[February 12, 2015]

Liberty Global Reports Fiscal 2014 Results

Liberty Global plc ("Liberty Global" or the "Company") (NASDAQ: LBTYA, LBTYB and LBTYK), today announces financial and operating results for the three months ("Q4") and year ended December 31, 2014 ("FY"). Certain of the information concerning Virgin Media Inc. ("Virgin Media") and Ziggo Holding B.V., formerly Ziggo N.V. ("Ziggo"), relates to periods prior to our ownership of the respective businesses. Please also note that we sold substantially all of our legacy content business on January 31, 2014 (the "Chellomedia Sale") and, accordingly, we have presented the disposed business as a discontinued operation for all periods.

Highlights for the full-year 2014:

• Organic RGU² additions of 1.3 million, including 351,000 in Q4
  • Over 900,000 internet additions in 2014, powered by our superior broadband speeds
  • Lowest annual video attrition since 2006, supported by innovative video offerings

• Over 500,000 postpaid mobile subscriber additions on an organic basis
• Revenue of $18.2 billion, representing rebased³ growth of 3%
• Operating Cash Flow⁴ of $8.5 billion, reflecting 5.5% rebased growth
  • Germany and the U.K. delivered 9% and 7% rebased growth, respectively

• Operating income of $2.2 billion, an 11% increase
• Adjusted Free Cash Flow ("FCF") increased 25%¹ to $2.2 billion
  • Excluding the post-acquisition Ziggo FCF of $122 million, Adjusted FCF increased 18%¹

• Ziggo integration already in full-swing, synergy target raised to €250 million by 2018

• Active capital management to support our growth and drive equity returns
  • Over 90% of our debt is due in 2020 and beyond

CEO Mike Fries stated, "2014 was a milestone year for us on many fronts. We increased the pace of innovation in broadband, video, and wireless, delivered steady organic subscriber growth, continued driving operational efficiencies and achieved all of our financial targets. The capstone of the year was the acquisition of Ziggo, which represents a unique opportunity for us to create national scale and become the leading challenger in the mobile and enterprise businesses in Holland, while opening up great opportunities for Dutch consumers and businesses. In terms of financial performance, we reported record revenue in excess of $18 billion and delivered on all of our 2014 guidance targets including an 18% increase in our Adjusted Free Cash Flow excluding Ziggo."

"Innovation remains a key focus, enabling us to offer our customers cutting edge products and services which, in turn, supports our pricing strategy. In 2015, we will continue to make strategic investments to differentiate our products and continue driving demand for our next-generation platform, Horizon TV, which crossed the one million subscriber milestone this week, along with increasing usage of our Horizon Go app and our MyPrime video-streaming service. We are also preparing for trials of DOCSIS 3.1 technology in the second half of this year, which we expect will meaningfully and cost effectively extend our speed leadership to 1GB when we begin commercial deployments and up to 10GB in the future. With our superior broadband network, the expansion of WiFi to 10 million locations by the end of 2015 and our new mobile launches across Europe, we are well positioned to offer consumers the best connectivity experience available in our markets."

"Our balance sheet remains in great shape with approximately $5.2 billion of liquidity at year-end. In Q4, we refinanced over $3 billion of debt, reducing our fully-swapped cost of debt to 6.0%, our lowest on record, while pushing out our average maturity to over seven years. In January, we took advantage of attractive capital markets again and realigned our debt structure in order to create regional credit pools and help drive further operating efficiencies. During 2014, we repurchased nearly $1.6 billion of stock despite being out of the market for over four months due to the Ziggo transaction. We remain committed to repurchasing a further $1.9 billion by year end 2015. In addition, we are extending our previously announced buyback program by committing to purchase an additional $2 billion of ordinary shares by the end of 2016. This extension of our buyback program brings our total authorized buyback activity over the next two years to approximately $4 billion. Later this month, our shareholders will be voting on the creation of the LiLAC tracking stock, which would give our investor base an opportunity to invest more directly in our fast-growing operations in Latin America and the Caribbean."

"Looking ahead to 2015, we expect to deliver mid-single digit rebased OCF growth, along with $2.5 billion of Adjusted Free Cash Flow, which would represent combined mid-teens growth on an FX-adjusted basis.⁵ Our expectations are based on continued robust subscriber growth, improving pricing power, our rapidly growing mobile and B2B businesses and executing on the substantial synergy opportunities that we have already underway with our operational integrations taking place in the Netherlands and the U.K."

