What changed in this filing

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Item 1. Business

2023-02-22 compared with 2022-02-23 · 276 added, 418 removed, 655 unchanged (51% of the section changed)

(a) General Development of Business

Liberty Latin America, which was originally formed on July 11, 2017, is a registered company in Bermuda that primarily includes:

Liberty Latin America Ltd.

is a registered company in Bermuda that primarily includes:

(ii) Liberty Communications PR;

and (iv) LBT CT Communications, S.A.

(a less than wholly-owned entity) and its subsidiaries, which include Cabletica and, as of August 9, 2021 and as further described below, Telefónica Costa Rica.

(iii) 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 as further described in note 4 to our consolidated financial statements, Liberty Telecomunicaciones;

and (iv) prior to the closing of the formation of the Chile JV, VTR.

C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

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residential and B2B services in:

over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and Networks and C&W Panama;

over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;

Puerto Rico, through our reportable segment Liberty Puerto Rico;

Chile, through our reportable segment VTR;

Costa Rica, through Cabletica and its subsidiary, Telefónica Costa Rica;

through the Networks & LatAm business of our C&W Caribbean and Networks segment, (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.

Prior to the first quarter of 2021, VTR and Cabletica were collectively one operating segment.

As a result of organizational changes during the first quarter of 2021, these operations became separate operating segments.

Following the Telefónica Costa Rica Acquisition on August 9, 2021 (as further described in note 4 to our consolidated financial statements), Cabletica and Telefónica Costa Rica now comprise our Costa Rica operating and reportable segment.

For additional information regarding our segment changes, see note 21 to our consolidated financial statements.

Effective September 29, 2021, in connection with the pending formation of the Chile JV, we began accounting for the Chile JV Entities as “held for sale.” Accordingly, the assets and liabilities of the Chile JV Entities, excluding certain cash balances, are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet.

Consistent with the applicable guidance, we have not reflected similar reclassifications to exclude the Chile JV Entities from continuing operations in our consolidated statements of operations or cash flows and related footnote disclosures.

For additional information, see note 9 to our consolidated financial statements.

Costa Rica, through our reportable segment Liberty Costa Rica;

Chile, through our reportable segment VTR through September 30, 2022;

through our reportable segment C&W Networks & LatAm, (i) B2B services in certain other countries in Latin America and the Caribbean, and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.

Effective September 29, 2021, in connection with the pending formation of the Chile JV, as further described in note 8 to our consolidated financial statements, we began accounting for the Chile JV Entities as “held for sale.” Accordingly, the assets and liabilities of the Chile JV Entities, excluding certain cash balances, are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet.

In October 2022, we contributed the Chile JV Entities to the Chile JV and began accounting for our 50% interest in the Chile JV as an equity method investment.

For additional information, see note 8 to out consolidated financial statements.

Developments in the Business

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We are also upgrading networks to increase broadband speeds and the services we can deliver for our customers.

During the past three years, we passed or upgraded over 1.6 million additional homes and commercial premises.

During the past three years, we passed or upgraded approximately 1 million additional homes and commercial premises.

We have made strategic acquisitions to drive scale benefits across our business, enhancing our ability to innovate and deliver quality services, content and products to our customers.

Within the last three years, we completed, or have entered into definitive agreements to complete, the following transactions:

• on September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations, to form the Chile JV that will be owned 50:50 by Liberty Latin America and América Móvil.

América Móvil is a telecommunications service provider with over 6.5 million mobile customers in

The consummation of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2022;

• on September 14, 2021, we entered into an agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis.

The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2022;

• on August 9, 2021, we completed the acquisition Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis;

Within the last three years, we have completed the following transactions:

• on October 6, 2022, we completed the formation of the Chile JV pursuant to an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations.

The Chile JV is owned 50:50 by Liberty Latin

America and América Móvil.

Beginning in October 2022, we began accounting for our 50% interest in the Chile JV as an equity method investment;

• on July 1, 2022, we completed the acquisition of América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis;

• on August 9, 2021, we completed the acquisition of Telefónica’s operations in Costa Rica (the Liberty Telecomunicaciones Acquisition), in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis;

• on October 31, 2020, we completed the acquisition of AT&T’s wireless and wireline operations in Puerto Rico and the U.S.

Virgin Islands in an all-cash transaction based upon an enterprise value of $1.95 billion.

• on November 5, 2019, we completed the disposition of Cable & Wireless Seychelles based upon an enterprise value of approximately $104 million to a consortium of local investors;

• on March 31, 2019 we completed the acquisition of an 87.5% stake from the government of Curacao in United Telecommunications Services N.V., providing fixed and mobile services to the island nations of Curacao, St.

Martin, Bonaire, St.

Eustatius and Saba, and on September 10, 2019 of the remaining 12.5% from the government of St.

Maarten, each in an all cash transaction;

For information regarding our material financing transactions, see note 10 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K.

For information regarding our material financing transactions, see note 9 to our consolidated financial statements.

Forward-looking Statements

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changes in competitive, regulatory and economic factors;

the timing and impacts of proposed transactions, including the Claro Panama Acquisition and the Chile JV;

our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition and in Costa Rica following the Telefónica Costa Rica Acquisition;

our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the Liberty Telecomunicaciones Acquisition and in Panama following the Claro Panama Acquisition;

the UPR Fund;

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our future projected sources and uses of cash;

the effects and potential impacts of COVID-19 on our business and results of operations;

and other information and statements that are not historical fact.

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• 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;

• 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, such as with respect to the Claro Panama Acquisition and the Chile JV;

• 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 Telefónica Costa Rica Acquisition, the Claro Panama Acquisition and the Chile JV;

• 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 AT&T Acquisition, the Liberty Telecomunicaciones Acquisition, and the Claro Panama Acquisition;

• changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S.

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• 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 (including our third-party wireless network provider under our MVNO arrangement), to timely deliver quality products, equipment, software, services and access;

• 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;

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• 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 AT&T Acquisition and the Telefónica Costa Rica 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;

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(b) Description of Business

We are a leading communications company with operations in Puerto Rico, Chile, Panama, Costa Rica, the Caribbean, including Jamaica, and other parts of Latin America .

We are 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 we deliver to our residential and business customers include video, broadband internet, telephony and mobile services.

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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 across a number of our markets, including Puerto Rico, Chile, Jamaica and Trinidad and Tobago.

We are the largest fixed-line provider of high-speed broadband and video services across a number of our markets, including Puerto Rico, Jamaica and Trinidad and Tobago.

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.

In Chile, VTR provides mobile services as an MVNO and leases a third-party’s radio access network.

For a breakdown of revenue by major category, see note 20 to our consolidated financial statements in Part II of this Annual Report on Form 10-K.

Our operating brands include the following:

C&W VTR.com Liberty Puerto Rico Costa Rica

C&W Liberty Puerto Rico Liberty Costa Rica

Operating Data

The following tables present certain operating data as of December 31, 2022.

The tables reflect 100% of the data applicable to each of our reportable segments, and for the key markets within the segments of C&W Caribbean and Networks, C&W Panama and Costa Rica, regardless of our ownership percentage.

The tables reflect 100% of the data applicable to each of our reportable segments, regardless of our ownership percentage.

For additional information regarding terms used in the following tables, see the Operating Data Glossary below.

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RGUs Video RGUs Internet RGUs Telephony RGUs Total Mobile Subscribers Prepaid Postpaid

C&W Caribbean & Networks:

C&W Caribbean:

Jamaica 685,700 685,700 331,800 741,100 132,000 308,200 300,900 1,193,700 1,120,000 73,700

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Other 336,000 316,100 215,100 376,600 74,400 187,200 115,000 433,300 333,200 100,100

Total C&W Caribbean and Networks

Total C&W Caribbean

1,623,900 1,604,000 822,700 1,700,300 351,800 734,500 614,000 1,925,400 1,687,200 238,200

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Liberty Puerto Rico (a)

VTR 4,175,900 3,809,300 1,388,800 2,824,300 1,060,500 1,218,900 544,900 251,200 8,200 243,000

Costa Rica (b) 663,100 657,200 283,200 476,700 200,800 243,300 32,600 2,733,100 2,031,200 701,900

1,173,600 1,173,600 551,100 1,024,200 242,800 524,000 257,400 1,085,600 182,300 903,300

Liberty Costa Rica (b)

700,300 694,400 299,200 528,400 204,800 268,200 55,400 2,979,600 2,162,400 817,200

Total 4,327,000 4,301,200 1,924,700 3,819,500 958,700 1,734,100 1,126,700 8,169,500 5,852,600 2,316,900

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A CRU represents an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU’s mobile services.

(b) Our homes passed in Costa Rica include 55,000 homes on a third-party network that provides us long-term access.

Subscriber information related to the Telefónica Costa Rica Acquisition is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.

(b) Our homes passed in Liberty Costa Rica include 57,000 homes on a third-party network that provides us long-term access.

Operating Data Glossary

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A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs.

For example, if a residential customer in Chile subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three 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.

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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 Chile and Puerto Rico.

Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service.

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Fixed Network and Product Penetration Data (%)

Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Chile Costa Rica Puerto Rico

Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Costa Rica Puerto Rico

Network data:

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Video, Broadband Internet & Fixed-Line Telephony and Mobile Services

Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Chile Costa Rica Puerto Rico

Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Costa Rica Puerto Rico

Video services:

Network System (1)

VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC FTTH VDSL/HFC/FTTH HFC/FTTH HFC/FTTH HFC / FTTH

VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH

Broadband internet service:

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Network Technology (3)

LTE LTE LTE — LTE LTE / HSPA+ LTE LTE 5G

LTE LTE LTE — LTE LTE LTE 5G

(1) These are the primary systems used for delivery of services in the countries indicated.

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“ LTE” refers to the Long Term Evolution Standard.

“ HSPA+ ” refers to Evolved High Speed Packet Access.

Products and Services

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We are a mobile network operator, delivering high-speed services in Puerto Rico and the USVI, Panama, Costa Rica and all but one of our Caribbean markets.

In Chile, we provide mobile services as an MVNO, where VTR leases a third-party’s radio access network.

As a mobile network provider, we are able to offer a full range of voice and data services, including value-added services.

