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*	The financial figures contained in this release for all periods have been presented on a comparable basis with respect to certain accounting changes that were adopted on January 1, 2018. For additional information, see footnote 1.

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•	Strong performance in residential cable with record Q3 RGU additions and accelerated ARPU growth

◦	Delivered monthly cable ARPU of £51.09 in Q3, a 1.9% YoY increase on a rebased basis

◦	Q3 RGU additions are up 14.0% YoY to 105,000, with growth from existing and new build areas driven by high-value triple-play (“3P”) sales; 3P penetration improved to 63.4% in Q3

◦	Our 39,000 broadband RGU additions in Q3 reflect a 9,000 improvement on Q2 2018

▪	77% of our broadband base now subscribes to 100+ Mbps speeds. Our average U.K. downloads are 25% higher YoY with customers consuming 230GB of data per month

◦	Q3 video RGU additions of 12,000 were impacted by a modest increase in churn after UKTV removed its channels in July

▪	We renegotiated our UKTV contract in August on commercially attractive terms, which included 5x more on-demand content

◦	Telephony RGU additions of 54,000 in Q3 showing a strong improvement YoY in part due to the rollout of our voice-over-IP service to 34% of our U.K. cable footprint

◦	Our 12-month rolling customer churn was 15.1% in Q3, an improvement from 15.5% in Q3 2017 driven by continued benefits from V6 and Hub 3 upgrades in prior periods

▪	2 million U.K. customers take a V6 and 68% of broadband subscribers have a Hub 3

•	Our 4.5% average U.K. consumer price rise effective in Q4 is expected to support Q4 cable ARPU

◦	The customer response to date is slightly better than last year with a quicker recovery in NPS, fewer incoming calls, reduced spin-down and only a modest level of churn

•	Q3 postpaid net adds of 37,000 were partly offset by low-ARPU prepaid losses resulting in 5,000 mobile additions

◦	4G subscriptions now represent 75% of our postpaid base and over 50% of our mobile base has migrated to our full MVNO platform in the U.K. allowing us to offer more converged bundles

◦	Fixed-mobile convergence penetration increased by 60 basis points YoY to 19.4% in Q3

•	Q3 B2B rebased revenue growth was underpinned by a 20.7% YoY increase in our SOHO RGU base

◦	Our mix of non-subscription revenue improved in Q3 with a shift to higher margin SME revenue

•	In August, our Irish TV channels were rebranded Virgin Media One, Virgin Media Two and Virgin Media Three and we launched our new Virgin Media Sport Extra channels

◦	In the six weeks following the rebrand, our share of advertising revenue was up 8% YoY

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•	In Q3 we continued to downsize our office and retail estate. By the end of 2019, we expect we will have reduced our occupied sites by one third, including the consolidation of our head office site in Hampshire and two other west-London locations to a new site in Reading

•	Q3 rebased revenue growth of 4.1% was driven by an increase in our residential and SOHO RGU base, accelerated growth in cable ARPU and increased low-margin mobile handset revenue

•	Rebased residential cable revenue growth of 2.9% in Q3 reflected a 2.7% rebased increase in subscription revenue and an 8.5% rebased increase in cable non-subscription revenue driven by higher electronic programme guide fees in the U.K.

•	Residential mobile revenue increased 13.0% in Q3 on a rebased basis due primarily to higher value mobile handset sales, resulting in rebased mobile non-subscription revenue growth of 32.3%

◦	Q3 rebased mobile subscription revenue growth of 1.7% included a £2.9 million benefit related to the expected recovery of certain prior-period VAT payments

•	B2B revenue increased 2.8% in Q3 on a rebased basis driven by growth in our SOHO base

•	Reported Q3 operating income of £2.5 million reflected the net effect of (i) growth in Segment OCF, as described below, (ii) an increase in impairment, restructuring and other operating items, net, including higher provisions for litigation, (iii) an increase in depreciation and amortisation and (iv) higher related-party fees and allocations

•	Rebased Segment OCF growth of 5.3% in Q3 was attributable to solid revenue growth, lower marketing spend and a net £3.9 million benefit following the reassessment of certain accruals, partly offset by increased mobile handset and programming costs and £3.6 million higher network infrastructure taxes

•	Property and equipment additions decreased to 27.3% of revenue in Q3 compared to 38.2% in Q3 2017 driven primarily by lower spend on new build and customer premises equipment (“CPE”)

