Good morning, ladies and gentleman and thank you for standing by. Welcome to Liberty Global's Investor Call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Global is strictly prohibited. At this time, all participants are in a listen-only mode. Following today's formal presentation, instructions will be given for a question-and-answer session. As a reminder, this conference call is being recorded on this date, February 27, 2008. I would now like to turn the conference over to Mr. Mike Fries, President and CEO of Liberty Global. Please go ahead, sir.

Alright, thank you and welcome everybody. Let me just take a moment to let you know who's on the call. As usual, Bernie Dvorak and Charlie Bracken, our co-CFO's; Gene Musselman, who heads UPC; Mauricio Ramos, President of BTR and Graham Hollis, who Overseas Japan are also on the call, and we have Rick Westerman I think you all know from IR, Shane O'Neill Head of Strategy and who runs Chellomedia and of course, Liz Markowski, our General Counsel, who will keep us on the straight and narrow. Let me go back to the Safe Harbor Statement. Let some more people more dial in then we'll get to the call.

Thank you. Page two of the slides details the company's Safe Harbor statement regarding forward-looking statements. Today's presentation will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to Liberty Global's 2008 guidance target, future growth prospects, rollout of advanced services, borrowing availability and cash taxes, its expectations regarding competition and M&A activity and other statements that are not historical facts. 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 those detailed from time to time in Liberty Global's filings with the Securities and Exchange Commission, including its most recent file Form 10-K. Liberty Global disclaims any obligation to update or revise any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based. I would now like to turn the call back over to Mr. Mike Fries.

Thank you. Well, as usual you may use slides here and I am on slide four entitled 2007 highlights. I'm going to trying to keep my remarks brief, because the plan is to try and let some of the other operating execs comment on their businesses in a little bit detail. You will see that from the slides. If you're looking at the slide, you will notice our three strategic value driver. On the right the ever present virtuous circles and I am sure some of you might be tired of hearing about it. We are starting to sound like a broken record, but once again all three of these strategic initiatives delivered in 2007. Beginning with operating cash flow growth, really the foundation of our story, our rebased operating cash growth was up 16% for the year, and that's excluding FX and Telenet and 17% in the fourth quarter on that same basis. So, of course those numbers are right in the heart of our guidance and you will hear a little later that we're forecasting similar mid-teen results for 2008. On the M&A front, we had relatively quiet year I'd say, which is fine, since our really know must have deals in our strategic plan. We did complete one large transaction, the acquisition of the controlling interest in Telenet and a handful of smaller in-field deals that are added around 200,000 RGUs. On the sales side, I don't think we could be happier with the rationalization of our interest in our Japanese shopping channel. Our timing was clearly very good on that the deal and we generated about $750 million of cash. And looking forward, I'd say the plan is to be patient on M&A opportunities, until the credit markets stabilize or sellers get panicky, both of which…

Thank you Gene. During 2007, we continue to build strongly from our position of leadership across all our fleet products. As you know in our footprint, we are number one, in video, number one broadband and close number two in voice. We closed 2007 with 270,000 organics adds for 242,000 RGU additions. If you of course exclude analog conversions to digital. Also 12% rebase revenue growth and 23% rebased OCF growth for the year. We coupled healthy RGU gain and top line growth with cost control and the benefits of scale in Chile. All of this remain the key pillars, for they sustained OCF growth. You will also notice that this recipe also led to an OCF conversion ratio in 2007 over 70%. During Q4 in particular, we added 57,000 new RGUs to sustain rebase revenue growth of 13% and rebased OCF growth of 24%. Q4 was therefore another consecutive quarter of 20% plus OCF growth for us. It is important to highlight again that bundling remains a key engine of our RGU growth and of our financial performance. Our bundling ratio is approaching two times over a 39% of our customers now take a bundled triple-play product from us, up from 32% at the end of last year. But it is equally important to highlight again that we also continue to add new customers as well as video customers. During 2007 we added 52,000 new customer relationships against the 48,000 that we had added in 2006 and we added 49,000 video RGUs against the 45,000 that we have added in 2006. So we continue to both cross-sell to the system base as well as grow the existing subscriber base. For the long run during 2007, we completed the migration as we mentioned in the last call of our premium…

