Filed by PrimaCom AG pursuant to Rule 425 of the Securities Act of 1933.
Subject Companies: PCOM AG (Commission File No. 333-66722)
PrimaCom AG (Commission File No. 000-30004)
<Page>
[PrimaCom LOGO]
INVESTOR PRESENTATION
AUGUST 2001
<Page>
DISCLAIMER
================================================================================
- --------------------------------------------------------------------------------
This presentation contains certain statements that are neither reported
financial results nor other historical information. These statements are
forward-looking statements within the meaning of the safe-harbor provisions of
the U.S. federal securities laws. Because these forward-looking statements are
subject to risks and uncertainties, actual future results may differ materially
from those expressed in or implied by the statements. Many of these risks and
uncertainties relate to factors that are beyond PrimaCom AG's control or
estimation, including the speed at which cable television network upgrades can
be implemented, broadband networks can be built and subscribers will respond to
new services and products, changes in technology, the competitive environment
and other risk factors detailed in PrimaCom AG's reports filed with the
Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date of
this presentation. We do not undertake any obligation to publicly release any
revision to these forward-looking statements to reflect events or circumstances
after the date of this presentation.
We urge all PrimaCom shareholders to read the Registration Statement on Form
F-4, including the proxy statement/prospectus contained within the Registration
Statement, regarding the proposed business combination referred to herein or in
connection herewith, as well as the other documents that we have filed or New
PrimaCom will file with the Securities and Exchange Commission, because they
contain or will contain important information. Holders of PrimaCom shares or
ADSs may obtain a free copy of the proxy statement/prospectus and other
documents filed by PCOM AG at the Commission's web site at www.sec.gov, or from
PrimaCom by directing such request in writing or by telephone to: PrimaCom AG,
Hegelstrasse 61, 55122 Mainz, Germany, Attention: Office of Investor Relations,
Telephone: +49-6131-9310-150, Facsimile: +49-6131-9310-149. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of securities in any state in which the offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. No offering of securities shall be
made except by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.
- --------------------------------------------------------------------------------
2
<Page>
TABLE OF CONTENTS
================================================================================
- ---------------------------
> New PrimaCom Overview
- ---------------------------
> The Market Opportunity
> Investment Highlights
> Financial Analysis
> Summary
3
<Page>
NEW PRIMACOM OVERVIEW
Introduction
================================================================================
> PrimaCom and UPC are combining their German businesses to create an
independent, leading broadband cable operator focused on the highly
attractive German market with a strong presence also in the Netherlands
> PrimaCom (1.0 mm German subs, 0.3 mm Dutch subs) will be combined with
UPC's German cable assets (0.6 mm subs in EWT/tss)
> The new entity will continue to be listed on the Neuer Market and on
Nasdaq
> Name will continue to be "PrimaCom AG"
> Transaction structured as a tax-free, statutory (Newco) merger
- UPC to contribute EWT/tss and the TeleColumbus option
- PrimaCom shareholders to exchange their shares for Newco shares on a
one-for-one basis
- PrimaCom shareholder vote required (75% of those present)
> UPC to hold 52% of PrimaCom share capital after the merger
4
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NEW PRIMACOM OVERVIEW
Key Terms and Conditions
================================================================================
