#1回回回回 E Part of Liberty Latin America 回 C&W Communications +móvil vtr.com BTC Liberty CABLETICA LIBERTY LATIN AMERICA Q2 & H1 2021 INVESTOR CALL August 5, 2021 LIBERTY LATIN AMERICA TM#2"SAFE HARBOR❞ FORWARD-LOOKING STATEMENT | DEFINED TERMS LIBERTY LATIN AMERICA 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 2021; expected new build and upgrade activity in 2021 and estimated P&E additions as a percent of revenue; the anticipated impact of the COVID-19 pandemic (including the rollout of vaccines) on our business and financial results, and for the countries in which we operate; 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; the timing and impact of the acquisition of Telefónica's Costa Rica business; the strength of our balance sheet and tenor of our debt; 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 Telefónica's Costa Rica business; 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 (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 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. 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 | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 2#3AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America C&W Communications +móvil BTC Liberty vtr.com & CABLETICA#4LIBERTY LATIN AMERICA | KEY MESSAGES(1) STRONG Q2 SUBSCRIBER ADDITIONS & DOUBLE-DIGIT YOY REBASED ADJUSTED OIBDA GROWTH 1 2 3 4 5 +73K FIXED RGU ADDITIONS +118K MOBILE SUB ADDITIONS +10% REBASED ADJ. OIBDA GROWTH ~360K HOMES ADDED / UPGRADED YTD $500M TELEFONICA COSTA RICA ACQUISITION Strong Q2 performance driven by C&W C&N and Liberty Puerto Rico Record additions led by Panama and C&W C&N Strong growth against prior-year COVID-19 impacted quarter Ahead of target Increasing 2021 plan to >700k Required authorizations obtained Targeting mid- August closing (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 LIBERTY LATIN AMERICA 4#5MARKET HIGHLIGHTS(1) IMPROVING PERFORMANCE DESPITE ONGOING COVID-19 IMPACTS $1.2 BILLION PUERTO RICO Broadband penetration driving fixed growth; robust mobile postpaid performance Integration progressing well CHILE RGU trends stabilized; fiber build and cost reduction initiatives progressing Mobility restrictions easing COSTA RICA Required authorizations received for TEF CR acquisition Limited mobility restrictions; teleworking remains a driver of demand Q2 21 REVENUE 30% 18% дов 3% LIBERTY LATIN AMERICA PANAMA All-inclusive plan: "Todo Todito" continues to drive strong mobile additions Vaccination availability increasing; new variants presenting some uncertainty JAMAICA Growth across fixed and mobile products through penetration & converged offerings Great results despite relatively low vaccination rates NETWORKS & LATAM Stable source of high-margin & mainly USD revenue Remote work increasing demand for data and video services OTHER MARKETS FTTH upgrades driving broadband adds and bundle upgrades Tourism rebound anticipated; Trinidad remains highly restrictive 11% (1) See Appendix for definitions and additional information. Due to rounding, percentage totals may not recalculate. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 9% 7% 23% X% Q2 2021 REVENUE 5#6FIXED | STRONG Q2 PERFORMANCE (1) CONTINUING MOMENTUM IN C&W & PUERTO RICO; STABILIZATION IN CHILE FIXED RGU EVOLUTION FIXED RGU ADDITIONS (LOSSES) | IN THOUSANDS C&W.co Communications 38 28 19 21 $48 +1% Liberty 43 43 32 32 34 35 25 25 $78 (0)% 22 22 LIBERTY LATIN AMERICA ARPU PER CUSTOMER RELATIONSHIP CT CABLETICA X% YOY FX-NEUTRAL CHANGE $42 +5% 11 6 7 -2- Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 +móvil (45) 45 21 10 $38 (10)% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 vtr.com $44 +2% LIBERTY LATIN AMERICA $50 +3% 7 (40) (77) 76 73 58 35 19 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. ARPU figures for the three months ended June 30, 2021. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 6#7MOBILE | RECORD ADDITIONS(1) SEQUENTIAL IMPROVEMENT DRIVEN BY JAMAICA PERFORMANCE MOBILE SUBSCRIBER EVOLUTION MOBILE ADDITIONS (LOSSES) | IN THOUSANDS C&W.co Communications $15 +13% 58 25 35 -2- Liberty $44 PRE-AT&T ACQUISITION -(2)- (2)- 6 MOBILE ARPU LIBERTY LATIN AMERICA X% YOY FX-NEUTRAL CHANGE Oferta para clientes nuevos y existentes. Llévatelo por nuestra cuenta en la red más rápida. Rrequiere trade-in de $95 o más, activar una linea nueva o hacer upgrade de línea existente. adquirir nuevo dispositivo en plan de pago a plazos y en tarifa ilimitada. Gratis, después de créditos en facturas mensuales por la duración del acuerdo de pago a plazos. iPhone 12 AT&T Liberty AT&T Mobility en Puerto Rico es ahora parte de la familia Liberty Puerto Rico. (176) +11K POSTPAID Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 LA RED MÓVIL MÁS RÁPIDA EN PUERTO RICO. Sobre la mediana de velocidad de descarga en Puerto Rico para efter trimestre del 2021 Red móvil más rápida basado en el análisis realizado por Ookda de los datos de Speedtest Intelligence® Las marcas comerciales de Ookla se utilizan bajo licencia y previa autorización tmóvil (131) 54 61 26 $8 (1)% 60 00 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 vtr.com $16 (9)% LIBERTY LATIN AMERICA (11)♫ ■(11)♫ (6)- −(7) ► (310) 69 69 $19 +68% 118 48 55 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. ARPU figures for the three months ended June 30, 2021. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 7#8B2B | STEADILY RECOVERING FROM PANDEMIC IMPACT(1) POSITIVE OUTLOOK FOR H2 2021 AS LOCAL ECONOMIES SET TO RETURN TO GROWTH B2B REVENUE IN USD MILLIONS 262 5% REBASED 324 Q2 20 (1) See Appendix for definitions and additional information. Q2 21 NETWORKS & LATAM REVENUE | IN USD MILLIONS | SUBSEA LATAM 84 85 Q2 20 Q2 21 INCUMBENT C&W B2B OPERATIONS (2) REVENUE | IN USD MILLIONS C&W C&N 179 158 Q2 20 Q2 21 LIBERTY B2B CUSTOMER SEGMENTS B2B REVENUE SPLIT | Q2 2021 LATIN AMERICA % B2B REVENUE ENTERPRISE WHOLESALE C&W PANAMA SMB (2) Revenue data reflects third-party B2B revenue of the incumbent operations of our C&W C&N and C&W Panama segments (excludes LATAM B2B revenue). It excludes intersegment B2B revenue reflected for our segments. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 Recovery driven by improved economic visibility and confidence Growth in demand for data and video services remains high Supporting businesses to digitalize during the pandemic GOVERNMENT Shifts in government spending to digital products and services HOSPITALITY • Gradual tourism reopening to serve residents with 'staycations' and cater to a growing stream of foreigners O 8#9INFRASTRUCTURE | FIXED, MOBILE & SUBSEA (1) INVESTING IN NETWORK EXPANSION & UPGRADES NEW BUILD & UPGRADE PROGRAM NEW BUILD / UPGRADED HOMES PASSED | IN THOUSANDS 153 FIXED & MOBILE TECHNOLOGY(2) HOMES PASSED | IN THOUSANDS CHILE 359 PUERTO RICO 1,146 20 Q2 PANAMA 731 4,042 LTE 5G SUBSEA NETWORK Jacksonville Boca Raton Miami Nassau LIBERTY LATIN AMERICA FROST & SULLIVAN BEST 2020 PRACTICES AWARD LATIN AMERICAN AND CARIBBEAN HOSTED IP TELEPHONY AND UCAAS GROWTH EXCELLENCE FROST RADAR AWARD Cancún, Tulum Half Moon Bay Punta Cana Kingston Belize City Puerto Barrios Trujillo LTE Guatemala City San Salvador