Thanks Mauricio. The big events of 2007 in Japan was novel restructuring and streamlining of interests. We split Jupiter TV into two, shop and the thematic channels. And exchanged our indirect shop interest for $855 million for the Sumitomo shares which we call it and borrowed against and as Mike said earlier, we raised $750 million for the cash. And then, we reinforced J:COM by merging the thematic channels into J:COM for another approximately 254,000 J:COM shares. J:COM has historically been under leveraged from our point of view. For instance, at December 2007, gross leverage was only a little over two-to-one. So to cure that, we decided to put on what you might call synthetic leverage on J:COM. So during the fourth quarter, we borrowed 75 billion yen at a wholly-owned OGI entity above J:COM and that took our pro forma share of the J:COM leverage up to almost 41 which is much more inline with our goals. J:COM has recently announced that they intend to begin paying dividends in 2008. While the amounts has not yet been decided, this together with the share repurchase they made in December is a visible sign of their commitment to shareholder returns. Operationally, the highlight of the fourth quarter was the launch of the 160 megabit high speed data service in the Kansai area and there we got a 25% take up rates in December. So it's been a very successful product. What we believe is that fully 40% of these customers adjourning from FTTH to cable demonstrating the cable is perfectly capable of competing with fiber. The challenge for 2008 is video growth and is an explicit J:COM priority. But you got to remember that is not a matter of J:COM loosing the competition. Because churn is low and the competition in…

Thanks Graham. If you turn to slide 12, just to take some quick snapshot of our performance over the last three years and through a combination of the acquisitions organic growth and favorable FX movements, we've achieved a revenue CAGER based on reported results north of 40%, since 2005 and OCF more than doubled over that same period. Specifically we grew revenue 39% in 2007 to $9 billion and OCF 53% to $3.6 billion and keep in mind these 2007 figures are based on 2007 FX rates and for reference the average euro throughout the year was $1.37 to the euro and the yen was a 118 to the dollar. For comparison purposes, over 60% of our 2007 revenue was generated in euro and yen currencies. In addition, the current rates in 2008, both average year-to-date and spot for these two currencies have appreciated meaningfully and the spot rate for the euro is nearing a 150 and the yen is a 106. As these rates stay constant, this will provide us to lift to our reported results in 2008. Turning to slide 13 and I will jump into more detail. Revenue for the fourth quarter and the full year grew to $2.46 billion and $9 billion respectively. In terms of rebase growth, we achieved rates of 7% for Q4 and 9% for the full year. UPC broadband realized 4% growth in Q4 and 7% for the entire year, and highlights from Europe include the following most of which Gene talked about. The growth, the first one is growth comparisons were negatively impacted by one time revenue benefits recorded in 2006 totaling $9.6 million from the Netherlands, which included $4.8 million in Q4 '06, that historic somewhat the growth rate between six and seven. We continue to experience an increasingly competitive…