Subscriber Statistics

At December 31, 2014, we provided a total of 55.9 million subscription services ("RGUs") to our 27.3 million unique customers across our cable footprint of 51.9 million homes passed. These services consisted of 24.3 million video, 17.3 million broadband internet and 14.3 million telephony subscriptions. As compared to year-end 2013, we increased our total RGU base by 16% or 7.7 million RGUs, which is largely attributable to our acquisition of Ziggo (6.3 million RGUs) and our 1.3 million organic RGU additions, including 351,000 in Q4. Our overall customer base increased by 2.8 million in 2014 and at year-end just over 60% of our customers subscribed to more than one service, representing a bundling ratio of 2.05x RGUs per customer.

In addition to our triple-play base, we also had 4.5 million mobile subscribers, including nearly 3.6 million postpaid mobile subscribers at December 31, 2014.

Broadband internet remains the primary source of our organic subscriber additions. Driven by our market-leading speeds, and with key contributions from our businesses in Germany and the U.K., we added 905,000 broadband RGUs in 2014 (including 242,000 in Q4), an improvement of 4% or 38,000 RGUs year-over-year. Despite lower traction of our fixed-line telephony products in 2014 as compared to the prior year, we still added 597,000 telephony RGUs in 2014 (145,000 in Q4), increasing our telephony penetration⁶ to 28%, while at the same time, our broadband internet penetration⁶ was at 34% at year end.

Our video subscriber loss of 223,000 for the full-year of 2014 (including 35,000 in Q4) represents our best annual result in eight years. Our next-generation video platforms continued to perform well, attracting over one million new subscribers in 2014, and we ended the year with 3.5 million advanced TV customers. We doubled our total Horizon TV base to 914,000 subscribers across the Netherlands, Germany, Switzerland, Ireland and Poland, including record take-up in Germany during Q4. In addition, we now have 2.5 million TiVo subscribers in the U.K., as we added 583,000 subscribers in 2014. During 2014, we enhanced our video offer with services such as Horizon Go, our multi-screen video service with out-of-home capabilities, which launched in eight countries, and MyPrime, our SVoD video-streaming service, which is now live in four markets. We ended the year with 15.9 million digital TV subscribers, representing 68% digital penetration⁷, and 7.6 million analog video subscribers at year-end 2014, which represent ample opportunity for further digital conversion.

From a regional standpoint, our 1.3 million RGU additions consisted of 918,000 in Western Europe, 232,000 in Central and Eastern Europe ("CEE") and 130,000 in Latin America⁸. Our total RGU additions in 2014 were consistent with our organic RGU growth in 2013, led by strong performances in Germany and the U.K., which contributed 511,000 and 201,000 additions, respectively, during the year. Of particular note, our U.K. operations delivered a record 113,000 RGU additions in Q4, driven by demand for our "Big Bundles" and record low churn. Our Belgian operation leveraged the popularity of its "Whop" and "Whoppa" triple-play bundles and added 129,000 RGUs during 2014.

The competitive environment in the Netherlands remained challenging with high levels of promotional activity and marketing initiatives from competitors. In 2014, we lost 26,000 RGUs in the Netherlands, including 11,000 RGUs at UPC Netherlands and 15,000 RGUs at Ziggo during the post-acquisition 2014 period. If we were to combine UPC Netherlands and Ziggo for all of 2014, our growth in the Netherlands would have been 31,000 net RGU additions. Rounding out our top five markets, our cable operation in Switzerland reported 14,000 RGU additions in 2014, aided by continued broadband growth and a year-over-year improvement in annual video attrition, partially offset by lower voice additions.

With respect to our mobile business, we finished the year with 4.5 million mobile subscribers⁹, an 11% increase as compared to our year-end 2013 subscriber base. This year-over-year growth of 449,000 subscribers was led by 144,000 additions in Belgium, 127,000 additions in the Netherlands, mainly as the result of our Ziggo acquisition (115,000 subscribers), and 70,000 and 63,000 additions in Germany and the U.K., respectively. We also improved our customer mix by adding 623,000 total postpaid subscribers, including over 500,000 on an organic basis. This was offset by a decline in our prepaid subscriber base of 174,000, as a result of our ongoing focus in the U.K. of cross-selling postpaid mobile services to our cable customers. Postpaid mobile subscribers generate 2.5 times the average monthly revenue that we derive from prepaid subscribers and churn at a lower rate.

