Liberty Global : Q2 2020 Investor Call Presentation

LIBERTY GLOBAL PLC

INVESTOR CALL | Q2 2020

August 4th, 2020

"SAFE HARBOR"

Forward-Looking Statements + Disclaimer

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "may," "target," and similar expressions and variations or negatives of these words. These forward-looking statements may include, among other things, statements with respect to our strategies, future growth prospects and opportunities, results of operations, uses of cash, and other measures that may impact our financial performance; expectations with respect to our rebased Adjusted EBITDA decline, our rebased OFCF growth and our Adjusted FCF; our share buyback program; expectations with respect to cost reductions; anticipated headwinds in 2020; our medium-term outlook; expectations with respect to the development, launch and benefits of our innovative and advanced products and services, including gigabit speeds, new technology and next generation platform rollouts or launches; the strength of our balance sheet and tenor of our third-party debt; expectations with respect to our operations models; anticipated benefits and synergies and estimated costs of the proposed transaction with Telefonica S.A. (the "Proposed Transaction") to form a joint venture between the U.K. operations of Virgin Media and O2 (the "Joint Venture") and/or other transactions that may have closed prior to the date hereof; and the expected timing of completion of the Proposed Transaction; 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; the effects of the U.K.'s exit from the E.U.; general economic, legislative, political and regulatory factors, and the impact of weather conditions, natural disasters, or any epidemic, pandemic or disease outbreak (including COVID-19); our and our affiliates' ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions, including with respect to the Proposed Transaction; 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, including any potential litigation that may be instituted with respect to the Proposed Transaction or other material transactions; that the Proposed Transaction may not be completed on anticipated terms and timing or completed at all; our and Telefonica S.A.'s respective affiliates' ability to successfully integrate the combined businesses of the Joint Venture and realize anticipated efficiencies and synergies from the Proposed Transaction; the potential impact of unforeseen liabilities, future capital expenditures, revenues, expenses, economic performance, indebtedness, financial condition on the future prospects and business of the Joint Venture after the consummation of the Proposed Transaction; expected financing and recapitalization transactions undertaken in connection with the Proposed

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; other factors detailed from time to time in our filings with the U.S. Securities and Exchange Commission; and management's response to any of the aforementioned factors. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, please see our filings with the U.S. Securities and Exchange Commission, including our most recently filed Form 10-Q. 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 & Held for Sale Operations:

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 are collectively referred to herein as the "Discontinued Operations" and have all been accounted for as discontinued operations for the three and six months ended June 30, 2019, in our June 30,2020 Form 10-Q. On May 7, 2020, we entered into an agreement with, among others, Telefonica S.A. (Telefonica). Pursuant to which, Liberty Global and Telefonica agreed to form a 50:50 joint venture, which will combine Virgin Media's operations in the U.K. (the U.K. JV Entities) with Telefonica's mobile business in the U.K. As such, the U.K. JV Entities are accounted for as held for sale in our June 30, 2020 Form 10-Q.

Additional Information Relating to Defined Terms:

Please refer to the Appendix at the end of this presentation, as well as our press release dated August 3, 2020 and our SEC filings, for the definitions of the following terms which may be used herein, including: Rebased Growth, Adjusted EBITDA, 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.

Transaction and risks associated such transactions; any negative effects of the announcement, pendency or consummation	2
of the Proposed Transaction; the ability of our operating companies and affiliates to access cash of their respective

EXECUTIVE SUMMARY

FINANCIAL RESULTS

APPENDIX

3

Q2 2020 HIGHLIGHTS

1 Navigating COVID-19

Employee safety and well-being remains top priority Keeping customers connected; strong network performance Modest business impact to date; monitoring medium-term outlook

2 Solid underlying Q2 results

NPS at record highs across majority of footprint

Best customer and broadband quarterly additions since Q3 '17 Underlying revenue broadly flat; COVID-19 impacts generally low margin Robust rebased OFCF growth of 14%

3 U.K. JV with Telefonica on track

Pre-merger integration planning well underway

Over $4 billion in financing completed

Regulatory process initiated

4 Outlook & Capital Allocation

Reconfirming all 2020 guidance metrics

Repurchased ~$750m of stock from Feb 24 to Jul 31

Completed over $10bn of opportunistic refinancing in H1

Q2 2020 (1)

OPERATIONS ACTUAL YOY

	Customer Net Adds	8k	36k
	Fixed Customer	$57.35	(1.3%)
	Rebased ARPU

Fixed Mobile	24%	310bps
Convergence
FINANCIALS	ACTUAL	YOY
Rebased Revenue	$2.72bn	(4.3%)
Rebased Adjusted	$1.19bn	(0.4%)
EBITDA
P&E Additions	$588m	$(95m)
Rebased OFCF	$601m	14.2%
Adjusted FCF	$456m
		4

(1) Please refer to the Appendix for definitions and non-GAAP reconciliations, where applicable.

