UGC Announces Third Quarter Results

UGC Announces Third Quarter Results
Total RGUs Exceed 9.0 Million


DENVER, Nov. 13  /PRNewswire-FirstCall/ -- UnitedGlobalCom, Inc. (UGC or the
Company)  today announced its operating and financial results for the quarter
ended September 30, 2003.  UGC's significant and consolidated operating
subsidiaries include UGC Europe, Inc. (UGC Europe) , a leading pan-European
broadband communications company; and VTR GlobalCom S.A. (VTR), the largest
broadband communications provider in Chile.

  Third Quarter Highlights
  --  Revenue for the three months ended September 30, 2003 was
      $475 million, an increase of 23% when compared to the same period in
      2002.  Adjusting for the deconsolidation of UPC Germany (1) for the
      prior period, revenue increased 25%.  On a sequential basis from the
      quarter ended June 30, 2003, revenue increased by 2% or $9 million.
  --  Adjusted EBITDA (2) for the three months ended September 30, 2003 was
      $171 million, a 102% or $86 million improvement from $85 million for
      the same period in 2002. Adjusting for the deconsolidation of UPC
      Germany for the prior period, Adjusted EBITDA improved by 105% or
      $88 million.  On a sequential basis from the quarter ended June 30,
      2003, Adjusted EBITDA increased by 15% or $22 million.
  --  Net Income for the three months ended September 30, 2003 was
      $1.7 billion, an increase of $2.0 billion when compared to the same
      period in 2002.  This increase primarily relates to:  (i) consummation
      of the United Pan-Europe Communications N.V. ("UPC") restructuring in
      September 2003, resulting in a gain of approximately $2.1 billion on
      the early extinguishment of debt, and (ii) improved operating results.
  --  RGUs (3) at September 30, 2003 were over 9.0 million, a 3.4% increase
      or 298,200 from September 30, 2002. On a sequential basis from
      June 30, 2003, RGUs increased 78,700.
  --  Video subscribers (4) at September 30, 2003 were 7.4 million, a 1.1%
      increase, or 83,000 from September 30, 2002.  On a sequential basis
      from June 30, 2003, video subscribers increased 22,600.
  --  Voice and Internet subscribers at September 30, 2003 were nearly
      1.6 million, a 16% increase or 215,200 from September 30, 2002.  On a
      sequential basis from June 30, 2003, voice and Internet subscribers
      increased 56,100.

   (1)  In July 2002, UPC sold 22.3% of its interest in UPC Germany to its
        partner.  As a result, UPC's ownership decreased to 28.7% of UPC
        Germany and it was deconsolidated effective August 1, 2002.
   (2)  Adjusted EBITDA is not a GAAP measure.  "EBITDA" is an acronym for
        earnings before interest, taxes, depreciation and amortization.  As
        we use the term, Adjusted EBITDA further removes the effects of
        cumulative effects of accounting changes, share in results of
        affiliates, minority interests in subsidiaries, reorganization
        expense, other income and expense, gain on extinguishment of debt,
        gain (loss) on sale of investments in affiliates and other assets,
        foreign currency exchange gain (loss), impairment and restructuring
        charges, and stock-based compensation.  Please refer to the
        reconciliation of Adjusted EBITDA with Net Income (Loss).  See notes
        at end of release for more information on Adjusted EBITDA.
   (3)  Revenue Generating Units ("RGUs") represent the sum of analog cable,
        digital, Internet, voice and DTH subscribers.
   (4)  Video subscribers consist of analog cable, digital cable and DTH
        subscribers.

  Management Comments


Gene Schneider, Chairman and CEO of UGC, said, "We are very pleased to announce
another record quarter for the company, including over $171 million of adjusted
EBITDA.  Several other important milestones were achieved during the period,
most importantly the completion of our European balance sheet restructuring. 
UGC also launched an exchange offer for the balance of the shares in our
subsidiary UGC Europe that we do not already own (approximately 33%).  We
believe this transaction is in the best interests of both UGC and UGCE
shareholders and, as disclosed, we expect to complete the exchange offer in
mid-December."

Mike Fries, President and COO of UGC, added, "The third quarter represented a
return to normalized subscriber growth in both Europe and Chile. During the
three months we added over 78,000 RGUs, including over 42,000 Internet
customers.  These trends have continued through the fourth quarter with net
subscriber additions of 28,000 in Europe and 10,000 in Chile through November 1,
2003.  Just as significant, our performance in the quarter, together with the
completion of our European restructuring, has brought our consolidated debt to
adjusted EBITDA ratio to approximately 5.3x on a last quarter annualized basis. 
By all accounts, we sit in a very strong financial and operating position and
currently expect to meet our key guidance targets for 2003.

UGC Recent Events

UGC Announces Tender Offer:  On October 6, 2003, UGC announced that it had
commenced an exchange offer for all of the outstanding shares of UGC Europe
which it does not own.  UGC currently owns 66.75% of the outstanding shares of
UGC Europe common stock.  On November 12, 2003, UGC announced revised terms to
the exchange offer.  Pursuant to the revised terms, UGC is offering to exchange
10.3 shares of its Class A common stock for each share of UGC Europe common
stock that it does not own (approximately 16.6 million shares).  The exchange
offer is conditioned, among other things, upon the tender of a sufficient number
of shares of UGC Europe common stock such that, upon completion of the exchange
offer, UGC will own at least 90% of the outstanding common stock of UGC Europe. 
If the exchange offer is successfully completed, UGC will effect a "short-form"
merger of UGC Europe, by which UGC would acquire the remaining shares of UGC
Europe for the same consideration as in the exchange offer.  The exchange offer
is scheduled to expire on December 18, 2003.  In connection with the exchange
offer, UGC's majority shareholder, Liberty Media Corporation ("Liberty"), has
agreed to certain limitations on the exercise of its preemptive rights to
acquire additional shares of UGC Class A common stock upon the closing of the
exchange offer.

Restructuring of Old UGC:  UGC's wholly-owned subsidiary, Old UGC, Inc. ("Old
UGC"), which principally owns the company's interests in Latin America and
Australia, has reached an agreement in principle with certain of its creditors,
including UGC and IDT United, Inc. (in which UGC has a 93.7% fully diluted
interest and a 33.3% common equity interest), on the economic terms for the
restructure of Old UGC's outstanding 10.75% Senior Discount Notes ("Old UGC
Notes) and expects to formalize a restructuring proposal shortly.

