(Operator Instructions). I would now like to turn the conference call over to Mr. Mike Fries, President and CEO of Liberty Global, please go ahead sir.

Let me just take a second to introduce who is on the call with us today. In addition to myself, we have Gene Musselman, Miranda Curtis and Mauricio Ramos who will each talk about their respective regions in Europe, Japan and Chile, Charlie Bracken and Bernie Dvorak our Co-CFO's, Rick Westurban who you all know, and various other senior management. Before I get started I think we have a Safe Harbor statement.

And thank you, page two of the slides details the company's Safe Harbor statement regarding forward looking statements. Today's presentation may include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to Liberty Global's outlook and future growth prospects, this expectation regarding competitive and economic conditions and the liquidity and other statements that are not historical fact. These forward looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed from time to time in Liberty Global's filings with the Securities and Exchange Commission. Including its most recently filed Forms 10-K and 10-Q. Liberty Global disclaims any obligation to update any of these forward looking statements to reflect any change in its expectations or on the conditions on which any such statement is based. I would now like to turn the call back over to Mr. Mike Fries.

So as usual we're speaking from some slides that I think are available on our web site. And on the agenda slide you'll see that there's three parts to the call as usual. I'll make some introductory remarks then Gene, Miranda and Mauricio will spend a couple of minutes on their respective operations. Charlie is going to hit the financial results and balance sheet and then we'll get to your questions. So I'm on slide four, entitled Where Are We Today. And when we were thinking about how to start this call, we decided that it might be a good idea to step back and take a moment to put our business in the proper context here, given the current environment. And as we did that, I think we quickly landed on four key points that represent both the foundation of our story and the factors that set us apart from any of our peers in the media and telecom sector. I think the first perhaps the most important, despite all the concern around consuming spending and recession, our business continues to grow. That means we're adding digital TV, broadband and voice subscribers at a steady clip. We're increasing the amount of revenue we generate out of each home in every region. We're delivering above average cash flow growth, both operating and free cash. And we're achieving record OCF margins. I think it bears repeating that we're not selling cars, high end clothing or organic food here. We provide utility light services that connect the most important devices in your daily life, your phone, your PC and your TV to the outside world. And at times like this that's a pretty good business to be in. Second point that should jump out at you is that our geographic diversity is…

Turning for a moment to UPC I'd like to draw your attention to our third quarter highlights. March by rebased OCF growth in the mid teens. The introduction of Euro DOCSIS 3.0 as Mike said another record digital quarter. Firstly, I'd like to point out that in Q3 was our strongest OCF performance of the year with 31% year-on-year growth on a reported basis, and 15% growth when rebased for foreign exchange and acquisitions, which brings our OCF margins to a robust 49%. I think this is the highest number that we've reported. Another key achievement this quarter was the September launch of Euro DOCSIS 3.0 in the Netherlands. As you can see from the upper right hand graph on the slide, it provides an example of how we're using cyber power to position our data products as the speed leader. Using the 3.0 standard we are the first in the Netherlands, and by the way I think one of the first in the entire Europe to launch data speeds up to 220 megabits, and capitalizing on our considerable bandwidth advantage over ADSL we introduced UPC Fiber Power 60 megabits and 120 megabit products. These are offered at 60 and 80 Euros, respectively. Just as importantly our bandwidths advantage allows us to significantly increase speeds across our entire data portfolio which we also began to implement in September. It's too early at this point to give any real subscriber details right now. But I can say at this point we plan to very aggressively roll this program out and by the end of '09 Euro DOCSIS 3.0 will be deployed in the majority of the UPC markets and will finish up early in 2010. In addition our digital success continues as Q3 marked the full launch of DTV across all…

