# EDGAR Filing Document

**Accession Number:** 0002057463
**File Stem:** 0001104659-25-064936
**Filing Date:** 2025-7
**Character Count:** 794605
**Document Hash:** 65bec513c17b8f07f7d809d9764d71ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064936.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064936

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GCI Liberty, Inc.
- **CENTRAL INDEX KEY:** 0002057463
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286272
- **FILM NUMBER:** 251098167

**BUSINESS ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** 7208755700

**MAIL ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

[**TABLE OF CONTENTS**](#TOC)

#### Filed pursuant to Rule 424(b)(3)

#### Registration No. 333-286272
![[MISSING IMAGE: lg_gciliberty-4c.jpg]](lg_gciliberty-4c.jpg)

### GCI Liberty, Inc.

### Series A GCI Group Common Stock

### Series B GCI Group Common Stock

### Series C GCI Group Common Stock
GCI Liberty, Inc., a Nevada corporation (the "**Company**," "**GCI Liberty**," "**we**," "**us**" or "**our**"), is currently a wholly owned subsidiary of Liberty Broadband Corporation, a Delaware corporation ("**Liberty Broadband**"). GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC, a Delaware limited liability company ("**GCI, LLC**"), and its subsidiaries (the "**GCI Business**"). GCI, LLC, through its subsidiaries, provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under the GCI brand. Immediately following the separation, as described herein, GCI Liberty will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in us.

This prospectus ("**prospectus**") is being furnished to you as a holder of shares of common stock of Liberty Broadband in connection with the planned contribution of the GCI Business by Liberty Broadband to GCI Liberty and the divestiture of GCI Liberty pursuant to a distribution (the "**distribution**") by Liberty Broadband to the holders of record of Liberty Broadband common stock (as defined below), as of the record date for the distribution, of all the shares of GCI Group common stock (as defined below) held by Liberty Broadband immediately prior to the distribution (collectively, the "**separation**"). As of immediately prior to the time of the distribution, Liberty Broadband will hold all outstanding shares of the common stock of GCI Liberty, and the only outstanding shares of common stock of GCI Liberty will be the GCI Group common stock. The separation is being effected as a condition to, and as part of a plan of reorganization, involving the Charter combination (as defined below).

At the time of the distribution, Liberty Broadband will distribute all the shares of GCI Group common stock held by Liberty Broadband to holders of record of Liberty Broadband common stock as of the record date for the distribution. If all conditions to the distribution are satisfied or, if permissible, waived, at 4:30 p.m., New York City time, on July 14, 2025 (as the same may be extended by the Liberty Broadband board of directors (the "**Liberty Broadband board**")) (such date and time, the "**distribution date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series A common stock, par value $0.01 per share (the "**Liberty Broadband Series A common stock**" or "**LBRDA**"), held by you as of 5:00 p.m., New York City time, on June 30, 2025, the record date for the distribution (the "**record date**"), subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series A GCI Group common stock, par value $0.01 per share (the "**Series A GCI Group common stock**" or "**GLIBA**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series B common stock, par value $0.01 per share (the "**Liberty Broadband Series B common stock**" or "**LBRDB**"), held by you as of the record date, subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series B GCI Group common stock, par value $0.01 per share (the "**Series B GCI Group common stock**" or "**GLIBB**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series C common stock, par value $0.01 per share (the "**Liberty Broadband Series C common stock**" or "**LBRDK**", and together with the Liberty Broadband Series A common stock and Liberty Broadband Series B common stock, the "**Liberty Broadband common stock**") held by you as of the record date, subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series C GCI Group common stock, par value $0.01 per share (the "**Series C GCI Group common stock**" or "**GLIBK**", and together with the Series A GCI Group common stock and the Series B GCI Group common stock, the "**GCI Group common stock**").

Holders of record of GLIBA will be entitled to one vote for each share of such stock and holders of record of GLIBB will be entitled to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of GLIBK will not be entitled to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of GLIBK will be entitled to 1/100 of a vote per share.

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 *Immediately upon the completion of the separation, GCI Liberty will not have a tracking stock structure, and GCI Group common stock will not be a tracking stock. However, under the terms of GCI Liberty's amended and restated articles of incorporation, GCI Group common stock will have features that are consistent with tracking stocks, and it may become a tracking stock without the approval of GCI Liberty's stockholders. See "Questions and Answers — Is GCI Group common stock a tracking stock?" "Description of Our Capital Stock — Group Policies," "Risk Factors — Factors Relating to Ownership of GCI Group Common Stock and the Securities Market — If the GCI Liberty board determines to issue the shares of Ventures Group common stock, GCI Group common stock will become a tracking stock and a tracking stock structure may cause market confusion," "— If the GCI Liberty board decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the GCI Liberty board may make decisions that could adversely affect only some holders of GCI Liberty's common stock," "— Holders of shares of stock relating to a particular group may not have any remedies if any action by GCI Liberty's directors or officers has an adverse effect on only that stock, or on a particular series of that stock," "— GCI Liberty may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or GCI Liberty's restated articles)," "— The GCI Liberty board may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of your investment and possibly diluting your economic interest in GCI Liberty, which could result in a loss in value to you," "— Our multi-series voting structure and potential tracking stock structure may limit your ability to influence corporate matters and future issuances of GCI Group common stock or Ventures Group common stock may further dilute the voting power of shares of GCI Group common stock" and "— Holders of the common stock of tracking stock groups will vote together and will have limited separate voting rights."* 

No shares of GCI Liberty common stock are being distributed to holders of the Liberty Broadband Series A cumulative redeemable preferred stock, par value $0.01 per share ("**Liberty Broadband preferred stock**" or "**LBRDP**"). The distribution will be made in book-entry form by a distribution agent. Cash (with no interest) will be paid in lieu of fractional shares of GCI Group common stock. For U.S. federal income tax purposes, the distribution will generally be treated as a taxable transaction to Liberty Broadband and holders of Liberty Broadband common stock. For more information regarding the U.S. federal income tax considerations of the distribution, see "*U.S. Federal Income Tax Considerations*." Based on the numbers of shares of LBRDA, LBRDB and LBRDK outstanding as of the record date, we expect to distribute approximately 3.7 million shares of GLIBA, 0.4 million shares of GLIBB, and 24.6 million shares of GLIBK to holders of existing shares of LBRDA, LBRDB and LBRDK, respectively, on the record date for the distribution. For information regarding the security ownership of certain beneficial owners and management, including John C. Malone, who is expected to serve as the Chairman of the board of directors of GCI Liberty and to beneficially own shares of GCI Group common stock representing approximately 52.4% of the voting power of the GCI Group common stock immediately following the separation, see "*Security Ownership of Certain Beneficial Owners and Management*."

On November 12, 2024, Liberty Broadband entered into an Agreement and Plan of Merger (the "**Charter merger agreement**") with Charter Communications, Inc., a Delaware corporation ("**Charter**"), and certain of its subsidiaries, whereby, subject to the terms thereof, Charter has agreed to acquire Liberty Broadband in an all-stock transaction (the "**Charter combination**").

On May 16, 2025, Liberty Broadband entered into a side letter (the "**Charter side letter**") with Charter and certain of its subsidiaries, whereby, subject to the terms thereof, the parties thereto agreed that completion of the Charter combination will occur on the earlier of (a) immediately prior to the closing of the transactions contemplated by that certain Transaction Agreement, dated as of May 16, 2025 (the "**Cox transaction agreement**"), by and among Charter, Cox Enterprises, Inc. and Charter Communications Holdings, LLC (the "**Cox transactions**"), (b) the later of (i) June 30, 2027 and (ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement, and (c) solely if the Cox transaction agreement is terminated in accordance with its own terms (the "**Cox transaction termination**"), at Liberty Broadband's election, the later of (i) the tenth (10th) business day after the Cox transaction termination and (ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement. The Charter combination is conditioned on, among other things, the completion of the separation, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation. However, the separation is not conditioned on the completion of the Charter combination and, accordingly, the separation may occur even if the Charter merger agreement is terminated or the Charter combination will otherwise not be consummated. For more information, see "*Certain Relationships and Related Party Transactions — Charter Combination*."

