Ziggo fourth quarter and full year 2010 results

Strong growth in subscriptions and revenue throughout 2010 Utrecht, January 28, 2011

• Over 1 million All-in-1 Bundle subscriptions • Bundle sales continues to be the driver of growth, supported by our leading positions in Television and High Speed Internet • Annual Growth in Digital Pay Television of over 34% in 2010 Operational Highlights Q4 results • All-in-1 Bundle sales again driver for strong results in 4th quarter adding 49,000 triple play customers • Very successful promotion in fourth quarter resulted in substantial additional increase in digital subscriptions(+72,000) • Increased subscriptions to Broadband Internet (+31,000) and Fixed Telephony (+50,000) • Over 3,000 business bundles were sold in the Business market Financial Highlights FY results • Revenue of €1,375.7 million, up 7.1% versus prior year • Adjusted EBITDA of €783.4 million, up 12.7% versus prior year • Free cash flow of €553.0 million, up 27.3% versus prior year • Net Debt to adjusted EBITDA leverage ratio down to 4.5x at December 31, 2010 compared to 5.4x at December 31, 2009 Ziggo CEO Bernard Dijkhuizen: “Ziggo continued its growth in 2010, proving the strength of its strategy and operations. The company showed a strong financial performance, in which the full synergies from the merger became visible. During the year we saw strong growth in subscribers and revenue, primarily based on having the best triple play bundle in the market, including appealing propositions for Television and High Speed Internet. Additionally, we were pleased to see that our customer satisfaction levels continued to increase and we will maintain our focus on further improvements in 2011.”

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Financial Highlights (€ million) As per December 31,

FY 2010

FY 2009

Change %

Revenues

1,375.7

1,284.4

7.1%

265.0

263.0

0.8%

1,110.7

1,021.4

8.7%

80.7%

79.5%

327.4

326.0

0.4% 12.7%

Cost of goods sold Gross margin Operating expenses (1)

Adjusted EBITDA

783.4

695.4

Adjusted EBITDA as a % of revenue

56.9%

54.1%

8.2

47.1

-82.5%

775.1

648.2

19.6%

Integration costs (2)

EBITDA

Depreciation and Amortization

502.7

477.2

5.3%

Operating income

272.4

171.0

59.3%

-5.8

5.0

-14.2

35.6

Cash flow from operating activities

755.2

688.8

9.6%

Capital expenditure

174.7

212.8

-17.9%

As a % of revenue

12.7%

16.6%

27.5

42.3

-34.9%

Total capital expenditure (Capex)

202.2

255.1

-20.7%

Other cash used in investing activities

0.0

-0.5

Movement in provisions Change in net working capital

Capital expenditure spend on integration

Free cash flow

553.0

434.3

As a % of revenue

40.2%

33.8%

EBITDA-Capex

572.9

393.1

As a % of revenue

41.6%

30.6%

2

27.3% 45.7%

Operational Highlights (in thousands) Footprint(3) as per December 31,

2010

2009

Change %

Homes passed

4,141

4,075

1.6%

Total TV customers

3,087

3,165

-2.5%

- Analog TV only

1,283

1,613

-20.5%

- Analogand Digital TV(4)

1,804

1,552

16.2%

897

778

15.3%

Broadband Internet

1,549

1,449

6.9%

Telephony

1,167

999

16.8%

Of which all-in1- bundle(5)

1,074

675

59.2%

Total triple play

1,094

914

19.6%

5,802

5,612

3.4%

1.88

1.77

6.0%

33.28

29.93

11.2%

- withpaid digital services

RGUs(6) (7)

RGU per customer

(8)

ARPU (€ per month)

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Please note that the results published are the consolidated results of Ziggo Bond Company B.V., hereafter ‘Ziggo’. As a consequence of the issue of the Senior Notes, Ziggo is now reporting quarterly and on the level of the entity which has issued the Senior Notes, being Ziggo. The main differences are caused by the fact that the reports of Zesko Holding B.V. include shareholder loans outstanding, which amounted to €2,065 million as per December 31, 2010. The proceeds of these shareholder loans have been invested in 2005-2007 as equity in the AmsterdamseBeheer and Consultingmaatschappij B.V., hereafter ‘ABC’, which is now a direct subsidiary of Ziggo. As a result thereof, Zesko Holding B.V. recognizes interest costs on the shareholder loans whilst Ziggo does not recognize these interest costs. In the 2010 annual report for Zesko Holding B.V. interest costs on the shareholders loans amounted to €196.2 million. Please also note that Ziggo was incorporated on March 30, 2010. Ziggo acquired all of the issued and outstanding shares of ABC on March 30, 2010. Because of the limited historical information of Ziggo, the comparative 2009 figures of ABC have been used.

Definitions/Footnotes (1) (2) (3) (4)

(5) (6) (7) (8)

Adjusted EBITDA refers to EBITDA, as adjusted to remove the effects of operating expenses incurred in connection with the integration of our predecessor businesses, which were €8.2 million and €47.1 million for the full year ended on December 31, 2010 and December 31, 2009 respectively; EBITDA represents operating income plus depreciation and amortization. Although EBITDA should not be considered a substitute for operating income and net cash flow from operating activities, we believe that it provides useful information regarding our ability to meet future debt service requirements; Operating data related to our footprint and RGUs are presented as of the end of the period indicated; Digital television RGUs equals the total number of standard cable subscribers who have activated a smart card as of the periods indicated. As a result, digital television RGUs represents the number of subscribers who have access to our digital television services. In any given period, not all of these digital television RGUs will have subscribed to additional pay television services. As per December 31, 2010 897,000 of our total digital television RGUs subscribed to one or more of our digital pay television services; Besides the 1,074,000 customers who have taken up the All-in 1 Bundle, we have approximately another 20,000 customers who have subscribed to Analog TV and/or Digital TV, Broadband Internet and Telephony on an individual product basis instead of an All-in-1 Bundle; RGUs are calculated as the sum of the total TV customers, Broadband Internet and Telephony; RGU per customer is the total number of RGUs divided by the total number of TV customers; Average Revenue per User (ARPU) is calculated as the sum of total standard TV, digital pay television, broadband Internet, telephony (including call charges), All-in-1 subscription revenue and interconnection revenues for the period divided by the number of months used and divided by the period’s average monthly total standard TV RGUs. It excludes installation fees and set-top box sales.

