#1Part of Liberty Latin America C&W Communications +móvil BTC Liberty vtr.com & CABLETICA LIBERTY LATIN AMERICA FY 2021 INVESTOR CALL February 23, 2022 LIBERTY LATIN AMERICA TM#2"SAFE HARBOR❞ FORWARD-LOOKING STATEMENT | DEFINED TERMS FORWARD-LOOKING STATEMENTS AND DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, performance and guidance, growth expectations, and Adjusted Free Cash Flow expectations for 2022; expected new build and upgrade activity in 2022 and estimated P&E additions as a percent of revenue; our digital strategy, product innovation and commercial plans and projects; expectations on demand for connectivity in the region; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition and in Costa Rica following the acquisition of Telefónica's Costa Rica business; the timing and impact of the acquisition of América Móvil's Panama operations and the formation of a joint venture with América Móvil in Chile; the strength of our balance sheet and tenor of our debt; our share repurchase program; 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 hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events and efforts to contain any pandemic, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; 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 conditions associated with acquisitions and dispositions, including the acquisition of América Móvil's Panama operations and the formation of a joint venture with América Móvil in Chile; our ability to successfully acquire LIBERTY LATIN AMERICA and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our 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; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' 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 and vendors (including our third-party wireless network provider under our MVNO arrangement) to timely deliver quality products, equipment, software, services and access; our 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 our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this presentation. 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. INFORMATION RELATING TO DEFINED TERMS Please refer to the Appendix at the end of this presentation, as well as our SEC filings, for the definitions of the following terms which may be used herein including: Rebased Growth, Adjusted Operating Income Before Depreciation and Amortization ("Adjusted OIBDA"), Adjusted Free Cash Flow ("Adjusted FCF"), Revenue Generating Units ("RGUS"), as well as non-GAAP reconciliations, where applicable. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 2#3AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America C&W Communications tmóvil BTC Liberty vtr.com ST CABLETICA#4LIBERTY LATIN AMERICA | KEY MESSAGES(1) STRONG OPERATING MOMENTUM, ADJUSTED FCF GENERATION & STRATEGIC PROGRESS IN 2021 LIBERTY LATIN AMERICA 1 2 3 4 5 STRATEGIC 269K FIXED RGU ADDITIONS 493K MOBILE SUB ADDITIONS ~750K HOMES ADDED / UPGRADED $200M ADJUSTED FCF MOVES STRENGTHEN FUTURE PROSPECTS >100k adds in C&W Caribbean & Networks Strong contributions in Puerto Rico, Panama & Costa Rica Record Q4 & FY Strong postpaid additions 99% FTTH ~600k planned for 2022 Achieved 2021 target Announced new buyback program Announced accretive transactions in Panama & Chile Integration on-track in Puerto Rico & Costa Rica (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 4#5FIXED | ROBUST RECOVERY(1) STRONG YOY IMPROVEMENT IN 2021 FIXED RGU EVOLUTION ORGANIC FIXED RGU ADDITIONS (LOSSES) | IN THOUSANDS C&W.co Communications $48 (0)% Liberty ARPU PER CUSTOMER RELATIONSHIP $76 (2)% I CABLETICA 121 103 113 76 47 2019 2020 2021 2019 2020 2021 tmóvil $39 +0% vtr.com LIBERTY LATIN AMERICA X% YOY FX-NEUTRAL CHANGE(2) $42 (1)% 72 44 45 2019 18 2020 2021 $38 (2)% LIBERTY LATIN AMERICA $47 (0)% 53 283 269 (105) (22) 171 64 62 35 2019 2020 2021 2019 2020 2021 2019 (1) See Appendix for definitions and additional information. ARPU figures for the three months ended December 31, 2021. (2) ARPUS per customer relationship for the three months ended December 31, 2020 for +Movil and LLA have been revised to exclude revenue and customer relationships associated with the DTH operations in Panama that were shut down in January 2021. