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424B3
CHARTER COMMUNICATIONS HOLDINGS CAPITAL CORP filed this Form 424B3 on 09/01/1999
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<PAGE>   227
             CHARTER COMMUNICATIONS HOLDINGS, LLC AND SUBSIDIARIES
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
accounting criteria are met. Special accounting for qualifying hedges allows a
derivative's gains and losses to offset related results on the hedged item in
the income statement, and requires that a company must formally document,
designate and assess the effectiveness of transactions that receive hedge
accounting. SFAS No. 133 is effective for fiscal years beginning after June 15,
1999. The Company has not yet quantified the impacts of adopting SFAS No. 133 on
its consolidated financial statements nor has it determined the timing or method
of its adoption of SFAS No. 133. However, SFAS No. 133 could increase volatility
in earnings (loss).
 
12.  PARENT COMPANY ONLY FINANCIAL STATEMENTS
 
     As a result of the limitations on and prohibitions of distributions,
substantially all of the net assets of the consolidated subsidiaries are
restricted for distribution to Charter Holdings, the parent company. Charter
Holdings (parent company only) financial statements are presented below.
 
           CHARTER COMMUNICATIONS HOLDINGS, LLC (PARENT COMPANY ONLY)
 
                                 BALANCE SHEET
                             (DOLLARS IN THOUSANDS)
 

<TABLE>
<CAPTION>
                                                             DECEMBER 31, 1998
                                                             -----------------
<S>                                                          <C>
ASSETS
INVESTMENT IN CHARTER OPERATING............................     $2,147,379
                                                                ==========
MEMBERS' EQUITY
MEMBERS' EQUITY............................................     $2,147,379
                                                                ==========
</TABLE>

 
           CHARTER COMMUNICATIONS HOLDINGS, LLC (PARENT COMPANY ONLY)
 
                            STATEMENT OF OPERATIONS
                             (DOLLARS IN THOUSANDS)
 

<TABLE>
<CAPTION>
                                                               PERIOD FROM
                                                            DECEMBER 24, 1998,
                                                                 THROUGH
                                                            DECEMBER 31, 1998
                                                            ------------------
<S>                                                         <C>
EQUITY IN LOSS OF CHARTER OPERATING.......................      $   (5,277)
                                                                ==========
  Net loss................................................      $   (5,277)
                                                                ==========
</TABLE>

 
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