About Liberty Latin America

Liberty Latin America Ltd. operates as an international provider of fixed, mobile and subsea telecommunications services. The company primarily includes Cable & Wireless Communications Limited and its subsidiaries (C&W); Liberty Communications PR; LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and, as of August 9, 2021 and Liberty Telecomunicaciones; and prior to the closing of the formation of the Chile JV, VTR (VTR Finance N.V. and its subsidiaries, a reportable segment through the date of close of the Chile JV). C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica (Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W) and CWP (Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama). The company has expanded its footprint through fixed network new build and upgrade projects, mobile coverage expansion, and strategic acquisitions. The company’s new build projects consist of network programs pursuant to which it passes additional homes and businesses with its broadband communications network. The company is also upgrading networks to increase broadband speeds and the services it can delivers for its customers. On October 6, 2022, the company completed the formation of the Chile JV pursuant to an agreement with America Móvil to contribute the Chile JV Entities to America Móvil’s Chilean operations. The Chile JV is owned 50:50 by Liberty Latin America and America Móvil. Beginning in October 2022, the company began accounting for the company’s 50% interest in the Chile JV as an equity method investment. On July 1, 2022, the company completed the acquisition of (América Móvil S.A.B. de C.V.) America Móvil’s operations in Panama. The company is a leading communications company with operations in Puerto Rico, Panama, Costa Rica, the Caribbean, including Jamaica, and other parts of Latin America. The communications and entertainment services that the company delivers to its residential and business customers include video, broadband internet, telephony and mobile services. In most of its operating footprint, the company offers bundles of services, including video, broadband internet and telephony products in one subscription. The company focuses on leveraging its full-service product suite to deliver fixed-mobile convergence offerings. The company’s business products and services also include enterprise-grade connectivity, data center, hosting and managed solutions, as well as IT solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. The company also operates an extensive subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region, providing connectivity solutions both within and outside its operating footprint. The company is the largest fixed-line provider of high-speed broadband and video services across a number of its markets, including Puerto Rico, Jamaica and Trinidad and Tobago. In addition, the company offers mobile services across its operating footprint. As a network operator across most of its markets, the company is able to offer a full range of voice and data services, including value-added, data-based and fixed-mobile converged services. To enhance its video offering, the company is developing cloud-based, next generation user interfaces based on advanced technologies, and are providing its subscribers with TV. In response to the continued growth in OTT viewing, the company has launched a number of innovative video services, including Flow Sports in C&W Caribbean’s markets, +TV Total in C&W Panama, and Liberty Go in Puerto Rico and Costa Rica. Products and Services The company offers its customers a comprehensive set of converged mobile, broadband, video and fixed-line telephony services. The company identifies the services it offers in each of the countries in the Caribbean and Latin America where it has operations. Residential Services Mobile Services: The company offers mobile services throughout its operating footprint. The company is a mobile network operator, delivering high-speed services in Puerto Rico and the USVI (U.S. Virgin Islands), Panama, Costa Rica and all but one of its Caribbean markets. As a mobile network provider, the company is able to offer a full range of voice and data services, including value-added services. Where available, the company expects its mobile services will allow it to provide an extensive converged product offering with video, internet and fixed-line telephony, allowing its customers connectivity in and out-of-the-home. The company holds spectrum licenses as a mobile network provider, with terms typically ranging from 10 to 15 years across its C&W markets. In Puerto Rico and the USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS (Citizens Broadband Radio Service) spectrum which has a priority term of 10 years. The company also holds mobile spectrum licenses in Costa Rica with a 15-year term that may be extended for an additional 10 year term. Subscribers to the company’s mobile services pay varying monthly fees depending on whether the mobile service is bundled with one of its other services or includes mobile data services over their phones, tablets or laptops. The company’s mobile services are available on a postpaid or prepaid basis. The company offers its customers the option to purchase mobile handsets with purchase terms typically related to whether the customer selects a prepaid or postpaid plan. Broadband Internet Services: To support its