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We hold spectrum licenses as a mobile network provider, with terms typically ranging from 10 to 15 years across our C&W markets.

In Puerto Rico, spectrum licenses are

typically held for perpetuity with the exception of CBRS spectrum which has a priority term of 10 years.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term that may be extended for an additional 10 years.

In Puerto Rico and the USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS spectrum which has a priority term of 10 years.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term that may be extended for an additional 10 year term.

Subscribers to our mobile services pay varying monthly fees depending on whether the mobile service is bundled with one of our other services or includes mobile data services over their phones, tablets or laptops.

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Long-term contracts are often taken with a subsidized mobile handset.

Our mobile services include voice, Short Message Service (SMS) and internet access via data plans.

Broadband Internet Services .

To support our customers’ connectivity demands, we are expanding our networks to make ultrafast broadband available to more people.

This includes investment in the convergence of our fixed and mobile data systems and through our next generation WiFi products, which enable us to maximize the impact of our ultrafast broadband networks by providing reliable wireless connectivity anywhere in the home.

To support our customers’ connectivity demands, we are expanding our networks to make high-speed broadband available to more people.

This includes investment in the convergence of our fixed and mobile data systems and through our next generation WiFi products, which enable us to maximize the impact of our 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 2021, our Network Extension programs (as defined and described below) passed approximately 738,800 homes across Liberty Latin America.

During 2022, our Network Extension programs (as defined and described below) upgraded or passed approximately 484,400 homes across Liberty Latin America.

The internet speeds we offer are one of our differentiators, as customers spend more time streaming video and other bandwidth-heavy services on multiple devices.

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We plan to continue the upgrade and expansion of our fixed networks so that we can deploy high-speed internet service to additional customers in the coming years.

Our residential subscribers access the internet via DSL over our fixed-line telephony networks, FTTH or hybrid fiber coaxial cable networks and with cable modems connected to their internet capable devices, including personal computers, or wirelessly via next generation WiFi and telephony gateway products.

Our residential subscribers access the internet predominantly via FTTH or HFC 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 our markets, we offer multiple tiers of internet service.

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Video Services .

We offer video services in Puerto Rico, Chile, Costa Rica, and in most of C&W’s residential markets.

We offer video services in Puerto Rico, Costa Rica, and in most of C&W’s residential markets.

In most markets, we are enhancing our video offerings with next generation, market-leading digital television platforms that enable our customers to control when and where they watch their programming.

These advanced services are delivered over our FTTH, hybrid fiber coaxial cable and VDSL networks and customers access a range of features that include a DVR, a VoD offering and an advanced UI including an electronic programming guide, voice search and recommendation.

These video customers can also 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, “VTR Play” in Chile, “Flow ToGo” and “Flow Sports” in the Caribbean, “Liberty Go” in Puerto Rico, “+movil” in Panama and “Cabletica Play” in Costa Rica.

These advanced services are predominantly delivered over our FTTH and HFC networks and customers access a range of features that include a DVR, 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.

Our operations with video services typically offer multiple tiers of digital video programming starting with affordable entry or skinny and basic video service tiers.

In addition, subscribers have the option to select extended and/or premium subscription packages combining linear channels and VoD.

Subscribers have the option to select extended and/or premium subscription packages combining linear channels and VoD.

Subscribers to our digital video services pay a fixed monthly fee and, in most of our markets, all tiers include a number of HD channels as well as access to enhanced features.

In addition, through our latest generation of video CPE (Customer Premise Equipment), subscribers can access most leading internet streaming services.

In the few markets where our analog service is still available, subscribers to the analog service typically receive fewer channels than subscribers to our digital services, with the number of channels dependent on their location and we continue to upgrade our systems to expand our digital services and encourage our remaining analog subscribers to convert to a digital or premium digital service.

In addition, through our latest generation of video CPE, subscribers can access most leading internet streaming services.

Discounts to our monthly service fees are generally available to a subscriber who selects a bundled service of at least two of the following services:

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We tailor our video services in each country of operation based on local preferences, culture, demographics and regulatory requirements.

We aim to offer the most relevant mix of content to our subscribers, combining general entertainment, sports,

movies, documentaries, lifestyle, news, adult, children and foreign channels, as well as local, regional and international broadcast networks.

We aim to offer the most relevant mix of content to our subscribers, combining general entertainment, sports, movies, documentaries, lifestyle, news, adult, children and foreign channels, as well as local, regional and international broadcast networks.

We also operate 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).

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C&W is the incumbent fixed-line telephony service provider in most of its residential markets.

VTR is the second largest residential fixed-line telephony operator, and a leading provider within its footprint.

In Puerto Rico and Costa Rica we also offer telephony services over our respective networks.

We offer multi-feature telephony service over our various fixed networks, including cable, FTTH and copper networks.

We offer multi-feature telephony service over our 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.

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Business Services

C&W is one of the largest business service providers in its markets, and business services represent a significant portion of C&W’s revenue.

B2B Services.

We offer B2B services across our operations, leveraging our high-speed and extensive fixed and mobile infrastructure.

In C&W, we have our most developed B2B business and are the largest provider of services in many of our markets, representing a significant portion of C&W’s revenue.

Our B2B offerings by Liberty Puerto Rico and Liberty Costa Rica are less developed and provide an opportunity for future growth.

C&W Networks & LatAm.

We offer cloud-based integrated communication services, connectivity and wholesale solutions to carriers and businesses throughout the Caribbean and in parts of Latin America via our subsea and terrestrial fiber optic cable networks.

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Our 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.

Below is a map of our subsea fiber network.

With over 50,000 km of fiber optic cable, and activated capacity of over 10 Tbps, C&W is able to carry large volumes of voice and data traffic on behalf of our customers, businesses and carriers.

C&W’s networks also allow us 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.

Below is a map of our subsea and terrestrial fiber networks within C&W Networks & LatAm.

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 our customers, businesses and carriers.

Our networks also allow us 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, our network provides built-in resiliency through our traffic re-routing capability.

C&W has received recognition for its wholesale services.

For the second year in a row, C&W Business won the award for “Best Marketing Team” at the 2021 Global Carrier Awards.

The creative team of C&W Business stood out for their work in the development of marketing campaigns and was given this award for their dynamism, success and efficiency.

The Global Carrier Awards are the most prestigious in the wholesale telecommunications industry, annually honoring innovation in the regional and global markets, as well as vision and excellence in the sector.

Across our regional footprint we also provide services to business customers in various segments, from small and medium businesses to larger corporate and enterprise organizations including multi-national companies and governments.

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We target specific industry segments, such as financial institutions, the hospitality sector, education institutions and government ministries and agencies.

We have agreements to provide our services over fully managed and monitored dedicated multiprotocol label switching networks and metro-access fiber lines.

We offer tailored solutions that combine our standard services with value-added features, such as dedicated customer care and enhanced service performance monitoring, to meet specific customer requirements.

Our business products and services include voice, broadband, enterprise-grade connectivity, network security, unified communications and a range of cloud-based IT solutions, such as Infrastructure as a Service, disaster recovery and other service offerings.

We have agreements to provide our services over fully managed and monitored dedicated IP networks, wavelength and metro-access fiber lines.

We offer tailored solutions that combine our standard services with value-added features, such as dedicated customer care, professional services and enhanced service performance monitoring, to meet specific customer requirements.

Our 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.

We also offer a range of data, voice and internet services to carriers, ISPs and mobile operators.

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• 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 and WiFi networks;

• Wireless services for mobile voice and data;

• Interactive TV service with specialized channel lineups for targeted industries, such as hospitality;

• Value added Managed Services, including:

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An HFC network consists primarily of fiber networks that we connect 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 several of our Caribbean markets, we transmit our services over a fixed network consisting of FTTH , VDSL or DSL

copper lines.

In a minority of cases, we transmit our services over a fixed network consisting of VDSL or DSL copper lines.

Approximately 95% of our networks allow for two-way communications and are flexible enough to support our current services as well as new services.

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◦ bonding additional DOCSIS 3.0 channels and adding DOCSIS 3.1 channels;

◦ replacing copper lines with modern optic fibers;

◦ replacing copper lines with modern fiber optic lines;

◦ using digital compression technologies.

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This will allow us to offer converged fixed-line and mobile services to our customers.

We deliver high-speed data and fixed-line telephony over our various fixed networks, including cable, FTTH and copper networks.

We deliver high-speed data and fixed-line telephony over our various fixed networks, including HFC and FTTH networks.

These networks are further connected via our subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region.

Our subsea network cables terminating in the United States carry over 10 Tbps , which represent approximately 10% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.

Our 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 us with significant growth opportunities.

In Puerto Rico, our network includes a fiber ring around the island that provides enhanced interconnectivity points to the island’s other local and international telecommunications companies.

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For more information about our subsea network, see — Business Services above.

We operate mobile networks in all of our consumer markets except Chile (where we operate as an MVNO) and Trinidad & Tobago.

Our networks deliver high-speed services across our markets, with over 90% LTE population coverage .

Our primary wireless networks use HSPA+ and LTE technologies, which we offer in most of the countries where we operate.

In Puerto Rico and USVI we operate 5G networks and across other markets we aim to increase the speed of transmission of our data services and have been expanding our HSPA+ and LTE coverage.

We continue to expand our wireless coverage and capacity across our markets.

We have built our region-wide 5G core and upgraded all of our Puerto Rico wireless network to 5G.

We operate mobile networks in all of our consumer markets except Trinidad & Tobago.

Our networks deliver high-speed services, with over 90% LTE population coverage .

Our wireless networks predominantly use LTE technologies, which we offer in most of the countries where we operate.

In Puerto Rico and USVI we operate 5G networks and across other markets we aim to increase the speed of transmission of our data services and have been expanding our LTE coverage.

We transmit wireless calls and data through radio frequencies that we use under spectrum licenses.

We have a diversified portfolio of frequencies which support HSPA+, LTE and 5G (Puerto Rico & USVI only) technologies.

While spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network in certain countries.

We have a diversified portfolio of frequencies which support LTE and 5G (Puerto Rico & USVI only) technologies.

Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network in certain countries.

We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years and minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.

