Ex 99.1 Fixed Income Q4 2022 Release

Q4 2022 Fixed Income Release

Denver, Colorado February 22, 2023: Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB,

LBTYK) is today providing selected, preliminary unaudited financial and operating information for its fixed-

income borrowing groups for the three months (“Q4”) ended December 31, 2022 as compared to the

results for the same period in the prior year (unless otherwise noted). The financial and operating

information contained herein is preliminary and subject to change. We expect to issue the December 31,

2022 audited financial statements for each of our fixed-income borrowing groups prior to the end of April

2023. Convenience translations provided herein are calculated as of December 31, 2022.

..........................................................................................................Page 2

........................................................................................................Page 10

VM Ireland Reports Preliminary Q4 2022 Results

Strong performances in mobile and B2B support Revenue, net earnings

and EBITDA growth in 2022

Commercial traction with continued growing demand for top-tier video &

connectivity products

Delivering on network strategy, with full fiber upgrade project passing

~220,000 premises

VM Ireland is the leading connected entertainment fixed-line and broadband business in Ireland,

delivering connectivity services to 421k fixed-line customers and mobile services to 144k subscribers at

December 31, 2022.

Tony Hanway, CEO of VM Ireland, commented:

“In 2022 we reinforced our commitment to being the number one choice for converged connectivity and

entertainment in the Irish market, executing on our network strategy as we brought fiber to over 220,000

homes. We remain focused on our target to deliver over 1 million homes by 2025, our IT transformation

continues apace, and we have now reached key milestones with trialists live on both owned and partner

fiber networks. Demand for our highest broadband speeds and best-in-class entertainment products

remains robust despite the heated market environment, as we continue to expand our customer base

adopting top-tier broadband and TV products. Energy cost headwinds will weigh on 2023 performance,

but we are highly focused on delivering for our customers with key digital initiatives, an exciting content

slate and converged bundles going live in the first quarter.”

Operating and strategic highlights:

• Continue to drive delivery of our full fiber upgrade project, passing ~220,000 premises by 2022 with

build costs in line with expectations

• Delivered our best mobile performance in nine quarters, with 6,400 net adds in Q4, as we

organically

grow our base and take market share

• Fixed customer net adds softened this quarter, with net losses of 2,900 in Q4

• B2B continues to perform well in Q4 with continued flow-through of the impact from SOHO price

adjustments executed in Q3

• Customers continue to be attracted to higher speeds, with ~40% of our base adopting 1GB and

500Mb speed tier offerings

• Demand for our top-tier video products continues to grow this quarter, with ~45% of our base taking

TV360 products, offsetting losses in lower tier and legacy products

• Virgin Media Television achieved record share of linear viewership for 15-44 year olds

Financial highlights:

• FY 2022 revenue of €470.0 million increased 1.0% YoY

• Q4 revenue of €126.6 million increased 0.7% YoY, predominately driven by growth in mobile

• Q4 residential fixed revenue of €76.8 million decreased 1.8% YoY

◦ Fixed subscription revenue decreased 1.6% YoY, as growth in ARPU following targeted price

rises in Q3 was more than offset by lower volumes

• Q4 residential mobile revenue increased 18.8% YoY

◦ Mobile subscription revenue increased 10.0%, primarily driven by organic customer growth

underpinned by competitive offers in the marketplace

◦ Mobile non-subscription revenue increased 42.3% YoY, primarily due to an increase in low

margin handset sales

• Q4 B2B revenue increased 3.3% YoY, primarily due to strength in SOHO following the

implementation of a price rise, along with the continued recovery of market demand post-pandemic

• FY 2022 net earnings increased to €174.8 million

• Q4 net earnings decreased 2.0% YoY to €19.2 million, primarily driven by the net effect of (i) an

increase in income tax benefit, (ii) a decrease in realized and unrealized gains on derivative

instruments and (iii) an increase in interest expense

• FY 2022 Adjusted EBITDA increased 1.5% YoY

• Q4 Adjusted EBITDA decreased 12.3% driven by (i) higher operating costs related to the ongoing

FTTH upgrade program and (ii) an increase in energy costs

• Q4 property and equipment (“P&E”) additions of €52.5 million were up 83.6% YoY, primarily due to

(i) higher new build and upgrade activity and (ii) increased spend on product and enablers

◦ P&E additions as a percentage of revenue increased to 41.5% in Q4 2022, as compared to

22.8% in the prior year period

• FY 2022 Adjusted EBITDA less P&E Additions of €56.2 million represents a decrease of 46.4% YoY

• Q4 Adjusted EBITDA less P&E Additions of (€8.1 million) represents a decrease of 136.8% YoY

• At December 31, 2022, our fully-swapped third-party debt borrowing cost was 3.9% and the

average tenor of our third-party debt was 6.5 years

• At December 31, 2022, and subject to the completion of our corresponding compliance reporting

requirements, the ratios of Net Senior Debt and Net Total Debt to Annualized EBITDA (last two

quarters annualized) were both 4.67x, each as calculated in accordance with our most restrictive

covenants and reflecting the exclusion of the Credit Facility Excluded Amounts as defined in our

respective credit agreements

◦ If we were to not reflect the exclusion of the Credit Facility Excluded Amounts, the ratio of

Total Net Debt to Annualized EBITDA would have been 4.95x at December 31, 2022

• At December 31, 2022, we had €100.0 million of undrawn commitments available to borrow, with

€89.1 million available to upstream. When our Q4 compliance reporting requirements have been

completed and assuming no change from December 31, 2022 borrowing levels, we anticipate the

full €100.0 million of borrowing capacity will continue to be available, with €60.0 million available to

upstream

Operating Statistics Summary

As of and for the

three months ended

December 31,

2022 2021

Footprint

Homes Passed ....................................................................................................................