In Q4 2014, we launched full-MVNO mobile products in the Netherlands, Hungary and Austria for select customers in those countries as part of our controlled roll-out strategy, all of which utilize our centralized MVNO hub in Amsterdam. This structure allows us to own the SIM cards and offers greater flexibility in creating mobile products, such as shared family plans. During the course of 2015, we will launch new mobile marketing initiatives and look to expand the quad-play penetration of our customer base.

Revenue

For the three months and year ended December 31, 2014, our revenue increased 3% to $4.6 billion and 26% to $18.2 billion, respectively, as compared to the corresponding prior year periods. Our reported increase for Q4 was primarily driven by the inclusion of Ziggo for approximately seven weeks and organic revenue growth, partially offset by net negative foreign currency ("FX") movements related to the strengthening of the U.S. dollar against all of our currencies. For the full-year period, the key driver of our reported growth was the inclusion of acquisitions, principally Virgin Media and Ziggo, and, to a lesser extent, organic growth. The FX impact over full-year 2014 was limited as the depreciation of the Chilean peso against the U.S. dollar was nearly offset by a strengthening of the British pound against the U.S. dollar.

Adjusting to neutralize the impact of acquisitions and FX, we achieved year-over-year rebased revenue growth of 3% for each of the Q4 and full-year 2014 periods. Our full-year 2014 rebased growth was fueled by higher volumes, including the positive impact of upselling customers into our bundled products, higher ARPU, along with strong growth in our mobile subscription and total business-to-business ("B2B") revenue, which increased 9% and 7%, respectively, on a rebased basis¹⁰.

From a geographic perspective, Western Europe delivered 3% rebased revenue growth for the year, including rebased growth of 4% in Q4, as compared to Q4 2013. Our operations in CEE posted 1% rebased revenue growth for 2014. Rounding out our operations, our businesses in Chile and Puerto Rico reported 4% combined rebased top-line growth during 2014.

Our performance in Western Europe, which represented over 85% of our consolidated revenue in 2014, was led by Germany, which delivered 6% rebased growth in each of the Q4 and full-year 2014 periods. Our German growth was primarily driven by subscriber additions and increases in ARPU¹¹, which resulted in a sequential acceleration of our growth in Germany from 5% in Q3 2014 to 6% in Q4 2014. Our Swiss operation posted 5% rebased revenue growth in 2014, its best performance since 2008, primarily driven by continued broadband internet and digital TV volume growth, an improvement in ARPU and growth in B2B. Our Belgian operation had similar revenue growth drivers, which, together with the continued success of our Belgian mobile offering, resulted in 4% rebased revenue growth during 2014. Of particular note, Virgin Media delivered 3% rebased revenue growth, including a 4% result in Q4, our best quarter of the year, driven by the February price increase, strong volumes and 9% rebased growth for both mobile subscription and total B2B revenue in Q4. Elsewhere in Western Europe, the revenue of our Dutch business, which includes Ziggo since November 11, experienced a 1% rebased revenue decline for the full year 2014 due to the ongoing competitive dynamics.

Operating Cash Flow

We reported consolidated OCF of $2.1 billion and $8.5 billion for the three months and year ended December 31, 2014, respectively. As compared to the corresponding prior year periods, these results reflect increases of 4% and 26%, respectively, and were driven by the aforementioned contributors to our reported top-line results. From a rebased growth perspective, we reported year-over-year increases of 4% and 5.5% for the three months and year ended December 31, 2014, respectively. Both represent improved growth rates as compared to the prior year periods. As mentioned in our previous 2014 earnings releases, our full-year 2014 rebased OCF performance benefited from the net favorable impact of a number of nonrecurring items.