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In Puerto Rico and USVI the 700 MHz FirstNet (Band 14) is usable by us (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 our Panama operations, and we acquired additional spectrum in Barbados and Cayman.

We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a market-by-market basis.

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We continually look for opportunities to expand our 5G footprint to other countries where a positive business case exists.

Similarly, we are investing to build a new mobile core in Puerto Rico, which when built, will be virtualized, redundant and “pooled” across all our countries/islands in the Caribbean region (inside and outside hurricane regions) to provide redundancy and resilience.

These pooled and redundant network elements will be connected by our owned and operated diverse submarine cable routes with automatic alternate routing.

Similarly, we are 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 our owned and operated diverse submarine cable routes with automatic alternate routing.

Across all our mobile operations we continually strive to improve our network performance by commissioning annual competitive performance benchmarking studies and undertaking customer experience improvement programs.

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Supply Sources

Content is one of the drivers for customers in selecting a provider of video, broadband and/or wireless services.

Content is one of the key drivers for customers in selecting a provider of video, broadband and/or wireless services.

Therefore, we aim to provide products that allow our customers to consume content whenever and wherever they want and feature content that matters the most to our customers.

Our programming strategy is based on:

• product (enabling access through home and mobile screens at anytime, including live, restart, catch-up, personal recording, on-demand and internet streaming apps);

• 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 our 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, non-linear and streaming content).

Except for Flow Sports and Flow 1 services, that we operate, in the Caribbean, and the RUSH sports channel operated by a consolidated joint venture with the Digicel Group, we license our programming and on-demand content through distribution agreements with third-party content providers, including broadcasters and leading cable networks.

• partnering (alliances with content partners and leading distributors to aggregate the best linear, on-demand and streaming content);

• 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 our products, broadband and wireless connectivity services).

For such licenses, we generally pay a variable monthly fee on a per subscriber basis, through multi-year programming licenses.

In our distribution agreements, we seek to include the rights to offer the licensed channels and on-demand programming to our authenticated customers through multiple delivery platforms including through our apps for IP-connected mobile and/or fixed devices, and our websites.

We also acquire rights to make available, in selected markets, video services to mobile subscribers and broadband subscribers that are not subscribers to fixed TV services.

With respect to rights for the sports and entertainment services we operate directly or in a joint-venture in the Caribbean, we seek to license locally relevant sports content.

Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Chile, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming services such as Netflix, Disney+, HBOMax and Amazon Prime Video.

We also acquire rights to make available, in most of our markets, video services to mobile subscribers and broadband subscribers that are not subscribers to fixed TV services.

With respect to rights for the sports and entertainment services we operate directly or in a joint-venture in the Caribbean, we seek to license locally relevant sports and general entertainment content.

Additionally, we produce original series and stories.

Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa

Rica and Panama, also enables our 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

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For these licenses we seek to enter into long-term contracts, which generally require us to pay based on usage of the services.

Access Arrangements

For our mobile services provided through MVNO arrangements at VTR , we are dependent on third-party wireless network providers, with whom we contract to carry the mobile communications traffic of our customers.

We seek to enter into medium to long-term arrangements for this service.

Any termination of these arrangements could significantly impact our mobile services provided through VTR .

Regulatory Matters

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Failure to comply with current or future regulation could expose our businesses to various penalties.

C&W Caribbean and Networks

The video, broadband, telephony and mobile services provided by C&W Caribbean and Networks are subject to regulation and enforcement by various governmental and regulatory entities in each of the jurisdictions where such services are provided.

C&W Caribbean

The video, broadband, telephony and mobile services provided by C&W Caribbean are subject to regulation and enforcement by various governmental and regulatory entities in each of the jurisdictions where such services are provided.

The scope and reach of these regulations are distinct in each market, with some markets such as the Dutch Caribbean being more heavily regulated than others.

Generally, C&W Caribbean and Networks provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations.

Generally, C&W Caribbean provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations.

Certain of these regulatory requirements are summarized below.

As the incumbent telecommunications provider in many of its jurisdictions, C&W Caribbean and Networks is subject to significant regulatory oversight with respect to the provision of fixed-line and mobile telephony services.

Generally, in these markets, C&W Caribbean and Networks operates under a government issued license or concession that enables it to own and operate its telecommunication networks, including the establishment of wireless networks and the use of spectrum.

As the incumbent telecommunications provider in many of its jurisdictions, C&W Caribbean is subject to significant regulatory oversight with respect to the provision of fixed-line and mobile telephony services.

Generally, in these markets, C&W Caribbean operates under a government issued license or concession that enables it to own and operate its telecommunication networks, including the establishment of wireless networks and the use of spectrum.

These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulation.

Licenses and concessions are in the process of being renewed in the Cayman Islands, the British Virgin Islands, Antigua and the Turks and Caicos Islands.

Licenses and concessions are in the process of being renewed in Jamaica, the Cayman Islands, the British Virgin Islands, Antigua and the Turks and Caicos Islands.

We believe we have complied with all local requirements to have existing licenses renewed and have provided all necessary information to enable local authorities to process applications for renewal in a timely manner.

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Pending issuance of new or renewed licenses or concessions, we continue to operate on the same terms and conditions as prior to the licenses expiring.

fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to C&W Caribbean and Networks may be re-allocated by regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean and Networks may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets particularly in the Caribbean.

With respect to licenses for mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but in a number of other cases, the license may be granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to C&W Caribbean may be re-allocated by regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets particularly in the

By and large, spectrum assignments, once granted, remain unchanged for the duration of a license and beyond.

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Once granted, the operator must start paying for the allocated spectrum.

Rate regulation of C&W Caribbean and Networks’ telephony services typically includes price caps that set the maximum rates it may charge to customers, or legislation that requires consent from a regulator prior to any price or non-price changes.

In addition, all regulators determine and set the rates that may be charged by all telephony operators, including C&W Caribbean and Networks, for interconnect charges, access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.

Rate regulation of C&W Caribbean’s telephony services typically includes price caps that set the maximum rates it may charge to customers, or legislation that requires consent from a regulator prior to any price or non-price changes.

In addition, all regulators determine and set the rates that may be charged by all telephony operators, including C&W Caribbean, for interconnect charges, access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.

In addition, in certain markets, regulators set, or are seeking to set, mobile roaming rates and wholesale dedicated internet access.

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On the BES-islands, also known as the Caribbean Netherlands, data services are considered obligated services that are subject to price regulation requiring regulatory approval of any pricing changes, and Curacao is also considering whether to adjust its rules and regulations to make data services obligated services.

In recent years, a number of markets in which C&W Caribbean and Networks operates have demonstrated an increased interest in regulating various aspects of broadband internet services due to the increasing importance of high speed broadband.

In recent years, a number of markets in which C&W Caribbean operate have demonstrated an increased interest in regulating various aspects of broadband internet services due to the increasing importance of high speed broadband.

National regulators have also demonstrated an increased focus on the issues of network resilience, broadband affordability and penetration, quality of services and consumer rights.

Certain regulators are also seeking to mandate third-party access to C&W Caribbean and Networks ’ network infrastructure, including dark fiber and landing stations, as well as to regulate wholesale services and prices.

Certain regulators are also seeking to mandate third-party access to C&W Caribbean’s network infrastructure, including dark fiber and landing stations, as well as to regulate wholesale services and prices.

In the Dutch Caribbean and French territories, there are rules and regulations requiring such third party access to network infrastructure.

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The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.

As an example of infrastructure sharing, the Office of Utilities Regulation in Jamaica has completed a consultation process on telecom facilities sharing rules that would require all licensees to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors, without any requirement of making a corresponding capital intensive infrastructure investment.

Once the rules are finalized by the Chief Parliamentary Counsel in Jamaica, they will be formally published and thereafter become law.

Our operations in Jamaica intend to appeal to the telecommunications tribunal and finally to the courts for changes to be made to the adverse provisions of the new rules or to revoke them entirely.

As an example, further to the recommendation of the OUR, the responsible minister approved the promulgation of The Telecommunications (Infrastructure Sharing) Rules 2022 that seeks to require dominant licensees to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors, effective February 1, 2023.

However, it is anticipated that these rules will not become operational for some time as there are specific actions (including a prescribed costing methodology) that will take considerable time to complete.

Our operations in Jamaica have already submitted their objections to the OUR on the premise that due process was not followed leading up to the promulgation of these new infrastructure sharing rules.

Our operations in Jamaica are resolved to challenge the process ultimately to the courts for changes to be made to any adverse provisions of the new rules or to revoke them entirely.

The process of such a challenge is likely to be long, and we cannot at this time determine the possibility of a successful outcome.

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Lucia and St.

Vincent and the Grenadines), has adopted an Electronic Communications Bill that may have a material adverse impact on C&W Caribbean, and Networks’ operations in the ECTEL member states.

Vincent and the Grenadines), has adopted an Electronic Communications Bill that may have a material adverse impact on C&W Caribbean’s operations in the ECTEL member states.

The proposed Electronic Communications Bill includes provisions relating to:

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• mandated unbundled access to all landing station network elements at cost-based rates.

We currently cannot determine the impact these provisions will have on our operations because national regulators are required to conduct extensive market reviews before adopting specific measures and these measures might be reconsidered in accordance with the market reviews.

It is currently unclear as to when the new legislation will be enacted.

We expect that consensus on the final version of the bill will take some time.

As such, the timing and ultimate effect of the bill is unclear.

In addition to rate regulation, several markets in which C&W operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.

accordance with the market reviews.

Kitts and Nevis enacted the bill in 2021 and was later followed by St.

Vincent and the Grenadines in 2022, so that the bill is now currently in effect in those markets.

Other ECTEL states will follow to enact the legislation in the next few years, although a specific timeline is unclear, as it is the purview of each legislature to determine the precise date on which the legislation will be introduced for deliberation.

Although the legislation does contain provisions which potentially increase the level and variety of regulation to which C&W Caribbean’s operations in ECTEL states may be subject, implementation of such rules will be time consuming and complex.

In addition to rate regulation, several markets in which C&W Caribbean operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.

Jurisdictions such as the Bahamas, the Cayman Islands and Jamaica have implemented fixed and mobile LNP and ECTEL has implemented mobile LNP .

