UCOMA Sum of the Parts Valuation

($ in millions)

Equity Value Net of Subsidiary Debt

UPC Trading Value (77M Shares) $4,607

AUSTAR Trading Value (361M shares) 1,110

VTR Acquisition Value 420

Other Investments (at cost) 100

Less: Australia/Pacific Debt (381)

Total Subsidiary Value $5,856

Less: UCOMA Net Debt/Preferred (1,142)

Net Asset Value $4,714

UCOMA Shares Outstanding 45.0M

Estimated Stock Price $104.76

Actual Stock Price 8/16/99 $69.88

At Market