As part of the separation, and prior to the completion of the distribution, Liberty Broadband and its subsidiaries will complete an internal reorganization (the "**internal reorganization**") in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, par value $0.01 per share (the "**GCI Liberty non-voting preferred stock**"), and the assumption by GCI Liberty of certain liabilities related to the GCI Business (collectively, the ''**contribution**"). On May 5, 2025, Liberty Broadband entered into a Series A Preferred Stock Purchase Agreement with GCI Liberty, and each of Janus Henderson Income ETF, a series of the Detroit Street Trust, a Delaware Business Trust, and Janus Henderson Multi-Sector Income Fund, a series of the Janus Investment Fund, a Massachusetts Business Trust (such Janus entities, collectively, the "**preferred purchasers**"), whereby, subject to the terms thereof, Liberty

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Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million (the "**preferred stock sale**"), with such preferred stock sale being a part of the internal reorganization and being completed following the contribution but prior to the distribution. The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. The businesses and assets that will remain at Liberty Broadband following the separation will consist of the remainder of its businesses and assets not included in the internal reorganization and the distribution, including Liberty Broadband's interest in Charter. For more information, see "*The Separation — Internal Reorganization*." Following the internal reorganization and prior to the distribution, GCI Liberty will effect a reclassification of GCI Liberty's existing common stock into a sufficient number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock to complete the distribution. For more information, see "*The Separation — Reclassification*." To accomplish the separation, Liberty Broadband will effect the distribution.

Until the distribution occurs, Liberty Broadband will own all of the outstanding common stock of GCI Liberty. Consequently, subject to Liberty Broadband's agreement to consummate the distribution pursuant to, and subject to the terms and conditions of, the Charter merger agreement and the separation and distribution agreement (as defined below) (and subject to the satisfaction or, if permissible, waiver of the conditions to the distribution, including the preferred stock sale), Liberty Broadband will have the sole and absolute discretion to determine and change the terms of the separation (or to terminate the separation); provided, that, if the Charter merger agreement has not been terminated, such change or termination will require the prior written consent of Charter. Cash (with no interest) will be paid in lieu of fractional shares of GCI Group common stock.

The distribution will be effective as of the distribution date. Immediately after the distribution, GCI Liberty will be an independent publicly traded company. There is no current trading market for GCI Group common stock, although we expect that a limited market, commonly known as a "when-issued" trading market, will develop on or shortly before the record date for the distribution, and we expect "regular-way" trading of GCI Group common stock to begin on the first trading day after the distribution is completed. If you sell your shares of Liberty Broadband common stock in the "regular-way" market after the record date and on or before the distribution date, you also will be selling your right to receive shares of GCI Group common stock in connection with the distribution. The Series A GCI Group common stock and Series C GCI Group common stock are expected to be listed on the Nasdaq Global Select Market under the symbols "GLIBA" and "GLIBK," respectively. The Series B GCI Group common stock is expected to be quoted on the OTC Markets under the symbol "GLIBB." Following the distribution, the number and series of shares of Liberty Broadband common stock you own will not change as a result of the distribution, and Liberty Broadband Series A common stock and Liberty Broadband Series C common stock will continue to trade on the Nasdaq Global Select Market under the symbol "LBRDA" and "LBRDK", respectively, and Liberty Broadband Series B common stock will continue to be quoted on the OTC Markets under the symbol "LBRDB", in each case, unless and until the Charter combination is consummated.

Holders of Liberty Broadband common stock are not required to vote on the separation, but you are urged to read this entire prospectus carefully. You are not being asked for a proxy and you are not required to send a proxy to Liberty Broadband. You do not need to pay any consideration, exchange or surrender your existing shares of Liberty Broadband common stock or take any other action to receive your shares of GCI Group common stock to the extent you are entitled to receive such shares. Please do not send in your Liberty Broadband stock certificates. Separately, a vote of holders of LBRDA, LBRDB and LBRDP was obtained to approve the adoption of the Charter merger agreement in connection with the Charter combination. Liberty Broadband had separately made available to holders of Liberty Broadband common stock and Liberty Broadband preferred stock a joint proxy statement/prospectus in connection with the vote and the issuance of shares of Charter capital stock in the Charter combination.

#### In reviewing this prospectus, you should carefully consider the matters described in the section titled " Risk Factors " beginning on page 21 of this prospectus.
 **NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

#### This prospectus is not an offer to sell, or a solicitation of an offer to buy, any securities.

#### WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

#### The date of this prospectus is July 1, 2025

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[**TABLE OF CONTENTS**](#TOC)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS](#tCSCF)  | [i](#tCSCF) |
| [QUESTIONS AND ANSWERS](#tQAA)  | [1](#tQAA) |
| [SUMMARY](#tSUM)  | [14](#tSUM) |
| [RISK FACTORS](#tRIFA)  | [21](#tRIFA) |
| [THE SEPARATION](#tTHSE)  | [49](#tTHSE) |
| [U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tUFI)  | [59](#tUFI) |
| [USE OF PROCEEDS](#tUOP)  | [68](#tUOP) |
| [CAPITALIZATION](#tCAP)  | [69](#tCAP) |
| [BUSINESS](#tBUS)  | [70](#tBUS) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [86](#tMDAA) |
| [MANAGEMENT](#tMAN)  | [102](#tMAN) |
| [EXECUTIVE COMPENSATION](#tEXCO)  | [107](#tEXCO) |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#tSOOC)  | [110](#tSOOC) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [115](#tCRAR) |
| [DESCRIPTION OF OUR CAPITAL STOCK](#tDES)  | [131](#tDES) |
| [LEGAL MATTERS](#tLEMA)  | [144](#tLEMA) |
| [EXPERTS](#tEXP)  | [144](#tEXP) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [145](#tWYCF) |
| [INDEX TO FINANCIAL STATEMENTS](#tITFS)  | [F-1](#tITFS) |

---

#### Presentation of Information
Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The information included in this prospectus about GCI Liberty, including the audited historical combined financial statements of GCI Liberty, which primarily comprise the assets and liabilities of GCI, LLC, a Delaware limited liability company ("**GCI, LLC**"), and its subsidiaries, assumes the completion of the separation (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • References in this prospectus to the "**Company**," "**GCI Liberty**," "**we**," "**us**," and "**our**" refer to GCI Liberty, Inc., a Nevada corporation, and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • References in this prospectus to "**Liberty Broadband**" refer to Liberty Broadband Corporation, a Delaware corporation, and its consolidated subsidiaries, including GCI, LLC and GCI Liberty prior to completion of the separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • References in this prospectus to the "**GCI Business**" refer to 100% of the outstanding equity interests in GCI, LLC and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • References in this prospectus to the "**separation**" and to the "**spin-off**" refer to the various steps of the separation, including the internal reorganization (including the preferred stock sale), the reclassification and the distribution (each as separately defined herein), which will result in, among other things, GCI Liberty becoming an independent publicly traded company with its initial businesses, assets and liabilities consisting of the GCI Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • References in this prospectus to the "**distribution**" refer to the divestiture of GCI Liberty pursuant to a distribution by Liberty Broadband to the holders of record of Liberty Broadband common stock (as defined herein) as of the record date for the distribution of all the shares of GCI Group common stock (as defined herein) held by Liberty Broadband as of the effective time of the distribution.

References in this prospectus to GCI Liberty's historical assets, liabilities, products, businesses or activities generally refer to the historical assets, liabilities, products, businesses or activities of the GCI Business, as conducted through the subsidiaries of GCI, LLC, as the business was conducted as part of Liberty Broadband prior to the separation.

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#### CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This prospectus contains "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. Words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," or the negative of such terms or other variations thereof, and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include statements regarding the spin-off as well as the future financial and operating results, plans, objectives, expectations and intentions of GCI Liberty and Liberty Broadband. In addition to the risk factors described herein under the heading "*Risk Factors*", the following are some but not all of the factors that could cause actual results or events to differ materially from those expressed or implied by such statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition faced by us that may reduce our market share and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • customer demand for our products and services and our ability to adapt to changes in demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse economic conditions in the U.S. and inflationary pressures on input costs and labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in, or failure or inability to comply with, government regulations and legislation, including, without limitation, regulations of the Federal Communications Commission (the "**FCC**"), and adverse outcomes from regulatory proceedings and court cases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain or maintain roaming services needed from other carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to stay abreast of new technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain necessary communications equipment from third-party vendors to meet customer needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • natural or man-made disasters or terrorist attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to protect the security of personal information about our customers, subjecting us to potentially costly government enforcement actions or private litigation and reputational damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain additional financing, or refinance or renew our existing indebtedness on acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of our significant indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to generate cash to service our debt and to meet other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an active trading market for GCI Group common stock may not develop or be sustained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of events involving the assets and business market value of the GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the unfavorable outcome of pending or future legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the additional costs we will incur as a result of our separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Broadband and we may not realize the potential benefits from the spin-off in the near term or at all; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the possibility that the spin-off may not occur, and, if it occurs, it may not occur on the terms described in this prospectus.

