Good morning, ladies and gentlemen, 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. Today’s formal presentation materials can be found under the Investor Relations sector of Liberty Global’s website at www.lgi.com. 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 14, 2013. I would now like to turn the conference call over to Mr. Mike Fries, President and CEO of Liberty Global. Please go ahead sir.

Thank you, and welcome everybody. Let me first introduce who is on the call with me. I have got Bernie Dvorak and Charlie Bracken, our co-CFOs; Diederik Karsten in Europe, Balan Nair, our CTO; Rick Westerman, of course our Head of IR. Those are the folks you are likely to hear from several others just in case. Our agenda is going to be as it normally is I will do a quick overview. Bernie this time will run through our financial numbers, and then we’ll quickly get to your questions. That’s the main goal. Operator, can you handle the Safe Harbor statement please.

Thank you. Page 2 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 the company’s expectations with respect to its outlook and future growth prospects and other information and 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 Form 10-K. Liberty Global disclaims any obligation to update 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.

Thanks, thanks. So, I am going to kick it off on slide 4. Again, these slides are available on our website and we encourage you to try to get them, which is just a summary of 2012 and some recent highlights. Beginning with our operating and financial results, I don’t know if I can actually say it anymore plainly, but we had a really strong year, including record subscriber of 1.6 million new RGUs that was helped considerably by our biggest quarter ever with 465,000 net adds in Q4. Our financial results were right in line and improving as the year progressed. Revenue was $10.3 billion, that’s up 6% on a rebased business and OCF was up $4.9 billion or was $4.9 billion, up 4% for the year. Both those numbers were even higher in the fourth quarter with fee-based revenue growth of 7% and OCF up 6%. And you can see, we have moved through our free cash flow targets with over 1 billion in 2012 that was up 30%. We have also been pretty busy on the strategic price, I assume at this point everybody is aware of our announced acquisition of Virgin Media. We are extremely excited about this combination and I will hit a few of the highlights again in just a minute. Of course, it’s a natural continuation of our rebalancing effort back into Europe. After the sale of our Japanese and Australian businesses, the latter of which occurred just last year. More recently, we upped our stake in Telenet and just announced the €900 million shareholder distribution there, 58% of which will accrue to us. 2012 was the year we launched Horizon TV and I think changed forever the digital video experience for our customers in Holland and now Switzerland. I’ll give you more…

Great. Thanks, Mike and hello everyone. I am working off of slide 13. So, building upon Mike’s earlier statements on our financial performance, revenue grew by $800 million or 8% to $10.3 billion for the full year 2012, while OCF increased 9% to $4.9 billion. Our reported results were held by the positive impact of acquisitions, particularly Kabel BW in Germany. Our growth in U.S. dollar terms was offset by the adverse impact of foreign currency movements as the U.S. dollar appreciated on average during the year relative to all of our key currencies, including an appreciation of approximately 8% to the euro on average in 2012 versus 2011. With respect to revenue, RGU volumes drove our revenue growth as we added $2.9 million advanced service RGUs in 2012 consisting a digital television, broadband internet, and telephony subscriptions. If we neutralize for our currency movements in M&A activity, revenue increased 6% on a rebased basis, including a stronger second half performance. And this result was at the top end of our 2012 revenue guidance from mid single-digit growth. Return to OCF, we delivered rebased growth of 4% in 2012. This growth rate is lower than our rebased revenue growth due primarily to the negative OCF associated with our Chilean wireless project, the expansion of Telenet’s low margin mobile services, and subscriber acquisition costs associated with our record RGU performance. And finally, OCF margin was flat in 2012, but a little over 47% as compared to our 2011 OCF margin. And the operating leverage in the business plus the favorable impact from acquisitions was largely offset by margin contraction in Chile and Belgium due to the impact of wireless. If you turn to slide 14, this highlights our full year results by operating region. Our European broadband operations, excluding Telenet generated…

The question-and-answer session will be conducted electronically. (Operator Instructions) And we will take our first question from Daniel Morris with JPMorgan.

Yes, good morning and thanks for taking the question. I wanted to ask a question on Germany, which deliver some fantastic results in Q4. I wondered if you think the regulatory and other environment is right for further M&A in the market at the moment or whether we should continue to think that you run the two businesses you’ve got, thanks.