FMC STRATEGY: WORKING ACROSS EUROPE

FMC CREATES NATIONAL CHAMPIONS(1)	FMC DRIVES GROWTH AND FCF
		MARKET SHARE			FMC			REBASED EBITDA GROWTH	CUMULATIVE
		MOBILE	BB	TV		RATIO
					PRIOR TO DEAL	YEAR 3	FCF
BE (TNET)	#3	#1	#1		46%
NL (VFZ)	#2	#1	#1		42%		BE (2015)	5.6%	7.9%	€ 1.8bn(3)
UK (VM/O2)(2)	#1	#3	#2		24%		NL (2016)	-2.7%	4.0%	€ 2.3bn(4)
UK (On-Net)(2)	#1	#1	#2
			UK (2020)	(5)
								-3.5%	TBD	TBD

FMC DELIVERS SIGNIFCANT SYNERGIES	FMC VALUATIONS ARE HIGHER(7)
		AT ANNOUNCEMENT		UPDATE		EV/EBITDA	EV/OFCF	FCF YIELD
		RUN RATE	NPV
	BE	€ 150m	€ 1.5bn		Synergies	Tele2	11.0 x	15.6 x	5.6%
		exceeded	Swisscom	8.7 x	17.8 x	5.3%
	NL	€ 210m	€ 3.5bn	(6)	Expect	Sunrise	9.3 x	21.8 x	3.2%
		to exceed	KPN	7.3 x	14.1 x	6.6%
	UK	₤ 540m	₤ 6.2bn		TBD	NOS	6.1 x	16.6 x	6.9%
		Telenet	7.1 x	11.6 x	10.5%
						Average	8.2 x	16.2 x	6.4%
(1)	Based on public market information of our competitors in the respective markets
(2) U.K. market share positions shown are on a Virgin Media U.K. + O2 combined basis. U.K. tv market share reflects pay-tv market. FMC% reflects Virgin Media UK only
(3)	Represents the amount of FCF Telenet has generated after the acquisition of BASE in February 2016
(4)	Represents the amount of FCF the Dutch JV has generated after formation in December 2016. 100% of the results related to our 50% owned non-consolidated Dutch JV		5
(5)	Reflects UK-only rebased adjusted EBITDA for H1 2020. H1 2020 rebase adjustments for UK/Ireland relate to foreign currency impacts primarily in the UK

1. At least €1bn NPV of revenue synergies
2. Multiple averages from Goldman Sachs (dated the week of August 3, 2020), Barclays and Redburn (both dated the week of July 27, 2020). All metrics are on 2020 figures

VIRGIN MEDIA: Q2 2020 OPERATING UPDATE

Solid underlying performance; Negative ARPU growth largely due to pause on low-margin sports

HIGHLIGHTS		BALANCING PRICE AND VOLUME

• Improved NPS drove customer	Fixed Line Customers			SPEED LEADERSHIP (3)
retention	(000s)					Average UK base speed: 160Mbps
• Fixed customer adds +24k	5,966	5,963	5,954	5,952	5,983
•	Postpaid adds +85k						1Gbps	U.K.	96%
• SoHo rebased customer base						Ready
	+9% YoY
•	B2B Wholesale accelerating	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	1Gbps	18% U.K.
Launched

• Q2 ARPU impacted by lower

sports revenue:	Net Customer Adds (000s)
		ENTERTAINMENT (3)
•	Sports Pause ~2% headwind to	Lightning / BAU
				U.K. V6 box penetration
	Q2 ARPU
							/ total video base
		27	31	29	25	21
• EOCN/ABTN landing in line
				3
	with expectations				(26)
•	FMC +2.9% YoY	(33)	(34)	(38)

GROWING POSTPAID MOBILE

Total Postpaid subscribers: 3.2m

Postpaid Net Adds (Consumer) (000s)

GROWING SOHO

SOHO Revenue (1)

Rebased YoY growth %

12.8%	10.6%		9.0%
6.3%	7.2%

• • New 18-month bundles to drive loyalty and ARPU
• Extending speed leadership:
• • 1Gbps rolled out to Edinburgh and Liverpool; U.K. reach 18%
  • 500Mbps available across U.K
• Driving efficiency
• • Increased online sales, digital interactions and self-install

67%

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Customer ARPU
	FMC
Rebased Growth YoY
1.6%	1.2%	% broadband
0.5% 0.5%
	subscribers that	23%
		also take a postpaid

mobile subscription

(1.8%)

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

OPTIMIZING OFCF MARGINS

OFCF / Revenue % (2)				Pre-Lightning
									construction capex
		23.5%		22.3%		22.3%			23.0%		24.6%
						19.6%
		17.4%		16.2%		15.9%			16.9%

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

(1)	Total revenue including non-subscription and mobile	6
(2)	Includes Centrally attributed P&E Additions, see Appendix for more details
(3)	1Gbps and EOS rollouts in Ireland are due to commence later in 2020

UPC SWITZERLAND: Q2 2020 OPERATING UPDATE

Turnaround initiatives delivering benefits; market continues to reprice

HIGHLIGHTS

GROWING ARPU WHILE HOLDING CUSTOMERS STABLE

GROWING POSTPAID MOBILE

• Building commercial momentum:
• • Resilient network performance reflected in record NPS
  • June sales above Q2'19 & pre- COVID levels
  • Accelerated BB gains
  • New MySports agreement with Swisscom
• Turnaround initiatives working:
• • Improved digital churn
  • FMC % +5% YoY
  • Efficiency programs reducing FTE #s
  • Lower Care transactions
• Best OFCF result in five quarters despite continued topline pressure:
• • Competitive market dynamics impact consumer & SOHO ARPU
  • Simplified cost structure benefits Q2 and future quarters
  • Now lapping peak capex for EOS, 1 Gbps and digital initiatives

Fixed Line Customers (000s)

1,071

1,062

1,039

1,012

996

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Net Fixed Line

Customer Adds (000s)

	(9)
(18)	(23)	(16)	(16)
Q2'19	Q3'19	Q4'19	Q1'20		Q2'20

Customer ARPU

Rebased Growth YoY

1.5%

(0.7%)