Great. Thanks Rick. I am on the last slide entitled why LGI? And I think at times like this it's important to try to reinforce your own and our own strategic and competitive advantages. That's also valuable perhaps to differentiate your business into where appropriate. So we try to do that here with roughly six key points and first of all on the macro level, because of our geographic diversity, we have been largely immune to either the real or perceived economic risks in the wake of sub-prime mess. Most of our markets are stable and growing well and we haven't seen any slow down or impact of the economies on our ability to selling our products. Secondly, our regulatory environments range from what I would describe as the benign to the favorable. We are not facing regulation, consolidation caps, discussions in fact the EU's seized cable as the little guy and is usually in our corner on those types of issues. Third, while our markets are competitive, we are not expressing sort of defensive CapEx that's been brought on by the HD and DVD wars here on stage between cable and satellite. We are generally the first to market with HD, we don't really have meaningful satellite competition in the vast majority of our markets. And our capital competitors are typically riding copper not fiber to the home. So we estimate that most... everything we spend is revenue generating, I think as Bernard pointed out. From an operating point of view, we are religious about driving more and more digital voice and broadband services into the home. Doesn't mean its going to easy, the competition is clearly heating up, but as I said before it's made us a better company, better at what we do, we've living with it and growing through it now for some time. So feel pretty confident of what we are forecasting here. And as we grow, net expense through M&A, we are seeing the benefits of greater scale as we start to realize efficiencies across our infrastructure and operating base, you can see in our operating cash flow, drop or conversion. You can see that in that in the improvement in operating cash for margins, and you can see that in our 80% increase in free cash flow. And lastly, we are liquid and we are geared to either continued consolidating assets or buying on stock and this is not a knee-jerk reaction to stock price volatility. Those of you known us know, we've been at this information of this company two and a half years ago and we're sticking to that game plan. So we certainly appreciate your support, no question like all operators in this business we had a work cutout force '08. But I don't like to speak for the management team here when I say we feel really great about that challenge. And at this point operator, we're happy to take questions. Question And Answer

Thank you very much sir. The question-and-answer session will be conducted electronically. [Operator Instructions]. And our first question comes from Jeff Wlodarczak from Wachovia.

Hey guys, I will limit myself to two questions. Mike do you feel very comfortable that if you grow at the low end of your 2008 revenue guidance, you will you be able to generate EBITDA growth within the range you have guided towards with that knowing on the bond, I guess in your words and then secondly, what's the reasonable long-term EBITDA margin target for you all? Thanks.

Yes, I mean, it's a fair question, we give a range on revenue for a reason, because these business have variability to them and similarly we give arrange on OCF. I think there is a relationship there and what we have been -- what we have shown in the past is our ability to create additional leverage in our OpEx or admin costs or even our synergy estimates, to try to make up for any revenue shortfall. But we are not known at the bottom. We went to through this analysis for our Board not long ago and we made we showed every line item and what you'll find is that and I think Bernie might have said it. Nearly every dollar of gross margin is dropping to the OCF line because while we are increasing SG&A along with revenue growth and while there are certain other variable expenses that will necessarily increase along with revenue growth. There is a lot of opportunity to scale our IT base to execute on synergies from acquisitions and to be more efficient in our network operations in our headcount and things of that nature. So I would say we are nowhere near the bone. We are just running the business in a smart and efficient way and making I would say the right decisions about where to prioritize capital and expense. What was your second question Jeff?

What do you think of reasonable I'm not going to hold you to in the short term of reasonable long-term EBITDA margin target is for you are. Is 50%...

Pardon me, we said in the last we the EBITDA margin was up considerably. I think if you run the math on the guidance we provided you'll see that EBITDA margins will be up again next year probably north of 200 bps or more. We don't see a reason why we can't continue not necessarily that clip but a pretty reasonable clip and I would say, I'm sure our guys want me to that, I can see it, yes close to 45% somewhere in the middle term here.

Great, thank you very much.

Yes.

Thank you. And our next question will come from Vijay Jayant with Lehman Brothers.

Hi Mike. Two questions; I think the key point you made about the HD battlefield in the U.S. impacting CapEx and other side of is here. Can you just try to give us some context across your footprint where are we on HD? How many channels are available? What's the sort of penetration? I am assuming maybe some exposure in Ireland would be spite to be, but and so can you give us some context where we are and are you driving the bus on that or are you seeing any of the competitors even trying to differentiate on HD. And my follow up on that would be really as we can talk about your JV in China. Can you sort of talk about what that is and there was some other comments in the press that you are looking at the Russian market. Just some context on what that could be? Thanks.

