----

----

| ARTICLE 1. | FORMATION AND DEFINITIONS | 1 |
|------------|---------------------------|---|

| 1.1 | Formation. | 1 |
|-----|------------|---|

| 1.2 | Name. | 1 |
|-----|-------|---|

| 1.3 | Members and Units. | 1 |
|-----|--------------------|---|

| 1.4 | Office and Agent. | 1 |
|-----|-------------------|---|

| 1.5 | Foreign Qualification. | 2 |
|-----|------------------------|---|

| 1.6 | Term. | 2 |
|-----|-------|---|

| 1.7 | Effective Date; Amendment and Restatement. | 2 |
|-----|--------------------------------------------|---|

| 1.8 | Definitions. | 2 |
|-----|--------------|---|

| ARTICLE 2. | PURPOSES AND POWERS | 11 |
|------------|---------------------|----|

| 2.1 | Principal Purposes. | 11 |
|-----|---------------------|----|

| 2.2 | Other Purposes. | 11 |
|-----|-----------------|----|

| 2.3 | Powers. | 11 |
|-----|---------|----|

| ARTICLE 3. | UNITS | 11 |
|------------|-------|----|

| 3.1 | Classes of Units. | 11 |
|-----|-------------------|----|

| 3.2 | Common Units. | 11 |
|-----|---------------|----|

| 3.3 | Profits Interest Units. | 12 |
|-----|-------------------------|----|

| 3.4 | Code Section 83(b) Election and Safe Harbor. | 13 |
|-----|----------------------------------------------|----|

| 3.5 | Reacquired Units. | 14 |
|-----|-------------------|----|

| 3.6 | Certificates. | 14 |
|-----|---------------|----|

| ARTICLE 4. | CAPITAL OF THE COMPANY | 15 |
|------------|------------------------|----|

| 4.1 | Initial Contributions. | 15 |
|-----|------------------------|----|

| 4.2 | Additional Contributions | 16 |
|-----|--------------------------|----|

| 4.3 | Capital Accounts. | 16 |
|-----|-------------------|----|

| 4.4 | Adjustments. | 16 |
|-----|--------------|----|

| 4.5 | Transfer. | 17 |
|-----|-----------|----|

| 4.6 | Market Value Adjustments. | 17 |
|-----|---------------------------|----|

| 4.7 | No Withdrawal of Capital. | 17 |
|-----|---------------------------|----|

| 4.8 | No Interest on Capital. | 17 |
|-----|-------------------------|----|

| 4.9 | No Drawing Accounts. | 17 |
|-----|----------------------|----|

| ARTICLE 5. | PROFITS AND LOSSES | 17 |
|------------|--------------------|----|

| 5.1 | Determination. | 17 |
|-----|----------------|----|

| 5.2 | Allocation of Profits and Losses Generally. | 17 |
|-----|---------------------------------------------|----|

| 5.3 | Nonrecourse Deductions. | 18 |
|-----|-------------------------|----|

| 5.4 | Minimum Gain Chargeback. | 18 |
|-----|--------------------------|----|

| 5.5 | Tax Allocations. | 18 |
|-----|------------------|----|

| 5.6 | Qualified Income Offset. | 18 |
|-----|--------------------------|----|

| 5.7 | Limit on Loss Allocations. | 19 |
|-----|----------------------------|----|

| 5.8 | § 754 Adjustments. | 19 |
|-----|-------------------------|----|

| 5.9 | Contributed Property. | 19 |
|-----|-----------------------|----|

| 5.10 | Tax Credits. | 19 |
|------|--------------|----|

| 5.11 | Gross Income Allocation. | 20 |
|------|--------------------------|----|

| 5.12 | Curative Allocations. | 20 |
|------|-----------------------|----|

| 5.13 | Allocation on Transfer. | 20 |
|------|-------------------------|----|

| ARTICLE 6. | DISTRIBUTIONS | 21 |
|------------|---------------|----|

| 6.1 | Distributions Generally. | 21 |
|-----|--------------------------|----|

| 6.2 | Payment. | 21 |
|-----|----------|----|

| 6.3 | Withholding. | 21 |
|-----|--------------|----|

| 6.4 | Distribution Limitations. | 21 |
|-----|---------------------------|----|