These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this prospectus, and Liberty Broadband and GCI Liberty expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based except to the extent necessary to amend and properly disseminate revised information in the event that the existing disclosure regarding the spin-off materially changes or as otherwise required by law or applicable rule or regulation. When considering such forward-looking statements, you should keep in mind the factors described in "*Risk Factors*" and other cautionary statements contained in this document. Such risk factors and statements describe circumstances which could cause actual results to differ materially from those contained in any forward-looking statement. Where, in any forward-looking statement, Liberty Broadband or GCI Liberty expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished.

i

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#### QUESTIONS AND ANSWERS
 *The questions and answers below highlight certain information contained elsewhere in this prospectus and may not contain all of the information that is important to you. To understand fully and for a more complete description of the terms and conditions of the spin-off, you should read this prospectus in its entirety, including the information presented under the section titled "Risk Factors" and the combined financial statements and related notes.* 

#### Q:

#### What is GCI Liberty and why is Liberty Broadband separating the GCI Business and distributing GCI Group common stock?
**A:**

GCI Liberty, which is currently a wholly owned subsidiary of Liberty Broadband, was formed to own Liberty Broadband's GCI Business. The separation of GCI Liberty from Liberty Broadband is intended, among other things, to better position GCI Liberty to pursue opportunities for long-term growth and profitability unique to its own business and to enable it to more effectively implement its own distinct capital structure and capital allocation strategies. Additionally, the completion of the separation is a condition to the Charter combination under the Charter merger agreement (each as defined below), and the Charter merger agreement was entered into by Liberty Broadband with the view that the Charter combination would present a mutually beneficial opportunity to rationalize the capital structure of both companies entering into the merger and reduce the trading discount associated with Liberty Broadband common stock. Accordingly, unless validly waived by Charter Communications, Inc., a Delaware corporation ("**Charter**"), or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed.

#### Q:

#### Why am I receiving this document?
**A:**

Liberty Broadband and GCI Liberty are making this document available to you because you are a holder of shares of Liberty Broadband common stock as of the date hereof. However, only holders of record on the record date for the distribution will be entitled to receive the distribution. At the time of the distribution, and after giving effect to the reclassification (as defined below), as part of the separation, Liberty Broadband will distribute all the shares of GCI Group common stock held by Liberty Broadband to holders of record of Liberty Broadband common stock on the record date for the distribution. As of immediately prior to the time of the distribution, Liberty Broadband will hold all outstanding shares of the common stock of GCI Liberty, and the only outstanding shares of common stock of GCI Liberty will be the GCI Group common stock.

If all conditions to the distribution are satisfied or, if permissible, waived, at 4:30 p.m., New York City time, on July 14, 2025 (as the same may be extended by the Liberty Broadband board) (such date and time, the "**distribution date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series A common stock, par value $0.01 per share (the "**Liberty Broadband Series A common stock**" or "**LBRDA**"), held by you as of 5:00 p.m., New York City time, on June 30, 2025, the record date for the distribution (the "**record date**"), subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series A GCI Group common stock, par value $0.01 per share (the "**Series A GCI Group common stock**" or "**GLIBA**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series B common stock, par value $0.01 per share (the "**Liberty Broadband Series B common stock**" or "**LBRDB**"), held by you as of the record date, subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series B GCI Group common stock, par value $0.01 per share (the "**Series B GCI Group common stock**" or "**GLIBB**"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for each whole share of Liberty Broadband Series C common stock, par value $0.01 per share (the "**Liberty Broadband Series C common stock**" or "**LBRDK**", and together with the Liberty Broadband Series A common stock and Liberty Broadband Series B common stock, the "**Liberty Broadband common stock**"), held by you as of the record date, subject to the declaration of the dividend for the distribution, you will receive 0.20 of a share of Series C GCI Group common stock, par value $0.01 per share (the "**Series C GCI Group common stock**" or "**GLIBK**", and together with the Series A GCI Group common stock and the Series B GCI Group common stock, the "**GCI Group common stock**").

Cash (with no interest) will be paid in lieu of fractional shares of GCI Group common stock. For U.S. federal income tax purposes, the distribution will generally be treated as a taxable transaction to Liberty Broadband and holders of Liberty Broadband common stock. For more information regarding the U.S. federal income tax considerations of the distribution, see "*U.S. Federal Income Tax Considerations*." This document will help you understand how the separation, including the distribution, will affect your post-separation ownership in Liberty Broadband and GCI Liberty.

#### Q:

#### What does the GCI Business include?
**A:**

Immediately following the internal reorganization (as defined below), the GCI Business will include 100% of the equity interests in GCI, LLC and its subsidiaries. GCI, LLC, through its subsidiaries, provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under the GCI brand.

#### Q:

#### What is the internal reorganization?
**A:**

As part of the separation, and prior to the completion of the distribution, Liberty Broadband and its subsidiaries will complete an internal reorganization (the "**internal reorganization**") in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, par value $0.01 per share (the "**GCI Liberty non-voting preferred stock**"), and the assumption by GCI Liberty of liabilities related to the GCI Business (collectively, the ''**contribution**"). On May 5, 2025, Liberty Broadband entered into a Series A Preferred Stock Purchase Agreement (the ''**preferred stock purchase agreement**") with GCI Liberty, and each of Janus Henderson Income ETF, a series of the Detroit Street Trust, a Delaware Business Trust, and Janus Henderson Multi-Sector Income Fund, a series of the Janus Investment Fund, a Massachusetts Business Trust (such Janus entities, collectively, the "**preferred purchasers**"), whereby, subject to the terms thereof, Liberty Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million, with such preferred stock sale being a part of the internal reorganization and being completed following the contribution, but prior to the distribution. The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. The businesses and assets that will remain at Liberty Broadband following the separation will consist of the remainder of its businesses and assets not included in the internal reorganization or the distribution, including Liberty Broadband's interest in Charter. For more information, see "*The Separation — Internal Reorganization.*"

#### Q:

#### What is the reclassification?
**A:**

As part of the separation, following the completion of the internal reorganization and prior to the completion of the distribution, GCI Liberty will amend and restate its articles of incorporation to, among other things, reclassify the shares of then-outstanding GCI Liberty common stock, all of which at such time will consist of 1,000 shares of GCI Liberty common stock, par value $0.01 (the "**existing GCI Liberty common stock**"), and be owned by Liberty Broadband, into shares of a new common stock to be designated as the GCI Group common stock (the "**reclassification**"). The GCI Group common stock will have three series, as described below. By amending and restating GCI Liberty's articles of incorporation (such amended and restated articles of incorporation, as amended thereafter from time to time, the "**GCI Liberty restated articles**"), GCI Liberty will also authorize a group of common stock to be designated the Ventures Group common stock, which may be issued in three series. No shares of Ventures Group common stock will be outstanding at the time of the separation.

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The reclassification will be accomplished by amending and restating GCI Liberty's articles of incorporation as described below and filing the GCI Liberty restated articles with the Nevada Secretary of State. All of the shares of existing GCI Liberty common stock, issued and outstanding at the time the GCI Liberty restated articles filed with the Nevada Secretary of State becomes effective, will, upon the effectiveness of the GCI Liberty restated articles, be automatically reclassified into approximately the following number of shares, based on the number of shares of each series of Liberty Broadband common stock outstanding as of the record date, in each case, multiplied by 0.20 (the "**distribution ratio**"), and, on a series by series basis, rounded up to the nearest share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 3,650,938 shares of Series A GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 400,806 shares of Series B GCI Group common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 24,646,041 shares of Series C GCI Group common stock.

#### Q:

#### How will the separation of GCI Liberty from Liberty Broadband work?
**A:**

As part of the separation, and prior to the completion of the reclassification and the distribution, Liberty Broadband and its subsidiaries (including GCI Liberty) will complete the internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty. For more information, see "*The Separation — Internal Reorganization*." Following the internal reorganization (including the preferred stock sale) and prior to the distribution, the reclassification of GCI Liberty's common stock will occur. For more information, see "*The Separation — Reclassification*." To accomplish the separation, following the reclassification, Liberty Broadband will distribute all of the outstanding shares of GCI Group common stock, which will represent all of the outstanding capital stock of GCI Liberty other than the GCI Liberty non-voting preferred stock (which will be sold by Liberty Broadband to the preferred purchasers pursuant to the preferred stock purchase agreement prior to the time of the distribution) at the time of the distribution, to holders of Liberty Broadband common stock who are holders of record as of the record date, as described elsewhere in this prospectus.

#### Q:

#### What is the record date for the distribution?
**A:**

5:00 p.m., New York City time, on June 30, 2025.