About Ziggo Ziggo is a Dutch provider of entertainment, information and communication through television, broadband internet and telephony services. The company serves around 3.1 million households, with 1.5 million broadband internet customers, more than 1.8 million customers for digital television and 1.2 million telephony subscribers. Business to business customers use services such as data communication, telephony, television and internet. The company owns a next-generation network capable of providing the bandwidth required for all future services currently foreseen. More information on Ziggo can be found on: www.ziggo.com

Not for publication For more information you can contact: Press Martijn Jonker, media relations at +31 (0)6 52390449 or via email: [email protected] Analysts and Investors Wouter van de Putte, Director Investor Relations at +31 (0)88 717 1418 or at [email protected]

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Operations In the fourth quarter of 2010, Ziggo added 67,000 net new subscriptions in the residential market. At the end of December 2010 total RGUs reached 5.8million, an increase of 3.4% compared to the prior year. This growth was driven by sales of our All-in-1 Bundles and a lower churn level. By the end of the year we’ve welcomed our 1 millionth All-in-1Bundle customer, which underpins our position as market leader in triple play bundles in the Netherlands. Additionally, in the fourth quarter 72,000 subscribers activated their digital smartcard bringing the total number of subscribers with Digital TV to 1,804,000. Network In the fourth quarter Ziggo continued to invest in customer installations and expansion of its network capacity. Approximately 100,000 modems were successfully replaced enabling current and future high speed internet users to make use of internet speeds at the top of the market. This modemswap will continue in 2011 for an additional 600,000 subscribers. For 2010 the total amount invested in our network and infrastructure was over €200 million, making the total invested amount €1 billion over the last 4 years since the merger. These network investments enable Ziggo to deliver high quality TV and High Speed Internet and allowed us to increase internet speeds in 2010 which further strengthened Ziggo’s position as provider of a next generation network, offering high speed access at an excellent price/quality ratio. As a result, the number of internet subscriptions grew by 31,000 to 1,549,000 in the fourth quarter. Products & services A successful promotion in the fourth quarter emphasizing the benefits of digital television substantially increased the number of subscribers who activated their digital smartcard in the fourth quarter by 72,000 to 1,804,000 at year-end. For the full year the total number of digital television subscriptions grew by 252,000, an increase of 16.2% compared to 2009. This growth has been supported by various marketing campaigns in which we offered our subscribers a set-top box at an attractive price. During the year we shipped approximately 300,000 set-top boxes to support the migration to digital, HD and Interactive TV. Penetration of digital television increased by 9.4% compared to December 2009, resulting in a digital penetration of 58.4% of the total television subscriber base at the end of December 2010. This base of Digital TV subscribers does serve as an important driver for future growth in paid digital services. Ziggo also saw a strong increase in subscriptions for paid digital services. In the fourth quarter the total number of subscriptions for these services increased by 46,000 to 897,000 subscribers. For the full year the total number of subscribers to paid digital services increased by 15.3% compared to 2009. This increase supported the 34% growth in revenues from Digital pay TV. Customer satisfaction levels improved further during the year and this will remain a management priority also for 2011. Major steps in improving customer service processes were made and will continue to be made in pursuit of service leadership. For the first time, Ziggo received the customers’ choice award of Best Internet Provider in the Netherlands and received the Website-of-the-year-Award in the Telecom sector. Both awards

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indicate that process improvements are paying off, contributing to higher customer satisfaction. In the fourth quarter Ziggo’s telephony subscriber base increased by 50,000 to 1,167,000 subscribers, mainly as a result of the uptake of our All-in-1 bundles. For the full year the total number of subscribers to fixed line telephony increased by 168,000 or 16.8% compared to 2009. Following the repositioning of our B2B activities last summer and an extensive advertising campaign focusing on small and medium enterprises, we recorded positive initial results in that segment. In the fourth quarter a total number of over 3,000 business bundles were sold.