Other jurisdictions, including Antigua & Barbuda, Barbados and Turks and Caicos, have considered or begun to implement LNP .

Barbados launched fixed LNP and mobile LNP in January 2023.

Other jurisdictions, including Antigua & Barbuda, Curacao and Turks and Caicos, have considered or begun to implement LNP .

Although fixed LNP and mobile LNP are already in place in Trinidad and Tobago, the regulator has yet to enforce it amongst the operators.

Additionally, regulators in The Bahamas are considering reviewing the current mobile restrictions on BTC, the incumbent, to ensure they are still applicable to the current state of the market.

The pay television service provided in certain C&W markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations.

Pay television service in certain C&W markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.

Additionally, regulators in The Bahamas have eased restrictions on the mobile market.

The pay television service provided in certain C&W Caribbean markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations.

Pay television service in certain C&W Caribbean markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.

The price point that these pirates offer are difficult to compete against, and regulators are having a difficult time acting against these pirates or, in some cases, are unwilling to act against them.

C&W is also subject to universal service obligations in a number of markets.

These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of C&W ’s individual markets have access to basic telecommunication services at minimum quality standards.

In a number of cases, C&W is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects.

In addition to the industry-specific regimes discussed above, C&W ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.

C&W Caribbean is also subject to universal service obligations in a number of markets.

These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of C&W Caribbean ’s individual markets have access to basic telecommunication services at minimum quality standards.

In a number of cases, C&W Caribbean is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects.

In addition to the industry-specific regimes discussed above, C&W Caribbean ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.

These operating companies are also subject to national level regulations on competition and on consumer protection.

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As such, no assurance can be given that we will be able to recover the carrying value of our investment in TSTT .

With respect to C&W’s B2B and networks business in Latin America, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

C&W Networks & LatAm

With respect to C&W Networks & LatAm’s B2B and networks business in Latin America, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

We do have the licenses in Latin America and the U.S.

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Most licenses are granted for a 10 to 15 year term.

The networks business operates over 50,000 km of submarine fiber optic cable systems in the U.S., the Caribbean and Latin America.

Some licenses and concessions are in the process of being renewed:

Costa Rica (Internet and Voice), Honduras (Internet and Videoconferencing), Nicaragua (Carrier), Panama (Carrier), and United States (Carrier).

We believe we have complied with all local requirements to have existing licenses renewed.

We expect that such licenses will be renewed, as applicable, on the same or substantially similar terms and conditions in a timely manner.

Pending issuance of new or renewed licenses or concessions, we continue to operate on the same terms and conditions as prior to the licenses expiring.

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 Caribbean and Networks .

C&W Panama is subject to regulatory entities, principally ASEP, created in 1996 and modified in 2006 through Decree Law No.

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 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.

By virtue of the Telecommunications Law 1996, public services in Panama are classified as “Type A services” and “Type B services,” with Mobile Telephony (STMC) and Personal Communication (PCS) services being classified as Type A services.

In 1997, the concession was awarded to BSC (now Grupo Milicom) and C&W Panama.

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.

Public services in Panama are classified as “Type A services” and “Type B services,” with Mobile Telephony and Personal Communication (PCS) services being classified as Type A services.

In 1997, a concession was awarded to BSC (now Grupo Milicom) and C&W Panama.

On January 2, 2003, the Local, National and International Basic Services were opened to competition by virtue of the termination of the temporary exclusivity granted to C&W Panama for the privatization of the public operator, INTEL.

With the opening of the market, in 2008, concession contracts for the PCS Service were granted to Digicel (Panamá), S.A.

and Claro Panamá, S.A., resulting in a total of four mobile telecommunications operators in Panamá, which remain to date.

However, the Consolidation Law was approved in 2018, allowing for mobile consolidation from four to three operators.

In 2019, all interested parties responded to the Public Consultation.

Resolution AN No.13200-Telco of March 20, 2019.

ASEP then issued the pending regulation of Law 36 of June 5, 2018 (Consolidation Law), whereby the regulator confirmed the proposed ruling:

(1) numbering plan and return of numbers after consolidation;

and (2) the obligation to return the spectrum of the target company without compensation in the case of consolidation.

After the ACODECO lawsuit of nullity against the regulation was admitted by the Supreme Court, C&W Panama withdrew all claims presented before the Supreme Court in view of ASEP’s compromise to have a new public consultation with an aligned view of the regulation among operators and the claims.

C&W Panama filed comments to the new public consultation 011-19, in which whoever buys the fourth operator would be allowed up to 130MHz of spectrum.

If, as a result of the transaction, the purchaser acquires more than that amount, it will be obliged to return the surplus amount, and ASEP will recognize the value of the returned spectrum and issue a credit to the purchaser in exchange.

The credit may be used to buy spectrum in the future;

extend the use of the spectrum or to renew the concession term.

ASEP has issued a pending resolution aligned with the telecommunications industry’s recommendations, which would allow mobile market consolidation to proceed and the shift from four to three operators remains pending.

See also Item 1.

Business — Developments in the Business regarding our entry into an agreement to acquire América Móvil’s operations in Panama, which is subject to customary closing conditions, including regulatory approval, and is expected to close in the second half of 2022.

C&W Panama has a total of 65MHz allocated (20 MHz in the 700 MHz band, 20 MHz in the 1900 MHz band and 25 MHz in the 850 MHz band);

due to COVID-19, ASEP granted temporary use until April 30, 2022, free of charge, of 30 MHz to each of the four operating companies, between 1710 – 1780 MHz and 2110 – 2180 MHz (AWS Band).

However, Digicel switched to the 10 MHz of Band 1900 and C&W Panama switched to the 10 MHz of Band 700.

Pursuant to Resolution AN No.

9319-Telco of November 18, 2015 based on Public Consultation No.

005-15, ASEP has confirmed that 140MHz are released in AWS Spectrum (1719-1780 MHz / 2110-2180 MHz), although it maintains the formula price calculation based on 1997 JD-080 resolution, which results in US $0.75 / MHz-Pop when the average price in Latin America is US $0.30 / MHz-Pop.

An authorization is pending from the regulator and the executive branch for a more reasonable price for the spectrum based on benchmark and current market status.

Through Resolution AN No.

13073-Telco was issued on January 21, 2019, Cable Onda (now Grupo Millicom) requested the reassignment of Bands 2500-2690 MHz for fixed wireless access using LTE Technology.

In response, Resolution AN No.

13073-Telco was issued, inviting all participants and interested third parties to submit technical contributions to promote the efficient use of the frequency band 2500 MHz to 2690MHz.

The 10 MHz in the 700 Band that have been granted for temporary use by C&W Panama, are reserved in the National Frequency Allocation Plan (PNAF), by recommendation of the International Telecommunications Union to comply with Public Protection, Relief Operations and Service Protocols.

However, based on the commercial benefits of using this spectrum and the reasons for the authorization of temporary use, C&W Panama obtained the use of the 10 MHz in the 700 Band, free of charge, until April 2022, subject to the lack of definition of a more efficient price for the purchase of spectrum and the current conditions due to the pandemic.

and Claro Panama.

Currently, C&W Panama is undergoing a mobile market consolidation process with Claro Panama, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panama.

The law of market consolidation issued by the Panamanian government aims to maintain three mobile operators and therefore, the Panamanian state recently published the Public Bid for the acquisition of this concession and purchase of some assets of Digicel Panama.

C&W Panama currently 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).

As per a consolidation law, an acquiring operator could only have a maximum of 130MHz.

Concessions .

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C&W Panama decided not to renew the concessions corresponding to discontinued or not provided services (facsimile retransmission service and conventional trunk systems service for public or private use), and the Concession #104 (Pay Phone Services), was renewed under special conditions imposed by the regulator.

C&W Panama was obliged to obtain regulator approval to remove public pay phones in places where the service is no longer exclusive and are not profitable;

the service can be provided by any other concessionaires in the territory of Panama.

C&W Panama filed a legal action within the Supreme Court of the Republic of Panama, opposing the aforementioned condition imposed by the regulator, however in 2019, the Supreme Court confirmed the obligation to obtain regulator approval and the necessity to define a procedure to formalize each disconnection.

Public Telephone Service .

By means of Resolution AN No.

11208-Telco of May 3, 2017, renewed for the following twenty years the concession for the Public and Semi-Public Terminal Service (identified with No.

C&W Panama is the only operator that provides Public Telephone Service in Panama.

During 2021, efforts have been made with the regulatory authority to obtain authorization for disconnection and/or relocation of public phones, and a first relocation approval has been obtained for 48 units.

Since 2021, efforts have been made with the regulatory authority to obtain authorization for disconnection and/or relocation of public phones, and in 2022, C&W Panama presented a formal request to remove 4,605 out of 8,445 public phones.

The letter discussed the intention to provide a sustainable service given the drop in the use of public telephone services aggravated during the 2020 pandemic and the financial projections for 2023.

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 Law No.

31 of February 8, 1996, Executive Decree No.

73 of 1997 and the Resolutions issued by the regulator regarding the fulfillment of quality goals for the provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.

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 .

Through Contract DAF-034-2013, dated November 22, 2013, C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the Mobile Telephone Service, in the assigned radio spectrum segments, which currently C&W Panama has 65 MHz (32.5MHz uplink + 32.5MHz downlink), under the prepaid and post-paid contract modalities, public and semi-public telephones, including supplementary services and other Mobile Telephony services, throughout Panama, which is valid until 2037.

C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the Mobile Telephone Service, in the assigned radio spectrum segments, which currently 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.

Internet Service:

Resolution AN No.

11370-Telco of June 26, 2017 establishes the conditions and quality parameters for providing internet service to the public.

These parameters became effective in 2018, setting new regulatory conditions and supervision of the service providers starting in 2019.

During May 2019, ASEP conducted an inspection intended to validate that the six goals established in Resolution AN No.

11370-Telco were duly configured in the system.

Currently, C&W Panama has complied with the regulatory requirements.

There are conditions and quality parameters for providing internet service to the public that became effective in 2018, setting new regulatory conditions and supervision of the service providers starting in 2019.

During May 2019, ASEP conducted an inspection intended to validate that these requirements were duly configured in the system.

