Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 666

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 666
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 and our affiliates have had commercial or investment banking relationships with Liberty Media Corporation (“LMC”), for which we and such affiliates have received customary compensation. Such services during such period have included acting as lead left arranger and lead bookrunner on three of LMC’s credit facilities in September 2024, acting as joint bookrunner on LMC’s offering of debt securities in April 2023 and acting as financial advisor to LMC in connection with the combination of Liberty SiriusXM Group with SiriusXM Holdings, Inc. in September 2024. In addition, we and/or our affiliates are currently providing investment banking services to LMC and/or certain of its affiliates, which services are unrelated to the engagement. We expect to receive customary compensation in connection with the foregoing which, considered in the aggregate and assuming such transactions are actually completed, are expected as of the date of this letter to be less than the success fee that we would receive from the Company pursuant to the engagement. In addition, our commercial banking affiliate is an agent bank and a lender under outstanding credit facilities of LMC, for which it receives customary compensation or other financial benefits. In addition, we and our affiliates hold, on a proprietary basis, less than 1% of the outstanding common stock of each of the Company and the Acquiror. In addition, we and our affiliates hold, on a proprietary basis the following percentages of tracking stocks issued by LMC: 2.06% of the tracking stock for Liberty Live Series A, less than 2% of the tracking stock for Liberty Live Series C and less than 1% of the tracking stocks for each of Liberty Live Series B, Liberty Formula One Series A, Liberty Formula One Series B and Liberty Formula One Series C. In the ordinary course of our businesses, we and our affiliates actively trade the debt and equity securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, LMC or the Acquiror for our own account or for the accounts of customers and, accordingly, we likely hold long or short positions in such securities or other financial instruments. On the basis of and subject to the foregoing, it is our opinion as of the date hereof that the Exchange Ratio in the proposed Merger is fair, from a financial point of view, to the Disinterested Stockholders. The issuance of this opinion has been approved by a fairness opinion committee of J.P. Morgan Securities LLC. This letter is provided to the Board of Directors of the Company (in its capacity as such) in connection with