Condensed Combined Financial Statements March 31, 2021 THE VIRGIN MEDIA GROUP 1550 Wewatta Street, Suite 1000 Denver, Colorado 80202 United States THE VIRGIN MEDIA GROUP TABLE OF CONTENTS Page Number FINANCIAL STATEMENTS Condensed Combined Balance Sheets as of March 31, 2021 and December 31, 2020 (unaudited)............................. 1 Condensed Combined Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (unaudited).................................................................................................................................................................. 3 Condensed Combined Statements of Comprehensive Earnings for the Three Months Ended March 31, 2021 and 2020 (unaudited)......................................................................................................................................................... 4 Condensed Combined Statements of Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)...... 5 Condensed Combined Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited).................................................................................................................................................................. 7 Notes to Condensed Combined Financial Statements (unaudited)................................................................................ 9 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS............................................................................................................................................................... 40 THE VIRGIN MEDIA GROUP CONDENSED COMBINED BALANCE SHEETS (unaudited) March 31, December 31, 2021 2020 in millions ASSETS Current assets: Cash and cash equivalents ....................................................................................................... £ 6.3 £ 22.0 Trade receivables, net............................................................................................................... 469.9 488.7 Related-party receivables (note 10).......................................................................................... 1,137.2 694.5 Prepaid expenses....................................................................................................................... 102.3 61.2 Other current assets (notes 3, 4, 5 and 10) ............................................................................... 195.6 217.0 Total current assets................................................................................................................. 1,911.3 1,483.4 Property and equipment, net (notes 6 and 8)............................................................................... 5,817.8 5,944.8 Goodwill (note 6)........................................................................................................................ 5,955.9 6,017.7 Deferred income taxes (note 9)................................................................................................... 1,705.0 1,743.2 Related-party notes receivable (note 10)..................................................................................... 5,447.7 4,807.8 Other assets, net (notes 3, 4, 5, 6 and 8)...................................................................................... 832.2 723.3 Total assets........................................................................................................................... £ 21,669.9 £ 20,720.2 The accompanying notes are an integral part of these condensed combined financial statements. 1 THE VIRGIN MEDIA GROUP CONDENSED COMBINED BALANCE SHEETS — (Continued) (unaudited) March 31, December 31, 2021 2020 in millions LIABILITIES AND COMBINED EQUITY Current liabilities: Accounts payable (note 10)...................................................................................................... £ 324.1 £ 370.2 Deferred revenue (notes 3 and 10)........................................................................................... 340.6 340.8 Current portion of debt and finance lease obligations (notes 7, 8 and 10)............................... 2,178.6 2,040.3 Other current liabilities (notes 3, 4, 5, 8 and 10)...................................................................... 939.8 1,160.3 Total current liabilities......................................................................................................... 3,783.1 3,911.6 Long-term debt and finance lease obligations (notes 7, 8 and 10).............................................. 10,305.8 9,887.6 Other long-term liabilities (notes 3, 4, 5, 8 and 10).................................................................... 776.8 818.2 Total liabilities..................................................................................................................... 14,865.7 14,617.4 Commitments and contingencies (notes 4, 5, 7, 8 and 11) Combined equity: Parent entities: Common stock........................................................................................................................ 10.7 — Additional paid-in capital....................................................................................................... 8,312.8 7,727.6 Accumulated deficit................................................................................................................ (1,602.5) (1,679.0) Accumulated other comprehensive earnings, net of taxes...................................................... 70.0 64.5 Total combined equity attributable to parent entities........................................................... 6,791.0 6,113.1 Noncontrolling interest............................................................................................................. 13.2 (10.3) Total combined equity....................................................................................................... 6,804.2 6,102.8 Total liabilities and combined equity.............................................................................. £ 21,669.9 £ 20,720.2 The accompanying notes are an integral part of these condensed combined financial statements. 2 THE VIRGIN MEDIA GROUP CONDENSED COMBINED STATEMENTS OF OPERATIONS (unaudited) Three months ended March 31, 2021 2020 in millions Revenue (notes 3 and 12).................................................................................................................... £ 1,268.8 £ 1,266.3 Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services (note 10)................................................................ 400.5 403.6 Other operating (note 10).................................................................................................................. 192.1 188.8 Selling, general and administrative (SG&A) (note 10).................................................................... 177.8 170.8 Related-party fees and allocations, net (note 10).............................................................................. 78.9 74.2 Depreciation and amortization.......................................................................................................... 320.9 339.3 Impairment, restructuring and other operating items, net ................................................................ — 4.8 1,170.2 1,181.5 Operating income............................................................................................................................ 98.6 84.8 Non-operating income (expense): Interest expense (note 10)................................................................................................................. (132.5) (149.1) Interest income — related party (note 10)........................................................................................ 71.6 64.3 Foreign currency transaction gains (losses), net............................................................................... 114.1 (375.7) Realized and unrealized gains on derivative instruments, net (notes 4, 5 and 10)........................... 44.0 484.8 Realized and unrealized losses due to changes in fair values of certain debt, net (notes 5 and 7)... — (1.4) Other income, net.............................................................................................................................. 1.3 1.1 98.5 24.0 Earnings before income taxes......................................................................................................... 197.1 108.8 Income tax expense (note 9)................................................................................................................ (30.6) (25.7) Net earnings.................................................................................................................................. 166.5 83.1 Net earnings attributable to noncontrolling interest............................................................................ (2.4) (1.4) Net earnings attributable to parent entities................................................................................... £ 164.1 £ 81.7 The accompanying notes are an integral part of these condensed combined financial statements. 3 THE VIRGIN MEDIA GROUP CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE EARNINGS (unaudited) Three months ended March 31, 2021 2020 in millions Net earnings......................................................................................................................................... £ 166.5 £ 83.1