Liberty Latin America : Cable & Wireless Communications Annual Report for the Year Ended December 31, 2023

Consolidated Financial Statements

December 31, 2023

CABLE & WIRELESS COMMUNICATIONS LIMITED

Griffin House

161 Hammersmith Road

London, W6 8BS

United Kingdom

CABLE & WIRELESS COMMUNICATIONS LIMITED

TABLE OF CONTENTS

	Page
	Number
Forward-lookingStatements	I-1
Description of Our Business	I-3
Management's Discussion and Analysis of Financial Condition and Results of Operations	II-1
Consolidated Financial Statements:
Independent Auditor's Report	II-18
Consolidated Balance Sheets as of December 31, 2023 and 2022	II-20
Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022	II-21
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2023 and 2022	II-22
Consolidated Statements of Equity for the Years Ended December 31, 2023 and 2022	II-23
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022	II-24
Notes to Consolidated Financial Statements	II-26

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to "C&W", "we," "our," "our company" and "us" in this report refers to Cable & Wireless Communications Limited or collectively to Cable & Wireless Communications Limited and its subsidiaries. We have used several other terms in this report, most of which are defined or explained below. The following glossary of defined terms are unaudited.

2027 C&W Senior Notes	$1.2 billion aggregate principal amount 6.875% senior notes due September 15, 2027
	issued by C&W Senior Finance
2027 C&W Senior Secured Notes	$495 million aggregate principal amount 5.75% senior secured notes due September
	7, 2027 issued by Sable International Finance Limited
2028 CWP Term Loan	$435 million principal amount 4.25% term loan facility due January 18, 2028 issued
	by CWP
ACODECO	Authority for Consumer Protection and Defense of Competition
Adjusted OIBDA	Operating income or loss before share-based compensation, depreciation and
	amortization, related-party fees and allocations, 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
Adjusted Term SOFR	settlement of contingent consideration.
SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-
	month interest period, (ii) 0.26161% for a three-month interest period and (iii)
	0.42826% for a six-month interest period
América Móvil	América Móvil S.A.B. de C.V.
ARPU	Average monthly subscription revenue per average fixed RGU or mobile subscriber,
ASEP	as applicable
Authority of Public Services
ASU	Accounting Standards Update
B2B	Business-to-business
Cable Onda	Cable Onda S.A.
C&W Bahamas	The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary that
C&W Caribbean	owns all of our operations in the Bahamas
Includes all our subsidiaries, excluding those within CWP and Liberty Networks
C&W Credit Facilities	Senior secured credit facilities of certain of our subsidiaries comprising: (i) C&W
	Term Loan B-6 Facility; (ii) C&W Term Loan B-5 Facility; (iii) C&W Revolving
	Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica	Cable & Wireless Jamaica Limited, a 92%-owned subsidiary
C&W Notes	Senior and senior secured notes comprising: (i) 2027 C&W Senior Secured Notes;
C&W Regional Facilities	and (ii) 2027 C&W Senior Notes
Primarily comprises credit facilities at CWP, Columbus Communications Trinidad
C&W Revolving Credit Facility	Limited and Columbus Communications Jamaica Limited
$580 million Adjusted Term SOFR + 3.25% revolving credit facility due January 30,
C&W Senior Finance	2027
C&W Senior Finance Limited, a wholly-owned subsidiary
C&W Term Loan B-5 Facility	$1,510 million principal amount Adjusted Term SOFR + 2.25% term loan B-5 facility
C&W Term Loan B-6 Facility	due January 31, 2028
$590 million principal amount Adjusted Term SOFR + 3.00% term loan B-6 facility
C&W Trinidad	due October 15, 2029
Columbus Communications Trinidad Limited and its subsidiaries, a wholly-owned
CIP	subsidiary
Construction-in-process
Claro Panama	América Móvil's operations in Panama
Claro Panama Acquisition	July 1, 2022 acquisition of Claro Panama
COP	Colombian peso
Costa Rica B2B Disposition	January 1, 2023 sale of B2B operations in Costa Rica to Liberty Costa Rica
CPE	Customer premises equipment