Financial performance Revenues In 2010 we generated revenues of €1,375.7 million, an increase of 7.1% compared to the prior year (€1,284.4 million). In the fourth quarter Ziggo generated revenue of €356.8 million compared to €334.0 million in the prior year period (+6.8% y-o-y). Revenue growth was mainly driven by sustained growth in our subscriber base for our core residential products of digital TV, broadband internet and fixed telephony and a higher overall ARPU per subscriber. In the consumer market revenues amounted to €1,298.3 million in 2010, a growth of 8.1% compared to prior year. This was primarily driven by an increased uptake of our All-in-1 Bundle, growth in paid digital television and growth in telephony usage. Revenues from paid digital television services increased by 34.1% to €124.6 million. In the fourth quarter of 2010 we generated revenues of €336.6 million in the consumer market, an increase of 8.4% compared to the fourth quarter of 2009. Compared to the third quarter, revenues grew by 4.3%, largely caused by a large volume of set-top boxes sold to our subscribers as part of our campaign to migrate customers to digital TV. During 2010 we have realized a quarter-onquarter revenue growth from subscriptions for each consecutive quarter. Blended ARPU for the full year of 2010 was €33.28, an increase of €3.35 (11.2%) compared to the prior year. The increase in blended ARPU was driven by the increased uptake of our All-in1 Bundle compared to the prior year period, by a price increase for our All-in-1 Bundle as of January 1, 2010 and by the growth in Digital pay television and telephony uasage. Blended ARPU in the fourth quarter of 2010 was €34.39, an increase of €0.97 compared to the third quarter of 2010. Our business services activities realized revenues of €77.4 million in 2010, a decline of 7.2% compared to the prior year revenue of €83.4 million. The decline was due to non-recurring revenue of €7.6 million in 2009. Exluding these non-recurring revenues our business-tobusiness revenues in 2010 increased by 2% compared to the previous year. During 2010, we have refocused our business services strategy around a product portfolio aimed at the small and midsized B2B segment, based on the strength of our infrastructure. The roll-out of EuroDocsis 3.0 across our entire network enables us to offer very attractive

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high speed internet and high quality telephony services to this market. With an extensive campaign we have relaunched our business services activities to the market with several new products in the third quarter and the first results of this strategy are positive. In the fourth quarter revenue was €20.2 million, an increase of 3.5% compared to the third quarter (€19.5million). During 2010 we have realized sequential growth for each consecutive quarter. Cost of goods sold Cost of goods sold includes the costs for materials and services directly related to revenues and consists of author rights, signal costs and royalties that we pay to procure our content, interconnection fees that we pay to other network operators, materials and logistics costs relating to the sale of set-top boxes and materials used to connect customers to our network. In 2010 cost of goods sold increased by 0.8% to €265.0 million which was primarily driven by the growth in digital television and paid digital television. The gross margin for 2010 was 80.7%, a 1.2% improvement compared to 2009 (79.5%). The margin improvement was a result of improved economies of scale for Paid Digital Television and fixed line Telephony. During the fourth quarter we realized a gross margin of 79.0% compared to 76.2% in the fourth quarter of 2009. The gross margin for the fourth quarter was below the gross margin of 81.3% realized during the first nine months of 2010. This is mainly the result of the large volume of set-top boxes and CI+ modules shipped during the fourth quarter to support the campaigns to migrate our subscribers to Digital TV. We ship these set-top boxes and CI+ modules against a neutral gross margin. In addition, content cost for our standard TV has increased. Operating expenses Operating expenses increased by €1.4 million to €327.4 million in 2010 compared to €326.0 million in 2009.Following the limited increase in operating expenses by 0.4% and the revenue increase of 7.1%, operating expenses as a percentage of revenue decreased from 25.4% in 2009 to 23.8% in 2010. Spending on marketing & sales increased by €6.8 million or 12.2% to €62.1 million in 2010. During the fourth quarter recurring operating expenses increased by €7.5 million or 9.6% compared to the same quarter of 2009, predominantly caused by an increase in marketing & sales by €5.4 million due to the roll-out of extensive advertising campaigns in the Consumer and B2B markets. Compared to the third quarter of 2010, recurring operating expenses increased by €4.3 million due to increased spending on marketing & sales by €1.3 million and an increase in contracted work as a result of increased activities in customer services and technical maintenance. The three predecessor companies of Ziggoare now fully integrated and the synergies have been fully realised. Adjusted EBITDA and operating profit In 2010 we realized a adjusted EBITDA of €783.4 million, an increase of 12.7% compared to the prior year. The adjusted EBITDA margin improved to 56.9% compared to 54.1% for the prior year. Adjusted EBITDA for the fourth quarter was €196.6 million versus €176.7 for the comparable prior year period, an increase of 11.3%. The margin improvement is primarily due

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to higher revenues whilst enjoying operating leverage. Adjusted EBITDA excludes integration expenses. Integration expenses for the year were €8.2 million compared to €47.1 million for 2009. The integration of the three predecessor businesses has now been fully finished with the completion of the last integration projects. Depreciation expenses in 2010 increased by 8.2% to €283.1 million compared to €261.8 million for the prior year, whereas amortization increased by 1.9% to €219.7 million from €215.5 million in 2009. In 2010 we recognized an impairment for an amount of €10.9 million for certain assets as the expected future benefits of the assets deteriorated during the year. Excluding the impairment, total depreciation and amortization in 2010 increased by 3.1% compared to last year. 2010 EBITA was €492.0 million, an increase of 27.3% compared to €386.5 million the year before. Operating income increased by 59.3% to €272.4 million for 2010 compared to €171.0 million for previous year. Net Income Interest expenses decreased to €270.3 million in 2010 compared to €300.9 million last year. A lower average balance for interest bearing debt, the refinancing of our Mezzanine with Senior Unsecured Notes against a lower interest rate and a lower average EURIBOR resulted in decreased interest costs, although approximately two-thirds of the Company’s borrowings were at fixed interest rates taking into account the effect of interest rate swaps. Following the refinancing of part of the Senior Debt through the issuance of Senior Secured Notes for an amount of €750 million on October 28, 2010, approximately 94% of the Company’s total borrowings is currently at a fixed interest rate. Additionally, an amount of €13.2 million was allocated as borrowing costs on Work-in-Process for the year resulting in an interest credit; in 2009 this amounted to €3.4 million. Banking and financing fees have increased to €17.8 million mainly due to fees of €15.1 million paid to the lenders of the Senior Debt in order to obtain consent for the issuance of the Senior Unsecured Notes to refinance the Mezzanine facility. Excluding these consent fees, Banking and financing fees would have decreased by 23.9%. As a result of the issuance of the Senior Unsecured Notes, the floating interest position has decreased by €1.2 billion. Consequently, we have adjusted our hedge position by partly offsetting our existing Interest Rate Swap (IRS) position in order to offset the over-hedged position. With the issuance of the €750 million Senior Secured Notes on October 28, 2010, Ziggo has decided to maintain 94% of its debt at a fixed rate. Due to this increase Ziggo no longer complies with hedge accounting for interest rate swaps under IFRS. This means that any future change in fair value must be recognized as financial income and expense. Since the issuance of the Senior Notes, we have incurred a loss of €6.9 million for value gains and losses on our IRS in fair value of financial derivatives. If interest rates rise, this loss will reverse.