customers’ connectivity demands, the company is expanding its networks to make high-speed broadband available to more people. This includes investment in the convergence of the company’s fixed and mobile data systems and through its next generation WiFi products, which enable it to maximize the impact of its broadband networks by providing reliable, high-speed wireless connectivity anywhere in the home. These gateway products can be self-installed and have an automatic WiFi optimization function, which selects the best possible wireless frequency. During 2022, the company’s Network Extension programs upgraded or passed approximately 484,400 homes across Liberty Latin America. The internet speeds the company offers are one of its differentiators, as customers spend more time streaming video and other bandwidth-heavy services on multiple devices. As a result, the company is continuing to invest in additional bandwidth and technologies to increase internet speeds throughout its Latin America and Caribbean footprint. The company plans to continue the upgrade and expansion of its fixed networks so that it can deploy high-speed internet service to additional customers in the coming years. The company’s residential subscribers access the internet predominantly via FTTH (Fiber-to-the-home/-cabinet/-building/-node) or HFC (Hybrid fiber coaxial cable networks) networks and with modems connected to their internet capable devices, including personal computers, or wirelessly via next generation WiFi and telephony gateway products. In each of its markets, the company offers multiple tiers of internet service. The speed of service depends on location and the tier of service selected by the company’s subscribers. The company’s value-added services include security measures and online storage. Mobile broadband internet services are also available through the company’s mobile services. Subscribers to the company’s internet service pay a monthly fee based on the tier of service selected. In addition to the monthly fee, customers pay an activation service fee upon subscribing to an internet service. This one-time fee may be waived for promotional reasons. Video Services: The company offers video services in Puerto Rico, Costa Rica, and in most of C&W’s residential markets. In most markets, the company is enhancing its video offerings with next generation, market-leading digital television platforms that enable its customers to control when and where they watch their programming. These advanced services are predominantly delivered over the company’s FTTH and HFC networks and customers access a range of features that include a DVR (Digital video recorder), a VoD offering and an advanced user interface, including an electronic programming guide, voice search and recommendation. These video customers can pause their programming while a live broadcast is in progress, return to the start and find programs they may have missed. They can also stream a selection of channels and non-linear content on their own devices through TV Everywhere mobile applications, such as, Flow Sports in the Caribbean, Liberty Go in Puerto Rico, +movil Total in Panama and Liberty Go in Costa Rica. The company’s operations with video services typically offer multiple tiers of digital video programming starting with affordable entry or skinny and basic video service tiers. Subscribers have the option to select extended and/or premium subscription packages combining linear channels and VoD. Subscribers to the company’s digital video services pay a fixed monthly fee and, in most of its markets, all tiers include a number of HD channels, as well as access to enhanced features. In addition, through its latest generation of video CPE (Customer premises equipment), subscribers can access most leading internet streaming services. Discounts to the company’s monthly service fees are generally available to a subscriber who selects a bundled service of at least two of the following services: video, internet and fixed-line telephony. The company tailors its video services in each country of operation based on local preferences, culture, demographics and regulatory requirements. The company aims to offer the most relevant mix of content to its subscribers, combining general entertainment, sports, movies, documentaries, lifestyle, news, adult, children and foreign channels, as well as local, regional and international broadcast networks. The company also operates several channels in the Caribbean, including a leading Caribbean sports network, Flow Sports, and through a consolidated joint venture, RUSH, a sports channel available across the Caribbean (excluding Puerto Rico and the US Virgin Islands). Telephony Services: C&W is the incumbent fixed-line telephony service provider in most of its residential markets. In Puerto Rico and Costa Rica, the company also offers telephony services over its respective networks. The company offers multi-feature telephony service over its various fixed networks, including HFC cable, FTTH and copper networks. Depending on location, these services are provided via either circuit-switched telephony or VoIP technology. As it continues to develop and invest in new technologies that will enhance its customers’ experiences, the company is replacing obsolete switches with VoIP (Voice-over-internet-protocol) technology and older copper networks with modern fiber optics. These digital telephony