Telenet Credit Facilities amended

Accommodates in principle agreement with Interkabel and future shareholder cash returns

Telenet's Corporate Family Rating and Senior Secured Debt Rating upgraded to Ba3 by Moody's

- Effective May 23, 2008, the Telenet Credit Facility, originally dated August 1, 2007 was amended to (i) include an increased basket for permitted financial indebtedness incurred, pursuant to finance leases for the financing of certain capital expenditures as part of the Interkabel transaction and the financing of set top boxes; (ii) carve out indebtedness incurred under the network lease entered into in connection with the Interkabel transaction up to a maximum aggregate amount of €195,000,000 from the definition of Total Debt (as defined in the Telenet Credit Facility) and (iii) extend the availability period for the Telenet TLB2 Facility from July 31, 2008 to June 30, 2009.

Furthermore, the margins for the respective facilities were confirmed as follows: (i) the applicable margin for the Telenet TLA Facility is 2.25% per annum over EURIBOR; (ii) the applicable margin for the Telenet TLB1 Facility and Telenet TLB2 Facility is 2.50% per annum over EURIBOR; (iii) the applicable margin for the Telenet TLC Facility is 2.75% per annum over EURIBOR; and (iv) the applicable margin for the Telenet Revolving Facility is 2.125% per annum over EURIBOR. On May 16, 2008, rating agency Moody's has upgraded the Telenet Corporate Family Rating and Senior Secured Debt rating to a stable Ba3 level.