- --------------------------------------------------------------------------------
Exchange Terms
<Table>
<Caption>
Shares:
> New PrimaCom shares issued to PrimaCom shareholders (1:1): 19.8 mm
> New PrimaCom shares issued to UPC Germany: 11.1 mm
-------
> New PrimaCom pro forma shares: 30.9 mm
> Pro forma UPC Group Ownership in New PrimaCom (52%): 16.0 mm
</Table>
> UPC's option over certain TeleColumbus assets to be
contributed to New PrimaCom
- --------------------------------------------------------------------------------
Alkmaar Purchase
> New PrimaCom to acquire Alkmaar from UPC for approx. (euro)50 mm in cash
after the PrimaCom/EWT merger (pass-through of UPC purchase price)
- --------------------------------------------------------------------------------
chello agreement
> New PrimaCom to deploy UPC's chello broadband product on its networks
- --------------------------------------------------------------------------------
Structure
> Tax-free Newco merger
> New PrimaCom continued to be listed on Neuer Markt and Nasdaq
- --------------------------------------------------------------------------------
Key Next Steps
> PrimaCom AGM on 28 August 2001 - requires shareholder approval with 75% of
those present
> Regulatory approval in Germany
- --------------------------------------------------------------------------------
5
<Page>
NEW PRIMACOM OVERVIEW
Profile
================================================================================
[PrimaCom LOGO]
-------------------
GERMAN CABLE ASSETS
-------------------
o 1,595,000 subscribers
o Total revenue of (euro)166 mm
o EBITDA of (euro)71 (43% margin)
o Primary focus on core geographic areas (Sachsen/Sachsen-Anhalt/Thuringen,
Berlin)
o Over 90% of networks not yet upgraded
o Option to acquire 470,000 equity subscribers of Telecolumbus (located in
PrimaCom core regions) - estimated revenues (euro)50m, estimated EBITDA
(euro)20m
------------------------
NETHERLANDS CABLE ASSETS
------------------------
o 340,000 subscribers
o Total revenue of (euro)43 mm
o EBITDA of (euro)21 mm (48% margin)
o Regional focus in north-western Holland
o Networks fully upgraded
(1) Pro forma subscriber data as per 30 June 2001. Pro forma unaudited
financial data (revenues, EBITDA) based on annualized Q1 2001 data
(including EWT for Germany and Alkmaar for the Netherlands). EBITDA
(Germany) adjusted for non-cash compensation expenses, one-time employee
bonus payments and a one-off cost reduction effect in Q1 2001 at EWT.
6
<Page>
NEW PRIMACOM OVERVIEW
Management and Supervisory Board
================================================================================
> Management Board:
<Table>
<Caption>
POSITION EXPERIENCE
- ----------------------------------------------------------------------------------------------------------
Paul Thomason CFO O CFO (and acting CEO) of 1998- current
PrimaCom
Acting CEO O Former CFO of KabelMedia 1996 - 1998
(predecessor of PrimaCom)
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Hans Wolfert Corporate Development and Strategy O Corporate Development and 1999-current
Strategy PrimaCom
O Former CEO of A-2000
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
The Management Board will be expanded subject to identification of suitable candidates
- ----------------------------------------------------------------------------------------------------------
</Table>
> Supervisory Board will consist of 9 members who will serve through the
2004 AGM
- 4 members nominated by UPC
- 5 members from existing PrimaCom AG Supervisory Board (independents)
- Chairman: Dr. Christian Schwarz-Schilling (current PrimaCom
Chairman)
- Vice Chairman: Mark Schneider (Chairman and CEO of UPC)
7
<Page>
NEW PRIMACOM OVERVIEW
UPC Relationship
================================================================================
> UPC does not intend to dominate PrimaCom, notwithstanding its majority
shareholding in PrimaCom after the transaction
- Incumbent Management Board remains in place
- Majority of non-UPC affiliated directors on the Supervisory Board