Geographically, our European operations reported 5% rebased OCF growth for the year ended December 31, 2014, as strong results in many of our European markets were only partially offset by higher costs in our European central and other category associated with scale initiatives in the areas of information technology and finance. Our Western European operations delivered 6%, while CEE's operations posted 2% rebased OCF growth, led by Romania and Poland. In Latin America, our Chilean business generated 14% rebased OCF growth, primarily as a result of a lower mobile OCF deficit as we moved to a full-MVNO platform in late 2013, while our operation in Puerto Rico delivered 20% rebased OCF growth mainly by harvesting acquisition related synergies.

In Western Europe, our 2014 results were fueled by strong performances in Germany and the U.K. In particular, our German operation repeated its 2013 performance by delivering 9% rebased OCF growth, with the 2014 result being a function of the aforementioned revenue growth drivers and strict cost containment. Meanwhile, we posted 7% rebased OCF growth in 2014 and a record 11% rebased growth in Q4 in the U.K., where we are seeing operating momentum across all key product lines and the benefits of cost synergies. In addition, our Belgian and Swiss operations reported rebased OCF growth of 7% and 5%, respectively, supported by their strong underlying broadband internet businesses. Of note, the Q4 2014 OCF performance of UPC Cablecom was impacted by costs associated with the integration of our Swiss and Austrian operations and office relocation expenses. Our operation in the Netherlands partially offset these strong Western European results as the aforementioned impacts of competition led to a 1% rebased decline in the OCF of our Dutch operation during 2014, an improvement from the 5% rebased decline that we posted in the Netherlands for 2013. In terms of synergies for our combined Dutch business, we now anticipate €250 million of overall synergies by 2018, as compared to our earlier estimate of €160 million, with the upsize mainly being attributable to incremental property and equipment addition savings and, to a lesser extent, additional operating cost savings.

Our consolidated OCF margins¹² for Q4 and the full year 2014 were 46.4% and 46.7%, respectively, as compared to 45.9% and 46.6% for the corresponding prior year periods. If we were to adjust our margin calculation¹³ to include Virgin Media for the full twelve month period ended December 31, 2013, our combined OCF margin for 2013 would have been 45.6%. With the exception of our Dutch business, which included the relatively lower margins of Ziggo during the last 7 weeks of 2014, each of our reportable segments reported improved margins on a year-over-year basis, underpinned by U.K./Ireland (130 basis points) and Germany (170 basis points).

Operating Income

For the three months and year ended December 31, 2014, our operating income decreased by 47% to $273 million and increased by 11% to $2.2 billion, respectively, as compared to the corresponding prior year periods. The increase in our full year operating income was primarily due to the inclusion of Virgin Media, which accounted for a significant portion of our growth in OCF, offset by an increase in our depreciation and amortization expenses. The decrease in our Q4 2014 operating income was primarily the result of year-over-year organic OCF growth that was more than offset by increased impairment, restructuring and other operating items, due largely to a $222 million charge associated with the settlement of certain litigation related to our 2011 acquisition of KBW, and higher depreciation and amortization.

Net Earnings/Loss Attributable to Shareholders

We reported net losses attributable to shareholders ("Net Losses") of $523 million or $0.62 per basic and diluted¹⁴ share and $695 million or $0.87 per basic and diluted share, for the three months and year ended December 31, 2014, respectively. These compare to Net Losses of $121 million or $0.16 per basic and diluted share and $964 million or $1.43 per basic for the corresponding prior year periods, respectively.

For 2014, the $269 million improvement was mainly driven by positive movements related to our derivative instruments, lower income tax expense and a $333 million gain on the January 2014 Chellomedia sale, which more than offset the net increase in foreign currency transaction losses and lower gains related to changes in fair values of certain investments. The Q4 year-over-year increase in Net Losses of $402 million was driven to a large extent by the net increase in foreign currency transaction losses, the aforementioned lower operating income and lower gains related to changes in fair values of certain investments, partly offset by positive movements related to our derivative instruments.

At February 6, 2015, we had 887 million shares outstanding, including 251 million Class A ordinary shares, 10 million Class B ordinary shares and 626 million Class C ordinary shares.