965,000 954,000

Fixed-Line Customer Relationships

Fixed-Line Customer Relationships .................................................................................

421,100 431,800

Q4 Organic

Fixed-Line Customer Relationship net losses .........................................

(2,900) (1,600)

Q4 Monthly ARPU per Fixed-Line Customer Relationship ...........................................

€ 62.20 € 61.47

Mobile Subscribers

Total Mobile subscribers .....................................................................................................

143,800 129,400

Total Organic Mobile net additions .................................................................................

6,400 2,700

Q4 Monthly ARPU per Mobile Subscriber:

Including interconnect revenue .....................................................................................

€ 20.35 € 20.50

Excluding interconnect revenue ....................................................................................

€ 18.64 € 18.23

Selected Financial Results, Adjusted EBITDA Reconciliation, Property and

Equipment Additions

The following table reflects preliminary unaudited selected financial results for the three months and year

ended December 31, 2022 and 2021:

Three months ended Year ended

December 31,

Increase/

(decrease)

December 31,

Increase/

(decrease)2022 2021 2022 2021

in millions, except % amounts

Revenue

Residential fixed revenue:

Subscription ...........................................................

€ 76.0 € 77.2 (1.6%) € 304.4 € 306.0 (0.5%)

Non-subscription ...................................................

0.8 1.0 (20.0%) 2.9 3.4 (14.7%)

Total residential fixed revenue ..........................

76.8 78.2 (1.8%) 307.3 309.4 (0.7%)

Residential mobile revenue:

Subscription ...........................................................

7.7 7.0 10.0% 29.5 26.4 11.7%

Non-subscription ...................................................

3.7 2.6 42.3% 10.7 9.8 9.2%

Total residential mobile revenue ......................

11.4 9.6 18.8% 40.2 36.2 11.0%

B2B revenue:

Subscription ...........................................................

2.8 2.6 7.7% 11.0 10.1 8.9%

Non-subscription ...................................................

6.5 6.4 1.6% 26.2 25.2 4.0%

Total B2B revenue ..............................................

9.3 9.0 3.3% 37.2 35.3 5.4%

Other revenue ...........................................................

29.1 28.9 0.7% 85.3 84.4 1.1%

Total revenue .......................................................

€ 126.6 € 125.7 0.7% € 470.0 € 465.3 1.0%

Adjusted EBITDA ....................................................

€ 44.4 € 50.6 (12.3%) € 187.7 € 185.0 1.5%

The following table provides a reconciliation of net earnings to Adjusted EBITDA for the three months and

year ended December 31, 2022 and 2021:

Three months ended Year ended

December 31, December 31,

2022 2021 2022 2021

in millions, except % amounts

Net earnings

............................................................................................................

€ 19.2 € 19.6 € 174.8 € 33.1

Income tax expense (benefit) .............................................................................

(7.1) 0.6 (4.7) 0.6

Other income, net .................................................................................................

(0.9) (0.5) (2.0) (0.6)

Foreign currency transaction losses, net ..........................................................

— 0.1 0.4 0.4

Realized and unrealized gains on derivative instruments, net ......................

(4.2) (11.8) (132.6) (10.2)

Interest expense ...................................................................................................

10.1 8.8 35.4 33.9

Operating income ...............................................................................................

17.1 16.8 71.3 57.2

Impairment, restructuring and other operating items, net

..............................

— 4.9 3.6 9.5

Depreciation and amortization

............................................................................

16.7 16.3 65.7 67.4

Related-party fees and allocations, net .............................................................

9.6 11.2 42.7 45.7

Share-based compensation expense ................................................................

1.0 1.4 4.4 5.2

Adjusted EBITDA ..............................................................................................

€ 44.4 € 50.6 € 187.7 € 185.0

Adjusted EBITDA as a percentage of revenue ..................................................

35.1 % 40.3 % 39.9 % 39.8 %

The following table details the categories of our property and equipment additions and reconciles those

additions to the capital expenditures that we present in our consolidated statements of cash flows:

Three months ended Year ended

December 31, December 31,

2022 2021 2022 2021

in millions, except % amounts

Customer premises equipment

............................................................................

€ 9.8 € 6.9 € 32.5 € 28.7

New build and upgrade ..........................................................................................

16.7 5.4 42.9 13.8

Capacity ...................................................................................................................

1.0 2.7 4.5 12.1

Baseline ....................................................................................................................

11.8 8.5 19.1 14.8

Product and enablers .............................................................................................

13.2 5.1 32.5 10.8

Property and equipment additions ...................................................................

52.5 28.6 131.5 80.2

Assets acquired under capital-related vendor financing arrangements

.........

— — — (11.5)

Changes in current liabilities related to capital expenditures (including

related-party amounts)

.......................................................................................