◦	Investment in new build decreased by 40% to £94.1 million due to a lower volume of Lightning premises constructed along with a lower cost per premises in Q3 compared to the prior-year

◦	CPE spend was 25.5% lower due to fewer equipment upgrades compared to Q3 2017

◦	A reduction in investment on transformation projects, including our mobile platform and voice-over-IP rollout contributed to a 29% decrease in product and enablers spend

•	During Q3, we repaid the following Senior Notes (i) full redemption of £250 million principal amount of the 7.0% 2023 Senior Notes, (ii) a partial $190 million (£146 million) redemption of the $530 million (£406 million) principal amount of the 6.375% 2023 Senior Notes

◦	Subsequent to September 30, 2018, we redeemed the remaining $340 million (£261 million) of the $530 million (£406 million) principal amount of the 6.375% 2023 Senior Notes

•	At September 30, 2018, our fully-swapped third-party debt borrowing cost was 4.7% and the average tenor of our third-party debt (excluding vendor financing) was 6.7 years

•	At September 30, 2018, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Senior Secured and Total Debt to Annualised EBITDA (last two quarters annualised) were 3.70x and 4.49x, respectively, each as calculated in accordance with our most restrictive covenants

◦	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, the ratio of Total Debt to Annualised EBITDA would have been 5.11x at September 30, 2018

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•	At September 30, 2018, we had maximum undrawn commitments of £675 million equivalent. When our compliance reporting requirements have been completed and assuming no change from September 30 borrowing levels, we anticipate that all of our unused commitments will be available to be drawn

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•	Solid Q3 results were driven by growth in our residential cable segment while we focus on driving customer experience through dedicated measures as part of our “New Wave” initiative accompanied by a continued strong B2B performance

•	Q3 monthly cable ARPU of €26.04 increased 1.6% YoY on a rebased basis

•	Added 33,000 broadband RGUs during Q3, which was below our prior-year performance, mainly due to an increased competitive market environment

◦	Overall tier mix improved significantly as one third of new broadband subscribers opted for our premium speed tier of at least 400 Mbps following the implementation of our new “test the best” promotion in September

◦	As part of our “New Wave” initiative we upgraded approximately 500,000 lower speed broadband subscribers to a speed of up to 30 Mbps at no extra cost resulting in materially improved net promoter scores

◦	As we strive to provide the best in-home connectivity experience we continue to proactively roll out our best-in-class WiFi Connect Box, adding more than 600,000 users over the past 12 months, reaching a total base of almost 1.8 million customers

•	Q3 video attrition of 5,000 RGUs reflects the best quarterly result in 3 years and was mainly driven by net additions in our MDU business while SDU losses remained modest

◦	Our Next-Generation Horizon TV platform base grew by 16,000 subscribers in Q3, now standing at 12% penetration of our total video base

◦	In September, we reached a settlement with a large public broadcaster, resulting in a new long-term carriage contract and the addition of several linear public channels to our basic TV offering, as well as an agreement to distribute the broadcasters non-linear programming

•	Our mobile subscriber base declined by 7,000 in Q3 to 285,500

•	B2B continues to be a success story as SOHO RGU additions were up 18% YoY and accounted for over one third of total RGU net additions in Q3, a significant contribution to our overall growth

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•	Rebased revenue growth of 3.3% YoY to €614.2 million in Q3 and 5.1% to €1,862.1 million YTD

◦

Revenue growth in Q3 was primarily driven by (i) higher video carriage fee revenue, including a €11.7 million benefit related to the settlement of prior-period fees in connection with the aforementioned settlement with a large public broadcaster, (ii) an increase in B2B non-subscription revenue, largely due to interconnect volumes generated via our wholesale voice platform, as well as subscriber growth

◦	Mobile non-subscription revenue was €10.5 million lower YoY as a result of the transfer of our wholesale handset program to another Liberty Global subsidiary effective January 1, 2018

◦	Our YTD revenue growth includes the aforementioned carriage fee benefit as well as a similar €31.2 million carriage fee benefit that we recorded in Q1 2018

•	Net earnings were €54.2 million in Q3 (€120.5 million YTD), as compared to €2.4 million in the prior-year period (€23.4 million YTD)

◦	This improvement in Q3 was driven by the net effect of (i) lower net financial and other expense, (ii) higher Adjusted Segment EBITDA, as described below, and (iii) higher income tax expense