Yeah, I think – listen, we have always been very cautious about the June regulatory environment even we announced and closed our second acquisition there and we don’t – I haven’t witness nor do I think any of our team witnessed to meaningful change in that posture to-date. It’s hard to say what that regulatory environment look like in a year or 18 months or 24 months clearly, we think there is compelling logic or consolidation in the cable sector given the fact that it competes with several national platforms including Sky, Deutsche Telekom, Vodafone, etcetera so, it is the only fragmented operator working against mostly national platform whether they be television or telecom or bundled. So, we’ll see how it folds overtime, but there is no eminent change that we’ve noticed and but we always remained optimistic that we can win that argument overtime will this have to see.

That’s very helpful, thanks. If I could just ask a brief follow-up on Germany, could you give us an update on the carriage fee situations, I imagine that’s – that drops out, but I think there is a court case ongoing, is that right?

Sure. Diederik, do you want to provide quick update on that?

Yes, at this stage, talk about 2013 first on the from a financial point of view make sense to say that we did not – we are not recognizing the revenue so from – but at the same time we appealed against their I’d say refusal to continue paying and that is still under discussion and under debate. So, there is no new positive nor negative news other than to say that, we do not agree with their position. We stated that and they are – I’ll say the first signs of more substantial talks.

That’s helpful, thank you.

We’ll take our next question from Matthew Harrigan with Wunderlich Securities.

Thank you. Neil over at Virgin used to frequently comment that cable and wireless certainly had a lot better utilization of their network during the day to say at least which is understandable because they’re just focus on the commercial side of the market. But I think even virgin felt there is a lot of headroom. Could you talk a little bit more about the competitive policy by market and what the opportunity is and size wise what the buckets are, where you tend to go small versus medium, metro Ethernet and all that because it does seems as a big opportunity? And then secondly Horizon it looks really elegant, looks like you’re getting a lot of pull demand rather than just push demand. But if you put that together with B-to-B is that likely to keep your CapEx at a pretty high level to sales being a little bit longer than people had expected, I mean that might be a very good thing if the ROIs are satisfactory, but it’s still bit of a game changer in terms of how people look at the mechanics and on cash flow development over time?

Well, I’ll address the second question and then we’ll get Balan to particularly talk about the first question, but Horizon and B-to-B, I think just to point that the Horizon box, we will become increasingly less expensive to us and is substituting already sophisticated digital box. So, it’s not addictive per se, it’s replacing an existing CPE component and replacing that component at declining cost. So, I don’t think personally the Horizon rollout across Europe is going to have a meaningful impact on our CapEx guidance or the sort of profile that you are referring to. The B-to-B business for us are the most exciting opportunity we see is in SOHO that’s what a lot of our growth is coming from on a revenue basis and SOHO is not a capital intensive business that as you know it’s more or less picking low improved, there is certainly some expenditure, but it’s definitely a more profitable higher margin opportunity for us and then large investment in commercial contracts. But we’ll devote so, I think those have been built into our forecast, we’ve always anticipated both of those things. So, we said something in a year ago wasn’t all of a sudden we’ve realized how we are going to summarize in B-to-B. So, I don’t think there is any meaningful change and I’m entirely sure about your question if you are referring to the copper network or if you are referring to that. Matthew Harrigan – Wunderlich Securities: No, I just mean in terms of how entrenched you guys are competing with Deutsche Telekom, KPN on the business side. And in U.K., I mean, Virgin does pretty well, but there is still some pretty entrenched guys like BT and Cable & Wireless and all that. And is there any low hanging fruit? Do you think the SOHO end of the market is so different that you are going to have relatively attractive on trading without people getting too aggressive on the price actions and all that?

Strategic question, not necessarily technical question and I will repeat with what we said many times such as we anticipate have always anticipated that we will continue to see Telco competition in all of our markets. These organizations are not going anywhere. Even though, they are mostly suffering or emerging at this point. There is still going to compete and they are going to compete aggressively and they are going to compete effectively overtime. So, we’ve never assume that we are going to have a free run at market share gain or volume growth. We’ve always assume that Telco’s have large balance sheets usually the government ownership and significant employment basis. So, they are not going to just disappear and that we have to maintain a vigilant competitive posture and we think our technology is superior to anything that’s being offered certainly VDSL and a vectoring strategy and in equal to fiber. And so, we really don’t feel any risk for thread to our ability to be a market leader in broadband speeds and more importantly find that with our cable customer base and our innovation on the video side. We think it’s a winning combination. So, that’s really the way we look at it. There are not going away and they are going to be effective overtime. They have large balance sheet, but there is nothing they can do that we can do better and fortunately with better position financially and strategically to do that in the near-term and even in the long-term. So, that’s how we see it and that’s I guess the way – best way to answer that question.