The outstanding principal balance of the Old UGC Notes is $1.262 billion. Of
this amount, UGC holds $638 million directly and has an interest in another $599
million indirectly through IDT United.  Third parties hold approximately $25
million of the Old UGC Notes.  UGC expects that the proposal, if implemented,
would result in the acquisition by Old UGC of the Old UGC Notes held by UGC and
IDT United for Old UGC common stock.  Subject to consummation of such
acquisition, UGC expects to acquire the third party interests in IDT United in
which case Old UGC would continue to be wholly owned by UGC.

Restatement Effects Related to UPC Germany Accounting Issue:  UGC consolidated
the financial results of UPC Germany prior to July 2002, since UGC Europe held
an indirect approximate 51% majority voting equity interest. At the end of July
2002, UGC Europe's ownership interest in UPC Germany was reduced from
approximately 51% to approximately 29% as a result of a pre- existing call right
held by the minority shareholder, which became exercisable in February 2002 as a
result of certain events of default under several of UGC Europe's debt
agreements.  Accordingly, UGC Europe deconsolidated UPC Germany effective August
1, 2002.  Upon deconsolidation, UGC Europe's net negative investment in UPC
Germany was EUR 150.3 ($147.9) million.  UGC Europe and UGC had previously
concluded that generally accepted accounting principles precluded the
recognition of a gain upon deconsolidation because there were significant
uncertainties regarding the realization of such gain.  Based on further
analysis, UGC Europe and UGC revised their conclusion, and as such UGC Europe
and UGC have restated their consolidated financial statements as of and for the
year ended December 31, 2002 to recognize a gain from the reversal of this net
negative investment, effective August 1, 2002, and UGC Europe and UGC have
restated the unaudited condensed consolidated financial statements for the
quarters ended March 31, 2003 and June 30, 2003 for the prospective effects of
this gain.  This accounting gain will have no impact on UGC Europe's or UGC's
reported Adjusted EBITDA, cash flow, or future earnings.

Founders' transaction update:  On August 19, 2003 certain of our founding
stockholders (the "Founders") and Liberty entered into a share exchange
agreement pursuant to which the Founders agreed to exchange an aggregate of
8,198,016 shares of Class B common stock (representing all of the outstanding
shares of our Class B common stock) for securities of Liberty and cash.  This
transaction is now expected to close in early January 2004.

Subscribers

UGC continues to focus on growing its total customer base, particularly in areas
where the Company has upgraded its networks to provide broadband services,
primarily in Western Europe and Chile.  RGUs, increased 3.4% or 298,200 from
last year's third quarter to 9.0 million, and increased 78,700 on a sequential
basis from June 30, 2003.  The following table shows UGC's homes in service
area, homes passed, and two-way homes passed, as well as a breakdown of
subscriber data by product line:

   Operating Statistics (000s)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   Homes in Service
    Area                 16,492    16,321    16,313        1.0%       1.1%
   Homes Passed          12,600    12,558    12,395        0.3%       1.7%
   Two-Way Homes Passed   7,280     7,101     6,760        2.5%       7.7%

   Video Subscribers      7,422     7,399     7,339        0.3%       1.1%
   Voice Subscribers        718       704       683        1.9%       5.2%
   Internet Subscribers     868       826       688        5.1%      26.1%
   Total RGU's            9,008     8,929     8,710        0.9%       3.4%


  The following table shows a breakdown of UGC's RGU data by division:

   RGU Summary by Division (000s)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC Europe RGUs        8,116     8,074     7,939        0.5%       2.2%
   VTR RGUs                 860       823       740        4.5%      16.2%
   Other RGUs                32        32        31        0.0%       2.2%
   Total RGUs             9,008     8,929     8,710        0.9%       3.4%


  Revenue


UGC's revenue for the third quarter ended September 30, 2003 was $475 million,
an increase of 23%, or $90 million from the same period last year.  The increase
was due to the appreciation of the euro relative to the U.S. dollar
(approximately $53 million), as well as increases in RGUs and average revenue
per unit ("ARPU") in both Europe and Chile.  The following table shows a
breakdown of revenue by segment:

   Revenue by Division
   (US$ millions)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC Europe
    Revenue (1)          $413.8    $409.2    $330.1        1.1%      25.4%
   VTR Revenue             58.6      54.0      47.2        8.6%      24.3%
   Other Revenue            2.1       1.9       2.3        5.8%     -11.2%
   Ongoing Revenue        474.5     465.1     379.6        2.0%      25.0%

   UPC Germany (2)           --        --       5.1        n.m.       n.m.
   Total Revenue         $474.5    $465.1    $384.7        2.0%      23.3%

   (1)  UGC Europe's results for Q3 '02 revised to reflect the
        deconsolidation of UPC Germany as if it had occurred on January 1,
        2002.
   (2)  UPC Germany was deconsolidated effective August 1, 2002.




The following is provided for informational purposes only to highlight revenues
in the functional currency of UGC Europe (Euros) and VTR (Chilean Pesos), as
follows:

   Revenue by Division
   (Millions)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC Europe (1)      EUR367.2  EUR359.4  EUR335.6        2.2%       9.4%
   VTR                 CP40,629  CP38,331  CP33,407        6.0%      21.6%

   (1) UGC Europe's results for Q3 '02 revised to reflect the
       deconsolidation of UPC Germany as if it had occurred on
       January 1, 2002.




The following table provides a summary of ARPU for each entities' functional
currency:

   Monthly ARPU Summary
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC:
   Total per RGU (1)     $16.49    $16.20    $13.57        1.8%      21.5%
   UGC Europe:
   Total per RGU (2)   EUR13.99  EUR13.68  EUR13.03        2.3%       7.4%
   Total per Cable
    Sub-W. Europe (3)  EUR21.70  EUR20.91  EUR19.71        3.8%      10.1%
   Total per Cable
    Sub-E. Europe (3)   EUR8.89   EUR8.99   EUR8.36       -1.1%       6.3%
   VTR:
   Total per RGU (4)   CP16,101  CP15,874  CP15,378        1.4%       4.7%
  Total per RGU (US$)    $23.23    $22.35    $21.71

   (1)  ARPU calculation for UGC based on quarterly Triple Play Broadband
        Revenues divided by average RGUs for each quarter.
   (2)  ARPU calculations for UGC Europe Distribution (excludes Germany for
        Q3 '02) based on quarterly Triple Play Broadband revenues divided by
        average RGU's for each quarter.
   (3)  Basic cable, Internet, telephony, and digital revenue (excludes DTH)
        divided by basic cable subscribers (excluding Germany).
   (4)  ARPU calculation for VTR based on quarterly Triple Play Broadband
        Revenues divided by average RGUs for each quarter.


