Wachovia SecuritesWachovia Securites

Media & Communications Media & Communications Fixed Income Fixed Income Conference

April 14, 2004April 14, 2004

Mark E. StephanMark E. StephanExecutive Vice President,Executive Vice President,

Chief Financial Officer and TreasurerChief Financial Officer and Treasurer

Safe Harbor Statement

Any statements in this presentation that are not historical facts are forward-Any statements in this presentation that are not historical facts are forward-

looking statements. The words “plan”, “believe”, “expect”, “anticipate”, looking statements. The words “plan”, “believe”, “expect”, “anticipate”,

“estimate” and other expressions that indicate future events and trends identify “estimate” and other expressions that indicate future events and trends identify

forward-looking statements. These forward-looking statements are subject to forward-looking statements. These forward-looking statements are subject to

certain risks and uncertainties that could cause actual results to differ materially certain risks and uncertainties that could cause actual results to differ materially

from historical results or those anticipated. Factors that could have a material from historical results or those anticipated. Factors that could have a material

and adverse impact on actual results are described in the reports and and adverse impact on actual results are described in the reports and

documents Mediacom files from time to time with the Securities and Exchange documents Mediacom files from time to time with the Securities and Exchange

Commission. Mediacom undertakes no obligation to publicly release the results Commission. Mediacom undertakes no obligation to publicly release the results

of any revisions to these forward-looking statements to reflect events or of any revisions to these forward-looking statements to reflect events or

circumstances after today or to reflect the occurrence of unanticipated events.circumstances after today or to reflect the occurrence of unanticipated events.

Company Overview

Network upgrades complete

Launching enhanced broadband products

Redefining our market opportunity

Dramatic improvement in unlevered FCF

Powerful Broadband Network

98% of network upgraded

95% of customers served by 50 largest

headends

Network Capacity Network Scale

95%98%

Cedar Rapids

Moline

Minneapolis

Charleston

Springfield

Peoria

South BendDes Moines

Carbondale

Northern Network: 1,500,000 Homes

MN

WI

IA

IL IN

Northern/Southern Network Reach: 70% of Our Total Homes

Southern Network: 400,000 Homes

Mobile

Pensacola

Albany

Valdosta

Tallahassee

MS

FL

GAAL

Our Network – Built for Years to Come

$1.2 billion invested in cable network$1.2 billion invested in cable network Network capacity can be expanded at Network capacity can be expanded at

reasonable costs and is success-basedreasonable costs and is success-based Dark fiber – node splittingDark fiber – node splitting DWDMDWDM Statistical multiplexingStatistical multiplexing Digital transitionDigital transition MPEG-4MPEG-4 DOCSIS 2.0DOCSIS 2.0

Total Market Potential: $8.0 Bln $10.0 Bln

Redefining Market Opportunity

2003 2007

15.0%12.5%

Mediacom’s Rev.: $1.0 Bln $1.5 Bln

Revenue diversification to accelerateRevenue diversification to accelerate

Mediacom’sMarket Share

Growth Propelled by New RGU’s

1999 Q4 2003 2007

Video

Data

Voice

Ad Sales

Rev/Basic Sub: $35 $56 $80

RGU/HP 68% 80% 105%Rev/RGU $34 $39 $41

98% 82% 67%

18%

13%

5%5%

10%

2004 Operational Objectives

Enhance video offerings

Continue to invest in localism and customer care

Strengthen HSD product line

Expand commercial data business

Launch VoIP telephony

Core Video Strategy

Continue competitive response to DBS

Leverage our broadband network’s strengths via product enhancements

Intensify retention and customer care efforts

Re-qualify customer base/market footprint

Enhance Video Offering

Transform the core video product from Transform the core video product from family cable to entry-level digitalfamily cable to entry-level digital

Drive incremental digital penetration with Drive incremental digital penetration with value-added product enhancementsvalue-added product enhancements

AvailabilityAvailability% of digital customers% of digital customers YE03YE03 YE04YE04VODVOD 50%50% 65%65%DVRDVR -- 70%70%HDTVHDTV 70%70% 82%82%