Let me now just give you an update on J:Com. J: Com continues to deliver consistent revenue and OCF growth. With rebased revenue growth of 7%, growth for the quarter and for the nine months ended in September. Rebased OCF growth was 12% in the third quarter and year-to-date OCF is up 11% to nearly $850 million. With 75% digital penetration already achieved, J: Com is ready to start planning the final push to 100% digitization in a controlled and phased manner. We expect that process to take place over the next year or so which would still be well ahead of the analog switch off mandated by the Japanese government in 2011. J:Com's DOCSIS 3.0 roll out in Japan is now nationwide with growing demand for the high end 160 megabit product. 28% of third quarter RGU additions took the 160 meg product compared to 19% in Q3 last year. So a gain in traction despite the 10% premium they charge. At the same time the company is successfully trying different bundles and tiers to support new subscriber acquisitions. For example J:Com launched a telephone broadband bundle for NDUs prices around 5000 Yen. This has resulted in a 20% increase in sales productivity and also boosted TV sales; 40% of those taking this bundle also take TV. J:Com have also re-tiered their HSD offering in certain areas to provide more competitive mid speed and low speed tiers. And again we're seeing a similar increase in sales productivity. Meantime J:Com continues to monitor acquisition and consolidation opportunities both in distribution and in content. For example they completed the FCN acquisition in Q3 and announced the [Cyco] acquisition. On a combined basis, those two will add over 600,000 times fast and 200,000 RGUs to J:Com's consolidated footprint. In terms of the economic environment, the average consumer in Japan has one of the highest levels of household savings in the world. She has very little personal debt and remains a loyal customer relatively unaffected by the global financial situation. In recent surveys the Japanese government concluded that private consumption is flat. Consistent with the statistic that average monthly household spending on communications and broadcasting as a percent of total average monthly expenditure was 4.2% for the third quarter, similar to the 2007 annual average of 4%. Overall we believe the Japanese economy is well positioned given the current global environment. It's worth pointing out that the Yen's recent strengthening against the U.S. dollar benefits LGI and balances to some extent the impact that other depreciating currencies to the U.S. dollar have had on the company. So all in all J:Com is in good shape. It's producing steady growth in RDU's in revenue and in cash flow. With a strong balance sheet with leverage still less than two times and its growing free cash flow profile. Let me now turn you over to Mauricio to discuss VTR.

Q3 was overall a good quarter for VTR. You will see on the slide that we added 63,000 advanced services, including 39,000 digital subscribers and this was our third best quarter ever for digital additions. We also sustained rebased revenue growth of 12%, with 12% OCF growth for the quarter and on a year-to-date basis we have delivered 18% OCF rebased growth. So we're still growing at a very good rate. You will note that Q3 OCF growth decreased to 12% while our growth has typically averaged around 20%. This is primarily due to the timing of our CPI increases which happen every six months, whereas our costs generally rise with inflation on a much more frequent basis, usually on a monthly basis. Therefore, we just took a six-month inflation adjustment to all of our rates in late September which would, of course load through our results in Q4 and should enable us to post the stronger rebased OCF growth in Q4, stronger then we reported in Q3. Having explained this and said this, it is important to know that we are feeling from the economic pressures in Chile. And, more importantly that we are working on a number of strategies to counter this and of course, to continue growing. For example, we have strengthened our retention efforts over the last few months. We have strengthened our outbound marketing efforts. We've improved our collection protocols and we have beefed up our lower tier video and data products, including the speed increases on our data tiers that we just announced a few days ago. The overall strategy, as you can imagine, is largely focused on retaining customers, and sustaining customer growth during this period. This will retain for us and prove for us the ability to cross sell and upgrade when times are better again. So far, we have fared well in this strategy, as our net customer being of about 34,000 customers, year-to-date remains similar to our growth of last year. And with those comments, I will turn it over to Charlie for an update on our financials.

Thanks Mauricio. For those following along, on slide 10 now and this shows the year-to-dates financial highlights. Our revenue is up 22%, to $7.79 billion, our reported basis with FX movements driving most of the increase. The rebased growth was around 6%. Markets to highlight are Poland, Chile and Australia, which are all double digit rebased growth markets. OCF for the nine months increased 32% to $3.42 billion primarily from FX and organic growth and on a rebased basis this equates to 14 %. And I will give you some more segment detail in that in just a minute. The OCF margin for the nine months was 43 % or 42.8 %, that's an increase of 300 basis points in the prior year and the key drivers of the margin expansion remain the same as the previous quarters. High contribution margins from our advanced service RDU add, together with operating leverage on our cost base, particularly in our OpEx and corporate cost. CapEx for the nine months was $1.7 billion compared to $1.5 billion last year. Now the increase was mainly due to FX, as well as an increase in CPE, which is a good news story, because it's related to digital box demand. But as a percentage of sales, it's down to 21 %, year-to-date versus 22 % last year. And as always, in previous courses, over 50 % of our spend was variable and directly tied to volume growth. Moving to slide 11, this is showing the revenue detail by the division for both the three and nine months. Now rebased revenue growth was consistent for both periods, up 6 % for each to $2.65 billion and $7.99 billion respectively. The European operation UPC was also consistent over both periods. Western and Central Eastern Europe were both 3%…

