#1Part of Liberty Latin America C&W C&W Communications móvil BTC Liberty LIBERTY LIBERTY LATIN AMERICA MAY 2023#2IMPORTANT NOTICES Disclaimer This presentation and its contents are confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. If this presentation has been received in error it must be returned immediately to Liberty Latin America Ltd. ("we," " "our" or the "Company"). This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Company makes no representation or warranty as to the accuracy or completeness of the information contained in this presentation and shall not have any liability for any representations (express or implied) regarding information contained herein, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. This presentation is neither an offer to sell nor a solicitation of offers to purchase securities of the Company. Forward Looking Statements 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, guidance and growth expectations; 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, in Costa Rica following the acquisition of Telefónica's Costa Rica business and in Panama following the acquisition of América Móvil's Panama operations; 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 LIBERTY LATIN AMERICA 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; our ability to successfully acquire 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 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 and form 10-Q. 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. Non-GAAP Measures 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 | MAY 2023 2#30000 Part of Liberty Latin America C&W C&W Communications tmóvil BTC Liberty LIBERTY ABOUT US#4OUR VISION To bring innovation that will create moments that matter to our customers, delivering growth in our markets with one vision, one culture, one team. LIBERTY LATIN AMERICA#5INVESTMENT HIGHLIGHTS(¹) ATTRACTIVE GROWTH OPPORTUNITY UNDERPINNED BY LEADING ASSETS END-TO-END COMMUNICATIONS PLATFORM leveraging the power of a market-leading sub-sea network, fixed-line networks & mobile platforms 8.0 3.9 MILLION MOBILE SUBS MILLION FIXED RGUS ATTRACTIVE ORGANIC GROWTH OPPORTUNITY in both the consumer and commercial segments supported by innovative products & services $4.4 BILLION REVENUE LIBERTY LATIN AMERICA SCALE BENEFITS to support Liberty Latin America's ambitions over the next few years INORGANIC GROWTH OPPORTUNITIES across Latin America & the Caribbean (1) Homes Passed, Fixed RGUs, and Mobile subscribers are reported as of March 31, 2023. Revenue data for the three months ended March 31, 2023, annualized. LIBERTY LATIN AMERICA | MAY 2023 20+ 4.4 MILLION CONSUMER MARKETS HOMES PASSED LIBERTY LATIN AMERICA 5#6LLA OPERATIONS ACROSS LATAM & THE CARIBBEAN SUBSTANTIAL DIVERSIFICATION ACROSS BUSINESSES & GEOGRAPHIES (1) UNITED STATES CLAROVTR 50/50 JOINT VENTURE (LLA/AMX) EL SALVADOR DOSTATICA COLOMBIA +móvil C&W Networks A Liberty Latin America Company C&W Communications Liberty LIBERTY PUERTO RICO COSTA RICA LIBERTY LATIN AMERICA LIBERTY LATIN AMERICA GRATIS IMPOR A REVENUE $1.4 $0.7 $0.4 $1.5 $0.5 $4.4 BILLION BILLION BILLION BILLION BILLION BILLION ADJUSTED OIBDA $0.6 $0.2 $0.3 BILLION BILLION BILLION $0.5 BILLION $0.2 $1.6 BILLION BILLION HOMES PASSED 1.6 MILLION 0.8 MILLION 1.2 MILLION 0.7 MILLION 4.4 MILLION CHILE FIXED RGUS 1.7 MILLION 0.6 1.0 0.5 MILLION MILLION MILLION 3.9 MILLION MOBILE SUBS 1.9 MILLION 2.0 MILLION (1) Homes Passed, Fixed RGUs, and Mobile subscribers are reported as of March 31, 2023. Revenue and adjusted OIBDA data for the three months ended March 31, 2023, annualized. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 1.1 3.0 MILLION MILLION 8.0 MILLION 6#7LATAM & CARIBBEAN MARKET FULL-SERVICE PROVIDER ACROSS NEARLY ALL OUR CONSUMER MARKETS LIBERTY LATIN AMERICA OUR BRAND 14 Liberty Liberty LIBERTY móvil BTC FLOW FLOW FLOW FLOW FLOW FLOW FIXED PRODUCTS I MOBILE ☐ ☐ ☐ ☐ ☐ LARGEST COMPETITORS! | T T Claro- | Viya | kölbi Claro I Digicel cablebahamas T REV ticô aliv tigô (1) Dauphin Telecom and Orange also operate in St. Martin together with Digicel and Flow, LIBERTY LATIN AMERICA | MAY 2023 I Digicel Digicel Digicel TSTT inet ☐ ☐ ☐ Digicel I TELEM Digicel OR TELEM 7#8FIXED RGUS & MOBILE SUBSCRIBERS(1) REPORTING SEGMENT VIEW 36% C&W Communications 1.7M FIXED RGUS 43% 13% 20% 35% tmóvil 37% 0.6M FIXED RGUS 28% 82% Liberty PUERTO RICO LIBERTY COSTA RICA 51% 1.0M 25% FIXED RGUS 23% 16% 51% 11% 0.5M FIXED RGUS 38% LIBERTY LATIN AMERICA BROADBAND VIDEO TELEPHONY 1.9M MOBILE SUBS 87% 2.0M MOBILE 18% SUBS 1.1M MOBILE SUBS 84% 3.0M MOBILE SUBS 27% (1) Fixed RGUS and mobile subscribers are reported as of March 31, 2023. Due to rounding, certain percentages may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 73% POSTPAID PREPAID 8#9REVENUE OVERVIEW(¹) DIVERSIFIED BY GEOGRAPHY & PRODUCT REVENUE BY GEOGRAPHY JAMAICA 9% NETWORKS 8% & LATAM 4% BAHAMAS Cable & Wireless Communications 20% OTHER C&W Networks $4.4 LIBERTY 12% COSTA RICA BILLION +móvil PANAMA 15% Liberty 32% PUERTO RICO I REVENUE BY PRODUCT (1) Revenue totals for the three months ended March 31, 2023, annualized. Revenue splits for the three months ended March 31, 2023. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 FIXED 29% $4.4 BILLION LIBERTY LATIN AMERICA 30% B2B 1% OTHER MOBILE 40% 9#10REVENUE BY PRODUCT(1) REPORTING SEGMENT VIEW tmóvil 28% C&WCo Communications $1.4 BILLION 36% 36% RESIDENTIAL FIXED C&W Networks A Liberty Latin America Company 26% $0.4 BILLION 74% 47% $0.7 BILLION RESIDENTIAL MOBILE 18% 35% (1) Revenue totals for the three months ended March 31, 2023, annualized. Revenue splits for the three months ended March 31, 2023. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 Liberty PUERTO RICO $1.5 LIBERTY BILLION COSTA RICA 48% 31% $0.5 BILLION 59% 10% 3% 34% 15% LIBERTY LATIN AMERICA B2B SERVICE SUBSEA OTHER 10#11INFRASTRUCTURE | DEVELOPING FIXED GIGABIT CAPABILITIES (1) INCREASED HIGH-SPEED SHARE IN FIXED NETWORK; ALL MOBILE MARKETS WITH LTE OR 5G FIXED NETWORK TECHNOLOGY(2) % OF TOTAL HOMES PASSED FTTH 30% 64% OTHER 5% 4.3 MILLION HOMES PASSED 94% HIGH-SPEED ¦ GIGABIT READINESS % OF TOTAL HOMES PASSED HFC 2-WAY 2018 7% 2022 68% 2024 95% MOBILE LTE COVERAGE(3) I % OF SITES WITH LTE I I I I 66% 97% DEC 18 DEC 22 <5% COPPER HOMES PASSED LTE BY END OF 2023 See Appendix for definitions and additional information. Due to rounding, certain percentages and totals may not recalculate. (1) (2) As of March 31, 2023. (3) LTE: Long Term Evolution standard. Including Liberty PR and Liberty CR mobile operations acquired from AT&T and Telefónica respectively. Source: Company Information. LIBERTY LATIN AMERICA | MAY 2023 IN ALL MARKETS 5G IN PUERTO RICO & USVI LIBERTY LATIN AMERICA 11#12C&W NETWORKS & LATAM(1) CAPACITY GROWTH UNDERPINNED BY UNIQUE NETWORKS; SIGNIFICANT B2B OPPORTUNITY SUBSEA & TERRESTRIAL NETWORK OVERVIEW New York Ashburn Washington Jacksonville Bermuda USA FTN USA Bahamas Guatemala 1 DIVERSIFIED REVENUE PORTFOLIO 2 HIGHLY CASH GENERATIVE Cuba 3 Turks & Caicos Mexico Cayman Islands Dominican Republic St. Thomas Puerto Rico