(2.5%) (2.8%) (2.8%)

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

SPEED LEADERSHIP

Average base speed: 330Mbps

1Gbps		100%
Ready
1Gbps		100%
Launched
ENTERTAINMENT

EOS box penetration / total video base

31%

FMC

% broadband

subscribers that

also take a22% mobile subscription

Total Postpaid subscribers: 223k

Postpaid Net Adds (Consumer) (000s)

GROWING SOHO

SOHO Revenue (1)

Rebased YoY Growth %

10.6% 7.4% 0.7% (3.1%) (6.0%)

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

OPTIMIZING OFCF MARGINS

OFCF / Revenue % (2)

7

1. Total revenue including non-subscription and mobile
2. Includes Centrally attributed P&E Additions, see Appendix for more details

TELENET: Q2 2020 OPERATING UPDATE

Successfully balancing price and volume

HIGHLIGHTS

• Commercial momentum accelerated:
• • Solid KPIs as customers held nearly stable organically
  • Strong organic BB growth and FMC +3% YoY
  • Robust ARPU growth supported by higher proportion of 4P and higher tier broadband subscribers
  • Lower advertising, handset & interconnect revenue due to COVID-19
• Strong cash flow growth
• • Cost and capex phasing and optimization drives OCF and
    OFCF
• Outlook positive
• • Local IFRS FY 2020 (3) outlook and three-year OFCF guidance reaffirmed
  • Entered into discussions with Fluvius about data network of the future

GROWING ARPU WHILE HOLDING CUSTOMERS STABLE

Fixed Line Customers

SPEED LEADERSHIP

(000s)

Average base speed: 206Mbps

2,092

2,079

2,072

2,065

2,052

1Gbps

100%

Ready

1Gbps

100%

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Launched

Net Fixed Line

ENTERTAINMENT

Customer Adds (000s)

EOS box penetration

/ total video base

(8)

(7)

(8)

(3)

9%

(13)

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Customer ARPU

FMC

Rebased Growth YoY

3.7%

% broadband

2.4%

2.4%

subscribers that

2.2%

1.9%

also take a

mobile subscription

46%

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

GROWING POSTPAID MOBILE

Total Postpaid subscribers: 2.4m

Postpaid Net Adds (Consumer) (000s)

54	43	39
		7
	24
Q2'19	Q3'19	Q4'19	Q1'20		Q2'20

GROWING SOHO

SOHO Revenue (1)

Rebased YoY Growth %

10.7%	11.3%	11.1%	4.5%
	8.8%

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

OPTIMIZING OFCF MARGINS

OFCF / Revenue % (2)

(1) Total revenue including non-subscription and mobile

8

1. Includes Centrally attributed P&E Additions, see Appendix for more details
2. 2020 IFRS guidance: Rebased revenue -2%, full year 2020 reported revenue expected to be broadly stable; Rebased OFCF +1-2%; Lower end of €415-435m Adjusted FCF range

VODAFONE ZIGGO: Q2 2020 OPERATING UPDATE (1)

Strong operating momentum continues

HIGHLIGHTS

• Maintaining network superiority:
• • Resumed 1Gbps roll-out
  • First to offer nationwide 5G
• Secured additional spectrum:
• • Total cost of €416m
  • 20-yearlicenses
  • Funded by shareholder loans
  • Payable in equal instalments July 2020 & 2021
• Strong operational results
• • Lower revenue due to COVID- 19 impacts; offset by cost control
  • Announced average price rise of ~3.4%; landing in line
  • ~95% of €210m synergy target realized
• Local JV guidance reconfirmed:
• • Stable to modest Adjusted EBITDA growth
  • €400-500mof cash available for potential shareholder distributions

GROWING ARPU WHILE HOLDING CUSTOMERS STABLE

Fixed Line Customers

SPEED LEADERSHIP

(000s)

Average base speed: 186Mbps

3,675

3,662

3,654

3,647

3,643

1Gbps

99%

Ready

1Gbps

11%

Launched

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Net Fixed Line
ENTERTAINMENT
Customer Adds (000s)

1Mediabox Next penetration / total video base

(3)		(9)	(8)		12%
(13)
Q2'19	Q3'19	Q4'19	Q1'20	Q2'20
Customer ARPU
			FMC
Rebased Growth YoY	5.9%	6.3%

		5.0%	% broadband
	4.0%	subscribers that
		also take a
2.7%
		mobile subscription

42%

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

GROWING POSTPAID MOBILE

Total Postpaid subscribers: 2.8m

Postpaid Net Adds (Consumer) (000s)

34 55 52 46 45

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

GROWING SOHO

SOHO Revenue (2)

Rebased YoY Growth %

2.9%		4.5%
	2.8%	0.8%
	(2.1%)
Q2'19	Q3'19	Q4'19	Q1'20		Q2'20

OPTIMIZING OFCF MARGINS

OFCF / Revenue %

		26.3%			28.2%
23.4%	22.5%	23.5%

Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

(1)	We own a 50% non-controlling 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.	9
(2)	Total revenue including non-subscription and mobile

EXECUTIVE SUMMARY

FINANCIAL RESULTS

APPENDIX

10

Q2 IMPACT OF COVID-19
			U.K. & Ireland
>$100m COVID impacts to revenue; most of which are low margin				Belgium
			Switzerland
RESIDENTIAL		B2B			MOBILE		OTHER
			ESTIMATED COVID REVENUE IMPACTS
PREMIUM	LATE CHARGES/		FIXED & MOBILE	ROAMING	HANDSETS	BROADCASTER
SPORTS	NON-PAY		IMPACTS			REVENUES

