Document:

Exhibit 4.2

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                                UGC EUROPE, INC.

                     (hereinafter called the "Corporation")

                            Adopted August 29, 2003,
                        Effective as of September 3, 2003
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                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                                UGC EUROPE, INC.

                     (hereinafter called the "Corporation")

                                   ARTICLE I

                                     Offices

     Section 1.01 Business Offices. The Corporation may have such offices,
either within or outside Delaware, as the board of directors may from time to
time determine or as the business of the Corporation may require.

     Section 1.02 Registered Office. The registered office of the Corporation
required by the Delaware General Corporation Law to be maintained in Delaware
shall be as set forth in the certificate of incorporation of the Corporation,
unless changed as provided by law.

                                   ARTICLE II

                                  Stockholders

     Section 2.01 Annual Meeting. An annual meeting of the stockholders shall be
held on the second Thursday in the month of June of each year or on such other
date as may be determined by the board of directors, beginning with the year
2003, for the purpose of electing directors and for the transaction of such
other business as may properly come before the meeting. Failure to hold an
annual meeting as required by these bylaws shall not invalidate any action taken
by the board of directors or officers of the Corporation.

     Section 2.02 Special Meetings. Special meetings of the stockholders, for
any purpose or purposes, unless otherwise required by applicable law or by the
certificate of incorporation of the Corporation, may be called by (i) the
chairman of the board, (ii) the president or chief executive officer or (iii)
pursuant to a resolution approved by the affirmative vote of a majority of
directors then in office. Such request shall state the purpose or purposes of
the proposed special meeting. At a special meeting of stockholders only such
business shall be conducted as shall be specified in the notice of meeting (or
any supplement thereto).

     Section 2.03 Place of Meeting. Each meeting of the stockholders shall be
held at such place, either within or outside Delaware, as may be designated in
the
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notice of meeting, or, if no place is designated in the notice, at the principal
office of the Corporation.

     Section 2.04 Notice of Meetings. Except as otherwise required by applicable
law, written notice of each meeting of the stockholders stating the place, day
and hour of the meeting and, in the case of a special meeting, the purpose or
purposes for which the meeting is called, shall be given to each stockholder of
record entitled to notice of such meeting, not less than ten (10) nor more than
sixty (60) days before the date of the meeting.

     Section 2.05 Nature of Business at Meetings of Stockholders. No business
may be transacted at an annual meeting of stockholders, other than business that
is either (a) specified in the notice of meeting (or any supplement thereto)
given by or at the direction of the board of directors (or any duly authorized
committee thereof), (b) otherwise properly brought before the annual meeting by
or at the direction of the board of directors (or any duly authorized committee
thereof), or (c) otherwise properly brought before the annual meeting by any
stockholder of the Corporation (i) who is a stockholder of record on the date of
the giving of the notice provided for in this Section 2.05 and on the record
date for the determination of stockholders entitled to notice of and to vote at
such annual meeting and (ii) who complies with the notice procedures set forth
in this Section 2.05.

     In addition to any other applicable requirements, for business to be
properly brought before an annual meeting by a stockholder, such stockholder
must have given timely notice thereof in proper written form to the secretary of
the Corporation.

     To be timely, a stockholder's notice to the secretary must be delivered to
or mailed and received at the principal executive offices of the Corporation not
less than ninety (90) days nor more than one hundred twenty (120) days prior to
the anniversary date of the immediately preceding annual meeting of
stockholders; provided, however, that in the event that the annual meeting is
called for a date that is not within thirty (30) days before or after such
anniversary date, notice by the stockholder in order to be timely must be so
received not later than the close of business on the tenth (10th) day following
the day on which such notice of the date of the annual meeting was mailed or
such public disclosure of the date of the annual meeting was made, whichever
first occurs.

     To be in proper written form, a stockholder's notice to the secretary must
set forth as to each matter such stockholder proposes to bring before the annual
meeting (i) a brief description of the business desired to be brought before the
annual meeting and the reasons for conducting such business at the annual
meeting, (ii) the name and record address of such stockholder, (iii) the class
or series and number of shares of capital stock of the Corporation which are
owned beneficially or of record by such stockholder, (iv) a description of all
arrangements or understandings between such stockholder and any other person or
persons (including their names) in connection with the proposal of such business
by such stockholder and any material interest of such stockholder in such
business and (v) a representation that such stockholder intends to appear in
person or by written proxy at the annual meeting to bring such business before
the meeting.

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     No business shall be conducted at the annual meeting of stockholders except
business brought before the annual meeting in accordance with the procedures set
forth in this Section 2.05; provided, however, that, once business has been
properly brought before the annual meeting in accordance with such procedures,
nothing in this Section 2.05 shall be deemed to preclude discussion by any
stockholder of any such business. If the chairman of an annual meeting
determines that business was not properly brought before the annual meeting in
accordance with the foregoing procedures, the chairman shall declare to the
meeting that the business was not properly brought before the meeting and such
business shall not be transacted.

     Section 2.06 Nomination of Directors. Only persons who are nominated in
accordance with the following procedures shall be eligible for election as
directors of the Corporation, except as provided for in Section 3.06(b) below
and except as may be otherwise provided in the certificate of incorporation of
the Corporation with respect to the right of holders of preferred stock of the
Corporation to nominate and elect a specified number of directors in certain
circumstances. Nominations of persons for election to the board of directors may
be made at any annual meeting of stockholders, or at any special meeting of
stockholders called for the purpose of electing directors, (a) by or at the
direction of the board of directors (or any duly authorized committee thereof)
or (b) by any stockholder of the Corporation (i) who is a stockholder of record
on the date of the giving of the notice provided for in this Section 2.06 and on
the record date for the determination of stockholders entitled to notice of and
to vote at such meeting and (ii) who complies with the notice procedures set
forth in this Section 2.06.

     In addition to any other applicable requirements, for a nomination to be
made by a stockholder, such stockholder must have given timely notice thereof in
proper written form to the secretary of the Corporation.

     To be timely, a stockholder's notice to the secretary must be delivered to
or mailed and received at the principal executive offices of the Corporation (a)
in the case of an annual meeting, not less than ninety (90) days nor more than
one hundred twenty (120) days prior to the anniversary date of the immediately
preceding annual meeting of stockholders; provided, however, that in the event
that the annual meeting is called for a date that is not within thirty (30) days
before or after such anniversary date, notice by the stockholder in order to be
timely must be so received not later than the close of business on the tenth
(10th) day following the day on which such notice of the date of the annual
meeting was mailed or such public disclosure of the date of the annual meeting
was made, whichever first occurs; and (b) in the case of a special meeting of
stockholders called for the purpose of electing directors, not later than the
close of business on the tenth (10th) day following the day on which notice of
the date of the special meeting was mailed or public disclosure of the date of
the special meeting was made, whichever first occurs.

     To be in proper written form, a stockholder's notice to the secretary must
set forth (a) as to each person whom the stockholder proposes to nominate for
election as a director (i) the name, age, business address and residence address
of the person, (ii) the principal occupation or employment of the person, (iii)
the class or series and number of

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shares of capital stock of the Corporation which are owned beneficially or of
record by the person and (iv) any other information relating to the person that
would be required to be disclosed in a written proxy statement or other filings
required to be made in connection with solicitations of proxies for election of
directors pursuant to Section 14 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and the rules and regulations promulgated
thereunder; and (b) as to the stockholder giving the notice (i) the name and
record address of such stockholder, (ii) the class or series and number of
shares of capital stock of the Corporation which are owned beneficially or of
record by such stockholder, (iii) a description of all arrangements or
understandings between such stockholder and each proposed nominee and any other
person or persons (including their names) pursuant to which the nomination(s)
are to be made by such stockholder, (iv) a representation that such stockholder
intends to appear in person or by written proxy at the meeting to nominate the
persons named in its notice and (v) any other information relating to such
stockholder that would be required to be disclosed in a written proxy statement
or other filings required to be made in connection with solicitations of proxies
for election of directors pursuant to Section 14 of the Exchange Act and the
rules and regulations promulgated thereunder. Such notice must be accompanied by
a written consent of each proposed nominee to being named as a nominee and to
serve as a director if elected.

     No person shall be eligible for election as a director of the Corporation
unless nominated in accordance with the procedures set forth in this Section
2.06. If the chairman of the meeting determines that a nomination was not made
in accordance with the foregoing procedures, the chairman shall declare to the
meeting that the nomination was defective and such defective nomination shall be
disregarded.

     Section 2.07 Adjournments. Any meeting of the stockholders may be adjourned
from time to time to reconvene at the same or some other place, and notice need
not be given of the adjourned meeting if the time and place thereof are
announced at the meeting at which the adjournment is taken. At the adjourned
meeting the Corporation may transact any business which might have been
transacted at the original meeting. If the adjournment is for more than thirty
(30) days, or if after the adjournment a new record date is fixed for the
adjourned meeting, notice of the adjourned meeting shall be given to each
stockholder of record entitled to notice of and to vote at the meeting in
accordance with the provisions of Section 2.04.

     Section 2.08 Fixing Date for Determination of Stockholders of Record. For
the purpose of determining stockholders entitled to notice of or to vote at any
meeting of stockholders or any adjournment thereof, or entitled to receive
payment of any dividend or other distribution or allotment of any rights, or
entitled to exercise any rights in respect of any change, conversion or exchange
of stock or for any other lawful action, the board of directors may fix, in
advance, a date as the record date for any such determination of stockholders,
which date shall be not more than sixty (60) nor less than ten (10) days before
the date of such meeting, and not more than sixty (60) days prior to any other
action. If no record date is fixed then the record date shall be, for
determining stockholders entitled to notice of or to vote at a meeting of
stockholders, the close of business on the day next preceding the day on which
notice is given, or, if notice is

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waived, the close of business on the day next preceding the day on which the
meeting is held, or, for determining stockholders for any other purpose, the
close of business on the day on which the board of directors adopts the
resolution relating thereto. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any
adjournment of the meeting; provided, however, that the board of directors may
fix a new record date for the adjourned meeting.

     Section 2.09 Voting List. The officer of the Corporation who has charge of
the stock books of the Corporation shall prepare and make, at least ten (10)
days before every meeting of stockholders, a complete list of the stockholders
entitled to vote at the meeting, arranged in alphabetical order, and showing the
address of each stockholder and the number of shares registered in the name of
each stockholder. Such list shall be open to the examination of any stockholder,
for any purpose germane to the meeting, during ordinary business hours, for a
period of at least ten (10) days prior to the meeting, either at a place within
the city where the meeting is to be held, which place shall be specified in the
notice of the meeting, or, if not so specified, at the place where the meeting
is to be held. The list shall also be produced and kept at the time and place of
the meeting during the whole time thereof, and may be inspected by any
stockholder who is present.

     Section 2.10 Proxies. Each stockholder entitled to vote at a meeting of
stockholders may authorize another person or persons to act for him by written
proxy, but no such written proxy shall be voted or acted upon after three years
from its date, unless the written proxy provides for a longer period.

