Liberty Latin America : Q3 2020 Investor Call Presentation

LIBERTY LATIN AMERICA

Q3 2020 INVESTOR CALL

November 5, 2020

Part of Liberty Latin America

"SAFE HARBOR"

FORWARD-LOOKING STATEMENT | DEFINED TERMS

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, financial performance and Adjusted Free Cash Flow expectations for 2020; regarding the COVID-19 pandemic, our response to such pandemic, including new products to serve the trend of remote working, and the anticipated impact of such pandemic in our markets and on our business and financial results; our cost control initiatives, our customer value propositions; product innovation, investments and network and commercial initiatives; integration work and synergies related to the acquisition in Puerto Rico and the U.S. Virgin Islands; upgrade initiatives; the strength of our balance sheet, tenor of our debt and expected leverage ratios; 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 Telefónica Costa Rica acquisition; 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 for the quarter ended March 31, 2020. 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 | Q3 2020 INVESTOR CALL | NOVEMBER 5, 2020	2

AGENDA

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EXECUTIVE SUMMARY

FINANCIAL RESULTS

APPENDIX

Part of Liberty Latin America

LIBERTY LATIN AMERICA | KEY MESSAGES(1)

PERFORMANCE IMPROVING; AT&T TRANSACTION COMPLETE

1	Sequential financial & operating improvement from Q2

2	Net RGU adds driven by record C&W & Puerto Rico performance

3	Adjusted OIBDA returning towards pre-COVID levels

4	Completed acquisition of AT&T's Puerto Rico and USVI Assets

1. See Appendix for definitions and additional information.

LIBERTY LATIN AMERICA | Q3 2020 INVESTOR CALL | NOVEMBER 5, 2020	4