(3.7) (5.2) (15.7) (4.1)

Total capital expenditures

..............................................................................

€ 48.8 € 23.4 € 115.8 € 64.6

Property and equipment additions as a percentage of revenue .....................

41.5 % 22.8 % 28.0 % 17.2 %

Adjusted EBITDA less P&E Additions

Adjusted EBITDA ....................................................................................................

€ 44.4 € 50.6 € 187.7 € 185.0

Property and equipment additions .......................................................................

(52.5) (28.6) (131.5) (80.2)

Total ......................................................................................................................

€ (8.1) € 22.0 € 56.2 € 104.8

Third-Party Debt and Cash and Cash Equivalents

The following table details the borrowing currency and euro equivalent of the nominal amounts of VM

Ireland’s consolidated third-party debt and cash and cash equivalents:

December 31, September 30,

2022 2022

Borrowing

currency € equivalent

in millions

Credit Facilities:

Term Loan B1 (EURIBOR + 3.5%) due 2029 .....................................................

€ 900.0

€100.0 million Revolving Facility (EURIBOR + 2.75%) due 2027

............................................

—

Total third-party debt

................................................................................................................

900.0 900.0

Deferred financing costs and discounts, net ...................................................................................

(5.5) (5.8)

Total carrying amount of third-party debt ..........................................................................

894.5

894.2

Less: cash and cash equivalents

......................................................................................................

0.8 0.7

Net carrying amount of third-party debt .............................................................................

€ 893.7

€ 893.5

Exchange rate ($ to €)

........................................................................................................................

1.0711

0.9790

Covenant Debt Information

The following table details the euro equivalents of the reconciliation from VM Ireland’s consolidated third-

party debt to the total covenant amount of third-party gross and net debt. The euro equivalents presented

below are based on exchange rates that were in effect as of December 31, 2022 and September 30,

2022. These amounts are presented for illustrative purposes only and will likely differ from the actual cash

payments or receipts in future periods.

December 31, September 30,

2022 2022

in millions

Total third-party debt

...................................................................................................................

€ 900.0

Credit Facility excluded amount

.................................................................................................

(50.0)

Total covenant amount of third-party gross debt

................................................................

850.0

Cash and cash equivalents

.........................................................................................................

(0.8) (0.7)

Total covenant amount of third-party net debt .....................................................................

€ 849.2

€ 849.3

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UPC Holding Reports Preliminary Q4 2022 Results

Executed on key integration milestones in 2022 including Sunrise

rebranding

Commercial momentum with strong postpaid mobile intake and return to

positive broadband net adds in Q4

Achieved 2022 financial guidance for Switzerland, delivering stable

revenues and Adjusted EBITDA

UPC Holding Group (“UPC Holding”) provides market-leading converged broadband services through

next-generation networks and innovative technology platforms. The information in this release relates to

our operations in Switzerland and Slovakia (within “Central and Other”). At December 31, 2022, our

continuing operations connected 1.7 million

customers subscribing to 3.8 million internet, video and fixed-

line telephony services and served 2.8 million mobile subscribers.

André Krause, CEO of Sunrise, commented:

“We succeeded in achieving our operational and financial targets for 2022 despite a continued

competitive landscape. Execution of the Sunrise rebranding was a key milestone in our synergy roadmap

and is underpinning strong mobile performance, supported by our wider customer initiatives such as our

Swiss Ski partnership and Sunrise Moments loyalty experiences. Our challenger brands continue to

perform well and encouragingly we saw a return to broadband net add growth in Q4. However, we do

expect a challenging 2023 outlook as we continue to navigate through headwinds in fixed relating to

movement and rightpricing from the UPC brand. Finally, we remain focused on synergy execution and

delivering for our customers, with lower cost to capture spend in 2023 and continued capital discipline

supporting FCF growth.”

Operating and strategic highlights:

Sunrise continues to drive strong commercial momentum despite continued headwinds in fixed as a

result of the competitive landscape and UPC migration

• Maintained strong momentum in mobile postpaid

, driven by our Sunrise Up and yallo propositions,

achieving 44,000 net adds in Q4

• Achieved 9,300 broadband net adds in Q4, demonstrating positive acquisition activity through

promotional periods and strong contributions from our yallo offerings

• Key integration milestones delivered in line with roadmap, achieving nearly 50% of run-rate

synergies in 2022 and remain on track to deliver run-rate synergies of approximately CHF 325 million

by 2025

• Completed the acquisition of partner network EBL’s telecoms division, incorporating EBL’s telecoms

network in 200 municipalities and approximately 60,000 customers (including mobile customers) to

Sunrise

• Continue to expand our Sunrise Moments loyalty program by partnering with Ticketcorner to launch

the Sunrise Starzone, a unique music and event platform available to all customers

• Continue to enhance connectivity solutions for business customers as Sunrise Business launches

Sunrise Business Collaboration, a new option for B2B customers which expands collaboration

features and modernizes collaboration channels

• Launched the MySports app, giving ice hockey fans access to all National League games live and on

demand

• Sunrise was awarded the “Outstanding” rating for the seventh consecutive year in the “connect”