~$34m

~$8m

~$19m

~$17m

~$10m

~$21m

Q2 revenue decline of 4.3%; largely attributable to ~$110m of COVID headwinds, representing a 4.0% decline

COVID IMPACTS ON ADJUSTED EBITDA

LOW	100%	LOW	EQUIVALENT	LOW	OFFSETTING
MARGIN	MARGIN	MARGIN	OFFSETTING IMPACT	MARGIN	COST PHASING
			IN DIRECT COSTS

Minimal impact to Q2 Adjusted EBITDA growth

11

GROUP OVERVIEW

Revenue decline largely attributable to low margin COVID-19 impacts; over $9bn of total liquidity

REVENUE GROWTH (1)						ADJUSTED EBITDA GROWTH (1)		OFCF ($m)
										Pre-Lightning
																							(as a % of revenue)				construction capex
																							21%	23%		18%	21%	25%
																																	678
																										649
																								607								601
																												595
								COVID																	553		544
				(0.3%)
(0.9%)	(0.6%)	(0.5%)																	508				496
	~4%																			433
																	(0.4%)
							(4.3%)			(3.9%)	(3.7%)				(3.6%)										21%		25%
								(4.1%)
	Q2'19	Q3'19	Q4'19		Q1'20		Q2'20
												Q2'19	Q3'19		Q4'19	Q1'20		Q2'20
													Q2'19		Q3'19	Q4'19		Q1'20		Q2'20
P&E ADDITIONS (as % of Revenue)	FULL COMPANY LIQUIDITY (2,4)	FULL COMPANY LEVERAGE (3, 4)

	24.0%	23.2%	28.2%	22.8%	21.6%	Revolving			(LTM basis)
								$25.6bn
Lightning			3.8%			Credit			$18.2bn
constructioncapex	3.5%	3.4%		3.4%	2.8%	Facilities	Total		5.3x
						$2.4bn			3.8x
Underlying	20.5%	19.8%	24.4%	19.4%	18.8%		Liquidity
		$9.8bn
P&E							Cash
						SMAs		Gross	Net
							$4.4bn	WACD	4.0%
						$3.0bn
								Average tenor	>7 years
	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20

1. Revenue, and Adjusted EBITDA growth rates presented on a rebased basis after internal recharges. See appendix for definitions and reconciliations of non-GAAP measures, as applicable.
2. Liquidity refers to our consolidated cash and cash equivalents, investments held under separately managed accounts (SMAs), plus the maximum undrawn commitments under our subsidiaries' borrowing facilities without regard to covenant

compliance calculations

12

1. Debt balances presented on swapped basis, taking into account derivative positions.
2. Full Company includes the debt and unused borrowing capacity of the Virgin Media entities classified as held for sale at June 30, 2020. The cash of Virgin Media is not classified as held for sale and will be retained by Liberty Global.

P&E ADDITIONS

Capital spend continues to decline; H1 2020 intensity down to ~19% ex. Lightning

SPEND BY CATEGORY

($m)

CAPITAL	28.5%	32.8%	31.0%	25.0%	22.2%
INTENSITY
Excl. Lightning	24.9%	27.5%	27.5%	21.6%	19.1%

	3,704	3,706
3,144
			2,881
LIGHTNING
NEW BUILD
CPE
				1,242
CAPACITY
ROADMAP
BASELINE
2016 (1)	2017	2018	2019	H1 2020

H1 SPEND DECLINE

NEW BUILD

Lightning build volumes down modestly, partly as lockdown measures slow new build activity

CPE

Deployment of next-genset-top boxes/routers continues, albeit at a lower pace in aggregate

CAPACITY

Savings achieved from UK and BE as large spectrum upgrades completed

ROADMAP

UK/BE mobile and IT are key drivers of increase

BASELINE

Major platform investments behind us, focusing on deployment

CHANGE VS

PRIOR YEAR

-4%

-34%

-18%

+18%

-6%

13

1. Excluding the Netherlands

H1 DIVISIONAL OVERVIEW

Improving OFCF conversion across most operations except CH investing in turnaround

$m	U.K. & IRELAND	BELGIUM	SWITZERLAND	50-50
DUTCH JV (3,4)
	H1' 19	H1' 20	H1' 19	H1' 20	H1' 19	H1' 20	H1' 19	H1' 20
REVENUE	$3,305	$3,153	$1,425	$1,401	$631	$616	$2,178	$2,179
Rebased growth		(2.1%)		(2.8%)		(5.7%)		2.6%
Adjusted EBITDA (1)	$1,380	$1,310	$688	$686	$316	$285	$981	$1,034
Rebased growth		(2.5%)		2.2%		(12.9%)		8.1%
% Revenue	42%	42%	48%	49%	50%	46%	45%	48%
OFCF pre Lightning Construction P&E (2)	$740	$749	$409	$428	$159	$140	$554	$562
% Revenue	22%	24%	29%	31%	25%	23%	25%	26%
Lightning Construction P&E (5)	$183	$176
OFCF (2)	$557	$573
% Revenue	17%	18%

1. 2019 based on our updated definition of segment Adjusted EBITDA which, effective from Q4 2019, now includes Centrally allocated opex. For information on centrally-held operating cost allocations, see the appendix.
2. Includes Centrally attributed P&E Additions. For information on our centrally-held P&E attributions, see the appendix included in our Q2 2020 Liberty Global earnings release
3. Represents 100% of the results related to our 50% owned non-consolidated Dutch JV
4. Adjusted EBITDA for the Dutch JV as shown in the table above includes $61m and $59m of FSA charges from Liberty Global in H1 2019 and 2020, respectively, with the corresponding amount recognized as revenue within our Central segment.

