Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015204
Chunk: 12

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 12
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2024 through December 31, 2029 (collectively referred to as the “Charter street estimates”). The Charter street estimates
were approved by Charter for Citi’s use and reliance, and by the Charter special committee for Centerview’s use and reliance,
in connection with the combination.

| ($ in billions)         |     | Fiscal Year Ending December 31, 
                            2024 |     | 2025 |     | 2026 |     | 2027 |     | 2028 |     | 2029 |
|:------------------------|:----|--------------------------------:|:----|-----:|:----|-----:|:----|-----:|:----|-----:|:----|-----:|
| Revenue                 |     |                            54.8 |     | 54.3 |     | 54.9 |     | 55.1 |     | 55.8 |     | 56.2 |
| Adjusted EBITDA(1)      |     |                            22.5 |     | 22.7 |     | 23.5 |     | 24.0 |     | 24.7 |     | 25.2 |
| Capital Expenditures(2) |     |                            12.0 |     | 12.2 |     | 10.6 |     |  8.5 |     |  8.3 |     |  8.4 |

(1) Adjusted EBITDA is defined as net income attributable to Charter
shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization,
stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges and (gain)
loss on sale or retirement of assets.

(2) Includes changes in accrued expenses related to capital expenditures.

Liberty Broadband Internal Data

The following tables present certain financial information of Liberty
Broadband prepared by management of Liberty Broadband, which was provided to Charter and approved by Charter for Citi’s use and
reliance, and by the Charter special committee for Centerview’s use and reliance, in connection with the combination.

Certain Information Relating to Liberty Broadband

| ($ in millions)                    |     | Q4 2024 |     | FY 2025 |     | FY 2026 |     | 1H 202