Property and Equipment Additions

For 2014, we reported $3.9 billion of property and equipment ("P&E") additions¹⁵ or 21% of revenue as compared to $3.2 billion or 22% of revenue for 2013. The increase in absolute P&E additions was primarily related to the inclusion of Virgin Media, which accounted for $1.4 billion of our P&E additions during the year ended December 31, 2014, as compared to $755 million during the period following the June 7, 2013 acquisition date through December 31, 2013, and to a lesser extent, our acquisition of Ziggo, which was included since November 11, 2014. Adjusting our 2013 results for the inclusion of Virgin Media for the full period, our combined P&E additions would have been $3.8 billion or 22% of combined revenue.

The $149 million increase in our P&E additions in 2014, as compared to the combined 2013 amount, is partly the result of higher support capital as a result of Virgin Media's anticipated move to a full-MVNO mobile platform, as well as network and IT projects at Telenet. In terms of 2014 allocation, 52% of our overall capital spend was related to CPE and scalable infrastructure, 25% to line extensions and upgrade/rebuild activity, and 23% to support capital, including IT upgrades and general support systems.

Free Cash Flow & Adjusted Free Cash Flow

On a reported basis, we generated FCF of $2.2 billion in 2014, which reflects a 91% increase as compared to the $1.1 billion of FCF we generated in 2013. Similarly, our Adjusted Free Cash Flow, which primarily excludes certain costs associated with our Chilean wireless operation, increased 65% to $2.2 billion in 2014, as compared to $1.3 billion in 2013. Both increases were mainly driven by our acquisitions, including Virgin Media and Ziggo, organic OCF growth, favorable net working capital movements and a strengthening of the British pound against the U.S. dollar, partially offset by higher cash interest payments.

If we were to include the Adjusted FCF of Virgin Media for the full 2013 period and exclude the impact of Ziggo in 2014, we would have reported FCF growth of 18% during 2014, as compared to 2013. This increase was mainly driven by organic OCF growth, favorable net working capital movements and a strengthening of the British pound against the U.S. dollar, partially offset by higher cash interest payments.

Leverage & Liquidity

We had total debt¹⁶ of $46.2 billion and cash and cash equivalents of $1.2 billion at December 31, 2014. As compared to the end of the third quarter of 2014, our reported debt and cash positions increased by $5.0 billion and $204 million, respectively. The increase in our total debt during the fourth quarter was primarily the result of our Ziggo acquisition ($5.2 billion), partially offset by the depreciation of our borrowing currencies against the U.S. dollar in Q4 and the termination of our Ziggo collar loan.

After excluding $1.5 billion of debt backed by shares we hold in Sumitomo Corporation and ITV, we finished 2014 with consolidated adjusted gross and net leverage ratios¹⁷ of 4.9x and 4.8x, respectively. At December 31, 2014 our fully-swapped debt borrowing cost¹⁸ was 6.0%, an improvement of 60 basis points as compared to 6.6% at year-end 2013.

Our consolidated liquidity¹⁹ position at December 31, 2014 was approximately $5.2 billion, including $1.2 billion of cash as noted above and aggregate borrowing capacity of $4.0 billion, as represented by the maximum undrawn commitments under each of our credit facilities.²⁰

Subsequent to year end, we initiated a series of transactions to restructure our credit pools. As part of this reorganization, we extracted UPC Broadband Ireland Ltd. in February 2015 and plan to extract our Dutch operating entity, UPC Nederland B.V., in March 2015 from the UPC credit pool and combine them with our Virgin Media and Ziggo credit pools, respectively, in order to create strong and well-positioned regional assets and to further strive for operating efficiencies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our 2015 and future prospects, including with respect to higher rebased OCF and Adjusted FCF growth, performance drivers including subscriber growth, improved pricing power and mobile, B2B and synergy opportunities, the development and expansion of our innovative and advanced products and services, including Horizon TV, MyPrime and WiFi spots, increased broadband internet speeds, the penetration of our digital products, product bundles and mobile offerings, the amount and timing of our share repurchases, the strength of our balance sheet and tenor of our third-party debt, operating and finance initiatives over the next few years, the timing and benefits of our strategic objectives including those related to the reorganization of our credit pools, the proposed LiLAC tracking stock and the Ziggo acquisition (including the anticipated synergies therefrom), 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 the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings, our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers, the effects of changes in laws or regulation, general economic factors, our ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions, our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from businesses we acquire, the availability of attractive programming for our digital video services and the costs associated with such programming, our ability to achieve forecasted financial and operating targets, the outcome of any pending or threatened litigation, our ability to access cash of our subsidiaries and the impact of our 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 vendors and suppliers to timely deliver quality products, equipment, software and services, as well as other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2014. 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.

