Independent expert concludes on share price range in relation to Liberty Global's Offer

Telenet Group Holding NV ("Telenet") (Euronext Brussels: TNET) announces that it has received the report of Lazard SPRL ("Lazard"). Lazard is the independent expert appointed by the independent directors of Telenet pursuant to Belgian takeover rules in relation to the intended voluntary and conditional cash offer announced by Liberty Global, Inc. ("Liberty Global") on September 20, 2012 (CET) on the shares and other securities of Telenet giving access to voting rights that it does not already own or that are not held by Telenet at an offer price based on EUR35 per ordinary share ("Intended Offer").

In accordance with Belgian takeover rules, Lazard was requested to value the securities of Telenet that are subject to the Intended Offer and Lazard's report will be included in the prospectus to be filed by Liberty Global with the Belgian Financial Services and Markets Authority ("FSMA").

Lazard has applied various methodologies in the context of its own valuation of the Telenet price per share.

Some of these methodologies are 'minority methods' that do not reflect a premium for acquiring or increasing control over the target. These methodologies are: the historical share price performance, the review of equity research analyst target prices and a comparison of relevant multiples within the peer group.

Other methodologies are 'majority methods' as they do reflect a premium for acquiring or increasing control of the target. These methodologies are the offer premium for minority take-private transactions and the discounted cash flow valuation based on financial forecasts provided by the management of Telenet.

On the basis of these valuation methodologies, Lazard's valuation range for the price per share of Telenet is EUR 37 to EUR 42. Key points in the analysis made by Lazard can be summarized as follows:

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