•	Rebased Adjusted Segment EBITDA increased 7.0% YoY to €405.5 million in Q3 and 8.0% to €1,207.6 million YTD

◦	The increase in Q3 was primarily due to the net effect of (i) the aforementioned increase in revenue and (ii) lower direct costs, primarily due to lower handset costs associated with the transfer of our wholesale handset program to another Liberty Global subsidiary

•	Property, equipment and intangible asset additions were 30.0% of revenue in Q3, as compared to 29.6% in the prior-year period

◦	The increase in Q3 was mainly driven by (i) higher spend for products and enablers, partially due to improvements made to the IT platform of our customer service department, and (ii) capacity enhancements

•	At September 30, 2018, our fully-swapped third-party debt borrowing cost was 3.4%, and the average tenor of our third-party debt (excluding vendor financing) was 7.2 years

•	At September 30, 2018, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Senior Secured and Total Net Debt to Annualized EBITDA (last two quarters annualized) were 3.73x and 4.64x, respectively, each as calculated in accordance with our most restrictive covenants

◦	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, the ratio of Total Net Debt to Annualized EBITDA would have been 4.98x at September 30, 2018

•	At September 30, 2018, we had maximum undrawn commitments of €500 million under our revolving credit facilities. When our compliance reporting requirements have been completed and assuming no change from September 30, 2018 borrowing levels, we anticipate that €415.7 million of our unused commitments will be available to be drawn

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•	We significantly enhanced both the functionality and content of our video propositions in Switzerland and Poland:

◦	A new video platform was launched in Switzerland in October, the first market to roll out the Horizon 4 platform, which includes a superfast set-top box with 4K Ultra HD picture quality, a remote-control with voice capabilities and an upgraded version of the UPC TV App

◦	In August, UPC Switzerland added the ‘MySports One’ channel to its enhanced TV offering, with more live content available compared to the basic MySports channel available to all TV customers

◦	In September, UPC Switzerland entered into an OTT partnership with Sky, integrating MySports Go into the Sky Sports streaming app

◦	In August, UPC Poland started distributing the Polsat Sports Package as an add-on premium subscription featuring Champions League football

•	Swiss Q3 ARPU per customer of CHF 70.82, a 0.2% YoY increase on a rebased2 basis, driven mostly by the positive impact of the Happy Home portfolio on the tier-mix

•	Continuing CEE blended Q3 ARPU per customer of €16.46, a 1.3% YoY increase on a rebased2 basis

•	Net RGU losses of 24,000 in Q3 versus 20,000 RGU losses in Q3 2017

◦	Switzerland lost 41,500 RGUs in Q3, compared to a loss of 15,500 in Q3 2017, primarily due to heightened competition

◦	Continuing CEE gained 17,000 RGUs, as compared to a loss of 5,000 in Q3 2017, mainly driven by stronger video and voice adds in Poland

•	Broadband RGU losses of 5,000 in Q3, compared to a gain of 3,000 in Q3 2017

◦	Switzerland lost 13,000 broadband RGUs in Q3 as compared to a loss of 4,000 in Q3 2017

◦	Continuing CEE gained 8,000 broadband RGUs, largely in-line with the prior-year result

◦	Penetration of our WiFi Connect Box increased to 54% of our continuing operations’ broadband base at the end of September 2018

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•	Our video base declined by 23,000 RGUs in Q3, which was mainly driven by Switzerland, as compared to a decrease of 28,000 in the prior-year period

◦	Our Horizon TV subscriber base, including Horizon-Lite7, increased by 27,000 in Q3 and now accounts for 43% of our total cable video base

•	Mobile additions were 8,000 in Q3 driven by bundling success in Switzerland

◦	UPC Switzerland to switch MVNO service to Swisscom in early 2019

•	In Q3, UPC’s footprint expanded by 25,000 premises across Continuing CEE and by 7,000 premises in Switzerland as part of our ongoing new build program

•	Rebased2 revenue declined 4.1% YoY in Q3 2018 to €405.7 million

◦	Swiss rebased revenue declined 6.3% in Q3, primarily due to the net effect of lower residential cable subscription revenue, which was driven primarily by competitive pressures, and higher mobile revenue due to increases in the average number of mobile subscribers

◦	Continuing CEE delivered rebased revenue growth of 1.0% in Q3, due to the net effect of growth in our B2B business and a decrease in residential cable subscription revenue