About Liberty Global

Liberty Global is the largest international cable company with operations in 14 countries. We connect people to the digital world and enables them to discover and experience its endless possibilities. Our market-leading triple-play services are provided through next-generation networks and innovative technology platforms that connected 27 million customers subscribing to 56 million television, broadband internet and telephony services at December 31, 2014. In addition, we served 5 million mobile subscribers across nine countries at year-end 2014.

Liberty Global's consumer brands include Virgin Media, UPC, Ziggo, Unitymedia, Kabel BW, Telenet and VTR. Liberty Global's operations also include Liberty Global Business Services, our commercial division, and Liberty Global Ventures, our investment fund. For more information, please visit www.libertyglobal.com.

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Revenue and Operating Cash Flow

In the following tables, we present revenue and operating cash flow by reportable segment of our continuing operations for the three months and year ended December 31, 2014, as compared to the corresponding prior year periods. All of our reportable segments derive their revenue primarily from broadband communications services, including video, broadband internet and fixed-line telephony services. Most of our reportable segments also provide B2B services and certain of our reportable segments provide mobile services. During the fourth quarter of 2014, we began presenting (i) our operating segments in the U.K. and Ireland as one combined reportable segment, (ii) our operating segments in the Switzerland and Austria as one combined reportable segment and (iii) our UPC DTH operating segment, as described below, as part of our Central and Eastern Europe reportable segment. These changes were made as a result of internal changes in organizational structures, changes in how these segments are evaluated and monitored by the chief operating decision maker and the integration of certain functions within these reportable segments. Previously, (a) our operating segments in the U.K. and Switzerland were each separate reportable segments, (b) our operating segments in Ireland and Austria were combined into one reportable segment, "Other Western Europe," and (c) our UPC DTH operating segment was included in the European Operations Division's central and other category. Segment information for all periods presented has been revised to reflect the above-described changes. In addition, segment information for the prior periods has been retrospectively revised to present the disposed Chellomedia operations as a discontinued operation. Unless otherwise noted, we present only the reportable segments of our continuing operations in the tables below. For additional information, see note 18 to the condensed consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2014.

At December 31, 2014, our operating segments in the European Operations Division provided broadband communications services in 12 European countries and DTH services to customers in the Czech Republic, Hungary, Romania and Slovakia through a Luxembourg-based organization that we refer to as "UPC DTH." Our Central and Eastern Europe segment includes our broadband communications operating segments in the Czech Republic, Hungary, Poland, Romania and Slovakia and UPC DTH. The European Operations Division's central and other category includes (i) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (ii) intersegment eliminations within the European Operations Division. In Chile, we provide video, broadband internet, fixed-line telephony and mobile services. Our corporate and other category includes (a) less significant consolidated operating segments that provide (1) broadband communications services in Puerto Rico and (2) programming and other services and (b) our corporate category. Intersegment eliminations primarily represent the elimination of intercompany transactions between our broadband communications and programming operations.

For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2014, we have adjusted our historical revenue and OCF for the three months and year ended December 31, 2013 to (i) include the pre-acquisition revenue and OCF of certain entities acquired during 2013 and 2014 in our rebased amounts for the three months and year ended December 31, 2013 to the same extent that the revenue and OCF of such entities are included in our results for the three months and year ended December 31, 2014, (ii) remove intercompany eliminations for the applicable periods in 2013 to conform to the presentation during the 2014 periods following the disposal of the Chellomedia operations, which resulted in previously eliminated intercompany costs becoming third-party costs, and (iii) reflect the translation of our rebased amounts for the three months and year ended December 31, 2013 at the applicable average foreign currency exchange rates that were used to translate our results for the three months and year ended December 31, 2014. We have included Ziggo and three small entities in whole or in part in the determination of our rebased revenue and OCF for the three months ended December 31, 2013. We have included Virgin Media, Ziggo and five small entities in whole or in part in the determination of our rebased revenue and OCF for the year ended December 31, 2013. We have reflected the revenue and OCF of the acquired entities in our 2013 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (i) any significant differences between Generally Accepted Accounting Principles in the United States ("GAAP") and local generally accepted accounting principles, (ii) any significant effects of acquisition accounting adjustments, (iii) any significant differences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue and OCF of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth percentages are not necessarily indicative of the revenue and OCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance. Therefore, we believe our rebased data is not a non-GAAP financial measure as contemplated by Regulation G or Item 10 of Regulation S-K.