(Operator instructions). And we'll take our first question from Mr. Vijay Jayant – Barclays Capital [James Rackell] – Barclays Capital: Hi it's [James Rackell] for Vijay. A couple questions, you mentioned counterparties on the debt side, can you talk about how reliable you believe your derivative and currency hedge counterparties are? And second, you talked about repurchasing equity, given to where some of your debt's trading, is that, A, something you can do given your covenance, and B, something you'd consider to repurchase some of the debt at a discount? And third, looking at Eastern Europe as a whole can you talk about what if anything about the Eastern European markets that haven't been significantly affected? So essentially outside of Hungary and Romania, what makes those either from a macro point of view or competitively different and more or less likely to experience the same sort of effects?

Hang on Charlie, this – let's dole these out, so Charlie why don't you start preparing for the counterparty risk question; I don't think it's that complicated or going to take that long. On the issue of our debt versus our stock, I mean I think we believe as we said, on a prudent basis there's nothing better out there to buy than our stock. So we will certainly continue to do that first and foremost and while we haven't changed our debt profile or objectives in the four to five range, certainly reducing our debt is not a bad thing to do in this environment as well. But I think given the choice between the two, it's our view at this point since we don't have any balance sheet challenges, as I think we spent a fair amount of time discussing this morning, and our stock is probably a better value for shareholders. You want to talk about the counter party risk issue Charlie real quickly?

Yes I mean we're learning a lot about and I'm sure you are about CDS and clearly where all the banks trade. We don't have a big derivative portfolio, because of these currencies and interest rates. The first one, it's heavily diversified so we're not reliant on one single counterparty. As it turns out we're generally in a situation where we owe the counterparties rather than they owe us. Which is not necessarily a good thing, but it means if there was any default we would actually be in the money if you like. And the third thing is as I look at our key counter parties, I mean our top three would be Paribas, HSBC, Socgen, which I think we'd all agree are probably some of the most credit worthy banks, certainly if the CDSs are to be believed. I don't want to pick on any individual bank by name, but we're not in any of the banks which are trading with CDSs naught for 300 if that gives you any clues in terms of swaps or derivatives. And I think in terms of just to kind of give a perspective view if you extend the CDS to some of the countries, obviously the countries look pretty strong in Eastern Europe. Certainly the Czech Republic is trading extremely well from a macroeconomic point of view. And so whilst you do have issues around Hungary and Romania, we still – we're not looking too bad in all our Central and Eastern European portfolios. Slovenia, Slovakia and the Czechs aren't looking too bad.

Well I would also add that if you look at expected growth in GDP in say Poland, Czech Republic, Hungary, Slovakia, Romania, with the exception of Hungary, they're all in the 5% to 7% range roughly. And if you look at estimates – even estimates as recently as last week for 2009, these countries, including Romania, are expected to grow anywhere from 3% to 6%. So these are still growing economies, the unique situation in Hungary and Romania – Hungary in particular, relate to the fact a lot of housing loans were taken down in foreign currency. So volatility in the foreign currency could impact consumer confidence in disposable income. But you're all following I'm sure the structural macro developments in those markets as well. But they're still growing economies and I think that makes it a lot easier to manage these sort of challenges. Next question operator.

Certainly and our next question goes to Mr. Alan Gould – Natixis. (Operator Instructions). And hearing no response we'll move on to Mr. [Matthew Harrigan]. [Matthew Harrigan]: When you look at your local currency costs and you back into them, it looks like there are a number of markets, including the Netherlands where you're actually having sequential and year-over-year absolute declines in your cost base. And I'm curious as to whether there's some anomalies there as Mauricio talked about when the VTR in [Chile]. And I would think going forward your costs would probably move it at least the rate of inflation. And then secondly on the Dutch digital ARPU, you said it was up about 70% year-over-year, and it looks like you've got very nice critical mass now north of 40% penetration. What's fading on the revenue side that isn't giving you a better local currency number in the Netherlands? Are you seeing a lot more price compression on the voice and data products in that particular market?