- Agreement to abstain from voting 10% of its shareholding in
shareholders meeting under certain circumstances
- Dilution going forward acceptable to UPC
> PrimaCom will be an unrestricted subsidiary for UPC/UGC bond indenture
purposes, leaving it free to pursue an independent financing strategy
> UPC will not compete with PrimaCom in the German cable market
> PrimaCom will benefit from UPC's expertise in the introduction of digital
services in other European market
- Triple-play offerings in e.g. the Netherlands and Austria
- Branded consumer products (chello, Priority)
> All dealings between PrimaCom and UPC will be on arms length terms
8
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TABLE OF CONTENTS
================================================================================
> New PrimaCom Overview
- ----------------------------
> The Market Opportunity
- ----------------------------
> Investment Highlights
> Financial Analysis
> Summary
9
<Page>
THE MARKET OPPORTUNITY
Status of Development
================================================================================
<Table>
<Caption>
SUBSCRIBER NETWORK BUILD- NEW SERVICES
NETWORK OWNERSHIP OUT & PRODUCT BROADBAND ROLL- CASH FLOW
CONSOLIDATION CONSOLIDATION DEVELOPMENT OUT POSITIVE
- ---------------------------------------------------
GERMANY
- ---------------------------------------------------
-----------------------------------------------------
NETHERLANDS
-----------------------------------------------------
</Table>
10
<Page>
THE MARKET OPPORTUNITY
Germany and the Netherlands are Europe's #1 and #2 cable markets
================================================================================
-------------------------------------
Percent of European Cable Subscribers
-------------------------------------
[THE FOLLOWING DATA WAS DEPICTED BY A PIE CHART IN THE PRINTED MATERIAL]
<Table>
Austria 3%
Denmark 3%
Sweden 5%
Switzerland 6%
France 6%
UK 7%
Belgium 9%
Other 9%
Netherlands 14%
Germany 47%
</Table>
<Table>
<Caption>
------------- ---------------
Germany The Netherlands
------------- ---------------
TV Households (k) 33,380 6,650
CATV Subs (k) 20,525 6,116
CATV
Penetration 67% 94%
CATV ARPU (euro) 9.53 (euro) 8.90
Two-Way
Homes (k) 116 3,000
Two-Way
Penetration 0.4% 52%
</Table>
Source: Kagan World Media
11
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THE MARKET OPPORTUNITY
Significant Pay-TV Upside
================================================================================
<Table>
<Caption>
---------- ---------- ----------
UK France US
---------- ---------- ----------
2000E
Pay TV Penetration 32% 29% 47%
Pay TV ARPU (euro) 30 (euro) 32 (euro) 35
</Table>
<Table>
<Caption>
---------------------------- ---------------------------
2000E 2005E
---------------------------- ---------------------------
Germany Netherlands Germany Netherlands
Pay TV Penetration 6% 5% 25% - 35%
Pay TV ARPU (euro) 30 (euro) 30 ~ (euro)45
---------------------------- ---------------------------
| ^
| |
+-------------------------------------+
</Table>
Source: Kagan World Media, Management estimates
12
<Page>
THE MARKET OPPORTUNITY
Broadband Internet Opportunity
================================================================================
Germany - Internet Penetration
[THE FOLLOWING DATA WAS DEPICTED BY A BAR CHART IN THE PRINTED MATERIAL]
<Table>
<Caption>
2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ----
24% 32% 35% 44% 50% 60%
</Table>
Germany - Cable Modem Connections as % of Total Connections
[The following data was depicted by a bar chart in the printed material.]
<Table>
<Caption>
2000 2005
---- ----
1% 20%
</Table>
The Netherlands - Internet Penetration
[The following data was depicted by a bar chart in the printed material.]
<Table>
<Caption>
2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ----
36% 42% 46% 54% 58% 64%
</Table>
The Netherlands - Cable Modem Connections as % of Total Connections
[The following data was depicted by a bar chart in the printed material.]