| 6.5 | Tax Distribution. | 21 |
|-----|-------------------|----|

| ARTICLE 7. | MANAGEMENT | 22 |
|------------|------------|----|

| 7.1 | Management | 22 |
|-----|------------|----|

| 7.2 | Appointment of Board of Managers | 23 |
|-----|----------------------------------|----|

| 7.3 | Procedural Requirements | 23 |
|-----|-------------------------|----|

| 7.4 | Officers. | 26 |
|-----|-----------|----|

| 7.5 | Annual Budget. | 26 |
|-----|----------------|----|

| 7.6 | Curative Provision. | 27 |
|-----|---------------------|----|

| ARTICLE 8. | LIABILITY OF A MEMBER | 27 |
|------------|-----------------------|----|

| 8.1 | Limited Liability. | 27 |
|-----|--------------------|----|

| 8.2 | Capital Contribution. | 27 |
|-----|-----------------------|----|

| 8.3 | Capital Return. | 27 |
|-----|-----------------|----|

| 8.4 | Reliance. | 28 |
|-----|-----------|----|

| ARTICLE 9. | INDEMNIFICATION | 28 |
|------------|-----------------|----|

| 9.1 | General. | 28 |
|-----|----------|----|

| 9.2 | Exception. | 28 |
|-----|------------|----|

| 9.3 | Expense Advancement. | 28 |
|-----|----------------------|----|

| 9.4 | Insurance. | 29 |
|-----|------------|----|

| 9.5 | Indemnification of Others. | 29 |
|-----|----------------------------|----|

| 9.6 | Exculpation. | 29 |
|-----|--------------|----|

| 9.7 | Rights Not Exclusive. | 29 |
|-----|-----------------------|----|

| ARTICLE 10. | ACCOUNTING AND REPORTING | 29 |
|-------------|--------------------------|----|

| 10.1 | Fiscal Year. | 29 |
|------|--------------|----|

| 10.2 | Tax Accounting Method. | 29 |
|------|------------------------|----|

| 10.3 | Tax Elections. | 29 |
|------|----------------|----|

| 10.4 | Returns. | 30 |
|------|----------|----|

| 10.5 | Reports; Annual Financial Statements; Regulatory Reporting Obligations.  | 30 |
|------|-------------------------------------------------------------------------------|----|

| 10.6 | Books and Records. | 30 |
|------|--------------------|----|

| 10.7 | Information. | 31 |
|------|--------------|----|

| 10.8 | Banking. | 31 |
|------|----------|----|

| 10.9 | Tax Matters; Tax Matters Partner. | 31 |
|------|-----------------------------------|----|

| 10.10 | Classification of Company as Partnership for Tax Purposes, Not State Law. | 32 |
|-------|---------------------------------------------------------------------------|----|

| ARTICLE 11. | DISSOLUTION | 32 |
|-------------|-------------|----|

| 11.1 | Dissolution. | 32 |
|------|--------------|----|

| 11.2 | Events of Withdrawal. | 33 |
|------|-----------------------|----|

| 11.3 | Continuation. | 33 |
|------|---------------|----|

| ARTICLE 12. | LIQUIDATION | 34 |
|-------------|-------------|----|

| 12.1 | Liquidation. | 34 |
|------|--------------|----|

| 12.2 | [Reserved]. | 34 |
|------|-------------|----|

| 12.3 | Priority of Payment. | 34 |
|------|----------------------|----|

| 12.4 | Liquidating Distributions. | 35 |
|------|----------------------------|----|

| 12.5 | No Restoration Obligation. | 35 |
|------|----------------------------|----|

| 12.6 | Timing. | 35 |
|------|---------|----|

| 12.7 | Liquidating Reports. | 35 |
|------|----------------------|----|

| 12.8 | Articles of Dissolution. | 35 |
|------|--------------------------|----|

| ARTICLE 13. | TRANSFER RESTRICTIONS | 36 |
|-------------|-----------------------|----|

| 13.1 | General Rule. | 36 |
|------|---------------|----|

| 13.2 | Permitted Transfers. | 36 |
|------|----------------------|----|

| 13.3 | Permitted Pledges. | 36 |
|------|--------------------|----|

| 13.4 | General Conditions on Transfer. | 36 |
|------|---------------------------------|----|