Well on the Dutch point I'll let Gene add some comments here, but if you look at the – I don't think we've reported this specifically – but ARPU per household in Holland is up pretty meaningfully; over 15% year-over-year, and that's driven mostly by digital. Naturally Matt, as you know, the number we're focused on most closely is what can we generate out of each home, and that is up over 15% year-over-year, and digital is a big driver of that. The issue around the other ARPU for other products, principally it's been data that has affected us most significantly in the past. Our data ARPUs in that market are around 20 Euro plus. And our goal moving forward is to try to not only to maintain that ARPU but try to grow that ARPU through a combination of this 3.0 roll-out at higher ARPUs and driving people to more advanced products. So the name of the game in Holland is clearly digital TV, which is as you noted having significant success in the ARPU equation and trying to put a floor under data ARPU and perhaps over the medium-term drive up that data ARPU through the launch of these game changing technologies. If we achieve those two things you'll see a nice spiral I think, a nice pop in the overall revenue in that market. And on the cost base in a couple of markets like Chile where currency will have a small impact on our operating numbers because we do have some dollar-based costs and programming, for example the most part of our costs are in the local currency of the operation and what you'll see is simply a reported variance. The vast majority of the cost efficiencies realized in a market like Holland or Europe in particular, have been real cost efficiencies, real headcount maintenance, real synergies from mergers that are still being finalized or implemented. For example in Switzerland, IT costs savings associated with the roll-out of [Darby], so we're realizing real cost efficiencies and to me, that's a terrific position to be in as we move into 2009 and 2010. I would rather be very, very efficient and at a high margin point at this stage of the game, than trying to achieve those numbers in the next couple three years. So I think it's been effort well delivered. Operator?

We're going to go ahead and go back to Mr. Alan Gould – Natixis. Alan Gould – Natixis : Mike, a couple big picture questions. First is with respect to your management incentive plan, and I like the fact that management's aligned with shareholders, but I never thought – I'm sure you never thought – that the stock would be trading around 15. When we're getting close to paying that out, it looks like you're going to be hitting the high end of the bogie in terms of EBITDA growth. But $400 million divided by 15 is a lot more dilutive than we anticipated. Can you give us some help as to what's going to occur there do you think? And are you close to that 17% growth on an apples-to-apples basis?

Well on that point we haven't run the exact math for the benefit of the board or the comp committee and it's pretty well described in the plan itself how that is calculated. I don't think we're going to be at the top end of that Alan, I think we're going to be shy of that, but not hugely shy of that. I think the number you cite in terms of the overall comp amount is actually less than that, and if you back that off by the amount we'll be short of the goal, it'll be even less. And I'm not here – I'm not prepared to give you a figure because I don't have one in my head, but it would be less than the amount you disclosed. Alan Gould – Natixis : I was combining the two plans.

Yes, even by combining the two plans. If you – the plan is very specific. It says that it's at the comp committee's and the board's discretion as to whether to pay out in cash or stock. The intention has been and it has been stated that they will pay out in stock, but they reserve the right to at any point adjust that position. And honestly we haven't had that conversation. Certainly I think it's prudent that they'll look at dilution and the impact of dilution. And again the point I'd make Alan is they don't have to make a decision necessarily at one point. They can make that decision every six months. So it's a – technically the payments could be spread out over a six month period, and they can determine at every six month period if they choose what the best thing to do for the company is. So I think there's a lot of flexibility there. And I think the board and the company will be extremely prudent and thoughtful about how they approach that. Alan Gould – Natixis : My second question is with respect to EBITDA margins. I mean 44% or so in the quarter is way higher than anyone I've seen. Is there a tradeoff between the EBITDA margin and your revenue in sub-growth?