Bluefields Puerto Limon Punto Fijo Cartagena Tolu Panama City Roseau St. George's Chaguaramas PENDING COSTA 647 RICA TEF CR ACQUISITION CLOSING LTE Q2 Q1 Q1 JAMAICA 629 H1 20 H121 OTHERS 932 71% % IN FTTx - 99% (1) See Appendix for definitions and additional information. HFC 2-WAY FTTx ADSL/VDSL LTE Bogotá 17 OF 20 MARKETS LTE INTEGRATED MESH NETWORK SIGNIFICANT AVAILABLE CAPACITY SERVING-40 MARKETS WITH ACCESS TO THE US(3) HFC 1-WAY (2) Information as of June 30, 2021. LTE: Long Term Evolution standard. In Chile, LTE is provided through a Mobile Virtual Network Operator (MVNO) agreement. (3) Our subsea network cables serve the following markets: Anguilla, Antigua, Bahamas, Barbados, Belize, Bonaire, BVI, Colombia, Costa Rica, Curacao, Dominica, Dominican Republic, Ecuador, Grenada, Guadeloupe, Guatemala, Haiti, Honduras, Jamaica, Martinique, Mexico, Nicaragua, Panama, Peru, Puerto Rico, St. Kitts & Nevis, St. Lucia, St. Vincent, Trinidad & Tobago, Turks & Caicos, Venezuela. We service the following markets with 3rd party cables: Cuba, El Salvador, Guyana, St. Martin, Suriname, USVI. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 9#10NEXT STEPS ACHIEVEMENTS STRATEGY UPDATE(1) PROGRESSING WELL AGAINST OBJECTIVES; OPERATING & FINANCIAL PROSPECTS REMAIN ROBUST RECOVERY & GROWTH COMMERCIAL NETWORK COST FOCUS CAPITAL ALLOCATION Strong fixed and mobile. net adds in H1 Adjusted FCF growth Consumer propositions resonating well Digital sales growing in key markets Record new build / upgrade H1 activity Uniendo a Puerto Rico funds granted Panama operating center established Adjusted OIBDA margin improvement Liberty Mobile outperforming TEF CR acquisition Resumed buyback Maintain operating momentum Build on VTR stabilization (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 Grow converged offerings Self-installs Continue to invest behind strong returns >700k new build / upgrade in 2021 Leverage & optimize cost base Continue to drive centralization strategy Progress integration to drive synergies Pursue disciplined M&A strategy 10 LIBERTY LATIN AMERICA#11Part of Liberty Latin America C&W comm Communications tmóvil vtr.com BTC Liberty CT CABLETICA AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX#12Q2 & H1 2021 FINANCIAL RESULTS (1) STRONG YOY GROWTH REVENUE IN USD MILLIONS 849 8% REBASED 1,168 Q2 20 Q2 21 1,780 4% REBASED 2,328 ADJUSTED OIBDA IN USD MILLIONS 333 10% REBASED 464 Q2 20 Q2 21 P&E ADDITIONS I IN USD MILLIONS; AS % OF REVENUE I I 18% 18% 215 153 Q2 20 Q2 21 I ADJUSTED FCF IN USD MILLIONS LIBERTY LATIN AMERICA (95) 130 35 Q2 20 Q2 21 I 6% I 16% 16% I +12 697 REBASED 913 286 367 81 93 H1 20 H121 H1 20 H121 H1 20 H121 H1 20 H121 (1) See Appendix for definitions and additional information. Due to rounding, certain totals, differences, percentages and growth rates may not recalculate. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 12 12#13SEGMENT FINANCIAL RESULTS (1) YOY GROWTH ACROSS MARKETS; VTR IMPACTED BY H2 2020 SUBSCRIBER LOSSES C&W.com Q2 2021 IN USD MILLIONS Communications tmóvil Q2 2021 IN USD MILLIONS Liberty Q2 2021 IN USD MILLIONS vtr.com Q2 2021 IN USD MILLIONS CT I CABLETICA Q2 2021 I IN USD MILLIONS I LIBERTY LATIN AMERICA 17% 16% 14% 27% 20% 434 188 AS % OF REVENUE 128 AS % OF REVENUE 360 AS % OF REVENUE 209 AS % OF REVENUE 36 AS % OF REVENUE 161 73 46 69 REVENUE ADJ. OIBDA P&E ADDs REVENUE ADJ. OIBDA 20 P&E ADDs 51 REVENUE ADJ. P&E OIBDA ADDs REVENUE ADJ. OIBDA 56 P&E ADDs 13 REVENUE ADJ. OIBDA P&E ADDs REBASED 8% 14% 15% 24% 11% 21% I |(6)% (18)% 13% 3% VS PY ADJUSTED OIBDA IN USD MILLIONS 188 181 167 Q2 20 Q1 21 Q2 21 ADJUSTED OIBDA IN USD MILLIONS ADJUSTED OIBDA IN USD MILLIONS 42 52 46 44 46 37 Q2 20 Q1 21 Q2 21 (1) See Appendix for definitions and additional information. Due to rounding, certain totals, growth rates and percentages may not recalculate. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 I 161 150 ADJUSTED OIBDA IN USD MILLIONS ADJUSTED OIBDA IN USD MILLIONS 73 71 14 69 13 14 13 I Q2 20 Q1 21 Q2 21 Q2 20 Q1 21 Q2 21 Q2 20 Q1 21 Q2 21 13#14REVENUE & ADJUSTED OIBDA SEQUENTIAL EVOLUTION (1) GROWTH AND IMPROVING MARGIN REVENUE IN USD MILLIONS 931 $3.8BN 888 849 $2.3BN 1,160 1,168 1,097 ADJUSTED OIBDA IN USD MILLIONS $1.5BN $0.9BN LIBERTY LATIN AMERICA 464 449 428 364 360 333 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 14#15BALANCE SHEET & LIQUIDITY POSITION (1) AVAILABLE LIQUIDITY & LONG-DATED MATURITY PROFILE; SHARE BUYBACK ACTIVITY IN Q2 CASH & RCF AVAILABILITY(2) $1.3 BILLION CASH GROUP CONSOLIDATED LEVERAGE(3) 5.0x GROSS LEVERAGE LIBERTY LATIN AMERICA $1.2 BILLION RCF AVAILABILITY 4.2x NET LEVERAGE KEY METRICS LIBERTY LATIN AMERICA 6.0% WEIGHTED AVERAGE COST OF DEBT(4) 6.3YRS WEIGHTED AVERAGE LIFE OF DEBT $10M LLA STOCK REPURCHASED IN Q2 2021 MATURITY SCHEDULE (5) IN USD BILLIONS DUE IN 2027 83% & BEYOND C&W LPR VTR CT LLA CORP 3.1 3.1 1.2 0.6 0.5 0.1 2021 0.1 0.1 0.1 2022 2023 2024 2025 2026 2027 2028 2029+ (1) As of June 30, 2021. See Appendix for definitions and additional information. Due to rounding, certain totals, ratios and percentages may not recalculate. (2) Cash refers to cash and cash equivalents, excluding restricted cash. As of June 30, 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 June 30, 2021 compliance reporting requirements. (3) 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. (4) 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. Excludes finance lease obligations. (5) LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 15#16CONCLUSIONS (1) SOLID FIRST HALF OF THE YEAR 1 2 3 GROWTH FOOTPRINT EXPANSION INORGANIC STRATEGY 4 ON-TRACK TO ACHIEVE GUIDANCE Recovery driving strong performance YTD COVID-19 impacts continue for certain markets ~360k fiber homes passed YTD 2021 target increased to >700k AT&T operations in PR and USVI Telefonica operations in Costa Rica P&E additions to be ~18% of revenue ~$200 million of Adjusted FCF (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 LIBERTY LATIN AMERICA 16#17AGENDA 01 | EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX Part of Liberty Latin America C&W C Communications +móvil vtr.com & BTC Liberty CABLETICA#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 60 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 | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 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 2021, we have adjusted our historical revenue and Adjusted OIBDA (i) to include the pre-acquisition revenue and Adjusted OIBDA of the AT&T Acquired Entities, which were acquired on October 31, 2020, in our rebased amounts for the three and six months ended June 30, 2020, (ii) to include the pre-acquisition revenue and Adjusted OIBDA of a small B2B operation in the Cayman Islands that was acquired during 2020 in our rebased amounts for the three and six months ended June 30, 2020, (iii) to exclude the revenue and Adjusted OIBDA of certain B2B operations in Puerto Rico that were disposed of in January 2021 in connection with the AT&T Acquisition from our rebased amounts for the three and six months ended June 30, 2020, (iv) to exclude the revenue and Adjusted OIBDA associated with our DTH operations