services cover international and domestic services. Business Services B2B Services: The company offers B2B (Business-to-business) services across its operations, leveraging its high-speed and extensive fixed and mobile infrastructure. In C&W, the company has its most developed B2B business and are the largest provider of services in many of its markets, representing a significant portion of C&W’s revenue. The company’s B2B offerings by Liberty Puerto Rico and Liberty Costa Rica are less developed and provide an opportunity for future growth. C&W Networks & LatAm: The company offers cloud-based integrated communication services, connectivity and wholesale solutions to carriers and businesses throughout the Caribbean and in parts of Latin America via its subsea and terrestrial fiber optic cable networks. The company’s systems include long-haul terrestrial backbone and metro fiber networks that provide service to major commercial zones, wireless carrier cell sites and customers in key markets within its operating footprint. The company’s networks deliver critical infrastructure for the transport of growing traffic from businesses, governments and other telecommunications operators across the region, particularly to the high-traffic destination of the United States. With approximately 50,000 km of fiber optic cable, and activated capacity of over 10 Tbps, C&W Networks & LatAm is able to carry large volumes of voice and data traffic on behalf of the company’s customers, businesses and carriers. The company’s networks also allow it to provide point-to-point, clear channel wholesale broadband capacity services and IP transit, superior switching and routing capabilities and local network services to telecommunications carriers, ISPs and large corporations. In the case of network outage or maintenance activity, its network provides built-in resiliency through its traffic re-routing capability. Across its regional footprint the company also provides services to business customers in various segments, from small and medium businesses to larger corporate and enterprise organizations, including multi-national companies and governments. The company works with its business customers to customize the best end-to-end solutions, using standardized best in class products to fit their service needs. The company targets specific industry segments, such as financial institutions, the hospitality sector, education institutions and government ministries and agencies. The company has agreements to provide its services over fully managed and monitored dedicated IP networks, wavelength and metro-access fiber lines. The company offers tailored solutions that combine its standard services with value-added features, such as dedicated customer care, professional services and enhanced service performance monitoring, to meet specific customer requirements. The company’s business products and services include voice, broadband, enterprise-grade connectivity, network security, software defined networking, unified communications and a range of cloud-based IT solutions, such as Infrastructure as a Service, disaster recovery and other service offerings. The company also offers a range of data, voice and internet services to carriers, ISPs and mobile operators. The company’s extensive fiber optic cable networks allow it to typically deliver redundant, end-to-end connectivity backed by a strong service level agreement guarantee. The company’s networks also allow it to provide its services over dedicated access fiber lines, and local and international private networks which are dedicated to its business customers. The company’s business services fall into five broad categories: VoIP and circuit-switch telephony; Data services for internet access, virtual private networks, high capacity point-to-point, point-to-multi-point and multi-point-to-multi-point services, managed networking services such as wide area, SDWAN and WiFi networks; Wireless services for mobile voice and data; and Value added Managed Services, including private and public cloud infrastructure services and integration, including Disaster Recovery Backup Services; cloud and premise based Private Branch eXchange solutions, conferencing options and Hosted Contact Center solutions; Cyber Security Services, including structured solutions, rapid response, and other professional services; emerging technologies in software defined networking, internet of things, digitalization and digital currencies; and specialized services, such as Tele-Health, Digital Signage, and Retail Analytics. The extensive reach of the company’s network and assets, as well as its comprehensive set of capabilities positions it to meet the needs of carriers, businesses and government customers that are searching for a capable, progressive provider to manage their ever more complex communications, connectivity and information technology needs. Technology In many of its markets, the company transmits its broadband internet, video and fixed-line telephony services over an HFC cable network, and increasingly through FTTH networks. An HFC network consists primarily of fiber networks that the company connects to the home over the last few hundred meters by coaxial cable and an FTTH network uses fiber-to-the-home/-cabinet/-building/-node. In a minority of cases, the company transmits its services over a fixed network consisting of VDSL (Very high-speed DSL) or DSL (Digital