     Section 2.11 Quorum and Manner of Acting. Unless otherwise required by
applicable law or the certificate of incorporation of the Corporation, at all
meetings of stockholders, a majority of the combined voting power of the issued
and outstanding shares of capital stock of the Corporation entitled to vote,
present in person or represented by written proxy, shall constitute a quorum. If
a quorum is present, the affirmative vote of a majority of the shares, voting as
a single class, represented at a meeting at which a quorum is present in person
or by written proxy and entitled to vote on the subject matter shall be the act
of the stockholders, unless otherwise required by applicable law, the
certificate of incorporation of the Corporation or these bylaws. In the absence
of a quorum at any meeting of stockholders, the stockholders entitled to vote
thereat, present in person or represented by written proxy, may adjourn the
meeting from time to time in accordance with Section 2.07, until a quorum shall
be present or so represented.

     Section 2.12 Voting of Shares. Unless otherwise provided in the certificate
of incorporation of the Corporation, each stockholder entitled to vote shall
have one vote for each outstanding share of capital stock held of record by such
stockholder on each matter submitted to a vote of the stockholders. Cumulative
voting shall not be allowed. Such votes may be cast in person or by written
proxy as provided in Section 2.10. The board of directors, in its discretion, or
the officer of the Corporation presiding at a meeting of the stockholders, in
such officer's discretion, may require that any votes cast at such meeting shall
be cast by written ballot.

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     Section 2.13 Voting of Shares by Certain Holders.

          (a) Fiduciaries; Pledgors. Persons holding stock in a fiduciary
capacity shall be entitled to vote the shares so held. Persons whose stock is
pledged shall be entitled to vote, unless in the transfer by the pledgor on the
books of the Corporation he has expressly empowered pledgee to vote thereon, in
which case only the pledgee or his or her written proxy may represent such
shares and vote thereon.

          (b) Joint Owners. If shares stand of record in the names of two or
more persons, whether fiduciaries, members of a partnership, joint tenants,
tenants in common, tenants by the entirety or otherwise, or if two or more
persons have the same fiduciary relationship respecting the same shares, unless
the secretary of the Corporation is given written notice to the contrary and is
furnished with a copy of the instrument or order appointing them or creating the
relationship wherein it is so provided, their acts with respect to voting shall
have the following effects: (i) if only one votes, his or her act binds all;
(ii) if more than one votes, the act of the majority so voting binds all; (iii)
if more than one votes, but the vote is evenly split on any particular matter,
each faction may vote the shares in question proportionally, or any person
voting the shares, or a beneficiary, if any, may apply to any court having
jurisdiction to appoint an additional person to act with the persons so voting
the shares, in which case the shares shall then be voted as determined by a
majority of such persons; and (iv) if a tenancy is held in unequal interests, a
majority or even split for the purposes of subparagraph (iii) shall be a
majority or even split in interest.

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     Section 2.14 Action Without Meeting.

          (a) Written Consent. Unless otherwise provided in the certificate of
incorporation of the Corporation, any action required or permitted to be taken
at any meeting of the stockholders may be taken without a meeting, without prior
notice and without a vote, if a consent in writing, setting forth the action so
taken, shall be signed by the holders of outstanding stock having not less than
the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present
and voted (which consent may be signed in counterparts). Every written consent
shall bear the date of signature of each stockholder who signs the consent and
no written consent shall be effective to take the corporate action referred to
therein unless, within sixty (60) days of the earliest dated consent delivered
to the corporation in the manner required by the Delaware General Corporation
Law, written consents signed by a sufficient number of stockholders to take the
action are delivered to the corporation in the manner required by the Delaware
General Corporation Law.

          (b) Determination of Stockholders Entitled to Act By Consent. For
purposes of determining stockholders entitled to consent to corporate action in
writing without a meeting, the board of directors may fix, in advance, a date as
the record date for any such determination of stockholders, which date shall be
not more than ten days after the date upon which the resolution fixing the
record date is adopted by the board of directors. If no record date has been
fixed by the board of directors, the record date for determining stockholders
entitled to consent to corporate action in writing without a meeting, when no
prior action by the board of directors is required by the Delaware General
Corporation Law, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the
corporation in the manner required by the Delaware General Corporation Law. If
no record date has been fixed by the board of directors and prior action by the
board of directors is required by the Delaware General Corporation Law, the
record date for determining stockholders entitled to consent to corporate action
in writing without a meeting shall be the close of business on the day on which
the board of directors adopts the resolution taking such prior action.

          (c) Notice to Non-Consenting Stockholders. Prompt written notice of
the taking of corporate action without a meeting by less than unanimous written
consent shall be given to those stockholders who have not consented in writing.

     Section 2.15 Conduct of Meetings. The board of directors may adopt by
resolution such rules and regulations for the conduct of any meeting of the
stockholders as it shall deem appropriate. Except to the extent inconsistent
with such rules and regulations as adopted by the board of directors, the
chairman of any meeting of the stockholders shall have the right and authority
to prescribe such rules, regulations and procedures and to do all such acts as,
in the judgment of such chairman, are appropriate for the proper conduct of the
meeting. Such rules, regulations or procedures, whether

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adopted by the board of directors or prescribed by the chairman of the meeting,
may include, without limitation, the following: (i) the establishment of an
agenda or order of business for the meeting; (ii) the determination of when the
polls shall open and close for any given matter to be voted on at the meeting;
(iii) rules and procedures for maintaining order at the meeting and the safety
of those present; (iv) limitations on attendance at or participation in the
meeting to stockholders of record of the Corporation, their duly authorized and
constituted proxies or such other persons as the chairman of the meeting shall
determine; (v) restrictions on entry to the meeting after the time fixed for the
commencement thereof; and (vi) limitations on the time allotted to questions or
comments by participants.

     Section 2.16 Inspectors of Election. In advance of any meeting of the
stockholders, the board of directors, by resolution, the chairman, chief
executive officer or the president shall appoint one or more inspectors to act
at the meeting and make a written report thereof. One or more other persons may
be designated as alternate inspectors to replace any inspector who fails to act.
If no inspector or alternate is able to act at a meeting of the stockholders,
the chairman of the meeting shall appoint one or more inspectors to act at the
meeting. Unless otherwise required by applicable law, inspectors may be
officers, employees or agents of the Corporation. Each inspector, before
entering upon the discharge of the duties of inspector, shall take and sign an
oath faithfully to execute the duties of inspector with strict impartiality and
according to the best of such inspector's ability. The inspector shall have the
duties prescribed by law and shall take charge of the polls and, when the vote
is completed, shall make a certificate of the result of the vote taken and of
such other facts as may be required by applicable law.

                                  ARTICLE III

                               Board of Directors

     Section 3.01 Defined Terms. For purposes of this Article III, the following
definitions shall apply:

          (1) "Affiliate" means, with respect to a given person, any other
     person that, directly or indirectly, controls, is controlled by, or is
     under common control with, such person. For purposes of this definition,
     "control" (including, with correlative meanings, the terms "controlled by"
     and "under common control with") as applied to any person, means the
     possession, directly or indirectly, of beneficial ownership of, or the
     power to vote, forty percent (40%) or more of the securities having voting
     power for the election of directors (or other persons acting in similar
     capacities) of such person or the power otherwise to direct or cause the
     direction of the management and policies of such person, whether through
     the ownership of voting securities, by contract or otherwise.

          (2) "Bankruptcy Court" shall mean the Bankruptcy Court for the
     Southern District of New York.

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          (3) "Disinterested Stockholder" shall mean, at any time of
     determination, with respect to any proposed Related Party Transaction, a
     stockholder of the Corporation that neither (a) is Related Party of the
     Corporation or (b) has a financial interest in the proposed Related Party
     Transaction that is materially different from the Corporation's
     stockholders generally.

          (4) "Effective Date" shall mean date upon which all conditions
     precedent to the consummation of the Plan of Reorganization have either
     been satisfied or, to the extent permitted in the Plan of Reorganization,
     duly waived and on which such day the Plan of Reorganization becomes
     effective and final.

          (5) "Governmental Entity" shall mean any national, state, provincial,
     municipal, local or foreign government, any court, arbitral tribunal,
     administrative agency or commission or other governmental or regulatory
     authority, commission or agency or any non-governmental, self-regulatory
     authority, commission or agency.

          (6) "Judgment" shall mean any order, writ, injunction, award,
     judgment, ruling or decree of any Governmental Entity.

          (7) "Law" shall mean any statute, law, code, ordinance, rule or
     regulation of any Governmental Entity.

          (8) "Lien" shall mean any pledge, claim, equity, option, lien, charge,
     mortgage, easement, right-of-way, call right, right of first refusal,
     "tag"- or "drag"- along right, encumbrance, security interest or other
     similar restriction of any kind or nature whatsoever.

          (9) "Person" shall mean and include an individual, a partnership, a
     joint venture, a corporation, a limited liability company, a limited
     liability partnership, a trust, an incorporated organization and a
     government or any department or agency thereof.

          (10) "Plan of Reorganization" shall mean the plan of reorganization
     entered into on December 3, 2002, under Chapter 11 of the United States
     Bankruptcy Code (Title 11, U.S. Code) for United Pan-Europe Communications
     N.V. and the Corporation (f/k/a New UPC, Inc.) (including all exhibits and
     schedules annexed thereto), as it may be altered, amended or modified from
     time to time as filed in the Bankruptcy Court.

          (11) "Related Party" shall, with respect to any Person, (the "First
     Person"), mean (1) any other Person (the "Second Person") having beneficial
     ownership of forty percent (40%) or more of the Voting Securities of such
     First Person and (2) any other Person, forty perent (40%) or more of whose
     Voting Securities are owned, controlled or held with power to vote,
     directly or indirectly, by that Second Person.

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          (12) "Restriction" with respect to any capital stock, partnership
     interest, membership interest in a limited liability company or other
     equity interest or security, shall mean any voting or other trust or
     agreement, option, warrant, preemptive right, right of first offer, right
     of first refusal, escrow arrangement, written proxy, buy-sell agreement,
     power of attorney or other contract, any Law, license, permit or Judgment
     that, conditionally or unconditionally, (i) grants to any person the right
     to purchase or otherwise acquire, or obligates any person to sell or
     otherwise dispose of or issue, or otherwise results or, whether upon the
     occurrence of any event or with notice or lapse of time or both or
     otherwise, may result in any person acquiring, (x) any of such capital
     stock, partnership interest, membership interest in a limited liability
     company or other equity interest or security; (y) any of the proceeds of,
     or any distributions paid or that are or may become payable with respect
     to, any of such capital stock, partnership interest, membership interest in
     a limited liability company or other equity interest or security; or (z)
     any interest in such capital stock, partnership interest, membership
     interest in a limited liability company or other equity interest or
     security or any such proceeds or distributions; (ii) restricts or, whether
     upon the occurrence of any event or with notice or lapse of time or both or
     otherwise, is reasonably likely to restrict the transfer or voting of, or
     the exercise of any rights or the enjoyment of any benefits arising by
     reason of ownership of, any such capital stock, partnership interest,
     membership interest in a limited liability company or other equity interest
     or security or any such proceeds or distributions; or (iii) creates or,
     whether upon the occurrence of any event or with notice or lapse of time or
     both or otherwise, is reasonably likely to create a Lien or purported Lien
     affecting such capital stock, partnership interest, membership interest in
     a limited liability company or other equity interest or security, proceeds
     or distributions.

