BlueMountain Capital Management Statement Regarding Cablecom Bonds.

LONDON -- The following statement was issued today by the principals of BlueMountain Capital Management:

"BlueMountain Capital Management has proposed to the underwriters of the Cablecom Luxembourg SCA ("Cablecom") bonds described in the draft dated 24 October 2006 of the Preliminary Offering Circular for the bonds (the "Preliminary Offering Circular") that the structure of the transactions described in the Preliminary Offering Circular should be changed.

"The changes proposed would be expected to reverse the unexpected widening in spreads for credit default swaps linked to Cablecom that has occurred recently.

"The indications we have received from the underwriters suggest that no such changes are likely to be made. We do note, however, that the Preliminary Offering Circular states that there can be no assurance that the transactions described in that document will occur or that their terms will be identical to those described in it. We reserve the right to make further representations to Cablecom or the underwriters in the future."

BlueMountain Capital Management is a leading asset manager focused on the global corporate credit markets. The company's investment philosophy combines three vectors: fundamental credit research, quantitative analysis and technical market knowledge and experience. BlueMountain Capital Management was founded in 2003 by Andrew Feldstein, Stephen Siderow and Gery Sampere. BMCM is a registered investment advisor with the SEC.