C&W Panama has complied with the regulatory requirements.

Pay Television Service .

Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama, whose provision is governed by Law No.

24/99, and its regulations in Executive Decree No.

189/99 and No.

Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama.

The license was granted to retransmit audio and video signals through coaxial cable and fiber optics in the province of Panama, with a validity of 25 years, which was later extended to other provinces in the coverage area for the provision of paid TV service.

In 2020, C&W Panama announced the suspension of the satellite prepaid television (DTH) service, as of January 10, 2021 in response to a commercial decision, which was authorized by ASEP.

Other Panamanian Regulation

Regulatory Fees :

Law 26/1996 established the obligation for the payment of a control, surveillance and inspection fee by companies that provide public services and that would allow to cover operating expenses of the entity, determining that it must be set annually by ASEP and that it should not exceed 1% of the gross income of the concessionaire’s immediately preceding year.

Currently, C&W Panama pays an amount equivalent to 0.25%, since it is within the first five years of the concession contract, after which it will increase by 0.25% every five years until reaching 1%.

Price increase :

C&W Panama, as a concessionaire within a competing market, may modify its prices provided that it advertises the price changes in two nationally-circulated newspapers at least 30 days before the new price takes effect.

Universal service obligations :

In Panama, there is a proposal to modify the universal service law to expand its scope to include television services and provide conditions that would diminish the value of the contribution to the fund vis-a-vis projects covered by the law.

An additional process regarding coverage of maintenance cost of universal service law phones is ongoing.

Liberty Puerto Rico

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federal level, including the FCC and the TB.

The TB has primary regulatory jurisdiction in Puerto Rico at the local level and is responsible for awarding franchises to cable operators for the provision of cable service in Puerto Rico and regulating cable television and telecommunications services.

television and telecommunications services.

The TB consolidated the majority of Liberty Puerto Rico’s cable franchises in December 2022.

Our business in Puerto Rico is subject to comprehensive regulation under the Communications Act, which regulates communication, telecommunication and cable television services.

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Stage 2 of the UPR Fund made additional funding available to providers of services over fixed wireline networks through a competitive bidding process, and to mobile wireless providers subject to those providers meeting certain conditions.

To be eligible for Stage 2 UPR funding for fixed services, Liberty Puerto Rico requested that TB designate it as an ETC, which the TB did in June 2018.

To be eligible for Stage 2 UPR funding for fixed services, Liberty Puerto Rico requested that the TB designate it as an ETC, which the TB did in June 2018.

As part of its obligations as an ETC, Liberty Puerto Rico must offer services at a discounted rate to low income customers under the federal Lifeline Program and low-cost services to schools and libraries under the Schools and Libraries Program (E-Rate).

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The funds are in support of providing high-speed broadband access to all locations within 43 of Puerto Rico’s 78 municipalities, representing service to over 914,000 locations.

After LCPR submitted all required materials in June 2021, the associated funding with this program was authorized by the FCC.

After LCPR submitted all required materials in June 2021, this funding was authorized by the FCC.

Liberty Puerto Rico will have six years to complete the network expansions and upgrades, during which certain milestones must be met.

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The revenue recognized from such project will be reflected as “other revenue” in our revenue by product disclosures in our financial statements.

In 2021, we received $4 million in fixed funding.

Effective December 31, 2021, in connection with the BBVI Acquisition, Liberty Puerto Rico acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, subject to certain post-closing adjustments.

On June 8, 2021, the FCC’s Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice and broadband services to more than 46,000 locations in the U.S.

Virgin Islands.

Given its acquisition of Broadband VI, LLC, Liberty Puerto Rico will now be the recipient of these funds, as well as responsible for the network expansions and upgrades committed to in the bid.

Liberty Puerto Rico will have six years to complete the network expansions and upgrades committed to in the bid, and will receive FCC funding support over the course of ten years.

In addition to expansions and upgrades, Broadband VI, LLC committed to a robust disaster preparation and response plan to harden its network and make it more resistant to storm damage.

With respect to Stage 2 UPR funding for mobile wireless providers, the FCC also established in September 2019 that mobile wireless providers providing service in Puerto Rico as of June 2017 were eligible to receive up to $254 million over three years based on their relative number of subscribers for such service as of June 2017.

In order to obtain such support, the mobile providers were required to confirm the number of mobile wireless subscribers they served as of June 2017, and obtain FCC approval of a plan that describes and commits to the methods and procedures that will be used to prepare for and respond to disasters in Puerto Rico.

Liberty’s predecessor wireless provider in Puerto Rico (AT&T) submitted the required documentation and in June 2020, the FCC authorized that entity to receive approximately $33 million in funding over three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and the U.S.

Liberty Puerto Rico’s predecessor wireless provider in Puerto Rico (AT&T) submitted the required documentation and in June 2020, the FCC authorized that entity to receive approximately $34 million in annual funding over three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and the U.S.

Virgin Islands.

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Having purchased this business in connection with the AT&T Acquisition, Liberty Puerto Rico is receiving these funds.

The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received $40 million in funding, including approximately $38 million and $2 million received by our mobile operations in Puerto Rico and the U.S.

The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received approximately $74 million in funding, including approximately $71 million and $3 million received by our mobile operations in Puerto Rico and the U.S.

Virgin Islands, respectively.

Similarly, effective December 31, 2021, Liberty Puerto Rico acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, subject to certain post-closing adjustments.

On June 8, 2021, the FCC's Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice and broadband services to more than 46,000 locations in the U.S.

Virgin Islands.

Given its acquisition of Broadband VI, LLC, Liberty Puerto Rico will now be the recipient of these funds, as well as responsible for the network expansions and upgrades committed to in the bid.

Liberty Puerto Rico will have six years to complete the network expansions and upgrades committed to in the bid, and will receive FCC funding support over the course of ten years.

In addition to

expansions and upgrades, Broadband VI, LLC committed to a robust disaster preparation and response plan to harden its network and make it more resistant to storm damage.

On October 27, 2022, the FCC adopted a further notice of proposed rulemaking ( FNPR ) that would provide transitional support for two additional years, beginning in June 2023, to mobile carriers currently receiving Stage 2 UPR mobile support to encourage the continued hardening and expansion of advanced mobile networks in Puerto Rico and the USVI.

Under the FNPR, the FCC would provide transitional support for each such mobile carrier in an amount equal to the Stage 2 mobile support it currently receives for 5G technologies.

Adoption of the current FCC proposal would reduce Liberty Puerto Rico’s annual Stage 2 UPR mobile support from approximately $34 million to approximately $8.5 million during the two-year period.

Liberty Puerto Rico and other interested parties filed comments and reply comments in December 2022 regarding the FNPR.

The FCC likely will issue an order regarding the FNPR in 2023.

Liberty Puerto Rico also is subject to certain regulatory requirements specific to it.

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However, the current FCC may seek to re-impose the 2015 Restrictions or some variation thereof.

Legislative proposals regarding the net neutrality rules also are pending in Congress.

Liberty Puerto Rico is a participating provider in the Emergency Broadband Benefit Program (EBB), which provides discounts to eligible households to support internet connectivity during the COVID-19 pandemic.

The Infrastructure Investment and Jobs Act (Infrastructure Act), enacted on November 15, 2021, renamed the EBB Program the Affordable Connectivity Program (ACP).

Legislative proposals regarding net neutrality likely will be introduced in the new Congress.

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.

The ACP provides a long-term broadband affordability benefit program to low-income customers .

The Infrastructure Act , among other things, reduced the standard benefit discount from $50 per month to $30 per month and requires a broadband provider to allow enrolled households to apply the ACP benefit to any of the provider’s internet service offerings.

The ACP launched on December 31, 2021.

The ACP launched on December 31, 2021, and the FCC adopted final rules for the ACP on January 21, 2022.

Liberty Puerto Rico is subject to the proceedings and requirements regarding ACP administration and related subjects set forth in the Infrastructure Act and the FCC’s rules for ACP.

On November 17, 2022, the FCC issued a report and order and a FNPR adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.

Broadband providers also must include links to their network management practices, privacy policies, and the ACP.

The FCC also seeks comment regarding the adoption of additional disclosure requirements regarding price and performance information, among other matters.

The Infrastructure Act also established the Middle Mile Broadband Infrastructure Grant Program (MMG).

The MMG Program is a competitive grant program that provides funding to telecommunications companies and other eligible entities for the construction, improvement or acquisition of middle mile infrastructure.

Middle mile generally means any broadband infrastructure that does not connect directly to an end-user and provides a backbone for local providers to build on existing infrastructure and extend connectivity services to individual customers.

Grants awarded under the MMG Program may not exceed 70% of the total project costs presented in each application.

If a proposal is awarded with a middle mile grant, the recipient of such funds will have five years to complete the middle mile project presented under the winning proposal.

In addition, the winner may be subject to certain NTIA rules regarding the MMG Program and other applicable regulatory requirements and proceedings.

In 2022, LCPR submitted four middle mile grant proposals and Broadband VI, LLC submitted one proposal.

The NTIA is expected to announce grant winners on or after March 1, 2023.

Fixed-Line Telephony Services.

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Virgin Islands.

The FCC regulates virtually all aspects of United States wireless communications systems, including spectrum licensing, tower and antenna construction, modification and operation, the ownership and sale of wireless systems and licenses, as well as the acquisition and use of wireless spectrum.

Local governments, such as in Puerto Rico and the U.S.

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The specific issues as to which our United States mobile services operations are subject to regulatory oversight include:

roaming, interconnection, spectrum allocation and licensing, facilities siting, pole attachments, intercarrier compensation, USF contributions and distributions (such as through the UPR Fund), network neutrality, 911 services, consumer protection, consumer privacy protections, number portability, and cybersecurity.

roaming, interconnection, spectrum allocation, licensing and leasing, facilities siting, pole attachments, intercarrier compensation, USF contributions and distributions (such as through the UPR Fund), network neutrality, 911 services, consumer protection, consumer privacy protections, number portability, and cybersecurity.

The FCC also released a final rule on July 6, 2022 making the industry-developed Wireless Network Resiliency Cooperative Framework mandatory.

The new rule requires a five-pronged approach to enhance coordination during an emergency, typically resulting from a national disaster such as a hurricane.