| 13.5 | Rights of Transferees. | 37 |
|------|------------------------|----|

| ARTICLE 14. | LIQUIDITY RIGHTS | 37 |
|-------------|------------------|----|

| 14.1 | Call Rights. | 37 |
|------|--------------|----|

| 14.2 | Put Rights. | 38 |
|------|-------------|----|

| 14.3 | Determination of Appraised Unit Value. | 38 |
|------|----------------------------------------|----|

| 14.4 | Closing Procedures. | 40 |
|------|---------------------|----|

| ARTICLE 15. | CERTAIN BUSINESS MATTERS | 41 |
|-------------|--------------------------|----|

| 15.1 | Distribution of Assets in Kind. | 41 |
|------|---------------------------------|----|

| 15.2 | Other Business Ventures. | 41 |
|------|--------------------------|----|

| 15.3 | Confidentiality. | 41 |
|------|------------------|----|

| ARTICLE 16. | GENERAL PROVISIONS | 42 |
|-------------|--------------------|----|

| 16.1 | Amendment. | 42 |
|------|------------|----|

| 16.2 | Representations. | 43 |
|------|------------------|----|

| 16.3 | Unregistered Interests. | 43 |
|------|-------------------------|----|

| 16.4 | Waiver of Alternative Withdrawal Rights. | 44 |
|------|------------------------------------------|----|

| 16.5 | Waiver of Partition Right. | 44 |
|------|----------------------------|----|

| 16.6 | Waivers Generally. | 44 |
|------|--------------------|----|

| 16.7 | Equitable Relief. | 44 |
|------|-------------------|----|

| 16.8 | Arbitration. | 44 |
|------|--------------|----|

| 16.9 | Remedies for Breach. | 45 |
|------|----------------------|----|

| 16.10 | Costs. | 45 |
|-------|--------|----|

| 16.11 | Counterparts. | 45 |
|-------|---------------|----|

| 16.12 | Notice. | 45 |
|-------|---------|----|

| 16.13 | Deemed Notice. | 45 |
|-------|----------------|----|

| 16.14 | Partial Invalidity. | 45 |
|-------|---------------------|----|

| 16.15 | Entire Agreement. | 46 |
|-------|-------------------|----|

| 16.16 | Benefit. | 46 |
|-------|----------|----|

| 16.17 | Further Assurances. | 46 |
|-------|---------------------|----|

| 16.18 | Headings. | 46 |
|-------|-----------|----|

| 16.19 | Terms. | 46 |
|-------|--------|----|

| 16.20 | Governing Law. | 46 |
|-------|----------------|----|

| 16.21 | No Tax Advice. | 46 |
|-------|----------------|----|

----

| Act:                              | the Alaska Revised Limited Liability Company Act, as amended from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Additional Contribution:          | a capital contribution (other than the Initial Contribution) that a Member makes to the Company with respect to any Units issued to such Member, as described in Section 4.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Adjusted Capital Account Deficit: | as to any Member, the deficit balance (if any) in such Member’s Capital Account as of the end of the Fiscal Year, after [a] crediting to such Capital Account any amount that such Member is obligated to restore pursuant to this Agreement or is deemed obligated to restore pursuant to the minimum gain chargeback provisions of the § 704(b) Regulations and [b] charging to such Capital Account any adjustments, allocations or distributions described in the qualified income offset provisions of the § 704(b) Regulations that are required to be charged to such Capital Account pursuant to this Agreement. |
| Adjusted Initial Capital Account: | as defined in Section 14.1[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Affiliate:                        | with respect to any Person, any Person that directly or indirectly Controls, is Controlled by, or is under common Control with, such Person. Notwithstanding the foregoing, for purposes of this Agreement (except for purposes of the definition of Third Party), neither the Company nor any of its direct or indirect subsidiaries will be deemed to be an Affiliate of any Member.                                                                                                                                                                                                                                                   |

