and other		209		1,535		(1,326	)		(86.4	)		(86.4	)		(86.4	)
Total UPC Holding	€	563,574	€	467,154	€	96,420			20.6			19.6			6.4

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Operating Cash Flow

	Year ended						Increase						Increase (decrease)
Full Year	December 31,						(decrease)						excluding FX
																FX and
	2005			2004			€			%			FX %			Acquisitions %
	amounts in thousands, except % amounts
The Netherlands	€	289,582		€	302,293		€	(12,711	)		(4.2	)		(4.2	)		(4.2	)
France		78,200			36,990			41,210			111.4			111.4			28.8
Austria		110,175			98,445			11,730			11.9			11.9			11.9
Other Western Europe		89,676			51,276			38,400			74.9			74.9			10.5
Total Western Europe		567,633			489,004			78,629			16.1			16.2			3.1
Hungary		87,042			66,369			20,673			31.1			29.1			29.1
Other Central and Eastern Europe		118,745			76,053			42,692			56.1			43.5			20.1
Total Central and Eastern Europe		205,787			142,422			63,365			44.5			36.8			24.3
Corporate and other		(4,693	)		(12,248	)		7,555			61.7			61.7			61.7
Total UPC Holding	€	768,727		€	619,178		€	149,549			24.2			22.4			9.2

	Three months ended						Increase						Increase (decrease)
Fourth Quarter	December 31,						(decrease)						excluding FX
																FX and
	2005			2004			€			%			FX %			Acquisitions %
	amounts in thousands, except % amounts
The Netherlands	€	68,928		€	76,051		€	(7,123	)		(9.4	)		(9.4	)		(9.4	)
France7		16,233			17,703			(1,470	)		(8.3	)		(8.3	)		(8.3	)
Austria		26,048			22,351			3,697			16.5			16.5			16.5
Other Western Europe		24,891			13,177			11,714			88.9			81.6			13.4
Total Western Europe		136,100			129,282			6,818			5.3			5.3			(2.4	)
Hungary		21,569			17,351			4,218			24.3			27.2			27.2
Other Central and Eastern Europe		38,237			17,288			20,949			121.2			104.7			39.6
Total Central and Eastern Europe		59,806			34,639			25,167			72.7			66.0			33.4
Corporate and other		(667	)		(5,055	)		4,388			86.8			86.8			86.8
Total UPC Holding	€	195,239		€	158,866		€	36,373			22.9			21.5			8.1

Operating Cash Flow Definition and Reconciliation

Operating cash flow is not a U.S. GAAP measure. Operating cash flow is the primary measure used by UPC Holding’s chief operating decision maker to evaluate segment operating performance and to decide how to allocate resources to segments. As UPC Holding uses the term, operating cash flow is defined as revenue less operating and SG&A expenses (excluding depreciation and amortization, stock-based compensation, related party management fees, and impairment, restructuring and other operating charges or credits). UPC Holding believes operating cash flow is meaningful because it provides investors a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that is used by our internal decision makers. Our internal decision makers believe operating cash flow is a meaningful measure and is superior to other available U.S. GAAP measures because it represents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and benchmarking between segments in the different countries in which we operate and identify strategies to improve operating performance. For example, our internal decision makers believe that the inclusion of impairment and restructuring charges within operating cash flow would distort the ability to efficiently assess and view the core operating trends in our segments. In addition, our internal decision makers believe our measure of operating cash flow is important because investors use it to compare our performance to other companies in our industry. A reconciliation of UPC

⁷ In July 2004, we acquired an 80% interest in Noos. In April 2005, we increased our interest in Noos to 100%. As we did not own 100% of Noos during 2004, the amount of overhead allocated by Europe Broadband to Noos during the fourth quarter of 2004 is significantly less than the amount allocated to Noos during the fourth quarter of 2005. Excluding the impact of all overhead allocations and FX, the operating cash flow of France increased 13.6% during the fourth quarter of 2005, as compared to the fourth quarter of 2004.

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Holding’s total segment operating cash flow to UPC Holding’s earnings (loss) before income taxes, minority interest and discontinued operations is presented below for the year and three months ended December 31, 2005 and 2004. You should view operating cash flow as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings, cash flow from operating activities and other U.S. GAAP measures of income.