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 2020 2021 5#6MOBILE | RECORD YEAR FOR POSTPAID ADDITIONS(1) PANAMA, JAMAICA & NEWLY ACQUIRED COSTA RICA OPERATION DRIVING STRONG GROWTH MOBILE SUBSCRIBER EVOLUTION ORGANIC MOBILE ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS C&W.co Communications Liberty 122 135 (144) PRE- ACQUISITION -(2)- -0- OF WHICH +8 +14 +40 POSTPAID +4 +39 2019 2020 2021 2019 2020(2) 2021 +móvil 250 vtr.com CT I & CABLETICA LIBERTY LATIN AMERICA PRE-ACQUISITION 138 LIBERTY LATIN AMERICA +46 2019 2020 2021(3) 124 493 45 (42) (66) (21) (29) (232) OF WHICH (7) (16) +38 +41 POSTPAID (22) (26) +42 (20) +137 2019 2020 2021 2019 2020 2021 2019 2020 2021 (1) See Appendix for definitions and additional information. (2) Post-acquisition period from October 31, 2020. (3) Post-acquisition period from August 9, 2021. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 6#7B2B | ROBUST RECOVERY UNDERWAY (1) C&W C&N: LARGEST CONTRIBUTOR FOR LLA; SUBSEA: DIVERSIFIED REVENUE & HIGH PROFITABILITY B2B REVENUE IN USD MILLIONS 322 Q4 20 1,163 FY 20 +15% REBASED +4% REBASED 391 Q4 21 1,374 FY 21 LIBERTY LATIN AMERICA B2B REVENUE BY REPORTING SEGMENT ¦ NETWORKS & LATAM REVENUE BY GEOGRAPHY I FY 2021 C&W C&N C&W PANAMA LPR VTR CR SUBSEA I (1) See Appendix for definitions and additional information. Due to rounding, certain percentage totals may not recalculate. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 I 69% 1 11% 18% 45% $1.4 16% BILLION 2% SUBSEA WS 18% 6% 5% 4% 3% 2% OTHER MAJORITY USD REVENUE HIGHLY CASH GENERATIVE SIGNIFICANT CAPACITY 7#8NETWORK | INVESTING IN HIGH-SPEED CONNECTIVITY(1) MAJORITY NEW BUILD & UPGRADE IN FTTH; LTE COVERAGE UP ACROSS FOOTPRINT & 5G IN PUERTO RICO LIBERTY FIXED NETWORK TECHNOLOGY(2) % OF TOTAL HOMES PASSED DSL/ HFC 1-WAY 90% HIGH-SPEED 10% NETWORK EXPANSION / UPGRADE HOMES PASSED ADDED & UPGRADED | IN THOUSANDS % FIBER NEW BUILD & UPGRADE 17% FTTH 2018 331 6% ¦ MOBILE LTE COVERAGE (3) I % OF SITES WITH LTE I I 2019 504 21% 48% 8.4 MILLION HOMES PASSED 2020 387 83% HFC 2-WAY 73% 98% DEC 17 DEC 21 2021 738 99% LTE (1) See Appendix for definitions and additional information. (2) Information as of December 31, 2021. Due to rounding, certain percentage totals may not recalculate. (3) Long Term Evolution standard. Excluding Chile, as LTE is not provided through own sites, but a Mobile Virtual Network Operator (MVNO) agreement. Source: Company Information. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 18 OF 20 MARKETS 5G IN PUERTO RICO & USVI LATIN AMERICA 8#9M&A | ACCRETIVE TRANSACTIONS DRIVE ADDITIONAL GROWTH DISCIPLINED M&A SETS FOUNDATION FOR INORGANIC OPPORTUNITY M&A COMPLETED OCT 2018 OCT 2018 SEP 2019 OCT 2020 AUG 2021 DEC 2021 INTEGRATION UPDATE Liberty CT CABLETICA RUN-RATE 40% LPR AT&T CABLETICA UTS PR & USVI TEF | BROADBAND CR | SYNERGIES POST INTEGRATION >$70 ~$15 MILLION MILLION VI PENDING H1 2022 H2 2022 CLARO PANAMA 50:50 JV WITH CLARO CHILE LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 2023 TSA EXPIRY 2023 NOVEMBER SEPTEMBER LIBERTY LATIN AMERICA 2022 INTEGRATION MILESTONES Testing of IT Stack & new Core Ecosystem Complete Mobile Core by Year-End Consolidate brand & retail network in H1 Design of new OSS / BSS 9#10STRATEGIC VISION | 2022 ROADMAP FOCUSING ON KEY PRIORITIES ACROSS 3 PILLARS E * NETWORKS & IT NEW BUILDS & UPGRADES IT TRANSFORMATION FIXED MOBILE CONVERGENCE PRODUCT DEVELOPMENT DIGITAL CHANNELS CHURN REDUCTION COMMERCIAL LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 CAPITAL ALLOCATION INORGANIC GROWTH INTEGRATION SHARE BUYBACK LIBERTY LATIN AMERICA 10 10#11Part of Liberty Latin America C&W Communications +móvil BTC Liberty vtr.com & CABLETICA AGENDA 01 | EXECUTIVE SUMMARY 02 FINANCIAL RESULTS | 03 | APPENDIX#12Q4 & FY 2021 FINANCIAL RESULTS (1) DELIVERED REBASED GROWTH REVENUE IN USD MILLIONS Q4 FY 6% REBASED 3,765 1,279 1,097 4% REBASED 4,799 Q4 20 Q4 21 FY 20 FY 21 P&E ADDITIONS IN USD MILLIONS; AS % OF REVENUE Q4 17% FY 20% 17% 18% 257 188 631 Q4 20 Q4 21 FY 20 (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 856 ADJUSTED OIBDA IN USD MILLIONS Q4 FY 3% REBASED 1,485 428 470 LIBERTY LATIN AMERICA 4% REBASED 1,829 Q4 20 Q4 21 FY 20 FY 21 ADJUSTED FCF IN USD MILLIONS Q4 89 FY (38) 51 5554 148 52 52 200 FY 21 Q4 20 Q4 21 FY 20 FY 21 12#132021 QUARTERLY EVOLUTION (1) STEADY PROGRESS THROUGH THE YEAR REVENUE IN USD MILLIONS ADJUSTED OIBDA I ADJUSTED FCF I YOY REBASED GROWTH IN USD MILLIONS YoY REBASED GROWTH IN USD MILLIONS I 0% 8% 3% 6% 1,192 1,160 1,168 1,279 3% 10% 0% 3% 1 464 449 446 470 58 35 55 $200 +35% MILLION YOY 56 56 5557 51 Q1 21 Q2 21 Q3 21 Q4 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 21 Q2 21 Q3 21 Q4 21 (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 LIBERTY LATIN AMERICA 13#14SEGMENT FINANCIAL RESULTS (1) GROWTH AGROSS ALL SEGMENTS BESIDES VTR; STRONG RECOVERY IN C&W PANAMA C&W.com Q4 2021 IN USD MILLIONS Communications tmóvil Liberty Q4 2021 IN USD MILLIONS IN USD MILLIONS Q4 2021 vtr.com Q4 2021 IN USD MILLIONS CT CABLETICA Q4 2021 IN USD MILLIONS LIBERTY LATIN AMERICA I 453 376 169 175 196 63 63 141 55 I REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REBASED VS PY 7% 9% 30% 24% 2% 1% (8)% (20)% FY 2021 IN USD MILLIONS 1,751 747 FY 2021 IN USD MILLIONS 548 FY 2021 IN USD MILLIONS 1,457 FY 2021 IN USD MILLIONS 788 595 200 260 REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REVENUE ADJ. OIBDA REBASED VS PY 4% 6% 10% 14% 7% 12% (7)% (19)% (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 I I I I 107 29 REVENUE ADJ. OIBDA 10% 1% FY 2021 IN USD MILLIONS I 256 REVENUE 80 ADJ. OIBDA 11% 7% 14#15BALANCE SHEET & FINANCIAL GUIDANCE (1) STRONG BALANCE SHEET METRICS & LONG DATED MATURITIES; 2021 GUIDANCE DELIVERED KEY METRICS $1.1 BILLION CASH(2) $9.2 BILLION TOTAL DEBT $1.2 BILLION MATURITY SCHEDULE RCF AVAILABILITY(3) 5.0x 4.4x 15% GROSS NET LEVERAGE(4) RECENT FINANCING ACTIVITY C&W Communications ■ Issued $590m TL 2029 (swapped at 4.4%) to redeem $500m 7.50% SN 2026 & 10% of 5.75% SSN 2027 LIBERTY ¦2022 FINANCIAL GUIDANCE 1 LATIN AMERICA I 85% I P&E ADDITIONS ADJUSTED FCF I 2022-2026 2027 & BEYOND 2021 -18% ~$200 OF REVENUE MILLION BUYBACK PROGRAM IN USD MILLIONS 1 98 N 24 35 Liberty 20 10 Privately tapped $120m of L+375 TL 2028; proceeds used to redeem 10% of 6.75% SSN 2027 2022 ~18% OF REVENUE FY 20 Q2 21 Q3 21 Q4 21 YTD 22 TOT. 1 tmóvil $200 New 4.25% TL 2028 to refinance existing facilities NEW PROGRAM TO DEC 2024 MILLION (1) (2) (3) ■ Put in place $160m committed acquisition facility As of December 31, 2021. Balance sheet and liquidity information includes VTR. Buyback program information as of February 18, 2022. Due to rounding, certain totals may not recalculate. See Appendix for definitions and additional information. Cash refers to cash and cash equivalents, excluding restricted cash. At December 31, 2021, the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the December 31, 2021 compliance reporting requirements. (4) Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Appendix and Non-GAAP Reconciliations. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 -$250 MILLION 15#16CONCLUSIONS (1) STRATEGIC ACTIONS ESTABLISH PLATFORM FOR GROWTH; SETTING STAGE FOR MID-TERM RAMP 1 2 3 4 OPERATIONAL EXECUTION P&E ADDITION DISCIPLINE EFFICIENT CAPITAL ALLOCATION 2022 OUTLOOK Achieved 2021 targets Significant fixed & mobile subscriber growth Maintaining P&E adds at 18% of revenue Targeting ~600k fiber homes passed in 2022 >8 million high-speed homes passed by end of 2022 Focus on Puerto Rico & Costa Rica integrations to drive synergies Complete Panama & Chile transactions Active stock repurchase program Continued revenue & Adjusted OIBDA growth Targeting a 25% increase in