Product Differentiation

Localism and Customer Care: Priority #1

Localism is our critical advantage Virtual Contact Center initiative enables re-

routing of calls among call centers Instant access to customer records and

company product information Improves employee productivity

Residential Data Customer Growth

HomesMarketed: 1,057,000 1,420,000 2,320,000 2,655,000

Penetration: 6.1% 8.1% 8.2% 10.5%

12/00PF 12/01 12/02 12/03

65,000

280,000

191,000

115,000

Strengthen HSD Product Line

Flagship product speeds at 3MBFlagship product speeds at 3MB 5MB residential product for heavy users5MB residential product for heavy users ““Lite” product launchLite” product launch Capitalize on comparative advantagesCapitalize on comparative advantages

Core product available to over 95% of footprintCore product available to over 95% of footprint Constrained DSL availabilityConstrained DSL availability

Expand Commercial Data Business

Dedicated in-house division Dedicated in-house division Naturally positioned with regional networks Naturally positioned with regional networks Over 500,000 small- and medium-sized Over 500,000 small- and medium-sized

businesses in our marketsbusinesses in our markets Custom/turnkey high-speed Internet/dataCustom/turnkey high-speed Internet/data Enterprise Networks Powered by MediacomEnterprise Networks Powered by Mediacom

The Future – VoIP Telephony

VoIP: next layer of revenue growth

Complete the “triple play” bundle

Cash flow accretive business model

Favorable ROIC

Positioning to launch service in Q4 2004

DBS RBOC MediacomMediacom

Digital - Digital

- - VOD

HDTV - HDTV

DVR - DVR

- DSL HSD

- Voice VoIP

Challenge Competitors With Superior Products & Services

FinancialFinancialOverviewOverview

Flexible Capital Structure

Mediacom Broadband LLCSubsidiaries

Senior Debt $955Unused Credit Commitments $442Senior Debt/SCF 4.3x

Mediacom Broadband LLC

Senior Notes $400Total Debt/OCF 6.4x

Mediacom LLCSubsidiaries

Senior Debt $699Unused Credit Commitments $327Senior Debt/SCF 3.1x

Mediacom LLC

Senior Notes $825Total Debt/OCF 7.0x

Mediacom Communications Corporation

Convertible Notes $173Total Debt/OCF 7.4xTotal Debt (excl cnvt)/OCF 7.0x

Notes:Notes: Based on Q4 ‘03 data.Based on Q4 ‘03 data.Dollars in millions.Dollars in millions.

Total Debt:$3.05 Billion

Cost of Debt: 6.3%

Excellent Liquidity Position

Borrowing Groups

(Q4 2003) USA Midwest Broadband

Annualized Bank Cash Flow (1) $ 119.0 $ 106.6 $ 223.6

Maximum Leverage Ratio 4.50x 4.50x 5.50x

Maximum Availability $ 535.5 $ 479.7 $ 1,229.8

Bank Debt Outstanding (2) $ (334.9) $ (370.2) $ (957.8)

Potential Availability $ 200.6 $ 109.5 $ 272.0

Unused Bank Lines 181.4 146.1 442.2

Actual Availability (3) $ 181.4 $ 109.5 $ 272.0

Notes: Dollars in millions. As of 12/31/03.Notes: Dollars in millions. As of 12/31/03.(1)(1) USA and Midwest Annualized Bank Cash Flow each includes $9.0 million of annualized investment income on the combined 12% $150 million USA and Midwest Annualized Bank Cash Flow each includes $9.0 million of annualized investment income on the combined 12% $150 million

preferred equity investment in Mediacom Broadband LLC.preferred equity investment in Mediacom Broadband LLC.(2)(2) Includes letters of credit and capital lease obligations (net of carve-outs) for bank covenant purposes.Includes letters of credit and capital lease obligations (net of carve-outs) for bank covenant purposes.(3)(3) Actual Availability is the lower of Potential Availability and Unused Bank Lines as of 1/1/04.Actual Availability is the lower of Potential Availability and Unused Bank Lines as of 1/1/04.