<Table>
<Caption>
2000 2005
---- ----
0% 28%
</Table>
Source: Morgan Stanley Equity Research (June 2001)
13
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THE MARKET OPPORTUNITY
Telephony Opportunity
================================================================================
> Significant opportunity to acquire telephony market share
> Extremely successful cable telephony track record in other markets
- --------------------------------------------------------------------------------
Case Study - UK Telephony
-------------------------
<Table>
Cable Telephony Subscribers 4.5 million
Penetration 35%
Residential ARPU (euro) 30 - (euro)35
Introduction of Cable Telephony Mid-1990s
</Table>
- --------------------------------------------------------------------------------
> Additional opportunities to leverage fiber-rich network infrastructure
- Leased lines
- Wholesale carriers' carrier service
14
<Page>
THE MARKET OPPORTUNITY
Network "Levels" in Germany
================================================================================
> Network level ownership in Germany is split - whereas the former DT
networks control the vast majority of head-end connections in Germany,
they only control a minority of subscriber relationships (Level 4)
> New PrimaCom, in contrast, will control the majority of its subscriber
relationships and will be building "upstream" capacity
[GRAPHIC OMITTED]
<Table>
<Caption>
------- ------- -------
Level 2 Level 3 Level 4
------- ------- -------
One/various satellite All cable infrastructure In most cases limited to the
headends that receive and between the headend and the connection point in the home -
process the original actual connection point in the many Level 4 "network"
programming signal home operators are in in fact limited
to maintaining in-house
installations and billing the
respective customers
| | | |
--------------------------------- ------------------------------------
DT Strong New PrimaCom Strong
</Table>
15
<Page>
THE MARKET OPPORTUNITY
Regional Presence of Key Players (By End-Subscriber Relationships)
================================================================================
--------------- ----------- ----------- ----------
New PrimaCom(1) Liberty (2) Callahan(3) Klesch/NTL
--------------- ----------- ----------- ----------
[GRAPHICS OMITTED]
SOURCE: Merrill Lynch. December 2000. Based on subscriber numbers at Year end 99
<Table>
<Caption>
Strong Medium Weak Not Present
>20% 10% - 20% 10%< No Subs
of Subs of Subs of Subs
</Table>
(1) Pro-forma for the EWT merger but before TeleColumbus option exercise.
(2) Pending transaction with regard to six DT regions.
(3) Two DT regions (NRW, BW).
16
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TABLE OF CONTENTS
================================================================================
> New PrimaCom Overview
> The Market Opportunity
- ---------------------------
> Investment Highlights
- ---------------------------
> Financial Analysis
> Summary
17
<Page>
INVESTMENT HIGHLIGHTS
The Proposed Transaction Exploits Attractive Industry Dynamics
================================================================================
> Increased scale, geographic focus and superior clustering in Germany
- Significantly enhances organic development potential
- Enhanced network upgrade economics
- Strong position for further market consolidation
> Leverages uniquely experienced management team
> Potential for significant merger synergies anticipated
- Operating synergies from existing businesses
- Future capex synergies in relation to upgrade activities
> Strong underlying cash flow
- Stable analog CATV business
- Fully upgraded Dutch operations
> First mover in digital services in Germany
> Financial strength
- Fully funded business plan under existing forecast assumptions
18
<Page>
INVESTMENT HIGHLIGHTS
PrimaCom Strategy
================================================================================
> Maximize returns from existing CATV operations through rate increases and
cost synergies
> Continue to horizontally cluster subscribers and enhance subscriber
density
> Selectively divest / swap subscribers in non-core German regions
> Upgrade networks where density provides attractive economics
> Introduce new, value-added services to subscribers on upgraded networks
(chello and other broadband products and services)
19
<Page>
INVESTMENT HIGHLIGHTS
Pro Forma Asset Profile
================================================================================
------------------------------
Pro Forma End-Subscribers (mm)
------------------------------
[The following data was depicted by a bar chart in the printed material.]
<Table>
Liberty (pending) 3.1
Callahan (BW pending) 2.0
TeleColumbus 1.7
Primacom 1.6
Bosch 1.2
</Table>
- --------------------------------------------------------------------------------
> End customer focus
> Geographic concentration
> High network integration
> Enhanced scale
- --------------------------------------------------------------------------------
* Other (10.0 mm) include smaller Private Operators (3.7 mm) and Housing
Associations (6.3 mm).
