Liberty Global : Q2 2021 Investor Call Presentation

July 30, 2021

"SAFEHARBOR"

Forward-LookingStatements+ Disclaimer

This present ation cont ains forward-lookin g statemen ts within th e meanin g of the Privat e Securities Litigation R eform Act of 1995. In this context, forward-lookng st atements often add ress exp ect ed future business and financial p erformanc e and fin ancial condition,

and often cont ain words such as "exp ect," " anticip at e," "in tend ," "plan," "b elieve," "s eek," "s ee," " will," "wou ld," " may," "t arget ," and similar expressions and variat ions or negatives of th ese words. Thes e forward-lookin g st atements may includ e, among oth er things,

statements with respect to ou r strategies and p riorit ies, futu re gro wth p rospects and opportunit ies, results of op erations, us es of cash, and oth er measures that may impac t our financial p erformanc e; expect ations with respect to th e joint venture transaction in

the U.K., includin g int egration efforts, anticip at ed ben efits th ereof includin g synergies, as well as th e anticip ated U.K. n et work

upgrad e to FTTP and the t imin g and ben efits thereof; exp ectations regardin g Sunrise UPC, includin g integration and an ticipated synergies from th e Sun rise acqu isition; exp ectations regardin g costs to capture; expect ations regarding ou r and our busin esses' financial p erformanc e, includin g Reb ased Revenu e, R ebas ed Adjust ed EBITDA, R ebas ed OFCF and Adjusted FC F; th e offer to acquire

UPC Poland and an y pot ential resulting defin itive t ransaction ; ou r Ventures strat egy, including the creation of th e AtlasEd ge joint

venture; ou r commitments and aspirat ions with respect to ESG and DE&I matt ers; our share buyb ack pro gram; th e strength of our balanc e sheet (including cash and liquid ity position), t enor of ou r third-party deb t, anticip at ed borro win g cap acity; and oth er

informat ion and stat ements th at are not historic al f act. Th ese forward-lookin g stat ements in volve c ert ain risks and uncertainti es that could cause actual results to diff er mat erially from those expressed or imp lied by th ese stat ements. Thes e risks and unc ertainties

include events that are ou tside of ou r control, such as th e continu ed use by subscribers and pot enti al subscrib ers of our and our affiliat es' servic es and their willingn ess to upgrad e to our more advanced offerings; our and our affiliat es' ability to meet ch allenges

from comp etition, to man age rapid technolo gical ch ange or to maintain or increase rat es to subscribers or to p ass through increased

costs to subscribers; th e effects of ch anges in laws or regulation; th e effec ts of th e U.K.'s exit fro m the E.U.; gen eral econo mic,

legislative, politic al and regulatory factors, and th e imp act of weath er condit ions, natu ral disasters, or any epid emic , pand emic or disease outb reak (includin g COVID-19); our and our affiliates' ab ility to obt ain regu latory appro val and satisfy regulatory condit ions

associated with acquisitions and dispositions, includin g with respect to th e propos ed transactions; ou r and affiliat es' ability to

successfully acquire and int egrat e n ew businesses and realize antic ipat ed effici encies fro m acquired busin esses; th e availability of attractive programmin g for our and our affiliat es' vid eo services and th e costs associated with such programming; our and our

affiliat es' abilit y to achieve forecast ed fin ancial and op erating targets; th e outcome of any pend ing o r th reat ened litigat ion, including any pot ential litigation th at may b e institu ted with respec t to the proposed transactions o r oth er mat erial t ransact ions; th at the

proposed transactions may not b e complet ed on anticip at ed t erms and timing o r co mpleted at all; our and Telefonic a S.A.'s respective affiliat es' ability to successfully int egrat e th e combin ed busin esses of th e UK Joint Venture and realize an ticipated

efficiencies and syn ergies; our ability to successfully int egrat e Sunris e with our Swiss operations and realize anticip at ed efficiencies

and synergies; th e po tent ial imp act of unforeseen liabilities, future c apital expend itures, revenues, exp enses, econo mic p erformanc e, indebt edness, fin ancial condition on th e future p rospects and business of th e UK Joint Venture and th e co mbined Swiss business after th e consummation of th e proposed transactions; exp ect ed fin ancing and rec apitalization transactions und ert aken in conn ection

with th e proposed t ransact ions and risks associat ed with such transactions; th e abilit y of our operatin g comp anies and affiliat es to

access cash of th eir respective subsidiaries ; th e impact of our op erating comp anies' and affiliates' futu re financial and access; our and

our affiliat es' ability to ad equ ately forec ast and plan future n etwo rk requirements including th e costs and ben efits performanc e, or