8

The amortization of funding cost has increased to €53.7 million in 2010 from €17.3 million in the prior year. Due to the refinancing of the Mezzanine facility, the remaining capitalized funding costs for this facility, amounting to €11.4 million, have been fully amortized in the second quarter. Similarly, the refinancing of part of our Senior Debt has resulted in an additional amortization of the funding costs of €24.6 million in the fourth quarter. For the year 2010 we recognized an income tax credit of €25.2 million, a decrease compared to €36.4 million for last year due to a reduced loss before income taxes. In 2010 Ziggo recorded a net loss of €51.2 million, an improvement from a net loss of €106.2 million for the prior year. The net loss includes an amortization charge of €191.0 million before tax on the intangible assets which resulted from the acquisition of the three predecessor businesses. Without this amortization charge net of taxes, Ziggo would have reported a net profit of approximately €85 million.

Cash flow and liquidity Cash flow provided by operating activities EBITDA including integration costs increased by 19.6%, whereas net cash flow from operating activities increased by 9.6% to €755.2 million compared to €688.8 million in the prior year. This is mainly due to an increase in net working capital of €14.2 million, which negatively affected cash flow from operating activities, compared to a decrease in net working capital of €35.6 million last year.The net working capital increase results from a relatively high balance for current liabilities at December 31, 2009 following high Capex expenditures in the last months of 2009. Capital expenditure (capex) Our capital expenditure and investments relate primarily to extending, upgrading and maintaining our network, installation of new customers and the cost of cable modems. Capital expenditure also includes increases in intangible assets, primarily expenditures on software, which we capitalize. Decoders and set top boxes are sold to customers and therefore recognized as cost of goods sold and not capitalized. During 2010 we made investments of €202.2 million, including €27.5 million for the integration of the networks of the three predecessor companies. In 2009, capital expenditure recorded €251.7 million, including €42.3 million related to integration. In the last quarter of this year capital expenditure was €68.7 million versus €92.3 million in the comparable period of 2009. In the fourth quarter of 2010 capex on new customer installation and the growth of the network increased considerably compared to the first nine months. A program to swap Eurodocsis 2.0 modems for Eurodocsis 3.0 modems at the customer premises, to make our highest internet speeds available for a broader group of customers, could already start in November 2010 instead of 2011 as the equipment became available earlier than anticipated. Excluding capital expenditure on integration, 23% of the capital expenditure in 2010 was related to customer installations and modem installations at customer premises (approximately 21% in 2009), whereas 59% was related to growth of our network capacity to accomodate our

9

increased subscriber base for broadband Internet and broadband speed requirements (approximately 59% in 2009). This implies that approximately 80% of our capital expenditures in 2010 were scalable and directly growth or subscriber related. The remainder represents maintenance and replacements of network equipment and recurring investments in our IT platform and systems. Free cash flow and net cash used in financing activities Operational free cash flow (EBITDA minus Capex) increased considerably by 45.7% to €572.9 million in 2010 compared to €393.1 million for the prior year. Free cash flow increased by 27.3% and includes a cash outflow due to an increase in working capital of €14.2 million versus a cash inflow of €35.6 million in 2009 as a result of a decrease in working capital during 2009. Net cash used in financing activities for the year comprises interest costs, banking and financing fees related to our loan facilities, repayments on the Senior Credit Facilities and the refinancing of the Mezzanine facility and part of the Senior Debt by the issuance of Senior Unsecured and Secured Notes. On May 7, 2010 we successfully completed the refinancing of our Mezzanine facility by the placement of €1,209 million Senior Unsecured Notes (“the unsecured bond”) and repaid the Mezzanine of €1,181 million, including PIK-interest and regular cash interest accrued until May 7. As a result of the refinancing we incurred financing fees of €41 million, comprising of fees of €15.1 million paid to the Senior Debt lenders in order to get their consent for the issuance of the Senior Unsecured Notes and €25.9 million in banking- and advisory fees paid in relation to the issuance of the Senior Unsecured Notes, which have been capitalized and will be amortized over the term of the Senior Unsecured Notes. On October 28, 2010 we successfully completed the refinancing of part of our Senior Debt by the placement of €750 million Senior Secured Notes. As a result of this refinancing we incurred €10.6 million in banking- and advisory fees in relation to the issuance of the Senior Secured Notes, which have been capitalized and will be amortized over the maturity of the Senior Secured Notes. During 2010 we have made voluntary repayments of €273 million on our Senior Debt compared to €160 million in previous year. Interest paid amounted to €242.7 million and decreased by 2.4% compared to €248.6 million for prior year. Although Senior Debt has decreased by €273 million since last year and the repayment of the Mezzanine has reduced the effective blended interest rate, cash interest has come down by only 2.4% as the interest rate on the Mezzanine consisted of a non-cash interest component (PIK-interest) of 4.75%, which was accrued and added to the outstanding principal amount. In 2009, €53.8 million of interest costs on the Mezzanine has been accrued and added to the principal amount compared to €21.8 million in 2010 untill the Mezzanine was repaid on May 7 of this year. On December 31, 2010, Ziggo held €67.0 million in cash and cash equivalents, compared to €65.3 million the year before.