  Reconciliation of Adjusted EBITDA with Net Income (Loss)

                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
   (US$ millions)        Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   Total Segment
    Adjusted EBITDA      $171.4    $149.4     $84.8       14.7%     102.0%
   Loss on disposal of
    Poland DTH business     0.0      (8.0)      0.0     -100.0%       n.m.
   Stock-based
    compensation 1        (14.3)     (8.2)     (8.3)      72.3%      72.6%
   Depreciation &
    amortization         (192.0)   (211.5)   (201.2)      -9.2%      -4.6%
   Impairment &
    restructuring
    Charges (2)             0.5       1.1       1.5      -58.1%     -67.0%
   Operating Income
    (Loss)                (34.4)    (77.2)   (123.2)     -44.6%     -72.0%
   Interest expense,
    net                   (71.2)    (92.4)   (153.5)     -22.9%     -53.6%
   Foreign currency
    exchange gain,
    net                  (276.5)    263.5     (62.2)    -205.0%     344.5%
   Gain (loss) on
    sale of investments
    In affiliates,
    net (3)                (0.3)    281.5     155.8     -100.1%    -100.2%
   Gain on early
    extinguishments
    of debt (4)         2,109.6       0.0       0.0        n.m.      n.m.
   Other income
    (expense), net         (1.2)    (11.1)    (31.9)     -90.0%     -96.5%
    Subtotal            1,726.0     364.3    (215.0)     373.8%    -902.8%
   Income tax expense
    and other, net         11.1     257.7     (60.2)     -95.7%    -118.5%
   Net income (loss)   $1,737.1    $622.0   $(275.2)     179.3%    -731.2%

   (1)  Stock based compensation includes charges associated with fixed, or
        non-cash stock options, as well as charges associated with phantom,
        or cash-based, stock option plans, as more fully disclosed in UGC's
        10Q and 10K.
   (2)  Includes certain impairment charges.  Please refer to UGC's 10Q as
        of September 30, 2003 for a summary.
   (3)  For Q2 '03, represents primarily the net effect when UAP's
        bankruptcy plan became effective in April 2003, whereby UGC
        recognized a gain of $284.7 million associated with the sale of its
        indirect approximate 49.99% interest in UAP that occurred in
        November 2001.
   (4)  For Q3 '03, represents the net effect of UPC's restructuring
        completed on September 3, 2003.


  Adjusted EBITDA


UGC's Adjusted EBITDA for the third quarter was $171 million, a 102%, or $87
million improvement over the same period last year.  Approximately $20 million
of that increase was due to the appreciation of the euro relative to the U.S.
dollar, while the Chilean Peso exchange rate impact was negligible.  On a
functional currency basis, UGC Europe and VTR both demonstrated a substantial
increase in Adjusted EBITDA on a year-over-year basis (79% and 63%,
respectively), as well as solid increases on a sequential basis.  The following
tables show a breakdown of Adjusted EBITDA results by division in U.S. dollars:

   Adjusted EBITDA by Division
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
   (US$ millions)        Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC Europe (1)        $155.2    $136.6     $75.5       13.5%     105.5%
   VTR                     18.9      16.5      11.4       14.7%      66.5%
   Other                   (2.7)     (3.7)     (3.4)     -27.2%     -18.0%
   Ongoing Operations     171.4     149.4      83.5       14.7%     105.1%

   UPC Germany (2)           --        --       1.3        n.m.       n.m.
   Total                 $171.4    $149.4     $84.8       14.7%     102.0%

   (1)  UGC Europe's results for Q3 '02 were revised to reflect the
        deconsolidation of UPC Germany as if it had occurred on January 1,
        2002.
   (2)  UPC Germany was deconsolidated effective August 1, 2002.




The following is provided for informational purposes only to highlight Adjusted
EBITDA in the functional currency of UGC Europe (Euros) and VTR (Chilean Pesos),
as follows:

   Adjusted EBITDA (Millions)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   UGC Europe (1)      EUR137.7  EUR120.0   EUR77.1       14.7%      78.5%
   VTR                 CP13,110  CP11,694   CP8,055       12.1%      62.8%

   (1) UGC Europe's results for Q3 '02 revised to reflect the
       deconsolidation of UPC Germany as if it had occurred on January 1,
       2002.


  Capital Expenditures


Capital expenditures for the nine months ended September 30, 2003 were $228
million, a decrease of 2.7%, or $6 million compared to the same period last
year.  Capital expenditures for the quarter ended September 30, 2003 were $95
million, an increase of 113%, or $50 million compared to the same period last
year.  On a sequential basis from the quarter ended June 30, 2003, capital
expenditures increased by 27% or $20 million.  The following represents a break
down of capital expenditures based on the NCTA cable industry guidelines for the
nine months ended September 30, 2003 as follows:

   Capital Expenditures by NCTA category
   (US$ thousands)                    UGC
                                   Europe       VTR      Other        YTD
   Customer Premise Equipment     $58,261   $16,978       $659    $75,898
   Commercial Spending                 --        --         --         --
   Scalable infrastructure         22,650     1,570         22     24,242
   Line Extensions                 44,079     7,297         89     51,465
   Upgrade / Rebuild               16,345        --         --     16,345
   Support capital                 41,367     9,143        272     50,782
   Intangibles & Priority Telecom   8,966        --         --      8,966
    Total                        $191,668   $34,988     $1,042   $227,698


  Free Cash Flow (1)


Free Cash Flow for the three months ended September 30, 2003 was $4.2 million,
an increase of $109 million compared to the same period last year.  This change
is due to a substantial increase in cash flow from operating activities, which
is due to a combination of several factors, including an appreciation of the
euro relative to the U.S. dollar, an increase in both RGUs and ARPU, ongoing
cost savings (primarily in Europe) and improved working capital management.  The
following table provides a reconciliation of Free Cash Flow with its most
comparable GAAP measure, Cash Flow from Operating Activities:

   Free Cash Flow
   (US$ Millions)
                                                         Q3 '03     Q3 '03
                                                            vs.        vs.
                         Q3 '03    Q2 '03    Q3 '02      Q2 '03     Q3 '02
   Cash Flow from
    Operating
    Activities            $99.0    $100.3    $(60.0)      -1.6%    -264.4%
   Less: Capital
    Expenditures          (94.8)    (74.7)    (44.6)      26.8%     112.6%
   Free Cash Flow          $4.2     $25.6   $(104.6)     -84.6%    -103.8%

   Total Cash - End
    of Period (2)        $351.4    $370.2    $556.9        n.m.       n.m.