Mobile Network Hotline Test 2023, demonstrating an ongoing commitment to providing best-in-class

customer service

• FMC penetration remains high at 57% across our broadband base in Q4

• Swiss Q4 Customer ARPU of CHF 64.89 decreased 3.7% YoY on both a reported and rebased

basis as a result of the ongoing competitive environment and migration activity

• Fixed Customer Relationships increased by 2,100 in Q4 2022, as compared to a loss of 900 in Q4

2021

Financial highlights:

• Revenue of €798.8 million in Q4 increased 9.1% YoY on a reported basis and decreased 2.0% YoY

on a rebased basis

◦ Q4 Swiss revenue increased 9.2% YoY on a reported basis and decreased 2.2% YoY on a

rebased basis. The rebased decrease was largely driven by (i) a decrease in fixed subscription

revenue due to ARPU pressure on main brand offerings that was only partially offset by strong

trading momentum in yallo and (ii) a decrease in low margin business wholesale revenue

◦ FY 2022 Swiss revenue of €3,022.8 million increased 7.6% YoY on a reported basis and was

flat YoY on a rebased basis

• Q4 earnings (loss) from continuing operations decreased 327.0% YoY on a reported basis to (€169.8

million), primarily due to the net effect of (i) an increase in realized and unrealized losses on

derivative instruments, (ii) a decrease in foreign currency transaction gains, (iii) an increase in

income tax benefit, (iv) an increase in interest expense and (v) a decrease in Segment Adjusted

EBITDA

• Segment Adjusted EBITDA of €256.0 million in Q4 decreased 3.5% YoY on a reported basis and

8.3% YoY on a rebased basis

◦ Swiss Adjusted EBITDA in Q4 decreased 3.2% YoY on a reported basis and 8.1% YoY on a

rebased basis, including €6.1 million of costs to capture

. The rebased decline was largely

driven by (i) the impact of consumer fixed ARPU decline, (ii) an increase in MySports

programming costs due to phasing and distribution model changes and (iii) weaker B2B

wholesale performance

◦ FY 2022 Swiss Adjusted EBITDA of €1,080.1 million increased 5.7% YoY on a reported basis

and decreased 0.3% YoY on a rebased basis, including €35.8 million of costs to capture

• Q4 property and equipment (“P&E”) additions were 22.5% of revenue, as compared to 24.0% in the

prior year period

◦ The relative Q4 decrease was largely driven by the aforementioned increase in revenue. Q4

P&E additions were 22.4% of revenue for Switzerland

• Segment Adjusted EBITDA less P&E Additions of €76.6 million in Q4 decreased 14.3% YoY on a

reported basis and 16.1% YoY on a rebased basis

◦ Swiss Adjusted EBITDA less P&E Additions of €76.2 million in Q4 decreased 13.3% YoY on a

reported basis and 15.1% YoY on a rebased basis, including the adverse impact of €36.6

million of costs to capture and integration-related capital spend

◦ FY 2022 Swiss Adjusted EBITDA less P&E Additions of €531.8 million increased 5.4% YoY on

a reported basis and 1.0% YoY on a rebased basis, including €135.4 million of costs to capture

• At December 31, 2022, our fully-swapped third-party debt borrowing cost was 3.1% and the average

tenor of our third-party debt (excluding vendor financing) was 6.5 years

• At December 31, 2022, and subject to the completion of our corresponding compliance reporting

requirements, the ratios of Net Senior Debt and Net Total Debt to Annualized EBITDA (last two

quarters annualized) for UPC Holding were 3.72x and 4.41x, respectively, as calculated in

accordance with our most restrictive covenants and reflecting the exclusion of Credit Facility

Excluded Amounts as defined in the respective credit agreements

◦ Vendor financing obligations are not included in the calculation of our leverage covenants. If we

were to include these obligations in our leverage ratio calculation and not reflect the exclusion

of the Credit Facility Excluded Amounts, the ratio of Total Net Debt to Annualized EBITDA for

UPC Holding would have been 4.94x at December 31, 2022

• At December 31, 2022, we had €713.4 million of undrawn commitments available to borrow, with

€303.9 million available to upstream. When our Q4 compliance reporting requirements have been

completed and assuming no change from December 31, 2022 borrowing levels, we anticipate €713.4

million of borrowing capacity will continue to be available, with €351.5 million available to upstream

FY 2023 financial guidance for Switzerland:

• Low-single digit revenue decline

• Low to Mid-single digit Adj. EBITDA

(i)

decline (including costs to capture)

• Opex and Capex costs to capture ~CHF 50m (~CHF 10m in Opex)

• Property and equipment additions as a percentage of revenue (including costs to capture) 15-17%

• Adjusted FCF

(i)

: Between CHF 320-350m (growth vs 2022)

(i) Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP measures, see the Glossary for definitions. Quantitative reconciliations to net

earnings/loss (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,

nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly

form period to period.

Operating Statistics Summary

As of and for the

three months ended

December 31,

2022 2021

Footprint

Homes Passed ............................................................................................................................

3,151,700 3,117,300

Fixed-Line Customer Relationships

Fixed-Line Customer Relationships ........................................................................................

1,653,300 1,665,600

Q4 Organic

Fixed-Line Customer Relationship net additions (losses) .............................

2,100 (900)

Q4 Monthly ARPU per Fixed-Line Customer Relationship ..................................................