(5) Lightning construction P&E includes construction P&E only. Excludes Customer Premises Equipment.

14

ADJUSTED FCF

H1 phasing remains consistent with prior years, full year target on track

$m	Q1 2020	Q2 2020	H1 2020	Comments
ADJUSTED EBITDA	$1,150	$1,189	$2,339
P&E pre-Lightning P&E	(555)	(511)	(1,066)
OFCF pre-Lightning P&E	$595	$678	$1,273
NET INTEREST	(579)	(21)	(600)	• Payments in Q1 and Q3
CASH TAX	5	(62)	(57)	• FY20 expected to be lower than FY19
VODAFONE ZIGGO JV	11	11	22	• Interest only H1; expect dividend H2
(Dividend & Interest)
	$32	$606	$638
WORKING CAPITAL (1)	(250)	(73)	(323)	• Targeting broadly flat again in FY20
ADJUSTED FCF pre-Lightning P&E	($218)	$533	$315
LIGHTNING P&E(2)	(99)	(77)	(176)	• Construction capex only
ADJUSTED FCF	($317)	$456	$139

(1)	Includes working capital, operational finance (vendor finance) and restructuring
(2)	Lightning Construction P&E includes construction P&E only. Excludes Customer Premises Equipment	15

CONCLUSIONS

U.K. JV with Telefonica on track

Navigating through COVID-19, impacts have been manageable

Achieved record high NPS in Q2 & positive customer additions

H1 in line; optimistic on H2 but maintaining caution

Reconfirming all 2020 guidance metrics

FY 2020 (1)	Guidance	Assumptions
Rebased Adjusted EBITDA	Mid-single digit decline
		Countries do not revert to
Rebased OFCF	Mid-single digit growth
March/April/May lockdown measures
		Gradual economic recovery
Adjusted FCF (2)	~$1 billion
	Including Lightning Construction Capex

1. Quantitative reconciliations to net earnings/loss from continuing operations (including net earnings/loss growth rates) and cash flow from operating activities for our Adjusted EBITDA and Adjusted FCF guidance cannot be provided without unreasonable

efforts as we do not forecast (i) certain non-cash charges including; the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing
operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period.	16

1. Based on EUR/USD 1.13; GBP/USD 1.33

EXECUTIVE SUMMARY

FINANCIAL RESULTS

APPENDIX

17

REBASE INFORMATION

Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2020, we have adjusted our historical revenue, Adjusted EBITDA and OFCF for the three and six months ended June 30, 2019 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions of entities acquired during 2019 in our rebased amounts for the three and six months ended June 30, 2019 to the same extent that the revenue, Adjusted EBITDA and P&E additions of these entities are included in our results for the three and six months ended June 30, 2020, (ii) exclude the revenue, Adjusted EBITDA and P&E additions in our rebased amounts for the three and six months ended June 30, 2019 for entities disposed of during 2020, (iii) include revenue and costs for the temporary elements of transitional and other services provided to the VodafoneZiggo JV, Vodafone, Deutsche Telekom (the buyer of UPC Austria), Liberty Latin America and M7 Group (the buyer of UPC DTH), to reflect amounts related to these services equal to those included in our results for the three and six months ended June 30, 2020 and (iv) reflect the translation of our rebased amounts for the three and six months ended June 30, 2019 at the applicable average foreign currency exchange rates that were used to translate our results for the three and six months ended June 30, 2020. We have reflected the revenue, Adjusted EBITDA and P&E additions of these acquired entities in our 2019 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre- acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue, Adjusted EBITDA and OFCF of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and OFCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and OFCF that will occur in the future. Investors should view rebased growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our condensed consolidated statements of operations.

The following table provides adjustments made to the 2019 amounts to derive our rebased growth rates:

1. Relates primarily to rebase adjustments for agreements to provide transitional and other services to the VodafoneZiggo JV, Vodafone, Liberty Latin America, Deutsche Telekom and M7 Group. These adjustments result in an equal amount of fees in both the 2020 and 2019 periods for those services that are deemed to be temporary in nature.

18

GLOSSARY

10-Qor 10-K:As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.

Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on extinguishment of debt, net realized and unrealized gains (losses) due to changes in fair value of certain investments and debt, net foreign currency gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Consolidated Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for U.S. GAAP measures of income included in our condensed consolidated statements of operations.

Adjusted EBITDA margin:Adjusted EBITDA margin is a non-GAAP metric calculated by dividing Adjusted EBITDA by total revenue for the applicable period.

Adjusted Free Cash Flow (FCF):net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions and (ii) expenses financed by an intermediary, less (a) capital expenditures, as reported in our condensed consolidated statements of cash flows, (b) principal payments on amounts financed by vendors and intermediaries and (c) principal payments on finance leases (exclusive of the portions of the network lease in Belgium that we assumed in connection with certain acquisitions), with each item excluding any cash provided or used by our Discontinued Operations, as applicable. We believe that our presentation of Adjusted Free Cash Flow, which is a non-GAAP measure, provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted Free Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted Free Cash Flow as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows.

ARPU:Average Revenue Per Unit is the average monthly subscription revenue per average cable customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential cable and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing residential mobile and SOHO revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per cable customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average cable customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA.