Tortola St. Martin Anguilla Belize Honduras El Salvador Nicaragua Costa Rica Panama Colombia -50,000 km Subsea Cables -17,000 km Terrestrial Network Haiti Jamaica Aruba Manta (1) See Appendix for definitions and additional information. (2) (3) (4) As of reported in Form 10-K for December 31, 2022. Reported as "B2B Subsea network revenue". Reported as "B2B Service revenue". LIBERTY LATIN AMERICA | MAY 2023 Antigua St. Croix Montserrat St. Kitts & Nevis Guadeloupe Curaçao Bonaire O Venezuela Dominica Martinique St. Lucia Grenada St. Vincent Barbad Trinidad & To 6 UNIQUE, CRITICAL INFRASTRUCTURE 4 WELL-INVESTED; <20% UTILIZATION TODAY(2) STRONG DEFENSIVE & 5 GROWTH CHARACTERISTICS BEST POSITIONED TO SERVE AS REGIONAL DATA HUB SUBSEA & TERRESTRIAL REVENUE (3) I IN USD MILLIONS I 81 Q1 23 LATAM ENTERPRISE REVENUE (4) IN USD MILLIONS 28 LIBERTY LATIN AMERICA ✰ YOY REBASED GROWTH +4% OTHER CURRENCIES +4% USD DENOMINATED YoY REBASED GROWTH +19% VAS +9% Q1 23 CONNECTIVITY 12#13OUR BOARD OF DIRECTORS AND MANAGEMENT TEAM INDUSTRY LEADERS BOARD OF DIRECTORS I MANAGEMENT TEAM LIBERTY LATIN AMERICA MIKE FRIES JOHN MALONE BALAN NAIR ALFONSO DE ANGOITIA NORIEGA CHARLIE ERIC BRACKEN ZINTERHOFER I BALAN NAIR RAY COLLINS CHRIS NOYES JOHN WINTER KERRY SCOTT ROCÍO LORENZO EXECUTIVE CHAIRMAN DIRECTOR EMERITUS DIRECTOR DIRECTOR DIRECTOR DIRECTOR CHIEF EXECUTIVE OFFICER SVP, INFRA. & CORPORATE STRATEGY CHIEF FINANCIAL OFFICER CHIEF LEGAL OFFICER CHIEF PEOPLE OFFICER CHIEF CUSTOMER OFFICER I MIRANDA CURTIS PAUL GOULD BRENDAN PADDICK ROBERTA JACOBSON DANIEL SANCHEZ AAMIR HUSSAIN GUILLERMO PONCE INGE SMIDTS VIVEK KHEMKA NAJI KHOURY GENERAL MANAGER DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR CHIEF TECHNOLOGY & PRODUCT OFFICER SVP SOUTH-CENTRAL SVP CARIBBEAN MARKETS ENTREPRENEUR IN RESIDENCE LIBERTY COMMUNICATIONS LIBERTY LATIN AMERICA | MAY 2023 13#14Bon will andal Jaja Part of Liberty Latin America C&W Con Communications +móvil BTC Liberty LIBERTY Q1 2023 REVIEW#15LIBERTY LATIN AMERICA | KEY MESSAGES(1) SOLID START TO THE YEAR; BUYBACK AUTHORIZATION INCREASED 1 65K INTERNET & POSTPAID ADDS 2 $407M ADJUSTED OIBDA Growth across all segments (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | MAY 2023 LIBERTY LATIN AMERICA 3 INTEGRATION PROGRESS 4 $200M NEW BUYBACK AUTHORIZATION +4% rebased growth Puerto Rico prepaid mobile migration underway Panama restrictions removed $25m repurchased in Q1 15#16GROUP REVENUE & ADJUSTED OIBDA(1) POSITIVE FIRST QUARTER PERFORMANCE REVENUE IN USD MILLIONS 1,216 1% REBASED 171 1,104 1,045 Q1 22 Q1 23 @VTR . i ADJUSTED OIBDA IN USD MILLIONS | I . C&W Networks & LatAm, C&W Panama and LCR strongest performers in the quarter with mid-single- digit rebased revenue growth C&W Caribbean performance impacted by exit of legacy non- core B2B voice transit arrangement during Q1. Will impact comparative through the year (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 4% REBASED 437 407 390 Q1 22 Q1 23 VTR LIBERTY LATIN AMERICA • YoY rebased growth driven largely by LCR, C&W Panama and C&W Caribbean Best rebased growth result in 6 quarters • Targeting mid-to-high single-digit rebased Adjusted OIBDA growth in 2023, significantly weighted to H2 16#17SEGMENT FINANCIAL RESULTS (1) STRONG ADJUSTED OIBDA GROWTH IN LCR, C&W PANAMA & C&W CARIBBEAN C&WC Communications Q1 2023 tmóvil Liberty C&W Networks PUERTO RICO A Liberty Latin America Company IN USD MILLIONS 13% AS % OF REVENUE 12% AS % OF REVENUE 10% AS % OF REVENUE 13% I AS % OF REVENUE I 366 354 165 140 134 109 64 48 46 REVENUE ADJ. OIBDA P&E