subscriber line) copper lines. Approximately 95% of the company’s networks allow for two-way communications and are flexible enough to support its current services, as well as new services. The company closely monitors its network capacity and customer usage. The company continues to take actions and explore improvements to its technologies that will increase its capacity and enhance its customers’ connected entertainment experience. These actions include recapturing bandwidth and optimizing its networks by (increasing the number of nodes in its markets, increasing the bandwidth of its hybrid fiber coaxial cable networks, converting analog channels to digital, bonding additional DOCSIS 3.0 channels and adding DOCSIS 3.1 channels, replacing copper lines with modern fiber optic lines, and using digital compression technologies); freeing spectrum for high-speed internet, VoD and other services by encouraging customers to move from analog to digital services; increasing the efficiency of its networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems; enhancing its network to accommodate further business services; using its wireless technologies to extend services outside of the home; offering remote access to its video services through laptops, smart phones and tablets; expanding the availability of next generation decoder and set-top boxes and related products, as well as developing and introducing online media sharing and streaming or cloud-based video; and testing new technologies. The company engages in network extension and upgrade programs across Liberty Latin America. The company collectively refers to these network extension and upgrade programs as the Network Extensions. Through the Network Extensions, the company continues to expand its fixed networks pursuant to which it passes or upgrades homes and businesses with its broadband communications network. In addition, the company looks for mobile service opportunities where it has established cable networks and has expanded its fixed-line networks where it has a strong mobile offering. This will allow the company to offer converged fixed-line and mobile services to its customers. The company delivers high-speed data and fixed-line telephony over its various fixed networks, including HFC and FTTH networks. These networks are further connected via the company subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region. The company’s subsea network cables terminating in the United States carry over 10 Tbps, which represent less than 20% of their potential capacity based on current deployed technology, presenting it with significant growth opportunities. In Puerto Rico, the company’s network includes a fiber ring around the island that provides enhanced interconnectivity points to the island’s other local and international telecommunications companies. The company operates one of the largest subsea fiber networks in the region and its systems include long-haul terrestrial backbone and metro fiber networks that provide access to major commercial zones, wireless carrier cell sites and customers in key markets within its operating footprint. The company continues to expand its wireless coverage and capacity across its markets. The company has built its region-wide 5G core and upgraded all of its Puerto Rico wireless network to 5G. Mobile The company operates mobile networks in all of its consumer markets except Trinidad & Tobago. The company’s networks deliver high-speed services, with over 90% LTE population coverage. The company’s wireless networks predominantly use LTE technologies, which it offers in most of the countries where it operates. In Puerto Rico and USVI, the company operates 5G networks and across other markets it aims to increase the speed of transmission of its data services and has been expanding its LTE (Long term evolution standard) coverage. The company transmits wireless calls and data through radio frequencies that it uses under spectrum licenses. The company has a diversified portfolio of frequencies, which support LTE and 5G (Puerto Rico & USVI only) technologies. Spectrum is a limited resource, and as a result, it may face spectrum and capacity constraints on its wireless network in certain countries. The company’s spectrum portfolio will allow it to meet subscribers’ needs in the coming years and minimal further investment, although it will continue to evaluate its need to acquire additional frequencies to supplement its existing spectrum portfolio. For example, in 2020, the company acquired CBRS (3.5 GHz) spectrum in Puerto Rico and the USVI in the auction for that frequency. In Puerto Rico and USVI the 700 MHz FirstNet (Band 14) is usable by the company (when not occupied by first responders’ traffic) but owned by AT&T and the First Responders Public Private Partnership. In 2022, AWS spectrum was allocated to the company’s Panama operations, and it acquired additional spectrum in Barbados and Cayman. The company continues to invest significant capital in expanding its network capacity and reach and to address spectrum and capacity constraints on a market-by-market basis. The company’s prime 5G deployed market is Puerto Rico and USVI where approximately 95% of the population is served by its 5G capable network. The company continually looks for opportunities to expand its 5G footprint to other countries where a positive business case exists. Similarly, the company is