Yes well I think I'd first make sure that people understand that principal difference between the U.S. and let's say Europe, and that is if we are still in the early stages of developing the HD ecosystem if you will, clearly it requires people buying HDTV sets, programmers, investing in HD content and distributors like ourselves allocating bandwidth to that content. We are ready and willing and able where we roll out digital to make that happen we need the content in that slowly evolving no question and we need people to buy sets and that's happening. So it's really early days on HD and things like the Olympics of the European Cup Champion Soccer... Football Championships things like this create momentum around it. In the next shoot or drop to really drive HD is going to have to be broadcasters who are willing to spend a little bit more money to deliver in HD signal, because they are getting the vast majority of the viewer ship. Having said that we rolled HD products out in the Netherlands and in Switzerland and certainly Japan which is our most advanced HD market where we have I think about 15 channels already today and 100% of our digital boxes are HD ready. So, it varies region-by-region. My point is that we are ahead of the game. We are typically the only HD player in the market because there isn't either satellite guide or a satellite guide these wanted to go HD and the Telco's that we compete with are largely DSL based, DSL TV providers. And their ability to promote HD is limited with ADSL 2 plus speed of 8 to 12 max they all could be up there promoting HD. So we have an update in HD leader. We are an HD leader and that to me is being on your front foot and not your back foot. To be in China is our joint venture with the Beijing cable operator it's about 3 million cable service and we let them through some good intermediate parties and have preliminary agreed to assist them in the development and deployment of their high speed internet business. It's a scenario where they feel they need expertise and capital and where we felt would modest risk here we could get smarter about or this could be a very large initial market opportunity. It will, the investment dollars here are relatively small and the time frame to realize the benefits is relatively long. But I do believe that it's in a good exploratory effort for us and we'll keep you post of that as it evolves.

Alright,Mike, you might have find abilities a little bit on the HD?

Sure.

In terms of the gentleman's question, we have two different set-top boxes one a standard definition HD and then we are just in the process now have been introducing an HD DVR with regard to the first box the standard depth, its been introduced into Cablecom, and with regard to the standard depth we have plans to roll it as well as the standard that box out in Poland, Hungary, Ireland and Austria, as we launch products into those markets and check, we also just recently introduced high-def blocks but it is not of the common platform and normally in our markets there is anywhere from about three or may be five or six channels available at the present time depending on the market itself. But we are trying to be out there for the summer Olympics and the European cup and we think HD and the DVR are going to be important drivers and drive take up and so we are pushing up into field as rapidly as we can.

Okay. Thanks so much.

And your next question will come from David Joyce with Miller Tabak and Company.

Thank you. I was wondering if you could gives us an update on how your business customer market has gone, if you can talk about number of subscribers on the various products, the revenue operating cash flow that sort of thing?

Sure, Gene. I think we have said in the past. I think we said it on our Investor Day last year that we had pretty robust targets for our B2B business in Europe, excluding Telenet of about 260 plus of million of revenue. For the full year, we did about €256 million of revenue and brought in the gross margin of about 64% and only spent about 9% of revenue on CapEx. So, the business largely hit its objectives in 2007. But we are learning as we go here that no question this is a variable business model in some respect, as it relates to capital and that is a tougher business and tougher customer segment to penetrate. So I think we said last year was going to be one of our fastest growing revenue streams. It turned out to be one of our fastest growing revenue streams and we are doing quarter of the billion euros of revenue and we have pretty high hopes in the core markets, we operate in that we can continue to grow at kind of clip. You want to add to that Gene? W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: I'll just say, I guess that in terms of revenue, I think we are forecasting this year to increase by about 12% I think overall. Operating cash flow somewhere in the neighborhood of 25% and 27% that neighborhood at the same time improving our overall gross margins. And CapEx actually, we are looking at a decrease of about 10%, 12% in that area. We are heavily focused on the Internet and the telephony side, we see big opportunities for increases there, depending upon the countries but there is strong growth that we forecast in Austria and Cablecom Hungary, Ireland, Romania, there is good upside in telephony in Austria and Cablecom, Hungary, and in Ireland. Data growth is slowed in some of the markets because of the stiff competition, the hosting business remains more or less flat. I am actually leading for B2B meeting this evening after this conference call to meet with all of our heads of B2B from the countries and we are going to be looking at how we drive this business going forward, as you probably know it's a very competitive business and its one that I think it, we are still pretty in near fighting. On the other hand, I think there is a good opportunities to grow these revenue in our OCF. And I think from the numbers that I just mentioned that you can see that we're forecasting some fairly significant upside in '08.