Adjusted FCF (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 LIBERTY LATIN AMERICA 16#17AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America CT & C&W Communications +móvil BTC Liberty vtr.com CARLETICA#18DEFINITIONS & ADDITIONAL INFORMATION ADJUSTED OIBDA MARGIN Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUS for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUS of entities acquired during the period are normalized. FULLY-SWAPPED BORROWING COST Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts, which includes a discount on the convertible notes issued by Liberty Latin America associated with a conversion option feature, and commitment fees, but excluding the impact of financing costs. 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. LEVERAGE Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt and finance lease obligations outstanding, net of projected derivative principal-related cash payments LIBERTY LATIN AMERICA (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt (including the convertible notes) less cash and cash equivalents. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. MOBILE SUBSCRIBERS Our mobile subscriber count represents the number of active subscriber identification module ("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 (via a dongle) 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. REVENUE GENERATING UNIT ("RGU") RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUS. For example, if a residential customer in Chile subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUS. RGUS are generally counted on a unique premises basis such that a given premises 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 video, internet 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 RGUs 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. U.S. GAAP Generally accepted accounting principles in the United States. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 18#19INFORMATION ON REBASED GROWTH Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired or disposed of during the current year are as follows: (i) Telefónica Costa Rica, which was acquired on August 9, 2021; (ii) the AT&T Acquired Entities, which were acquired on October 31, 2020; (iii) a small B2B operation in the Cayman Islands that was acquired during 2020; (iv) certain B2B operations in Puerto Rico that were disposed of in January 2021 in connection with the AT&T Acquisition; and (v) our DTH operations in Panama, which were shut down in January 2021. In addition, we reflect the translation of our rebased amounts for the current year at the applicable average foreign currency exchange rates that were used to translate our results for the prior year. We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior year 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 (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences Revenue Three months ended December 31, 2020 LIBERTY LATIN AMERICA between our accounting policies and those of the acquired entities and (d) 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 entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA 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. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA 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 should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. Adjusted OIBDA C&W C&N C&W Panama LPR VTR CR Corp. & Elim. Total B2B Three months ended December 31, 2020 C&W C&N C&W Panama LPR VTR CR Corp. Total Reported Acquisitions (1) 428.2 130.8 296.0 207.7 36.6 (2.1) 1,097.2 in USD millions; except for percentages 322.0 182.2 51.4 115.9 74.7 14.6 (10.8) 428.0 72.9 65.4 144.6 25.6 27.2 16.2 43.4 Disposals (0.6) (4.9) (5.5) (4.9) (0.9) (3.1) (4.0) Foreign currency (6.6) - (16.6) (4.8) (28.0) (4.4) (2.2) - - (5.9) (1.5) - (9.6) Rebased 421.6 130.2 370.3 191.1 97.2 (2.1) 1,208.3 338.3 180.0 50.5 140.0 68.8 29.3 (10.8) 457.8 Reported % change (2) 6% Rebased % change (3) 7% 