ARPU per Mobile Subscriber:Our ARPU per mobile subscriber calculation that excludes interconnect revenue refers to the average monthly mobile subscription revenue per average mobile subscriber and is calculated by dividing the average monthly mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the average of the opening and closing balances of mobile subscribers in service for the period. Our ARPU per mobile subscriber calculation that includes interconnect revenue increases the numerator in the above-described calculation by the amount of mobile interconnect revenue during the period.

Basic Video Subscriber: a home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network either via an analog video signal or via a digital video signal without subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Encryption-enabling technology includes smart cards, or other integrated or virtual technologies that we use to provide our enhanced service offerings. We count RGUs on a unique premises basis. In other words, a subscriber with multiple outlets in one premises is counted as one RGU and a subscriber with two homes and a subscription to our video service at each home is counted as two RGUs.

Blended fully-swappeddebt borrowing cost: the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.

19

GLOSSARY

B2B: Business-to-Business.

Customer Churn: the rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our cable footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.

Enhanced Video Subscriber:a home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Enhanced Video Subscribers are counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one subscriber. An Enhanced Video Subscriber is not counted as a Basic Video Subscriber. As we migrate customers from basic to enhanced video services, we report a decrease in our Basic Video Subscribers equal to the increase in our Enhanced Video Subscribers.

Fixed-LineCustomer Relationships: the number of customers who receive at least one of our internet, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.

Fixed-MobileConvergence (FMC):Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband internet service.

Homes Passed:homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.

Internet Subscriber: a home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network. Our Internet Subscribers do not include customers that receive services from dial-up connections.

Leverage and Liquidity: Our debt and net debt ratios, which are non-GAAP metrics, are defined as total debt and net debt, respectively, divided by Adjusted EBITDA for the last twelve months (LTM Adjusted EBITDA). Net debt is defined as total debt less cash and cash equivalents and investments under separately managed accounts. Consistent with how we calculate our leverage ratios under our debt agreements, these ratios are presented on a Full Company basis that includes the debt and Adjusted EBITDA of the U.K. JV entities that are classified as held for sale on our June 30, 2020 condensed consolidated balance sheet. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements, and excludes the loans backed or secured by the shares we hold in ITV plc and Lions Gate Entertainment Corp.

Liquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities for the Full Company, without regard to covenant compliance calculations or other conditions precedent to borrowing.

The term "Full Company" includes certain amounts related to the U.K. JV Entities, which are presented as held for sale in our June 30, 2020 condensed consolidated balance sheet. For purposes of presenting certain debt and liquidity metrics consistent with how we calculate our leverage ratios under our debt agreements, we have included the debt and finance lease obligations of the U.K. JV Entities in our Full Company metrics.

Lightning premises: includes homes, residential multiple dwelling units and commercial premises that potentially could subscribe to our residential or SOHO services, which have been connected to our networks as a part of our Project Lightning network extension program in the U.K. and Ireland. Project Lightning infill build relates to construction in areas adjacent to our existing network.

Mobile Subscriber Count:the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.

20

GLOSSARY

MVNO:Mobile Virtual Network Operator.

NPS:Net Promoter Score.

OFCF: As used herein, Operating Free Cash Flow or "OFCF", which is a non-GAAP measure, represents Adjusted EBITDA less property and equipment additions. OFCF is an additional metric that we use to measure the performance of our operations after considering the level of property and equipment additions incurred during the period.

OFCF margin:OFCF margin is a non-GAAP metric calculated by dividing OFCF by total revenue for the applicable period.

Property and equipment additions (P&E additions):includes capital expenditures on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions.

Rental ARPU:subscription ARPU less out-of-bundle telephony usage and pay-per-view

RGU:A Revenue Generating Unit is separately a Basic Video Subscriber, Enhanced Video Subscriber, Internet Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in our U.K. market subscribed to our enhanced video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. Total RGUs is the sum of Basic Video, Enhanced Video, Internet and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled cable, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.

SIM:Subscriber Identification Module

SOHO:Small or Home Office Subscribers

Telephony Subscriber: a home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.

U.S. GAAP:Accounting principles generally accepted in the United States.

YoY:Year-over-year.

21

RECONCILIATIONS

REBASE ADJUSTMENTS

Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For further details on adjustments made to arrive at our rebase growth rates for the periods below, refer to our previously issued earnings releases which can be found on our website at www.libertyglobal.com, as well as the Rebase Information section included earlier in this presentation.

22

RECONCILIATIONS

ADJUSTED EBITDA

The following table provides a reconciliation of our earnings (loss) from continuing operations to Adjusted EBITDA for the indicated periods:

23

RECONCILIATIONS

ADJUSTED FCF

The following table provides a reconciliation of our net cash provided by operating activities to Adjusted Free Cash Flow for the indicated periods:

24

RECONCILIATIONS

OFCF

A reconciliation of our Adjusted EBITDA to (i) OFCF and (ii) OFCF pre-Lightning P&E additions for our continuing operations is presented in the following table:

25

RECONCILIATIONS

CENTRALLY-HELD OPERATING COST ALLOCATIONS

During the fourth quarter of 2019, we changed the presentation of certain operating costs related to our centrally-managed technology and innovation function. These costs, which were previously included in Central and Corporate, are now allocated to our consolidated reportable segments. This change, which we refer to as the "Centrally-held Operating Cost Allocations", was made as a result of internal changes with respect to the way in which our chief operating decision maker evaluates the Adjusted EBITDA of our operating segments. Segment information for the three and six months ended June 30, 2019 has been revised in our reported U.S. GAAP disclosures to reflect this change. The following table provides a summary of the impact on the Adjusted EBITDA of our consolidated reportable segments and Central and Corporate that resulted from the Centrally-held Operating Cost Allocations.