Thank you and as part of that portion that rollout into the present brief and greater demand for your services as your network that you have been upgrading in place and the capacity to handle that or is there, are there efforts to move say that switched digital video to help free up some band with overall?

No, I don't think, we have a serious capacity issue at the present time and may be that we will look at something like that in the future but, I think in the foreseeable future, I don't see any significant investments there. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: I mean I think if you look at our plant generally lets say across a Europe, because we are providing anywhere from a third to half the number of the analog channels that an average U.S. operator would be providing. We have got plenty of extra bandwidth that's unallocated at this point. And you know, we worry about this point excessively as you would expect us to, we do not see a major rebuild, anytime in the near future, though we continue to explore options and opportunities where we think we can and there might be pockets of plan that need to be upgraded. But, in general, 860 plan is, well positioned and as we keep moving to Docksis 3.0 in terms of the four channel bonding and other revenues, we don't see that impacting either our broader network plan so. Next question.

Next we hear from Morgan Stanley and Benjamin Swinburne.

A couple of questions Mike your guidance implies an acceleration or it's the modest acceleration of revenue side from I think the fourth quarter, the second half of '07. I know you have, I believe you have rate increase coming through in Switzerland. Any other markets you wanted to highlight where we should be expecting an acceleration in revenue growth and maybe specifically, for you or Gene on Hungary. It looks like of voice business in market, it looks like revenue fell year-over-year, is that a competitive issues or wireless substitution or any other color that might be you think you can add will be helpful?

Sure I will let Gene step in about the Hungary question. I mean the things that are clearly going to directly impact revenue this are some rate increases as you described in a number of markets like Switzerland and Austria included and certain other rate increases in Holland and Ireland and Poland and Czech, they are more CPI based and where necessary, we think we can equal a little bit of price rises at certain product areas. So that's going to pick and digital, as we have shown you with the ARPU push, we are getting in Holland where we roll digital out and we make the products and applications available, we drive ARPU and from that point of view, it is as I said earlier one of the two main drivers of revenue and if we continue to hit numbers on voice and data that we have been consistently here and I don't think we had two years of consistent voice and data. We can continue to hit that kind of growth and those are high margin products and clearly we have seen some ARPU erosion as people spin into down lower price services, but at the same time, we are also raising speeds and capturing whole new market of folks who want 20 and 30-meg and those products are not highly discounted. So I think the combination of those give us some confidence that we can rally back from the fourth quarter, which I think as Bernie pointed our had some analog in anyway.

Thanks W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: I think to add there, Mike with respect to rate increases, we actually have six countries that have grade increased built into their '08 budget and, that its analogue, this also includes the digital data in telephony increases in some markets, for example in the Netherlands, we have all four built in. And we have gone back already and met with those countries that really didn't have rate increases built into their budget like Hungary, Romania, Slovakia and Slovenia. We are experiencing more competition and we are talking a look at opportunities in those markets maybe, where you can raise rates, it's not so transparent. For example you can do tear up type changes on telephony and a couple of markets has actually have already agreed to do some modest increases, so I think there is some upside on the revenue opportunity that we didn't capitalize on in the budget to begin with. With respect to telephone, I think without going into the specifics I think it's a problem in general across Central and Eastern Europe. We got into those markets later with voice and they were never fixed line of market to begin with. They had very low penetrations as a result of coming out of communalism and they went to mobile straightforward. I just got off the telephone a few minutes ago with the Czech Republic and they have 120% mobile penetration there. Only 50% of the households have a fixed line today and you will kind of see that across all those markets and I think the challenge is to find develop an attractive bundle including telephony in order to drive that penetration and particularly pick up your usage, which means that you would probably in effect, either give it away in a bundle or price it in such a way that the incremental revenue is coming off of the usage of that phone.

