#1GCI Liberty Special Committee Discussion Materials June 10, 2020 EVERCORE Confidential#2#3Summary of Liberty Broadband's Proposal to GCI Liberty Proposal was received on 6/10/2020 prior to the equity market open Terms Details Exchange Ratio Form of Consideration Implied Price Implied Premium GLIB Series A Cumulative Redeemable Preferred Stock EVERCORE Confidential 0.55745 Liberty Broadband (LBRD) Series C shares (non-voting) for each GCI Liberty (GLIB) Series A or Series B (voting) share held LBRD Series C Common Shares (non-voting) $73.94/share for each GCI Liberty (GLIB) Series A or Series B (voting) share based on LBRD Series C (non-voting) share's closing stock price of $132.64 as of 6/9/20 Implies a 3.9% premium to GLIB Series A shareholders, based on GLIB Series A closing price of $71.18 as of 6/9/20; implies a similar premium to Series B shareholders based on quotations on the OTC market ☐ Expect to rollover into a Liberty Broadband preferred instrument with similar terms GCI Liberty#4#5Exchange Ratio based on Market Value 0.80x 0.70x 0.60x 0.50x 0.40x Mar-18 LBRD Proposal (6/10/20) Current (6/9/20) Last 30 Days (5/10/20) Last 90 Days (3/11/20) Last 180 Days (12/12/19) Last 1 Year (6/10/19) Since Inception (3/12/18) win Jun-18 Sep-18 Dec-18 Mar-19 Exchange Ratio Average 0.557x 0.537x 0.516x 0.501x 0.530x 0.563x 0.582x LBRD Proposal (6/10/20) Source: FactSet (as of 6/9/20) Note: Exchange ratio is calculated as GLIB Series A share price divided by LBRD Series C share price EVERCORE припартия LBRD Proposal Premium / (Discount) Jun-19 Sep-19 Dec-19 0.0% 3.9% 8.1% 11.3% 5.1% (1.0%) (4.2%) Mart Mar-20 Confidential Jun-20 Favorable to GLIB 0.557x 0.537x Favorable to LBRD GCI Liberty