in Panama, which were shut down in January 2021 from our rebased amounts for the three and six months ended June 30, 2020 and (v) to reflect the translation of our rebased amounts for the three and six months ended June 30, 2020 at the applicable average foreign currency exchange rates that were used to translate our results for the three and six months ended June 30, 2021. We have reflected the revenue and Adjusted OIBDA of acquired entities in our 2020 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 LIBERTY LATIN AMERICA 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 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 Three months ended June 30, 2020 C&W C&N C&W Panama LPR VTR CT Elim. Total B2B Six months ended June 30, 2020 Total Adjusted OIBDA Three months ended June 30, 2020 C&W C&W C&N Panama LPR VTR CT Corp. Total in USD millions; except for percentages Six months ended June 30, 2020 Total Reported 404.9 112.2 109.1 193.1 34.6 (5.0) 848.9 261.5 1,779.9 166.7 36.9 52.4 73.1 13.2 (9.7) 332.6 696.5 Acquisitions (1) 1.6 219.5 221.1 51.2 439.4 0.5 83.1 83.6 155.6 Disposals (0.5) (4.5) (5.0) (4.5) (10.6) (0.1) (2.6) (2.7) (5.8) Foreign currency (4.7) 28.6 (2.4) 21.5 (0.1) 34.8 (1.8) - 10.8 (0.9) 8.1 13.3 Rebased 401.8 111.7 324.1 221.7 32.2 (5.0) 1,086.5 308.1 2,243.5 165.4 36.8 132.9 83.9 12.3 (9.7) 421.6 859.6 Reported % change (2) 7% 14% Rebased % change (3) 8% 15% 230% 11% 8% (6%) 5% 13% n/a n/a 38% 8% 24% 5% 31% 4% 13% 24% 208% (6%) (4%) (29%) 40% 31% 14% 24% 21% (18%) 3% (29%) 10% 6% (1) The acquisition-related adjustment for Liberty Puerto Rico with respect to the AT&T Acquired Entities includes $5 million and $11 million, respectively, 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 | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 19#20ADJUSTED OIBDA & ADJUSTED OIBDA LESS P&E ADDITIONS DEFINITION & RECONCILIATION LIBERTY LATIN AMERICA 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 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 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Six months ended March 31, 2021 June 30, 2021 June 30, 2020 June 30, 2021 Year ended December 31, 2020 in USD millions; except for percentages Operating income (loss) 107.8 (206.0) 86.6 103.3 178.2 160.2 (98.2) 338.4 91.7 Share-based compensation expense 23.8 23.5 28.0 22.2 23.0 32.8 47.3 55.8 97.5 Depreciation and amortization 213.5 216.4 231.6 253.1 245.9 254.0 429.9 499.9 914.6 Impairment, restructuring and other operating items, net 18.8 298.7 14.0 49.4 2.2 17.0 317.5 19.2 380.9 Adjusted OIBDA 363.9 332.6 360.2 428.0 449.3 464.0 696.5 913.3 1,484.7 Less: P&E additions 132.9 153.3 156.9 188.0 152.4 214.7 286.2 367.1 631.1 Adjusted OIBDA less P&E additions 231.0 179.3 203.3 240.0 296.9 249.3 410.3 546.2 853.6 Operating income (loss) margin(1) 11.6% (24.3%) 9.8% 9.4% 15.4% 13.7% (5.5%) 14.5% 2.4% Adjusted OIBDA margin (2) 39.1% 39.2% 40.6% 39.0% 38.7% 39.7% 39.1% 39.2% 39.4% (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 | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 20 20#21ADJUSTED FREE CASH FLOW DEFINITION & RECONCILIATION LIBERTY LATIN AMERICA 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 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 condensed 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: Three months ended Six months ended June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2021 Net cash provided by operating activities Cash payments for direct acquisition and disposition costs Expenses financed by an intermediary(1) Capital expenditures 238.7 in USD millions 