Investor Presentaiton

ADJUSTED 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. Additionally, as set forth in the reconciliation and further discussed below, we have excluded the portion of the stated purchase price for the AT&T Acquisition that has been bifurcated and accounted for separately as the acquisition of future services from AT&T. See footnote to the table below for additional information. 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 periods: Net cash provided by operating activities Cash payments for direct acquisition and disposition costs Expenses financed by an intermediary(1) Capital expenditures Recovery on damaged or destroyed property and equipment Distributions to noncontrolling interest owners Principal payments on amounts financed by vendors and intermediaries Pre-acquisition net interest payments (receipts) (2) Principal payments on finance leases Credit for services in AT&T Acquisition (3) Adjusted FCF Three months ended Year ended December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 327.8 in USD millions 149.1 918.2 640.1 3.5 28.1 4.8 49.8 36.6 30.0 129.7 108.1 (157.1) (147.5) (589.1) (565.8) 33.9 (35.1) (16.5) (37.7) (18.8) (68.1) (74.6) (224.5) (218.0) (3.5) 47.4 (3.5) 81.5 (1.0) (0.5) (8.7) (2.2) 73.3 73.3 103.1 88.8 223.1 148.0 (2) (1) For purposes of our 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 consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the hypothetical operating cash outflow when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. Amounts during the 2020 periods primarily represent interest paid on pre-acquisition debt related to the AT&T Acquisition, net of interest received on the AT&T Acquisition Restricted Cash. Amounts during the 2019 periods primarily relate to interest received on the AT&T Acquisition Restricted Cash. 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 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 FCF. (3) LIBERTY LATIN AMERICA | FY 2020 INVESTOR CALL | MARCH 1, 2021 24

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