	GLOSSARY OF DEFINED TERMS - (Continued)
CWP	Cable & Wireless Panama, S.A., a 49%-owned subsidiary that owns most of our
CWP Credit Facilities	operations in Panama
Credit facilities of CWP comprising: (i) 2028 CWP Term Loan and (ii) CWP
CWP Revolving Credit Facility	Revolving Credit Facility
$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit
CWSF	facility due January 18, 2027 at CWP
Cable & Wireless Superannuation Fund
Digicel	Digicel Group Ltd.
DirecTV	DIRECTV Latin America Holdings, Inc.
DOCSIS	Data over cable service interface specification
DSL	Digital subscriber line
DTH	Direct-to-home
DVR	Digital video recorder
EBU	Equivalent billing unit
ECTEL	The Eastern Caribbean Telecommunications Authority
FASB	Financial Accounting Standards Board
FCC	United States Federal Communications Commission
FCPA	United States Foreign Corrupt Practices Act of 1977, as amended
FTA	Free-to-air
FTTH	Fiber-to-the-home/-cabinet/-building/-node
FX	Foreign currency translation effects
Gbps	Gigabits per second
GITCs	General information technology controls
HD	High definition
HFC	Hybrid fiber coaxial cable networks
IPTV	Internet protocol television
ISPs	Internet service providers
JMD	Jamaican dollar
LGE Coral Holdco	LGE Coral Holdco Limited, a wholly-owned subsidiary of Liberty Latin America
Liberty Costa Rica	Liberty Telecomunicaciones de Costa Rica LY, S.A.
Liberty Latin America	Liberty Latin America Ltd.
Liberty Networks	Subsidiary (formerly referred to as C&W Networks & LatAm) comprising our
	managed services and wholesale business, which primarily operates through our
	subsea and terrestrial fiber optic cable networks
LIBOR	London Inter-Bank Offered Rate
LiLAC Services	LiLAC Services Ltd., a wholly-owned subsidiary of Liberty Latin America
LNP	Local number portability
LTE	Long term evolution standard
Millicom	Millicom International Cellular S.A.
Network Extensions	Network extension and upgrade programs across Liberty Latin America
OFAC	Office of Foreign Assets Control
OTT	Over-the-top
Parent	LGE Coral Holdco, owns 100% of C&W
RGU	Revenue generating unit
SDWAN	Software defined wide area network
SIM	Subscriber identification module
SOFR	Reference rate based on secured overnight financing rate administered by the Federal
SOHO	Reserve Bank of New York
Small office / home office
SVoD	Subscription video on demand
Tbps	Terabits per second

	GLOSSARY OF DEFINED TERMS - (Continued)
Tower Transactions	Transactions associated with certain of our mobile towers across various markets that
	(i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a
	sale and leaseback and (ii) also include "build to suit" sites that we are obligated to
	construct over the next 5 years. The total weighted average imputed interest rate of
TSTT	the financial liabilities associated with these transactions is approximately 7%.
Telecommunications Services of Trinidad and Tobago Limited
U.K	United Kingdom
U.S	United States
USD	United States Dollar
U.S. GAAP	Generally accepted accounting principles in the United States
UTS	United Telecommunication Services N.V.
VAT	Value-added taxes
VDSL	Very high speed DSL
VoD	Video-on-demand
VoIP	Voice-over-internet-protocol
Weather Derivatives	Weather derivative contracts that provide insurance coverage for certain weather-
	related events

FORWARD-LOOKING STATEMENTS

Certain statements in this annual report constitute forward-looking statements. To the extent that statements in this annual report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Description of our Business and Management's Discussion and Analysis of Financial Condition and Results of Operations may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; the timing and impact of proposed transactions, including the Tower Transactions; our anticipated integration plans, synergies, opportunities and integration costs in Panama following the Claro Panama Acquisition; changes in our revenue, costs or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; interest rate risks; credit risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; and other information and statements that are not historical fact. Where, in any forward- looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:

• economic and business conditions and industry trends in the countries in which we operate;
• the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services;
• fluctuations in currency exchange rates, inflation rates and interest rates;
• our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;
• our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;
• instability in global financial markets, including sovereign debt issues and related fiscal reforms;
• our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;
• the impact of restrictions contained in certain of our subsidiaries' debt instruments;
• consumer disposable income and spending levels, including the availability and amount of individual consumer debt;
• changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;
• customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;
• our ability to manage rapid technological changes;
• the impact of 5G and wireless technologies on broadband internet;
• our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;
• our ability to provide satisfactory customer service, including support for new and evolving products and services;
• our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;
• the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;
• changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings;
• government intervention that requires opening our broadband distribution networks to competitors;
• our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;