| Agreement:                           | this Operating Agreement, also known as a limited liability company agreement, as amended from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| AKD Call Period:                     | as defined in Section 14.1[d].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| AKD Holdings:                        | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| AKD Holdings Contribution Agreement: | as defined in Section 4.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| AKD Holdings Member:                 | AKD Holdings and any successor to or Transferee of Units from AKD Holdings who is admitted as a Member pursuant to Article 13. If at any time there is more than one AKD Holdings Member, any allocations and Distributions to the AKD Holdings Member under this Agreement or any other rights or obligations of the AKD Holdings Member under this Agreement will be allocated among such AKD Holdings Members based upon the number of Units owned by each AKD Holdings Member as a percentage of the total number of Units owned by all AKD Holdings Members. |
| AKD Net Asset Value                  | as defined in the Reorganization Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| AKD Redemption Price:                | as defined in the Reorganization Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Annual Budget:                       | shall mean, as at any time, the Company’s then-effective annual operating and capital budget approved or otherwise in effect pursuant to Section 7.5.                                                                                                                                                                                                                                                                                                                                                                                                       |
| Appraised Unit Value                 | as defined in Section 14.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Articles:                            | the Articles of Organization referred to in Section 1.1, as amended from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Authorized Valuation Methodology:    | as defined in Section 14.3[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| Available Cash:    | as of any relevant date, the aggregate cash or cash equivalents of the Company on hand or on deposit with banks or financial institutions or held in any other form by the Company, less [i] the current portion of indebtedness of the Company, [ii] payments required to be paid by the Company within one year after the date of calculation, and [iii] reasonable reserves for working capital and contingent liabilities of the Company as reasonably determined by the Board of Managers.                                                                                                                                                                                                                                                                                                                                         |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bankruptcy:        | a Person will be deemed bankrupt if: [a] any proceeding is commenced against such Person as “debtor” for any relief under bankruptcy or insolvency laws, or laws relating to the relief of debtors, reorganizations, civil rehabilitations, arrangements, compositions, or extensions, or such Person becomes subject to procedures for provisional or final attachment in respect of all or a material portion of its assets, and [i] such proceeding is not dismissed or stayed within 120 days after such proceeding has commenced, or [ii] an order for relief against such Person is granted, or [b] such Person commences any proceeding for relief under bankruptcy or insolvency laws or laws relating to the relief of debtors, reorganizations, civil rehabilitations, arrangements, compositions, or extensions. |
| Board of Managers: | the governing body of the Company that has the power and authority set forth in Section 7.1, comprised of all of the Managers, as and when acting in their capacity as the Board of Managers of the Company as provided in this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Budget Committee:  | as defined in Section 7.5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Business Day:      | any day other than a Saturday, a Sunday or a day on which banking institutions in Anchorage, Alaska are required or authorized to be closed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Call Notice:       | as defined in Section 14.1[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Capital Account:   | the capital account of a Member established and maintained in accordance with Section 4.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

| Capital Contribution:            | any contribution (or deemed contribution) of money or property by a Member to the Company that is either an Initial Contribution or an Additional Contribution.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Change of Control:               | with respect to any subject Person means the first to occur of the following events: [i]any sale, lease, exchange, or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the subject Person to any Person or group of related Persons as determined pursuant to Section13(d) of the Securities Exchange Act of 1934, other than to one or more of its Affiliates; or [ii]any event pursuant to which any Person other than any Affiliates of the subject Person acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of more than 50% of the combined voting power of the then-outstanding voting securities of the subject Person; provided that no Change of Control with respect to the Company shall occur as a result of any of the transactions contemplated by the Reorganization Agreement. |
| Code:                            | The Internal Revenue Code of 1986, as amended from time to time, and the corresponding provisions of any subsequent revenue laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Commercially Reasonable Efforts: | reasonable efforts made by any party that will not require such party to undertake extraordinary or unreasonable measures to obtain any consents, approvals or other authorizations or to achieve other desired results, including requiring such party to make any material expenditures (other than normal filing fees or the like) or to accept any material changes in the terms of a contract, license or other instrument for which a consent, approval or authorization is sought.                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Common Units:                    | Units denominated as such and having the rights set forth in Section 3.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Company:                         | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Confidential Information:        | as defined in Section 15.3[b].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