26

RECONCILIATIONS

CENTRALLY-HELD P&E ATTRIBUTIONS / ATTRIBUTED OFCF

Property and equipment additions presented for Central and Corporate include certain capital costs incurred for the benefit of our operating segments. Generally, for purposes of the consolidated financial statements of our borrowing groups, the expense associated with these capital costs is allocated and/or charged to our operating segments as related-party fees and allocations in their respective statements of operations over the period in which the operating segment benefits from the use of the Central and Corporate asset. Related-party fees and allocations are excluded from the reported Adjusted EBITDA metric of these borrowing groups. These amounts are based on (i) our estimate of its share of underlying costs, (ii) our estimate of its share of the underlying costs plus a mark-up or (iii) commercially-negotiated rates. These charges and allocations differ from the attributed OFCF approach, as further described below.

For internal management reporting and capital allocation purposes, we evaluate the OFCF of our operating segments on an "attributed" basis, whereby we estimate and attribute certain capital costs incurred by Central and Corporate to our operating segments as if that operating segment directly incurred its estimated share of the capital costs in the same period the costs were incurred by Central and Corporate. These capital costs represent assets that are jointly used by our operating segments. In the context of evaluating our operating segments, we believe this non- GAAP approach, which we refer to as the "Centrally-held Property and Equipment Attributions", is a meaningful measure as it represents a transparent view of what the estimated capital spend for our operating segments might be if they were to operate as a stand-alone business (excluding, among other considerations, any impact from lost economies of scale) and allows us to more accurately (i) review capital trends by operating segment, (ii) perform benchmarking between operating segments and (iii) drive alignment and accountability between Central and Corporate and our operating segments with respect to our consolidated capital spend. The amounts attributed to each operating segment are estimated based on (a) actual costs incurred by Central and Corporate, without any mark-up, and (b) each respective operating segment's estimated use of the associated assets.

A reconciliation of our Adjusted EBITDA to attributed OFCF, including Centrally-held Property and Equipment Attributions, consistent with our internal management reporting approach, of (i) our operating segments and (ii) consolidated continuing operations is presented in the following table. This presentation is for illustrative purposes only and is intended as a supplement to, and not a substitute for, our U.S. GAAP presentation of the property and equipment additions of our reportable segments.

27

RECONCILIATIONS

CENTRALLY-HELD P&E ATTRIBUTIONS / ATTRIBUTED OFCF (CONT.)

28

RECONCILIATIONS

SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW

We define adjusted free cash flow as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions and (ii) expenses financed by an intermediary, less (a) capital expenditures, as reported in our condensed consolidated statements of cash flows, (b) principal payments on amounts financed by vendors and intermediaries and (c) principal payments on finance leases (exclusive of the portions of the network lease in Belgium that we assumed in connection with certain acquisitions.

The following table provides a reconciliation of our net cash provided by operating activities to Adjusted Free Cash Flow for the indicated period. In addition, in order to provide information regarding our Adjusted Attributed Free Cash Flow, which is used for internal management reporting and capital allocation purposes and is consistent with the way in which our chief operating decision maker evaluates our operating segments, we have provided a reconciliation of our Adjusted Free Cash Flow to our Adjusted Attributed Free Cash Flow, which incorporates adjustments related to (i) interest on an intercompany loan, (ii) the allocation of interest within the UPC Holding borrowing group, (iii) the Centrally-held Operating Cost Allocation and (iv) the Centrally-held Property and Equipment Attribution, each as further described below. We believe that our presentation of Adjusted Free Cash Flow and Adjusted Attributed Free Cash Flow, each of which is a non-GAAP measure, provides useful information to our investors because these measures can be used to (a) gauge our ability to service debt and fund new investment opportunities and (b) in the case of our Adjusted Attributed Free Cash Flow, provide additional pro forma information for our operating segments to show what the adjusted free cash flow of our operating segments might look like were they to operate on a stand alone basis. Adjusted Free Cash Flow and Adjusted Attributed Free Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at these amounts. Investors should view Adjusted Free Cash Flow and Adjusted Attributed Free Cash Flow as supplements to, and not substitutes for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows.

1. Includes intersegment eliminations.
2. Represents interest on an intercompany loan that we eliminate for purposes of this presentation as intercompany interest income/expense does not impact our leverage calculations in our consolidated results or our

subsidiary borrowing groups.	29

RECONCILIATIONS

SUPPLEMENTAL ADJUSTED ATTRIBUTED FREE CASH FLOW (CONT.)