Failure to comply with applicable regulations could subject us to fines, forfeitures, and other penalties (including, in extreme cases, revocation of our spectrum licenses), even if any non-compliance was unintentional.

VTR is subject to regulation and enforcement by various governmental entities in Chile including the Chilean Antitrust Authority, the Ministry through the SubTel , the CNTV and SERNAC .

In addition to the specific regulations described below, VTR is subject to certain regulatory conditions which were imposed by the Chilean Antitrust Authority in connection with VTR ’s combination with Metrópolis Intercom SA in April 2005.

These conditions are indefinite and include, among others, (i) prohibiting VTR and its control group from participating, directly or indirectly through a related person, in Chilean satellite or microwave television businesses, (ii) prohibiting VTR from using its market power over programmers without justification, (iii) prohibiting VTR from obtaining exclusive broadcast rights, except for specific events, (iv) requiring VTR to offer its broadband capacity for resale of internet services on a wholesale basis, and (v) requiring VTR to maintain a uniform single price policy for all of the national territory.

The provision of pay television services requires a permit issued by the Ministry .

Cable pay television permits are granted for an indefinite term and are non-exclusive.

As these permits do not involve radio electric spectrum, they are granted without ongoing duties or royalties.

VTR has permits to provide cable pay television services in most of the medium- and large-sized markets in Chile.

Cable television service providers in Chile are free to define the channels and content included in their services and are not required to carry any specific programming, except as described below.

However, CNTV may impose sanctions on providers who are found to have run programming containing excessive violence, adult content or other objectionable programming or advertising of certain categories of products within certain time slots throughout the day.

Pay television operators are directly responsible for violation of such prohibitions.

Additionally, the Television Act requires pay television operators to offer a certain quota of cultural content and to distribute public interest campaigns.

The Television Act establishes a retransmission consent regime between broadcast television concession holders and pay television operators.

This regime provides that once a broadcast operator achieves digital coverage of 85% of the population within its concession areas, the broadcast operator may require that pay television operators enter into an agreement for the retransmission of its digital signal.

In addition, the Television Act requires that the technical or commercial conditions imposed by broadcast operators not discriminate among pay television operators.

Also, the Television Act establishes a must carry regime requiring pay television operators to distribute at least four local broadcast television channels in each operating area.

The channels that must be carried by any particular pay television operator are to be selected by CNTV .

The full implementation of the retransmission and must carry regimes are still pending.

VTR ’s ability to change its channel lineup is restricted by an agreement reached with SERNAC in July 2012 and the general regulation established by SubTel in February 2014 (by the Telecommunication Services General Rulemaking).

This framework allows VTR to change one or more channels from its lineup after a 60-day notice period to its subscribers.

In such cases, VTR shall offer a channel of similar content and quality or proportional compensation.

Despite this, using a mid-size programmer from former precedent, in August 2019, AMC sued VTR claiming a breach of the condition related to contracting with programmers, arguing that VTR was violating the condition set out in the 2005 VTR/Metrópolis merger conditions (as summarized above), which prohibits VTR from using its market power to unjustifiably refuse to contract with programmers.

This process is still pending.

A law passed in November 2017 requires all ISPs to apply for a public service concession for data transmission within three months of the passage of such law.

Because VTR operates via networks that were previously approved by SubTel , VTR timely applied and an approval is pending.

A law on internet neutrality prohibits “arbitrary blockings” of legal content, applications or services and the provision of differentiated service conditions according to the origin or ownership of the content or service provided through the internet.

Additionally, the law authorizes ISPs to take measures to ensure the privacy of their users and provide virus protection and safety processes over their network, as long as these measures do not infringe antitrust laws.

Additional measures have been implemented, including obligations related to consumer information, traffic management policies, internet quality of service requirements and notices required by law concerning the effective maximum and minimum traffic speeds offered under internet access plans.

In order to protect the constitutional rights of privacy and safety of communications, ISPs are prohibited from undertaking surveillance measures over data content on their networks.

Also, special summary proceedings have been created in order to safeguard intellectual property rights against violations committed through networks or digital systems.

These proceedings include measures designed to withdraw, disqualify or block infringing content in the ISP’s network or systems.

The law also provides for the right of intellectual property owners to judicially request from ISPs the delivery of necessary information to identify the provider of infringing content.

A law passed in November 2017 requires all fixed and mobile ISPs to meet levels of quality of service, guarantee a minimum broadband throughput based on the offered speed, and provide their subscribers with a certified measurement tool allowing subscribers to verify this minimum service level, imposing fines or penalties to ISPs if the service level is not fulfilled.

During 2020, the Ministry issued the Regulation on OTI which, according to this legal framework, will be responsible for performing the quality-of-service measurements.

Also, SubTel issued a technical rule on the service levels that ISPs need to comply with in the provision of their internet service.

Finally, as required by the above regulation, major ISPs organized a Representative Committee and filed before SubTel a proposal of the terms and conditions of the public tender to designate the OTI .

After approval, the industry through this Representative Committee called for a public auction which failed to appoint a provider, given no bidder applied with a valid offer, the Representative Committee has a filed a new proposal of terms and conditions for a public tender to designate the OTI again (which has not been approved by SubTel yet).

Fixed-Line Telephony and Mobile Services .

The provision of fixed-line telephony and mobile services requires a public telecommunications service concession.

VTR has concessions to provide fixed-line telephony in most major and medium-sized markets in Chile.

Telephony concessions are non-exclusive and have renewable 30-year terms.

The original term of VTR ’s fixed-line telephony concessions expires in November 2025.

Long distance telephony services are considered intermediate telecommunications services and, as such, are also regulated by the Ministry .

VTR has concessions to provide this service, which is non-exclusive, for a 30-year renewable term expiring in September 2025.

VTR holds concessions to provide fixed wireless local telephony service on the 3.5 GHz band in several regions of the country.

These concessions have renewable 30-year terms, expiring in 2036.

In November 2018, Movistar asked the TDLC to rule on whether the decision to keep part of the spectrum at 3.5 GHz available for immediate deployment (with potential use for mobile services), was consistent with previous decisions requiring this band to be allocated to fixed services.

Although the TDLC rejected Movistar’s request, it considered that in order to allow the use of this already assigned spectrum for mobile services, SubTel should open public tenders to assign the concessions for mobile services.

In January 2020, SubTel opened for public comments its plan for a 5G tender, which ended with a contest for four bands of spectrum:

20MHz in the 700 MHz band, 30 MHz in the AWS Band, 150 MHz in the 3.5 MHz band (not including the spectrum previously assigned to fixed wireless local telephony), and 400 MHz in the 26 GHz band.

Technical proposals were submitted in October 2020, and given that several competitors tied there was an auction to define the winners.

In February 2021, Entel, Movistar, WOM S.A.

and Claro were awarded with several spectrum bands to provide mobile services using 5G technologies.

Additionally, the concessions granted in this tender allow SubTel to modify the licenses in case of non-use or inefficient use of the spectrum.

With respect to mobile services, in 2009, SubTel awarded VTR a 30MHz license in the 1700/2100 MHz band.

The license has a 30-year renewable term, expiring in 2040.

Currently, antitrust bodies and the Supreme Court have declared a new cap structure for spectrum allocation, which is variable depending on the macro band were spectrum is being assigned and the amount of spectrum available.

Therein for the low macro-band from 0 to 1000 MHz the cap is 32% of the band, from 1001 MHz to 3000MHz the cap is 30% of the band, for 3001MHz band to 6000MHz band the cap is 30% and for higher than 6001MHz the cap is 25%.

VTR has concessions to provide fixed-line telephony in most major and medium-sized markets in Chile.

Telephony concessions are non-exclusive and have renewable 30-year terms.

The original term of VTR ’s fixed-line telephony concessions expires in November 2025.

Long distance telephony services are considered intermediate telecommunications services and, as such, are also regulated by the Ministry .

VTR has concessions to provide this service, which is non-exclusive, for a 30-year renewable term expiring in September 2025.

There are no universal service obligations in Chile.

However, local service concession holders are obligated to provide telephony service to all customers that are within their service area or are willing to pay for an extension to receive service.

All local service providers, including VTR , must give long distance telephony service providers equal access to their network connections at regulated prices and must interconnect with all other public service concession holders whose systems are technically compatible.

As a general rule, fixed-line telephony service providers are free to establish the rates directly charged to their customers, unless the Chilean Antitrust Authority concludes that due to a lack of sufficient competition in the market, rates should be fixed by SubTel .

However, SubTel sets the maximum rates that may be charged by each operator for interconnect charges, access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers.

Rate regulation on interconnection charges is applicable to all fixed-line and mobile telephony companies, including VTR .

The determination of the maximum rates that may be charged by operators for their fixed-line or mobile services are made on a case-by-case basis by SubTel and are effective for five years.

Other Chilean Regulation

Price Increase .

The Consumer Rights Protection Law has been interpreted to require that any raise in rates exceeding inflation must be previously accepted and agreed to by subscribers.

Although VTR disagrees with this interpretation, in July 2012, VTR.com reached an agreement with SERNAC that permits VTR to make adjustments to its published prices twice per year to adjust for inflation, except those services that are subject to rate regulation.

VTR is generally prohibited from increasing the rates over the inflation adjustment.

VTR may, however, cancel a subscriber’s contract after 12 months and propose a new contract with new rate provisions.

Once a year VTR may propose to its existing subscribers additional changes to their rates, which must be accepted by the subscriber for the rates to go into effect.

In 2012, the Chilean Antitrust Authority issued its regulation governing the on-net/off-net pricing practice in the mobile industry and the offering of bundled telecommunication services.

Pursuant to the terms of this regulation, as revised by the Chilean Supreme Court, mobile services may be sold jointly with fixed-line services.

However, promotional discounts are not permitted for these double-play offers.

As for traditional bundling over the same platform (e.g., bundled fixed-line services such as our double-play and triple-play packages, or bundled mobile services), this regulation provides that such services may be bundled, subject to certain price limitations.

These limitations require that the total price for a bundle must be greater than the standalone price for the most expensive service included in the bundle.