Yes I made... gave a comment earlier about 97% of our voice customers in Europe are taking at least one other product. Three quarters of them were actually triple play. So the voice product really fits nicely into the bundle and when you can offer, you need tight packages and things of that nature. It is really is sometimes the kicker in the bundle and increasingly a big part of it.

Thank you guys.

Yes.

And our next question will come from Alan Gould at Natixis.

Thank you. I have got a couple of questions. First for Mike. Do you consider Chello and the DTH businesses has a separate businesses or do they make sense to be part of the grand Liberty Global?

Did you say at Chello.

No just Chello. Does it make sense that the programming business inside of Liberty Global. Would it make sense to have that outside of Liberty Global? Does that make sense to have the DTH business co-mingle with the wired business?

Yes historically, I think our view is that it has been in both instances the right strategic approach. Let me start with Chello. To a large degree Cello's ability to go out and acquire new programming services, launch new channels, make acquisitions is helped considerably by its relationship with UPC and the ability to bring a distributor to bear so to speak. I think from that point of view we also have a fair amount of management and cross pollination of skills and development applications across those two divisions. At some point as Chello continues to add scale and its adding scale quickly through acquisition and growth. There maybe an opportunity to make that separate, entity we'll see, we will see. But today I think it's nicely where it is and we are getting benefits both directions. The DTH business is expensive in Europe, historically serve the purpose of allowing us to provide UPCTV product in areas that either we didn't have a cable or had no cable at all. And, that business plan worked for a long period of time and in essence continued to work because there is still millions of homes that don't have access to cable in that certainly is that Central European region. Over time, we have to decide, do we start to cannibalize our products, the product development roadmap consistent, are there other DTH operators that we might want to partner with or work with, those are all questions that we continually ask ourselves. But at this point I think they both did nicely into the plan and we don't have any immediate plan to change that. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: The DTH is an integral part of the cable operations. We provide customer care and other services to support DTH. So, if we look at it is as embedded. It's not separate.

Okay and Gene I've got one other question for you. When I look at the price increases, the OCF growth has been terrific but the, but the RGU growth slow down a little bit as was expected '07 versus '06 and I look at switch some one which had a lower RGU growth in '07 versus '06 and now you are going to put a 7% price increase in. Are you worried what impact that price increase might have on RGU growth? W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: No, not really. It is generally for all practical purposes those rate increases have already been implemented effective January 1, and historically you will see the bulk of return within the first 30 days. We did see some spike in turn where we did implement increases but it's nothing extraordinary. I think a large piece of the slow down in our growth story last year was the fact that we had heavy competition in Romania and Hungary, as well as Czech and towards the end of the year from DigiTenna in the Netherlands and in Romania or in Hungary we introduced in late summer early fall a low cost analog tier as well as an economy tier on our DTH. In both cases we have seen the high churn that we are experiencing those markets arrested and actually have fallen below pre-competitive levels. We are just in the process of doing the same in Romania and I expect there are hopefully a similar experience there in fact we've budgeted the reduction of sharing across most of our markets this year because of the efforts that we are putting into retention which is considerable. So I think the rate increases are only going to drive incremental revenue and the roll off from those will be no more than what we've experienced historically.

Okay. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: Plus in Cablecom that was a negotiated rate increase more than a year ago with the regulator. So it was announced months in advance back in '07 and I think we already the took hit then

Okay. Thank you very much, Gene. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: You are welcome.

Thank you. And our next question comes from Brian Kraft with Credit Suisse.

Hi. This is Mike Mannarino for Brain. Two quick questions. First on, sub growth in Ireland was a bit over slower than we had built into our model. I was wondering if you saw this picking up at all in the first half of 2008, and second, I saw on the 10-K that competition from KPN had expected to continue in the Netherlands. I was wondering if this was the DTT product. The DSL TV product or both? Thanks.