   (1)  Free Cash Flow is not a GAAP measure.  We define Free Cash Flow as
        cash flow for operating activities less capital expenditures.  See
        Notes at end of release for more information on Free Cash Flow.
   (2)  Represents the sum of cash and cash equivalents, restricted cash and
        short-term liquid investments per UGC's 10Q's.


  EUROPE (UGC Europe)


UGC Europe is a leading pan-European broadband communications company offering
cable television, telephony and high-speed Internet access services in 11
European countries and serving approximately 6.9 million video subscribers,
459,600 voice subscribers and 749,400 Internet subscribers.  UGC owns
approximately 66.75% of UGC Europe.

  Third Quarter Highlights
  --  Revenue increased 7.7% or EUR 26 million to EUR 367 million
      (US$414 million) for the three months ended September 30, 2003
      compared to the same period last year.  On a sequential basis from
      June 30, 2003, revenue increased by 2.2% or EUR 8 million.
  --  Adjusted EBITDA improved 76%, or EUR 60 million to EUR 138 million
      (US$155 million) for the three months ended September 30, 2003,
      compared to the same period last year.  On a sequential basis from
      June 30, 2003, Adjusted EBITDA increased by 15%, or EUR 18 million.
  --  Video subscribers at September 30, 2003 were 6.9 million, a 0.9%
      increase or 60,100 from September 30, 2002.  On a sequential basis
      from June 30, 2003, video subscribers increased 15,100.
  --  Voice subscribers at September 30, 2003, including UGC Europe's
      broadband cable-phone operations and its traditional voice network in
      Hungary, were 459,600, a 1.1% decrease from September 30, 2002.  On a
      sequential basis from June 30, 2003, voice subscribers increased 400.
  --  Internet subscribers reached 749,400 at September 30, 2003, an
      increase of 20%, or 122,400 from September 30, 2002.  On a sequential
      basis from June 30, 2003, Internet subscribers increased 26,100.
  --  Total RGUs were over 8.1 million at September 30, 2003, an increase of
      177,600 from September 30, 2002.  On a sequential basis from June 30,
      2003, RGUs increased 41,600.  During the first nine months of 2003,
      RGUs increased by more than 76,000, which on a run rate basis is below
      guidance for the year.  This shortfall is almost entirely related to
      the implementation of a new subscriber management system, involving
      the consolidation of a number of customer databases in the
      Netherlands, (as highlighted in both our Q4 2002 and earlier 2003
      results).  This database consolidation began in Q4 2002 and was
      effectively complete at the end of Q2 2003.  This process has had and
      will continue to have a positive impact on UGC Europe's cash flow as
      it has enabled us to improve our near-term cash collection.

  Recent Events - Europe
  --  Restructuring Completed:  On September 3, 2003, the European
      restructuring was completed and UGC Europe commenced trading on the
      NASDAQ National Market (under ticker symbol UGCE).
  --  UPC Polska Restructuring Update:  On October 30, 2003, UPC Polska,
      Inc. ("UPC Polska"), a subsidiary of UGC Europe, Inc., announced that
      the United States Court has approved UPC Polska's First Amended
      Disclosure Statement with respect to its First Amended Chapter 11 Plan
      of Reorganisation (the "Plan").  UPC Polska will begin soliciting
      votes from creditors who would receive distributions under such Plan.
      The confirmation hearing on Plan is scheduled for December 3, 2003.
  --  Internet Marketing Campaign Update:  Despite an increasingly
      competitive market for the internet product from ADSL providers
      especially in the Netherlands, UGC Europe's most significant internet
      market, the Company has added more than 73,000 internet subscribers
      during the first nine months of 2003, over 26,000 in the third quarter
      alone.  In July and November 2003 UGC Europe announced extensions of
      its chello internet product range, offering subscribers a choice of
      products with different connection speeds and price points in the
      Netherlands, France and Austria.  We expect these product launches
      will further boost demand for the chello product across our footprint,
      offsetting any downward pressure on average ARPU.


  CHILE (VTR)


VTR, an indirect wholly-owned subsidiary of UGC, is a leading broadband
communications company offering cable television, telephony and high-speed
Internet access services in Chile and had approximately 1.7 million homes passed
and 1.0 million two-way homes passed and 486,600 video subscribers, 258,300
voice subscribers and 114,800 Internet subscribers at September 30, 2003.

  Third Quarter Highlights
  --  VTR's revenue for the quarter ended September 30, 2003 increased 22%
      to CP 40,629 million (US$58.6 million) from CP 33,407 million
      (US$47.2 million) for the same period in 2002 on a local currency
      basis.  On a sequential basis from June 30, 2003, revenue increased
      6.0%.
  --  VTR's Adjusted EBITDA for the quarter ended September 30, 2003
      increased 63% to CP 13,110 million (US$18.9 million) from
      CP 8,055 million (US$11.4 million) for the same period in 2002 on a
      local currency basis.  On a sequential basis from June 30, 2003,
      Adjusted EBITDA increased 12%.
  --  VTR's video subscribers at September 30, 2003 were 486,600, an
      increase of 5.1% or 23,800 from September 30, 2002.  On a sequential
      basis from June 30, 2003, video subscribers increased 8,100.
  --  VTR's voice subscribers at September 30, 2003 were 258,300 a 19%
      increase or 40,400 from September 30, 2002.  This represents a 25%
      penetration rate based on two-way homes serviceable as of
      September 30, 2003 compared to 23% as of September 30, 2002.  On a
      sequential basis from June 30, 2003, voice subscribers increased
      13,300.
  --  VTR's Internet subscribers at September 30, 2003 were 114,800, a 94%
      increase from 59,100 at September 30, 2002.  The increase was due to
      continued strong demand for VTR's 300Kbps Broadband product as well as
      its new 64Kbps "Broadband Light" service aimed at converting current
      dial-up users.  On a sequential basis from June 30, 2003, Internet
      subscribers increased 15,700.

  Recent Events - Chile
  --  VTR awarded "Best Telecom Company in Latin America":  Pyramid Research
      recently recognized VTR as the Best Telecom Company in Latin America.
      VTR's peer group consisted of all the Basic Telephony, CATV and
      Broadband companies throughout Latin America.
  --  VTR awarded "Best Broadband Service" in Chile:  Several prominent
      Chilean organizations conducted research among 15,000 broadband users
      who selected VTR as the best broadband service provider in Chile.
  --  Continued strong growth in telephony:  Voice lines in service
      increased 17% in the third quarter compared to the same period in the
      prior year, currently totaling 287,200 lines.  This represents a 28%
      penetration rate based on two-way homes serviceable as of
      September 30, 2003.
  --  Bundling rollout:  As of September 30, 2003, triple play subscribers
      were 85,700, an 88% increase compared to the same period in the prior
      year and 10% of total RGUs.  As of September 30, 2003 bundled RGUs
      represented 64% of VTR's total RGUs within its triple play footprint.