	Year ended						Three months ended
	December 31,						December 31,
	2005			2004			2005			2004
	amounts in thousands
Total segment operating cash flow	€	768,727		€	619,178		€	195,239		€	158,866
Stock-based compensation expense		(14,547	)		(27,727	)		9,464			(11,260	)
Depreciation and amortization		(648,857	)		(593,648	)		(194,241	)		(163,987	)
Related party management (fees) credits		(3,046	)		(39,206	)		1,379			(39,048	)
Impairment, restructuring and other operating (charges) credits		3,397			(31,020	)		(969	)		(16,354	)
Operating income (loss)		105,674			(72,423	)		10,872			(71,783	)
Interest expense, net		(206,112	)		(195,579	)		(64,825	)		(47,715	)
Interest expense — related party		(549,853	)		(682,335	)		(136,577	)		(177,364	)
Interest income		6,822			3,376			1,561			1,013
Realized and unrealized gains (losses) on derivative instruments, net		177,047			(46,889	)		78,287			(35,287	)
Foreign currency transaction gains (losses), net		(171,495	)		55,455			(28,733	)		41,351
Gain(loss) on extinguishment of debt		(9,127	)		28,441			—			—
Other income (expense), net		8,950			78			6,556			(3,579	)
Loss before income taxes, minority interest and discontinued operations	€	(638,094	)	€	(909,876	)	€	(132,859	)	€	(293,364	)

Summary of Third Party Debt and Cash and Cash Equivalents

The following table details UPC Holding’s consolidated third party debt and cash and cash equivalents as of December 31, 2005, and December 31, 2004:

	Year ended
	December 31,
	2005		2004
	amounts in thousands
UPC Broadband Holding Bank Facility	€	3,425,053	€	2,880,275
UPC Holding 7 3/4% Senior Notes due 2014		500,000		—
UPC Holding 8 5/8% Senior Notes due 2014		300,000		—
Other debt, including capital lease obligations		49,151		40,090
Total third party debt	€	4,274,204	€	2,920,365
Cash and cash equivalents	€	57,588	€	134,586

Note: The summary of debt and cash and cash equivalents above does not include the pro forma effects of any acquisitions or disposals or additional debt incurred, if any, subsequent to December 31, 2005. The disposal of UPC Norway for approximately€448 million in proceeds, of which€175 million was used to repay debt, was completed on January 19, 2006.

Covenant Calculations

Based on the results for December 31, 2005, the ratio of Senior Debt to Annualised EBITDA (last two quarters annualized) for UPC Holding, as defined and calculated in accordance with the UPC Broadband Holding credit facility and upon reporting, was 3.83x. The ratio of Total Debt to Annualised EBITDA (last two quarters annualized), as defined and calculated in accordance with the UPC Broadband Holding credit facility was 4.77x.

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Capital Expenditure Summary

UPC Holding’s capital expenditures were approximately€532 million and€314 million for the year ended December 31, 2005 and 2004. The following table provides UPC Holding’s capital expenditure breakdown by segment for the year ended December 31, 2005 and 2004.

	Year ended
	December 31,
	2005		2004
	amounts in thousands
The Netherlands	€	122,923	€	68,260
France		103,652		55,644
Austria		38,933		43,246
Other Western Europe		59,252		37,620
Total Western Europe		324,760		204,770
Hungary		57,154		32,102
Other Central and Eastern Europe.		67,981		32,056
Total Central and Eastern Europe		125,135		64,158
Corporate and other		82,169		45,253
Total UPC Holding	€	532,064	€	314,171

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Operating Data Table

	December 31, 2005
									Video								Internet				Telephone
			Two-way
	Homes		Homes		Customer		Total		Analog Cable		Digital Cable		DTH		MMDS		Homes				Homes
	Passed(1)		Passed(2)		Relationships(3)		RGUs(4)		Subscribers(5)		Subscribers(6)		Subscribers(7)		Subscribers(8)		Serviceable(9)		Subscribers(10)		Serviceable(11)		Subscribers(12)
UPC Holding
The Netherlands		2,645,800		2,521,600		2,239,500		3,009,700		2,150,300		85,300		—		—		2,521,600		478,100		2,396,300		296,000
France		4,611,700		3,361,600		1,618,800		1,921,800		928,600		563,800		—		—		3,361,600		295,000		2,370,500		134,400
Austria		957,500		954,200		584,100		926,100		455,900		44,000		—		—		954,200		275,900		920,500		150,300
Ireland		887,200		225,800		576,900		601,800		321,500		141,000		—		113,900		225,800		25,000		24,200		400
Sweden.		421,600		287,500		298,500		389,100		240,000		58,600		—		—		287,500		90,500		—		—
Belgium		156,600		156,600		146,500		167,800		127,000		5,500		—		—		156,600		35,300		—		—
Total Western Europe		9,680,400		7,507,300		5,464,300		7,016,300		4,223,300		898,200		—		113,900		7,507,300		1,199,800		5,711,500		581,100
Poland		1,914,800		932,200		1,023,300		1,124,600		1,000,900		—		—		—		932,200		122,500		825,200		1,200
Hungary		1,035,700		885,700		996,300		1,145,900		731,400		—		171,100		—		885,700		135,200		888,200		108,200
Czech Republic		743,000		402,100		431,400		486,400		298,300		—		112,500		—		402,100		75,600		—		—
Romania		1,913,800		944,100		1,338,100		1,411,600		1,333,900		4,000		—		—		818,800		55,200		661,100		18,500
Slovak Republic		429,200		238,000		305,000		323,300		256,900		—		17,300		28,300		223,200		20,800		—		—
Slovenia		125,300		79,300		108,300		126,400		108,300		—		—		—		79,300		18,100		—		—
Total Central and Eastern Europe		6,161,800		3,481,400		4,202,400		4,618,200		3,729,700		4,000		300,900		28,300		3,341,300		427,400		2,374,500		127,900
Total UPC Holding		15,842,200		10,988,700		9,666,700		11,634,500		7,953,000		902,200		300,900		142,200		10,848,600		1,627,200		8,086,000		709,000
Disc Operations — Norway		523,000		270,800		375,700		464,300		334,300		31,000		—		—		270,800		69,500		178,200		29,500
Grand Total		16,365,200		11,259,500		10,042,400		12,098,800		8,287,300		933,200		300,900		142,200		11,119,400		1,696,700		8,264,200		738,500

