Evercore Investment Banking Pitch Book

Exchange 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

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