          (13) "Subsidiary" with respect to any Person means: (i) a corporation,
     a majority in voting power of whose capital stock with voting power, under
     ordinary circumstances, to elect directors is at the time, directly or
     indirectly owned by such person, by a Subsidiary of such Person, or by such
     person and one or more Subsidiaries of such Person, without regard to
     whether the voting of such stock is subject to a voting agreement or
     similar Restriction, controlled by or under common control with the
     respective person; (ii) a partnership or limited liability company in which
     such person or a Subsidiary of such person is, at the date of
     determination, (x) in the case of a partnership, a general partner of such
     partnership with the power affirmatively to direct the policies and
     management of such partnership or (y) in the case of a limited liability
     company, the managing member or, in the absence of a managing member, a
     member with the power affirmatively to direct the policies and management
     of such limited liability company; or (iii) any other person (other than a
     corporation) in which such Person, a Subsidiary of such Person or such
     person and one or more Subsidiaries of such Person, directly or indirectly,
     at the date of determination thereof, has (x) the power to elect or direct
     the election of a majority of the members of the governing body of such
     Person (whether or not such power is subject to a voting agreement or
     similar restriction) or (y) in the absence of such a governing body, a
     majority ownership interest.

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          (14) "Voting Securities" shall mean, with respect to any Person, any
     equity interest of such Person having general voting power under ordinary
     circumstances to participate in the election of a majority of the governing
     body of such Person (irrespective of whether at the time any other class of
     equity interest of such Person shall have or might have voting power by
     reason of the happening of any contingency).

     Section 3.02 General Powers. The business and affairs of the Corporation
shall be managed by or under the direction of its board of directors, except as
otherwise provided in the Delaware General Corporation Law or the certificate of
incorporation of the Corporation.

     Section 3.03 Number, Tenure and Qualifications.

          (a) Subject to Section 3.03(b) below, the number of directors of the
Corporation shall be as fixed from time to time by resolution of the board of
directors. Except as otherwise provided in Section 3.06 or the certificate of
incorporation of the Corporation, directors shall be elected at each annual
meeting of stockholders, by a plurality of the votes present in person or
represented by written proxy at the meeting and entitled to vote at the election
of directors. Except as otherwise provided in the certificate of incorporation
of the Corporation, each director shall hold office until the next annual
meeting of stockholders and until such director's successor shall have been
elected and qualified or until such director's earlier death, resignation or
removal. Directors need not be residents of Delaware or stockholders of the
Corporation.

          (b) For a period beginning on the Effective Date and ending on the
third anniversary of the Effective Date: (i) the board of directors of the
Corporation shall be comprised of ten (10) members and (ii) the directors shall
be divided into three classes, designated Class I, Class II and Class III. Class
I and Class II shall each consist of four (4) members and Class III shall
consist of two (2) members (the "Class III Directors"). The term of the Class I
directors in office on the Effective Date shall terminate on the date of the
annual meeting following the first anniversary of the Effective Date; the term
of the Class II directors in office on the Effective Date shall terminate on the
date of the annual meeting following the second anniversary of the Effective
Date; and the term of successors to the Class I and Class II directors and the
Class III directors in office on the Effective Date shall terminate on the date
of the annual meeting following the third anniversary of the Effective Date or,
in each case, upon such director's earlier death, resignation or removal. Any
director of any class elected to fill a vacancy resulting from the removal from
office, death, disability, resignation or disqualification of a director or
other cause shall hold office for a term that shall coincide with the remaining
term of that class.

     Section 3.04 Resignation. Any director may resign at any time by giving
notice in writing or by electronic transmission to the chairman, president or
secretary of the Corporation. A director's resignation shall take effect at the
time specified therein, or, if no time is specified, immediately; and unless
otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective.

                                       11
<PAGE>

     Section 3.05 Removal.

     Except as otherwise provided in the certificate of incorporation of the
Corporation, except for directors in office on the Effective Date, except as
otherwise required by law and subject to the rights, if any, of the holders of
shares of preferred stock then outstanding, any director or the entire board of
directors may be removed from office at any time, with or without cause, and
only by the affirmative vote of the holders of a majority of the combined voting
power of the issued and outstanding shares of capital stock of the Corporation
then entitled to vote at an election of directors. Any reduction in the
authorized number of directors shall not have the effect of shortening the term
of any incumbent director unless such director is also removed from office in
accordance with this Section 3.05.

     Section 3.06 Vacancies.

          (a) Subject to Section 3.06(b), unless otherwise provided in the
certificate of incorporation of the Corporation, any vacancy, including any
newly created directorship resulting from any increase in the authorized number
of directors may be filled by a majority of directors then in office, although
less than a quorum, or by the affirmative vote of two directors if there are
only two directors remaining, or by a sole remaining director, or by the
stockholders of the Corporation if there are no directors remaining. Any
director elected to fill a vacancy not resulting from an increase in the number
of directors shall have the same remaining term as that of his or her
predecessor. Subject to Section 3.06(b), when one or more directors shall resign
from the board, effective at a future date, a majority of the directors then in
office (as provided in this Section 3.06(a), including those who have so
resigned, shall have the power to fill such vacancy or vacancies, the vote
thereon to take effect when such resignation or resignations shall become
effective, and each director so chosen shall hold office as provided in this
Section 3.06(a) for the filling of vacancies not resulting from an increase in
the number of directors.

          (b) Notwithstanding the foregoing, (i) for a period beginning on the
Effective Date and ending on the third anniversary of the Effective Date,
vacancies in any of the classes of directors shall be filled as provided in
paragraph (a) above, and (ii) if there shall be a remaining Class III Director,
nominations to fill vacancies in the Class III Directors shall be made by the
remaining Class III Director, if any, but replacements to fill vacancies shall
be approved by the Board of Directors.

     Section 3.07 Regular Meetings. A regular meeting of the board of directors
shall be held immediately after and at the same place as the annual meeting of
stockholders, or as soon thereafter as conveniently may be, at the time and
place, either within or without Delaware, determined by the board, for the
purpose of electing officers and for the transaction of such other business as
may properly come before the meeting. Failure to hold such a meeting, however,
shall not invalidate any action taken by any officer then or thereafter in
office. The board of directors may provide by resolution the time and place,
either within or outside Delaware, for the holding of additional regular
meetings without other notice than such resolution.

                                       12
<PAGE>

     Section 3.08 Special Meetings. Special meetings of the board of directors
may be called by or at the request of the chairman of the board, the chief
executive officer or president. The person authorized to call special meetings
of the board of directors may fix any convenient place, either within or outside
Delaware, as the place for holding any special meeting of the board of directors
called by such person.

     Section 3.09 Meetings by Telephone. Unless otherwise restricted by the
certificate of incorporation of the Corporation, members of the board of
directors may participate in a meeting of such board by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and such participation in a
meeting in such manner shall constitute presence in person at the meeting.

     Section 3.10 Notice of Meetings. Notice of each meeting of the board of
directors (except those regular meetings for which notice is not required)
stating the place, day and hour of the meeting shall be given to each director
by mail or personal delivery (including delivery by private courier) not less
than forty-eight (48) hours before the date of the meeting; by telephone,
telegram, telex, cablegram or other similar method or electronic transmission on
not less than twenty-four (24) hours notice, or such shorter notice as the
person or persons calling the meeting may deem necessary or appropriate in the
circumstances, and in the case of a meeting to be held pursuant to Section 3.08
notice may be given by telephone not less than twenty-four (24) hours prior
thereto. The method of notice need not be the same to each director. Neither the
business to be transacted at nor the purpose of any meeting of the board of
directors need be specified in the notice or waiver of notice of such meeting.

     Section 3.11 Quorum and Manner of Acting. Except as otherwise may be
required by law, the certificate of incorporation of the Corporation or these
bylaws, a majority of the number of directors fixed in accordance with these
bylaws, present in person, shall constitute a quorum for the transaction of
business at any meeting of the board of directors, and the vote of a majority of
the directors present at a meeting at which a quorum is present shall be the act
of the board of directors. If less than a quorum is present at a meeting, the
directors present may adjourn the meeting from time to time without further
notice other than announcement at the meeting, until a quorum shall be present.
No director may vote or act by written proxy or power of attorney at any meeting
of the board of directors.

     Section 3.12 Action Without a Meeting. Any action required or permitted to
be taken at any meeting of the board of directors or any committee thereof may
be taken without a meeting, without prior notice and without a vote, if all
members of the board of directors or committee, as the case may be, consent
thereto in writing or by electronic transmission and the writing or writings or
electronic transmission are filed with the minutes of the proceedings of the
board of directors or committee.

     Section 3.13 Executive and Other Committees. The board of directors may
designate one or more committees, each committee to consist of one or more of
the directors of the Corporation. The board may designate one or more directors
as alternate

                                       13
<PAGE>

members of any committee, who may replace any absent or disqualified member at
any meeting of the committee. In the absence or disqualification of a member of
a committee, the member or members thereof present at any meeting and not
disqualified from voting, whether or not he or they constitute a quorum, may
unanimously appoint another member of the board of directors to act at the
meeting in the place of any such absent or disqualified member. Any such
committee, to the extent provided in the resolution of the board of directors,
shall have and may exercise all the powers and authority of the board of
directors in the management of the business and affairs of the Corporation, and
may authorize the seal of the Corporation to be affixed to all papers which may
require it; but no such committee shall have the power or authority in reference
to (a) amending the certificate of incorporation of the Corporation (except as
permitted by the Delaware General Corporation Law with respect to fixing the
terms and conditions of series of stock); (b) adopting an agreement of merger or
consolidation; (c) recommending to the stockholders the sale, lease or exchange
of all or substantially all of the Corporation's property and assets; (d)
recommending to the stockholders a dissolution of the Corporation or a
revocation of a dissolution; (e) amending the bylaws of the Corporation; and (f)
unless the resolution of the board expressly so provides, declaring a dividend
or authorizing the issuance of stock. The delegation of authority to any
committee shall not operate to relieve the board of directors or any member of
the board from any responsibility imposed by law. Subject to the foregoing, the
board of directors may provide such powers, limitations and procedures for such
committees as the board deems advisable. To the extent the board of directors
does not establish other procedures, each committee shall be governed by the
procedures set forth in Sections 3.07 (except as they relate to an annual
meeting), 3.08 through 3.12 and 7.01 and 7.02 as if the committee were the board
of directors. Each committee shall keep regular minutes of its meetings, which
shall be reported to the board of directors when required and submitted to the
secretary of the Corporation for inclusion in the corporate records.

     Section 3.14 Compensation. Unless otherwise restricted by the certificate
of incorporation of the Corporation, the board of directors shall have the
authority to fix the compensation of directors. The directors may be paid their
expenses, if any, of attendance at each meeting of the board of directors and
each meeting of any committee of the board of which he is a member and may be
paid a fixed sum for attendance at each such meeting or a stated salary or both
a fixed sum and a stated salary. No such payment shall preclude any director
from serving the Corporation in any other capacity and receiving compensation
therefor. Members of special or standing committees may be allowed like
compensation for service as committee members.