| Control:           | including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”, as used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.                                                                                                                                                                                                                                                                                                                                                                |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Damages:           | as defined in Section 9.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Dissolution:       | the happening of any of the events described in Section 11.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Distribution:      | the amount of any money or the Fair Market Value of any property distributed by the Company to a Member as an operating or liquidating Distribution in accordance with this Agreement, reduced by the amount of any Company liabilities assumed by the distributee or to which the distributed property is subject.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| EBITDA Multiplier: | as defined in the Management Agreement and as adjusted from time to time pursuant to Section 5.1(d) of the Management Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Effective Date:    | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Fair Market Value: | the cash price at which a willing seller would sell and a willing buyer would buy, both having full knowledge of the relevant facts and being under no compulsion to buy or sell, in an arm’s-length transaction without time constraints. The Fair Market Value any asset will be the fair market value thereof as determined in good faith by the Board of Managers or, if requested by Notice given by any Member, as determined in accordance with the valuation procedure set forth in Section 14.3, which determination will be conclusive and binding; provided that any determination of the Fair Market Value of Units for purposes of determining the Appraised Unit Value of such Units will be governed in all respects by the provisions of Article 14. |
| 15% Coupon:        | as defined in Section 14.1[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Fire Lake:         | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| Fire Lake Member:                    | Fire Lake and any successor to or Transferee of Units from Fire Lake who is admitted as a Member pursuant to Article 13. If at any time there is more than one Fire Lake Member, any allocations and Distributions to the Fire Lake Member under this Agreement or any other rights or obligations of the Fire Lake Member under this Agreement will be allocated among such Fire Lake Members based upon the number of Units owned by each Fire Lake Member as a percentage of the total number of Units owned by all Fire Lake Members. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| First GCI Call Period:               | as defined in Section 14.1[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Fiscal Year:                         | the fiscal and taxable year of the Company, including both 12-month and short fiscal or taxable years; until changed as provided in this Agreement, each Fiscal Year will begin on January 1 of each year and end on December 31 of such year, provided that the first Fiscal Year will begin on the Effective Date and the last Fiscal Year will end on the date on which Liquidation of the Company is completed.                                                                                                                       |
| Former Operating Agreement:          | as defined in Section 1.7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| GAAP:                                | generally accepted accounting principles as in effect from time to time in the United States of America, consistently applied.                                                                                                                                                                                                                                                                                                                                                                                                            |
| GCI:                                 | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| GCI Member:                          | GCI and any successor to or Transferee of Units from GCI who is admitted as a Member pursuant to Article 13. If at any time there is more than one GCI Member, any allocations and Distributions to the GCI Member under this Agreement or any other rights or obligations of the GCI Member under this Agreement will be allocated among such GCI Members based upon the number of Units owned by each GCI Member as a percentage of the total number of Units owned by all GCI Members.                                                 |
| GCI Requested Financial Information: | as defined in Section 10.5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

| Governmental Approvals: | any consent, approval or authorization of, notice to, declaration of, or filing with, any Governmental Authority.                                                                                                                                                                                                                               |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Governmental Authority: | any foreign, domestic, federal, territorial, state or local governmental authority, quasi-governmental authority, court, government or self-regulatory organization, commission, tribunal, organization or any regulatory, administrative or other agency, or any political or other subdivision, department or branch of any of the foregoing. |
| Indemnified Persons:    | as defined in Section 9.1.                                                                                                                                                                                                                                                                                                                      |
| Initial Contribution:   | the initial Capital Contribution made (or deemed made) by a Member to the Company with respect to any Units issued to such Member, as described in Schedule 4.1.                                                                                                                                                                                |
| IRS Notice:             | as defined in Section 3.4[b].                                                                                                                                                                                                                                                                                                                   |
| Lien:                   | a mortgage, lien, pledge, collateral assignment, charge, title retention agreement, levy, execution, attachment, garnishment, security interest or other encumbrance.                                                                                                                                                                           |
| Limited Owner:          | as defined in Section 11.3.                                                                                                                                                                                                                                                                                                                     |
| Liquidation:            | the process of winding up and terminating the Company after its Dissolution.                                                                                                                                                                                                                                                                    |
| Losses:                 | as defined in Section 5.1.                                                                                                                                                                                                                                                                                                                      |
| Management Agreement:   | The Management Agreement entered into by and between the Company and Fire Lake as of the date hereof in the form attached hereto as Exhibit C.                                                                                                                                                                                                  |
| Manager:                | an individual appointed to serve on the Board of Managers in accordance with Section 7.2.                                                                                                                                                                                                                                                       |
| Members:                | each of the GCI Member, the Pacificom Member, the Red River Member, the Fire Lake Member and any other Person admitted as a Member pursuant to Article 13.                                                                                                                                                                                      |