Well we get that question every quarter. I think that – and we ask ourselves that question every month when we look at our numbers. I think the fact is that if I were to give you the answer yes, then I would have to say that marketing and sales expenditures were down. But really we're spending a lot of money – both from the point of view of promotions and discounts as well as marketing and sales, pushing our products. And we don't generally have a sales problem. I mean Gene will tell you that our sales results year-over-year and year-to-date, to budget are pretty much on target. So if I we're sitting, we're sitting here today having achieved 70% of sales or 50% of sales then I would say to you boy, let's go back and we would be looking at our marketing spend and marketing and sales costs and is that having some kind of impact. But the fact is we're selling. Our issues if we have them are more related to shares and retention and you know that's really the place where we're focusing our attention and time. And the savings we're realizing are coming out of a number of areas, marketing and sales is principally not the main area. It's coming out of headcount in overall operations and as I said before IT and things of that nature, so, I don't think so and I really don't believe that we could simply spend our way to greater RGU sales or greater RGU net adds. That's generally not the way it's worked in these markets and you know the money we are putting in, we're putting largely into retention. I don't know, Gene, do you want to add something from the European perspective to that?

I guess the only thing I might add to that is this question came up at our board meeting about a week ago and in preparation for the board I had gone back and looked at this very issue. And essentially what we found was that in eight out of the 10 countries our offers were actually stronger than what we had put into the market the year before, only in two instances were they about equal I think another thing that you have to take a look at when you're looking at our marketing spans particularly if you compare it on a metric of revenue against revenue, as a percentage of revenue. We don't include in our reporting for that purpose or looking at the metric, the discount. And, when you add the discount that we use to drive sales and as part of our retention program, I think we're spending about the right amount of money. From time to time I ask our managing directors if you add 10% more, 20% more, would that make a huge difference? And the answer always comes back no, of course it would make a difference probably, but then you have to look at the marginal return on that sale. Alan Gould – Natixis: And my last question, Mike I know you started the call differentiating yourself from the U.S. operators. From Time Warner Cable's call yesterday they said they saw a meaningful changing, decline in new subs beginning in October. Can I confirm that you have not seen the same results?

That's another question we're always asking ourselves more weekly and daily than monthly. And the fact is yes I think we've identified the areas where we think there might be some weakness moving forward and or where we perhaps have felt a bit of weakness. Chile is one and I think Mauricio addressed that and potentially Hungary where both the interest rate environment as well as what's happening there on a macro level could impact broader sales. But I think the fact is we have not as of this point seen a meaningful change but to be prudent Alan you know what I think we've been seeing here all along we might and so we're prepared for that. And I think we're well positioned for that. But at this stage I would not say, I can't remember the words you used, but I would not use the word meaningful in this context if that's the word.

Maybe I can phrase that a different way because we just looked at that as well. And I haven't seen or we haven't seen any noticeable change in the level or volume of sales. If you look at the month of October sales were slightly below budget but they had not fallen in volume.

Your next question is from David Joyce – Miller Tabak. David Joyce – Miller Tabak: Excuse me, thank you, was wondering in Belgium if there's further consolidation that you would be allowed, that Telenet would be allowed after the recent deal early in October? And, secondly, on the European front was there any new development in Netherlands related to opening up the analog system?

Well in Belgium the deal they just completed with [InterCobul] is a pretty significant transaction and as you say helps consolidate the Flemish market, which is where Telenet's strength and core operations reside. I mean there is, they have looked at historically opportunities to move into [Volunia], other areas in the south and I don't believe at this point there is anything actionable there. But it's certainly a possibility that they might look at those areas down the road but I wouldn't put it necessarily number one on their list. And they're in a pretty strong position where they sit today in the planners. And on the OPTA question I think we discussed that on our last call, in August, sometime in August, the issue to draft decision to try to impose a resale on us and other operators in Holland around our television product. We obviously went immediately to the EU and expressed to them in very simple terms that this seems to us to be absurd given the increased level of competition in this marketplace, in particular increased level of digital competition in this market place. Since then I think OPTA has retrenched. They have gone back to prepare their own more formal response and submission to the EU which we expect to have some – they might deliver some time yet this year. It's unclear if they will or when they will and how long the EU will take to determine that. So I think it's very cloudy, it's not the first time we've had to deal with these cloudy approaches from regulatory point of view locally and we expect to fight them diligently as we have done. I think this is the third attempt in this market place and again just looking at the trend here in terms of relative competitive dynamics now versus the prior two attempts we think it's sort of laughable. But we deal with it seriously and we will keep you updated if we get any more information. David Joyce – Miller Tabak: All right. On the M&A pipeline front we normally think about the distribution opportunities, your core competency there, but I was wondering if there was anything in the M&A opportunities that might be along the content front especially as you want to be adding some more VOD contenting in the event that you might be sort of a JV partner or something? Is there anything happening along those lines?