investing to build a new mobile core in Puerto Rico, which when built, will be virtualized, and redundant. These redundant network elements will be connected by its owned and operated diverse submarine cable routes with automatic alternate routing. Across all the company’s mobile operations it continually strives to improve its network performance by commissioning annual competitive performance benchmarking studies and undertaking customer experience improvement programs. In Puerto Rico and the USVI, the company is a part of the national US Firstnet (Emergency/First Responders) network, which necessitates above-average network resilience and other customer performance requirements, subject to governmental penalties for non-compliance. Supply Sources Content Content is one of the key drivers for customers in selecting a provider of video, broadband and/or wireless services. The company’s programming strategy is based on: product (enabling access through home and mobile screens at anytime, including live, catch-up, restart with the ability to pause programming, personal recording, on-demand and internet streaming apps); proposition (meeting its customers’ content and entertainment expectations by offering access to a wider range of channels and on-demand content, and internet streaming services at affordable and competitive price points); partnering (alliances with content partners and leading distributors to aggregate the best linear, on-demand and streaming content); and variety (expanding the content offering from video to other categories and creating an ecosystem across music, sports, retail, culinary, fitness etc. through the convenience of its products, broadband and wireless connectivity services). Except for Flow Sports and Flow 1 services, that the company operates, in the Caribbean, and the RUSH sports channel operated by a consolidated joint venture with the Digicel Group, it licenses its programming and on-demand content through distribution agreements with third-party content providers, including broadcasters, leading cable networks and major Hollywood studios. For such licenses, the company generally pays a variable monthly fee on a per subscriber basis, through multi-year programming licenses. In its distribution agreements, the company seeks to include the rights to offer the licensed channels and on-demand programming to its authenticated customers through multiple delivery platforms, including through its apps for IP-connected mobile and/or fixed devices, and its websites. The company also acquires rights to make available, in most of its markets, video services to mobile subscribers and broadband subscribers that are not subscribers to fixed TV services. A key component of the company’s strategy is speed leadership. The company’s focus is on increasing the maximum speed of its connections as well as offering varying tiers of services and prices, a variety of bundled product offerings and a range of value added services. The company updates its bundles and packages on an ongoing basis to meet the needs of its customers. The company’s top download speeds generally range from 100 Mbps to speeds of up to 1 Gbps. In many of its markets, the company offers the highest download speeds available via its HFC cable and FTTH networks. The focus is on high-speed internet products to safeguard the company’s high-end customer base and allow it to become more aggressive at the low- and medium-end of the internet market. In several of its C&W Caribbean markets, the company is the incumbent phone company offering broadband internet products through a variety of technologies, predominantly HFC cable and FTTH. In most of its markets, the company offers its internet service through bundled offerings that include video and fixed-line telephony. The company also offers a wide range of mobile products either on a prepaid or postpaid basis. With respect to rights for the sports and entertainment services the company operates directly or in a joint-venture in the Caribbean, it seeks to license locally relevant sports and general entertainment content. Additionally, the company produces original series and stories. The company’s latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa. Rica and Panama, also enables the company’s customers to access, through the Google App Store, leading streaming services, such as Netflix, Disney+, HBOMax and Amazon Prime Video. Mobile Handsets and Customer Premises Equipment The company uses a variety of suppliers for mobile handsets to offer its customers mobile services. For other customer premises equipment, the company purchases from a number of different suppliers and regularly assesses production lead times to ensure supply continuity and implement dual sourcing strategies to mitigate further risks when applicable. Customer premises equipment includes set-top boxes, modems, WiFi routers, extenders and similar devices. For each type of equipment, the company retains specialists to provide customer support. For its broadband services, the company uses a variety of suppliers for its network equipment and the various services it offers. Software Licenses The company licenses software products, including email and security software, as well as content, such as news feeds, from several suppliers for its internet services and internal IT platforms. The agreements for these products require the company to pay a per subscriber