In each case, the following tables present (i) the amounts reported by each of our reportable segments for the comparative periods, (ii) the U.S. dollar change and percentage change from period to period and (iii) the percentage change from period to period on a rebased basis:

* - Omitted; N.M. - Not Meaningful

* - Omitted; N.M. - Not Meaningful

Operating Cash Flow Definition and Reconciliation

OCF is the primary measure used by our chief operating decision maker to evaluate segment operating performance. OCF 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, OCF is defined as revenue less operating and SG&A expenses (excluding share-based compensation, depreciation and amortization, 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 operating cash flow is a meaningful measure and is superior to available GAAP measures 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 operating cash flow 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. OCF should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings (loss), cash flow from operating activities and other GAAP measures of income or cash flows. A reconciliation of total segment operating cash flow to our operating income is presented below.

Summary of Debt, Capital Lease Obligations and Cash and Cash Equivalents

The following table¹ details the U.S. dollar equivalent balances of our third-party consolidated debt, capital lease obligations and cash and cash equivalents at December 31, 2014:

Property and Equipment Additions and Capital Expenditures

The table below highlights the categories of our property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that we present in our condensed consolidated statements of cash flows:

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Free Cash Flow and Adjusted Free Cash Flow Definition and Reconciliation

We define free cash flow as net cash provided by our operating activities, plus (i) excess tax benefits related to the exercise of share-based incentive awards and (ii) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, less (a) capital expenditures, as reported in our consolidated statements of cash flows, (b) principal payments on capital-related vendor financing obligations and (c) principal payments on capital leases (exclusive of the portions of the network lease in Belgium and the duct leases in Germany that we assumed in connection with certain acquisitions), with each item excluding any cash provided or used by our discontinued operations. We also present Adjusted FCF, which adjusts FCF to eliminate the incremental FCF deficit associated with the VTR mobile initiative and certain financing and other costs associated with the Virgin Media acquisition. We believe that our presentation of free cash flow provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Free cash flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view free cash flow as a supplement to, and not a substitute for, GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our continuing operations' net cash provided by operating activities to FCF and Adjusted FCF for the indicated periods:

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Combined Free Cash Flow, Adjusted Free Cash Flow, Revenue, Property & Equipment Additions and OCF for Historical 2013

The combined amounts presented below have been included in this release to provide a means for comparison. The Liberty Global amounts presented below are on a reported basis. The Virgin Media pre-acquisition amounts presented below are on a reported basis for the period from January 1, 2013 to June 7, 2013, as adjusted to conform to the FCF and Adjusted FCF definitions of Liberty Global as set forth earlier. The Virgin Media pre-acquisition amounts have been converted into U.S. dollars at the average GBP/USD foreign exchange rate for the pre-acquisition period in 2013 as applicable. The combined Liberty Global/Virgin Media results have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the combined Liberty Global/Virgin Media results are not necessarily indicative of the FCF and Adjusted FCF that would have occurred if the Liberty Global/Virgin Media transaction had occurred on the dates assumed for purposes of calculating the combined results, or the FCF and Adjusted FCF that will occur in the future. The below FCF and Adjusted FCF table should be read in conjunction with the information included in the footnotes to the tables on page 18.

ARPU per Customer Relationship

The following table provides ARPU per customer relationship⁸ for the indicated periods:

Mobile Statistics¹⁰

The following tables provide ARPU per mobile subscriber¹¹ and mobile subscribers¹² for the indicated periods:

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RGUs, Customers and Bundling

The following table provides information on the breakdown of our RGUs and customer base and highlights our customer bundling metrics at December 31, 2014, September 30, 2014 and December 31, 2013: ¹⁴

Supplemental information for Ziggo

Preliminary Ziggo Financial Results

The following table provides preliminary unaudited selected financial results of Ziggo based on GAAP and in accordance with Liberty Global accounting policies.