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• our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions;
• our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the Claro Panama Acquisition;
• changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.K. or in other countries in which we operate and the results of any tax audits or tax disputes;
• changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;
• the ability of suppliers and vendors, including third-party channel providers and broadcasters to timely deliver quality products, equipment, software, services and access;
• the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;
• uncertainties inherent in the development and integration of new business lines and business strategies;
• our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;
• the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;
• problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the Claro Panama Acquisition;
• our ability to profit from investments in joint ventures that we do not solely control;
• the effect of any of the identified material weaknesses in our internal control over financial reporting;
• piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;
• the outcome of any pending or threatened litigation;
• the loss of key employees and the availability of qualified personnel;
• the effect of any strikes, work stoppages or other industrial actions that could affect our operations;
• changes in the nature of key strategic relationships with partners and joint venturers;
• our equity capital structure;
• our ability to realize the full value of our intangible assets;
• changes in and compliance with applicable data privacy laws, rules, and regulations;
• our ability to recoup insurance reimbursements and settlements from third-party providers;
• our ability to comply with anti-corruption laws and regulations, such as the FCPA;
• our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department's OFAC;
• the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and
• events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this annual report are subject to a significant degree of risk. These forward- looking statements and the above described risks, uncertainties and other factors speak only as of the date of this annual report, and 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 other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.

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DESCRIPTION OF OUR BUSINESS

In this section, unless the context otherwise requires, the terms "we," "our," "our company" and "us" may refer, as the context requires, to C&W or collectively to C&W and our subsidiaries. C&W is a wholly-owned subsidiary of Liberty Latin America Ltd. Unless otherwise indicated, operational and statistical data, including subscriber statistics, are as of December 31, 2023. The capitalized terms used in this section may be defined in the consolidated financial statements, the notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations.

Overview

We are a leading communications company with operations in Panama, the Caribbean, including Jamaica, and other parts of Latin America. The communications and entertainment services that we deliver to our residential and business customers include video, broadband internet, telephony and mobile services. In most of our operating footprint, we offer bundles of services, including video, broadband internet and telephony products in one subscription. We are also focused on leveraging our full-service product suite to deliver fixed-mobile convergence offerings.

Our business products and services also include enterprise-grade connectivity, data center, hosting and managed security solutions, as well as IT solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. We also operate an extensive subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region, providing connectivity solutions both within and outside our operating footprint.

We are the largest fixed-line provider of high-speed broadband and video services, in terms of market share, across a number of our markets. In addition, we offer mobile services across our operating footprint. As a network operator across most of our markets, we are able to offer a full range of voice and data services, including value-added,data-based and fixed-mobile converged services. For a breakdown of revenue by major category, see note 17 to our consolidated financial statements.

We have expanded our footprint through new build projects and strategic acquisitions. Our new build projects consist of network programs pursuant to which we pass additional homes and businesses with our broadband communications network. We are also upgrading our networks. During 2023, we added or upgraded approximately 257,400 additional homes and commercial premises.

Our operations are provided through various consolidated subsidiaries, including our subsidiaries C&W Bahamas and CWP where we own less than 100%.

Our operating brands include the following:

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Operating Data

The following tables present certain operating data as of December 31, 2023. The tables reflect 100% of the data applicable to our subsidiaries, regardless of our ownership percentage. For additional information regarding terms used in the following tables, see the Operating Data Glossary below.

	Homes		Customer	Total		Video		Internet		Telephony
C&W Caribbean:	Passed		Relationships	RGUs		RGUs		RGUs		RGUs
Jamaica	742,100	348,200		787,800	130,000	330,900	326,900
The Bahamas	125,700	33,900		67,100	7,600	26,200	33,300
Trinidad and Tobago	341,700	147,400		320,200	97,100	131,200	91,900
Barbados	140,400	85,200		186,000	38,800	78,000	69,200
Other	388,700		217,500		377,900		73,100		193,200		111,600
Total C&W Caribbean	1,738,600	832,200		1,739,000	346,600	759,500	632,900
C&W Panama	953,600		260,400		620,500		166,900		232,500		221,100
Total C&W	2,692,200	1,092,600		2,359,500	513,500	992,000	854,000

Total Mobile

Subscribers Prepaid Postpaid

1,227,500 1,121,100 106,400

162,400 137,800 24,600

---

131,100 82,200 48,900

449,000 321,900 127,100

1,970,000 1,663,000 307,000

1,856,400 1,511,200 345,200

3,826,400 3,174,200 652,200

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Operating Data Glossary

Customer Relationships - The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include EBU adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.

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.

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 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 60 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.

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 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.

SOHO - Small office/ home office customers.

Telephony RGU - A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.

Video RGU - A home, residential multiple dwelling unit or commercial unit that receives our video service over our network primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption- enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.

Additional General Notes:

Most of our operations provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by

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