Total borrowing availability of $562.9 million

Strong Credit Profile – Debt Maturities

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Convert Senior Notes Bank Debt(Q4 2003)

Note: Dollars in millions. Excludes $7.2 million of capital leases.Note: Dollars in millions. Excludes $7.2 million of capital leases.

Fixed/Floating:72%/28%

2004 Financial Guidance

Revenue of $1.075 billion to $1.085 billionRevenue of $1.075 billion to $1.085 billion

OIBDA of $425 million to $435 millionOIBDA of $425 million to $435 million

CAPEX of $165 million to $175 millionCAPEX of $165 million to $175 million

Unlevered FCF of at least $250 millionUnlevered FCF of at least $250 million

Interest expense of $194 million to $200 millionInterest expense of $194 million to $200 million

FCF of at least $50 millionFCF of at least $50 million

Significant Decline in CAPEX

$0

$50

$100

$150

$200

$250

$300

$350

$400

2002 2003 2004

$408

$240

$170

CAPEX per Sub: $256 $155 $110

Note: Dollars in millions except per sub figures. 2004 cap ex represents midpoint of guidance.Note: Dollars in millions except per sub figures. 2004 cap ex represents midpoint of guidance.

$200

$55

Upgrades

Dramatic Improvement in Unlevered FCF

2000 2001 2002 2003 2004P

($56)

$250

$165

($37)($37)

% ofRevenue: (17.0%) (6.3%) (4.0%) 16.4% 23.1%

Notes: Dollars in millions. 2004 figure based on low point of guidance. Notes: Dollars in millions. 2004 figure based on low point of guidance.

NOLs – Real “Unrecognized” Value

Net operating loss carry forwards exceed Net operating loss carry forwards exceed $1.2 billion at YE03 and expire in 2020 - $1.2 billion at YE03 and expire in 2020 - 20232023

Taxable income not expected until 2009, Taxable income not expected until 2009, so NOLs will continue to growso NOLs will continue to grow

NOLs represent real “future” value as a tax NOLs represent real “future” value as a tax shield and hundreds of millions of dollars in shield and hundreds of millions of dollars in “present” value“present” value

$111$107

MCCC INDUSTRY

14%16%

MCCC INDUSTRY

37%40%

MCCC INDUSTRY

$71$56

MCCC INDUSTRY

Putting Mediacom Into Perspective

Monthly Rev/Sub

Annual Unlevered FCF/Sub Unlevered FCF/Revenues

OCF Margin

Note: Data for FY 2003.Note: Data for FY 2003.

Summary

Leveraging broadband networkLeveraging broadband network

Strengthening competitive video positionStrengthening competitive video position

Broadening data businessBroadening data business

Seizing VoIP opportunitySeizing VoIP opportunity

Accelerating FCF growthAccelerating FCF growth

Use of Non-GAAP Financial MeasuresThis presentation includes the financial measures “operating income before depreciation and This presentation includes the financial measures “operating income before depreciation and amortization,” “unlevered free cash flow” and “free cash flow”, which are not determined in amortization,” “unlevered free cash flow” and “free cash flow”, which are not determined in accordance with generally accepted accounting principles (GAAP) in the United States. The accordance with generally accepted accounting principles (GAAP) in the United States. The Company defines unlevered free cash flow as operating income before depreciation and Company defines unlevered free cash flow as operating income before depreciation and amortization less capital expenditures, and free cash flow as operating income before amortization less capital expenditures, and free cash flow as operating income before depreciation and amortization less interest expense, net and capital expenditures. depreciation and amortization less interest expense, net and capital expenditures.