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Footnotes to Operating Data Table:

(1)	Homes Passed are homes that can be connected to our networks without further extending the distribution plant, except for DTH and MMDS homes. Our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results. We do not count homes passed for DTH. With respect to MMDS, one home passed is equal to one MMDS subscriber.
(2)	Two-way Homes Passed are homes passed by our networks where customers can request and receive the installation of a two-way addressable set-top converter, cable modem, transceiver and/or voice port which, in most cases, allows for the provision of video and Internet services and, in some cases, telephone services.
(3)	Customer Relationships are the number of customers who receive at least one level of service without regard to which service(s) they subscribe. We exclude mobile customers from customer relationships.
(4)	Revenue Generating Unit (RGU) is separately an Analog Cable Subscriber, Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet Subscriber or Telephone Subscriber. A home may contain one or more RGUs. For example, if a residential customer in our Austrian system subscribed to our digital cable service, telephone service and high-speed broadband Internet access service, the customer would constitute three RGUs. Total RGUs is the sum of Analog, Digital Cable, DTH, MMDS, Internet and Telephone Subscribers. In some cases, non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers choose to disconnect after their free service period.
(5)	Analog Cable Subscriber is comprised of video cable customers that are counted on a per connection basis. We have 1.37 million “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of basic cable service with only a few channels. An analog cable subscriber is not counted as a digital cable subscriber.
(6)	Digital Cable Subscriber is a customer with one or more digital converter boxes that receives our digital video service. We count a subscriber with one or more digital converter boxes that receives our digital video service as just one subscriber. A digital subscriber is not counted as an analog subscriber. In the Netherlands where our mass digital migration project is underway, a subscriber is moved from the analog subscriber count to the digital subscriber count when such subscriber accepts delivery of our digital converter box and agrees to accept digital video service regardless of when the subscriber begins to receive our digital video service. The digital video service and the digital converter box are provided at the analog rate for six months after which the subscriber has the option to discontinue the digital service or pay an additional amount to continue to receive the digital service.
(7)	DTH Subscriber is a home or commercial unit that receives our video programming broadcast directly to the home via a geosynchronous satellite.
(8)	MMDS Subscriber is a home or commercial unit that receives our video programming via a multipoint microwave (wireless) distribution system.
(9)	Internet Homes Serviceable are homes that can be connected to our broadband networks, where customers can request and receive Internet access services.
(10)	Internet Subscriber is a home or commercial unit or EBU with one or more cable modems connected to our broadband networks, where a customer has requested and is receiving high-speed Internet access services. Such numbers do not include customers that receive services via resale arrangements.
(11)	Telephone Homes Serviceable are homes that can be connected to our networks, where customers can request and receive voice services.
(12)	Telephone Subscriber is a home or commercial unit or EBU connected to our networks, where a customer has requested and is receiving voice services. Telephone subscribers as of December 31, 2005, exclude an aggregate of 61,300 mobile telephone subscribers in the Netherlands. Mobile telephone services generate a significantly lower ARPU than broadband or Voice-over-Internet Protocol or “VoIP” telephone services. Also, such numbers do not include customers that receive services via resale arrangements.

Additional General Notes to the Table:
Table excludes systems owned by affiliates that were not consolidated for financial reporting purposes as of December 31, 2005, or that were acquired after December 31, 2005.

Subscriber information for recently acquired entities 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.

Commercial contracts such as hotels and hospitals are counted by all our subsidiaries on an EBU basis. EBU is calculated by dividing the bulk priced charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service.

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