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Working Capital The net working capital excluding accrued interest increased from -€218.1 million as per December 31, 2009 to -€204.0 million as per December 31, 2010. This increase results from a relatively high balance for current liabilities at December 31, 2009 following high Capex expenditures in the last months of 2009. Current liabilities excluding accrued interest decreased by €40.3 million during 2010 while current assets decreased by €26.2 million, resulting in a cash outflow from the increase in net working capital by €14.2 million. Due to the price increase for standard cable subscribers as per February 1st 2011, we have decided to delay the invoicing for the first quarter to January 2011, instead of December 2010, in order to ensure a correct billing proces. This was only the case for customers with a quarterly subscription for standard cable TV. The delayed billing has resulted in lower Trade accounts receivable of approximately € 8 million and lower deferred revenue of approximately € 10 million as per December 31, 2010. Without this delayed billing our Trade accounts receivable would have been approximately € 28 million which is a significant improvement compared to €43.6 million as per December 31, 2009. Net debt and financing structure On December 31, 2010 the outstanding balance of our Senior Credit Facilities amounted to €1,632 million, a reduction of €1,023 million compared to €2,655 million as of December 31, 2009 due to voluntary repayments on our Senior Debt of €273 million and the refinancing of part of the Senior Debt by the issuance of €750 million Senior Secured Notes. The Senior Unsecured Notes are due May 2018 and have a coupon of 8% per annum and were issued at a price equal to 99.271% of their face value to yield around 8.125% per annum. The Senior Secured Notes will mature on November 2017 and have a coupon of 6.125% per annum and were issued at par. Interest on the Senior Notes are due semi-annually and as per December 31, 2010 an amount of €20.2 million has been accrued under current liabilities. The refinancing led to reduced financing costs for the Company, reduced risk related to changes in market interest rates and resulted in an extension of the debt maturity. As per December 31, 2010, the unsecured bond amounts to €1,176.5 million and is stated at amortized costs, including principal amount, capitalized funding costs and discount on issuance date. The financing fees for the Notes issuance amount to €25.8 million and will be amortized over 8 years. As per December 31, 2010 an amount of €1.6 million has been amortized resulting in capitalized financing fees per December 31, 2010 of €24.2 million. As per December 31, 2010 the balance for the Senior Secured Notes amounts to €739.6 million and is stated at amortized costs, including principal amount and capitalized funding cost. The financing fees for the Senior Secured Notes issuance amount to €10.6 million and will be amortized over 7 years. As per December 31, 2010 an amount of €0.2 million has been amortized resulting in capitalized financing fees per December 31, 2010 of €10.4 million.

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Loans from financial institutions amount to €1,581.1 million as at December 31, 2010. These loans include €50.6 million of capitalized financing fees. Exposure to the risk of changes in market interest rates relates primarily to Ziggo’s long-term debt obligation with a floating interest rate. Ziggo manages its exposure to changes in interest rates and its overall cost of financing by using interest rate swap (IRS) agreements. They are used to transform the interest exposure on the senior credit facility loans. As a result of the repayment of our Mezzanine Loan and part of loans from financial institutions by the issuance of our unsecured bond and secured notes, the floating interest position has decreased by €1.95 billion. At December 31, 2010 approximately 94% of Ziggo’s floating interest borrowings have been swapped. The fair value of the IRS amounts to -€93.0 million, compared to -€102.3 million as per year end 2009. Since the issuance of the Senior Secured Notes on October 28, any change in fair value must be recognized as financial income and expense as Ziggo does not comply to the requirements for hedge-accounting according to IFRS. In 2010, financial income and expense include an amount of €6.9 million (loss) for value gains and losses on IRS in fair value of financial derivatives. Up till the issuance of the Senior Secured Notes changes in fair value were recorded in the hedge reserve (equity). The hedge reserve per December 31, 2010 amounts to -€15.1 million and is charged to the profit and loss during the remaining term of the outstanding IRS. As of December 31, 2010 our Net Debt to Adjusted EBITDA leverage ratio (as defined under our Senior Credit Facilities) was 4.5x, substantially down from 5.4x as at December 31, 2009 due to our strong EBITDA performance and strong cash generation. The average debt maturity is 5.8 years as of December 31, 2010. The summary of the capital structure as at December 31, 2010 is:

in €million

x LTM EBITDA

Margin

Maturity

Term loan A

35.0

0.04

E + 2.00%

Sep-13

Term loan B

1,092.0

1.39

E + 2.75%

Sep-14

Term loan C

255.0

0.33

E + 3.50%

Sep-15

Term loan D

250.0

0.32

E + 4.75%

Sep-16

Term loan E (Secured Notes)

750.0

0.96

6.13%

Nov-17

Total Senior Debt

2,382.0

3.04

Unsecured Notes

1,209.0

1.54

8.00%

May-18

Total Debt

3,591.0

4.58

-67.0

-0.09

3,524.0

4.50

Cash Total net debt

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Restatement Ziggo acquired @Home in February 2007. Employees of @Home were entitled to a long-term employee benefit plan called PRES-arrangement. Upon acquisition, this specific employee benefit was continued by Ziggo and made available – under the same conditions –to former Multikabel and Casema employees born before 1957 or born before 1959 with 25 years of service at the Company, to prevent discrepancies. In accordance with IFRS (IAS 19 – IFRS treatment for long term employee benefits) Ziggo recognizes this liability in the balance sheet. As a result thereof Ziggo has restated the balance sheet as per January 1st, 2009: Provisions increased by an amount of € €13.4 million and retained earnings as a result thereof decreased by an amount of €10.0 million (net of tax). As per December 31st, 2009 Provisions increased by €14.4 million and retained earnings decreased by an amount of €10.7 million. This restatement leads to an adjustment of the 2009 EBITDA by -€0.7 million. As per December 31st, 2010 the PRES-arrangement amounts to €13.8M.