Well I think [Shane O'Neil] is on the line. [Shane] do you want to maybe talk for a minute about what we've been doing in Europe and the content area? I think he's on the line. [Shane]? Not on the line. Well, I think the, to answer the first question, we have been relatively active in the M&A environment from a content point of view historically. So it's certainly something we've – we closed for example in September a relatively large transaction, about a $95 million deal in Central Eastern Europe on a documentary channel that is one of the higher rated services we carry in Hungary and Czech and Slovak. We continue to look at expanding our presence in the kid's area and some other smaller transactions so I think we've been looking at content. We don't always disclose every content deal we do but we certainly are active in the content space. And have today a pretty large and substantial platform of channels and subscribers right out of Europe. Probably something we need to do a better job of highlighting for folks. Generating a pretty substantial EBITDA today and growing at one of our faster growth rates. Terms of VOD I mean we're – the areas of the content side we're most focused on would be high def content first and foremost and in VOD content secondly. The reason for that is we do have high def launch just about everywhere, but we're still ramping up the VOD platforms. We're rolled out in Japan of course, we're rolled out in Holland, and we are seeing some pretty good take in both markets and in Belgium I should add in both, in all three markets, from the point of view of both free and transactional VOD services. But the European market in particular hasn't reached a tipping point either for VOD or for HD. And I think when it does reach that tipping point we're well positioned to exploit our advantages both in terms of scale and our ability to negotiate with content providers. And be in a position to push the products. So there's nothing immediate that jumps to us that says hey this is one of the things we can do in this environment to take advantage of. I would say no.

All right and we have another question from Jason Bazinet with Citi. Jason Bazinet – Citi: On the CapEx front if you had an opportunity to either tweak the holding the dollar amount of CapEx flat, because that's not really my question. But either reallocate the CapEx by country or reallocate the CapEx into certain specific areas of your business. Where do you think you would get the biggest return for that sort of marginal dollar of investment?

Well I think we're putting it, I mean, well let me make you feel better about the question. We asked ourselves that every year when we put our budget together and then regularly throughout the year. So we approached the capital budget from the point of view of what we'll generate the highest return to the company. Both in terms of cash on cash and in any other way you want to look at it so we already filter every project through that prism if you will. And then land on the ones we're going to develop for example we look all new builds and all rebuilds which are still very relatively substantial in our business on a market by market, project by project basis and we set relatively high return expectation before we'll approach those projects. We look at every product whether it's digital TV or broadband with 3.0 or any content investments. We look at each of those on a standalone basis. So I am not trying to be facetious but I think we already have at this point allocated our capital we believe in the areas that generate the highest return and the most appropriate return for that capital. If you want to ask about a specific product or area we can certainly look at that. The pieces of the CapEx that we are focused intently on reducing over time are the areas of CapEx that are largely maintenance, or more fixed in nature. So we are hopeful that our IT costs as we finish up the process of converting for example most of the appropriate markets in Europe to Darby. That those one off expenses will go away and we think that's coming this direction. So I mean there are some areas where we have maintenance costs and more fixed costs where we are focused certainly will be focused this upcoming budget year I can assure you. On looking at every single project there that may or may not have a revenue component with it to ensure that it's a valuable spend from the point of view of shareholders and ourselves.

Your next question is from David Gober – Morgan Stanley. David Gober – Morgan Stanley: I had two that are pretty unrelated but back on the topic of CapEx. I was just wondering what percentage of your CapEx is not in local currencies? For instance maybe some of the Eastern European CapEx that might be in Euros and whether or not you guys have had that exposure? And also I think we're a little over a year away from when the Super Media relationship expires in Japan. I am just curious how you guys are thinking about that right now and especially given the strength of that balance sheet and the dynamics of that market?