ADDs 20 REVENUE ADJ. P&E OIBDA ADDs 44 11 REVENUE ADJ. P&E OIBDA ADDs REVENUE ADJ. OIBDA P&E ADDs REBASED (1)% +8% +4% +16% +6% +4% ―% (4)% VS PY ADJUSTED OIBDA IN USD MILLIONS 130 140 Q1 22 Q1 23 (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | MAY 2023 LIBERTY COSTA RICA LIBERTY LATIN AMERICA 10% AS % OF REVENUE 129 45 13 REVENUE ADJ. P&E OIBDA ADDs +4% +28% I I I I I | I I 141 134 I 41 44 83 63 64 45 30 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 I 17#18GROUP P&E ADDITIONS & ADJUSTED FCF(1) INVESTING IN NETWORKS & PRODUCTS; ADJUSTED FCF ON-TRACK P&E ADDITIONS IN USD MILLIONS; AS PERCENTAGE OF REVENUE 14% 175 Q1 22 13% 145 Q1 23 • . • 90k homes built or upgraded in Q1, led by activity in the Caribbean and Panama Incurred $9m integration capex in Q1 Anticipate spending >$30m in integration . capex for 2023 On track to deliver full year target of 16% of revenue (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. LIBERTY LATIN AMERICA | MAY 2023 i ADJUSTED FCF I IN USD MILLIONS | I LIBERTY LATIN AMERICA +6 Negative TWC in Q1 Adjusted FCF weighted to H2, especially Q4 On track to deliver ~$300m target Expect $40m of distributions to partners in Q2; similar amount upstreamed to LLA (50) (56) Q1 22 Q1 23 18#19BALANCE SHEET & LIQUIDITY POSITION(1) 95% OF DEBT DUE IN 2027 OR BEYOND; $50M OF STOCK & CONVERT BUYBACK IN Q1 KEY METRICS $8.0 BILLION TOTAL DEBT 4.9x 4.5x GROSS NET LEVERAGE(2) CASH & RCF AVAILABILITY $0.7 BILLION CASH I 5.9 PERCENT WACD(3) 5.0 YEARS WAL(4) ! MATURITY SCHEDULE(5) I I $1.0 I BILLION RCF AVAILABILITY IN USD BILLIONS 2.9 2.6 LIBERTY LATIN AMERICA LLA CORP C&W LPR LCR DUE IN 2027 95% & BEYOND 1.4 0.4 0.5 2023 2024 2025 2026 2027 2028 2029 2030 2031 BUYBACK PROGRAM IN USD MILLIONS 169 25 268 65 FY 20 FY 21 FY 22 Q1 23 TOTAL (2) (4) (1) See Appendix for definitions and additional information. Balance sheet and liquidity information as of March 31, 2023. Due to rounding, certain percentages and totals may not recalculate. 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. (3) 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. Represents the weighted average life of debt, excluding vendor financing and finance lease obligations. (5) Excludes vendor financing and finance leases. LIBERTY LATIN AMERICA | MAY 2023 19#20CONCLUSIONS (1) FOCUSING ON 3 PILLARS: OPERATIONS, INTEGRAITION & CAPITAL ALLOCATION 1 2 OPERATIONAL MOMENTUM INTEGRATION FOCUS 3 CAPITAL ALLOCATION LIBERTY LATIN AMERICA Volume growth driving top-line performance Strategic price increases and FMC as levers Deliver value capture goals in Puerto Rico, Costa Rica & Panama $50m into stock and convert buybacks in Q1 Increased buyback authorization (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | MAY 2023 20 20#21OUR PHILOSOPHY When we collaborate, we all win. Especially our customers. If we don't have a customer's trust, we don't have a customer. Our work has purpose, and what we do makes a difference. We own it. At every level, in every position, we're responsible. Growth in our markets begins and ends with you. Kindness isn't an option or an opinion. It just is. We do it the best and we do it with spirit We're considerate of others and encourage their opinions. We're accountable, determined and unafraid to take risks. We're personable in every interaction. Life is just better that way. We're courageous in our innovation, authentic in our actions and transparent in our decisions. Passion in all we do makes hard work seem easy. Our diversity defines us. Our commonalities connect us. Technology excites us, enables us and drives us. We're inspired by those sitting next to us, as well as 1,000 miles from us. Heart is more than something we have, it's something we share. LIBERTY LATIN AMERICA#22Part of Liberty Latin America C&W Co Communications +móvil BTC Liberty LIBERTY APPENDIX#23DEFINITIONS & ADDITIONAL INFORMATION LIBERTY LATIN AMERICA ADJUSTED OIBDA MARGIN Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. FMC Fixed-Mobile Convergence. 