29% 30% 27% 2% (16%) (8%) 192% 10% N.M. N.M. 17% 6% 21% 15% 8% 22% 22% (26%) 101% (41%) 10% 9% 24% 1% (20%) 1% 3% (41%) (1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $2 million, of estimated standalone costs that are not covered by the transitional services agreement with AT&T. These costs represent activities that AT&T had performed on behalf of the AT&T Acquired Entities during the pre-acquisition periods. Costs associated with these activities are being directly incurred by us in post-acquisition periods and include insurance coverage, certain commissions costs, group audit and control activities and various other support activities, including for legal, human resources, customer service, supply chain and finance. (2) Reported percentage change is calculated as current period revenue less prior period revenue divided by prior period revenue. Reported percentage change is calculated as current period Adjusted OIBDA less prior period Adjusted OIBDA divided by prior period Adjusted OIBDA. (3) Rebased percentage change is calculated as current period revenue less rebased prior period revenue divided by prior period rebased revenue. Rebased percentage change is calculated as current period Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by prior period rebased Adjusted OIBDA. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 19#20INFORMATION ON REBASED GROWTH (CONT.) Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired or disposed of during the current year are as follows: (i) Telefónica Costa Rica, which was acquired on August 9, 2021; (ii) the AT&T Acquired Entities, which were acquired on October 31, 2020; (iii) a small B2B operation in the Cayman Islands that was acquired during 2020; (iv) certain B2B operations in Puerto Rico that were disposed of in January 2021 in connection with the AT&T Acquisition; and (v) our DTH operations in Panama, which were shut down in January 2021. In addition, we reflect the translation of our rebased amounts for the current year at the applicable average foreign currency exchange rates that were used to translate our results for the prior year. We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior year 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 (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences Revenue LIBERTY LATIN AMERICA between our accounting policies and those of the acquired entities and (d) 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 entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA 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. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA 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 should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. Adjusted OIBDA Year ended December 31, 2020 Year ended December 31, 2020 C&W C&N C&W Panama LPR VTR CR Corp. & Elim. Total B2B C&W C&N C&W Panama LPR VTR CR Corp. Total Reported Acquisitions (1) 1,706.8 500.2 624.1 809.0 140.0 (15.5) in USD millions; except for percentages 3,764.6 1,162.7 713.2 177.2 276.9 307.0 54.9 (44.5) 3.3 755.9 103.0 862.2 185.8 1.0 264.5 24.7 1,484.7 290.2 Disposals (2.5) (18.8) (21.3) (18.8) (1.2) (11.6) (12.8) Foreign currency (22.8) 36.5 (13.1) 0.6 Rebased 1,687.3 497.7 1,361.2 845.5 229.9 (15.5) Reported % change (2) 3% Rebased % change (3) 4% 9% 10% 133% 7% (3%) (7%) 83% 11% N.M. N.M. 4,606.1 27% 4% (8.8) 1,320.9 (8.2) 706.0 - - 14.2 (4.4) - 1.6 18% 4% 5% 6% 176.0 13% 14% 529.8 321.2 75.2 115% (15%) 46% (44.5) (19%) 1,763.7 23% 12% (19%) 7% (19%) 4% (1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $19 million, of estimated standalone costs that are not covered by the transitional services agreement with AT&T. These costs represent activities that AT&T had performed on behalf of the AT&T Acquired Entities during the pre-acquisition periods. Costs associated with these activities are being directly incurred by us in post-acquisition periods and include insurance coverage, certain commissions costs, group