€ 60.84 € 58.74

Switzerland Q4 Monthly ARPU per Fixed-Line Customer Relationship ..........................

CHF 64.89 CHF 67.37

Customer Bundling

Fixed-mobile Convergence Switzerland .................................................................................

57.4 % 56.3 %

Single-Play ..................................................................................................................................

22.8 % 23.5 %

Double-Play .................................................................................................................................

24.4 % 22.9 %

Triple-Play ....................................................................................................................................

52.8 % 53.6 %

Mobile Subscribers

Postpaid .......................................................................................................................................

2,326,200 2,152,800

Prepaid .........................................................................................................................................

440,000 457,500

Total Mobile subscribers ........................................................................................................

2,766,200 2,610,300

Q4 Organic Postpaid net additions ..........................................................................................

44,000 49,400

Q4 Organic Prepaid net losses ................................................................................................

(29,600) (30,000)

Total Organic Mobile net additions .....................................................................................

14,400 19,400

Q4 Monthly ARPU per Mobile Subscriber:

Including interconnect revenue ...........................................................................................

€ 33.08 € 32.36

Excluding interconnect revenue ..........................................................................................

€ 30.84 € 30.07

Selected Financial Results, Segment Adjusted EBITDA Reconciliation, Property

and Equipment Additions

The following table reflects preliminary unaudited selected financial results for the three months and year

ended December 31, 2022 and 2021:

Three months ended

Increase/(decrease)

Year ended

Increase/(decrease)

December 31, December 31,

2022 2021

Reported Rebased

2022 2021

Reported Rebased

in millions, except % amounts

Revenue

Switzerland:

Consumer Fixed ........................

€ 299.6 € 296.4 1.1% (5.1%) € 1,197.1 € 1,164.6 2.8% (4.8%)

Consumer Mobile

......................

329.3 269.3 22.3% 2.6% 1,242.0 1,111.4 11.8% 3.3%

B2B

.............................................

151.2 152.1 (0.6%) (5.7%) 567.1 511.7 10.8% 4.0%

Other

...........................................

6.8 3.0 126.7% (17.6%) 16.6 20.5 (19.0%) (21.9%)

Total Switzerland

...................

786.9 720.8 9.2% (2.2%) 3,022.8 2,808.2 7.6% —%

Central and Other .......................

11.9 11.1 7.2% 7.2% 45.9 43.9 4.6% 4.6%

Total ........................................

€ 798.8 € 731.9 9.1% (2.0%) € 3,068.7 € 2,852.1 7.6% 0.1%

Segment Adjusted EBITDA

Switzerland ..................................

€ 252.1 € 260.5 (3.2%) (8.1%) € 1,080.1 € 1,022.3 5.7% (0.3%)

Central and Other .......................

3.9 4.9 (20.4%) (20.4%) 15.4 17.9 (14.0%) (14.0%)

Total ........................................

€ 256.0 € 265.4 (3.5%) (8.3%) € 1,095.5 € 1,040.2 5.3% (0.5%)

Segment Adjusted EBITDA

less P&E Additions

Switzerland ..................................

€ 76.2 € 87.9 (13.3%) (15.1%) € 531.8 € 504.7 5.4% 1.0%

Central and Other .......................

0.4 1.5 (73.3%) (73.3%) 4.5 7.9 (43.0%) (43.0%)

Total ........................................

€ 76.6 € 89.4 (14.3%) (16.1%) € 536.3 € 512.6 4.6% —%

The following table provides a reconciliation of earnings (loss) from continuing operations to Segment

Adjusted EBITDA for the three months and year ended December 31, 2022 and 2021:

Three months ended Year ended

December 31, December 31,

2022 2021 2022 2021

in millions, except % amounts

Earnings (loss) from continuing operations

.......................................................

€ (169.8) € 74.8 € 131.9 € (11.8)

Income tax benefit ...............................................................................................

(30.1) (0.6) (73.9) (44.5)

Other income, net ................................................................................................

(2.2) (14.4) (26.9) (30.7)

Losses (gains) on debt extinguishment, net ...................................................

— — (2.6) 75.1

Foreign currency transaction gains, net ..........................................................

(177.8) (215.0) (103.8) (26.6)

Realized and unrealized losses (gains) on derivative instruments, net ......

198.1 153.3 (340.5) (180.4)

Interest expense

..................................................................................................

79.7 62.4 274.8 253.7

Operating income (loss)

...................................................................................

(102.1) 60.5 (141.0) 34.8

Impairment, restructuring and other operating items, net .............................

9.6 (87.9) 21.5 (56.1)

Depreciation and amortization ..........................................................................

302.9 247.0 1,034.5 880.5

Related-party fees and allocations, net ...........................................................

39.3 40.6 152.9 160.1

Share-based compensation expense ..............................................................

6.3 5.2 27.6 20.9

Segment Adjusted EBITDA ............................................................................

€ 256.0 € 265.4 € 1,095.5 € 1,040.2

Segment Adjusted EBITDA as a percentage of revenue ................................

32.0 % 36.3 % 35.7 % 36.5 %

The following table details the property and equipment additions of our continuing operations and

reconciles those additions to the capital expenditures that we present in our combined statements of cash

flows:

Three months ended Year ended

December 31, December 31,

2022 2021 2022 2021

in millions, except % amounts

Customer premises equipment

...........................................................................