market conditions generally, on th e availability, terms and d eploymen t of capit al; fluctu ations in currency exch ange and int erest rat es; th e ability of suppliers, vendors and contractors to timely d eliver qu ality products, equipment, software, services associated with n etwo rk expansions; oth er factors detailed fro m time to time in ou r filings with the U.S. Securities and Exchan ge Co mmission;

and man agement's response to any of th e aforemention ed f actors. Fo r addition al information on id entifying factors that may cause

actual results to vary materially from thos e stat ed in forward-lookin g stat ements, please s ee our filings with th e U.S. Securit ies and Exchange Commission, includin g our most recently filed Form 10-K. Th ese forward-loo king stat ements speak only as of the d at e of

this release. W e expressly disclaim an y obli gation or und ert akin g to d issemin ate any updat es or revisions to an y forward-loo king statement contain ed h erein to reflect any ch ange in our exp ectat ions with regard th ereto or any ch ange in events, conditions or

circumstances on which any such statement is based.

Share Repurchase Program

As announced today, our Board of Directors has authorized a new share repurchase prog ram whereby we a re committing to repurchase a minimum of 10 percent of our equity market capitalization a nnually over the next three years. Under the

program, Liberty Global may acquire from time to time its Class A ordinary shares, Class C ordinary shares, or any combination of Class A a nd Class C ordina ry shares. The program may be effected through open ma rket transactions and/ or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursua nt to the

program will depend on a variety of factors, including market conditions and a pplicable law. The program may be

implemented in conjunction with brokers for the Company and other fina ncial institutions with whom the Company has relationships within certain pre-set parameters and purchases may continue during closed periods in accordance with applicable restrictions. The program may be suspended or discontinued at any time.

Additional Information Relating to Defined Terms:

Please refer to the Appendix at the end of this presentation, as well as our press release dated July 29, 2021 and our SEC filings, for the definitions of the following terms which may be used herein, including: Rebased Growth, Adjusted EBIT DA, Adjusted Free Cash Flow ("FCF"), Operating Free Cash Flow ("OFCF"), Revenue Generating Units ("RGUs"), Average Revenue per Unit ("ARPU"), as well asnon-GAAP reconciliations, where applicable.

2

Q2	KEY HEADLINES

1

2

3

4

5

FMC CHAMPIONS DRIVING SCALE & GROWTH

Integrations and synergy plans on track; NPV of $12.6b validated

CONNECTIVITY ANCHORS COMMERCIAL MOMENTUM

Revenue & subscriber growth remains strong across markets

KEY NETWORK STRATEGIES PROGRESSING

VMO2 to upgrade HFC network to FTTP; cost effective & accretive plan

VENTURES & ASSET SALES HELP BRIDGE VALUE GAP

Offer received for UPC Poland (9.3x EBITDA); Ventures portfolio growing

STRENGTHENING BUYBACK COMMITMENT TODAY

Targeting 10% of market cap annually for next 3 years

4

FMC TRANSFORMATION DRIVING SCALE

OPERATING MARKETS

AGGREGATE REVENUE1

SUBSCRIBERS2

					$US		85m
	2016 > 2020	12		+40%	IE & CE+	+40%
		RO			BE
• Exited sub-scale
CZ	-40%		CH	61m
	markets at attractive	$US
	multiples	HU		Sold for		Mobile	Mobile
•	Acquired or merged			NL
DE		$25b TEV
	with mobile ops in 4
		7	IE & CE+
	core countries	AT
	BE
•	Increased aggregate(3)
IE & CE	IE & CE	CH
	revenue by 50% on a	BE	BE		Fixed
	more concentrated	NL	UK
	footprint
	CH	CH			Fixed
•	Created balanced FMC
NL	NL	UK
	subscriber base with
	40%+ convergence	UK	UK
		2016	2020	2016	2020	2016	2020

1. Represents (i) consolidated revenue of $17b for the Liberty Global Group for FY 2016 and (ii) consolidated Liberty Global revenue of more than $7b, adjusted to exclude the revenue of the U.K. and include the estimated revenue of Sunrise for FY 2020, and non-

consolidated	combined JV revenue	for the NL JV and estimated revenue for the VMED O2 JV of more than $17b for FY 2020.	5
2. Represents	aggregate consolidated	Liberty Global and 50% owned non-consolidated fixed and mobile subscribers in accordance with Liberty Global definitions. To be consistent with the presentation of FY 2016 Liberty Global Group revenue, the December 2016
subscriber number includes the subscribers of UPC NL, which was contributed to the NL JV on December 31, 2016. June 2021 subscriber number also includes the wholesale mobile subscribers of the VMED O2 JV.

3. Through FMC acquisitions and 50% owned JV deals.