#### Q:

#### When is the distribution expected to occur?
**A:**

The completion and timing of the distribution are dependent upon the occurrence of a number of steps, including the internal reorganization (including the preferred stock sale) and the reclassification, and satisfaction or, if permissible, waiver of various conditions as described in "*The Separation — Conditions to the Distribution*." The final step of the separation is the distribution.

We expect that all of the outstanding shares of GCI Group common stock will be distributed by Liberty Broadband at 4:30 p.m., New York City time, on July 14, 2025 (as the same may be extended by the Liberty Broadband board), to holders of record of shares of Liberty Broadband common stock as of the record date, unless otherwise determined by Liberty Broadband prior to the declaration of the distribution, subject to the terms and conditions of, the Charter merger agreement and the separation and distribution agreement, and subject to the satisfaction or waiver of the conditions to the distribution. There is no assurance that the distribution will occur on or around such date or that the distribution will occur at all.

#### Q:

#### What do holders of Liberty Broadband common stock need to do to participate in the distribution?
**A:**

Holders of Liberty Broadband common stock are not required to vote on the separation, including the internal reorganization and distribution, but you are urged to read this entire prospectus carefully. You are not being asked for a proxy and you are not required to send a proxy to Liberty Broadband. You do not need to pay any consideration, exchange or surrender your existing shares of Liberty Broadband common stock or take any other action to receive your shares of GCI Group common stock to the extent you are entitled to receive such shares. Please do not send in your Liberty Broadband

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stock certificates. You must hold your shares of Liberty Broadband common stock as of the record date for the distribution in order to participate in the distribution.

#### Q:

#### How will shares of GCI Group common stock be distributed?
**A:**

Liberty Broadband, with the assistance of Broadridge Financial Solutions, Inc. (the "**distribution agent**"), will electronically distribute shares of GCI Group common stock in book-entry form to holders of shares of Liberty Broadband common stock as of the record date. Book-entry form refers to a method of recording stock ownership when no physical share certificates are issued to stockholders. The distribution agent will mail you a book-entry account statement that reflects your shares of GCI Group common stock, or your bank or brokerage firm or 401(k) provider will credit your account for the shares.

If your shares are held in "street name," through a bank broker or other nominee, you will receive shares of GCI Group common stock through the same channels that you currently use to hold or trade shares of Liberty Broadband common stock, whether through a brokerage account, 401(k) plan or other channel, except no stockholder will receive physical certificates for their shares of GCI Group common stock. Receipt of shares of GCI Group common stock will be documented for you in the same manner that you typically receive stockholder updates, such as monthly broker statements and 401(k) statements.

#### Q:

#### How many shares of GCI Group common stock will I receive in the distribution?
**A:**

On the distribution date, Liberty Broadband will distribute all of the outstanding shares of GCI Group common stock held by it, which will represent all of the outstanding capital stock of GCI Liberty other than the GCI Liberty non-voting preferred stock (which will be sold by Liberty Broadband to third parties prior to the time of the distribution), to holders of record of Liberty Broadband common stock as of the record date. Each whole share of LBRDA outstanding as of the record date will entitle the holder thereof to receive 0.20 of a share of GLIBA; each whole share of LBRDB outstanding as of the record date will entitle the holder thereof to receive 0.20 of a share of GLIBB; and each whole share of LBRDK outstanding as of the record date will entitle the holder thereof to receive 0.20 of a share of GLIBK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Based on 18,254,690 shares of LBRDA outstanding as of the record date, a total of approximately 3,650,938 shares of GLIBA are expected to be distributed to holders of LBRDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Based on 2,004,028 shares of LBRDB outstanding as of the record date, a total of approximately 400,806 shares of GLIBB are expected to be distributed to holders of LBRDB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Based on 123,230,201 shares of LBRDK outstanding as of the record date, a total of approximately 24,646,041 shares of GLIBK are expected to be distributed to holders of LBRDK.

Cash (with no interest) will be paid in lieu of fractional shares of GCI Group common stock. For U.S. federal income tax purposes, the distribution will generally be treated as a taxable transaction to Liberty Broadband and holders of Liberty Broadband common stock. For more information regarding the U.S. federal income tax considerations of the distribution, see "*U.S. Federal Income Tax Considerations*."

#### Q:

#### Will I receive fractional shares of GCI Group common stock in the distribution?
**A:**

No. Holders of Liberty Broadband common stock will not receive any fractional shares of GCI Group common stock in the distribution. Instead, each holder of record of shares of Liberty Broadband common stock who would otherwise have received a fraction of a share of GCI Group common stock pursuant to the distribution will receive cash in an amount of such holder's pro rata share of the net proceeds from a sale by the distribution agent in the public market of the aggregate fractional shares of the applicable series of GCI Group common stock to be issued in the distribution to such holders of record. A holder of Liberty Broadband common stock who holds their shares in street name should reach out to their broker or other nominee with any questions, as only DTC participants (as defined below) who would otherwise have received a fraction of a share of GCI Group common stock

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pursuant to the distribution will receive cash in an amount of such DTC participant's pro rata share of the net proceeds from a sale by the distribution agent in the public market of the aggregate fractional shares of the applicable series of GCI Group common stock to be issued in the distribution to such DTC participants. As used herein, "**DTC participant**" is defined as brokers and other nominees that are participants in The Depositary Trust Company and hold shares in street name. No interest will be paid on any cash received in lieu of a fractional share. The receipt of cash in lieu of fractional shares will generally be taxable to the recipient stockholders to the extent the amount of cash received exceeds the tax basis of such fractional shares. For more information, see "*U.S. Federal Income Tax Considerations*."

#### Q:

#### What are the conditions to the distribution?
**A:**

The distribution is subject to the satisfaction or, if applicable, waiver of the following conditions, subject to Liberty Broadband's agreement to consummate the separation pursuant to, and subject to the terms and conditions of, the Charter merger agreement and the separation and distribution agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

the receipt of the opinion of Kroll, LLC, operating through its Duff & Phelps Opinions Practice, as to the solvency of Liberty Broadband and GCI Liberty immediately after giving effect to the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the effectiveness under the Securities Act of 1933, as amended (the "**Securities Act**"), of the GCI Liberty registration statement, of which this prospectus forms a part, relating to registration of the shares of GCI Group common stock to be distributed in the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

the effectiveness of the registration of the Series A GCI Group common stock and Series C GCI Group common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the approval of The Nasdaq Stock Market LLC ("**Nasdaq**") for the listing of shares of Series A GCI Group common stock and Series C GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

the approval of the OTC Markets for the quotation of shares of Series B GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

the approval of applications by the (A) FCC required under the Communications Act of 1934, as amended (the "**Communications Act**"), and (B) Regulatory Commission of Alaska ("**RCA**") required by Alaska law for consent to the transfer of control of certain communications licenses held by GCI Liberty or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

the expiration or granting of early termination of any waiting period (and any extension thereof), and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Broadband representative's receipt of GCI Group common stock under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "**HSR Act**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

the absence of any law or order entered, enacted, promulgated, enforced or issued by any court or other governmental authority of competent jurisdiction that has the effect of preventing, prohibiting, enjoining or rendering illegal the consummation of the separation, including the internal reorganization (including the preferred stock sale), the reclassification and the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

the termination of all contracts, other than the separation and distribution agreement and certain other agreements referenced therein, between (x) Liberty Broadband or any of its subsidiaries or affiliates following the distribution (the "**Liberty Broadband group**"), on the one hand, and (y) GCI Liberty or any of its subsidiaries following the distribution (the "**Spinco group**"), on the other hand, in each case, without liability to the applicable parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

the effectuation of the internal reorganization, including the preferred stock sale and further including the execution of all such instruments, assignments, documents and other agreements necessary to effect the internal reorganization and preferred stock sale; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)

the receipt of any other regulatory or contractual approvals required to consummate the spin-off under applicable law or pursuant to any material contract to which any member of the Liberty Broadband group or Spinco group is a party.

The FCC approved the Company's pro forma transfer of control applications on April 2, 2025 and April 7, 2025. Applications for RCA approval of the transfer on an indirect controlling interest in the GCI Liberty licensee subsidiaries were filed with the RCA on December 31, 2024. The Company filed a formal request for an expedited decision on May 16, 2025. If the Company's request for an expedited decision is not granted, we expect to receive the RCA's final order by June 27, 2025.