•	Operating income increased 106% in Q3 to €162.1 million, primarily driven by a reduction of the 2017 and 2016 technology fees charged to our Switzerland operations as a result of a new pricing arrangement with the Swiss authorities. The reduction in these technology fees resulted in a €83.8 million credit to Switzerland’s related-party fees during the third quarter of 2018

•	Rebased Segment OCF declined by 7.3% in Q3 2018 to €222.6 million

◦	Swiss rebased Segment OCF declined 9.0% in Q3, largely due to the aforementioned residential cable subscription revenue decline

◦	Continuing CEE rebased Segment OCF grew 0.5% in Q3, driven by the net effect of the aforementioned revenue trend and an increase in interconnect costs

•	Q3 segment property and equipment additions were 20.0% of revenue, as compared with 23.2% in the prior-year period

◦	Spend was lower across all categories and Q3 property and equipment additions were 18.5% of revenue for Switzerland and 23.2% for Continuing CEE

•	At September 30, 2018, our fully-swapped third-party debt borrowing cost was 4.4% and the average tenor of our third-party debt (excluding vendor financing) was over 8.0 years

•	At September 30, 2018, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Senior Secured and Total Net Debt to Annualized EBITDA (last two quarters annualized) for UPC Holding, including discontinued operations8, were 3.05x and 4.12x, respectively, as calculated in accordance with our most restrictive covenants

◦	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, the ratio of Total Net Debt to Annualized EBITDA for UPC Holding, including discontinued operations, would have been 4.60x at September 30, 2018

•	At September 30, 2018, we had maximum undrawn commitments of €990.1 million. When our Q3 compliance reporting requirements have been completed and assuming no change from September 30, 2018 borrowing levels, we anticipate the full amount will be available to be drawn

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•

During Q3 2018, a portion of the net proceeds received by another subsidiary of Liberty Global in connection with the sale of UPC Austria were loaned to UPC Holding and used to (i) redeem €60 million of the €600 million principal amount of the 4.0% EUR 2027 Senior Secured Notes, (ii) repay $330 million (€283 million) of the $1,975 million (€1,691 million) principal amount under Facility AR and (iii) repay in full the €500 million principal amount under Facility AS

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(a)	Primarily relates to transfers of centrally-procured property and equipment to our discontinued operations and other related-parties.

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1

The financial figures contained in this release are prepared in accordance with U.S. GAAP for Virgin Media and UPC Holding and in accordance with EU-IFRS for Unitymedia. Unitymedia’s financial condition and results of operations will be included in Liberty Global’s consolidated financial statements under U.S. GAAP. There are significant differences between the U.S. GAAP and EU-IFRS presentations of our consolidated financial statements. Effective January 1, 2018, Virgin Media and UPC Holding adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), and Unitymedia adopted IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), each by recording the cumulative effect to their respective equity or deficit. All prior-year amounts are presented herein on a pro forma basis that gives effect to the adoption of ASU 2014-09 or IFRS 15, as applicable, as if such adoptions had occurred on January 1, 2017. In addition, on January 1, 2018, Virgin Media and UPC Holding adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”) on a retrospective basis. Accordingly, the operating income and OCF amounts for the prior-year periods presented herein for Virgin Media and UPC Holding have been retrospectively revised to reflect the impact of ASU 2017-07.

2

For purposes of calculating rebased growth rates on a comparable basis, we have adjusted the historical revenue and Segment OCF (U.S. GAAP) or Adjusted EBITDA (EU-IFRS) for the three and nine months ended September 30, 2017 to (i) in the case of the Virgin Media, Unitymedia and UPC Holding borrowing groups, reflect the January 1, 2018 adoption of the new revenue recognition standards ASU 2014-09 (U.S. GAAP) and IFRS 15 (EU-IFRS) as if such adoptions had occurred on January 1, 2017 and (ii) for Virgin Media and UPC Holding, reflect the translation of our rebased amounts for the three and nine months ended September 30, 2017 at the applicable average foreign currency exchange rates that were used to translate our results for the three and nine months ended September 30, 2018. For further information on the calculation of rebased growth rates, see the discussion in Revenue and Operating Cash Flow in Liberty Global’s press release dated November 7, 2018, Liberty Global Reports Q3 2018 Results. The following table provides adjustments made to the 2017 amounts to derive our rebased growth rates for Virgin Media, Unitymedia and UPC Holding:

3	Organic figures exclude RGUs of acquired entities at the date of acquisition and other nonorganic adjustments, but include the impact of changes in RGUs from the date of acquisition. All subscriber/RGU additions or losses refer to net organic changes, unless otherwise noted.