I want to be your first U.S. Horizon customer, it really looks great.

Okay, we’ll make that happen.

And we’ll take our next question from Jeff Wlodarczak with Pivotal Research Group.

Good morning guys. Is it reasonable to assume especially given the strong trends in the fourth quarter results that your EBITDA growth to accelerate in 2013 off 2012. And then any colors you can give on trends in first quarter will be helpful and I have one follow up?

Well, I mean I think we’ve said Jeff on the call here that we do expect a modest acceleration in 2013 in our core LGI business and that’s driven much anything by the trends we delivered over the course of the year, first quarter versus the fourth quarter. It’s been accelerating. And there is also some headwinds that will sort themselves out a little bit. So, I think we have said while we are still providing the mid single digit guidance we do feel that there is opportunity for acceleration in OCF growth full year versus full year and then first quarter for us is being good its been strong and Germany in other core markets performing well and the trend is positive.

All right. And then, specifically in the Netherlands, the last three quarters or so KPN has been getting obviously much more aggressive, sort of blowing up their financials, Ziggo has decided to respond with increased marketed spend. Can you provide more color how you're approaching KPN? You had a good EBITDA quarter but how should we think about that going forward?

I’ll let Diederik handle that in particular but obviously we say that - just as we indicated certain telecos going to do whatever they can, they try to maintain some level of growth. And even though that KPNs had a very difficult quarter financially where every metric was down revenue EBITDA CapEx and all those, and a large capital raise are not going away. And they been more effective of recent with some modest fiber rollouts there positioning, but Diederik you want to handle that?

Yeah, thanks Mike. To build on that, obviously I can’t speak on behalf of Ziggo, but it’s clear that with them throwing in additional marketing on top of what you would say healthy and would be a healthy situation I think we’ve got, we still stick to the strategy where we strike for healthy ARPU revenue and corresponding OCF development. And we also for 2013 believe we’ve got some strength strong levers. I will just to remind you just three four months ago we introduce Horizon web to the first introductory states like Mike said that is successful and we can throw that in the mix now. A superior video platform for positions not even completed in a few months from now we are going to add the non-DVR box to it. So from that point of view next to that we have the superior speed strategy where we have next status to come obviously this is not be goal to kind of make our competitors smarter. But you can expect from us a further, I’d say sticking to the strategy being smart in the propositions to further slowdown I would say their retaliation.

Great, thanks a lot of guys.

And we’ll take our next question from Vijay Jayant with ISI Group.

Mike I just want to get to drill down on the Chile mobile roller. Can you give us more color on how unit growth trending obviously there is been a drag on cash flows, can you give any color on when can be see that sort of breaking even what’s it doing to the core business in terms of reducing churn and ARPU lift in the like. Thanks.

Yeah. I mean, as we said at the outset we addressed more specifically, but the commercial product and the commercial success has been very satisfying. We’re getting plenty of demand in Chile and all we added 140,000 subs and its mostly those are coming in the right way with the high ARPUs and many from our existing cable base. So I think I would characterize the first half of the year so to speak in Chile in the mobile business has successful our product point of view branding and bundling point of view its in our expectation. We have some work to do on the network and on the economics of the network and lot of our attention right now was focused on that because it’s most important for us to have profitable subscriber growth and we have to work some angles so to speak to make sure that going forward. We can drive as much volume to the mobile network there at a profitable pace. So, I think we’re retooling a little bit if you will, I don’t know Rick if we are providing guidance specifically on that. You might give me some guidance right now whether we are saying that, but I think it’s going to be a – I think you might see growth in the first quarter a little slower than you perhaps could have anticipated because we want to make sure that’s profitable growth and there is no rush, the business is achieving in objectives for us and that’s sort of the high level overview and Rick if the – you want to comment further..

I think the only couple of things that I would add to that is that on top of the commercial success that Mike is describing, our subscriber base is very, very satisfied with the product where we are reaching customer satisfaction levels that our second only to until which is very helpful unless our subscribers are actually coming from our existing triple-play base closed to 75%, 80% so, the bundling there with our triple-play is working as we expected it would and in terms of retooling our network as you recall we have a hybrid model in Chile in which we have our own network, but we also load traffic into our roaming partner. And as we go forward, we want to make sure that we strike the right balance between loading network, loading traffic in our network and that of our partners as MVNO rates have decreased significantly in Chile as a result of our entry. Therefore, we can retool the economics to our advantage on either our network or on our partners’ network.