| Non-GCI Members: | each of the AKD Holdings Member, the Pacificom Member and the Red River Member.                                |
|------------------|----------------------------------------------------------------------------------------------------------------|
| Notice:          | any written notice actually delivered pursuant to Section 16.12 or deemed delivered pursuant to Section 16.13. |

| Original Profits Interest Units: | as defined in Section 3.3[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Pacificom:                       | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Pacificom Member:                | Pacificom and any successor to or Transferee of Units from Pacificom who is admitted as a Member pursuant to Article 13. If at any time there is more than one Pacificom Member, any allocations and Distributions to the Pacificom Member under this Agreement or any other rights or obligations of the Pacificom Member under this Agreement will be allocated among such Pacificom Members based upon the number of Units owned by each Pacificom Member as a percentage of the total number of Units owned by all Pacificom Members. |
| Person:                          | an individual, corporation, partnership, limited liability company, trust, unincorporated organization or other entity.                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Presumed Tax Liability:          | for any Member for a Fiscal Year and any Fiscal Year prior thereto, an amount equal to the product of [a] the amount of taxable income allocated to such Member for that Fiscal Year and all Fiscal Years prior thereto and [b] the Presumed Tax Rate.                                                                                                                                                                                                                                                                                    |
| Presumed Tax Rate:               | the highest combined federal and state income tax rate applicable during such Fiscal Year to a natural person residing in Alaska, taxable at the highest marginal federal income tax rate and the highest marginal Alaska income tax rates, determined without regard to the adjustments provided for in Sections 67 and 68 of the Code.                                                                                                                                                                                                  |

| Proceeding:               | any threatened, pending, ongoing or completed action, suit or proceeding, whether formal or informal, and whether civil, administrative, investigative or criminal.                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Profits:                  | as defined in Section 5.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Profits Interest Units:   | Units denominated as such and having the rights set forth in Section 3.3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Put Notice:               | as defined in Section 14.2[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Qualified Appraiser       | as defined in Section 14.3[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Red River:                | as defined in the preamble.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Red River Member:         | Red River and any successor to or Transferee of Units from Red River who is admitted as a Member pursuant to Article 13. If at any time there is more than one Red River Member, any allocations and Distributions to the Red River Member under this Agreement or any other rights or obligations of the Red River Member under this Agreement will be allocated among such Red River Members based upon the number of Units owned by each Red River Member as a percentage of the total number of Units owned by all Red River Members. |
| Regulations:              | the Treasury Regulations (including temporary or proposed regulations) promulgated under the Code, as amended from time to time (including corresponding provisions of succeeding regulations).                                                                                                                                                                                                                                                                                                                                           |
| Regulatory Allocations:   | as defined in Section 5.12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Reorganization Agreement: | the Reorganization Agreement dated as of June 16, 2006 among the initial Members, the Company, and the members of Denali PCS, LLC.                                                                                                                                                                                                                                                                                                                                                                                                        |
| Representatives:          | as defined in Section 15.3[a].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Safe Harbor Units:        | as defined in Section 3.4[b].                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| Second GCI Call Period: | as defined in Section 14.1[b].                                                                                                                                                                                                           |
|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Tax Distribution:       | as defined in Section 6.5.                                                                                                                                                                                                               |
| Tax Matters Partner:    | as defined in Section 10.9.                                                                                                                                                                                                              |
| Third Party:            | means, with respect to any Person, any other Person that is not an Affiliate of such Person.                                                                                                                                             |
| Transfer:               | a direct or indirect sale, exchange, assignment, transfer or other disposition of a Unit or any interest therein (including the creation of a Lien on all or any part of a Unit), whether voluntary, involuntary or by operation of law. |
| Transferee:             | a Person to whom a Unit is Transferred in compliance with this Agreement.                                                                                                                                                                |
| Transferor:             | a Person who Transfers a Unit in compliance with this Agreement.                                                                                                                                                                         |
| Unit:                   | as defined in Section 3.1.                                                                                                                                                                                                               |
| Vote:                   | the action of the Members made in accordance with the voting requirements set forth in Article 7 or any other applicable provision of this Agreement, either at a meeting or by written consent without a meeting.                       |
| Withdrawal:             | the occurrence of an event which terminates membership in the Company, as provided in Section 11.2.                                                                                                                                      |

