Company: LBRDK
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001140361-25-000778
Chunk: 192

Company: Liberty Broadband Corp
Filing Date: 2025-01-10
Form: PRER14A
Chunk 192
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 based on market data as it existed before November 12, 2024. Some of these summaries of financial analyses include information presented in tabular format. In order to fully understand the financial analyses used by Citi, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. The analyses listed in the tables and described below must be considered as a whole. Assessing any portion of such analyses and of the factors reviewed, without considering all analyses and factors, could create a misleading or incomplete view of the process underlying Citi’s opinion. Furthermore, mathematical analysis is not in itself a meaningful method of using the data referred to below.

For purposes of its financial analysis and opinion, Citi utilized and relied upon the number of issued and outstanding shares of Charter and Liberty Broadband provided by, or approved for its use by, the management of Charter.

Net Asset Value

Citi calculated an estimate of net asset value of Liberty Broadband (excluding its interest in GCI, “

#### Adjusted NAV
”), based on information provided by Charter and Liberty Broadband (and approved for Citi’s use by Charter management).

First, Citi calculated the values of Liberty Broadband attributable to Liberty Broadband’s share interest in Charter by multiplying both the unaffected share price for Charter of $331.62 (the closing share price of Charter Class A common stock on September 23, 2024 (the date Liberty Broadband filed a Schedule 13D/A disclosing its receipt of and response to a proposal from Charter regarding a possible transaction)) (the “

#### Unaffected Share
<div align='center'>98</div>

TABLE OF CONTENTS

Price ”) and the pre-announcement share price for Charter of $396.04 (the closing share price of Charter Class A common stock on November 11, 2024) (the “Pre-Announcement Share Price ”) by the approximately 45.6 million shares of Charter held by Liberty Broadband, based on public filings and approved by Charter, to derive a total equity value for Liberty Broadband’s share interest in Charter of $15,109 million based on the Unaffected Share Price and $18,044 million based on the Pre-Announcement Share Price. To derive an estimate Adjusted NAVs for Liberty Broadband (excluding its interest in GCI), Citi then: (i) added the values of the Liberty Broadband’s share interest in Charter it calculated based on both the Unaffected