Charlie, do you want to take the CapEx question and go –

Sure I mean I think we've already focused on matching functional currency to underlying operations in terms of CapEx. I mean I think to be, across the group our OpEx is sub $50 million and the way we hedge it but we usually do 12-month runs forward. It's about $50 million in Chile sorry and it's just under $50 in Europe, so this is in relation to the European business particularly. We hedge about 12 months forward or we hold dollars in our balance sheets. So we hedge it there, but clearly 12 months out we have to kind of roll again. On the CapEx side these are contracts that are obviously looked at every year. In Europe it's sub $100 million is spent in dollars on CapEx albeit some of the contracts are North Eastern into Europe but linked to dollar pricing. And certainly because we're very focused on making sure that we don't get hit here by the movement in the currencies. And we do have a few alternative suppliers which are, a lot of them are Euro denominated. So it's not quite as bad a story but you can take a hole in the round and it's a de minimis impact to be honest in relation. We've run some stress tests and we really are relatively unexposed to any kind of movements.

Miranda, you want to address Super Media?

Sure as you know we have a very long-standing relationship with Sumitomo it's been a very successful partnership and we remain extremely committed to the market. So as you'd imagine we're looking at a whole range of options. But for the primary focus on how we strengthen the company going forward. There, as you can imagine, there's a whole range of topics that we talk about but we're looking at them in a very constructive way and we have good engagement with Sumitomo.

And our next question goes to David Kestenbaum – Morgan Joseph. David Kestenbaum – Morgan Joseph: Thanks. I guess the first one's for Miranda. Just wanted to know what the acquisition environment is like in Japan. I see you completed a pretty big one this quarter and how many more are like that size? And then how is your relationship with Sumitomo affecting your ability to complete acquisitions?

Oh, I think the Sumitomo share our interest in seeing J:Com continue to grow and in certain potential transactions are very helpful in deploying some of the existing corporate relationships in talking to major share holders involved in other companies. There are probably two or three mid size acquisitions that might come up over the next couple of years. There's nothing immediately on the horizon that we're actively engaged in. We continue, J:Com of course, continues to look at conversations with [Mediactive] but Sumitomo remains positive and supportive of acquisitions. I also think there, again could be some quite interesting opportunities on the content side where we're beginning to see some consolidation opportunities. And the JTV management team is looking at whether some mergers or some channel acquisitions as well as possible expansion into the BS platform. So, there's not a flood gate but there's a steady stream of acquisitions that we review with management and inter-business. David Kestenbaum – Morgan Joseph: In then in Chile, obviously we've had recently very high inflation. Just wondering what happened last time inflation reached these type of levels and how the company reacted to it at that point?

Mauricio are you on still?

Yes I'm on thank you. It was a long time ago. Inflation in Chile has been held at around a 3% level, 3% to 4% level; pretty much ever since I could remember; certainly throughout the latter part of the 90's and the 2000's. What is important, I guess to characterize here is that this is an inflation based economy and by that I mean there is legacy from prior years to rebased everything according to CPI. So we have in place a policy that just does exactly that. We rebased our revenues on inflation hikes regularly on a six month basis. The difference this time around is that the spike has occurred as a result of, basically high electricity bills and gas prices and it has happened within this last six month period. And that's what causes this lag that we're catching up with the CPI, 100% CPI rate hike that we just took in late December. David Kestenbaum – Morgan Joseph: So are you saying that you have flexibility to change your customer's bills every six months? Is that so you can adjust to inflation?

Yes, we have the ability to adjust to inflation. We pass on 100% of CPI to the costumer.

We will take our final question Steve Malcolm – Arete Research. Steve Malcolm – Arete Research: Three questions please. First of all on Cablecom in Switzerland, I believe you've had some pretty big well publicized customer service problems, which I think are at least a partially reflected from the KPI at the quarter. Can you talk us through what's going on there? What you've done to fix it and what we should expect the next couple of quarters as a result of that? Secondly Gene's comments seeing distressed operators in the first signs of consolidation in a couple of the markets. Can you maybe elaborate on that, where you see that mostly likely to happen and how you may benefit? And finally, just on advertising revenues within Chellomedia, can you just give us an idea of exposure is advertising revenues and how that might play through Chello's financial performance over the next 12 months. Thank you.

Yes, well I'll take the Swiss one and Gene, why don't you talk about the consolidations and stress points. And Charlie, I don't know a change there but you can deal with advertising.