| [i]   | Annual Meeting of Members.  An annual meeting of the Members will be held on such date and at time as may be determined by the Board of Managers.  The purpose of the annual meeting is to review the Company’s operations for the preceding Fiscal Year and to transact such other business as may come before the meeting.  The failure to hold any annual meeting has no adverse effect on the continuance of the Company. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [ii]   | Special Meetings.  Special meetings of the Members, for any purpose or purposes, may be called by the Board of Managers or by any Member or Members owning at least 10% of the Units then outstanding. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [iii]   | Meetings of the Board of Managers.  The Board of Managers will meet from time to time at the request of any Manager. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------|

| [iv]   | Place.  The person calling a meeting of Members or of the Board of Managers may designate the place of the meeting.  If the place so designated for a meeting of Members is not in the Anchorage, Alaska metropolitan area and for a meeting of the Board of Managers is not in the Anchorage, Alaska or Memphis, Tennessee metropolitan area, then such location must be agreed in the case of a Member meeting, by Members who own more than 50% of the Units then outstanding, and in the case of a Board of Managers meeting, by all   of the Managers.  If no designation is made by a person calling a meeting of Members or the Board of Managers, the place of meeting will be the Company’s principal place of business. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [v]   | Notice.  Notice of any Board of Managers or Members meeting must be given not less than three Business Days nor more than 30 days before the date of the meeting.  Such Notice must state the place, day and hour of the meeting and, in the case of a special Members meeting, the purpose for which the meeting is called. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [vi]   | Waiver of Notice.  Any Member or Manager may waive, in writing, any Notice required to be given to such Member or Manager, whether before or after the meeting or other event to which such Notice relates.  Attendance by a Member or Manager at a meeting will constitute a waiver of notice of the meeting, unless the Member or Manager attends the meeting for the sole and express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [vii]   | Record Date.  For the purpose of determining Members entitled to Notice of and to vote at any meeting of Members, or to sign any written consent, the last Business Day before the day on which such Notice or consent is first transmitted to the Members will be the record date.  Any such determination of Members entitled to vote at any meeting of Members will apply to any adjournment of a meeting. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [viii]   | Quorum.  A quorum at any meeting of Members will consist of Members who own more than 90% of the outstanding Units on the record date for the meeting (which Members may be in attendance in person, by proxy, by telephone or by video conference).  A quorum at any meeting of the Board of Managers will consist of a majority of the number of directors fixed by the Board of Managers pursuant to Section 7.2 (which Managers may be in attendance in person, by proxy, by telephone or by video conference).  Any Board of Managers or Members meeting at which a quorum is not present may be adjourned to a specified place, day and hour without further Notice. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [ix]   | Proxies.  At any meeting of Members or the Board of Managers, a Member or a Manager may vote in person or by written proxy given to another Member or Manager.  Such proxy must be signed by the Member or Manager, or by a duly authorized attorney-in-fact, and must be filed with the Company before or at the time of the meeting.  No proxy will be valid after eleven months from the date of its signing unless otherwise provided in the proxy.  Attendance at the meeting by the Member or Manager giving the proxy will revoke the proxy during the period of attendance. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [x]   | Meetings by Telephone or Video.  The Members and the Managers may participate in a meeting by means of conference telephone or video or similar communications equipment by which all Members or Managers participating in the meeting can hear each other at the same time.  Such participation will constitute presence in person at the meeting and waiver of any required Notice.  The Company will take all reasonable steps to ensure that Members and Managers are able to participate by telephone or video conference in meetings of Members and meetings of the Board of Managers, respectively. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [xi]   | Observers.  The Board of Managers will permit any individuals designated by the GCI Member or the AKD Holdings Member to be observers at any meetings of the Board of Managers, except that the AKD Holdings Member can not designate any person to be an observer if such person serves on the board of directors or comparable governing body of a communications company that competes with GCI. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