     Section 3.15 Interested Directors. Subject to the approval requirements in
Section 3.16, no contract or transaction between the Corporation and one or more
of its directors or officers, or between the Corporation and any other
corporation, partnership, association or other organization in which one or more
of its directors or officers are directors or officers or have a financial
interest, shall be void or voidable solely for this reason, or solely because
the director or officer is present at or participates in the meeting of the
board of directors or committee thereof which authorizes the contract or
transaction, or solely because any such director's or officer's vote is counted
for such purpose if: (i) the material facts as to the director's or officer's
relationship or interest

                                       14
<PAGE>

and as to the contract or transaction are disclosed or are known to the board of
directors or the committee, and the board of directors or committee in good
faith authorizes the contract or transaction by the affirmative votes of a
majority of the disinterested directors, even though the disinterested directors
be less than a quorum; or (ii) the material facts as to the director's or
officer's relationship or interest and as to the contract or transaction are
disclosed or are known to the stockholders entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the
stockholders; or (iii) the contract or transaction is fair as to the Corporation
as of the time it is authorized, approved or ratified by the board of directors,
a committee thereof or the stockholders. Subject to Section 3.16, common or
interested directors may be counted in determining the presence of a quorum at a
meeting of the board of directors or of a committee which authorizes the
contract or transaction.

     Section 3.16 Related Party Transactions. On the Effective Date, there shall
be established a five (5) member committee with authority to approve Related
Party Transactions (as defined below) (the "Related Party Transaction
Committee") as set forth in this Section 3.16. The Related Party Transaction
Committee shall consist of the two (2) Class III Directors and, as appointed by
a majority of the Board of Directors, three (3) of the Class I and Class II
directors.

         (b) During the period beginning on the Effective Date and ending on the
third anniversary of the Effective Date, transactions by the Corporation or UPC
with Persons (other than Subsidiaries of the Corporation) that, at the time of
determination, are Related Parties of the Corporation with an aggregate value of
greater than $10 million per year (excluding (i) performance of transactions in
existence on September 30, 2002 that have been disclosed in the reports of
United Pan-Europe Communications, N.V., ("UPC") filed with the United States
Securities and Exchange Commission ("SEC"), (ii) completion of transactions
described in Schedule A attached hereto, (iii) transactions, including, but not
limited to, renewals or replacements of existing transactions, that are
consistent with UPC's or its Subsidiaries' past practices, which past practices
were disclosed in the UPC's reports filed with the SEC, and (iv) to the extent
such transactions would otherwise constitute Related Party Transactions and are
not otherwise described in clause (i), (ii) or (iii), transactions with respect
to programming contracts, including, but not limited to, renewals or
replacements of existing transactions, with any of Liberty Media Corporation,
its Affiliates and/or its Subsidiaries, that, in the case of this clause (iv),
(a) are entered into in the ordinary course of business on commercially
reasonable terms, and (b) are consistent with UPC's or its Subsidiaries' past
practices) (a "Related Party Transaction") shall not be entered into unless
approved by four (4) of the five (5) members of the Related Party Transaction
Committee; provided that in the event that a proposed Related Party Transaction
is rejected by the Related Party Transaction Committee, a majority of the Board
of Directors of the Corporation may submit the matter to a vote of the
stockholders of the Corporation and if such proposed Related Party Transaction
is approved by a majority of the stockholders of the Corporation, including a
majority of the Disinterested Stockholders, voting with respect to such Related
Party Transaction, the proposed Related Party Transaction may be entered into.

                                       15
<PAGE>

     Section 3.17 Organization. At each meeting of the board of directors, the
chairman of the board of directors, or, in his or her absence, a director chosen
by a majority of the directors present, shall act as chairman. The secretary of
the corporation shall act as secretary at each meeting of the board of
directors. In case the secretary shall be absent from any meeting of the board
of directors, an assistant secretary shall perform the duties of secretary at
such meeting; and in the absence from any such meeting of the secretary and all
the assistant secretaries, the chairman of the meeting may appoint any person to
act as secretary of the meeting.

                                       16
<PAGE>

                                   ARTICLE IV

                                    Officers

     Section 4.01 Number and Qualifications. The officers of the Corporation
shall consist of a chairman of the board, a chief executive officer, a
president, a secretary and such other officers, including a vice-chairman or
vice-chairmen of the board, one or more vice-presidents, a treasurer and a
controller, as may from time to time be elected or appointed by the board. In
addition, the board of directors or the chief executive officer may elect or
appoint such assistant and other subordinate officers, including assistant
vice-presidents, assistant secretaries and assistant treasurers, as it or he
shall deem necessary or appropriate. Any number of offices may be held by the
same person, except that no person may simultaneously hold the offices of
president or chief executive officer and secretary.

     Section 4.02 Election and Term of Office. Except as provided in Sections
4.01 and 4.06, the officers of the Corporation shall be elected by the board of
directors annually at the first meeting of the board held after each annual
meeting of the stockholders as provided in Section 3.07. If the election of
officers shall not be held as provided herein, such election shall be held as
soon thereafter as conveniently may be. Each officer shall hold office until his
or her successor shall have been duly elected and shall have qualified or until
the expiration of his or her term in office if elected or appointed for a
specified period of time or until his or her earlier death, resignation or
removal.

     Section 4.03 Compensation. Officers shall receive such compensation for
their services as may be authorized or ratified by the board of directors and no
officer shall be prevented from receiving compensation by reason of the fact
that he is also a director of the Corporation. Election or appointment as an
officer shall not of itself create a contract or other right to compensation for
services performed by such officer.

     Section 4.04 Resignation. Any officer may resign at any time, subject to
any rights or obligations under any existing contracts between the officer and
the Corporation, by giving written notice to the Corporation. An officer's
resignation shall take effect at the time stated therein; and unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to
make it effective.

     Section 4.05 Removal. Any officer may be removed at any time by the board
of directors, or in the case of assistant and other subordinate officers, by the
chief executive officer (whether or not such officer was appointed by the chief
executive officer), whenever in its or his or her judgment, as the case may be,
the best interests of the Corporation will be served thereby, but such removal
shall be without prejudice to the contract rights, if any, of the person so
removed. Election or appointment of an officer shall not in itself create
contract rights.

                                       17
<PAGE>

     Section 4.06 Vacancies. A vacancy occurring in any office by death,
resignation, removal or otherwise may be filled by the board of directors, or,
if such office may be filled by the chief executive officer as provided in
Section 4.01, by the chief executive officer, for the unexpired portion of the
term.

     Section 4.07 Authority and Duties. The officers of the Corporation shall
have the authority and shall exercise the powers and perform the duties
specified below, and as may be additionally specified by the chief executive
officer, the board of directors or these bylaws (and in all cases where the
duties of any officer are not prescribed by the bylaws or the board of
directors, such officer shall follow the orders and instructions of the chief
executive officer), except that in any event each officer shall exercise such
powers and perform such duties as may be required by law.

          (a) Chairman of the Board. The chairman of the board, who shall be
elected from among the directors, shall preside at all meetings of the
stockholders and directors of the Corporation and shall have and may exercise
all such powers and perform such other duties as may be assigned to him from
time to time by the board of directors.

          (b) Chief Executive Officer. The chief executive officer shall,
subject to the direction and supervision of the board of directors, (i) have
general and active control of the Corporation's affairs and business and general
supervision of its officers, agents and employees; (ii) in the absence of the
chairman of the board, preside at all meetings of the stockholders and the board
of directors; (iii) see that all orders and resolutions of the board of
directors are carried into effect; and (iv) perform all other duties incident to
the office of chief executive officer and as from time to time may be assigned
to him by the board of directors.

          (c) President. The president shall, subject to the direction and
supervision of the board of directors, perform all duties incident to the office
of president and as from time to time may be assigned to him by the board of
directors. At the request of the chief executive officer or in his or her
absence or in the event of his or her inability or refusal to act, the president
shall perform the duties of the chief executive officer, and when so acting
shall have the powers and be subject to all the restrictions upon the chief
executive officer.

          (d) Vice-President. The vice-president, if any (or if there is more
than one then each vice-president), shall assist the chief executive officer and
shall perform such duties as may be assigned to him by the chief executive
officer or by the board of directors. Assistant vice-presidents, if any, shall
have the powers and perform the duties as may be assigned to them by the chief
executive officer or by the board of directors.

          (e) Secretary. The secretary shall: (i) keep the minutes of the
proceedings of the stockholders, the board of directors and any committees of
the board of directors; (ii) see that all notices are duly given in accordance
with the provisions of these bylaws or as required by law; (iii) be custodian of
the corporate records and of the

                                       18
<PAGE>

seal of the Corporation; (iv) keep at the Corporation's registered office or
principal place of business a record containing the names and addresses of all
stockholders and the number and class of shares held by each, unless such a
record shall be kept at the office of the Corporation's transfer agent or
registrar; (v) have general charge of the stock books of the Corporation, unless
the Corporation has a transfer agent; and (vi) in general, perform all other
duties incident to the office of secretary and such other duties as from time to
time may be assigned to him by the chief executive officer or by the board of
directors. Assistant secretaries, if any, shall have the same duties and powers,
subject to supervision by the secretary.

          (f) Treasurer. The treasurer shall: (i) be the chief financial officer
of the Corporation and have the care and custody of all funds, securities,
evidences of indebtedness and other personal property of the Corporation and
deposit the same in accordance with the instructions of the board of directors;
(ii) receive and give receipts and acquittances for moneys paid in on account of
the Corporation, and pay out of the funds on hand all bills, payrolls and other
just debts of the Corporation of whatever nature upon maturity; (iii) unless
there is a controller, be the principal accounting officer of the Corporation
and as such prescribe and maintain the methods and systems of accounting to be
followed, keep complete books and records of account, prepare and file all
local, state and federal tax returns, prescribe and maintain an adequate system
of internal audit and prepare and furnish to the chief executive officer and the
board of directors statements of account showing the financial position of the
Corporation and the results of its operations; (iv) upon request of the board,
make such reports to it as may be required at any time; and (v) perform all
other duties incident to the office of treasurer and such other duties as from
time to time may be assigned to him by the board of directors or by the chief
executive officer. Assistant treasurers, if any, shall have the same powers and
duties, subject to the supervision of the Treasurer. If there is no treasurer,
these duties shall be performed by the secretary, a vice-president, or the chief
executive officer or other person appointed by the board of directors.

     Section 4.08 Surety Bonds. The board of directors may require any officer
or agent of the Corporation to execute to the Corporation a bond in such sums
and with such sureties as shall be satisfactory to the board, conditioned upon
the faithful performance of his or her duties and for the restoration to the
Corporation of all books, papers, vouchers, money and other property of whatever
kind in his or her possession or under his or her control belonging to the
Corporation.

                                   ARTICLE V

                                      Stock

     Section 5.01 Issuance of Shares. The issuance or sale by the Corporation of
any shares of its authorized capital stock of any class, including treasury
shares, shall be made only upon authorization by the board of directors, except
as otherwise may be provided by law. Every issuance of shares shall be recorded
on the books of the Corporation maintained for such purpose by or on behalf of
the Corporation.

                                       19
<PAGE>

     Section 5.02 Stock Certificates; Uncertificated Shares. The shares of stock
of the Corporation shall be represented by certificates, except that the board
of directors may, in accordance with applicable provisions of law, authorize the
issuance of some or all of any or all classes or series of stock of the
Corporation without certificates. If shares are represented by certificates (or
if a holder of uncertificated shares requests his or her shares to be
represented by a certificate), each certificate shall be signed by or in the
name of the Corporation by the chairman or a vice-chairman of the board of
directors, the chief executive officer, or the president or a vice-president,
and by the treasurer or an assistant treasurer, or the secretary or an assistant
secretary of the Corporation, certifying the number of shares owned by him in
the Corporation. Any of or all the signatures on the certificate may be
facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate shall have ceased
to be such officer, transfer agent or registrar before such certificate is
issued, it may be issued by the Corporation with the same effect as if he were
such officer, transfer agent or registrar at the date of issue. Certificates of
stock shall be in such form consistent with law as shall be prescribed by the
board of directors.