€ 16.7 € 15.2 € 84.8 € 49.8

New build and upgrade

........................................................................................

25.9 30.1 69.8 92.8

Capacity

..................................................................................................................

43.2 31.7 116.4 103.8

Baseline

..................................................................................................................

49.4 61.5 163.2 193.7

Product and enablers

............................................................................................

44.2 37.5 125.0 87.5

Property and equipment additions

..................................................................

179.4 176.0 559.2 527.6

Assets acquired under capital-related vendor financing arrangements

.......

(26.3) (42.4) (109.0) (207.8)

Assets acquired under finance leases

...............................................................

— (0.1) (0.4) (1.7)

Changes in current liabilities related to capital expenditures (including

related-party amounts)

.....................................................................................

(38.9) (44.4) (52.2) (22.8)

Total capital expenditures

.............................................................................

€ 114.2 € 89.1 € 397.6 € 295.3

Segment Property and Equipment Additions

Switzerland .............................................................................................................

€ 175.9 € 172.6 € 548.3 € 517.6

Central and Other ..................................................................................................

3.5 3.4 10.9 10.0

Total property and equipment additions .......................................................

€ 179.4 € 176.0 € 559.2 € 527.6

Property and equipment additions as a percentage of revenue ....................

22.5 % 24.0 % 18.2 % 18.5 %

Segment Adjusted EBITDA less P&E Additions

Segment Adjusted EBITDA ..................................................................................

€ 256.0 € 265.4 € 1,095.5 € 1,040.2

Property and equipment additions ......................................................................

(179.4) (176.0) (559.2) (527.6)

Total ....................................................................................................................

€ 76.6 € 89.4 € 536.3 € 512.6

Third-Party Debt, Finance Lease Obligations and Cash and Cash Equivalents

The following table details the borrowing currency and euro equivalent of the nominal amounts of UPC

Holding’s combined third-party debt, finance lease obligations and cash and cash equivalents:

December 31, September 30,

2022 2022

Borrowing

currency

€ equivalent

in millions

Senior Credit Facilities

3.625% EUR Facility AQ due 2029 ...................................................................

€ 374.9 € 374.9 € 374.9

4.875% USD Facility AZ due 2031

...................................................................

$ 1,250.0 1,167.1 1,276.9

Facility AT (LIBOR + 2.25%) USD due 2028

...................................................

$ 700.0 653.6 715.0

Facility AU (EURIBOR + 2.50%) EUR due 2029

............................................

€ 400.0 400.0 400.0

Facility AX (LIBOR + 3.0%) USD due 2029

....................................................

$ 1,717.0 1,603.1 1,753.9

Facility AY (EURIBOR + 3.0%) EUR due 2029

...............................................

€ 693.0 693.0 693.0

€736.4 million Revolving Facility (EURIBOR + 2.50%) due 2026

..........................................

— —

Elimination of Facilities AQ and AZ in consolidation

.................................................................

(1,542.0) (1,651.8)

Total Senior Credit Facilities

.......................................................................................................

3,349.7 3,561.9

Senior Secured Notes

3.625% EUR Senior Secured Notes due 2029 ...............................................

€ 374.9 374.9 374.9

4.875% USD Senior Secured Notes due 2031

...............................................

$ 1,250.0 1,167.1 1,276.9

Total Senior Secured Notes

........................................................................................................

1,542.0 1,651.8

Senior Notes

5.500% USD Senior Notes due 2028 ...............................................................

$ 452.3 422.3 462.0

3.875% EUR Senior Notes due 2029

...............................................................

€ 337.9 337.9 337.9

Total Senior Notes

........................................................................................................................

760.2 799.9

Vendor financing

................................................................................................................................

265.7 243.6

Finance lease obligations

.................................................................................................................

17.7 16.8

Total third-party debt and finance lease obligations

.......................................................

5,935.3 6,274.0

Deferred financing costs and discounts

.........................................................................................

(24.0) (26.6)

Total carrying amount of third-party debt and finance lease obligations

.............

5,911.3 6,247.4

Less: cash and cash equivalents

....................................................................................................

2.8 11.0

Net carrying amount of third-party debt and finance lease obligations

...................

€ 5,908.5 € 6,236.4

Exchange rate ($ to €) 1.0711 0.9790

Covenant Debt Information

The following table details the euro equivalents of the reconciliation from UPC Holding’s combined third-party

debt to the total covenant amount of third-party gross and net debt and includes information regarding the

projected principal-related cash flows of our cross-currency derivative instruments. The euro equivalents

presented below are based on exchange rates that were in effect as of December 31, 2022 and September

30, 2022. These amounts are presented for illustrative purposes only and will likely differ from the actual cash

payments or receipts in future periods.

December 31, September 30,

2022 2022

in millions

Total third-party debt and finance lease obligations (€ equivalent)

.................................

€ 5,935.3 € 6,274.0

Vendor financing

.............................................................................................................................

(265.7) (243.6)

Finance lease obligations

.............................................................................................................

(17.7) (16.8)

Credit Facility excluded amount

...................................................................................................

(400.0) (400.0)

Projected principal-related cash payments associated with our cross-currency

derivative instruments

..................................................................................................................