(1) Before TeleColumbus option (0.5 mm)
-------------------
Geographic Overview
-------------------
[GRAPHIC OMITTED]
<Table>
<Caption>
PF
Market Market
SUBSCRIBERS IN '000 PCAG EWT Total Share TC Share
- ---------------------------------------------------------------------
Sachsen, Sachsen-
Anhalt, Thuringen 504 129 633 25% 212 34%
Berlin/Brandenburg 186 159 345 17% 226 28%
Rheinland-Pfalz 178 1 179 15% 32 17%
Other Regions 138 299 437 3% 0 3%
- ---------------------------------------------------------------------
Total 1,006 589 1,595 8% 470 10%
- ---------------------------------------------------------------------
</Table>
Subscribers as per June 30 2001 (market shares estimated)
20
<Page>
INVESTMENT HIGHLIGHTS
New PrimaCom Upgrade Strategy
================================================================================
- --------------------------------------------------------------------------------
PrimaCom's network upgrade program will benefit from the improved scale and
clustering resulting from the combination of PrimaCom and EWT/tss
- --------------------------------------------------------------------------------
> Focus on most densely-populated clusters in the core operating regions
- Larger number of clusters through EWT/tss (Telecolumbus option
subscribers are also located in core regions)
> Upgrades in Leipzig, Magdeburg, Chemnitz, Halle, Aschersleben, Naumburg
and Mainz already largely completed
- PrimaCom upgrade program can easily be expanded to EWT/tss
subscribers
> Existing and planned fibre passes EWT/tss clusters, which can be directly
connected
> Pass new homes in upgraded cities and grow subscriber base
- Increased reach through additional fibre
> Consolidate DTAG interconnection points and reduce signal delivery fees
- Significant further consolidation potential due to overlap of
footprints
> Reduce capital expenditure requirements by exploiting improved clusters
21
<Page>
INVESTMENT HIGHLIGHTS
Upgrade Economics due to Density: Chemnitz Example
================================================================================
- --------------------------------------------------------------------------------
> High fixed cost element (server, backbone infrastructure) means that there
are significant capex synergies available from increasing subscriber
density
> Related synergies: maintenance, marketing of new services
- --------------------------------------------------------------------------------
<Table>
<Caption>
-------------- ------------- ------------
CITY OF CHEMNITZ PrimaCom EWT NEW PRIMACOM
-------------- ------------- ------------
Homes passed 60,000 40,000 100,000
Subscribers 50,000 20,000 70,000
Internet server and digital playout (euro)K 3,500(1) n/a 3,500
Local Hub (euro)K 1,250 n/a 1,250
Fiber link Leipzig to Chemnitz (euro)K 4,150 n/a 4,150
City fiber (euro)K 9,900(2) 2,200(3) 12,100
Upgrade from fiber node to home (euro)K 12,500 5,000 17,500
-----------------------------------------------------
Total investment (euro)K 31,300 7,200 38,500
Upgraded homes 50,000 20,000 70,000
Cost per upgraded home (euro) 626 360 550
| ^
| |
+---------------------------------------+
-12%
</Table>
(1) Cost of central digital playout facility and internet server platform for
PrimaCom.
(2) Assumes that for each PrimaCom home passed approximately 1/2 of a EWT home
is passed.
(3) PrimaCom already passes 1/2 of EWT homes therefore only 1/2 homes must be
passed.
22
<Page>
INVESTMENT HIGHLIGHTS
The chello Affiliation Agreement
================================================================================
- --------------------------------------------------------------------------------
> As part of the transaction, PrimaCom has agreed to deploy UPC's chello
product on its networks in Germany and the Netherlands
> In return for a revenue share, chello eliminates a significant part of the
execution risk associated with developing a strong multi-platform Internet
offering
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ANTICIPATED SPLIT OF RESPONSIBILITIES, REVENUES AND EXPENSES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PrimaCom Standalone
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRIMACOM Chello
Local Marketing o
National Marketing o
Brand o
Sales o
Installation and CPE o
Billing o
Internet Connectivity o
Helpdesk o
Technical Support/IP Engineering and Operations o
Portal and Portal Applications Development o
Portal Advertising and E-Commerce o
Local Content o
National and International Content o
EPG Advertising and E-Commerce o
Walled Garden Content o
Walled Garden Advertising and E-Commerce o
</Table>
PrimaCom controls 100% of revenues, incurs 100% of costs
- --------------------------------------------------------------------------------
PrimaCom in Partnership with Chello
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRIMACOM Chello
Local Marketing o
National Marketing
Brand
Sales o
Installation and CPE o
Billing o
Internet Connectivity
Helpdesk o
Technical Support/IP Engineering and Operations
Portal and Portal Applications Development
Portal Advertising and E-Commerce
Local Content o
National and International Content
EPG Advertising and E-Commerce
Walled Garden Content
Walled Garden Advertising and E-Commerce
REVENUE SPLITS FROM PARTNERSHIP
Subscription 60% 40%
PC Portal Ad. And E-Commerce 10% 90%
EPG / Walled Garden Ad. And E-Commerce 50% 50%
</Table>
23
<Page>
TABLE OF CONTENTS
================================================================================
> New PrimaCom Overview
> The Market Opportunity
> Investment Highlights
- ------------------------
> Financial Analysis
- ------------------------
> Summary
24
<Page>
FINANCIAL ANALYSIS
PrimaCom Historical Growth Profile
================================================================================
COMPOUND ANNUAL GROWTH RATES
<Table>
<Caption>
93-01PF 98-01PF
Subscribers: 74% 29%
Revenues: 92% 31%
Adjusted EBITDA: 91% 21%
</Table>
[The following data was depicted by a line/bar chart in the printed material.]