----

|   |   |   |
|--------|--------|--------|

----

| D | Examples of Adjustments to Common Units and Profits Interest Units Outstanding |
|---|--------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

----

| Members                                                                                                                                                                                                                                                                                                                                   | Unit Ownership             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  Corporate Counsel With a copy of any Notice to: General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  General Manager & Executive Vice President  | 1,600 Common Units              |
| AKD Holdings, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                      | 1,999 Common Units    |
| Red River Wireless, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                | 0.2848 Common Units   |
| Pacificom Holdings II, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                             | 0.7152 Common Units             |

|   |   |   |
|--------|--------|--------|

----

| Members                                                                                                                                                                                                                                                                                                                                         | Unit Ownership             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  Corporate Counsel With a copy of any Notice to: General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676 Attn:  General Manager & Executive Vice President  | 1,595.5 Common Units            |
| AKD Holdings, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts LXXXVII. With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                              | 1,999 Common Units    |
| Red River Wireless, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                 | 0.2848 Common Units   |
| Pacificom Holdings II, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                   | 0.7152 Common Units             |

|   |   |   |
|--------|--------|--------|

----

| Members                                                                                                                                                                                                                                                                                                                                   | Unit Ownership    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
| General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  Corporate Counsel With a copy of any Notice to: General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  General Manager & Executive Vice President  | 2,945.5 Common Units   |
| AKD Holdings, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                 | 650 Common Units  |

|   |   |   |
|--------|--------|--------|

----

| Members                                                                                                                                                                                                                                                                                                                                   | Unit Ownership          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
| General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  Corporate Counsel With a copy of any Notice to: General Communication, Inc.2550 Denali Street, Suite 1000Anchorage, AK 99503Fax: (907) 868-5676Attn:  General Manager & Executive Vice President  | 2,945.5 Common Units         |
| AKD Holdings, LLC5350 Poplar Avenue, Suite 875Memphis, TN 38119Fax:  (901) 763-3369Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                      | 650 Common Units   |
| Fire Lake Partners, L.L.C.3127 Commercial DriveAnchorage, AK 99501 Fax:Attn: Stephen M. Roberts With a copy of any Notice to: Jack S. Magids, Esq.The Bogatin Law Firm, PLC1661 International Place Drive, Suite 300Memphis, Tennessee 38120-1431Fax: (901) 767-2803                                                       | 229.5 Profits Interest Units |

|   |   |   |
|--------|--------|--------|

----

| Members                      |   | Agreed Fair Market Value of Deemed Initial Contribution                                           |
|-----------------------------------|--------|--------------------------------------------------------------------------------------------------------|
| General Communication, Inc.  |   | $16,000,000.00                                                                                    |
| AKD Holdings, LLC            |   | $20,034,789.59                                                                                    |
| Red River Wireless, LLC      |   | $         2,854.38                                   |
| Pacificom Holdings II, LLC   |   | $         7,168.03                                   |
| Fire Lake Partners, L.L.C.   |   | $                0.00  |
| Total                        |   | $36,044,812.00                                                                                    |

|   |   |   |
|--------|--------|--------|

----

| Members                      |   | Agreed Fair Market Value of Deemed Initial Contribution                                           |
|-----------------------------------|--------|--------------------------------------------------------------------------------------------------------|
| General Communication, Inc.  |   | $29,530,248.00                                                                                    |
| AKD Holdings, LLC            |   | $  6,514,563.90                                                                         |
| Fire Lake Partners, L.L.C.   |   | $                0.00  |
| Total                        |   | $36,044,812.00                                                                                    |

|   |   |   |
|--------|--------|--------|

----

|   |   |   |
|--------|--------|--------|

----

|   |   |   |
|--------|--------|--------|

----

| ( |   |   |
|---|--------|--------|

----

|   |   |   |
|--------|--------|--------|

----

|   |   |   |
|--------|--------|--------|

----