268.2 51.2

Total covenant amount of third-party gross debt

..................................................................

5,520.1 5,664.8

Cash and cash equivalents

..........................................................................................................

(2.8) (11.0)

Total covenant amount of third-party net debt

.......................................................................

€ 5,517.3 € 5,653.8

Forward-Looking Statements

This press release 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; the planned full fiber

upgrade at Virgin Media Ireland, including the timing, costs, premises to be upgraded and benefits thereof; expectations of any

macroeconomic dynamics that may be beneficial or detrimental to either Virgin Media Ireland, Sunrise, UPC Holdings or any of

their respective beneficial owners and direct and indirect subsidiaries; expectations with respect to the integration and synergy

plan at Sunrise; expectations regarding financial performance at our companies, including revenue, Adjusted EBITDA, Adjusted

EBITDA less P&E Additions, Adjusted Free Cash Flow, and costs to capture, as well as the 2023 financial guidance provided by

our operating entities and the components of such guidance; the strength of our companies’ respective balance sheets (including

cash and liquidity position), tenor of our third-party debt, anticipated borrowing capacity; the timing of future financial disclosures

regarding our operating entities; 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 impact of pandemics

and epidemics on us, our businesses, and our customers; the effects of changes in laws or regulations; 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 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 Liberty

Global’s 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.

Contact Information

Liberty Global Investor Relations: Liberty Global Corporate Communications:

Michael Bishop +44 20 8483 6246 Bill Myers +1 303 220 6686

Amy Ocen +1 303 784 4528 Matt Beake +44 20 8483 6428

Michael Khehra +44 78 9005 0979

About Liberty Global

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile

communications services. We deliver next-generation products through advanced fiber and 5G networks, and currently provide

over 86 million connections* across Europe and the United Kingdom. Our businesses operate under some of the best-known

consumer brands, including Virgin Media-O2 in the U.K., VodafoneZiggo in The Netherlands, Telenet in Belgium, Sunrise in

Switzerland, Virgin Media in Ireland and UPC in Slovakia. Through our substantial scale and commitment to innovation, we are

building Tomorrow’s Connections Today, investing in the infrastructure and platforms that empower our customers to make the

most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.

Our consolidated businesses generate annual revenue of more than $7 billion, while the VMO2 JV and VodafoneZiggo JV

generate combined annual revenue of more than $17 billion.**

Liberty Global Ventures, our global investment arm, has a portfolio of more than 75 companies across content, technology and

infrastructure, including strategic stakes in companies like ITV, Televisa Univision, Plume, AtlasEdge and the Formula E racing

series.

* Represents aggregate consolidated and 50% owned non-consolidated fixed and mobile subscribers. Includes wholesale

mobile subscribers of the VMO2 JV and B2B fixed subscribers of the VodafoneZiggo JV.

** Revenue figures above are provided based on full year 2022 Liberty Global consolidated results (excluding revenue from

Poland) and the combined as reported full year 2022 results for the VodafoneZiggo JV and full year 2022 U.S. GAAP results

for the VMO2 JV. For more information, please visit www.libertyglobal.com.

Selected Operating Data & Subscriber Variance Table — As of and for the quarter ended December 31, 2022

Homes

Passed

Fixed-Line

Customer

Relationships

Total

RGUs

Internet

Subscribers

(i)

Video

Subscribers

(ii)

Telephony

Subscribers

(iii)

Total Mobile

Subscribers

Operating Data

UPC Holding:

Switzerland

(iv)

..........................................................................

2,513,800 1,470,900 3,403,200 1,183,400 1,216,500 1,003,300 2,766,200

Slovakia

...................................................................................

637,900 182,400 400,700 146,400 164,900 89,400 —

Total UPC Holding

.............................................................

3,151,700 1,653,300 3,803,900 1,329,800 1,381,400 1,092,700 2,766,200

VM Ireland

..................................................................................

965,000 421,100 895,500 382,600 260,700 252,200 143,800

Q4 Organic Subscriber Variance

UPC Holding:

Switzerland

(iv)

..........................................................................

12,400 2,800 (6,100) 9,200 (6,800) (8,500) 14,400

Slovakia

...................................................................................

1,200 (700) (400) 100 (500) — —

Total UPC Holding

.............................................................

13,600 2,100 (6,500) 9,300 (7,300) (8,500) 14,400

VM Ireland

..................................................................................

3,100 (2,900) (16,700) (1,600) (8,900) (6,200) 6,400

Footnotes for Selected Operating Data and Subscriber Variance Tables

(i) In Switzerland, we offer a 10 Mbps internet service to our Video Subscribers without an incremental recurring fee. Our Internet Subscribers in Switzerland include approximately 45,100

subscribers who have requested and received this service.

(ii) UPC Holding has approximately 30,100 “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of video service, with only a few channels.

(iii) In Switzerland, we offer a basic phone service to our Video Subscribers without an incremental recurring fee. Our Telephony Subscribers in Switzerland include approximately 188,500 subscribers

who have requested and received this service.