Mike, if I could add another question obviously there has been some speculation on potentially Vodafone looking to get into the cable market in Germany. How do you sort of view a Vodafone type player getting into the cable business from your vantage point? Obviously, you guys are the – really the only game in town when there was an M&A deal and now may be some deals coming. How do you sort of see that as strategically going forward?

I think there is a couple of different perspective you could take, number one is a valid if it’s true which I have no idea. It’s certainly validates that the business model that cable represents, which is one where volume growth, ARPU growth and stability, high margins and better products ultimately win today. So, it wouldn’t surprise me and believe and it were something there were looking at because I think many mobile operators in fact most mobile operators have found it difficult to enter the fixed business with the complementary products than it required to compete against us or telecoms or others. So, first of all, it’s a validation if it’s true, but even if it’s not true, I don’t think it has much of an impact on us. As I said at the outside of the call, the given regulatory environment is where it is, let me say that way and I don’t know whether or not they would allow for such a transaction with us or with Vodafone. So, it will be interesting to see with there is any merit to it would be freaking to find that out. But it doesn’t in my opinion mostly validate the fact that our business is strong, our core business is stable, our fundamental products are superior, consumers will gravitate to our products and services first, mobile for us is always been tactical and supplemental had some strategic benefits as well, but at rather b earnings approaching mobile business from our position of strength then having to sort out a fixed strategy from arguably a position of weakness as a mobile only player. So, again it validates our business model, it doesn’t surprise me if it’s true, it may or may not have succeed on a regulatory point of view from a regulatory point of view, that will see how that shakes out or even does exceed is probably encouraging from us regulatory point of view so we are not – I think it’s interesting is as my reaction.

Thank you.

And we’ll take our next question from Bryan Kraft with Evercore Securities. Bryan Kraft – Evercore Securities: Hi, thanks, I just had two questions. One, can you just comment on the outlook for CapEx this year in terms of if you look at accrual basis CapEx to sales, do you expect the guidance this or the CapEx this year to directionally be consistent with your medium term guidance of having a trend down and also how are you thinking about the acceleration or expansion of our mobile efforts outside of Chile and Belgium and what the consolidated margin impact to be from mobile this year overall, thank you.

Diederik, you want to address that?

Yeah, I think we feel pretty comfortable that the CapEx will continue on a downward trend but from a standalone R&D, is it part of the combined Virgin Group.

And our mobile plans in the Diederik you can comment on that. The mobile plans for the rest of Europe are modest. But then I mean they should not have a meaningful impact on any significant financial metric because we are taking as we said many times a very careful approach we are spending some money on centralized network systems that we are not purchasing spectrum and we are positioning ourselves with very full MVNO products and services to enter the market effectively and competitively, but not overly aggressively and certainly not without a focus on the impact we’d have on our P&L and our profitability. So, we are not giving you specific guidance around mobile today, I just simply say it does not going to have a significant impact. Bryan Kraft – Evercore Securities: Great, thank you.

We’ll take our next question from Frank Knowles with New Street Research. Frank Knowles – New Street Research: Yes, good afternoon, I have a quick question on Telenet actually. So following the completion of tend to process, during the process, you mentioned you would look to exert greater management control over Telenet with respect to the result of the tender and I wondered how we might see that the coming evidence through the year both in terms of may be direction of the business and also management, thank you.

Yeah, we had no comment on the management situation today on – in terms of the general direction of the business we’d said publicly that we think there are significant benefits to further integration between our core European platform and Telenet it has in some cases has been a strong partner of us if you will, but I think there has been plenty of missed opportunity and bringing that company more closely or bringing it closer into the general operating platform that we’ve managed today across 11 markets. It makes perfect sense for us and I think you will see those benefits to grew over the course of the year but, I think it’s premature to give you specifics and then certainly premature to talk about any management changes. Frank Knowles – New Street Research: Thank you, sorry, if I just also made follow-up in Telenet, just in terms of any further future buyout of minorities. Could you just explain what the restrictions are now that one such period is finished?

But it really on any restrictions per se, I mean, but there are rules around tenders specifically one that requires that any tender happen at or above at the last price should we purchase any shares at or above last price. So, I would – we don’t have any plan. So, I would worry too much about that issue from the market point of view or we’re happy where we are at 58%, we’ve got a lot of work to do to integrate the business more effectively. We think it’s performing well and we are happy with where we are. Frank Knowles – New Street Research: Okay, that’s really helpful, thank you.

