Company: LBRDK
Filing Date: 2025-01-17
Form Type: PRER14A
Source: 0001140361-25-001417
Chunk: 205

Company: Liberty Broadband Corp
Filing Date: 2025-01-17
Form: PRER14A
Chunk 205
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port to be a complete description of the analyses or data presented by J.P. Morgan. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P. Morgan’s analyses.

Illustrative Pro Forma Value Creation Analysis. J.P. Morgan conducted an illustrative pro forma value creation analysis to the Disinterested Stockholders (as such term is defined in J.P. Morgan’s written opinion) that compared the unaffected blended closing share price of Liberty Broadband common stock as of September 23, 2024, the last trading day prior to the public announcement of Charter’s non-binding proposal for a transaction with Liberty Broadband, to the estimated implied equity value per share of Liberty Broadband common stock to the Disinterested Stockholders (as such term is defined in J.P. Morgan’s written opinion), pro forma for the combination.

J.P. Morgan calculated the estimated pro forma share price of Charter (the “

#### PF Charter Share Price
”) by calculating the quotient of (i) the difference of (a) the estimated implied equity value of Charter on a stand-alone basis of approximately $53,137 million, based on publicly available information as of the unaffected date of September 23, 2024, minus (b) the value of certain net liabilities of Liberty Broadband assumed by Charter of approximately $2,491 million, minus (c) the estimated make-whole fundamental changes payment on the 3.125% exchangeable senior debentures due 2054 of approximately $150 million, minus (d) the amount of certain tax liabilities related to the GCI divestiture of approximately $400 million, minus (e) net debt increase of Liberty Broadband attributable to cash settlements of certain stock awards of approximately $13 million, and minus (f) the net asset value of certain of Liberty Broadband’s corporate assets and liabilities of approximately $114 million, divided by (ii) the estimated pro forma fully diluted shares outstanding of Charter.

J.P. Morgan then calculated the estimated pro forma implied equity value per share of Liberty Broadband common stock by calculating the quotient of (i) the product of (a) the estimated pro forma shares of Charter that Liberty Broadband stockholders would receive as implied by the exchange ratio, multiplied by (b) the PF Charter

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#### TABLE OF CONTENTS
Share Price, based on J.P. Morgan’s calculations of the