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. INTERNET (BROADBAND) RGU A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. 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. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUS, which represent an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU's mobile services. 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 Puerto Rico 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 | MAY 2023 223#24INFORMATION 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, disposed or transferred business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired, disposed or transferred impacting the comparative periods are as follows: Claro Panama, which was acquired on July 1, 2022; VTR, which was disposed of on October 6, 2022; and the January 2023 acquisition by our Liberty Costa Rica segment of the B2B Costa Rican operations within our C&W Networks & LatAm segment. In addition, we reflect the translation of our rebased amounts for the prior- year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. 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- LIBERTY LIBERTY LATIN AMERICA 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. Revenue Adjusted OIBDA Three months ended March 31, 2022 Three months ended March 31, 2022 C&W Carib. C&W Panama C&W N&L LPR LCR VTR Corp. & Elim. Total C&W C&W Carib. Panama C&W N&L LPR LCR VTR Corp. Total Reported Acquisitions Disposition Foreign currency 1.3 Other (1) Rebased Reported % change (2) Rebased % change (3) (1) 354.8 127.2 107.6 366.7 107.4 170.8 in USD millions; except for percentages (18.3) 1,216.2 129.9 40.5 62.6 140.6 30.2 46.5 (13.8) 436.5 31.2 31.2 (3.0) (3.0) (170.8) (170.8) (46.5) (0.4) (46.9) (3.2) (1.6) 15.7 1.6 0.2 14.0 0.3 (0.8) 4.4 3.9 - - (0.8) 0.8 356.1 158.4 102.8 366.7 124.7 - - % 30% (1)% 4% 1% 6% % % 20% 4% N.M. (18.1) N.M. N.M. N.M. 1,090.6 (9%) 1% 130.2 37.5 61.0 140.6 35.4 (14.2) 390.5 8% 7% 2% (4%) 50% N.M. (48%) (7%) 8% 16% 4% (4%) 28% N.M. (44%) 4% Represents the January 2023 transfer of B2B operations in Costa Rica that was transferred from our C&W Networks & LatAm segment to our Liberty Costa Rica segment. (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 | MAY 2023 24 24#25ADJUSTED 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 or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, and (d) distributions to noncontrolling LIBERTY LIBERTY LATIN AMERICA interest owners. 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: Net cash provided by operating activities Cash payments for direct acquisition and disposition costs Expenses financed by an intermediary(1) Capital expenditures, net Principal payments on amounts financed by vendors and intermediaries Principal payments on finance leases Adjusted FCF before distributions to noncontrolling interest owners Distributions to noncontrolling interest owners Adjusted FCF Three months ended March 31, 2022 March 31, 2023 in USD millions 122.3 62.4 1.7 1.4 31.7 41.3 (164.2) (114.1) (47.3) (40.2) (0.2) (0.2) (56.0) (49.4) (0.4) (56.0) (49.8) (1) For purposes of our consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as 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. LIBERTY LATIN AMERICA | MAY 2023 25 25#26ADJUSTED 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 determine how to allocate resources to segments. 