     Section 5.03 Payment for Shares. Shares shall be issued for such
consideration (but not less than the par value thereof) as shall be determined
from time to time by the board of directors. Treasury shares shall be disposed
of for such consideration as may be determined from time to time by the board.
Such consideration shall be paid in such form and in such manner as the
directors shall determine. In the absence of actual fraud in the transaction,
the judgment of the directors as to the value of such consideration shall be
conclusive. The capital stock issued by the Corporation shall be deemed to be
fully paid and non-assessable stock if: (a) the entire amount of the
consideration has been received by the Corporation in the form of cash, services
rendered, personal property, real property, leases of real property or a
combination thereof; or (b) not less than the amount of the consideration
determined to be capital pursuant to statute has been received by the
Corporation in such form and the Corporation has received a binding obligation
of the subscriber or purchaser to pay the balance of the subscription or
purchase price; provided, however, nothing contained herein shall prevent the
board of directors from issuing partly paid shares pursuant to statute.

     Section 5.04 Lost Certificates. In case of the alleged loss, destruction or
mutilation of a certificate of stock the board of directors may direct the
issuance of a new certificate in lieu thereof upon such terms and conditions in
conformity with law as it may prescribe. The board of directors may in its
discretion require a bond in such form and amount and with such surety as it may
determine before issuing a new certificate.

     Section 5.05 Transfer of Shares. Upon presentation and surrender to the
Corporation or to a transfer agent of the Corporation of a certificate of stock
duly endorsed or accompanied by proper evidence of succession, assignment or
authority to transfer, payment of all transfer taxes, if any, and the
satisfaction of any other requirements of law, including inquiry into and
discharge of any adverse claims of which the Corporation has notice, the
Corporation or the transfer agent shall issue a new certificate to the person
entitled thereto, cancel the old certificate and record the

                                       20
<PAGE>

transaction on the books maintained for such purpose by or on behalf of the
Corporation. No transfer of shares shall be effective until it has been entered
on such books. The Corporation or a transfer agent of the Corporation may
require a signature guaranty or other reasonable evidence that any signature is
genuine and effective before making any transfer. Transfers of uncertificated
shares shall be made in accordance with applicable provisions of law.

     Section 5.06 Registered Holders. The Corporation shall be entitled to
recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, and to vote as such owner, and to hold liable
for calls and assessments a person registered on its books as the owner of
shares, and shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not
it shall have express or other notice thereof, except as otherwise provided by
the laws of Delaware.

     Section 5.07 Transfer Agents, Registrars and Paying Agents. The board of
directors may at its discretion appoint one or more transfer agents, registrars
and agents for making payment upon any class of stock, bond, debenture or other
security of the Corporation. Such agents and registrars may be located either
within or outside Delaware. They shall have such rights and duties and shall be
entitled to such compensation as may be agreed.

                                   ARTICLE VI

                                 Indemnification

     Section 6.01 Definitions. For purposes of this Article, the following terms
shall have the meanings set forth below:

          (a) Code. The term "Code" means the Delaware General Corporation Law
as it exists on the date of the adoption of this Article and as it may hereafter
be amended from time to time, but in the case of any amendment, only to the
extent that the amendment permits the Corporation to provide broader
indemnification rights than the Delaware General Corporation Law permitted the
Corporation to provide at the date of the adoption of this Article and prior to
the amendment.

          (b) Corporation. The term "Corporation" means the Corporation and, in
addition to the resulting or surviving Corporation, any domestic or foreign
predecessor entity of the Corporation in a merger, consolidation or other
transaction in which the predecessor's existence ceased upon consummation of the
transaction.

          (c) Expenses. The term "expenses" means the actual and reasonable
expenses (including but not limited to expenses of investigation and preparation
and fees and disbursements of counsel, accountants or other experts) incurred by
a party in connection with a proceeding.

                                       21
<PAGE>

          (d) Liability. The term "liability" means the obligation to pay a
judgment, settlement, penalty, fine (including an excise tax assessed with
respect to an employee benefit plan) or expense incurred with respect to a
proceeding.

          (e) Party. The term "party" means any individual who was, is, or is
threatened to be made, a named defendant or respondent in a proceeding by reason
of the fact that he is or was a director, officer or employee of the Corporation
and any individual who, while a director, officer or employee of the Corporation
is or was serving at the request of the Corporation as a director, officer,
partner, trustee, employee, fiduciary or agent of any other foreign or domestic
Corporation or of any partnership, joint venture, trust, other enterprise or
employee benefit plan. A party shall be considered to be serving an employee
benefit plan at the Corporation's request if his or her duties to the
Corporation also impose duties on or otherwise involve services by him to the
plan or to participants in or beneficiaries of the plan.

          (f) Proceeding. The term "proceeding" means any threatened, pending or
completed action, suit or proceeding, or any appeal therein, whether civil,
criminal, administrative, arbitrative or investigative (including an action by
or in the right of the Corporation), and whether formal or informal.

     Section 6.02 Right to Indemnification. The Corporation shall indemnify any
party to a proceeding against liability incurred in, relating to or as a result
of the proceeding to the fullest extent permitted by law (including without
limitation in circumstances in which, in the absence of this Section 6.02,
indemnification would be (a) discretionary under the Code or (b) limited or
subject to particular standards of conduct under the Code).

     Section 6.03 Advancement of Expenses. In the event of any proceeding in
which a party is involved or which may give rise to a right of indemnification
under this Article, following written request to the Corporation by the party,
the Corporation shall pay to the party, to the fullest extent permitted by law
(including without limitation in circumstances in which, in the absence of this
Section 6.03, advancement of expenses would be (a) discretionary under the Code
or (b) limited or subject to particular standards of conduct under the Code),
amounts to cover expenses incurred by the party in, relating to or as a result
of such proceeding in advance of its final disposition.

     Section 6.04 Burden of Proof. If under applicable law the entitlement of a
party to be indemnified or advanced expenses hereunder depends upon whether a
standard of conduct has been met, the burden of proof of establishing that the
party did not act in accordance with such standard shall rest with the
Corporation. A party shall be presumed to have acted in accordance with such
standard and to be entitled to indemnification or the advancement of expenses
(as the case may be) unless, based upon a preponderance of the evidence, it
shall be determined that the party has not met such standard. Such determination
and any evaluation as to the reasonableness of amounts claimed by a party shall
be made by the board of directors of the Corporation or such other body or
persons as may be permitted by the Code. Subject to any express limitation of
the Code, if so requested by the party, such determination and evaluation as to
the

                                       22
<PAGE>

reasonableness of the amounts claimed by the party shall be made by independent
counsel who is selected by the party and approved by the Corporation (which
approval shall not be unreasonably withheld). For purposes of this Article,
unless otherwise expressly stated, the termination of any proceeding by
judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere or its equivalent, shall not
create a presumption that a party did not meet any particular standard of
conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law.

     Section 6.05 Notification and Defense of Claim. Promptly after receipt by a
party of notice of the commencement of any proceeding, the party shall, if a
claim in respect thereof is to be made against the Corporation under this
Article, notify the Corporation in writing of the commencement thereof;
provided, however, that delay in so notifying the Corporation shall not
constitute a waiver or release by the party of any rights under this Article.
With respect to any such proceeding: (a) the Corporation shall be entitled to
participate therein at its own expense; (b) any counsel representing the party
to be indemnified in connection with the defense or settlement thereof shall be
counsel mutually agreeable to the party and to the Corporation; and (c) the
Corporation shall have the right, at its option, to assume and control the
defense or settlement thereof, with counsel satisfactory to the party. If the
Corporation assumes the defense of the proceeding, the party shall have the
right to employ its own counsel, but the fees and expenses of such counsel
incurred after notice from the Corporation of its assumption of the defense of
such proceeding shall be at the expense of the party unless (i) the employment
of such counsel has been specifically authorized by the Corporation, (ii) the
party shall have reasonably concluded that there may be a conflict of interest
between the Corporation and the party in the conduct of the defense of such
proceeding, or (iii) the Corporation shall not in fact have employed counsel to
assume the defense of such proceeding. Notwithstanding the foregoing, if an
insurance carrier has supplied directors' and officers' liability insurance
covering a proceeding and is entitled to retain counsel for the defense of such
proceeding, then the insurance carrier shall retain counsel to conduct the
defense of such proceeding unless the party and the Corporation concur in
writing that the insurance carrier's doing so is undesirable. The Corporation
shall not be liable under this Article for any amounts paid in settlement of any
proceeding effected without its written consent. The Corporation shall not
settle any proceeding in any manner that would impose any penalty or limitation
on a party without the party's written consent. Consent to a proposed settlement
of any proceeding shall not be unreasonably withheld by either the Corporation
or the party.

     Section 6.06 Enforcement. The right to indemnification and advancement of
expenses granted by this Article shall be enforceable in any court of competent
jurisdiction if the Corporation denies the claim, in whole or in part, or if no
disposition of such claim is made within ninety (90) days after the written
request for indemnification or advancement of expenses is received. If
successful in whole or in part in such suit, the party's expenses incurred in
bringing and prosecuting such claim shall also be paid by the Corporation.
Whether or not the party has met any applicable standard of conduct, the court
in such suit may order indemnification or the advancement of expenses as the
court deems proper (subject to any express limitation of the Code).

                                       23
<PAGE>

Further, the Corporation shall indemnify a party from and against any and all
expenses and, if requested by the party, shall (within ten (10) business days of
such request) advance such expenses to the party, which are incurred by the
party in connection with any claim asserted against or suit brought by the party
for recovery under any directors' and officers' liability insurance policies
maintained by the Corporation, regardless of whether the party is unsuccessful
in whole or in part in such claim or suit.

     Section 6.07 Proceedings by a Party. The Corporation shall indemnify or
advance expenses to a party in connection with any proceeding (or part thereof)
initiated by the party only if such proceeding (or part thereof) was authorized
by the board of directors of the Corporation.

     Section 6.08 Subrogation. In the event of any payment under this Article,
the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of the indemnified party, who shall execute all papers and do
everything that may be necessary to assure such rights of subrogation to the
Corporation.

     Section 6.09 Other Payments. The Corporation shall not be liable under this
Article to make any payment in connection with any proceeding against or
involving a party to the extent the party has otherwise actually received
payment (under any insurance policy, agreement or otherwise) of the amounts
otherwise indemnifiable hereunder. A party shall repay to the Corporation the
amount of any payment the Corporation makes to the party under this Article in
connection with any proceeding against or involving the party, to the extent the
party has otherwise actually received payment (under any insurance policy,
agreement or otherwise) of such amount.