  Other Investments


Austar Update:  In August, Austar United Communications Ltd. (Austar) completed
its equity rights issue and raised approximately A$75.0 million in additional
capital.  As a result, UGC currently owns indirectly approximately 38% of Austar
United.  Based on the closing price of Austar's common stock (ASX:AUN.AX) of
A$0.385 on November 12, 2003, UGC's 38% interest (446 million shares) has a
market value of A$172 (US$123) million.

  --  Austar's revenue was flat for the nine months ended September 30, 2003
      at A$240 million compared to the same period in the prior year, while
      adjusted EBITDA increased 285% to A$37.1 million over the same time
      period.  In addition, subscribers as of September 30, 2003 were
      421,700, an increase of 3.7% compared to September 30, 2002.



SBS Broadcasting:  UGC owns indirectly a 21% interest (6 million shares) of SBS
Broadcasting.  Based on the closing price of SBS Broadcasting's common stock
(NASDAQ:SBTV) of $30.58 on November 12, 2003, UGC's interest has a market value
of $183 million.

About UnitedGlobalCom

UGC is the largest international broadband communications provider of video,
voice, and Internet services with operations in numerous countries. Based on the
Company's operating statistics at September 30, 2003, UGC's networks reached
approximately 12.6 million homes passed and 9 million RGUs, including
approximately 7.4 million video subscribers, 717,900 voice subscribers, and
868,000 high speed Internet access subscribers.  UGC's significant and
consolidated operating subsidiaries include UGC Europe, Inc. (UGC Europe)
(NASDAQ:UGCE), a leading pan-European broadband communications company; and VTR
GlobalCom S.A. (VTR), the largest broadband communications provider in Chile.

Forward Looking Statements:  Except for historical information contained herein,
this news release contains forward-looking statements which involve certain
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements.  These forward-looking
statements also include our estimates of year-end revenues, capital expenditures
and other financial information, consummation of planned transactions and
financings, projections of operational targets, launch of new services and other
statements concerning growth.  These risks and uncertainties include continued
use by subscribers and potential subscribers of the Company's services, changes
in the technology and competition, our ability to achieve expected operational
efficiencies and economies of scale, our ability to generate expected revenue
and achieve assumed margins, as well as other factors detailed from time to time
in the Company's filings with the Securities and Exchange Commission.  These
forward-looking statements speak only as of the date of this Release.  UGC
expressly disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to reflect any
change in UGC's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.

Not withstanding the above, UGC acknowledges that the "safe harbor" for
forward-looking statements under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
does not apply to the forward-looking statements concerning the exchange offer.

Non-GAAP measures:  Adjusted EBITDA is the primary measure used by our chief
operating decision makers to evaluate segment-operating performance and to
decide how to allocate resources to segments.  "EBITDA" is an acronym for
earnings before interest, taxes, depreciation and amortization.  As we use the
term, Adjusted EBITDA further removes the effects of cumulative effects of
accounting changes, share in results of affiliates, minority interests in
subsidiaries, reorganization expense, other income and expense, gain on
extinguishment of debt, gain (loss) on sale of investments in affiliates and
other assets, foreign currency exchange gain (loss), impairment and
restructuring charges, and stock-based compensation.  We believe Adjusted EBITDA
is meaningful because it provides investors a means to evaluate the operating
performance of our segments and our company on an ongoing basis using criteria
that is used by our internal decision makers.  Our internal decision makers
believe Adjusted EBITDA is a meaningful measure and is superior to other
available GAAP measures because it represents a transparent view of our
recurring operating performance and allows management to readily view operating
trends, perform analytical comparisons and benchmarking between segments in the
different countries in which we operate and identify strategies to improve
operating performance.  For example, our internal decision makers believe that
the inclusion of impairment and restructuring charges within Adjusted EBITDA
distorts their ability to efficiently assess and view the core operating trends
in our segments.  In addition, our internal decision makers believe our measure
of Adjusted EBITDA is important because analysts and other investors use it to
compare our performance to other companies in our industry.  We reconcile the
total of the reportable segments' Adjusted EBITDA to our consolidated net income
as presented in the accompanying consolidated statements of operations, because
we believe consolidated net income is the most directly comparable financial
measure to total segment operating performance.  Investors should view Adjusted
EBITDA as a supplement to, and not a substitute for, other GAAP measures of
income as a measure of operating performance.  As discussed above, Adjusted
EBITDA excludes, among other items, frequently occurring impairment,
restructuring and other charges that would be included in GAAP measures of
operating performance.

Free Cash Flow is not a GAAP measure of liquidity.  We define Free Cash Flow as
cash flow from operating activities less capital expenditures.  We believe our
presentation of Free Cash Flow provides useful information to our investors
because it can be used to gauge our ability to service debt and fund new
investment opportunities.  Investors should view Free Cash Flow as a supplement
to, and not a substitute for, GAAP cash flows from operating, investing and
financing activities as a measure of liquidity.

SEC Filings:  Materials filed with the SEC will be available electronically
without charge at an Internet site maintained by the SEC.  The address of that
site is http://www.sec.gov/.  Documents filed with the SEC may be obtained from
UGC by directing a request to Richard Abbott, Vice President of Finance,
UnitedGlobalCom, Inc., 4643 S. Ulster Street, Suite 1300, Denver, CO 80237.

Notice For UGC Europe Stockholders -- UGC filed a Registration Statement on Form
S-4 (File No. 333-109496) containing a prospectus relating to the exchange
offer, and Europe Acquisition, Inc., the wholly-owned subsidiary of UGC which is
offering to exchange the shares of UGC Europe, filed a Schedule TO.  UGC EUROPE
STOCKHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THESE DOCUMENTS
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN AVAILABLE)
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.  Materials
filed with the SEC are available electronically without charge at an Internet
site maintained by the SEC.  The address of that site is http://www.sec.gov/. 
Documents filed with the SEC also may obtained from UGC without charge by
directing a request to Richard Abbott, Vice President of Finance,
UnitedGlobalCom, Inc., 4643 S. Ulster Street, Suite 1300, Denver, CO 80237.

