Liberty Global : Q1 2019 Investor Call Presentation

LIBERTY GLOBAL PLC

INVESTOR CALL | Q1 2019

May 7, 2019

"SAFE HARBOR"

Forward-Looking Statements + Disclaimer

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations with respect to our rebased OCF growth, our Adjusted FCF and our P&E additions; the anticipated regulatory approvals, closings and impacts of each of the Vodafone and Sunrise transactions; the expected use of proceeds of our disposal transactions; decisions regarding our capital allocation; expectation with respect to Project Lightning; expectations with respect to the development, launch and benefits of our innovative and advanced products and services; the strength of our balance sheet and tenor of our third-party debt; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates' services and their willingness to upgrade to our more advanced offerings; our and our affiliates' ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the effects of changes in laws or regulation; general economic factors; our and our affiliates' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our and affiliates' ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our and our affiliates' video services and the costs associated with such programming; our and our affiliates' ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates to access cash of their respective subsidiaries; the impact of our operating companies' and affiliates' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our and our affiliates' ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K/A and Form 10-Q. Further, estimated cash proceeds from pending dispositions are inherently uncertain and represent management's expectations and beliefs and do not take into account the ultimate use of the proceeds or any other changes in our capital structure or tax effects, directly or indirectly related to the pending dispositions. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Presentation of Continuing & Discontinuing Operations:

On May 9, 2018, we agreed to sell our operations in Germany, Hungary, Romania and the Czech Republic. On July 31, 2018, we sold our operations in Austria. On May 2, 2019, we sold our UPC DTH operations, which provide direct-to-home satellite services in Hungary, the Czech Republic, Romania and Slovakia. Our operations in Germany, Hungary, Romania and the Czech Republic, along with our former UPC DTH operations and operations in Austria are collectively referred to herein as the "Discontinued Operations" and have all been accounted for as discontinued operations in our March 31, 2019 Form 10-Q.

The term "Excluding Switzerland" represents our continuing operations excluding UPC Switzerland and certain holding companies within the UPC Holding borrowing group (together, the "Switzerland Disposal Group"), including the UPC Holding borrowing group's existing senior and senior secured notes (the "UPC Notes") associated derivatives and certain other debt items. This is the basis on which analyst consensus estimates for our key performance indicators are currently derived and on which we originally provided our 2019 guidance for OCF, Adjusted FCF and Property and Equipment Additions. We present OCF, OFCF, Adjusted FCF and Property and Equipment Additions on an Excluding Switzerland basis in order to allow readers to track our performance against analyst consensus estimates and our original 2019 guidance as applicable.

The term "Full Company" includes our continuing operations and our Discontinued Operations, which is the basis on which we calculate our respective leverage ratios for debt covenant compliance purposes.

Additional Information Relating to Defined Terms:

Please refer to the Appendix at the end of this presentation, as well as our press release dated May 6, 2019 and our SEC filings, for the definitions of the following terms which may be used herein, including: Rebased Growth, Operating Cash Flow ("OCF"), Adjusted Free Cash Flow ("FCF"), Operating Free Cash Flow ("OFCF"), Revenue Generating Units ("RGUs"), Average Revenue per Unit ("ARPU"), as well as non-GAAP reconciliations, where applicable. Unless otherwise indicated, all Rebased Growth rates are calculated on a New GAAP basis.

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EXECUTIVE SUMMARY

FINANCIAL RESULTS

APPENDIX

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Q1 2019 HIGHLIGHTS

•Vodafone transaction on track for summer completion

•Sale of UPC Switzerland on track for Q4 2019 completion

•Recently closed the sale of our DTH business

•Sequential and YoY uplift in UK subscriber volumes

•Green shoots in Swiss turnaround emerging

•Significant YoY reduction in capex & increase in OFCF

•Confirming all 2019 guidance targets

REPORTED BASIS	Q1 2019
Continuing Operations including Switzerland
RGU Net Adds				25k
Revenue Growth (rebased)				(0.6%)
OCF Growth (rebased)				(0.5%)
Adjusted FCF			($625m)
GUIDANCE BASIS	Q1 2019
Continuing Operations excluding Switzerland
RGU Net Adds			68k
Revenue Growth (rebased)			(0.2%)
OCF Growth (rebased)			0.8%
Adjusted FCF(1)			($622m)

(1)As determined on a pro forma basis, which incorporates our preliminary estimate of (a) assumed interest and related derivative payments that

were made by UPC Holding continuing operations during the period and (b) the net cash flows that we would have received from transitional	4
services agreements if the sale of the remaining Discontinued Operations and UPC Switzerland had occurred on January 1, 2019.

Q1 NET ADDITIONS

Improved subscriber trends both sequentially and year-over-year for our Continuing Operations

FIXED-LINE RGU NET ADDS

(Excluding Switzerland) (000s)

68

95

			74
		35		16	49
	34
		47
VOICE	7	32		23
	42				57
BROADBAND	28	37	37
VIDEO	(15)		(10)

(44)	(38)

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Q1 '19

BROADBAND

•Continued speed leadership across our footprint, including the launch of 500 Mbps in the U.K. nationwide, and gigabit speed trials in select cities across our European footprint

•Deployed 6 million Connect boxes in our Continuing Operations footprint

•Launched Intelligent WiFi in the U.K., a smart cloud-based, adaptive system designed to significantly improve the in-home WiFi experience

VIDEO

•Announced Amazon's Prime Video partnership in the U.K.

•EOS/Horizon 4 being rolled out in all core markets

VOICE

•Focus on bundling IP voice service driven by strong U.K. performance

FIXED-MOBILE CONVERGENCE

•Over 20% of our Continuing Operations' broadband customer base now converged, led by Telenet at over 40% and Virgin Media at 20%

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