1. Represents the third-party interest and related derivative payments made by UPC Holding (a parent entity included in Central and Corporate) in relation during the applicable period. This interest is allocated to each of the respective operating entities in the UPC Holding group's continuing operations based on our estimates of the composition of the underlying debt and swap portfolio and applicable interest rates within each country.
2. During the fourth quarter of 2019, we changed the presentation of certain operating costs related to our centrally-managed technology and innovation function. These costs, which were previously included in Central and
   Corporate, are now allocated to our consolidated reportable segments. This change, which we refer to as the "Centrally-held Operating Cost Allocations", was made as a result of internal changes with respect to the way in which our chief operating decision maker evaluates the Adjusted EBITDA of our operating segments. For purposes of our Attributed Adjusted Free Cash Flow presentation and consistent with our internal management reporting, we assume the allocations to our operating segments are cash settled in the period they are incurred. As a result, any working capital or other free cash flow benefit or detriment related to the actual timing of payments are reported within Central and Corporate.
3. Central and Corporate incurs certain capital costs for the benefit of our operating segments. Generally, for purposes of the consolidated financial statements of our borrowing groups, the expense associated with these capital costs is allocated and/or charged to our operating segments as related-party fees and allocations in their respective statements of operations over the period in which the operating segment benefits from the use of the Central and Corporate asset. These amounts are based on (i) our estimate of its share of underlying costs, (ii) our estimate of its share of the underlying costs plus a mark-up or (iii) commercially-negotiated rates. These charges and allocations differ from the attributed OFCF approach used for internal management reporting. For internal management reporting and capital allocation purposes, we evaluate the OFCF of our operating segments on an "attributed" basis, whereby we estimate and attribute certain capital costs incurred by Central and Corporate to our operating segments as if that operating segment directly incurred its estimated share of the capital costs in the same period the costs were incurred by Central and Corporate. These capital costs represent assets that are jointly used by our operating segments. The amounts attributed to each operating segment are estimated based on (a) actual costs incurred by Central and Corporate, without any mark-up, and (b) each respective operating segment's estimated use of the associated assets. For purposes of our Attributed Adjusted Free Cash Flow presentation and consistent with our internal management reporting, we assume the attributions to our operating segments are cash settled in the period they are incurred. As a result, any working capital or other free cash flow benefit or detriment related to the actual timing of payments are reported within Central and Corporate.

30

RECONCILIATIONS

VODAFONEZIGGO JV ADJUSTED FREE CASH FLOW (JV FCF)

JV Adjusted FCF is defined as net cash provided by the operating activities, plus (i) expenses financed by an intermediary and (ii) interest payments on shareholder loans, less (a) capital expenditures, (b) principal payments on amounts financed by vendors and intermediaries and (c) principal payments on finance leases. We believe that the presentation of Adjusted Free Cash Flow provides useful information to our investors because this measure can be used to gauge VodafoneZiggo's ability to service debt, distribute cash to parent entities and fund new investment opportunities. JV FCF, which is a non-GAAP measure, should not be understood to represent VodafoneZiggo's ability to fund discretionary amounts, as it has various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at this amount. Investors should view free cash flow as a supplement to, and not a substitute for, GAAP measures of liquidity included in VodafoneZiggo's condensed consolidated statements of cash flows within its bond report. For purposes of its standalone reporting obligations, VodafoneZiggo prepares its consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (GAAP).

Adjusted Free Cash Flow is a non-GAAP measure as contemplated by the U.S. Securities and Exchange Commission. A reconciliation of JV FCF for the six months ended June 30, 2020 is provided below.

31

RECONCILIATIONS

SUPPLEMENTAL ADJUSTED FREE CASH FLOW

The following table provides a reconciliation of the cumulative Adjusted Free Cash Flow for Belgium since the date of FMC formation (March 31, 2016 - June 30, 2020)

The following table provides a reconciliation of the cumulative Adjusted Free Cash Flow for the VodafoneZiggo JV since the date of FMC formation (January 1, 2017 - June 30, 2020)

1. Represents 100% of the results related the VodafoneZiggo JV. We own a 50% interest in the VodafoneZiggo JV and do not consolidate the results of the VodafoneZiggo JV

32

H1 ADJUSTED ATTRIBUTED FCF - ALTERNATIVE VIEW

All OpCos remain substantially FCF positive despite COVID-19

		$m		U.K. &	Belgium	Switzerland		Poland /		Central (2)	Liberty			50-50
			Ireland		Slovakia		Global			Dutch JV (3,4)
		ADJUSTED EBITDA (1)	$1,310	$686m	$285m		$107m		($49m)	$2,339			$1,034
		P&E pre-lightning P&E (5)	(561)	(258)	(145)	(52)	(50)	(1,066)			(472)
		OFCF pre-lightning P&E	$749	$428	$140	$55	($99)	$1,273			$562
		NET INTEREST	(421)	(113)	(59)	(29)	22	(600)			(237)
		CASH TAX	(5)	(1)	5	(11)	(45)	(57)			-
		VODAFONE ZIGGO JV	-	-	-	-	22	22			-
		(DIVIDEND & INTEREST)
			$323	$314	$86	$15	($98)	$638			$325
		WORKING CAPITAL (6)	(118)	(25)	36	(1)	(217)	(323)			(72)
		ADJ ATTRIBUTED FCF pre-lightning	$205	$289	$122	$14	($315)	$315			$253
		P&E
		LIGHTNING P&E (7)	(176)							(176)
		ADJ ATTRIBUTED FCF	$29							$139
(1)	Based on our updated definition of segment Adjusted EBITDA which, effective from Q4 2019, now includes Centrally allocated opex. For information on centrally-held operating cost allocations, see the appendix.
(2)	Includes intersegment eliminations
(3)	Represents 100% of the non-consolidated Dutch JV
(4)	Adjusted EBITDA for the Dutch JV as shown in the table above includes $59m of FSA charges from Liberty Global with the corresponding amount recognized as revenue within our Central segment.
(5)	Includes Centrally attributed P&E Additions. For information on our centrally-held P&E attributions, see the appendix included in our Q2 2020 Liberty Global earnings release		33
(6)	Includes working capital, operational finance (vendor finance) and restructuring

1. Lightning Construction P&E includes construction P&E only. Excludes Customer Premises Equipment