240.2 353.6 443.7 2.8 5.6 4.2 10.2 19.6 28.4 52.1 54.4 (122.2) (198.6) (271.4) (334.2) Distributions to noncontrolling interest owners (1.3) (0.7) (1.3) Principal payments on amounts financed by vendors and intermediaries (47.9) (45.4) (91.7) (87.9) Pre-acquisition interest payments, net (2) 39.2 6.6 36.2 8.8 Principal payments on finance leases Adjusted FCF (0.5) 129.7 (0.5) (1.1) (1.0) 35.0 81.2 92.7 (1) For purposes of our condensed consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as hypothetical operating cash outflows and hypothetical financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our condensed consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the hypothetical 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. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 21 21#22CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION LIBERTY LATIN AMERICA June 30, 2021 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 projected derivative principal-related cash receipts) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of June 30, 2021. 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, ratios that would be 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 June 30, 2021 and March 31, 2021 are set forth below: March 31, 2021 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 Adjusted OIBDA (2): Adjusted OBIDA for the three months ended December 31, 2020 Adjusted OIBDA for the three months ended March 31, 2021 Adjusted OIBDA for the three months ended June 30, 2021 Rebased Adjusted OIBDA - AT&T Acquired Entities (3) Adjusted OIBDA - last two quarters Annualized adjusted OIBDA - last two quarters annualized Consolidated leverage ratio Consolidated net leverage ratio in USD millions; except leverage ratios 8,782.9 156.0 150.9 9,089.8 1,305.6 7,784.2 8,794.3 152.3 114.1 9,060.7 1,311.1 7,749.6 428.0 n/a 449.3 449.3 n/a 464.0 26.8 904.1 1,808.2 5.0x 4.3x 913.3 1,826.6 5.0x (1) Amounts represent the U.S. dollar equivalents and are based on interest rates and exchange rates that were in effect as of June 30, 2021 and March 31, 2021, respectively. For a discussion of our projected cash flows associated with derivative instruments, please see Item 3. Quantitative and Qualitative Disclosures About Market Risk-Projected Cash Flows Associated with Derivative Instruments in our most recently filed Quarterly Report on Form 10-Q. (2) Adjusted OIBDA is a non-GAAP measure. See slide 20 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. (3) Reflects our calculation of Adjusted OIBDA, as defined by Liberty Latin America, based upon historical financial information of the AT&T Acquired Entities for the pre-acquisition period (October 1, 2020 to October 31, 2020 with respect to the March 31, 2021 ratio calculations) as adjusted primarily for (i) the impact of new rates pursuant to agreements with AT&T related to roaming, subsea and ethernet services, (ii) aligning the accounting policies of the AT&T Acquired Entities to those used by Liberty Latin America, (iii) the impact of the elimination of parent-company allocations included in the historical financial statements of the AT&T Acquired Entities that are replaced by costs for services provided through the transitional services agreement with AT&T, which generally relate to network operations, customer service, finance and accounting, information, technology, and sales and marketing, and (iv) estimated standalone costs not covered by the transitional services agreement with AT&T. LIBERTY LATIN AMERICA | Q2 & H1 2021 INVESTOR CALL | AUGUST 5, 2021 4.2x 222