Notice for UGC Stockholders -- UGC and its directors and executive officers may
be deemed to be participants in the solicitation of proxies from United's
stockholders in connection with the special meeting of stockholders to be held
to approve the issuance of UGC's Class A Common Stock in the exchange offer and
planned merger.  Information concerning United's directors and executive
officers and their direct and indirect interests in the transaction is set forth
in United's preliminary proxy statement filed with the SEC relating to the
special meeting of stockholders and the prospectus contained in the Registration
Statement on Form S-4 filed with the SEC relating to the exchange offer.  UGC
expects to file shortly with the SEC an amended proxy statement and registration
statement.  Materials filed with the SEC are available electronically without
charge at an Internet site maintained by the SEC.  The address of that site is
http://www.sec.gov/.  Documents filed with the SEC also may be obtained from UGC
without charge by directing a request to Richard Abbott, Vice President of
Finance, UnitedGlobalCom, Inc., 4643 S. Ulster Street, Suite 1300, Denver, CO
80237.

UGC'S STOCKHOLDERS SHOULD READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS
CAREFULLY BEFORE MAKING ANY VOTING DECISION BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.

For further information contact:  Investor & Media Relations, Richard S. L.
Abbott - Vice President, Finance, [phone], 

Please visit our web site at www.unitedglobal.com for further information about
our company.

                            Summary Operating Data
                              September 30, 2003

                                                              Two-way
                                Homes in          Homes         Homes
                            Service Area(1)    Passed(2)     Passed(3)

  Europe:
    The Netherlands             2,651,500       2,596,000     2,338,700
    Poland                      1,872,800       1,872,800       336,800
    Hungary                     1,170,400         975,000       547,600
    Austria                     1,081,400         923,300       920,100
    France                      2,656,600       1,373,100       683,100
    Norway                        529,000         484,500       203,800
    Czech Republic                913,000         681,400       243,100
    Sweden                        770,000         421,600       267,000
    Romania                       659,600         458,400            --
    Slovak Republic               517,800         383,500        66,500
    Belgium                       530,000         154,100       154,100
      Total                    13,352,100      10,323,700     5,760,800

  Latin America:
    Chile                       2,350,000       1,746,500     1,017,300
    Brazil                        650,000         463,000       463,000
    Peru                          140,000          66,800        30,300
    Uruguay                            --              --         8,300
      Total                     3,140,000       2,276,300     1,518,900
      Grand Total              16,492,100      12,600,000     7,279,700


                                                  Video

                              Analog Cable     Digital Cable      DTH


Subscribers(4)   Subscribers(5) Subscribers(6)

  Europe:
    The Netherlands             2,315,900          47,600            --
    Poland                        980,600              --            --
    Hungary                       697,000              --        89,500
    Austria                       497,400          23,600            --
    France                        465,700           6,800            --
    Norway                        340,000          32,800            --
    Czech Republic                295,600              --        60,700
    Sweden                        277,700          22,000            --
    Romania                       330,400              --            --
    Slovak Republic               282,600              --        10,400
    Belgium                       130,700              --            --
      Total                     6,613,600         132,800       160,600

  Latin America:
    Chile                         480,700              --         5,900
    Brazil                          9,000           6,900            --
    Peru                           12,300              --            --
    Uruguay                            --              --            --
      Total                       502,000           6,900         5,900
      Grand Total               7,115,600         139,700       166,500


                                         Telephony
                                 Homes
                            Serviceable(7)    Subscribers(8)

  Europe:
    The Netherlands            1,601,700         159,600
    Poland                            --              --
    Hungary                       87,200          64,600
    Austria                      899,700         153,300
    France                       683,100          55,800
    Norway                       138,200          23,300
    Czech Republic                17,700           3,000
    Sweden                            --              --
    Romania                           --              --
    Slovak Republic                   --              --
    Belgium                           --              --
      Total                    3,427,600         459,600

  Latin America:
    Chile                      1,010,000         258,300
    Brazil                            --              --
    Peru                              --              --
    Uruguay                           --              --
      Total                    1,010,000         258,300
      Grand Total              4,437,600         717,900


                                                 Internet
                                 Homes                          Total
                             Serviceable(9)   Subscribers(10)  RGUs(11)

  Europe:
    The Netherlands             2,338,700         315,100     2,838,200
    Poland                        336,800          23,200     1,003,800
    Hungary                       515,300          36,100       887,200
    Austria                       920,100         196,300       870,600
    France                        683,100          23,900       552,200
    Norway                        203,800          35,000       431,100
    Czech Republic                243,100          21,500       380,800
    Sweden                        267,000          70,700       370,400
    Romania                            --              --       330,400
    Slovak Republic                63,300             800       293,800
    Belgium                       154,100          26,800       157,500
      Total                     5,725,300         749,400     8,116,000

  Latin America:
    Chile                       1,017,300         114,800       859,700
    Brazil                        463,000             700        16,600
    Peru                           30,300           2,600        14,900
    Uruguay                         8,300             500           500
      Total                     1,518,900         118,600       891,700
      Grand Total               7,244,200         868,000     9,007,700


   (1)  "Homes in Service Area" are homes in our franchise areas that can
        potentially be served, based on census data and other market
        information.
   (2)  "Homes Passed" are homes that can be connected to our broadband
        network without further extending the distribution plant.
   (3)  "Two-way Homes Passed" are homes passed by our network where
        customers can request and receive the installation of a two-way
        addressable set-top box, cable modem, transceiver and/or voice port
        which, in most cases, allows for the provision of video, voice and
        data (broadband) services.
   (4)  "Analog Cable Subscriber" is comprised of MMDS customers, lifeline
        customers and basic analog customers which are counted on a per
        connection basis.  Commercial contracts with hotels, hospitals, etc.
        are counted on an equivalent basic unit basis.
   (5)  "Digital Cable Subscriber" is a home or commercial unit connected to
        our distribution network with one or more digital converter boxes
        that receives our digital video service.  A Digital Cable Subscriber
        is also counted as an Analog Cable Subscriber.
   (6)  "DTH Subscriber" is a home or commercial unit that receives our
        video programming broadcast directly to the home via geosynchronous
        satellites.
   (7)  "Telephony Homes Serviceable" are homes that can be connected to our
        broadband network (or twisted pair network in certain areas), where
        customers can request and receive voice services.
   (8)  "Telephony Subscriber" is a home or commercial unit connected to our
        broadband network (or twisted pair network in certain areas), where
        a customer has requested and is receiving voice services.
   (9)  "Internet Homes Serviceable" are homes that can be connected to our
        broadband network where customers can request and receive high-speed
        Internet access services.
   (10) "Internet Subscriber" is a home or commercial unit with one or more
        cable modems connected to our broadband network, where a customer
        has requested and is receiving high-speed Internet access services.
   (11) "Revenue Generating Unit," or "RGU," is separately an Analog Cable
        Subscriber, Digital Cable Subscriber, DTH Subscriber, Telephony
        Subscriber or Internet Subscriber.  A home may contain one or more
        RGUs.  For example, if a residential customer in our Austrian system
        subscribed to our analog cable service, digital cable service,
        telephone service and high-speed Internet access service, the
        customer would constitute four RGUs.  "Total RGUs" is the sum of
        Analog, Digital Cable, DTH, Telephony and Internet Subscribers.