     Section 6.10 Insurance. So long as any party who is or was an officer or
director of the Corporation may be subject to any possible proceeding by reason
of the fact that he is or was an officer or director of the Corporation (or is
or was serving in any one or more of the other capacities covered by this
Article during such person's tenure as officer or director), if the Corporation
maintains an insurance policy or policies providing directors' and officers'
liability insurance, such officer or director shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the
coverage applicable to any then current officer or director of the Corporation,
or the Corporation shall purchase and maintain in effect for the benefit of such
officer or director one or more valid, binding and enforceable policy or
policies of directors' and officers' liability insurance providing, in all
respects, coverage at least comparable to that provided to any then current
officer or director at the Corporation.

     Section 6.11 Other Rights and Remedies. The rights to indemnification and
advancement of expenses provided in this Article shall be in addition to any
other rights to which a party may have or hereafter acquire under any law,
provision of the articles of incorporation, any other or further provision of
these bylaws, vote of the stockholders or directors, agreement or otherwise. The
Corporation shall have the right, but shall not be obligated, to indemnify or
advance expenses to any agent of the Corporation not otherwise covered by this
Article in accordance with and to the fullest extent permitted by the Code.

                                       24
<PAGE>

     Section 6.12 Applicability; Effect. The rights to indemnification and
advancement of expenses provided in this Article shall be applicable to acts or
omissions that occurred prior to the adoption of this Article, shall continue as
to any party during the period such party serves in any one or more of the
capacities covered by this Article, shall continue thereafter so long as the
party may be subject to any possible proceeding by reason of the fact that he
served in any one or more of the capacities covered by this Article, and shall
inure to the benefit of the estate and personal representatives of each such
person. Any repeal or modification of this Article or of any Section or
provision hereof shall not affect any rights or obligations then existing. All
rights to indemnification under this Article shall be deemed to be provided by a
contract between the Corporation and each party covered hereby.

     Section 6.13 Severability. If any provision of this Article shall be held
to be invalid, illegal or unenforceable for any reason whatsoever (a) the
validity, legality and enforceability of the remaining provisions of this
Article (including without limitation, all portions of any Sections this Article
containing any such provision held to be invalid, illegal or unenforceable, that
are not themselves invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby, and (b) to the fullest extent possible, the
provisions of this Article (including, without limitation, all portions of any
Section of this Article containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent of this
Article that each party covered hereby is entitled to the fullest protection
permitted by law.

                                  ARTICLE VII

                                  Miscellaneous

     Section 7.01 Notice. Whenever written notice is required by law, the
certificate of incorporation of the Corporation or these bylaws, to be given to
any director, member of a committee or stockholder, such notice may be given by
mail, addressed to such director, member of a committee or stockholder, at such
person's address as it appears on the records of the Corporation, with postage
thereon prepaid, and such notice shall be deemed to be given at the time when
the same shall be deposited in the United States mail. Without limiting the
manner by which notice otherwise may be given effectively to stockholders, any
notice to stockholders given by the Corporation under applicable law, the
certificate of incorporation of the Corporation or these bylaws shall be
effective if given by a form of electronic transmission if consented to by the
stockholder to whom the notice is given. Any such consent shall be revocable by
the stockholder by written notice to the Corporation. Any such consent shall be
deemed to be revoked if (i) the Corporation is unable to deliver by electronic
transmission two (2) consecutive notices by the Corporation in accordance with
such consent and (ii) such inability becomes known to the secretary or assistant
secretary of the Corporation or to the transfer agent, or other person
responsible for the giving of notice; provided, however, that the inadvertent
failure to treat such inability as a revocation shall not invalidate any meeting
or other action. Notice given by electronic transmission, as described above,
shall be deemed given: (i) if by facsimile telecommunication, when

                                       25
<PAGE>

directed to a number at which the stockholder has consented to receive notice;
(ii) if by electronic mail, when directed to an electronic mail address at which
the stockholder has consented to receive notice; (iii) if by a posting on an
electronic network, together with separate notice to the stockholder of such
specific posting, upon the later of (A) such posting and (B) the giving of such
separate notice; and (iv) if by any other form of electronic transmission, when
directed to the stockholder. Notice to directors or committee members may be
given personally or by telegram, telex, cable or by means of electronic
transmission.

     Section 7.02 Waivers of Notice. Whenever notice is required to be given by
law, by the certificate of incorporation of the Corporation or by these bylaws,
a written waiver thereof, signed by the person entitled to said notice, whether
before or after the time stated therein, shall be deemed equivalent to notice.
Attendance of a person at a meeting or (in the case of a stockholder) by written
proxy shall constitute a waiver of notice of such meeting, except when the
person attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting was not
lawfully called or convened. Neither the business to be transacted at, nor the
purpose of, any meeting need be specified in any written waiver of notice unless
required by these bylaws to be included in the notice of such meeting.

     Section 7.03 Presumption of Assent. A director or stockholder of the
Corporation who is present at a meeting of the board of directors or
stockholders at which action on any corporate matter is taken shall be presumed
to have assented to the action taken unless his or her dissent shall be entered
in the minutes of the meeting or unless he shall file his or her written dissent
to such action with the person acting as the secretary of the meeting before the
adjournment thereof or shall forward such dissent by registered mail to the
secretary of the Corporation immediately after the adjournment of the meeting.
Such right to dissent shall not apply to a director or stockholder who voted in
favor of such action.

     Section 7.04 Voting of Securities by the Corporation. Unless otherwise
provided by resolution of the board of directors, on behalf of the Corporation
the chairman of the board, chief executive officer, president, secretary,
treasurer or any vice-president shall attend in person or by substitute
appointed by him, or shall execute written instruments appointing a written
proxy or proxies to represent the Corporation at all meetings of the
stockholders of any other Corporation, association or other entity in which the
Corporation holds any stock or other securities, and may execute written waivers
of notice with respect to any such meetings. At all such meetings and otherwise,
the chairman of the board, chief executive officer, president, secretary,
treasurer or any vice-president, in person or by substitute or written proxy as
aforesaid, may vote the stock or other securities so held by the Corporation and
may execute written consents and any other instruments with respect to such
stock or securities and may exercise any and all rights and powers incident to
the ownership of said stock or securities, subject, however, to the
instructions, if any, of the board of directors.

                                       26
<PAGE>

     Section 7.05 Seal. The corporate seal of the Corporation shall be in such
form as adopted by the board of directors, and any officer of the Corporation
may, when and as required, affix or impress the seal, or a facsimile thereof, to
or on any instrument or document of the Corporation.

     Section 7.06 Fiscal Year. The fiscal year of the Corporation shall be as
established by the board of directors.

     Section 7.07 Amendments. These bylaws may be amended or repealed and new
bylaws adopted by the board of directors or, subject to the certificate of
incorporation of the Corporation, by the stockholders entitled to vote;
provided, however, that for a period beginning on the Effective Date (as defined
in Article III) and ending on the third anniversary of the Effective Date, prior
approval by four (4) of the five (5) members of the Related Party Transaction
Committee shall be required to amend, alter, change or repeal or to adopt any
provision as part of these bylaws inconsistent with the purposes and intent of
Section 3.16 as it relates to the Related Party Transaction Committee.

                                       27
<PAGE>

                                 INDEX TO BYLAWS
                                       OF
                                UGC EUROPE, INC.

                                                                            Page

                                    ARTICLE I
                                     Offices

Section 1.01          Business Offices........................................1
Section 1.02          Registered Office.......................................1

                                   ARTICLE II
                                  Stockholders

Section 2.01          Annual Meeting..........................................1
Section 2.02          Special Meetings........................................1
Section 2.03          Place of Meeting........................................1
Section 2.04          Notice of Meetings......................................2
Section 2.05          Nature of Business at Meetings of Stockholders..........2
Section 2.06          Nomination of Directors.................................3
Section 2.07          Adjournments............................................4
Section 2.08          Fixing Date for Determination of Stockholders of
                        Record................................................4
Section 2.09          Voting List.............................................5
Section 2.10          Proxies.................................................5
Section 2.11          Quorum and Manner of Acting.............................5
Section 2.12          Voting of Shares........................................5
Section 2.13          Voting of Shares by Certain Holders.....................6
Section 2.14          Action Without Meeting..................................7
Section 2.15          Conduct of Meetings.....................................7
Section 2.16          Inspectors of Election..................................8

                                   ARTICLE III
                               Board of Directors

Section 3.01          Defined Terms............................................8
Section 3.02          General Powers..........................................11
Section 3.03          Number, Tenure and Qualifications.......................11
Section 3.04          Resignation.............................................11
Section 3.05          Removal.................................................12
Section 3.06          Vacancies...............................................12
Section 3.07          Regular Meetings........................................12
Section 3.08          Special Meetings........................................13
Section 3.09          Meetings by Telephone...................................13
Section 3.10          Notice of Meetings......................................13
Section 3.11          Quorum and Manner of Acting.............................13
<PAGE>

Section 3.12          Action Without a Meeting................................13
Section 3.13          Executive and Other Committees..........................13
Section 3.14          Compensation............................................14
Section 3.15          Interested Directors....................................14
Section 3.16          Related Party Transactions..............................15
Section 3.17          Organization............................................16

                                   ARTICLE IV
                                    Officers

Section 4.01          Number and Qualifications...............................17
Section 4.02          Election and Term of Office.............................17
Section 4.03          Compensation............................................17
Section 4.04          Resignation.............................................17
Section 4.05          Removal.................................................17
Section 4.06          Vacancies...............................................18
Section 4.07          Authority and Duties....................................18
Section 4.08          Surety Bonds............................................19

                                    ARTICLE V
                                      Stock

Section 5.01          Issuance of Shares......................................19
Section 5.02          Stock Certificates; Uncertificated Shares...............20
Section 5.03          Payment for Shares......................................20
Section 5.04          Lost Certificates.......................................20
Section 5.05          Transfer of Shares......................................20
Section 5.06          Registered Holders......................................21
Section 5.07          Transfer Agents, Registrars and Paying Agents...........21

                                   ARTICLE VI
                                 Indemnification

Section 6.01          Definitions.............................................21
Section 6.02          Right to Indemnification................................22
Section 6.03          Advancement of Expenses.................................22
Section 6.04          Burden of Proof.........................................22
Section 6.05          Notification and Defense of Claim.......................23
Section 6.06          Enforcement.............................................23
Section 6.07          Proceedings by a Party..................................24
Section 6.08          Subrogation.............................................24
Section 6.09          Other Payments..........................................24
Section 6.10          Insurance...............................................24
Section 6.11          Other Rights and Remedies...............................24
Section 6.12          Applicability; Effect...................................25
Section 6.13          Severability............................................25

                                       ii
<PAGE>

                                   ARTICLE VII
                                  Miscellaneous

Section 7.01          Notice..................................................25
Section 7.02          Waivers of Notice.......................................26
Section 7.03          Presumption of Assent...................................26
Section 7.04          Voting of Securities by the Corporation.................26
Section 7.05          Seal....................................................27
Section 7.06          Fiscal Year.............................................27
Section 7.07          Amendments..............................................27

                                      iiiExhibit 4.3

                             STOCKHOLDERS AGREEMENT

     THIS STOCKHOLDERS AGREEMENT (the "Agreement"), dated as of April 16, 2003,
by and among UGC Europe, Inc. (f/k/a New UPC, Inc.), a corporation organized
under the laws of the State of Delaware (the "Company"), UnitedGlobalCom, Inc.,
a corporation organized under the laws of the State of Delaware ("UGC"), and the
holders of Common Stock (as defined below) that execute a joinder substantially
in the form attached as Annex A hereto (each such person as to the number of
registered shares held, a "Participating Holder"). Each of UGC and each of
Participating Holders is sometimes hereinafter referred to as a "Stockholder."