<Table>
<Caption>
1993 1994 1995 1996 1997 1998 1999 2000(1) 2001(2)
---- ---- ---- ---- ---- ---- ---- ------- -------
Adjusted EBITDA ((euro)mm) 1 0 6 16 20 52 53 52 92
Subscribers (K) 23 59 343 363 420 877 920 1,302 1,937
Revenues ((euro)mm) 1 2 17 33 38 94 106 124 209
</Table>
Note: Data for 1993 through 1997 represents Kabelmedia. 1998 through 2001
represents PrimaComAG.
(1) 2000 data excludes EWT/tss and Alkmaar; Multikabel included only for part
of the year.
(2) Subscriber data as per June. Financial pro forma data based on results for
3 months to March (annualized). Includes EWT/tss and estimated data for
Alkmaar. Adjusted EBITDA for EWT further adjusted to eliminate a (euro)1.5
million of one-off cost reduction in Q1 2001.
25
<Page>
FINANCIAL ANALYSIS
Historical Commitment to Deleveraging
================================================================================
> Have historically used debt to aggregate and upgrade networks
> EWT/tss merger is expected to have a deleveraging effect
[The following data was depicted by a bar chart in the printed material.]
<Table>
<Caption>
Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Sep-00 Dec-00 Mar-01
------ ------ ------ ------ ------ ------ ------ ------
Net Debt/Trailing EBITDA 19.0 8.9 9.5 6.4 4.2 11.0 14.5 9.7
</Table>
(1) Year-end debt divided by trailing adjusted EBITDA; data for Dec-95 through
Dec-97 represents Kabelmedia. Quarterly EBITDA for Sep-00 and Mar-01
annualized. December 2000 includes Multikabel EBITDA for only part of the
year but all of the acquisition debt. March 2001 data on a pro forma basis
(including EWT and estimated data for Alkmaar).
26
<Page>
FINANCIAL ANALYSIS
Pro-Forma Financials
================================================================================
(euro)mm (Before Synergies)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PrimaCom PRIMACOM NEW
Germany Multikabel PRO FORMA EWT/tss Alkmaar PRIMACOM
- ----------------------------------------------------------------------------------------------------------
CATV Subscribers 1,006 300 1,306 589 40 1,935
of which Integrated 384 300 684 206 40 930
In Percent 38% 100% 52% 35% 100% 48%
- ----------------------------------------------------------------------------------------------------------
Digital TV Subscribers 2 4 7 -- 1 8
Internet Subscribers 2 21 24 -- 3 27
- ----------------------------------------------------------------------------------------------------------
Total RGU's 1,011 326 1,336 589 44 1,969
Revenues 2001 PF 116 39 155 50 4 209
EBITDA 2001 PF 49 20 69 22 1 92
EBITDA Margin 42.2% 50.2% 44.2% 44.2% 25.0% 43.8%
Net Debt (31/03/01) 761 74 50 885
Debt / EBITDA 11.1x 9.7x
</Table>
- --------------------------------------------------------------------------------
(1) Subscriber data as per 30 June 2001. Financial pro forma data based on
results for 3 months to March (annualized). Adjusted EBITDA for EWT
further adjusted to eliminate a (euro)1.5 million of one-off cost
reduction in Q1 2001.