Would you like to start with Irish question Gene? W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: Yes. I think growth is solid and what we both anticipated and primarily I think that's related to the fact that the rebuild and upgrade of the plant has taken longer and will take longer than what we've originally anticipated. There is a particular situation in the Ireland that we haven't incurred anywhere else and that is all the cables as the tax is of the side of the houses. Its not underground nor is it on telephone poles that's attached to the houses. And in order to change out amplifiers, capacity improvisers and those types of things, we often have to get owners permission to do so. In those cases where we can't, then we usually have to dig around those areas which is a time consuming process but we have people that are doing nothing but working with home owners in terms of gaining permissions with sometimes say weeks and so that is the cause that delay in the rebuild itself. Also the economy is kind of going south there particularly with regard to real estate and we built out a large number of homes that really haven't been occupied but as those would sell up, we would see particularly significant uptake in our new services. But I think it's only as timing or phasing issue. I think you will see us catch up, as we build up and upgrade the system in the Netherlands, the primary competition is DigiTenna. I think there are over 500 and some thousand subs at the present time. They have a reasonably attractive over the air product, I think we are selling it for 495, I think if I recall,

694. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: 695.

I think so, it had that 23 channels or 695, I remember. W. Gene Musselman - President & Chief Operating Officer, UPC Broadband: 23 channels which is reasonably attractive on the other hand as you know over here it doesn't have the same quality that you have on a fixed system and I think you know the bulk of their subscribers are coming from areas outside of cable and going into weekenders and homes and boats and even taxi cabs in some cases. We are seeing a higher erosion than in the past, but I think it's containable and we have got a very attractive digital product out into the market now that I think that we are going to be able to continue to grow, as well as maintain our analog business.

Their DSL TV product, I guess formerly known as Mine TV has struggled from the Get-Go. We estimate now, it's about 10,000 subs and with a largely and need to product offer and the you know the typical challenges around network stability and installation that we see in another IPTV rollout. So they have put most of their EGS and all of their EGS in this low end mass market product and I think we find that as we continue to bundle customers in Holland, they get much stickier year and if we are loosing customers, they are usually at the very low end single play or price sensitive customers and so all the things we're doing with our digital rollout are going to the stem net flow over time. Another question operator?

Thank you. And our final question today will come from David Kestenbaum with Morgan Joseph. David Kestenbaum - Morgan Joseph & Co Inc.: Hey thanks can you just compare to contrast what you're doing on your D4A in Eastern Europe with what you did in Netherlands and talk maybe about the financial impact and then finally why you chose not to do in Switzerland? Thanks.

Yes, a very good point and I will let Gene expand on it, but we use the word D4A in two different context. In Holland we dubbed the mass through a lot of digital boxes, the digital for all or D4A project. Outside of Holland, what we started to do is call the infrastructure the D4A infrastructure, so when we say we are going to roll D4A out in other markets, what we really mean is the D4A a box solution, the D4A middleware solution and D4A digital network solution, we don't need the D4A in marketing and rollout solution. So important distinction, we haven't duplicated the Dutch experiment anywhere, nor do we intend to. We use the word D4A to describe the platform, not the product offer. Does that get to your question? David Kestenbaum - Morgan Joseph & Co Inc.: Yes thanks. Yes.

Okay.

Thank you so much sir. And that is all the time that we have for questions today. At this time, I would like to turn the call back over to Mr. Fries, for any additional or closing comments.

I will just thank you again. It was a long call today but, we had a lot say and as I said, we are encouraged about 2008, everybody on this call and highly motivated. So we look forward getting back on the phone through the course of the year. Have a great rest of the day. Bye-bye.

Ladies and gentlemen this concludes Liberty Global investor call. As a reminder a replay of the call will be available in the Investor Relations section of Liberty Global's website at www.lgi.com. Therein you can also a find a copy of today's presentation materials. Thank you very much for attending today's program.