Also, when three or more services are bundled, the price for the bundle must be greater than the sum of the standalone prices for each service in the bundle, excluding the lowest priced service.

Consumer’s Rights Protection Law .

In 2018, a bill was enacted introducing significant new powers to SERNAC including a material increase in its ability to levy fines and compensations.

Cabletica and Telefonica are subject to regulation and enforcement by various governmental entities in Costa Rica, including the MICITT, Sutel, and the Consumer Support Office of the Ministry of Economy, Industry and Commerce.

Cabletica holds a telecommunications services concession, expiring in 2028, issued by Sutel that authorizes the deployment and operation of its wireline HFC network throughout the country.

At the service layer, the concession permits:

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.

The main governmental entities involved in this industry are the MICITT, which leads policy development and implementation, Sutel, as regulator of the telecommunication operators and providers and competition agency exclusively for the telecommunications sector, and the Consumer Protection Agency of the Ministry of Economy, Industry and Commerce.

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.

This concession authorizes the following services:

(i) paid television;

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and (iv) data links.

Telefonica has a total of 100 MHz allocated in two concessions.

For the first, i n 2011, MICITT awarded Telefonica a 10 MHz license in the 850 MHz band, a 30 MHz license in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

These licenses have a 15-year renewable term, expiring on May 12, 2026, that may be extended an additional 10 years.

For the second, in 2018, MICITT awarded Telefonica a 20 MHz license in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

These licenses have a 15-year renewable term, expiring on April 23, 2033, that may be extended an additional 10 years.

Liberty Telecomunicaciones has a total of 100 MHz allocated in two concessions.

For the first, granted i n 2011, MICITT awarded Telefonica 10 MHz in the 850 MHz band, 30 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

This concession has a 15-year renewable term, expiring on May 12, 2026, that may be extended for an additional 10 year term.

The second one, granted in 2018, MICITT awarded Liberty Telecomunicaciones 20 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

This concession has a 15-year renewable term, expiring on April 23, 2033, that may be extended for an additional 10 year term.

Cable television service providers in Costa Rica are free to define the channels and content included in their services and are not required to carry any specific programming, except as described below.

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The Costa Rican General Telecommunications Law (art.138) establishes a retransmission consent regime between broadcast television concessionaires and pay television operators.

This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least sixty percent of the national

territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.

This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least 60% of the national territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.

The Regulation of Provision and Quality of Services of Sutel establishes minimum quality thresholds, such as minimum speeds, oversubscription, and delay.

Fixed-Line Telephony Services .

Sutel issued a regulation for the implementation of fixed number portability in 2014, however such regulation was challenged in court by the incumbent operator and no ruling has been issued as of today.

Mobile Services .

Through concessions contracts N° C-001-2011-MINAET and -002-2017-MICITT DAF-034-2013, Telefonica is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, under the prepaid and post-paid contract modalities.

Other Costa Rican Regulation

The Competition Promotion Commission is an independent agency attached to the Consumer Support Office of the Ministry of Economy, Industry and Commerce.

Its fundamental purpose is to enforce the provisions of the Competition and Effective Consumer Defense Law (Law No.

7472) through the protection and promotion of (i) the process of competition and free competition, (ii) investigating and sanctioning monopolistic practices, and (iii) other restrictions related to the efficient functioning of the market.

Nevertheless, Sutel is the competition agency for the telecommunications sector and the Competition Promotion Commission only intervenes as a mandatory consultant in concentrations analysis procedures.

Through concessions contracts N° C-001-2011-MINAET and -002-2017-MICITT DAF-034-2013, Liberty Telecomunicaciones is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, under the prepaid and post-paid contract modalities.

We operate in an emerging region of the world, where market penetration of telecommunication services such as broadband and mobile data is lower than in more developed markets.

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Mobile Services

In many of our markets we are either the leading or one of the leading mobile providers.

In the markets where we are one of the top mobile providers, we continue to seek additional bandwidth to deliver our wide range of services to our customers and increase our LTE coverage.

Across our footprint, we are either the leading or one of the leading mobile providers and we continue to seek additional bandwidth to deliver our wide range of services to our customers and increase our high-speed coverage.

We also offer 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.

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In several of our markets, we expect to increase focus on converged services, including mobile, fixed-line, broadband and video.

• C&W Caribbean and Networks .

We typically operate in duopoly mobile market structures and face competition mainly from Digicel in most of our C&W Caribbean and Networks’ residential markets, and ALIV in the Bahamas.

• C&W Caribbean .

We typically operate in duopoly mobile market structures and face competition mainly from Digicel in most of our C&W Caribbean residential markets, and ALIV in the Bahamas.

From time to time, new entrants come into the markets.

For example, Rock Mobile recently announced its intent to launch a business, and has received spectrum to do so, in Jamaica.

For example, Rock Mobile announced its intent to launch a business, and has received spectrum to do so, in Jamaica.

• C&W Panama .

In Panama, our most competitive mobile market, we compete with subsidiaries of Millicom , América Móvil , S.A.B.

( Claro ) and Digicel .

Millicom entered the market through the acquisition of Movistar’s assets in Panama in 2019.

In Panama, we primarily compete with Millicom (through the Tigo brand).

• Liberty Puerto Rico .

Liberty Puerto Rico competes with T-Mobile US and Claro, for the provision of mobile services .

Movistar , Claro and Entel are the primary companies that offer mobile telephony in Chile.

In mid-2015, WOM S.A.

entered the mobile services market through its acquisition of the Nextel Chile network.

As an MVNO , VTR offers its mobile services on a standalone basis.

To attract and retain customers, VTR focuses on its triple-play and double-play customer bases, offering them postpaid mobile accounts at an attractive price.

• Costa Rica.

Liberty Puerto Rico competes with T-Mobile US and América Móvil , S.A.B.

(Claro) for the provision of mobile services .

• Liberty Costa Rica.

In Costa Rica, we compete with Claro and ICE (through the Kolbi brand) for the provision of mobile services.

Fixed-Line Telephony

The market for fixed-line telephony services is mature across our markets.

Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings.

In most of our C&W Caribbean and Networks markets, we are the incumbent telecommunications provider with long established customer relationships.

In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market.

In these markets, the incumbent operators have substantially more experience in providing fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships.

In all of our markets, we also compete with VoIP operators offering services across broadband lines and over-the-top ( OTT ) telephony providers, such as WhatsApp.

In many countries, our businesses also face competition from other cable telephony providers, FTTH -based providers or other indirect access providers.

Competition exists in both the residential and business fixed-line telephony products due to market trends, the offering of carrier pre-select services, number portability, the replacement of fixed-line with mobile telephony and the growth of VoIP services, as well as continued deregulation of telephony markets and other regulatory action, such as general price competition.

Carrier pre-select allows the end user to choose the voice services of operators other than the incumbent while using the incumbent’s network.

Our fixed-line telephony strategy is focused around value leadership, and we position our services as “anytime” or “any destination.” Our portfolio of calling plans includes a variety of innovative calling options designed to meet the needs of our subscribers.

In many of our markets, we provide product innovation, such as telephone applications that allow customers to make and receive calls from their fixed-line call packages on smart phones.

In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard.

• C&W Caribbean and Networks .

We face competition in the provision of fixed-telephony services main from Digicel in our Caribbean markets and Cable Bahamas Limited in the Bahamas.

These companies all have competitive pricing on similar services, and the intensified level of competition we are experiencing in several of our markets has added increased pressure on the pricing of our services.

• C&W Panama .

We face competition from a subsidiary of Millicom in Panama.

Millicom entered the Panama market through its acquisition of an 80% stake in Cable Onda in 2019.

• 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, Liberty Puerto Rico primarily competes with Claro, Aeronet, Neptuno and WorldNet.

VTR faces fixed-telephony competition from the incumbent telecommunications operator, Movistar and other telecommunications operators.

Movistar has substantial experience in providing telephony services, resources to devote to the provision of telephony services and long-standing customer relationships.

Price is a key factor as are bundles with quality services.

We distinguish our services by delivering reliable market leading internet access speeds with attractive bundled offers .

• Costa Rica.

In Costa Rica, we compete 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.

Broadband Internet

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With the demand for mobile internet services increasing, competition from wireless services using various advanced technologies is a competitive factor.

In several of our markets, competitors offer high-speed mobile data via

LTE wireless networks.

In several of our markets, competitors offer high-speed mobile data via LTE wireless networks.

In addition, other wireless technologies, such as WiFi, are available in almost all of our markets.

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Our top download speeds generally range from 100 Mbps to speeds of up to 1 Gbps.

In many of our markets, we offer the highest download speeds available via our cable and FTTH networks.

In many of our markets, we offer the highest download speeds available via our HFC cable and FTTH networks.

The focus is on high-speed internet products to safeguard our high-end customer base and allow us to become more aggressive at the low- and medium-end of the internet market.

By fully utilizing the technical capabilities of DOCSIS 3.0 technology on our cable systems, we can compete with local FTTH initiatives and create a competitive advantage compared to DSL infrastructures and LTE initiatives on a national level.

In several of our C&W Caribbean and Networks’ markets, we are the incumbent phone company offering broadband internet products through a variety of technologies, ranging from DSL to FTTH.

By fully utilizing the technical capabilities of DOCSIS 3.0 and DOCSIS 3.1 technologies on our cable systems, we can compete with local FTTH initiatives and create a competitive advantage compared to DSL infrastructures and LTE initiatives on a national level.

In several of our C&W Caribbean markets, we are the incumbent phone company offering broadband internet products through a variety of technologies, predominantly HFC cable and FTTH.

In these markets and our other Latin American markets, our key competition for internet services is from cable and IPTV operators and mobile data service providers.

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We also offer a wide range of mobile products either on a prepaid or postpaid basis.

• C&W Caribbean and Networks.

Where C&W Caribbean and Networks 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 and Networks’ markets.

To distinguish itself from these competitors, C&W Caribbean and Networks is investing in footprint expansion and upgrades and uses its bundled offers with video and telephony to promote its broadband internet services.

• 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.

To distinguish itself from these competitors, C&W Caribbean is investing in footprint expansion and upgrades and uses its bundled offers with video and telephony to promote its broadband internet services.

• C&W Panama .

The largest competitor in Panama is Cable Onda.