Liberty Broadband may waive the fifth, seventh and/or eleventh condition set forth above; provided, that, to the extent the Charter merger agreement has not been terminated in accordance with its own terms, the eleventh condition set forth above will require the waiver of Charter. The remaining conditions set forth above are non-waivable. In the event Liberty Broadband (and with respect to the eleventh condition if the Charter merger agreement has not been terminated, Charter) waives any of the fifth, seventh and/or eleventh condition to the separation, Liberty Broadband intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

Liberty Broadband and GCI Liberty cannot assure you that any or all of these conditions will be met, or that the separation will be consummated even if all of the conditions are met. Under the Charter merger agreement, Liberty Broadband has agreed with Charter that, subject to the terms and conditions of the Charter merger agreement, Liberty Broadband will consummate the separation. In addition, the completion of the separation is a condition to the Charter combination under the Charter merger agreement. Accordingly, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed. Subject to applicable law and the Charter merger agreement and prior to the declaration of the distribution, Liberty Broadband can decline at any time to go forward with the distribution. Further, subject to applicable law and the terms and conditions set forth in each of the Charter merger agreement and the separation and distribution agreement, the Liberty Broadband board may, in its sole discretion, amend, modify, supplement or abandon the separation, including the distribution; provided, that if the Charter merger agreement has not been terminated, any amendment, modification, supplementation or abandonment will require the prior written consent of Charter.

The completion of the Charter combination is not a condition to the completion of the separation. Therefore, Liberty Broadband may complete the separation even if the Charter merger agreement has been terminated or the Charter combination will otherwise not be consummated.

 *For more information regarding the conditions to the distribution, see "The Separation — Conditions to the Distribution."* 

#### Q:

#### Following completion of the separation, will Liberty Broadband and GCI Liberty be subject to any mutual indemnification obligations?
**A:**

Yes. The separation and distribution agreement provides for mutual indemnification obligations between Liberty Broadband and GCI Liberty, pursuant to which (a) GCI Liberty indemnifies Liberty Broadband, its subsidiaries and their respective current and former directors, officers, service providers and employees, and each of the heirs, executors, trustees, administrators, predecessors, successors and assigns of any of the foregoing (collectively, the "**Liberty Broadband indemnified parties**") for all losses incurred by the Liberty Broadband indemnified parties to the extent arising out of or resulting from or in connection with any of the following (i) the businesses, assets and liabilities, in each case, contributed to GCI Liberty in the internal reorganization (whether before, on or after the closing of the distribution), (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of any member of the Spinco group under the separation and distribution agreement or other agreements referenced therein or (iii) any untrue statement of material fact in this registration statement or other disclosure document filed with the Securities and Exchange Commission (the "**SEC**") in

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connection with the distribution (other than those untrue statements of material fact made by Liberty Broadband or for which Liberty Broadband provided information in writing), or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution for which the applicable disclosure relates to any member of the Spinco group or for which the Spinco group or its predecessors provided information in writing and (b) Liberty Broadband indemnifies GCI Liberty, its subsidiaries and their respective current and former directors, officers, service providers and employees, and each of the heirs, executors, trustees, administrators, predecessors, successors and assigns of any of the foregoing (collectively, the "**GCI Liberty indemnified parties**") for all losses incurred by the GCI Liberty indemnified parties to the extent arising out of or resulting from or in connection with any of the following (i) the businesses, assets and liabilities, in each case, retained by Liberty Broadband in the internal reorganization (whether before, on or after the closing of the distribution), (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of any member of the Liberty Broadband group under the separation and distribution agreement or other agreements referenced therein and (iii) any untrue statement of material fact in this registration statement where such untrue statement of material fact is made by Liberty Broadband or for which Liberty Broadband provided information in writing, or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution (other than those untrue statements of material fact that arise out of disclosures in such disclosure documents filed with the SEC relating to the Spinco group or for which Spinco group or its predecessors provided information in writing). At the completion of the Charter combination, in accordance with the Charter merger agreement, Charter will execute a joinder agreement to the separation and distribution agreement, pursuant to which, from and after the closing of the Charter combination, Charter will be directly responsible and liable for Liberty Broadband's obligations under the separation and distribution agreement, including Liberty Broadband's indemnification obligations. These indemnification obligations exclude any matters relating to taxes. For a description of the allocation of tax-related obligations, please see "*Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Tax Sharing Agreement*" and "— *Tax Receivables Agreement*."

#### Q:

#### What regulatory approvals are required to complete the separation?
**A:**

The distribution is subject to the approval of applications by the (A) FCC required under the Communications Act and (B) the RCA required by Alaska law for consent to the transfer of control of certain communications licenses held by GCI Liberty or its subsidiaries resulting from the distribution.

The FCC approved the Company's pro forma transfer of control applications on April 2, 2025 and April 7, 2025. Applications for RCA approval of the transfer on an indirect controlling interest in the GCI Liberty licensee subsidiaries were filed with the RCA on December 31, 2024. The Company filed a formal request for an expedited decision on May 16, 2025. If the Company's request for an expedited decision is not granted, we expect to receive the RCA's final order by June 27, 2025.

In addition, the distribution is subject to the satisfaction or waiver by Liberty Broadband of the expiration or granting of early termination of any waiting period (and any extension thereof) and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Broadband representative's receipt of GCI Group common stock under the HSR Act.

 *For more information regarding the conditions to the distribution, see "The Separation — Conditions to the Distribution."* 

#### Q:

#### What will happen to Liberty Broadband's outstanding equity awards?
**A:**

Certain current and former employees, nonemployee directors and consultants of Liberty Broadband and its subsidiaries have been granted options to purchase shares of Liberty Broadband common stock (the "**Liberty Broadband options**") and restricted shares and restricted stock units ("**RSUs**"), in either case, in respect of Liberty Broadband Series C common stock ("**Liberty Broadband restricted shares**" and "**Liberty Broadband RSUs**", respectively) pursuant to various stock incentive plans of Liberty Broadband. Holders of Liberty Broadband RSUs who provide services primarily or solely to GCI

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Liberty or its subsidiaries (referred to herein as, "**GCI employees**") will receive, in substitution for such Liberty Broadband RSUs, RSUs that relate to Series C GCI Group common stock, with the number of shares of Series C GCI Group common stock subject to such substituted RSU being determined in a manner to preserve the value of the Liberty Broadband RSU outstanding prior to the distribution. All Liberty Broadband RSUs held by individuals other than GCI employees and all Liberty Broadband options, none of which are held by GCI employees, will be adjusted in connection with the distribution to preserve the value of such outstanding Liberty Broadband RSU or Liberty Broadband option, as applicable, prior to the distribution, but will continue to relate to the applicable series of Liberty Broadband common stock. The adjustments made to Liberty Broadband options will also be done in a manner to preserve the ratio of the exercise price to the market price of such Liberty Broadband option prior to the distribution. Any fractional shares resulting from the adjustments to the Liberty Broadband RSUs will be paid in cash (with no interest), subject to applicable tax withholding.

Holders of Liberty Broadband restricted shares outstanding as of the record date will continue to hold their Liberty Broadband restricted shares and will participate in the distribution, with shares of Series C GCI Group common stock received in connection therewith remaining restricted and generally subject to the same terms and conditions of the Liberty Broadband restricted shares. Any fractional shares resulting from the distribution will be paid in cash (with no interest), subject to applicable tax withholding.

For more information regarding the effect of the separation on Liberty Broadband's outstanding equity awards, see "*The Separation — Treatment of Liberty Broadband Equity Awards.*"

#### Q:

#### Can Liberty Broadband decide not to complete the spin-off?
**A:**

Yes. Subject to applicable law and the terms and conditions set forth in each of the Charter merger agreement and the separation and distribution agreement, the Liberty Broadband board may, in its sole discretion, amend, modify, supplement or abandon the spin-off for any reason or for no reason; provided, that, if the Charter merger agreement has not been terminated, such amendment, modification, supplementation or abandonment will require the prior written consent of Charter. In addition, the spin-off is subject to certain conditions, certain of which may be waived by Liberty Broadband and, if the Charter merger agreement has not been terminated, Charter. See "*The Separation — Conditions to the Distribution.*" In the event the Liberty Broadband board of directors amends, modifies, supplements or abandons the spin-off, or if any condition to the spin-off is waived, Liberty Broadband intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

#### Q:

#### What if I want to sell my Liberty Broadband common stock or my GCI Group common stock?
**A:**

You should consult with your financial advisors, such as your broker, bank or tax advisor. If you sell your shares of Liberty Broadband common stock after the record date and on or before the distribution date, you will also be selling your right to receive shares of GCI Group common stock in connection with the distribution.

