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S-4
CHARTER COMMUNICATIONS HOLDINGS CAPITAL CORP filed this Form S-4 on 04/30/1999
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<PAGE>   19
 
                UNAUDITED SUMMARY PRO FORMA FINANCIAL STATEMENTS
 
     The following Unaudited Summary Pro Forma Financial Statements are based on
the financial statements of Charter Holdings, CCA Group, and CharterComm
Holdings, L.P. (CharterComm Holdings), as adjusted to illustrate the estimated
effects of the following transactions (the "Transactions") as if such
Transactions had occurred on January 1, 1998 for the Statement of Operations and
Other Financial Data and on December 31, 1998 for the Balance Sheet Data and
Operating Data: (i) the acquisition of the Charter Companies effective December
23, 1998 by Paul G. Allen (the "Charter Acquisition"); (ii) the acquisition of
Sonic Communications, Inc. by one of the Charter Companies on May 20, 1998 (the
"Sonic Acquisition"); (iii) the acquisition of Marcus on April 22, 1998 by Paul
G. Allen; (iv) the acquisitions and dispositions by Marcus during 1998; (v) the
Marcus Combination; (vi) the Pending Acquisitions; and (vii) the refinancing of
all the debt of the Charter Companies and the Marcus Companies through the
issuance of the Notes and funding under the Credit Facilities. The Unaudited
Summary Pro Forma Financial Statements reflect the application of the principles
of purchase accounting to the transactions listed in items (i) through (iv) and
(vi) of the preceding sentence. The allocation of the purchase price is based,
in part, on preliminary information, which is subject to adjustment upon
obtaining complete valuation information with respect to each acquisition and
the net assets acquired.
 
     The Unaudited Summary Pro Forma Financial Statements do not purport to be
indicative of what the Company's financial position or results of operations
would actually have been had the Transactions been completed on the dates
indicated or to project the Company's results of operations for any future date.
See "Unaudited Pro Forma Financial Statements."
 

<TABLE>
<CAPTION>
                                                         UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
                                                                 YEAR ENDED DECEMBER 31, 1998
                                         ----------------------------------------------------------------------------
                                                                                PENDING      REFINANCING
                                          CHARTER     MARCUS      SUBTOTAL    ACQUISITIONS   ADJUSTMENTS     TOTAL
                                         ---------   ---------   ----------   ------------   -----------   ----------
                                                         (DOLLARS IN THOUSANDS, EXCEPT CUSTOMER DATA)
<S>                                      <C>         <C>         <C>          <C>            <C>           <C>
Revenues...............................  $ 611,690   $ 448,192   $1,059,882    $ 597,441      $     --     $1,657,323
                                         ---------   ---------   ----------    ---------      --------     ----------
Operating expenses:
  Operating, general and
    administrative.....................    310,100     231,050      541,150      306,209            --        847,359
  Corporate expenses(a)................     16,493      17,042       33,535        6,759            --         40,294
  Depreciation and amortization........    375,899     252,855      628,754      327,731            --        956,485
  Management fees......................         --          --           --       14,672            --         14,672
                                         ---------   ---------   ----------    ---------      --------     ----------
    Total operating expenses...........    702,492     500,947    1,203,439      655,371            --      1,858,810
                                         ---------   ---------   ----------    ---------      --------     ----------
Loss from operations...................    (90,802)    (52,755)    (143,557)     (57,930)           --       (201,487)
Interest expense.......................   (207,468)   (137,953)    (345,421)    (203,500)        4,200       (544,721)
Other income (expense).................        518          --          518       (5,862)           --         (5,344)
                                         ---------   ---------   ----------    ---------      --------     ----------
Net loss...............................  $(297,752)  $(190,708)  $ (488,460)   $(267,292)     $  4,200     $ (751,552)
                                         =========   =========   ==========    =========      ========     ==========
</TABLE>

 
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