The largest competitor in Panama is Millicom (through the Cable Onda brand).

• Liberty Puerto Rico .

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To compete with these providers, Liberty Puerto Rico offers its high-speed internet with download speeds of up to 1,000 Mbps.

VTR faces competition primarily from non-cable-based ISPs , such as Movistar, Entel , and Mundo Pacifico, and from other cable-based providers, such as Claro and GTD Manquehue.

Competition is particularly intense with each of these companies offering competitively priced services, including bundled offers with high-speed internet services.

Mobile broadband competition is significant as well.

Movistar , Claro and Entel have launched 5G services for high-speed mobile data and all 4 MVNO operators have LTE services.

To compete effectively, VTR is expanding its two-way coverage and offering attractive bundling with fixed-line telephony and digital video service and high-speed internet with download speeds of up to 600 Mbps.

• Costa Rica.

• Liberty Costa Rica.

In Costa Rica, we face competition primarily from ICE (Kolbi), Telecable and Millicom (Tigo).

Video Distribution

Our video services compete primarily with traditional FTA broadcast television services, DTH satellite service providers and other fixed-line telecommunications carriers and broadband providers, including operations offering (i) services over hybrid fiber coaxial networks, (ii) DTH satellite services, (iii) internet protocol television ( IPTV ) over broadband internet connections using asymmetric DSL or VDSL or an enhancement to VDSL called “vectoring,” (iv) IPTV over FTTH networks, or (v) LTE services.

Our video services compete primarily with traditional FTA broadcast television services, DTH satellite service providers and other fixed-line telecommunications carriers and broadband providers, including operations offering (i) services over HFC cable networks, (ii) DTH satellite services, (iii) internet protocol television ( IPTV ) over broadband internet connections using asymmetric DSL or VDSL or an enhancement to VDSL called “vectoring,” (iv) IPTV over FTTH networks, or (v) LTE services.

Many of these competitors have a national footprint and offer features, pricing and video services individually and in bundles comparable to what we offer.

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OTT aggregators and SVoD services util izing our or our competitors’ high-speed broadband connections are also a significant competitive factor as are other video service providers that overlap our service areas.

OTT video providers (such as HBO Go/Max, Amazon Prime Video, Disney+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Digicel Play in selected markets) offer rich VOD catalogues and/or linear channels .

OTT video providers (such as HBO Go/Max, Amazon Prime Video, Disney+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD catalogues and/or linear channels .

In some cases, these AVoD services are provided free-of-charge (such as YouTube and Pluto TV).

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We believe that our deep-fiber access, where available, provides us with several competitive advantages.

For instance, our cable networks allow us to concurrently deliver internet access, together with real-time television and VoD content, without impairing our high-speed internet service.

For instance, our networks allow us to concurrently deliver internet access, together with real-time television and VoD content, without impairing our high-speed internet service.

In addition, our cable infrastructure in most of our footprint allows us to provide triple-play bundled services of broadband internet, television and fixed-line telephony services without relying on a third-party service provider or network.

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In serving the business market, many aspects of the network can be leveraged at very low incremental costs given that business demand peaks at a time when consumer demand is low, and peaks at lower levels than consumer demand.

In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Flow ToGo in C&W Caribbean and Networks’ markets, +TV Go in C&W Panama, LibertyGo in Puerto Rico, VTR Play in Chile and Next TV in Costa Rica.

In response to the continued growth in OTT viewing, we have 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.

Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home.

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If exclusive content offerings increase through other providers, programming options could be a deciding factor for subscribers on selecting a video service.

In this competitive environment, we enhance our offers with converged digital services, such as DVR and replay functionalities, and VoD and multiscreen services.

In this competitive environment, we enhance our offers with converged digital services, such as DVR and replay functionalities, VoD and multi-screen services, along with exploring and aligning partnerships with adjacent categories like music, e-sports, fitness and others.

In addition, we offer attractive content packages tailored to particular markets and discounts for bundled services.

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We use these services, as well as bundles of our fixed-line services, as a means of driving video and other products where we can leverage convenience and price across our portfolio of available services.

• C&W Caribbean and Networks .

C&W Caribbean and Networks 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 and Networks is the largest or one of the largest video service providers.

• 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.

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• C&W Panama .

C&W Panama competes primarily with Cable Onda which is 80% owned by Millicom and which offers video, internet and fixed-line telephony over its cable network, and with the DTH services of Claro .

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.

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In addition, Liberty Puerto Rico uses its bundled offers that include high-speed fixed and mobile internet connectivity solutions to drive its video services.

VTR competes primarily with DTH and IPTV service providers, including Movistar , Claro and DirecTV , among others.

Movistar offers double-play and triple-play packages using IPTV for video in its FTTH footprint and OTT on its DSL footprint.

Claro offers triple-play packages using DTH and, in most major cities in Chile, through a hybrid fiber coaxial cable network.

It also offers mobile services.

DirecTV offers video through DTH and does not bundle with any broadband or telephony services.

To compete effectively, VTR focuses on enhancing its subscribers’ viewing

options in and out of the home through a broad non-linear content offering, catch-up television, DVR functionality, and a variety of premium channels.

These services and its variety of bundled options, including internet and telephony, enhance VTR ’s competitive position.

• Costa Rica .

Cabletica competes primarily with Millicom (Tigo) and Telecable over their cable network, and with the DTH services of Claro.

• Liberty Costa Rica .

We compete primarily with Millicom (Tigo) and Telecable over their cable network, and with the DTH services of Claro.

Fixed-Line Telephony

The market for fixed-line telephony services is mature across our footprint.

Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings.

In most of our C&W Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships.

In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market.

In all of our markets, we also compete with VoIP operators offering services across broadband lines and over-the-top ( OTT ) telephony providers, such as WhatsApp.

In many countries, our businesses also face competition from other cable telephony providers, FTTH -based providers or other indirect access providers.

Carrier pre-select allows the end user to choose the voice services of operators other than the incumbent while using the incumbent’s network.

In many of our markets, we provide product innovation, such as telephone applications that allow customers to make and receive calls from their fixed-line call packages on smart phones.

• C&W Caribbean .

We face competition in the provision of fixed-telephony services mainly from Digicel in our Caribbean markets and Cable Bahamas Limited in the Bahamas.

• C&W Panama .

We face 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, we compete 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

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Our employees are employed across our segments as follows:

C&W Caribbean and Networks approximately 4,500 full-time employees, C&W Panama approximately 2,300 full-time employees, Liberty Puerto Rico approximately 2,200 employees, VTR approximately 1,500 employees, and Costa Rica approximately 800 employees.

C&W Caribbean approximately 3,700 full-time employees, C&W Panama approximately 2,600 full-time employees, C&W Networks & LatAm approximately 1,000 full-time employees, Liberty Puerto Rico approximately 2,300 employees, and Liberty Costa Rica approximately 800 employees.

The remaining employees are employed by our corporate entities.

Following the formation of the Chile JV in October 2022, 1,400 VTR employees transitioned out of Liberty Latin America and became employees of the Chile JV.

Women represented 42% of our global employees and 40% of our managerial positions.

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Our employees comprise many races, ethnicities, beliefs, and cultures, and we are built on a set of strong principles including respect.

In 2021, we took deliberate actions to foster a more diverse and inclusive workplace as part of our Equality, Diversity, and Inclusion strategy.

This year we focused on the pillars of gender equity, LGBTQ+ inclusion, and issues of Race & Ethnicity.

We launched our ‘Pride at Liberty Latin America’ employee resource group to engage, educate, and empower LGBTQ+ people and allies, aiming to create a truly inclusive space where LGBTQ+ people feel heard, supported, and represented.

We also joined the global community to contribute to the fight against gender-based violence by launching a company-wide policy and making education and advocacy materials available on our website.

Our goal is to educate, prevent, protect, and support against gender-based violence to create a safe workplace that prioritizes employees' wellbeing and mental health.

We continued our work on the CEO Action for Diversity & Inclusion pledge focused on:

In 2022, we continued our efforts to foster a more diverse and inclusive workplace as part of our Equality, Diversity, and Inclusion strategy.

Our focus remains on the pillars of gender equity, LGBTQ+ inclusion, and issues of Race & Ethnicity.

We launched our ‘ELLAS at Liberty Latin America’ employee resource group, which seeks to empower women inside the company and in our local communities to thrive and reach their full potential through representation, allyship, support and connection.

We partnered with the United Nations Foundation and Spotlight Initiative to support the WithHer Fund and the ongoing fight against gender-based violence.

This initiative will direct much needed resources to women-led grassroots organizations working in the Global South to eliminate gender-based violence in their communities.

Our efforts aim to educate, prevent, protect, and advocate against gender-based violence in our communities, while creating a safe workplace that prioritizes employees' wellbeing and mental health.

In 2022, we maintained our commitment to the CEO Action for Diversity & Inclusion pledge focused on:

creating an environment for open dialogue, conducting implicit bias training, sharing best practices and lessons learned, and developing dedicated Diversity & Inclusion plans in consultation with our Board of Directors.

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COVID-19 Response.

We continue to adapt to rapidly changing conditions related to the pandemic.

Throughout 2021, we maintained stringent health and safety protocols to help protect our employees, our customers, and our communities.

Across all of our markets we have strongly encouraged vaccination both within our employee base as well as externally in our communities as it has proven to significantly reduce symptoms and help mitigate the spread of the virus.

We have also partnered with local governments on vaccination drives and complied with local regulations and policies, which vary across our markets.

In 2021 we continued to offer a COVID-19 Employee Assistance Fund where employees could apply for grants up to $500 to support financial needs created by the pandemic.

This was funded through donations from members of our Board of Directors, our Executive Team and employees.

We continue to adapt to evolving conditions related to the pandemic in the markets where we operate.

Our focus is ensuring we have appropriate stringent health and safety protocols in accordance with local regulations to help protect our employees, our customers, and our communities.

Corporate Social Responsibility .

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It’s where we live, where our families grow, where we celebrate and connect.

We believe we have a responsibility to enable progress and build more resilient communities.

We believe we have a responsibility to enable progress and build more

resilient communities.

We bring this to life through a shared approach across our markets with a focus on four critical areas:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business