Outlook Considering our achievements in 2010, we expect to further grow our revenues and a modest increase in operating costs driven by the growth of our customer base. By doing so we will continue a strong financial performance in 2011. As data traffic is expected to increase considerably in the foreseeable future, even more than in recent history, capital expenditure is expected to increase to further expand the capacity of our network in order to stay ahead of our customers’ needs for high speed internet.

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Consolidated income statement for Ziggo Bond Company B.V. (unaudited) Quarter ended December 31 (in thousands) Total Revenues Cost of goods sold Personnel Contracted work Marketing & Sales Office expense Other operating expenses Depreciation Amortisation Software Amortisation Other Intangible Assets(2) Total operating expenses Operating income

Q4 2010

Q4 2009

Change %

FY 2010

FY 2009

Change %

356,782

333,991

6.8%

1,375,742

1,284,395

7.1%

74,936 44,843 13,533 16,997 13,881

79,486 48,186 17,058 11,355 12,861

-5.7% -6.9% -20.7% 49.7% 7.9%

265,036 170,715 44,833 62,106 52,113

263,276 179,782 68,352 55,332 55,366

0.7% -5.0% -34.4% 12.2% -5.9%

263

8,093

-96.8%

5,820

14,047

-58.6%

73,574

71,629

2.7%

283,090

261,752

8.2%

6,291

20,180

-68.8%

28,671

35,087

-18.3%

46,066

46,024

0.1%

190,984

180,402

5.9%

290,383

314,872

-7.8%

1,103,367

1,113,395

-0.9%

66,399

19,119

247.3%

272,375

171,000

59.3%

-68,531

-73,377

-6.6%

-270,308

-300,861

-10.2%

-151

-928

-83.7%

-17,775

-3,514

405.8%

-28,616

-4,337

559.8%

-53,737

-17,348

209.8%

963

14,427

-6,899

8,115

-29,935

-45,096

-33.6%

-76,343

-142,608

-46.5%

13,320

11,502

15.8%

25,154

36,365

-30.8%

-16,615

-33,594

-50.5%

-51,189

-106,243

-51.8%

Net financial income (expense) - Interest - Banking and financing fees - Amortization funding costs - Fair value losses on derivative fin. instruments

Loss before income taxes Income tax benefit (expense) Net loss (1) (2) (3)

Financial Information - The condensed consolidated income statement has been prepared in accordance with International Financial Reporting Standards (IFRS), as adoptedby the European Union Amortisation Other Intangible Assets includes amortisation on customer lists. Please note that goodwill and customer list have been capitalized as a result of applying purchase accounting (IFRS 3) Ziggo acquired @Home in February 2007. Employees of @Home were entitled to a long-term employee benefit plan called PRES-arrangement. Upon acquisition, this specific employee benefit was continued by Ziggo and made available – under the same conditions – to former Multikabel and Casema employees born before 1957 or born before 1959 with 25 years of service at the Company, to prevent discrepancies. In accordance with IFRS (IAS 19 – IFRS treatment for long term employee benefits) Ziggo recognizes this liability in the balance sheet. As a result thereof Ziggo has restated the balance sheet as per January 1st, 2009: Provisions increased by anamount of €13.4 million and retained earnings as a result thereof decreased by an amount of €10.0 million (net of tax). As per December 31st, 2009 Provisions increased by €14.4 million and retained earnings decreased by an amount of €10.7 million. This restatement leads to an adjustment of the 2009 EBITDA by -€0.7 million. As per December 31st, 2010 the PRES-arrangement amounts to €13.8M.

14

Consolidated balance sheet for Ziggo Bond Company B.V. (unaudited) Quarter ended December 31 (in thousands) ASSETS Intangible assets Capitalized software Property and equipment Other financial assets Deferred income tax asset Total non-current assets

31 Dec 2010

31 Dec 2009

31 Dec 2008

3,349,947 50,454 1,459,944 396 123,819 4,984,560

3,529,521 63,539 1,549,665 368 142,048 5,285,140

3,709,809 28,172 1,626,874 899 129,313 5,495,067

18,546 19,281 32,313 66,994 137,134

25,542 43,592 27,184 65,271 161,589

13,978 48,719 30,102 42,541 135,340

5,121,694

5,446,728

5,630,407

18 840,982 1,924 -51,189 791,735

18 840,982 -10,269

18 840,982 133,265

830,731

974,265

Loans from financial institutions Unsecured Bond Facility E (Secured Bond) Derivative financial instruments Deferred income tax liability Total non-current liabilities

1,581,127 1,176,530 739,604 92,968 408,127 3,998,356

3,712,042 0 0 102,261 447,529 4,261,831

3,801,283 73,935 483,731 4,358,949

Trade accounts payable Deferred revenue Current liabilities related parties Provisions Taxes and social securities Personnel related liabilities Accrued interest Other current liabilities Total current liabilities

80,165 97,751 338 37,307 15,129 12,974 20,179 67,759 331,603

102,950 106,247 948 38,114 19,613 12,107 1,603 72,585 354,166

60,242 97,407 877 19,101 8,077 14,464 2,737 94,288 297,193

5,121,694

5,446,728

5,630,407

Inventories Trade accounts receivable Other current assets Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Issued share capital Share premium Retained earnings Net Income (loss) for the period Equity attributable to equity holders