#### Q:

#### Where will I be able to trade shares of GCI Group common stock?
**A:**

GCI Liberty expects to list the shares of Series A GCI Group common stock and Series C GCI Group common stock on the Nasdaq Global Select Market under the symbols "GLIBA" and "GLIBK." GCI Liberty currently expects that the shares of Series B GCI Group common stock will be quoted on the OTC Markets under the symbol "GLIBB." GCI Liberty cannot assure you as to the trading price of any series of common stock after the separation. The approval of Nasdaq for the listing of GLIBA and GLIBK common stock is a condition to the distribution which may not be waived by the Liberty Broadband board. The approval of the OTC Markets for the quotation of shares of Series B GCI Group common stock is a condition to the distribution which may be waived by the Liberty Broadband board.

If Nasdaq establishes a "when-issued" market, GCI Liberty expects that trading in shares of GCI Group common stock will begin on a "when-issued" basis on or shortly before the record date and will continue up to and through the distribution date, and that "regular-way" trading in GCI Group

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common stock will begin on the first trading day after the distribution is completed. If trading begins on a "when-issued" basis, you may purchase or sell GCI Group common stock up to and through the distribution date, but your transaction will not settle until after the distribution date. GCI Liberty cannot predict the trading prices for its common stock before, on or after the distribution date. Liberty Broadband will announce the details relating to such market by press release.

#### Q:

#### What will happen to the listing of Liberty Broadband common stock?
**A:**

Immediately following the distribution, LBRDA, LBRDK and LBRDP will continue to trade on the Nasdaq Global Select Market and LBRDB will continue to be quoted on the OTC Markets, in each case, until the Charter combination. After the Charter combination, the shares of LBRDA, LBRDK and LBRDP will cease to be listed on the Nasdaq Global Select Market, and the shares of LBRDB will cease to be quoted on the OTC Markets. In addition, after the Charter combination, registration of the Liberty Broadband common stock and the Liberty Broadband Series A cumulative redeemable preferred stock, par value $0.01 per share ("**Liberty Broadband preferred stock**" or "**LBRDP**") (the Liberty Broadband common stock and the Liberty Broadband preferred stock, together, the "**Liberty Broadband capital stock**") under the Exchange Act will be terminated.

#### Q:
 **Will the number of shares or series of Liberty Broadband common stock or Liberty Broadband preferred stock that I own change as a result of the distribution?** 

**A:**

No. The number of shares or series of Liberty Broadband common stock or Liberty Broadband preferred stock that you own will not change as a result of the distribution.

#### What is the preferred stock sale?
**A:**

On May 5, 2025, Liberty Broadband entered into the preferred stock purchase agreement, whereby, subject to the terms thereof, Liberty Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million (the "**preferred stock sale**"), with such preferred stock sale being a part of the internal reorganization and being completed following the contribution, but prior to the distribution.

The closing of the preferred stock sale is conditioned on, among other things, the satisfaction (or, if permissible, waiver) of (i) the absence of any order or law prohibiting the consummation of the preferred stock sale and (ii) the completion of the contribution.

#### Q:

#### Will the distribution affect the market price of my Liberty Broadband common stock?
**A:**

Yes. As a result of the separation, it is expected that the trading price of shares of Liberty Broadband common stock immediately following the distribution will be different from the trading price of such shares immediately prior to the completion of the distribution because the trading price will no longer reflect the value of the GCI Business. There can be no assurance whether the aggregate trading value of the Liberty Broadband common stock and the GCI Group common stock following the distribution will be the same as, or higher or lower than, the trading value of Liberty Broadband common stock had the separation not occurred. This means, for example, (i) that the combined trading prices after the distribution of 0.20 of a share of GLIBA and one share of LBRDA, may be equal to, greater than or less than the trading price of one share of LBRDA before the distribution, (ii) that the combined trading prices after the distribution of 0.20 of a share of GLIBB and one share of LBRDB may be equal to, greater than or less than the trading price of one share of LBRDB before the distribution, or (iii) that the combined trading prices after the distribution of 0.20 of a share of GLIBK and one share of LBRDK, may be equal to, greater than or less than the trading price of one share of LBRDK before the distribution.

#### Q:

#### What are the U.S. federal income tax consequences of the distribution?
**A:**

The distribution will generally be treated as a taxable transaction to holders of Liberty Broadband common stock. Liberty Broadband and Charter intend to take the position that, for U.S. federal income tax purposes, the distribution and the Charter combination are, together, part of a single, integrated

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"plan of reorganization," such that the GCI Group common stock received by holders of Liberty Broadband common stock is treated as property received by such holders pursuant to the plan of reorganization with respect to the Charter combination. This position is not dispositive, however, and there can be no assurance that the IRS will not assert (or that a court would not sustain) a contrary treatment.

You should consult your tax advisor as to the particular consequences of the distribution to you, including the applicability and effect of any U.S. federal, state and local tax laws, as well as foreign tax laws. For more information regarding the U.S. federal income tax considerations of the distribution, see "*U.S. Federal Income Tax Considerations*."

#### Q:

#### What will GCI Liberty's relationship be with Liberty Broadband following the separation?
**A:**

Immediately following the separation, GCI Liberty and Liberty Broadband will operate independently, and neither will have any ownership interest in the other. In order to govern certain of the ongoing relationships between GCI Liberty and Liberty Broadband after the separation and to provide mechanisms for an orderly transition, GCI Liberty and Liberty Broadband are entering into certain agreements, including a tax sharing agreement and a tax receivables agreement. GCI Liberty and Liberty Media Corporation ("**Liberty Media**") (and/or one or more of their subsidiaries) will also enter into certain agreements pursuant to which Liberty Media will provide certain services or otherwise share certain resources with GCI Liberty. Such agreements will include a services agreement (the "**services agreement**"), a facilities sharing agreement (the "**facilities sharing agreement**") and an aircraft time sharing agreement (the "**aircraft time sharing agreement**"). These agreements will not be impacted by the completion of the Charter combination and, in connection with such completion, Charter will sign a joinder to each of the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement. See "*Certain Relationships and Related Party Transactions — Relationships Between GCI Liberty and Liberty Broadband*" and "— *Relationships Between GCI Liberty and Liberty Media*."

#### Q:

#### What is the Malone exchange and the Malone nonvoting side letter?
**A:**

Simultaneously with the distribution, pursuant to the side letter entered into in connection with the proposed Charter combination (the "**Malone exchange side letter**"), certain holders of LBRDB shares that are persons, entities or trusts affiliated with John C. Malone, the Chairman of the Liberty Broadband board and, following the completion of the spin-off, the Chairman of the GCI Liberty board of directors (the "**GCI Liberty board**"), will exchange a sufficient number of shares of LBRDB held by such persons for newly issued shares of LBRDK on a one-for-one basis such that, immediately following such exchange, no set of holders comprised of five or fewer individuals, estates or trusts will collectively own (directly or constructively through related persons, entities or trusts) more than 19% of the aggregate voting power of Liberty Broadband to avoid the application of certain related party rules that otherwise could limit the availability of certain tax benefits to GCI Liberty following the separation.

Additionally, in connection with the contemplated separation, on December 31, 2024, Mr. Malone and certain anticipated holders of shares of GCI Group common stock affiliated with Mr. Malone (collectively, the "**Malone GCI group**") entered into a side letter with GCI Liberty (the "**Malone nonvoting side letter**") pursuant to which each member of the Malone GCI group irrevocably and unconditionally agreed that the members of the Malone GCI group, in the aggregate, will not vote any shares of GCI Liberty voting stock beneficially owned by the Malone GCI group that, if voted, would result in the aggregate voting power of the Malone GCI group exceeding the lesser of (a) 49.99% of the aggregate voting power in GCI Liberty and (b) the aggregate voting power of the Malone GCI group in Liberty Broadband, with the determination of the aggregate voting power of the Malone GCI group in Liberty Broadband being made as of immediately prior to the record date established by Liberty Broadband with respect to the distribution and without giving effect to the Malone exchange side letter. The Malone nonvoting side letter will automatically terminate upon the occurrence of certain events, including the receipt of the approval of transfer of control applications by the FCC and the RCA permitting the Malone GCI group to exercise de jure control of GCI Liberty. See "*Certain Relationships and Related Party Transactions — Related Party Agreements Relating to GCI Liberty — Malone Nonvoting Side Letter.*"

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#### Q:

#### Are there risks associated with owning GCI Group common stock?
**A:**

Yes. Ownership of GCI Group common stock is subject to both general and specific risks relating to GCI Liberty's business, the industry in which it operates, its ongoing contractual relationships with Liberty Broadband and its status as an independent publicly traded company. Ownership of GCI Group common stock is also subject to risks relating to the separation. Certain of these risks are described in the "*Risk Factors*" section of this prospectus.

