Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 661

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 661
---
 December 2022 for Live Nation’s issuance of $1 billion of convertible notes, (k) a lender in one or more credit facilities for Live Nation, (l) a joint lead arranger in July 2024 for a credit facility of TripAdvisor Inc and (m) a lender in one or more credit facilities for TripAdvisor Inc. In the ordinary course of our business, we and our affiliates may actively trade or hold the securities of Charter, Liberty Broadband and their respective affiliates for our own account or for the account of our customers and, accordingly, may at any time hold a long or short position in such securities. In addition, we and our affiliates (including Citigroup Inc. and its affiliates) may maintain relationships with Charter, Liberty Broadband and their respective affiliates.

Our advisory services and the opinion expressed herein are provided for the information of the Board of Directors of Charter (the “Board”), in its capacity as such, in its evaluation of the proposed Merger, and our opinion is not intended to be and does not constitute a recommendation as to how the Board or any securityholder should vote or act on any matters relating to the proposed Merger or otherwise.

Based upon and subject to the foregoing, our experience as investment bankers, our work as described above and other factors we deemed relevant, we are of the opinion that, as of the date hereof, the Exchange Ratio set forth in the Merger Agreement is fair, from a financial point of view, to Charter.

Very truly yours,

/s/ CITIGROUP GLOBAL MARKETS INC.

CITIGROUP GLOBAL MARKETS INC.

<div align='center'>K-4</div>

#### TABLE OF CONTENTS

#### Annex L
November 12, 2024

The Board of Directors

Liberty Broadband Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

Members of the Board of Directors:

You have requested our opinion as to the fairness, from a financial point of view, to the Disinterested Stockholders (as defined below) of Liberty Broadband Corporation (the “Company”) of the Exchange Ratio (as defined below) in the proposed Merger (as defined below) of the Company with an indirect wholly-owned subsidiary of Charter Communications, Inc. (the “Acquiror”). Pursuant to the Agreement and Plan of Merger (the “Agreement”), among the Company, the Acquiror, Fusion Merger Sub 1, LLC, a wholly-owned subsidiary of the Acquiror (“Merger LLC”), and Fusion