Liberty Global : Q3 2019 Investor Call Presentation

LIBERTY GLOBAL PLC

INVESTOR CALL | Q3 2019

November 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 pro forma FCF, including guidance with respect to its components, our P&E additions, our annual corporate opex and our central cost reductions including TSA revenue, underlying costs and recharges to retained assets; expectations with respect to Belgium (including revenue, adjusted FCF and dividends), Switzerland (including revenue, OCF,

OFCF and subscriber additions) and the Dutch JV (including OCF and distributions); decisions regarding our

capital allocation; expectations with respect to the development, launch and benefits of our innovative and advanced products and services, including the rollout of Gigabit broadband; 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 Forms 10-Q. These forward-looking statements speak only as of the date of this presentation. 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 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. On July 31, 2019, we sold our operations in Germany, Hungary, Romania and the Czech Republic. 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 September 30, 2019 Form 10-Q.

On February 27, 2019, we entered into a share purchase agreement (the SPA) to sell our operations in Switzerland (UPC Switzerland) to Sunrise Communications Group AG (Sunrise), which was amended on October 22, 2019. The amended SPA provides our company the right to terminate the SPA at any time, except if we have requested Sunrise to convene a new Extraordinary General Meeting (EGM) to approve an associated capital increase and entitles Sunrise to terminate the SPA at any time after November 11, 2019, except if we have requested Sunrise to convene a new EGM. In light of the fact that the SPA remains in effect as of the date of this release and the fact that we originally provided our 2019 guidance for OCF, Adjusted FCF and property and equipment additions excluding our operations in Switzerland, we are continuing to provide certain metrics on an "excluding Switzerland" basis. 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.

Additional Information Relating to Defined Terms:

Please refer to the Appendix at the end of this presentation, as well as our press release dated November 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.

2

Q3 2019 HIGHLIGHTS

• Group Financial & Operating Results
• • Tracking to OCF and FCF guidance
  • Rebased OFCF up 42% YTD; +80% ex-Switzerland
  • Central opex scaling down

• Virgin Media
• • Declining capital intensity; strong OFCF growth
  • Cable impacted by weak macro and price rise
  • FMC driving record mobile adds; new MVNO deal
  • Lightning results solid & economics improving
  • Exploring further expansion with Liberty Networks

• Switzerland
• • Sunrise EGM to authorize equity financing canceled
  • Regulatory approval and SPA valid until Feb 27
  • Turnaround plan in full swing
  • UPC remains fulcrum asset in a converging market

• Other Operations
• • Belgium on track for FY guidance, dividend announced
  • Netherlands JV delivers second successive quarter of revenue growth
  • Poland/Slovakia growing modestly

• Broadband
• • Continued demand for broadband; +63k YTD
  • Extending speed leadership with Giga rollouts
  • Footprint-widelaunches in Belgium and Switzerland
  • UK & Netherlands launch first Giga-cities with full rollout by 2021

• Capital Allocation
• • Total liquidity at Q3 of ~$10bn
  • $2.7bn tender offer successfully completed
  • Patient approach to long-term value creation

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Q3 2019 OPERATING UPDATE

Significant OFCF growth through efficient deployment of capital; successfully implementing mid-term growth plan

VIRGIN MEDIA

KEY OPERATING

RESULTS(1)

Q3 YTD

(53k)	+2k
FIXED NET	FIXED NET
ADDS	ADDS

+107k	+191k
POSTPAID	POSTPAID
MOBILE NET	MOBILE NET
ADDS	ADDS

+0.1%	+0.1%
REVENUE	REVENUE
(4.1%)	(2.4%)
OCF	OCF
+15%	+31%
OFCF	OFCF

CUSTOMER ARPU

GROWTH YOY

1.9% 2.0%

0.5% 0.5%

(0.3%)

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

• Price Rise 2019 effective Sep/Oct underpinned a 50 bps improvement in rental ARPU(2)
• Rental ARPU(2) up 1.7% YoY
• Subscription ARPU continues to be impacted by lower PPV and phone usage

SUBSCRIBER NET ADDS (000s)

105					107
			51	59	57
37	24	26
						(5)
		Fixed RGU		Postpaid Mobile	(53)
	Q3'18	Q4'18		Q1'19	Q2'19	Q3'19

• Q3 fixed additions impacted by earlier U.K. price rise and more disciplined retentions
• Brexit and softer U.K. macro impacting RGU and ARPU trends
• FMC bundles driving record postpaid adds

STRATEGIC UPDATE

• Gigabit broadband rollout underway; network-wide completion by 2021
• Access to 5G products and better economics with new Vodafone MVNO deal
• Project Lightning delivering compelling returns
• Liberty Networks created to explore expansion in greenfield areas
• Restructured B2B
• • Small Office business moved to Consumer
  • Maximizing B2B wholesale and large enterprise opportunities

(1) Revenue, OCF and OFCF growth rates presented on a rebased basis as applicable.	4
(2) Rental ARPU is subscription ARPU less out-of-bundle telephony and pay-per-view usage

Q3 2019 OPERATING UPDATE (1,2)

Regional champions driving FMC, extending network superiority and generating significant adjusted Free Cash Flow

BELGIUM

Significant OFCF growth and FCF generation

SWITZERLAND

Turnaround plan in full swing; sub trends improving

DUTCH JV (50%)

Strong operating trends fuels return to growth

(36k)

FIXED NET

ADDS

•	1Gbps launched across
	3+mm homes & businesses
•	FMC penetration increased

(14k)	• 1 Gbps launched; UPC now
FIXED NET	has largest 1 Gbps network in
Switzerland
ADDS

(29k)

FIXED NET

ADDS

•	Announced national rollout
	of 1Gbps starting in 2019
•	Milestone achievement of

+31k

MOBILE NET

ADDS

(2.0%)

REVENUE

to 44% in Q3

• Successful price rise of

~2% landed

• Improved revenue guidance

at Q3 earnings for 2019

• Adj. FCF(3) guidance of

€380 - 400mm

+16k

MOBILE NET

ADDS

(3.3%)

REVENUE

•	FMC penetration increased
	to 18% in Q3
•	Continued deployment of
	Horizon 4 set-tops; ~20% of
	total video base already
	penetrated
• Q3 2019 OCF impacted by
	strategic investments in growth

+53k

MOBILE NET

ADDS

+0.8%

REVENUE

2mm converged SIMs

• ~4% price rise implemented

in July successfully

• Approximately €160mm run-

rate synergies now realized

• OCF guidance now ~3%,

high end of original range

(2.3%)	• Gross intermediate
OCF	(5)

dividend of €63mm expected by YE '19

+44%

OFCF

(11.9%)

OCF

+(26)%

OFCF

initiatives including digitization

• Expect 2019 revenue, OCF,

OFCF and subscriber

additions to be in-line with

2019 targets

+1.7%	• Expect to distribute
OCF	~€600mm	(4)	to parents in
	2019
+(14)%

OFCF

(1)	We own a 50% noncontrolling interest in the VodafoneZiggo JV in the Netherlands and all results are as disclosed and as reported by the JV. Results are not consolidated by Liberty Global.
(2)	Revenue, OCF and OFCF growth rates presented on a rebased basis as applicable.	5
(3)	Under IFRS reporting.

1. 50% of 2018 & 2019 cash returns are attributable to Liberty Global. Includes dividends and principal and interest payments on shareholder loans.
2. 60% of dividend is attributable to Liberty Global.