                                    RECITALS

     WHEREAS, UGC and the Participating Holders are holders of shares of common
stock, par value $0.01 per share, of the Company (the "Common Stock"); and

     WHEREAS, UGC and the Company desire to grant the Participating Holders the
rights set forth in this Agreement.

     NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                   ARTICLE I

                                TAG-ALONG RIGHTS

     1.1 Right to Participate in Sale.

          (a) If all previous transfers for value of shares of Common Stock made
by the UGC Group after the date hereof, together with any transfers for value of
shares of Common Stock proposed to be made by the UGC Group in a transfer, in
each case other than (a) any sale or other disposition of shares of Common Stock
by and exclusively among UGC, Subsidiaries of UGC and Affiliates of UGC;
provided that such transferee agrees to be bound by the terms of this Agreement,
or (b) pro rata distributions of shares of Common Stock to the stockholders of
UGC, would result in the transfer, in the aggregate for all such transactions by
the UGC Group since the last Tag-Along Sale (as hereinafter defined), if any, of
at least five percent (5%) of the outstanding shares of Common Stock (such sale
or other disposition for value being referred to as a "Tag-Along Sale"), then
the UGC Group shall afford each of the Participating Holders holding in
registered form one half of one percent (1/2%) or more of the outstanding shares
of Common Stock as of the close of business on the day immediately prior to the
Tag-Along Notice Date (as hereinafter defined) (each, individually, a "Tag-Along
Stockholder" and, collectively, the "Tag-Along Stockholders") the opportunity to
participate proportionately in such Tag-Along Sale in accordance with this
Article I. The number of shares
<PAGE>

of Common Stock that each Tag-Along Stockholder will be entitled to include in
such Tag-Along Sale (the "Tag-Along Allotment") shall be determined by
multiplying (i) the number of shares of Common Stock received from the Company
by such Tag-Along Stockholder on the date of this Agreement and registered in
name to such Tag-Along Stockholder within 30 days of this Agreement, which
shares of Common Stock continue to be held in registered form by such Tag-Along
Stockholder as of the close of business on the day immediately prior to the
Tag-Along Notice Date by (ii) a fraction, the numerator of which shall equal the
number of shares of Common Stock proposed by the UGC Group to be sold or
otherwise disposed of pursuant to the Tag-Along Sale and the denominator of
which shall equal the total number of shares of Common Stock that are
beneficially owned by the UGC Group as of the close of business on the day
immediately prior to the Tag-Along Notice Date (the "Common Shares UGC
Fraction").

          (b) Notwithstanding any other provision of this Agreement, if any such
Participating Holder fails to elect to participate in a Tag-Along Sale within
ten (10) days after the Tag-Along Sale Notice (as defined below) is given, the
UGC Group shall give notice of such failure to the other Tag-Along Stockholders.
Such notice shall be made by telephone and confirmed in writing within two (2)
days. The other Tag-Along Stockholders shall have three (3) days following the
date such written notice was given to agree to sell their pro rata share of any
unsold portion. For purposes of this Section 1.1(b), a participating Tag-Along
Stockholder's pro rata share of any unsold portion of shares of Common Stock
shall be equal to the number of shares obtained by multiplying (A) the Common
Shares UGC Fraction times the total number of shares of Common Stock that are
held in registered form by such Participating Holders that are not participating
in the Tag-Along Sale, if any, by (B) the number of shares of Common Stock held
in registered form by such participating Tag-Along Stockholder (divided) by the
total number of shares of Common Stock held in registered form by all Tag-Along
Stockholders that are participating in the Tag-Along Sale.

     1.2 Tag-Along Sale Notice. The UGC Group shall provide each Tag-Along
Stockholder and the Company with written notice (the "Tag-Along Sale Notice")
not more than sixty (60) days nor less than fifteen (15) days prior to the
proposed date of the Tag-Along Sale (the "Tag-Along Sale Date"). Each Tag-Along
Sale Notice shall be accompanied by a copy of any written agreement relating to
the Tag-Along Sale and shall set forth: (i) the name and address of each
proposed transferee of shares of Common Stock in the Tag-Along Sale; (ii) the
number of shares of Common Stock proposed to be transferred by the UGC Group;
(iii) the proposed amount and form of consideration (including any potential
adjustments to the consideration paid for such shares of Common Stock contained
in the written agreement relating to the Tag-Along Sale) to be paid for such
shares of Common Stock and the terms and conditions of payment offered by each
proposed transferee; (iv) the aggregate number of shares of Common Stock held of
record by the UGC Group as of the close of business on the day immediately prior
to the date of the Tag-Along Notice (the "Tag-Along Notice Date"); (v) the
Common Shares UGC Fraction; (vi) confirmation that the proposed transferee has
been informed of the "Tag-Along Rights" provided for herein and has agreed to
purchase shares of Common Stock from any Tag-Along Stockholder in accordance
with the terms hereof; and (vii) the Tag-Along Sale Date.

     1.3 Tag-Along Notice.

                                       2
<PAGE>

          (a) Any Tag-Along Stockholder wishing to participate in the Tag-Along
Sale shall provide written notice (the "Tag-Along Notice") to the UGC Group no
more than ten (10) days after the Tag-Along Sale Notice is given. The Tag-Along
Notice shall set forth (i) the aggregate number of shares of Common Stock held
in registered form by such Tag-Along Stockholder as of the close of business on
the day immediately prior to the Tag-Along Notice Date and (ii) the number of
Shares that such Tag-Along Stockholder elects to include in the Tag-Along Sale,
which shall not exceed such Tag-Along Stockholder's applicable Tag-Along
Allotment. The Tag-Along Notice given by any Tag-Along Stockholder shall
constitute such Tag-Along Stockholder's binding agreement to sell the shares of
Common Stock specified in the Tag-Along Notice on the terms and conditions
applicable to the Tag-Along Sale; provided, however, that in the event that
there is any material change in the terms and conditions of such Tag-Along Sale
applicable to the Tag-Along Stockholder (including, but not limited to, any
decrease in the purchase price that occurs other than pursuant to an adjustment
mechanism set forth in the agreement relating to the Tag-Along Sale but
expressly not including a reduction in the number of shares to be purchased)
after such Tag-Along Stockholder gives its Tag-Along Notice, then,
notwithstanding anything herein to the contrary, the Tag-Along Stockholder shall
have the right to withdraw from participation in the Tag-Along Sale with respect
to all of its Shares affected thereby. If the proposed transferee does not
consummate the purchase of all of the shares of Common Stock requested to be
included in the Tag-Along Sale by any Tag-Along Stockholder on the same terms
and conditions applicable to the UGC Group, then the UGC Group shall not
consummate the Tag-Along Sale of any of its shares of Common Stock to such
transferee, unless the shares of the UGC Group and the Tag-Along Stockholders to
be sold are reduced or limited pro rata in proportion to the respective number
of shares of Common Stock actually sold in any such Tag-Along Sale and all other
terms and conditions of the Tag-Along Sale are the same for the UGC Group and
the Tag-Along Stockholders. Notwithstanding the foregoing, if the number of
shares of Common Stock proposed to be sold in any proposed Tag-Along Sale are
reduced or limited such that the proposed sale is no longer a Tag-Along Sale in
accordance with the terms of this Agreement, then the terms of this Article I
shall be inapplicable to such proposed sale and no Participating Holder or other
stockholder shall have the right hereunder to participate in such proposed
transaction as a Tag-Along Stockholder.

          (b) If a Tag-Along Notice from any Tag-Along Stockholder is not
received by the UGC Group within the ten (10) day period specified in Section
1.3(a) hereof, the UGC Group shall have the right to consummate the Tag-Along
Sale without the participation of such Tag-Along Stockholder, but only on terms
and conditions which are no more favorable in any material respect to the UGC
Group (and, in any event, at no greater a purchase price) than as stated in the
Tag-Along Sale Notice and only if such Tag-Along Sale occurs on a date within
ninety (90) days of the Tag-Along Sale Date.

     1.4 Delivery of Share Certificates. On the Tag-Along Sale Date, each
Tag-Along Stockholder shall deliver a certificate or certificates for the shares
of Common Stock to be sold by such Tag-Along Stockholder in connection with the
Tag-Along Sale, duly endorsed for transfer with signatures guaranteed, to the
transferee in the manner and at the address indicated in the Tag-Along Notice
against delivery of the purchase price for such shares of Common Stock.

                                       3
<PAGE>

     1.5 Tag-Along Sale Agreement. Any Participating Holder seeking to sell any
shares of Common Stock in connection with a Tag-Along Sale shall enter into an
agreement (the "Tag-Along Sale Agreement") containing substantially similar
representations, warranties, indemnities and agreements as made by the UGC Group
in connection with such Tag-Along Sale, but in no case shall such
representations, warranties, indemnities and agreements be required to be made
by the Participating Holder on a joint (as opposed to several) basis or have the
potential of subjecting such Participating Holder to greater liability (on a
proportionate basis) than the UGC Group in connection with such Tag-Along Sale.

                                   ARTICLE II

                                  MISCELLANEOUS

     2.1 Term. Unless this Agreement is earlier terminated in its entirety by an
instrument in writing signed on behalf of each of the parties hereto, this
Agreement shall terminate on the third anniversary of the date of this
Agreement.

     2.2 Notices. All notices, requests, claims and demands and other
communications hereunder shall be in writing and shall be deemed duly delivered
(i) four (4) Business Days after being sent by registered or certified mail,
return receipt requested, postage prepaid, or (ii) one (1) Business Day after
being sent for next business day delivery, fees prepaid, via a reputable
internationally recognized overnight courier service, in each case to the
intended recipient as set forth below:

          (a) if to the Company, to:

              UGC Europe, Inc.
              4643 South Ulster Street
              13th Floor
              Denver, Colorado 80237
              Telephone: + 1-303-770-4001
              Facsimile:  +1-303-770-4207
              Attention: General Counsel

              with a copy to:

              Holme Roberts & Owen LLP
              1700 Lincoln, Suite 1700
              Denver, Colorado  80203
              Attention: W. Dean Salter, Esq.
              Telephone: +1-303-861-7000
              Facsimile: +1-303-866-0800

              and a copy to:

              Skadden, Arps, Slate, Meagher & Flom LLP
              300 South Grand Avenue, Suite 3400
              Los Angeles, California  90071
              Attention: Nick P. Saggese, Esq.