We’ll take our next question from Will Milner with Arete Research. Will Milner – Arete Research: Thank you, couple from me, last year you sort of the material reduction in fully swap borrowing costs machine down to 7.2%. I’m given the sort of refinancing you’ve done so far this year and what’s in the pipeline do you expect this continue to decline in 2013 and perhaps some quantification around that. And the second question just on the guidance you’ve given this pro forma for Virgin in the medium term. I just wanted to understand if you’d be confident at Liberty excluding Virgin Media would grow free cash flow in the mid-teens as the guidance was for 2012 sort of thinking really around the catch up of new vendor financing deals, thanks.

Yeah, I mean, we are not, yeah, thanks and Charlie you can address the balance sheet point on the free cash flow. We have provided specific guidance around LGI, but we have said that the two companies together have complementary growth I think you can read into that fact that on a standalone basis, we believe growth at Liberty Global would be complementary and consistent with the growth we provided and the guidance we provided on a combined basis. Charlie, do you want to give the balance sheet?

Yeah, I would say a quite about the cost of debt is coming down. We have an opportunity to re-price some of a more expensive debt, some of that has already been executed. We did a refinancing of some of our German debt in early January, I know I’d say we’d certainly get below 7% on the LGI capital structure and we could get a low depending on how the rest of the plays out and I would reiterated on a standalone basis we are on track for the mid-teens growth because we would probably pay down some debt because we didn’t use it by Telenet. So, I think we feel pretty comfortable. This company continues to grow in line with our long-term projections. On the vendor financing, I’m not sure you pointed, we you just remind everybody we are taking a massive focus on working capital management. As part of that, we are looking to optimize payment terms from our vendor. It is more efficient for us to do that with smaller vendors who pay us the privilege intermediating by our bank, but this is essentially a working capital management exercise and we are very pleased with the results so far, but there are still opportunities there to continue to optimize the balance sheet in my view. Will Milner – Arete Research: Okay, great. And Charlie, just a very quick follow up on Telenet’s proposed shareholder distribution, so to what extent do you able to mitigate withholding tax on that distribution or to what extent you are liable to withholding tax on that distribution?

Yeah, it will be tax free to us under euros. Will Milner – Arete Research: Okay, thank you.

And we’ll take our last question from Ben Swinburne with Morgan Stanley.

One, just on actually Eastern Europe where you had some nice margin expansion on sort of flattish revenue, I don’t know if Diederik had any comment on that if whether that was a sort of sustainable step down at expense base or something one-time? And then Charlie, your interest expense has come down during the year as some of the swaps maybe are rolling off, any guidance for us as we think about the next year or two as to where as those derivatives expire, what kind of savings you guys might see? Thanks.

I think on the charges, we are 7.2 now, and I think we continue to have opportunity to re-price our debt, I mean given your final target will obviously depend on how the markets hold up, and clearly where we end up refinancing. We have done some already. We have refinanced that some of the German bonds have more to go in the first quarter of the year and that certainly gives us a reduction. So, I am very comfortable in saying that we are on a downward trend and we should go comfortable ‘06. I think as Mike said, we were below 6 in the sort of high 5s on the Virgin capital structure. So, the blended average group is going to have a pretty attractive cost of capital and if markets hold up and clearly we hope they do, there is still opportunity to work on re-pricing there.

Great. And anything on Eastern Europe?

Diederik, you want to address that?

Yeah, a pure cut off referring to, I said trends in the business, I would say that most of the countries need went through a relatively healthy year. Some of them able to drive pricing and to also reach I’d say healthy levels of RGU growth, Romania, for example, where few years ago, we were facing I’d say non-traditional competition kind of turning to corner also behind adoption of strategic innovation like the 3.0 and we see that in more countries. Although having said that there is still I’d say some I’m President to DTH competition going on some of the countries like the Czech Republic. So we’re cautious but maybe cautiously optimistic.

Thank you.

Listen, I think that concludes the call. We wanted to get through quickly this morning, so everybody can get back to their mornings. But I think we have covered all the main issues and which were really good about our full year of course. We are excited about the first quarter. It’s going extremely well, especially in markets like Germany. All of us are focused on the Virgin Media transaction and again you get that deal close is now financed and is hopefully very shortly we will be realizing the benefits of that as a combined platform. So, we remain excited about that. And we will be reporting our first quarter results soon and we look forward to talking to you again. So, thanks for participating and we’ll speak to you soon. Bye-bye.

Ladies and gentlemen this concludes Liberty Global 2012 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. There you can also find the copy of today’s presentation materials.