                            UnitedGlobalCom, Inc.
                    Condensed Consolidated Balance Sheets
            (In thousands, except par value and number of shares)
                                 (Unaudited)

                                               September 30,  December 31,
                                                    2003           2002
  Assets
  Current assets
    Cash and cash equivalents                     $312,777       $410,185
    Restricted cash                                 36,897         48,219
    Short-term liquid investments                    1,767         45,854
    Subscriber receivables, net                    117,256        136,796
    Related party receivables                        4,131         15,402
    Other receivables                               48,203         50,759
    Deferred financing costs, net                    2,919         62,996
    Other current assets, net                       64,574         95,340
    Total current assets                           588,524        865,551
  Long-term assets
    Property, plant and equipment, net           3,586,494      3,640,211
    Goodwill, net                                1,309,033      1,184,132
    Other intangible assets, net                    87,760         79,977
    Investments in affiliates, accounted
     for under the equity method, net              136,000        153,853
    Deferred financing costs, net                   51,077             --
    Other assets, net                               14,215          7,870
    Total assets                                $5,773,103     $5,931,594


                            UnitedGlobalCom, Inc.
              Condensed Consolidated Balance Sheets (continued)
            (In thousands, except par value and number of shares)
                                 (Unaudited)

                                               September 30,  December 31,
                                                   2003           2002
  Liabilities and Stockholders' Equity
  Current liabilities
    Not subject to compromise:
    Accounts payable                              $188,152       $190,710
    Accounts payable, related party                  1,378          1,704
    Accrued liabilities                            371,155        328,927
    Subscriber prepayments and deposits            149,113        127,553
    Short-term debt                                     --        205,145
    Notes payable, related party                   102,728        102,728
    Current portion of senior notes
     and senior discount notes                      39,136             --
    Current portion of other long-term debt        194,517      3,366,235
    Other current liabilities                       15,258         16,448
    Total current liabilities not subject
     to compromise                               1,061,437      4,339,450
    Subject to compromise:
    Accounts payable                                   401         38,647
    Accrued liabilities                                 --        232,603
    Short-term debt                                  6,138             --
    Current portion of senior notes
     and senior discount notes                     385,702      2,812,988
    Total current liabilities subject
     to compromise                                 392,241      3,084,238
  Long-term liabilities
    Not subject to compromise:
    Senior notes and senior discount notes              --        415,932
    Other long-term debt                         3,475,239         56,739
    Net negative investment in
     deconsolidated subsidiaries                        --        644,471
    Deferred taxes                                 256,674        184,858
    Other long-term liabilities                     97,028         88,634
    Total long-term liabilities
     not subject to compromise                   3,828,941      1,390,634
  Guarantees, commitments and contingencies
  Minority interests in subsidiaries               143,897      1,402,146
  Stockholders' equity
    Class A common stock, $0.01 par value,
     1,000,000,000 shares authorized,
     112,855,363 and 110,392,692 shares
     issued, respectively                            1,129          1,104
    Class B common stock, $0.01 par value,
     1,000,000,000 shares authorized,
     8,870,332 shares issued                            89             89
    Class C common stock, $0.01 par value,
     400,000,000 shares authorized,
     303,123,542 shares issued and outstanding       3,031          3,031
    Additional paid-in capital                   4,520,532      3,683,644
    Deferred compensation                               --        (28,473)
    Class A treasury stock, at cost                (34,162)       (34,162)
    Class B treasury stock, at cost                     --             --
    Accumulated deficit                         (2,992,043)    (6,797,762)
    Accumulated other comprehensive
     income (loss)                              (1,151,989)    (1,112,345)
  Total stockholders' equity (deficit)             346,587     (4,284,874)
  Total liabilities and stockholders' equity    $5,773,103     $5,931,594


                            UnitedGlobalCom, Inc.
   Condensed Consolidated Statements of Operations and Comprehensive Income
               (In thousands, except share and per share data)
                                 (Unaudited)

                             Three Months Ended       Nine Months Ended
                               September 30,           September 30,
                               2003        2002       2003        2002
  Statements of Operations
    Revenue                 $474,515    $384,736  $1,375,666  $1,113,508
    Operating expense (1)   (186,406)   (203,520)   (574,394)   (584,569)
    Selling, general and
     administrative expense (131,004)   (104,628)   (395,051)   (344,632)
    Depreciation and
     amortization           (192,002)   (201,173)   (598,207)   (538,810)
    Impairment and
     restructuring               459       1,390       1,555     (21,505)

    Operating income (loss)  (34,438)   (123,195)   (190,431)   (376,008)
    Interest income,
     including related
     party income of $36,
     $1,350, $965, and
     $4,498, respectively      2,698       3,680      10,603      26,297
    Interest expense,
     including related
     party expense of
     $2,072, $1,985,
     $6,147 and $22,734,
     respectively            (73,945)   (157,212)   (263,813)   (495,707)
    Foreign currency
     exchange gain
     (loss), net            (276,529)    (62,217)    137,882     434,299
    Gain (loss) on sale
     of investments in
     affiliates, net            (283)    155,754     281,321     142,842
    Gain on
     extinguishment
     of debt               2,109,596          --   2,183,997   2,208,782
    Other expense, net        (1,107)    (31,808)    (15,147)   (194,023)
    Income (loss) before
     income taxes and
     other items           1,725,992    (214,998)  2,144,412   1,746,482
    Reorganization expense    (6,276)         --     (19,996)         --
    Income tax
     expense, net            (13,986)    (16,736)    (71,505)   (175,911)
    Minority interests
     in subsidiaries, net     42,582     (45,450)     43,319     (87,862)
    Share in results of
     affiliates, net         (11,203)      1,970     279,832     (75,778)
    Income (loss)
     before cumulative
     effect of change
     in accounting
     principle             1,737,109    (275,214)  2,376,062   1,406,931
    Cumulative effect
     of change in
     accounting
     principle                    --          --          --  (1,344,722)
    Net income (loss)     $1,737,109   $(275,214) $2,376,062     $62,209
    Earnings per share:
    Basic net income
     before cumulative
     effect of change in
     accounting principle      $4.19      $(0.67)      $9.17       $3.67
    Cumulative effect
     of change in
     accounting principle         --          --          --       (3.52)

