Investor Presentaiton

ADJUSTED 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

View entire presentation