TOTAL EQUITY AND LIABILITIES (1) (2)

Financial Information - The condensed consolidated balance sheet has been prepared in accordance with International Financial Reporting Standards, (IFRS), as adopted by the European Union. Ziggo acquired @Home in February 2007. Employees of @Home were entitled to a long-term employee benefit plan called PRES-arrangement. Upon acquisition, this specific employee benefit was continued by Ziggo and made available – under the same conditions – to former Multikabel and Casema employees born before 1957 or born before 1959 with 25 years of service at the Company, to prevent discrepancies. In accordance with IFRS (IAS 19 – IFRS treatment for long term employee benefits) Ziggo recognizes this liability in the balance sheet. As a result there of Ziggo has restated the balance sheet as per January 1st, 2009: Provisions increased by anamount of €13.4 million and retained earnings as a result thereof decreased by an amount of €10.0 million (net of tax). As per December 31st, 2009 Provisions increased by €14.4 million and retained earnings decreased by an amount of €10.7 million. This restatement leads to an adjustment of the 2009 EBITDA by -€0.7 million. As per December 31st, 2010 the PRES-arrangement amountsto €13.8M.

15

Consolidated cash flow statement for Ziggo Bond Company B.V. (unaudited) Quarter ended December 31 (in thousands) Operating Activities Operating Income Adjustments to reconcile operating profit to net cash flow Depreciation Amortisation Movement in provisions Working Capital adjustments (Increase)/Decrease in Current assets Increase/(Decrease) in Current liabilities Change in Working Capital (excl. Accrued Interest) Net cash flow from operating activities Investing activities: Capital expenditures Change in financial assets Net cash flow from (used in) investing activities Financing activities: Unsecured Bond Repayment Mezzanine Term Loan E (Senior secured notes) Repayment on Senior Credit Facility loans Interest Banking and financing fees Net cash flow from (used in) financing activities Net increase (decrease) in cash and cash equivalents

Q4 2010

Q4 Change % 2009

FY 2010

FY 2009

Change %

66,399

19,119

247.3%

272,375

171,000

59.3%

73,574 52,357 -156

71,629 66,203 3,946

2.7% -20.9% -104.0%

283,090 219,655 -5,781

261,752 215,488 5,026

8.2% 1.9% -215.0%

11,424

21,648

-47.2%

26,178

-3,519

-843.9%

22,995

41,970

-45.2%

-40,333

39,094

-203.2%

34,419

63,619

-45.9%

-14,155

35,576

-139.8%

226,592 224,516

0.9%

755,184

688,841

9.6%

-68,712 -53

-95,726 92

-28.2% -157.5%

-202,200 -28

-255,109 531

-20.7% -105.3%

-68,765

-95,634

-28.1%

-202,228

-254,578

-20.6%

0 0

0 0

1,200,037 -1,181,143

0 0

750,000

0

750,000

-60,000 803,537 -89,073 -56,002 -10,755 -1,352 153,365 117,354 4,462

11,528

1239.2%

-1,023,486

-160,000

539.7%

59.1% 695.5%

-242,462 -54,179

-247,595 -3,938

-2.1% 1275.8%

30.7%

-551,233

-411,533

33.9%

-61.3%

1,723

22,730

-92.4%

(1)

Financial Information - The condensed consolidated cash flow statement has been prepared in accordance with International Financial Reporting Standards, (IFRS), as adopted by the European Union.

(2)

Free Cash flow = Net Cash flow from operating activities + net cash flow from (used in) investing activities. For the Q4 ending December 31, 2010 the free cash flow amounts to € 552,956 (December 31,2009: € 434,263)

16

Details consolidated Income Statement Quarter ended December 31 (in thousands)

Q4 2010

Q4 2009

Change %

FY 2010

FY 2009

Change %

86,322

100,794

-14.4%

371,012

431,862

-14.1%

33,423

25,202

32.6%

124,637

92,964

34.1%

Total video revenues

119,745

125,996

-5.0%

495,649

524,826

-5.6%

Broadband Internet subscription revenue

36,978

50,003

-26.0%

170,492

231,925

-26.5%

4,319

7,053

-38.8%

22,576

33,086

-31.8%

(A) Income Statement Revenue by segment(2) Standard cable subscription revenue Digital pay television services revenue

Telephony subscription revenue Telephony usage revenue

41,136

35,141

17.1%

155,648

135,449

14.9%

Total telephony revenues Bundles subscription revenues Revenue from other sources

45,455

42,194

7.7%

178,224

168,535

5.7%

117,118

74,928

56.3%

402,224

228,245

76.2%

17,287

17,419

-0.8%

51,745

47,462

9.0%

Total Residential Market

336,583

310,540

8.4%

1,298,334

1,200,994

8.1%

Business services revenues

20,199

23,452

-13.9%

77,408

83,402

-7.2%

356,782

333,991

6.8%

1,375,742

1,284,395

7.1%

Cost of goods sold

74,936

79,486

-5.7%

265,036

263,276

0.67%

Personnel

44,843

48,186

-6.9%

170,715

179,782

-5.0%

Contracted work

13,533

17,058

-20.7%

44,833

68,352

-34.4%

Marketing & Sales

16,997

11,355

49.7%

62,106

55,332

12.2%

Office expense

13,881

12,861

7.9%

52,113

55,366

-5.9%

Otherexpenses

263

8,093

-96.8%

5,820

14,047

-58.6%

Total operating expenses

164,453

177,040

-7.1%

600,623

636,155

-5.6%

EBITDA

Total revenues

192,329

156,951

22.5%

775,119

648,240

19.6%

Integration operating expenses(4)