  Basic net income (loss)      $4.19      $(0.67)      $9.17       $0.15

  Diluted net income
   before cumulative
   effect of change
   in accounting principle     $4.18      $(0.67)      $9.17       $3.66
  Cumulative effect of
   change in accounting
   principle                      --          --          --       (3.50)

  Diluted net income (loss)    $4.18      $(0.67)      $9.17       $0.16

  Statements of
   Comprehensive Income
    Net income (loss)     $1,737,109   $(275,214) $2,376,062     $62,209
    Other comprehensive
     income, net of tax:
    Foreign currency
     translation
    adjustments              335,024     (24,600)    (37,852)   (436,368)
    Change in fair value
     of derivative assets         --         (10)     10,616      10,504
    Other                    (18,465)        (78)    (12,408)        355
    Comprehensive
     income (loss)        $2,053,668   $(299,902) $2,336,418   $(363,300)

   (1) Exclusive of items shown separately below, including depreciation and
       amortization and impairment and restructuring.


                            UnitedGlobalCom, Inc.
               Condensed Consolidated Statements of Cash Flows
                                (In thousands)
                                 (Unaudited)

                                                    Nine Months Ended
                                                      September 30,
                                                   2003            2002
  Cash Flows from Operating Activities
  Net income                                    $2,376,062        $62,209
  Adjustments to reconcile net income
   to net cash flows from operating activities:
    Depreciation and amortization                  598,207        538,810
    Impairment and restructuring                    (1,555)        21,505
    Stock-based compensation                        28,647         25,618
    Accretion of interest on senior notes and
     amortization of deferred financing costs       47,607        188,683
    Unrealized foreign exchange gains, net        (114,016)      (431,122)
    (Gain) loss on sale of investments
     in affiliates and other assets, net          (281,321)      (142,842)
    Gain on extinguishment of debt              (2,183,997)    (2,208,782)
    Loss on derivative securities                   11,450        157,764
    Adjustment of UPC Polska notes to
     allow claim value                             (19,457)            --
    Deferred tax provision                          70,407        157,180
    Minority interests in subsidiaries, net        (43,319)        87,862
    Share in results of affiliates, net           (279,832)        75,778
    Cumulative effect of change in
     accounting principle                               --      1,344,722
    Change in receivables, net                      51,930         52,565
    Change in other assets                          17,531         16,024
    Change in accounts payable, accrued
     liabilities and other                          (4,903)      (252,406)
    Net cash flows from operating activities       273,441       (306,432)

  Cash Flows from Investing Activities
  Capital expenditures                            (227,698)      (234,120)
  Purchase of short-term liquid investments         (1,489)       (98,560)
  Proceeds from sale of short-term
   liquid investments                               45,560         94,662
  Restricted cash released, net                     14,427         38,393
  Investments in affiliates and
   other investments                               (20,931)        (2,090)
  Proceeds from sale of investments
   in affiliated companies                          44,558             --
  New acquisitions, net of cash acquired              (784)       (21,098)
  Purchase of interest rate swaps                   (9,750)            --
  Settlement of interest rate swaps                (58,038)            --
  Other                                              4,816         24,186
    Net cash flows from investing activities      (209,329)      (198,627)

  Cash Flows from Financing Activities
  Issuance of common stock                           1,081        200,006
  Proceeds from short-term and
   long-term borrowings                             11,269          9,217
  Proceeds from note payable to shareholder             --        102,728
  Retirement of existing senior notes                   --       (231,630)
  Deferred financing costs                          (2,233)       (18,293)
  Repayments of short-term and
   long-term borrowings                           (187,152)       (82,090)
    Net cash flows from financing activities      (177,035)       (20,062)

  Effect of Exchange Rates on Cash                  15,515         30,098

  Decrease in Cash and Cash Equivalents            (97,408)      (495,023)
  Cash and Cash Equivalents,
   Beginning of Period                             410,185        920,140

  Cash and Cash Equivalents,
   End of Period                                  $312,777       $425,117


  Supplemental Financial Data
                                                       YTD       YTD
  (amounts in thousands)     Q3 '03      Q3 '02      Q3 '03     Q3 '02

  Interest Expense by
   Company(1)
  UGC Europe               ($68,086)  ($150,184)  ($245,293)   ($464,139)
  VTR                        (2,823)     (3,632)     (9,616)     (12,230)
  Other                      (3,036)     (3,396)     (8,904)     (19,338)
      Total                ($73,945)  ($157,212)  ($263,813)   ($495,707)

  Interest Expense Breakdown:
  Cash Pay:
  UPC senior notes (2)          $--    ($43,750)        $--    ($116,254)
  Old UGC senior notes         (691)         --      (1,655)          --
  UGC Europe bank
   facilities and other     (64,172)    (56,366)   (199,432)    (174,059)
  VTR bank facility          (2,073)     (2,610)     (7,286)      (8,398)
  Other                      (2,826)     (3,642)     (7,833)      (8,313)
      Total                ($69,762)  ($106,368)  ($216,206)   ($307,024)

  Non-Cash:
  UPC & UPC Polska
   senior discount
   notes accretion          ($1,323)   ($47,615)   ($29,151)   ($154,097)
  Old UGC senior
   notes accretion               --        (612)       (313)     (12,449)
  Amortization of
   deferred financing
   costs                     (2,860)     (2,617)    (18,143)     (17,745)
  UPC Exchangeable Loan          --          --          --       (4,392)
      Total                 ($4,183)   ($50,844)   ($47,607)   ($188,683)

  Summary of Working
   Capital Changes:(1)
  Change in receivables,
   net                       $5,990     $28,983     $51,930      $52,565
  Change in other assets      6,920      15,109      17,531       16,024
  Change in accounts
   payable, acc.
   liabilities & other         (115)    (52,647)     (4,903)    (252,406)
      Total                 $12,795     ($8,555)    $64,558    ($183,817)

   (1)  Please refer to management's discussion and analysis of financial
        condition and results of operations for interest expense and
        Statement of Cash Flows for working capital changes per UGC's 10Q as
        of September 30, 2003.
   (2)  Represents the interest expense related to the UPC Senior Notes.
        However, since the UPC Senior Notes were part of the Restructuring,
        as part of the Agreement the Senior Notes and corresponding accrued
        interest were converted into equity on September 3, 2003 and were
        therefore not paid in cash.


DATASOURCE: UnitedGlobalCom, Inc.



CONTACT:  Investor & Media Relations, Richard S. L. Abbott - Vice

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