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 OIBDA less P&E Additions are meaningful measures because they represent a transparent view of our LIBERTY LIBERTY LATIN AMERICA 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: Operating income (loss) Share-based compensation expense Depreciation and amortization Impairment, restructuring and other operating items, net Adjusted OIBDA Less: P&E additions Adjusted OIBDA less P&E additions Operating income (loss) margin(1) Adjusted OIBDA margin (2) (1) Calculated by dividing operating income (loss) by total revenue for the applicable period. (2) Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. LIBERTY LATIN AMERICA | MAY 2023 Three months ended March 31, 2022 March 31, 2023 in USD millions; except for percentages 184.6 113.0 30.0 29.2 214.1 234.6 7.8 29.7 436.5 406.5 175.4 144.7 261.1 261.8 15.2% 10.2% 35.9% 36.8% 26 26#27CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION LIBERTY LIBERTY LATIN AMERICA We have set forth below our consolidated leverage and net leverage ratios. 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 cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of March 31, 2023. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped 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. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of March 31, 2023 are set forth below: Total debt and finance lease obligations Discounts, premiums and deferred financing costs, net Adjusted total debt and finance lease obligations Less: Cash and cash equivalents Net debt and finance lease obligations Operating income (loss) (1): Operating income (loss) for the three months ended December 31, 2022 Operating income (loss) for the three months ended March 31, 2023 Operating income (loss) - last two quarters Annualized operating income (loss) - last two quarters annualized Adjusted OIBDA (2): Adjusted OIBDA for the three months ended December 31, 2022 Adjusted OIBDA for the three months ended March 31, 2023 Adjusted OIBDA - last two quarters Annualized Adjusted OIBDA - last two quarters annualized Consolidated debt and finance lease obligations to operating income (loss) ratio Consolidated net debt and finance lease obligations to operating income (loss) ratio Consolidated leverage ratio Consolidated net leverage ratio March 31, 2023 in USD millions; except leverage ratios 7,915.2 94.5 8,009.7 671.8 7,337.9 109.5 113.0 222.5 445.0 405.2 406.5 811.7 1,623.4 17.8x 16.3x 4.9x 4.5x (1) Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income and consolidated net debt and finance lease obligations to operating income as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. (2) Adjusted OIBDA is a non-GAAP measure. See slide 26 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. LIBERTY LATIN AMERICA | MAY 2023 22 27#28FLAG DIRECTORY LIBERTY LATIN AMERICA Country Flags Country Flag Country Flag Country Flag Country Flag Country Flag Anguilla Antigua & Barbuda Barbados Bonaire Cayman Islands Costa Rica NV Jamaica Montserrat V Curaçao Panama V St. Eustatius St. Vincent & the Grenadines St. Kitts & Nevis The Bahamas St. Lucia Dominica Puerto Rico St. Maarten British Virgin Islands Grenada Saba St. Martin LIBERTY LATIN AMERICA | MAY 2023 Trinidad and Tobago Turks & Caicos USVI 28 28