audit and control activities and various other support activities, including for legal, human resources, customer service, supply chain and finance. (2) Reported percentage change is calculated as current period revenue less prior period revenue divided by prior period revenue. Reported percentage change is calculated as current period Adjusted OIBDA less prior period Adjusted OIBDA divided by prior period Adjusted OIBDA. (3) Rebased percentage change is calculated as current period revenue less rebased prior period revenue divided by prior period rebased revenue. Rebased percentage change is calculated as current period Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by prior period rebased Adjusted OIBDA. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 20 20#21INFORMATION ON REBASED GROWTH (CONT.) Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed business, as applicable, to the same extent they are included or excluded from the current year. In addition, we reflect the translation of our rebased amounts for the current year at the applicable average foreign currency exchange rates that were used to translate our results for the prior year. We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior year 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 (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) 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 Revenue LIBERTY LATIN AMERICA did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA 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. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA 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 should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. Adjusted OIBDA Reported Acquisitions (1) Disposals Foreign currency Rebased Reported % change (2) Rebased % change (3) Three months ended March 31, 2020 Three months ended June 30, 2020 Three months ended September 30, 2020 Three months ended March 31, 2020 Three months ended June 30, 2020 Total Total Total Total Total in USD millions; except for percentages Three months ended September 30, 2020 Total 931.0 848.9 887.5 363.9 332.6 360.2 218.3 221.1 278.2 72.0 83.6 91.2 (5.6) (5.0) (5.2) (3.1) (2.7) (3.0) 13.3 21.5 (6.2) 5.2 8.1 (2.1) 1,157.0 25% 1,086.5 1,154.3 438.0 421.6 446.3 38% % 8% 34% 3% 23% 3% 40% 24% 10% % (1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $6 million for the three months ended March 31, 2020, $5 million for the three months ended June 30, 2020, and $6 million for the three months ended September 30, 2020, of estimated standalone costs that are not covered by the transitional services agreement with AT&T. These costs represent activities that AT&T had performed on behalf of the AT&T Acquired Entities during the pre-acquisition periods. Costs associated with these activities are being directly incurred by us in post-acquisition periods and include insurance coverage, certain commissions costs, group audit and control activities and various other support activities, including for legal, human resources, customer service, supply chain and finance. Reported percentage change is calculated as current period revenue less prior period revenue divided by prior period revenue. Reported percentage change is calculated as current period Adjusted OIBDA less prior period Adjusted OIBDA divided by prior period Adjusted OIBDA. (2) (3) Rebased percentage change is calculated as current period revenue less rebased prior period revenue divided by prior period rebased revenue. Rebased percentage change is calculated as current period Adjusted OIBDA less rebased prior period Adjusted OIBDA divided by prior period rebased Adjusted OIBDA. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 21 21#22ADJUSTED OIBDA & ADJUSTED OIBDA LESS P&E ADDITIONS DEFINITION & RECONCILIATION Adjusted OIBDA and Adjusted OIBDA less P&E Additions, each a non-GAAP measure, are the primary measures used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA and Adjusted OIBDA less P&E Additions are also key factors that are 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 incentive compensation plans. As we use the term, Adjusted OIBDA is defined as operating income or loss before 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 (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted OIBDA and Adjusted LIBERTY LATIN AMERICA OIBDA less P&E Additions are meaningful measures because they represent a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA and Adjusted OIBDA less P&E Additions measures are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA and Adjusted OIBDA less P&E Additions should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of our operating income or loss to total Adjusted OIBDA and Adjusted OIBDA less P&E Additions are presented in the following table: Three months ended December 31, 2020 March 31, 2021 June 30, 2021 Year ended September 30, 2021 December 31, 2021 December 31, 2020 December 31, 2021 in USD millions; except for percentages Operating income (loss) 99.5 181.0 173.0 139.0 (411.8) 93.2 81.2 Share-based compensation expense 22.2 23.0 32.8 33.1 29.2 97.5 118.1 Depreciation and amortization 257.0 243.1 241.2 251.9 228.5 918.7 964.7 Impairment, restructuring and other operating items, net 49.3 2.2 17.0 22.1 623.7 375.3 665.0 Adjusted OIBDA 428.0 449.3 464.0 446.1 469.6 1,484.7 1,829.0 Less: P&E additions 188.0 152.4 214.7 231.9 256.9 631.1 855.9 Adjusted OIBDA less P&E additions 240.0 296.9 249.3 214.2 212.7 853.6 973.1 Operating income (loss) margin(1) 9.1% 15.6% 14.8% 11.7% (32.2)% 2.5% 1.7% Adjusted OIBDA margin (2) 39.0% 38.7% 39.7% 37.4% 36.7% 39.4% 38.1% (1) Calculated by dividing operating income or loss by total revenue for the applicable period. (2) Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 222#23ADJUSTED FREE CASH FLOW DEFINITION & RECONCILIATION We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) insurance recoveries related to damaged and destroyed property and equipment, and (iv) certain net interest payments (receipts) incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, (b) distributions to noncontrolling interest owners, (c) principal payments on amounts financed by vendors and intermediaries and (d) principal payments on finance LIBERTY LATIN AMERICA leases. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF 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 Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: December 31, 2020 March 31, 2021 Three months ended June 30, Year ended 2021 September 30, 2021 December 31, 2021 December 31, 2020 December 31, 2021 in USD millions Net cash provided by operating activities Cash payments for direct acquisition and disposition costs Expenses financed by an intermediary(1) 149.1 203.5 240.2 274.1 298.4 640.1 1,016.2 28.1 4.6 5.6 11.9 12.3 49.8 34.4 30.0 26.0 28.4 27.5 28.1 108.1 110.0 Capital expenditures (147.5) (135.6) (198.6) (210.5) (191.6) (565.8) (736.3) Distributions to noncontrolling interest owners (16.5) (1.3) (46.3) (18.8) (47.6) Principal payments on amounts financed by vendors and intermediaries (74.6) (42.5) (45.4) (49.1) (47.0) (218.0) (184.0) Pre-acquisition interest payments, net (2) 47.4 2.2 6.6 2.4 81.5 11.2 Principal payments on finance leases (0.5) (0.5) (0.5) (0.5) (2.6) (2.2) (4.1) Credit for services in AT&T Acquisition (3) Adjusted FCF 73.3 73.3 88.8 57.7 35.0 55.8 51.3 148.0 199.8 (1) For purposes of our consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as an operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. (2) The amount for the 2021 period relates to (i) the Cabletica Term Loan B-1 Facility and Cabletica Term Loan B-2 Facility that were entered into in advance of the Telefónica Costa Rica Acquisition, and (ii) the portion of interest paid in April 2021 that relates to pre-acquisition debt for the AT&T Acquisition. The amount for the 2020 period represents interest paid on pre-acquisition debt related to the AT&T Acquisition, net