Liberty Global : Virgin Media Ireland Consolidated Financial Statements – December 31, 2021

VMIE GROUP HOLDINGS LIMITED

Consolidated Financial Statements

December 31, 2021

VMIE GROUP HOLDINGS LIMITED

TABLE OF CONTENTS

	Page
	Number
Independent Auditors' Report.....................................................................................................................................	1
Consolidated Balance Sheet as of December 31, 2021...............................................................................................	3
Consolidated Statements of Operations and Other Comprehensive Earnings for the Year Ended December 31,	4
2021..........................................................................................................................................................................
Consolidated Statement of Owner's Deficit for the Year Ended December 31, 2021................................................	5
Consolidated Statement of Cash Flows for the Year Ended December 31, 2021.......................................................	6
Notes to Consolidated Financial Statements...............................................................................................................	7

KPMG LLP

1 Stokes Place

St. Stephen's Green

Dublin 2, D02, DE03, Ireland

Independent Auditors' Report

The Board of Directors

The VMIE Group Holdings Limited:

Report on the Audit of the Consolidated Non-Statutory Financial Statements of VMIE Group Holdings Limited Consolidated Non-Statutory Financial Statements of VMIE Group Holdings Limited

Opinion

We have audited the consolidated non-statutory financial statements of VMIE Group Holdings Limited and its subsidiaries (the Company), which comprise the Consolidated Balance Sheet as of December 31, 2021, and the related Consolidated Statements of Operations and Other Comprehensive Earnings, Consolidated Statement of Owners' Deficit, and Consolidated Statement of Cash Flows for the year then ended, and the related notes to the consolidated non-statutory financial statements.

In our opinion, the accompanying consolidated non-statutory financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and the results of its operations and its cash flows for the year then ended in accordance with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Non-Statutory Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Non-Statutory Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated non-statutory financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated non-statutory financial statements that are free from material misstatement, whether due to fraud or error.

KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

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In preparing the consolidated non-statutory financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the consolidated non-statutory financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Consolidated Non-Statutory Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated non-statutory financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated non-statutory financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the consolidated non-statutory financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated non-statutory financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated non- statutory financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control - related matters that we identified during the audit.

Dublin, Ireland

May 26, 2022

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VMIE GROUP HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEET

			December 31,
			2021
			in millions
	ASSETS
Current assets:
Cash and cash equivalents...................................................................................................................................	€	0.4
Trade receivables, net (note 10)..........................................................................................................................		45.1
Other current assets (notes 5 and 10) ..................................................................................................................		28.7
Total current assets...........................................................................................................................................		74.2
Property and equipment, net (note 6) ....................................................................................................................		436.7
Goodwill (note 6)...................................................................................................................................................		242.3
Related-partynote receivable (note 10).................................................................................................................		58.2
Other assets, net (notes 5, 6 and 8) ........................................................................................................................		34.8
Total assets .....................................................................................................................................................	€	846.2
LIABILITIES AND OWNER'S DEFICIT
Current liabilities:
Accounts payable (note 10).................................................................................................................................	€	33.0
Deferred revenue (notes 4 and 10)......................................................................................................................		13.2
Accrued capital expenditures ..............................................................................................................................		11.8
Other current liabilities (notes 5, 8 and 10) ........................................................................................................		100.7
Total current liabilities .....................................................................................................................................		158.7
Long-termdebt obligations (notes 7 and 10).........................................................................................................		893.8
Other long-termliabilities (notes 8, 9 and 10).......................................................................................................		19.5
Total liabilities................................................................................................................................................		1,072.0
Commitments and contingencies (notes 5, 7, 8,	9, 11 and 12)
Owner's deficit ......................................................................................................................................................		(225.8)
Total liabilities and owner's deficit ............................................................................................................	€	846.2

The accompanying notes are an integral part of these consolidated financial statements.

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