I'll deal with the advertising, yes.

Yes, I was just in Switzerland, guess it was ten days ago, and what I'll tell you is if you compare the performance of that asset, first of all to our other European businesses, it is performing extremely well. They have had year-to-date OCF growth in the 13%, 13.5% which for a large mature western European market is terrific and their revenue growth has also been pretty steady. So I think the business first and foremost is a very high performing business from our perspective. The issues around costumer service relate principally to our recent conversion, our continued conversion of the IT system to the standard centralized platform we used in five other countries. And inevitably you are going to have those types of challenges when you convert a large system over. So I think we believe those are largely behind us. We have all the issues and bugs fixed and are working aggressively and actively every single day to work down the backlog of change orders and issues. So the team there is extremely focused, extremely energetic. It's a challenging market because it's a very demanding consumer and a very small market in that respect. But I think the business there is performing well. Their digital product is performing actually better than we anticipated, 3.0 is around the corner, VOD's around the corner. I think we're doing all the right things in that market place and it's really one of the most stable marketplaces we operate in both a competitive and regulatory point of view and I think you can see that in our results. So, I think that the biggest issue is IT related and I think it's largely behind them.

Before I would leave in Cablecom, I would just echo what Mike said. I mean we went through a major change out of a billing system. But it's a lot more than just a billing system it's a whole end to end platform that handles the customer from point if sale right through to the billing and provisioning. And those are fairly complicated and sophisticated systems that we put into place. One of the things I would like to mention is it's not the IT system per se that you put in place that creates some of those kinds of problems; it's the fact that the organization has to adjust so much to the new system and what we're going through now is really what I would call process reengineering. And I've been in communications regularly with management almost on a daily basis in some cases. We've got a task force of some 50 odd people supporting them out of this office and we're shooting by the end of year to have this fixed and get off to a good start in '09.

On that consolidation point, Gene, you want to talk about any operators we feel are experiencing the stress of that we've –

It's the markets not the operators because a lot of it's innuendo and rumors but it's the kind of feedback we get on a day to day basis as we monitor what going on in the markets. And in Romania and Hungary and Czech I think we're seeing signs of one particular operator maybe who's experiencing perhaps financial distress. That may be a strong word but we're not seeing the same level of competition nor quite the same type of aggressive offers that we've seen in prior years. There's another operator in the Romanian market that has cut back substantially in their operations in terms of expanding and headcount. Whether at the end of the day it will prove that these are consolidation opportunities or more important even if they were consolidation opportunities, if it's an opportunity to rationalize the market would these low income competitors start behaving more rationally start moving rates up then we would benefit from that as well. So I say two things. There's a possibility of the rationalization happening as a result of what's going on in these markets and in some cases there's even an opportunity maybe to consolidate the markets further. But I wouldn't want to go into operator names.

Well I think on the Chello advertising side, Chello's base actually is largely subscription although obviously over time that will change. So today it's broadly speaking about 20%, 25% is ad revenues. And we have been hit by in the UK. There's a bit of an [inaudible] zone media and certainly been struggling a little over in the UK advertising cycle. Although, surprisingly, held up pretty well elsewhere. They do show that they have a bit more advertising revenue rate to resale our business that has very, very low margins. So I would say the right number is about 20, 25% of our revenues. And then, just to echo what Mike said, these guys have done a very good job of consolidating some assets, depending on your view on the exchange rates. They're closing in on the $75 + million over DA, building quite a lot of value here. And the business is still a 10% grower, even despite what's going on in the ad cycle. Certainly a lot of hidden value here and something which I think there's still opportunities to consolidate and get smaller assets followed in.

Well I think that concludes the call. Thanks for sticking with us if you still are on. Certainly appreciate you making the time. We believe that, and I think I can speak for all the management here as they said, our morale is good. We think the business is on a great footing here and we're hopeful to come out of this actually not just stronger but perhaps taking advantage of some of these opportunities. And we will speak to you all soon on our fourth quarter results. So thanks very much.

Ladies and gentlemen this concludes Liberty Global's investor call and the call will be available in the Investor Relations section of Liberty Global's website at www.lgi.com. There you can also find a copy of today's presentation material. Thank you can have a nice day.