#### Q:

#### What is the Ventures Group common stock?
**A:**

Immediately following the separation, GCI Liberty will not have issued any shares of capital stock other than its GCI Group common stock and GCI Liberty non-voting preferred stock. The GCI Liberty restated articles will authorize the issuance of another group of common stock without the approval of GCI Liberty's stockholders, the Ventures Group common stock.

No shares of Ventures Group common stock will be outstanding at the time of the separation and, as such, no shares of Ventures Group common stock will be distributed in the spin-off. The shares of GCI Group common stock to be distributed in the spin-off will constitute 100% of the issued and outstanding common equity interest in all of GCI Liberty's businesses, assets and liabilities at the time of the distribution.

#### Q:

#### Is GCI Group common stock a tracking stock?
**A:**

No. Immediately upon the completion of the separation, GCI Group common stock will not be a tracking stock. A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. Upon the effectiveness of the GCI Liberty restated articles, all of GCI Liberty's businesses, assets and liabilities will be attributed solely to the GCI group (as defined below). Thus, GCI Group common stock should reflect the economic performance of the Company as a whole and the Company will not have a tracking stock structure. However, under the terms of the GCI Liberty restated articles, GCI Group common stock will have features that are consistent with tracking stocks, and it may become a tracking stock without the approval of GCI Liberty's stockholders. The GCI Liberty restated articles will authorize the Ventures Group common stock, which is also common stock of GCI Liberty. As a result, the GCI Liberty board may, without the approval of GCI Liberty's stockholders, issue one or more series of Ventures Group common stock and reattribute certain GCI Liberty businesses, assets and liabilities to the Ventures group (as defined below), which will result in the Company having a tracking stock structure consisting of two tracking stocks, the GCI Group common stock and the Ventures Group common stock. See "*Description of Our Capital Stock — Group Policies*."

The GCI Liberty board's ability to implement a tracking stock structure without the approval of GCI Liberty's stockholders will provide GCI Liberty with the potential for greater operational and financial flexibility in executing its business strategies by permitting the Company, if such tracking stock structure is implemented, to bring greater clarity with respect to its businesses and assets and thereby allow the stock of each tracking stock group to trade more in line with the fundamentals of the more focused businesses and assets attributed to each of its tracking stock groups. In addition, the Liberty Broadband board took into account that the potential for a tracking stock structure would provide GCI Liberty, if such tracking stock structure is implemented, with stronger acquisition currencies in the tracking stocks and the ability to issue more tailored equity incentives to its management and employees.

The ability of the GCI Liberty board to implement a tracking stock structure involves risks. Any of the following risks, if realized, could have a material adverse effect on the value of GCI Group common stock: a tracking stock structure may cause market confusion; a tracking stock structure could create conflicts of interest; holders of shares of stock relating to a particular group may not have any remedies if any action by GCI Liberty's directors or officers has an adverse effect on only that stock; the GCI Liberty board may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of a holder's investment and

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 *possibly diluting its economic interest in GCI Liberty; a tracking stock structure may dilute the voting power of shares of GCI Group common stock; and holders of common stock of tracking stock groups will vote together and will have limited separate voting rights. See "Risk Factors — Factors Relating to Ownership of GCI Group Common Stock and the Securities Market — If the GCI Liberty board determines to issue the shares of Ventures Group common stock, GCI Group common stock will become a tracking stock and a tracking stock structure may cause market confusion," "— If the GCI Liberty board decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the GCI Liberty board may make decisions that could adversely affect only some holders of GCI Liberty's common stock," "— Holders of shares of stock relating to a particular group may not have any remedies if any action by GCI Liberty's directors or officers has an adverse effect on only that stock, or on a particular series of that stock," "— GCI Liberty may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or GCI Liberty's restated articles)," "— The GCI Liberty board may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of your investment and possibly diluting your economic interest in GCI Liberty, which could result in a loss in value to you," "— Our multi-series voting structure and potential tracking stock structure may limit your ability to influence corporate matters and future issuances of GCI Group common stock or Ventures Group common stock may further dilute the voting power of shares of GCI Group common stock" and "— Holders of the common stock of tracking stock groups will vote together and will have limited separate voting rights."* 

#### Q:

#### What are holders' voting and conversion rights of GCI Group common stock?
**A:**

Holders of record of Series A GCI Group common stock will be entitled to one vote for each share of such stock and holders of record of Series B GCI Group common stock will be entitled to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of Series C GCI Group common stock will not be entitled to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of Series C GCI Group common stock will be entitled to 1/100 of a vote per share. The GCI Liberty restated articles will not provide for cumulative voting in the election of directors.

Each share of Series B GCI Group common stock will be convertible, solely at the option of the holder, into one share of Series A GCI Group common stock.

#### Q:

#### Who will be the distribution agent for the distribution and transfer agent and registrar for GCI Group common stock?
**A:**

The distribution agent, transfer agent and registrar for GCI Liberty will be Broadridge Corporate Issuer Solutions, LLC ("**Broadridge**"). For questions relating to the transfer or mechanics of the stock distribution, you should contact Broadridge toll-free at (888) 789-8606 or from outside the U.S. at (303) 562-9275.

#### Q:

#### Will I have appraisal rights in connection with the spin-off?
**A:**

No. Holders of Liberty Broadband common stock are not entitled to appraisal rights in connection with the spin-off.

#### Q:

#### Does GCI Liberty intend to pay dividends on its common stock?
**A:**

No. GCI Liberty currently intends to retain future earnings, if any, to finance the expansion of its business. As a result, it does not expect to pay any cash dividends in the foreseeable future other than pursuant to the terms of the GCI Liberty non-voting preferred stock. All decisions regarding the payment of dividends by GCI Liberty will be made by the GCI Liberty board, from time to time, in accordance with applicable law.

#### Q:

#### How does the separation relate to the Charter combination?

#### A:

#### The completion of the separation is a condition to the Charter combination under the Charter merger

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agreement. Accordingly, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed.

The completion of the Charter combination is not a condition to the completion of the separation, including the distribution. Therefore, Liberty Broadband may complete the separation even if the Charter merger agreement has been terminated or the Charter combination will otherwise not be consummated.

The Liberty Broadband common stock and the Liberty Broadband preferred stock will remain outstanding following the distribution until the Charter combination. The number of shares of Liberty Broadband common stock that you own will not change as a result of the distribution. If you continue to own your shares of Liberty Broadband common stock as of the date of the Charter combination, you will be eligible to receive the merger consideration offered to holders of Liberty Broadband common stock in the Charter combination.

#### Q:

#### What is happening to the Liberty Broadband preferred stock?
**A:**

Holders of Liberty Broadband preferred stock will not receive any shares of GCI Group common stock or GCI Liberty non-voting preferred stock in the distribution or any other securities in the distribution. The Liberty Broadband preferred stock will remain outstanding following the distribution until the Charter combination. Subject to the terms and conditions of the Charter merger agreement, if you continue to own your shares of Liberty Broadband preferred stock as of the date of the Charter combination, you will be eligible to receive the merger consideration offered to holders of Liberty Broadband preferred stock in the Charter combination.

#### Q:

#### What is the accounting treatment for the spin-off?
**A:**

Liberty Broadband and GCI Liberty prepare their financial statements, respectively, in accordance with accounting principles generally accepted in the U.S. ("**GAAP**"). The spin-off will be accounted for at historical cost due to the fact that GCI Group common stock will be distributed pro rata to holders of Liberty Broadband common stock. For more information, see "*The Separation — Accounting Treatment*."

#### Q:

#### Where can I find more information about Liberty Broadband and GCI Liberty?
**A:**

If you have any questions relating to Liberty Broadband, you should contact:

Liberty Broadband Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5700

Attention: Investor Relations

After the distribution, holders of GCI Group common stock who have any questions relating to GCI Liberty should contact GCI Liberty at:

GCI Liberty, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5900

Attention: Investor Relations

GCI Liberty's investor relations website (www.GCILiberty.com) will be operational on or around the distribution date. Neither the Liberty Broadband website nor the GCI Liberty website and the information contained therein or connected thereto are incorporated into this prospectus or the registration statement of which this prospectus forms a part, or in any other filings with, or any information furnished or submitted to, the Securities and Exchange Commission.