Operating income before depreciation and amortization is one of the primary measures used Operating income before depreciation and amortization is one of the primary measures used by management to evaluate the Company’s performance and to forecast future results. The by management to evaluate the Company’s performance and to forecast future results. The Company believes this measure is useful for investors because it enables them to assess the Company believes this measure is useful for investors because it enables them to assess the Company’s performance in a manner similar to the method used by management, and Company’s performance in a manner similar to the method used by management, and provides a measure that can be used to analyze, value and compare the companies in the provides a measure that can be used to analyze, value and compare the companies in the cable television industry, which may have different depreciation and amortization policies. A cable television industry, which may have different depreciation and amortization policies. A limitation of this measure, however, is that it excludes depreciation and amortization, which limitation of this measure, however, is that it excludes depreciation and amortization, which represents the periodic costs of certain capitalized tangible and intangible assets used in represents the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company’s business. Management uses a separate process to generating revenues in the Company’s business. Management uses a separate process to budget, measure and evaluate capital expenditures. budget, measure and evaluate capital expenditures.

Use of Non-GAAP Financial MeasuresFree cash flow is used by management to evaluate the Company’s ability to service its debt and Free cash flow is used by management to evaluate the Company’s ability to service its debt and to fund continued growth with internally generated funds. The Company believes this measure to fund continued growth with internally generated funds. The Company believes this measure is useful for investors because it enables them to assess the Company’s ability to service its is useful for investors because it enables them to assess the Company’s ability to service its debt and to fund continued growth with internally generated funds in a manner similar to the debt and to fund continued growth with internally generated funds in a manner similar to the method used by management, and provides a measure that can be used to analyze, value and method used by management, and provides a measure that can be used to analyze, value and compare companies in the cable television industry. The Company’s definition of free cash flow compare companies in the cable television industry. The Company’s definition of free cash flow eliminates the impact of quarterly working capital fluctuations, most notably the timing of semi-eliminates the impact of quarterly working capital fluctuations, most notably the timing of semi-annual cash interest payments on the Company’s senior notes. The only difference between annual cash interest payments on the Company’s senior notes. The only difference between the terms free cash flow and unlevered free cash flow is that unlevered free cash flow does not the terms free cash flow and unlevered free cash flow is that unlevered free cash flow does not subtract interest expense, net. The Company’s definitions of free cash flow and unlevered free subtract interest expense, net. The Company’s definitions of free cash flow and unlevered free cash flow may not be comparable to similarly titled measures used by other companies.cash flow may not be comparable to similarly titled measures used by other companies.

Operating income before depreciation and amortization, unlevered free cash flow and free cash Operating income before depreciation and amortization, unlevered free cash flow and free cash flow should not be regarded as alternatives to either operating income or net loss as indicators flow should not be regarded as alternatives to either operating income or net loss as indicators of operating performance or to the statement of cash flows as measures of liquidity, nor should of operating performance or to the statement of cash flows as measures of liquidity, nor should they be considered in isolation or as substitutes for financial measures prepared in accordance they be considered in isolation or as substitutes for financial measures prepared in accordance with GAAP.with GAAP.

Use of Non-GAAP Financial Measures

The Company believes that operating income is the most directly comparable The Company believes that operating income is the most directly comparable GAAP financial measure to operating income before depreciation and amortization, GAAP financial measure to operating income before depreciation and amortization, and that net cash flows provided by operating activities is the most directly and that net cash flows provided by operating activities is the most directly comparable GAAP measure to unlevered free cash flow and free cash flow. comparable GAAP measure to unlevered free cash flow and free cash flow.

Any applicable reconciliation of historical non-GAAP financial measures included in Any applicable reconciliation of historical non-GAAP financial measures included in this presentation to the most directly comparable GAAP financial measures is this presentation to the most directly comparable GAAP financial measures is available at the Press Releases link in the Investor Relations section of the available at the Press Releases link in the Investor Relations section of the Company’s website at www.mediacomcc.com. The Company is unable to reconcile Company’s website at www.mediacomcc.com. The Company is unable to reconcile operating income before depreciation and amortization, unlevered free cash flow operating income before depreciation and amortization, unlevered free cash flow and free cash flow to their most directly comparable GAAP measures on a forward-and free cash flow to their most directly comparable GAAP measures on a forward-looking basis primarily because it is impractical to project the timing of certain items, looking basis primarily because it is impractical to project the timing of certain items, such as the initiation of depreciation relative to network construction projects, or such as the initiation of depreciation relative to network construction projects, or changes in working capital.changes in working capital.