#1GCI Liberty Presentation to the Special Committee June 29, 2020 EVERCORE Confidential#2Confidential These materials have been prepared by Evercore Group L.L.C. ("Evercore") for the Special Committee of the Board of Directors (the "Committee") of GCI Liberty, Inc. ("GLIB" or the "Company") to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Committee, including from Company management, and/or other potential transaction participants, or from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. 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EVERCORE GCI Liberty#3#4Project Lotus Proposal Summary Proposal Date LBRD Series C Share Price GLIB Series A Share Price Implied Market Exchange Ratio at Proposal Date Proposal Exchange Ratio Implied GLIB Series A Offer Price Purchase Premium to GLIB at Proposal (%) Purchase Premium to GLIB at Proposal (S) Implied GLIB FDSO Implied GLIB Purchase Price at Proposal Date Implied Economic Ownership for GLIB Shareholders Implied Voting Control for GLIB Shareholders 3 LBRD Series C Share Price GLIB Series A Share Price 4 Proposal Exchange Ratio Implied GLIB Series A Offer Price Purchase Premium to GLIB Today (%) Purchase Premium to GLIB at Today ($) Implied GLIB FDSO Implied GLIB Purchase Price Today Premium / (Discount) to Pre-tax NAV (%) Premium /(Discount) to Post-tax NAV (%) LBRD Proposal (6/10) 6/10/20 $132.64 $71.18 0.537x 0.557x $73.94 -3.9% $287 106.7 $7,888 29.8% 4.5% $123.30 $66.06 0,557x $68.73 4.0% $280 106.7 $7,332 (11.7%) 10.4% Source: Factset (6/26/20) 1. Reffects closing price of securities one day prior to proposal date 2 Calculated using treasury stock method with implied GLIB Series A offer price GLIB Counter Proposal (6/19) 6/19/20 $130.58 $69.14 1 0.529x 0.585x $76.39 10.5% $772 106.7 $8,149 30.8% 4.5% 0.585x $72.13 9.2% $643 106.7 $7,695 LBRD Revised Proposal (6/22) 6/22/20 $129.36 $68.63 (7.4%) 15.8% 0.531x Value of Proposal as of 6/26/20 $123.30 $66.06 0.575x $74.38 8.4% $610 106.7 $7,935 30.5% 4.5% $123.30 $66.06 0.575x $70.90 7.3% $511 106.7 $7,563 (8.9%) 13.8% GLIB Second Counter Proposal (6/24) 6/24/20 $123.99 $65.89 0.531x 0.585x $72.53 10.1% $686 106,7 $7,738 30.8% 4.5% $123.30 $66.06 0.585x $72.13 9.2% $643 106.7 $7,695 (7.4%) 15.8% LBRD Second Counter Proposal (6/26) 6/26/20 $124,17 $66.65¹ 0.537x 0.580x $72.02 8.1% $630 106.7 $7,683 30.6% 4.5% $123.30 $66.06 0,580x $71.51 8.3% $577 3. Voting interest relates to 1/3 vote per share attributable to holders of GLIB series A redeemable preferred 4. Reffects closing price as of 6/26/20 Represents the average of low and high of GLIB net asset value pre-tax and post-tax on Page 11, with GCI value range of $2.5bn-$3.0bn and Evite value range of $14mm-28mm EVERCORE 2 106.7 $7,629 (8.1%) 14.8% Confidential ($ in millions) LBRD Amended Second Counter Proposal (6/28) 6/28/20 0.5800 LBRD Series C shares (non-voting) for 1 GLIB Series A (1 vote); 0.5800 LBRD Series B (10 votes) for 1 GLIB Series B (10 votes) Details on Page 3 GCI Liberty#5Project Lotus LBRD Amended Second Counter Proposal Summary LBRD Amended Second Counter Proposal (6/28/20) GLIB Series A LBRD Series C Share Price Proposal Exchange Ratio for LBRD Series C Implied GLIB Series A Offer Price Implied GLIB Series A Purchase Premium (%) Implied GLIB Series A FDSO Implied GLIB Purchase Price for GLIB Series A Shares LBRD Series B Share Price Proposal Exchange Ratio for LBRD Series B Implied GLIB Series B Offer Price Implied GLIB Series B Purchase Premium (%) Implied GLIB Series B FDSO² Implied GLIB Purchase Price for GLIB Series B Shares Implied GLIB Purchase Price at Proposal Date Premium / (Discount) to Post-tax NAV (%) (+) New LBRD Series C Issued Based on Proposal (+) New LBRD Series B Issued Based on Proposal (+) LBRD Current FDSO (-) Canceled LBRD Series C Shares Held Within LBRD Total Pro Forma LBRD Shares Outstanding Implied Economic Ownership for GLIB Shareholders Implied Voting Control for GLIB Shareholders GLIB Series B Source: Factset (6/26/20) 1. Note: Voting interest assumes exercise of all stock options by Liberty Management Calculated using treasury stock method with implied GLIB Series A offer price Calculated using treasury stock method with implied GLIB Series B offer price 2 3. Represents the average of low and high of GLIB net asset value post-tax on Page 11, with GCI value range of $2.6bn-$3.0bn and Evite value range of $14mm-28mm Voting interest relates to Series B shares issued to John Malone Greg Maffei and their affiliates and 1/3 vote per share attributable to holders of GLIB Series A redeemable preferred EVERCORE Confidential ($ in millions) $123.30 0.5800x $71.51 8.3% 102.0 $7,294 $125.90 0.5800x $73.02 8.8% 4.8 $349 $7,642 15.0% 59.2 2.8 182.9 (42.7) 202.2 30.7% 41.1% GCI Liberty#6