Telenet to change capital structure and shareholder remuneration policy

• Incurrence of €700 million of additional debt, benefiting from favorable credit market conditions;
  
• Launch of additional share buy-back through self-tender offer;
  
• Target net leverage of 3.5-4.5x Annualized EBITDA maintained, while moving to higher end of range;
  
• Future shareholder remuneration will consist mainly of share repurchases;
  
• No significant acquisitions in the foreseeable future.

- Today, Telenet Group Holding NV ("Telenet" or the "Company") (Euronext Brussels: TNET) announces its decision to modify its capital structure and adapt its shareholder remuneration policy. Going forward, Telenet intends to increase its Net Total Debt to Annualized EBITDA ratio to approximately 4.5x, which represents the higher end of the 3.5-4.5x net leverage target . Telenet also intends to implement a shareholder remuneration policy consisting mainly of share repurchases. Telenet believes that the combination of the adjustment to the capital structure and the revised shareholder remuneration will allow for a more efficient balance sheet. Telenet aims to implement this new capital structure before the end of 2012. In this framework, Telenet proposes to incur up to €700 million (or an amount equivalent thereto) of additional debt in the near term, subject to Telenet's ability to arrange the additional debt on satisfactory terms, taking advantage of the current favorable credit market conditions.