                                       4
<PAGE>

              Telephone: +1-213-687-5000
              Facsimile: +1-213-687-5600

          (b) if to UGC to:

              UnitedGlobalCom, Inc.
              4643 South Ulster Street
              13th Floor
              Denver, Colorado 80237
              Telephone: + 1-303-770-4001
              Facsimile: +1-303-770-4207
              Attention:  General Counsel

              with a copy to:

              Holme Roberts & Owen LLP
              1700 Lincoln, Suite 1700
              Denver, Colorado  80203
              Attention: W. Dean Salter, Esq.
              Telephone: +1-303-861-7000
              Facsimile: +1-303-866-0800

              and a copy to:

              Skadden, Arps, Slate, Meagher & Flom LLP
              300 South Grand Avenue, Suite 3400
              Los Angeles, California  90071
              Attention: Nick P. Saggese, Esq.
              Telephone: +1-213-687-5000
              Facsimile: +1-213-687-5600

          (c) if to a Participating Holders, to the address and attention of
such party set forth on the party's joinder.

              with a copy to:

              Paul, Weiss, Rifkind, Wharton & Garrisson
              1285 Avenue of the Americas
              New York, New York 10019
              Attention:  Jeffrey D. Saferstein, Esq.
              Telephone: +1-212-373-3000
              Facsimile: +1-212-757-3990

Any party hereto may give any notice or other communication hereunder using any
other means (including personal delivery, messenger service, facsimile or
ordinary mail), but no such notice or other communication shall be deemed to
have been duly given unless and until it actually is received by the party for
whom it is intended. Any party may change the address to which notices and other
communications hereunder are to be delivered by giving the other parties to this
Agreement notice in the manner herein set forth.

                                       5
<PAGE>

     2.3 Entire Agreement. This Agreement constitutes the entire agreement among
the parties hereto and supersedes any prior understandings, agreements or
representations by or among the parties, or any of them, written or oral, with
respect to the subject matter hereof.

     2.4 No Third-Party Beneficiaries. This Agreement is not intended, and shall
not be deemed, to confer any rights or remedies upon any person other the
parties hereto and their respective successors and permitted assigns, to create
any third-party beneficiary hereto.

     2.5 Amendment. This Agreement may not be amended except by an instrument in
writing signed by each of the Company, UGC and a Majority-in-Interest of the
Participating Holders.

     2.6 Assignment. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement may be assigned or delegated, in whole or in
part, by operation of law or otherwise by any of the parties hereto.

     2.7 Counterparts. This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when two or more counterparts have been signed by each of
the parties hereto and delivered to the other parties.

     2.8 Severability. If any term, provision, covenant or restriction of this
Agreement is held to be invalid, void, unenforceable or against its regulatory
policy, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated.

     2.9 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction) that would cause the application of laws of
any jurisdiction other than those of the State of Delaware.

     2.10 Submission to Jurisdiction. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement shall be brought in any federal or state court located in
the State of Delaware, and each of the parties hereto hereby consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding in any such court or
that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party hereto anywhere in the world, whether within or
without the jurisdiction of any such court.

     2.11 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY OTHER

                                       6
<PAGE>

PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF
THIS AGREEMENT.

     2.12 Action by Participating Holders. Whenever this Agreement specifies
that any action hereunder shall be taken or any consent or waiver be given by
the Participating Holders, unless otherwise specified, such action shall be
taken or such consent or waiver shall be given if approved by a
Majority-in-Interest of the Participating Holders.

                                  ARTICLE III

                                   Definitions

     For purposes of this Agreement, each of the following terms shall have the
respective meaning ascribed thereto.

     "Affiliate" shall, with respect to any Person (the "First Person"), mean
(1) any other Person (the "Second Person") having beneficial ownership of 40% or
more of the Voting Securities of such First Person and (2) any other Person, 40%
or more of whose Voting Securities are owned, controlled or held with power to
vote, directly or indirectly, by that Second Person.

     "beneficial ownership" shall have the meaning attributed to it in Rules
13d-3 and 13d-5 under the Exchange Act (as in effect on the date hereof),
whether or not applicable.

     "Governmental Entity" shall mean any national, state, provincial,
municipal, local or foreign government, any court, arbitral tribunal,
administrative agency or commission or other governmental or regulatory
authority, commission or agency or any non-governmental, self-regulatory
authority, commission or agency.

     "Judgment" shall mean any order, writ, injunction, award, judgment, ruling
or decree of any Governmental Entity.

     "Law" shall mean any statute, law, code, ordinance, rule or regulation of
any Governmental Entity.

     "Lien" shall mean any pledge, claim, equity, option, lien, charge,
mortgage, easement, right-of-way, call right, right of first refusal, "tag"- or
"drag"- along right, encumbrance, security interest or other similar restriction
of any kind or nature whatsoever.

     "Majority-in-Interest of the Participating Holders" shall mean, with
respect to any date of determination, Participating Holders holding a majority
of the shares of Common Stock held by all of the Participating Holders on such
date of determination.

     "Person" shall mean and include an individual, a partnership, a joint
venture, a corporation, a limited liability company, a limited liability
partnership, a trust, an incorporated organization and a government or any
department or agency thereof.

                                       7
<PAGE>

     "Restriction" with respect to any capital stock, partnership interest,
membership interest in a limited liability company or other equity interest or
security, shall mean any voting or other trust or agreement, option, warrant,
preemptive right, right of first offer, right of first refusal, escrow
arrangement, proxy, buy-sell agreement, power of attorney or other contract, any
Law, license, permit or Judgment that, conditionally or unconditionally, (i)
grants to any Person the right to purchase or otherwise acquire, or obligates
any Person to sell or otherwise dispose of or issue, or otherwise results or,
whether upon the occurrence of any event or with notice or lapse of time or both
or otherwise, may result in any Person acquiring, (x) any of such capital stock,
partnership interest, membership interest in a limited liability company or
other equity interest or security; (y) any of the proceeds of, or any
distributions paid or that are or may become payable with respect to, any of
such capital stock, partnership interest, membership interest in a limited
liability company or other equity interest or security; or (z) any interest in
such capital stock, partnership interest, membership interest in a limited
liability company or other equity interest or security or any such proceeds or
distributions; (ii) restricts or, whether upon the occurrence of any event or
with notice or lapse of time or both or otherwise, is reasonably likely to
restrict the transfer or voting of, or the exercise of any rights or the
enjoyment of any benefits arising by reason of ownership of, any such capital
stock, partnership interest, membership interest in a limited liability company
or other equity interest or security or any such proceeds or distributions; or
(iii) creates or, whether upon the occurrence of any event or with notice or
lapse of time or both or otherwise, is reasonably likely to create a Lien or
purported Lien affecting such capital stock, partnership interest, membership
interest in a limited liability company or other equity interest or security,
proceeds or distributions.

     "Subsidiary" with respect to any Person shall mean (i) a corporation, a
majority in voting power of whose capital stock with voting power, under
ordinary circumstances, to elect directors is at the time, directly or
indirectly owned by such Person, by a Subsidiary of such Person, or by such
Person and one or more Subsidiaries of such Person, without regard to whether
the voting of such stock is subject to a voting agreement or similar
Restriction, (ii) a partnership or limited liability company in which such
Person or a Subsidiary of such Person is, at the date of determination, (x) in
the case of a partnership, a general partner of such partnership with the power
affirmatively to direct the policies and management of such partnership or (y)
in the case of a limited liability company, the managing member or, in the
absence of a managing member, a member with the power affirmatively to direct
the policies and management of such limited liability company, or (iii) any
other Person (other than a corporation) in which such Person, a Subsidiary of
such Person or such Person and one or more Subsidiaries of such Person, directly
or indirectly, at the date of determination thereof, has (x) the power to elect
or direct the election of a majority of the members of the governing body of
such Person (whether or not such power is subject to a voting agreement or
similar Restriction) or (y) in the absence of such a governing body, a majority
ownership interest.

     "UGC Group" shall mean UGC together with its Subsidiaries, other than the
Company and UPC and its Subsidiaries.

     "UPC" shall mean United Pan-Europe Communications N.V., a corporation
organized under the laws of The Netherlands.

                            [signature pages follow]

                                       8
<PAGE>

     IN WITNESS WHEREOF, each of the parties to this Agreement has executed this
Agreement as of the date first written above.

                                            UGC EUROPE, INC.
                                            By: /s/ Valerie L. Cover
                                               ---------------------------------
                                               Name:   Valerie L. Cover
                                               Title:  Vice President/Controller
<PAGE>
                                            UNITEDGLOBALCOM, INC.

                                            By: /s/ Ellen P. Spangler
                                               ---------------------------------
                                               Name:   Ellen P. Spangler
                                               Title:  Senior Vice President
<PAGE>

                                                                         Annex A

                        JOINDER TO STOCKHOLDERS AGREEMENT

     Reference is made to the Stockholders Agreement (the "Agreement"), dated as
of April 16, 2003, among UGC Europe, Inc. (f/k/a New UPC, Inc.), a corporation
organized under the laws of the State of Delaware (the "Company"),
UnitedGlobalCom, Inc., a corporation organized under the laws of the State of
Delaware ("UGC"), and the Participating Holders, as defined therein.

     The undersigned is a record or beneficial holder of one or more Allowed
Class 5 Claims under the Plan (as defined below) and, pursuant to the Plan, will
become the record or beneficial holder of shares of common stock (the "Common
Stock"), par value $0.01 per share, of the Company on the Effective Date. The
undersigned hereby agrees to join the Agreement as a party thereto as of the
Effective Date, agrees to be bound by the terms of the Agreement and accepts the
obligations set forth thereunder as a Participating Holder thereto.

     For purposes of this joinder "Effective Date" shall mean any day which is
not a Saturday, a Sunday, a "legal holiday" as defined in U.S. Bankruptcy Rule
9006(a) or a day on which banking institutions located in New York, New York or
Amsterdam, The Netherlands are authorized or obligated by law, executive order
or governmental decree to be closed (a "Business Day") that is no more than 11
Business Days following the date on which all conditions precedent to the
consummation of the plan or reorganization (the "Plan") filed by the Company and
United Pan-Europe Communications N.V. on January 7, 2003 in the Southern
District of New York Bankruptcy Court and the plan of compulsory composition
(the "Akkoord"), which was filed with the Amsterdam Court (Rechtbank) (the
"Dutch Bankruptcy Court") under the Dutch Faillissementswet (the "Dutch
Bankruptcy Code"), have either been satisfied or, to the extent permitted in the
Plan and the Akkoord, duly waived and on which day the Plan and the ratified
Akkoord become final and conclusive.

THE RIGHTS AND LIABILITIES OF THE PARTIES SHALL BE GOVERNED BY THE INTERNAL LAWS
OF THE STATE OF DELAWARE, REGARDLESS OF THE CHOICE OF LAW PROVISIONS OF SUCH
STATE OR ANY OTHER JURISDICTION.

BY SIGNING BELOW, THE UNDERSIGNED ACKNOWLEDGES THAT ONLY THE COMMON STOCK
RECEIVED FROM THE COMPANY PURSUANT TO THE PLAN ON THE EFFECTIVE DATE AND
REGISTERED IN THE UNDERSIGNED'S NAME WITHIN 30 DAYS AFTER THE EFFECTIVE DATE
WILL BE ELIGIBLE FOR THE RIGHTS CONFERRED IN THE AGREEMENT.
<PAGE>

This Joinder to the Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

Dated: ______, 2003     Signature:
                                  ----------------------------------------------
                        Name of Allowed Class 5 Claim Holder:
                                                            --------------------

                        Name of Person Signing:
                                               ---------------------------------
                        (if other than Class 5 Claim Holder)
                        Street Address:
                                       -----------------------------------------
                        City, State, Zip Code:
                                              ----------------------------------
                        Telephone Number:
                                         ---------------------------------------
<PAGE>

     The Joinder to Stockholders Agreement of ______________________ is accepted
     and agreed to as of ________, 2003.

UGC EUROPE, INC.

By:
   --------------------------------------
   Name:
   Title:

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