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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>   37
 
                    UNAUDITED PRO FORMA FINANCIAL STATEMENTS
 
     The following Unaudited Pro Forma Financial Statements are based on the
financial statements of Charter Holdings, CCA Group, and CharterComm Holdings as
adjusted to illustrate the estimated effects of the following Transactions as if
they 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 Charter Acquisition; (ii) 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 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 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 pro forma adjustments are based upon available information
and certain assumptions that the Company believes are reasonable. The Unaudited
Pro Forma Financial Statements and accompanying notes should be read in
conjunction with the historical financial statements and other financial
information appearing elsewhere in this Prospectus, including "Capitalization"
and "Management's Discussion and Analysis of Financial Condition and Results of
Operations."
 
     The Unaudited 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.
 

<TABLE>
<CAPTION>
                                                 UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
                                                         YEAR ENDED DECEMBER 31, 1998
                              ----------------------------------------------------------------------------------
                                                                         PENDING        REFINANCING
                               CHARTER       MARCUS                    ACQUISITIONS     ADJUSTMENTS
                               (NOTE A)     (NOTE B)     SUBTOTAL        (NOTE C)        (NOTE D)       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 expense charges
     (Note E)...............      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 income (loss)...........  $ (297,752)  $ (190,708)  $ (488,460)     $ (267,292)     $    4,200    $ (751,552)
                              ==========   ==========   ==========      ==========      ==========    ==========
</TABLE>

 
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