4,223

19,724

-78.6%

8,234

47,143

-82.5%

Adjusted EBITDA(3)

196,552

176,675

11.3%

783,353

695,383

12.7%

Depreciation and amortisation

125,931

137,832

-8.6%

502,745

477,240

5.3%

Operating income

66,399

19,119

247.3%

272,375

171,000

59.3%

96,334

64,215

50.0%

348,718

313,608

11.2%

-29,935

-45,096

-33.6%

-76,343

-142,608

-46.5%

13,320

11,502

15.8%

25,154

36,365

-30.8%

-16,615

-33,594

-50.5%

-51,189

-106,243

-51.8%

Net financial income (expense) Loss before income taxes Income tax benefit (expense) Net loss

(1) Financial Information - The condensed consolidated income statement has been prepared in accordance with International Financial Reporting Standards, (IFRS), as adopted by the European Union. (2) Revenue for each of our segments is derived from our internal accounts and is not presented inaudited financial statements. (3) Under IFRS, EBITDA is defined as profit before net finance expense, income taxes, depreciation, amortisation and impairment. Adjusted EBITDA is defined as EBITDA before Integration operating expenses. (4) Integration operating expenses are operating expensesincurred in connection with the integration of our predecessor businesses.

17

Details on Working Capital 4th Quarter (in thousands)

As of Dec 31, 2010

As of Dec. 31, 2009

As of Dec. 31 2008

(C) Change in net working capital in 4th Quarter Inventories

18,546

25,542

13,978

Trade accounts receivable

19,281

43,592

48,719

Other current assets

Trade accounts payable Deferred revenue Current liabilities related parties Taxes and social securities Personnel related liabilities Accrued interest Other current liabilities

Net working capital Change in net working capital Net working capital excluding accrued interest Change in net working capital excl. accrued interest 4th Quarter (in thousands) (C) Change in net working capital in Q4 Inventories Trade accounts receivable Other current assets

Trade accounts payable Deferred revenue Current liabilities related parties Taxes and social securities Personnel related liabilities Accrued interest Other current liabilities

Net working capital Change in net working capital Q4

32,313

27,184

30,102

70,140

96,318

92,799

80,165 97,751 338 15,129 12,974 20,179 67,759

102,950 106,247 948 19,613 12,107 1,603 72,585

60,242 97,407 877 8,077 14,464 2,737 94,288

294,296

316,052

278,092

-224,156

-219,735

-185,293

4,421

34,442

-203,977

-218,132

-14,155

35,576

As of Dec 31, As of Sep 30, As of Dec 31, 2010 2010 2009

-182,556

As of Sep 30, 2009

18,546 19,281 32,313 70,140

25,119 32,256 24,189 81,564

25,542 43,592 27,184 96,318

38,849 57,048 22,069 117,966

80,165 97,751 338 15,129 12,974 20,179 67,759 294,296

52,507 107,051 313 17,453 12,981 38,916 60,817 290,038

102,950 106,247 948 19,613 12,107 1,603 72,585 316,052

69,295 107,029 964 16,123 13,952 1,534 65,116 274,013

-224,156

-208,474

-219,735

-156,047

15,682

Net working capital excluding accrued interest

-203,977

Change in net working capital Q4 excl. accrued interest

34,419

63,688 -169,558

-218,132 63,619

18

-154,513

Details Loans Quarter ended December 31 (in thousands)

Senior Debt

31-Dec-10

31-Dec-09

1,631,764

2,655,250

Mezzanine Capitalized financing fees Loans from financial institutions Senior Notes (principalamount) Capitalized discount at issuance (price 99.271) Capitalized financing fees Senior Notes

1,159,360 -50,637

-102,568

1,581,127

3,712,042

1,208,850 -8,078 -24,242 1,176,530

Facility E (Secured Bond; principal amount)

750,000

Capitalized financing fees

-10,396

Senior Notes Total Loans

739,604 3,497,261

Disclaimer

3,712,042

This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction. Various statements contained in this document constitute “forward-looking statements” as that term is defined by U.S. federal securities laws. Words like “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “should”, and “will” and similar words identify these forward-looking statements. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties. Many of these assumptions, risks and uncertainties are beyond our control. Accordingly, actual results may differ materially from those expressed or implied by the forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we operate. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated results or events: general economic trends and trends in the cable television and telecommunications industries; the competitive environment in which we operate; fluctuations in interest rates; consumer disposable income and spending levels, including the availability and amount of individual consumer credit; changes in consumer television viewing preferences and habits; consumer acceptance of existing service offerings, including our standard cable, digital pay television, broadband Internet and telephony services; consumer acceptance of new technology, programming alternatives and broadband services that we may offer; our ability to manage rapid technological changes; our ability to maintain or increase the number of subscriptions to our standard cable, digital pay television, broadband Internet and telephony services and our average monthly revenue per user; our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the outcome of any pending or threatened litigation; changes in, or failure or inability to comply with, government regulations in the countries in which we, and the entities in which we have interests, operate and adverse outcomes from regulatory proceedings; government intervention that opens our distribution network to competitors; uncertainties inherent in the development and integration of new business lines and business strategies; capital spending for the acquisition and/or development of telecommunications networks and services; the availability of attractive programming for our digital video services at reasonable costs; the loss of key employees and the availability of qualified personnel; and events that are outside of our control, such as terrorist attacks, natural disasters or other events that may damage our network. We caution readers not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this document, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.

19