27
<Page>
FINANCIAL ANALYSIS
Operating Statistics in Context
================================================================================
(euro)mm (Before Synergies)
- --------------------------------------------------------------------------------
<Table>
<Caption>
German comparison European comparison
-------------------------------------- ---------------------------------------------
Callahan New New
NRW(2) e-Kabel(3) PrimaCom(1) UPC NTL Telewest PrimaCom(1)
Total Subscribers ('000) 4,124 1,300 1,935 6,528 1,663 1,211 1,935
Level 4 Subscribers ('000) 1,330 494 1,935 6,528 1,663 1,211 1,935
--
Average ARPU ((euro) per month) 7.0 7.0 8.6 10.0 44.0 51.0 8.6
--
EBITDA Margin 45% 41% 44% NM 6% 22% 44%
Debt / EBITDA 12.3x 10.5x 9.7x NM 74.5x 16.0x 9.7x
Debt / Total Subscribers ((euro)) 478 374 457 945 5,183 4,844 457
Debt / Level 4 Subscribers ((euro)) 1,483 983 457 NA NA NA 457
</Table>
- --------------------------------------------------------------------------------
SOURCE: Company Filings, equity research, Deutsche Telekom AG.
(1) Subscriber data for New PrimaCom as per 30 June 2001. Financial pro forma
data for New PrimaCom based on results in the 3 months to March
(annualized). Adjusted EBITDA for EWT further adjusted to eliminate
(euro)1.5 million of one-off cost reduction in Q1 2001.
(2) Financial data pro forma for FY2000.
(3) Financial data as per Q1 2001 (annualized).
28
<Page>
FINANCIAL ANALYSIS
Synergy Potential
================================================================================
> The business combination with EWT/tss creates significant cost and capex
savings potential compared to a stand-alone strategy
<Table>
<Caption>
- -------------------------------------------------------------------------------------------------
AREA DESCRIPTION
- -------------------------------------------------------------------------------------------------
ILLUSTRATIVE P&L SYNERGY POTENTIAL:
EWT ARPU normalization EWT analog CATV rates artificially low; no rate regulation
DT signal fee reduction Connect EWT's subscribers to PrimaCom's broadband
networks (where feasible)
Overhead savings Duplicate overhead organizations
ILLUSTRATIVE CAPEX SYNERGY POTENTIAL:
Upgrade capex savings Improved clustering creates feasible scale (allocation of
fixed upgrade costs to subscribers)
Consumer Premise Equipment (CPE) Scale benefits in CPE purchasing
- -------------------------------------------------------------------------------------------------
</Table>
29
<Page>
FINANCIAL ANALYSIS
Financing Strategy
================================================================================
> Based on the existing forecast assumptions, PrimaCom's business plan is
fully funded for the build-out of core regions in the combined networks
and the launch of digital services to the existing subscriber base
> Larger cash acquisitions would require additional financing
> Will consider using own shares as acquisition currency on a case-by-case
basis
- --------------------------------------------------------------------------------
<Table>
<Caption>
PrimaCom EWT/tss Alkmaar PRO FORMA
Bank facility 1,000 -- -- 1,000
Bridge facility 375 -- -- 375
Total existing commitments 1,375 -- -- 1,375
Net debt 03/2001 761 74 50 885
Committed availability 614 (74) (50) 490
Current availability(1) 136 NA NA 311
</Table>
- --------------------------------------------------------------------------------
(1) "Current availability" determined by financial covenants.