(iv) Pursuant to service agreements, Switzerland offers broadband internet, video and telephony services over networks owned by third-party operators (“partner networks”), and following the

acquisition of Sunrise, also services homes through Sunrise's existing agreements with Swisscom, Swiss Fibre Net and local utilities. Under these agreements, RGUs are only recognized if there

is a direct billing relationship with the customer. Homes passed or serviceable through the above service agreements are not included in Switzerland's homes passed count as we do not own

these networks. Including these arrangements, our operations in Switzerland have the ability to offer fixed services to the national footprint.

Selected Operating Data — As of December 31, 2022

Prepaid Mobile

Subscribers

Postpaid Mobile

Subscribers

Total Mobile

Subscribers

Total Mobile Subscribers

UPC Holding:

Switzerland

...................................................................................................................................................................................................................

440,000 2,326,200 2,766,200

Slovakia

— —

—

Total UPC Holding

..................................................................................................................................................................................................

440,000 2,326,200 2,766,200

VM Ireland

— 143,800 143,800

December 31, 2022 vs. September 30, 2022

Q4 Organic Mobile Subscriber Variance

UPC Holding:

Switzerland

(29,600) 44,000 14,400

Slovakia

— — —

Total UPC Holding

..................................................................................................................................................................................................

(29,600) 44,000 14,400

VM Ireland

— 6,400 6,400

General Notes to Tables:

Most of our broadband communications subsidiaries provide broadband internet, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a

premium price to receive enhanced service levels along with internet, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All

mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our

broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers”. To the extent our existing customers upgrade from a

residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of

our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

Footnotes

1 Organic figures exclude the customer relationships and subscribers of acquired entities at the date of acquisition and other non-organic

adjustments, but include the impact of changes in customers or subscribers from the date of acquisition. All customer relationship and

subscriber additions or losses refer to net organic changes, unless otherwise noted

2 The capital expenditures that we report in our combined statements of cash flows do not include amounts that are financed under vendor

financing or finance lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment

when the underlying assets are delivered, and as repayments of debt when the related principal is repaid

3 Postpaid mobile additions include B2B mobile subscribers

4 Rebased 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 2022, we have adjusted

our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three months and year ended December 31, 2021

to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions of entities acquired during 2021 in our rebased amounts for

the three months and year ended December 31, 2021 to the same extent that the revenue, Adjusted EBITDA and P&E additions of these

entities are included in our results for the three months and year ended December 31, 2022 and (ii) reflect the translation of our rebased

amounts for the three months and year ended December 31, 2021 at the applicable average foreign currency exchange rates that were

used to translate our results for the three months and year ended December 31, 2022. Investors should view rebased growth as a

supplement to, and not a substitute for, U.S. GAAP measures of performance. For further information on the calculation of rebased growth

rates, see the discussion in Revenue and Adjusted EBITDA in Liberty Global’s press release dated February 22, 2023, Liberty Global

Reports Q4 2022 Results. The following table provides adjustments made to the 2021 amounts to derive our rebased growth rates:

Three months ended December 31, 2021 Year ended December 31, 2021

Revenue

Segment

Adjusted

EBITDA

Segment

Adjusted

EBITDA less

P&E Additions Revenue

Segment

Adjusted

EBITDA

Segment

Adjusted

EBITDA less

P&E Additions

in millions

UPC Holding

Acquisitions .............................................

€ 29.1 € (4.6) € (4.6) € — € (15.7) € (15.7)

Foreign Currency

...................................

€ 54.1 € 18.4 € 6.5 € 214.0 € 76.5 € 39.3

5 Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration

activities, restructuring activities, and certain other costs associated with aligning an acquiree to our business processes to derive synergies.

These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are

incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii)

capital related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain

integration related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the

achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years

of completing the transaction.

6 Net third-party debt including finance lease obligations is not a defined term under U.S. GAAP and therefore may not be comparable with

other similarly titled measures reported by other companies

Glossary

10-Q or 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 less P&E Additions and Property and Equipment Additions (P&E Additions):

• 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 gains (losses) on debt extinguishment, net foreign currency transaction gains (losses), net gains

(losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, related-party fees

and allocations, 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 consolidated statements of operations.

• Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted

EBITDA less property and equipment additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure

because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take

into account when evaluating our overall performance, and (ii) a comparable view of our performance relative to other

telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and

apply their definition of similar measures. Adjusted EBITDA less P&E Additions 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 consolidated statements of operations.

• P&E Additions: Includes capital expenditures on an accrual basis, amounts financed under vendor financing or finance lease

arrangements and other non-cash additions.

ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed 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

fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is

calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless

otherwise indicated, ARPU per fixed 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 fixed 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, as further described in the body of this release.

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.

Blended fully-swapped debt 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.

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 footprint and upgrades and downgrades

between services are also excluded from the disconnect figures used in the churn calculation.

Fixed-Line Customer 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-Mobile Convergence (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.

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 the VMO2 JV’s networks in the U.K. as a part of the Project Lightning network

extension program. Project Lightning infill build relates to construction in areas adjacent to our existing network.

Mobile Subscriber Count: For residential and business subscribers, 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.

MVNO: Mobile Virtual Network Operator.

RGU: A Revenue Generating Unit is separately an Internet Subscriber, Video 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 subscribed to our broadband internet

service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Internet, Video and

Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise 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 internet, video 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.

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.

YoY: Year-over-year.