of interest received on cash held in escrow in advance of the closing of the AT&T Acquisition. (3) In connection with the Acquisition Agreement, AT&T agreed to give us a $75 million credit against certain roaming services that AT&T provides to the AT&T Acquired Entities for a seven-year period following the closing of the AT&T Acquisition. If the credits are not used for roaming services in that time period, any remaining credit may be used to acquire certain other services from AT&T thereafter. For accounting purposes, we have bifurcated the discounted value of these services from the stated purchase consideration for the AT&T Acquisition. The discounted value associated with this asset is reflected as an outflow in our net cash provided by operating activities in our 2020 consolidated statement of cash flows, and is therefore not accounted for as an investing activity related to the AT&T Acquisition. However, as this credit was negotiated as part of the overall Acquisition Agreement, we have added this item back to arrive at Adjusted free cash flow. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 23 23#24CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION We have set forth below our consolidated leverage and net leverage ratios, which include VTR. Our consolidated leverage and net leverage ratios, each a non-GAAP measure, are defined as (i) adjusted total debt and finance lease obligations (total carrying value of debt and finance lease obligations plus discounts, premiums and deferred finance costs, less projected derivative principal-related cash receipts) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of December 31, 2021. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped LIBERTY LATIN AMERICA foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Below are the reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2021 and September 30, 2021: September 30, 2021 December 31, 2021 in USD millions; except leverage ratios Total debt and finance lease obligations Discounts, premiums and deferred financing costs, net Projected derivative principal-related cash payments (1) Adjusted total debt and finance lease obligations Less: Cash and cash equivalents Net debt and finance lease obligations Operating income (2): Operating income for the three months ended June 30, 2021 Operating income for the three months ended September 30, 2021 Operating loss for the three months ended December 31, 2021 Operating income (loss) - last two quarters Annualized operating income (loss) – last two quarters annualized Adjusted OIBDA (3). Adjusted OIBDA for the three months ended June 30, 2021 Adjusted OIBDA for the three months ended September 30, 2021 Adjusted OIBDA for the three months ended December 31, 2021 Adjusted OIBDA - last two quarters Annualized Adjusted OIBDA - last two quarters annualized Consolidated debt and finance lease obligations to operating income ratio Consolidated net debt and finance lease obligations to operating income ratio Consolidated leverage ratio Consolidated net leverage ratio (1) Amounts represent the U.S. dollar equivalents and are based on interest rates and exchange rates that were in effect as of December 31, 2021 and September 30, 2021, respectively. 9,020.7 147.4 (31.0) 9,137.1 1,071.0 8,066.1 9,064.9 143.2 (104.2) 9,103.9 1,066.4 8,037.5 173.0 N/A 139.0 139.0 N/A (411.8) 312.0 (272.8) 624.0 (545.6) 464.0 N/A 446.1 446.1 N/A 469.6 910.1 915.7 1,831.4 (16.6)x (14.7)x 1,820.2 14.5 x 12.7 x 5.0 x 4.4 x 5.0 x 4.4 x (2) Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA and Adjusted OIBDA less P&E Additions above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income (loss) and consolidated net debt and finance lease obligations to operating income (loss) as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. (3) Adjusted OIBDA is a non-GAAP measure. See slide 22 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. LIBERTY LATIN AMERICA | FY 2021 INVESTOR CALL | FEBRUARY 23, 2022 224 24