30
<Page>
FINANCIAL ANALYSIS
M&A Strategy
================================================================================
> PrimaCom intends to use its enhanced strategic position in the German
market to continue to make value-adding acquisitions in a highly
fragmented market environment
- Intends to use own shares as acquisition currency as appropriate
> Fill-in acquisition opportunities are available in PrimaCom's core regions
> The TeleColumbus option is currently being evaluated
> Clear focus on Germany
> Liberty Media (UPC's indirect majority shareholder) is currently acquiring
six DT cable regions with over 10 million subscriber relationships (3
million direct / 7 million indirect), including the regions of Sachsen /
Sachsen-Anhalt / Thuringen and Berlin / Brandenburg
31
<Page>
FINANCIAL ANALYSIS
Precedent Transactions (Germany)
================================================================================
(euro) mm
- --------------------------------------------------------------------------------
<Table>
<Caption>
DT PRECEDENT TRANSACTIONS PRIMACOM PRO FORMA
((euro)7.5 PER SHARE)
Including Excluding
Callahan NRW e-Kabel Liberty Netherlands Netherlands
------------------------------------------ --------------------------
Date Jul-00 Aug-00 Feb-01
Aggregate Value 3,571 1,180 5,500 1,117 692
Total Subscribers ('000) 4,124 1,300 10,120 1,935 1,595
Level 4 Subscribers ('000) 1,330 494 3,238 1,935 1,595
Revenues 2000 356 114 800 E 209 166
EBITDA 2000 160 46 225 E 92 71
Aggregate Value over
------------------------------------------------------------------------
Total Subscribers ('000) (euro) 866 (euro) 908 (euro) 543 (euro) 577 (euro) 434
Level 4 Subscribers ('000) (euro) 2,685 (euro) 2,389 (euro) 1,699 (euro) 577 (euro) 434
Revenues 2000E 10.0x 10.4x 6.9x 5.3x 4.2x
EBITDA 2000E 22.3x 25.5x 24.4x 12.2x 9.7x
------------------------------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
(1) Subscriber data for PrimaCom pro forma as per 30 June 2001. Financial pro
forma data for PrimaCom pro forma based on results in the 3 months to
March (annualized). Adjusted EBITDA for EWT further adjusted to eliminate
a (euro)1.5 million of one-off cost reduction in Q1 2001. "Excluding
Netherlands" excludes results of and debt attributable to Multikabel and
Alkmaar.
32
<Page>
TABLE OF CONTENTS
================================================================================
> New PrimaCom Overview
> The Market Opportunity
> Investment Highlights
> Financial Analysis
- -------------
> Summary
- -------------
33
<Page>
SUMMARY
================================================================================
> PrimaCom/UPC transaction creates significant incremental value for
PrimaCom shareholders
> Premier German cable operator in terms of level of subscriber integration,
digital services offering and execution capabilities
> Focused growth strategy
> Significant merger benefits (operational, capex)
> Access to UPC's core skills base
> Attractive current valuation level compared to relevant benchmarks
> Transaction terms favorable for PrimaCom shareholders
> PrimaCom retains its independence from an operational, strategic and
financial point of view
34
<Page>
SUMMARY
Timetable: Key Dates
================================================================================
- --------------------------------------------------------------------------------
<Table>
<Caption>
EVENT DATE (2001)
- ------------------------------------------------------------------------------------------
> Business combination agreed > Late March
> Notice of Shareholders Meeting distributed to > Mid July
PrimaCom shareholders
> Form F4 distributed to PrimaCom ADS holders > Early August
> Latest date for shareholders to deposit shares in order > 21 August(1)
to be entitled to vote at PrimaCom AGM
> PrimaCom Shareholder Meeting to approve the merger > 28 August
> Filing of the merger > Late August*
> Merger becomes effective: New PrimaCom listed > Early October
- Statutory waiting period one month after the AGM (earliest)*
- Pending German regulatory process
</Table>
- --------------------------------------------------------------------------------
* Estimated
(1) Holders of PrimaCom ADSs need to give instructions to the Bank of New York
no later than 20 August to enable it to deposit shares represented by ADSs
by the deposit date.
35