Sum-of-the-Parts Valuation

Current Public Market Prices (1)

(1) Based on closing prices of March 27, 2000.

Trading Value of 231M UPC Shares ($72.50)

Trading Value of 361M AUN Shares (A$9.25)

Value of VTR (2,000/sub less debt)

Other Assets

Less Australia Pacific Debt

Total Subsidiary Value

Less UCOMA Net Debt

Net Asset Value

Gross

Value

$13,629

2,038

754

162

(422)

16,161

(40)

$16,121

Per

Share(2)

$116.48

17.41

6.44

1.38

(3.60)

$138.11

(0.34)

$137.77

(1) Stock prices as of 3/27/00; (2) Assuming 117m shares for valuation purposes.