4	The capital expenditures that we report in our consolidated statements of cash flows do not include amounts that are financed under vendor financing or capital 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.

5	Interest will initially accrue at a rate of 6.0% up to January 15, 2021 and at a rate of 11.0% thereafter.

6	Net third-party debt including capital or finance lease obligations (as applicable) is not a defined term under U.S. GAAP, EU-IFRS or IASB-IFRS and may not therefore be comparable with other similarly titled measures reported by other companies.

7	Horizon-Lite relates to our more basic version of Horizon TV, where we are upgrading the software of legacy two-way capable boxes in the field with a Horizon-like user interface, that also offers access to on-demand content, different apps and in certain cases Replay TV functionality. We have launched Horizon-Lite in certain CEE markets.

8

Consistent with how we calculate our leverage ratios under our debt agreements, we calculate our debt ratios for UPC Holding including discontinued operations. For purposes of these calculations, debt is measured using swapped foreign currency rates. We have not presented leverage ratios on a continuing operations only basis for UPC Holding as we believe that such a presentation would overstate our leverage and would not be representative of the actual leverage ratios that we will report once all dispositions are completed. This is due to the fact that, in accordance with U.S. GAAP, our continuing operations exclude all of the OCF of the entities to be disposed but include a portion of the debt that we expect to repay with the proceeds from such dispositions.

9	UPC Holding has approximately 25,100 “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of video cable service, with only a few channels.

10	Subscribers to enhanced video services provided by UPC Holding’s operations in Switzerland over partner networks receive basic video services from the partner networks as opposed to UPC Holding’s operations.

11	In Switzerland, we offer a 2 Mbps internet service to our Basic and Enhanced Video Subscribers without an incremental recurring fee. Our Internet Subscribers in Switzerland include 77,700 subscribers who have requested and received this service.

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12	In Switzerland, we offer a basic phone service to our Basic and Enhanced Video Subscribers without an incremental recurring fee. Our Telephony Subscribers in Switzerland include 143,400 subscribers who have requested and received this service.

13	Represents non-cash contributions of property and equipment that UPC Holding received from its parent company. These amounts are excluded from the capital expenditures that UPC Holding reports in its consolidated statements of cash flows.

14

UPC Holding’s property and equipment additions include amounts that represent the net impact of changes in inventory levels associated with centrally-procured customer premises equipment. These amounts, which are included in “Other”, are excluded from the calculation of segment property and equipment additions as a percentage of revenue. The centrally-procured equipment is ultimately transferred to certain Liberty Global European operating subsidiaries, including subsidiaries within UPC Holding. Equipment transferred outside of UPC Holding is reflected as a reduction to UPC Holding’s property and equipment additions in the period in which the equipment is transferred.

15

Pursuant to service agreements, Switzerland offers enhanced video, broadband internet and telephony services over networks owned by third-party cable operators (“partner networks”). A partner network RGU is only recognized if there is a direct billing relationship with the customer. At September 30, 2018, Switzerland’s partner networks account for 127,500 Cable Customer Relationships, 299,200 RGUs, 107,500 Enhanced Video Subscribers, 109,300 Internet Subscribers, and 82,400 Telephony Subscribers. Subscribers to our enhanced video services provided over partner networks receive basic video services from the partner networks as opposed to our operations. Due to the fact that Switzerland does not own these partner networks, we do not report homes passed for Switzerland’s partner networks.

16

On May 9, 2018, Liberty Global agreed to a transaction that included the sale of UPC Holding's operations in Hungary, Romania and the Czech Republic. Previously Liberty Global had agreed to sell UPC Holding's operations in Austria ("UPC Austria") and this transaction was completed on July 31, 2018. Just prior to the completion of the sale of UPC Austria, UPC Austria and its parent, Liberty Global Europe Holdco 2 BV, were distributed out of UPC Holding to another subsidiary of Liberty Global and therefore are no longer included within UPC Holding. As a result of the foregoing, UPC Holding's operations in Hungary, Romania, the Czech Republic and through July 31, 2018, Austria, have been accounted for as discontinued operations in UPC Holding's condensed combined financial statements. Unless otherwise indicated, the information in the UPC Holding release relates only to our continuing operations.

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