Liberty Global : Q3 2023 Investor Call Presentation

"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 regarding our and our businesses' financial performance, including revenue, Rebased Revenue, EBITDA, ARPU, Adjusted EBITDA, Adjusted EBITDA Less P&E Additions Adjusted Free Cash Flow and Distributable Cash Flow, as well as the 2023 financial guidance provided by us and our operating companies and joint ventures, including the foreign exchange rates used to calculate such guidance; the timing of any strategic updates we may provide; our value creation initiatives, including any potential transactions with our assets or operating companies; our initiatives to strengthen our commercial trajectory; our integration efforts following the acquisition of Upp; the number of homes connectable to fiber this year across our footprint; the new exclusive deal with SkyShowtime and front book propositions launched at the VodafoneZiggo JV, including the benefits to be derived therefrom; our intention to align Telenet's capital structure with the customary metrics for our other operating companies and joint ventures; expectations regarding, and our strategies to reduce, our central operations' costs; the products and services to be provided by us and our operating companies and joint ventures, including any promotions of such products or services; expectations with respect to BIPT statements in Belgium regarding fiber cooperation; expectations of price increases and cost mitigation for our products or services and the operational and financial benefits to be derived therefrom; expectations with respect to inflation, including both wage and energy costs; our proposal to redomicile our parent company to Bermuda, including the anticipated timing and benefits to be realized therefrom; strategic plans with respect to our ownership in All3Media; expectations regarding network and product plans and costs; our competitive environment, including our competitors' activities; our Ventures strategy and anticipated opportunities; our share buyback program, including our commitment to repurchase around $300 million worth of additional shares through January 2024; the strength of our and our affiliates' respective balance sheets (including cash and liquidity position), tenor of our third-party debt and anticipated borrowing capacity; 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 potential continued impact of pandemic and epidemics on us, our businesses, and our customers; the effects of changes in laws or regulation; the effects of the U.K.'s exit from the E.U.; 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, joint ventures and affiliates to access the cash of their respective subsidiaries; the impact of our operating companies', joint ventures' 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, Form 10-K/A and Forms 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.

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Q3 HIGHLIGHTS: THREE KEY TAKEAWAYS

1. SOLID OPERATING AND FINANCIAL PERFORMANCE
2. • Especially in the UK and across mobile and B2B
   • Price rises taking effect, but fixed B2C business remains challenged
3. STRONG BALANCE SHEET AND CAPITAL ALLOCATION MODEL
4. • Long-term,fixed rate debt with no material maturities until 2028(1)
   • 15% of shares repurchased YTD(2); now targeting 18-19% by end of Jan 2024
5. ABSOLUTE COMMITMENT TO SHRINK THE VALUE GAP IN OUR STOCK
6. • Clear mandate to deliver value for the benefit of shareholders
   • More extensive 'Strategy Update' anticipated during Q4 results call

OPERATING HIGHLIGHTS: EXECUTED ON PRICE RISES; FIXED NETWORK PLANS RAMPING

STRATEGIC HIGHLIGHTS: EXECUTING ON CORE INITIATIVES TO SHRINK THE VALUE GAP

CAPITAL ALLOCATION: STRONG LIQUIDITY PROFILE

2023 GUIDANCE(1): ON TRACK BUT REVISED REVENUE

GUIDANCE AT VMO2

~$1.6B DISTRIBUTABLE CASH FLOW(5)

1. Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adj EBITDA, Adjusted EBITDAaL, Adjusted FCF and Distributable CF guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non- cash charges including: the components of nonoperating 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.
2. VMO2 guidance on an IFRS basis. During Q1, VMO2 concluded the accounting treatment of nexfibre resulting in construction revenues being reported on a gross basis. VMO2's revenue guidance excludes the impact of nexfibre construction revenue. VMO2's Adj. EBITDA guidance also excludes nexfibre construction contribution. IFRS guidance based on Transaction Adjusted revenue and Adj EBITDA. US GAAP guidance for the VMO2 JV is not provided as this cannot be provided without unreasonable efforts given US GAAP information is not forecast by the JV since they report under IFRS.
3. Non-consolidated50% owned JVs. Reflects 100% of VMO2 and VodafoneZiggo.
4. Telenet guidance on an IFRS basis. US GAAP guidance for Telenet is broadly the same as their separate IFRS guidance.