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UPC March 31, 2020 The UPC Holding Group Condensed Combined Financial Statements March 31, 2020 The UPC Holding Group TABLE OF CONTENTS Page Number Condensed Combined Balance Sheets as of March 31, 2020 and December 31, 2019 (unaudited) ........................... 1 Condensed Combined Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (unaudited)................................................................................................................................................................ 3 Condensed Combined Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2020 and 2019 (unaudited) ....................................................................................................................................... 4 Condensed Combined Statements of Equity for the Three Months Ended March 31, 2020 and 2019 (unaudited).... 5 Condensed Combined Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (unaudited)................................................................................................................................................................ 7 Notes to Condensed Combined Financial Statements (unaudited) .............................................................................. 9 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.......................................................................................................................................................... 35 The UPC Holding Group CONDENSED COMBINED BALANCE SHEETS (unaudited) March 31, December 31, 2020 2019 in millions ASSETS Current assets: Cash and cash equivalents ........................................................................................................... € 21.5 € 22.1 Trade receivables, net .................................................................................................................. 134.9 195.0 Related-party receivables (note 11) ............................................................................................. 382.2 411.8 Derivative instruments (note 5) ................................................................................................... 74.1 86.3 Other current assets (note 3) ........................................................................................................ 49.4 49.2 Total current assets.................................................................................................................. 662.1 764.4 Related-party receivables (note 11)................................................................................................ 227.9 247.7 Property and equipment, net (notes 7 and 9).................................................................................. 1,567.2 1,574.2 Goodwill (note 7) ........................................................................................................................... 3,163.0 3,126.3 Derivative instruments (note 5)...................................................................................................... 295.9 226.6 Other assets, net (notes 3, 7, 9 and 11)........................................................................................... 192.6 193.2 Total assets .............................................................................................................................. € 6,108.7 € 6,132.4 The accompanying notes are an integral part of these condensed combined financial statements. 1 The UPC Holding Group CONDENSED COMBINED BALANCE SHEETS — (Continued) (unaudited) March 31, December 31, 2020 2019 in millions LIABILITIES AND COMBINED EQUITY Current liabilities: Accounts payable (note 11).......................................................................................................... € 216.6 € 159.5 Deferred revenue (note 3) ............................................................................................................ 166.1 191.5 Derivative instruments (note 5) ................................................................................................... 69.9 120.3 Current portion of debt and finance lease obligations (notes 8 and 9) ........................................ 570.4 563.4 Other accrued and current liabilities (notes 9 and 11) ................................................................. 280.4 334.5 Total current liabilities........................................................................................................ 1,303.4 1,369.2 Long-term debt and finance lease obligations (notes 8 and 9)....................................................... 3,257.0 3,224.7 Derivative instruments (note 5)...................................................................................................... 326.5 324.6 Other long-term liabilities (notes 3, 9 and 11) ............................................................................... 154.0 165.4 Total liabilities.................................................................................................................... 5,040.9 5,083.9 Commitments and contingencies (notes 5, 8, 10 and 12) Combined equity: Parent entities: Distributions and accumulated earnings in excess of contributions ....................................... 147.9 157.3 Accumulated other comprehensive earnings, net of taxes...................................................... 900.3 872.9 Total combined equity attributable to parent entities ......................................................... 1,048.2 1,030.2 Noncontrolling interests............................................................................................................... 19.6 18.3 Total combined equity........................................................................................................ 1,067.8 1,048.5 Total liabilities and combined equity .......................................................................... € 6,108.7 € 6,132.4 The accompanying notes are an integral part of these condensed combined financial statements. 2 The UPC Holding Group CONDENSED COMBINED STATEMENTS OF OPERATIONS (unaudited) Three months ended March 31, 2020 2019 (a) in millions Revenue (notes 3, 11 and 13).................................................................................................................. € 395.6 € 383.2 Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services (note 11) .................................................................. 105.2 83.5 Other operating (note 11) .................................................................................................................... 57.0 55.3 Selling, general and administrative (SG&A) (note 11)....................................................................... 66.3 64.9 Related-party fees and allocations, net (note 11)................................................................................. 60.5 39.3 Depreciation and amortization ............................................................................................................ 90.2 84.5 Impairment, restructuring and other operating items, net ................................................................... 12.2 1.0 391.4 328.5 Operating income............................................................................................................................. 4.2 54.7 Non-operating income (expense): Interest expense (note 11)..................................................................................................................... (42.1) (65.5) Interest income (note 11) ...................................................................................................................... 4.9 8.6 Realized and unrealized gains on derivative instruments, net (note 5) ................................................ 81.2 47.8 Foreign currency transaction losses, net............................................................................................... (37.4) (62.7) Losses on debt extinguishment, net (note 8) ........................................................................................ (32.5)— Other income (expense), net................................................................................................................. (0.1) 1.8 (26.0) (70.0) Loss from continuing operations before income taxes.................................................................... (21.8) (15.3) Income tax expense (note 10) ................................................................................................................. (6.3) (13.0) Loss from continuing operations..................................................................................................... (28.1) (28.3) Earnings from discontinued operations, net of taxes (note 4)................................................................. — 34.0 Net earnings (loss)........................................................................................................................... (28.1) 5.7 Net earnings attributable to noncontrolling interests .............................................................................. (0.8) (0.9) Net earnings (loss) attributable to parent entities........................................................................... € (28.9) € 4.8 _______________ (a) As retrospectively revised, see note 4. The accompanying notes are an integral part of these condensed combined financial statements. 3 The
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