fee or a one-off software license fee and a share of advertising revenue for content licenses. For its mobile network operations and the company’s fixed-line telephony services, it licenses software products, such as voicemail, text messaging and caller ID, from a variety of suppliers. For these licenses the company seeks to enter into long-term contracts, which generally require it to pay based on usage of the services. Regulatory Matters C&W Caribbean In Trinidad and Tobago, C&W was required by the Telecommunications Authority of Trinidad and Tobago, in connection with its approval of C&W’s acquisition of Columbus International Inc. in March 2015, to dispose of its 49% shareholding in TSTT. C&W Networks & LatAm The networks business operates approximately 50,000 km of submarine fiber optic cable systems in the U.S., the Caribbean and Latin America. These sub-systems have cable landing stations and facilities in the U.S. and its territories. These facilities are regulated by the FCC, the Department of Homeland Security and other U.S. governmental agencies that impose additional reporting and licensing obligations on C&W Networks & LatAm. C&W Panama C&W Panama is subject to regulatory entities, principally ASEP. ASEP regulates and controls the public services for the supply of drinking water, sanitary sewerage, telecommunications and electricity. Also, C&W Panama is subject to the ACODECO, guarantor of consumer protection and antitrust, which operates under the direction of the Ministry of Commerce and Industries. Spectrum: C&W Panama has a total of 125 MHz allocated (30 MHz in the 700 MHz band, 40 MHz in the 1900 MHz band, 30 MHz of AWS Band (1710-1780 MHz and 2110 and 2180) and 25 MHz in the 850 MHz band). At the time of the acquisition of Claro Panama, C&W Panama had 65MHz allocated (20 MHz in the 700 Band, 20 MHz in the 900 MHz, 25 MHz in the 850 MHz Band), and Claro Panama had 60 MHz allocated (20 MHz in the 700 MHz Band, 40 MHz in the 1900 MHz Band). Concessions: C&W Panama holds thirteen concessions renewed for the following twenty years, available until the year 2037, except a pay TV license that was renewed in 2008 for 25 years. Public Telephone Service: C&W Panama is the only operator that provides Public Telephone Service in Panama. C&W Panama presented a formal request to remove 4,605 out of 8,445 public phones. Fixed Services (Fixed-Line Telephony, Public and Semipublic Telephone): C&W Panama has a license to provide Basic Local, National and International Telecommunications Services, as well as Public and Semipublic Terminals and Rental of Dedicated Voice Circuits, within the entire territory of Panama until the year 2037. C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the provision of these services, such as the attention to recommendations issued by the International Telecommunications Union. Mobile Services: C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the Mobile Telephone Service, in the assigned radio spectrum segments, which C&W Panama has 125 MHz, under the prepaid and post-paid contract modalities, including supplementary services and other Mobile Telephony services, throughout Panama, which is valid until 2037. Liberty Puerto Rico Liberty Puerto Rico is subject to regulation in Puerto Rico by various governmental entities at the Puerto Rico and the U.S. federal level, including the FCC and the TB. The TB consolidated the majority of Liberty Puerto Rico’s cable franchises in December 2022. The company’s business in Puerto Rico is subject to comprehensive regulation under the Communications Act, which regulates communication, telecommunication and cable television services. Liberty Puerto Rico is a participating provider in the ACP, which was known as the Emergency Broadband Benefit Program until it was renamed by the Infrastructure Act enacted on November 15, 2021. Fixed-Line Telephony Services: Liberty Puerto Rico offers fixed-line telephony services, including both circuit-switched telephony and VoIP. Its circuit-switched telephony services are subject to FCC and local regulations regarding the quality and technical aspects of service. All local telecommunications providers, including Liberty Puerto Rico, are obligated to provide telephony service to all customers within the service area, subject to certain exceptions under FCC regulations, and must give long distance telephony service providers equal access to their network. The company’s circuit-switched telephony and VoIP services are subject to a charge for a local Puerto Rico Universal Service Fund, which was created by law to subsidize telecommunications services for low-income families under the federal USF Lifeline and Link-Up programs. Liberty Costa Rica Liberty Servicios and Liberty Telecomunicaciones, as telecommunications operators and providers, are subject to regulation and enforcement under Article 121, paragraph 14, of Costa Rica’s Constitution, which enumerates a list of assets that cannot permanently leave the state’s domain, which includes the radio spectrum and the possible methods of its exploitation, the Law No. 8642, General Telecommunications Law (LGT), and Law No. 8860, Law for the Strengthening and Modernization of the Public Entities of the Telecommunications Sector, among other regulations. In its activities, Liberty Servicios holds a telecommunications services license, expiring in 2028, issued by Sutel that authorizes the deployment and operation of its wireline HFC network throughout the country. Competition Mobile Services Across its footprint, the company is either the leading or one of the leading mobile providers and it continues to seek additional bandwidth to deliver its wide range of services to its customers and increase its high-speed coverage. The company also offers various calling plans, such as unlimited network, national or international calling, unlimited off-peak calling and minute packages, including calls to fixed and mobile phones. In addition, the company uses its bundled offers with its video and high-speed internet services to gain mobile subscribers where possible. The company’s ability to offer fixed-mobile convergence services is expected to be a key driver. In several of its markets, the company expects to increase focus on converged services, including mobile, fixed-line, broadband and video. C&W Caribbean: The company typically operates in duopoly mobile market structures and face competition mainly from Digicel in most of its C&W Caribbean residential markets, and ALIV in the Bahamas. C&W Panama: In Panama, the company primarily competes with Millicom (through the Tigo brand). Liberty Puerto Rico: Liberty Puerto Rico competes with T-Mobile US and America Móvil, S.A.B. de C.V. (Claro) for the provision of mobile services. Liberty Costa Rica. In Costa Rica, the company competes with Claro and ICE (through the Kolbi brand) for the provision of mobile services. Broadband Internet C&W Caribbean: Where C&W Caribbean is the incumbent telecommunications provider, it competes with cable operators, the largest of which are Cable Bahamas Limited in the Bahamas and Digicel in certain of C&W Caribbean markets. C&W Panama: The largest competitor in Panama is Millicom (through the Cable Onda brand). Liberty Puerto Rico: Liberty Puerto Rico competes primarily with Claro and other operators using fiber networks or fixed wireless access technologies. To compete with these providers, Liberty Puerto Rico offers its high-speed internet with download speeds of up to 1,000 Mbps. Liberty Costa Rica: In Costa Rica, the company faces competition primarily from ICE (Kolbi), Telecable and Millicom (Tigo). Video Distribution OTT aggregators and SVoD services utilizing its or the company’s competitors’ high-speed broadband connections are also a significant competitive factor as are other video service providers that overlap its service areas. Over-the-top (OTT) video providers (such as HBO Go/Max, Amazon Prime Video, Disney+ and Netflix in most of the company’s markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD (Video-on-demand) catalogues and/or linear channels. C&W Caribbean: C&W Caribbean competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages. In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, C&W Caribbean is the largest or one of the largest video service providers. In these markets, its primary competition is from DTH providers, such as DIRECTV Latin America Holdings, Inc. (DirecTV), which is called Vrio Corp., and operators of IPTV services over VDSL and FTTH, such as Digicel. C&W Panama: C&W Panama competes primarily with Cable Onda which is owned by Millicom and which offers video, internet and fixed-line telephony over its cable network. To compete effectively, C&W Panama invests in leading mobile and fixed networks and content. Liberty Puerto Rico: Liberty Puerto Rico is the largest provider of fixed-line video services in Puerto Rico. Liberty Puerto Rico’s primary competition for video customers is from DTH satellite providers DirecTV and Dish Network. Dish Network is an aggressive competitor, offering low introductory offers, free HD (high definition) channels and, in its top tier packages, a free multi-room DVR service. DirecTV is also a significant competitor offering similar programming in Puerto Rico compared to Dish Network. Liberty Costa Rica: The company competes primarily with Millicom (Tigo) and Telecable over their cable network, and with the DTH services of Claro. Fixed-Line Telephony C&W Caribbean: The company faces competition in the provision of fixed-telephony services mainly from Digicel in its Caribbean markets and Cable Bahamas Limited in the Bahamas. C&W Panama: The company faces competition from Millicom (through the Tigo brand) in Panama. Liberty Puerto Rico: Liberty Puerto Rico primarily competes with Claro who is the incumbent fixed operator in Puerto Rico, and smaller fiber builders. For B2B services, Liberty Puerto Rico primarily competes with Claro, Aeronet, Neptuno and WorldNet. Liberty Costa Rica: In Costa Rica, the company competes with ICE (through the Kolbi brand), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (through the Tigo brand) and Telecable. Business and Wholesale Services Through C&W, the company provides a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over its owned and operated, technologically advanced, subsea fiber optic cable network. The company’s subsea and terrestrial fiber routes combine to form a series of fully integrated networks that typically provide complete operational redundancy, stability and reliability, allowing it in most cases to provide its clients with superior service and minimal network downtime. In addition, the company’s network as of December 31, 2022, utilized less than 20% of its potential design capacity. History Liberty Latin America Ltd. was incorporated in 2017.