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#### SUMMARY
 *This summary highlights certain information contained elsewhere in this prospectus and may not contain all of the information that is important to you. To understand fully and for a more complete description of the terms and conditions of the spin-off, you should read this prospectus in its entirety, including the information presented under the section titled "Risk Factors" and the combined financial statements and related notes* 

#### The Company
GCI Liberty is currently a wholly owned subsidiary of Liberty Broadband. GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC and its subsidiaries. Immediately following the separation, we will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in us. The separation of GCI Liberty from Liberty Broadband is intended, among other things, to better position GCI Liberty to pursue opportunities for long-term growth and profitability unique to its own business and to enable it to more effectively implement its own distinct capital structure and capital allocation strategies. Additionally, the completion of the separation is a condition to the Charter combination under the Charter merger agreement. Accordingly, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed. In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other against certain losses that may arise from, among other things, our respective businesses, assets and liabilities.

GCI, LLC, a wholly owned subsidiary of Liberty Broadband prior to the separation and a wholly owned subsidiary of GCI Liberty immediately following the separation, through its wholly owned subsidiary, GCI Holdings, LLC ("**GCI Holdings**") provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under the GCI brand. Due to the unique nature of the markets it serves, including harsh winter weather and remote geographies, its customers rely extensively on its systems to meet their communication, public safety and entertainment needs.

Since its founding in 1979 as a competitive long-distance provider, GCI Holdings has consistently expanded its product portfolio and facilities to become the leading integrated communication services provider in markets it serves. Its facilities include redundant and geographically diverse digital undersea fiber optic cable systems linking its Alaska terrestrial networks to the networks of other carriers in the lower 48 contiguous states and a statewide wireless network.

Throughout its history, GCI Holdings has successfully added and expects to continue to add new products to its product portfolio. GCI Holdings has a demonstrated history of new product evaluation, development and deployment for its customers, and it continues to assess revenue-enhancing opportunities that create value for its customers. Where feasible and where economic analysis supports geographic expansion of its network coverage, it is currently pursuing or expects to pursue opportunities to increase the scale of its facilities, enhance its ability to serve existing customers' needs and attract new customers. Additionally, due to the unique market conditions in Alaska, GCI Holdings, and in some cases its customers, participate in several federally (and to a lesser extent locally) subsidized programs designed to financially support the implementation and purchase of telecommunications services in high-cost areas. With these programs, GCI Holdings has been able to expand its network into previously undeveloped areas of Alaska and offer comprehensive communications services in many rural parts of the state where it would not otherwise be able to construct facilities within appropriate return-on-investment requirements. As part of GCI Holdings' expansion initiatives, it actively pursues government grants designed to help fund rural expansion. In current and prior years, GCI Holdings has been awarded, as either the recipient or subrecipient, federal government grants to construct broadband infrastructure to unserved and underserved communities in rural Alaska. During the years ended December 31, 2024 and 2023, GCI Holdings was awarded a total of $30 million and $38 million, respectively, in federal grants. In the year ended December 31, 2024, GCI

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Holdings received 5% of the approximately $8.5 billion USF program to support a portion of the cost for services provided to approximately 185 rural health care providers, 230 schools and 139,000 rural wireless residents.

GCI Liberty's principal executive offices are located at 12300 Liberty Blvd., Englewood, Colorado 80112. GCI Liberty's main telephone number is (720) 875-5900.

#### The Charter Combination
On November 12, 2024, Liberty Broadband entered into an Agreement and Plan of Merger (the "**Charter merger agreement**") with Charter, Fusion Merger Sub 1, LLC, a Delaware limited liability company and wholly owned subsidiary of Charter ("**Merger LLC**"), and Fusion Merger Sub 2, Inc., a Delaware corporation and wholly owned subsidiary of Merger LLC ("**Merger Sub**"), whereby, subject to the terms thereof, (i) Merger Sub will merge with and into Liberty Broadband (the "**merger**"), with Liberty Broadband surviving the Merger as the surviving corporation in the merger and a wholly owned subsidiary of Merger LLC; and (ii) the merger will be immediately followed by the merger of Liberty Broadband, as such surviving corporation, with and into Merger LLC (the "**upstream merger**", and together with the merger, the "**Charter combination**"), with Merger LLC surviving the upstream merger as the surviving company in the upstream merger and a wholly owned subsidiary of Charter. On May 16, 2025, Liberty Broadband entered into a side letter ("the **Charter side letter**") with Charter and certain of its subsidiaries, whereby, subject to the terms thereof, the parties thereto agreed that completion of the Charter combination will occur on the earlier of (a) immediately prior to the closing of the transactions contemplated by that certain Transaction Agreement, dated as of May 16, 2025 (the "**Cox transaction agreement**"), by and among Charter, Cox Enterprises, Inc. and Charter Communications Holdings, LLC (the "**Cox transactions**"), (b) the later of (i) June 30, 2027 and (ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement, and (c) solely if the Cox transaction agreement is terminated in accordance with its own terms (the "**Cox transaction termination**"), at Liberty Broadband's election, the later of (i) the tenth (10th) business day after the Cox transaction termination and (ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement. The Charter combination is conditioned on, among other things, the completion of the separation unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation. However, the separation is not conditioned on the completion of the Charter combination and, accordingly, the separation may occur even if the Charter merger agreement is terminated or the Charter combination will otherwise not be consummated. For more information, see "*Certain Relationships and Related Party Transactions — Charter Combination*."

#### Preferred Stock Sale
On May 5, 2025, Liberty Broadband entered into the preferred stock purchase agreement, whereby, subject to the terms thereof, Liberty Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million, with such preferred stock sale being a part of the internal reorganization and being completed following the contribution, but prior to the distribution.

 *The closing of the preferred stock sale is conditioned on, among other things, the satisfaction (or, if permissible, waiver) of (i) the absence of any order or law prohibiting the consummation of the preferred stock sale and (ii) the completion of the contribution. For more information, see "Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Separation and Distribution Agreement — Contribution."* 

#### Risk Factor Summary
 *The following is a summary of the material risk factors that could adversely affect our business, financial condition and results of operations:* 

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#### Factors Relating to Our Corporate History and the Spin-Off
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The historical financial information included in this prospectus is not necessarily representative of our future financial position, future results of operations or future cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The distribution may result in uncertain or adverse U.S. federal income tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and/or Liberty Broadband may not realize the potential benefits from the spin-off in the near term or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may not realize the benefits of acquisitions or other strategic investments and initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The unfavorable outcome of pending or future legal proceedings could have a material adverse impact on the operations and financial condition of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The spin-off may not occur, and, if it occurs, it may not occur on the terms described in this prospectus, and the Liberty Broadband board may abandon the spin-off at any time prior to the declaration of the distribution, or otherwise decide to amend the terms of any agreement Liberty Broadband enters into relating to the spin-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are a holding company, and we may be unable to obtain cash in amounts sufficient to service our financial obligations or meet our other commitments.

#### Factors Relating to the GCI Business
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI faces competition, including from non-geostationary satellites, that may reduce its market share and harm its financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If GCI experiences customer losses or a change in demand for our products and services, our Company's financial performance will be negatively impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adverse economic conditions in the U.S. and inflationary pressures on input costs and labor could impact GCI's results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI may be unable to obtain or maintain the roaming services it needs from other carriers to remain competitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI's business is subject to extensive governmental legislation and regulation. Changes to or interpretations of existing statutes, rules, regulations, or the adoption of new ones, could adversely affect GCI's business, financial position, results of operations, or liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A successful legal challenge to the constitutionality of the Universal Service Fund ("**USF**") could disrupt or eliminate GCI's USF support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Failure to stay abreast of new technology could affect GCI's ability to compete in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI's operations are geographically concentrated in Alaska and are impacted by the economic conditions in Alaska, and GCI may not be able to increase its share of the existing market for its services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Natural or man-made disasters or terrorist attacks could have an adverse effect on GCI's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cyberattacks or other network disruptions could have an adverse effect on our Company and GCI's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI depends on a limited number of third-party vendors to supply communications equipment. If GCI does not obtain the necessary communications equipment, GCI will not be able to meet the needs of its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Climate change and increasingly stringent environmental laws, rules and regulations, and customer expectations could adversely affect GCI's business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI does not have insurance to cover certain risks to which it is subject, which could lead to the occurrence of uninsured liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may have future capital needs and may not be able to obtain additional financing, or refinance or renew our existing indebtedness, on acceptable terms. Further, our ability to service our debt and any other obligations will require access to funds, which may be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have significant indebtedness, which could adversely affect our business and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If we are unable to meet our future capital needs, it may be necessary for us to curtail, delay or abandon our business growth plans. If we incur significant additional indebtedness to fund our plans, it could cause a decline in our credit rating and could increase our borrowing costs or limit our ability to raise additional capital.

#### Factors Relating to Ownership of GCI Group Common Stock and the Securities Market
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • It is not certain that an active trading market will develop or be sustained after the spin-off, and following the spin-off, our stock price may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our multi-series structure may depress the trading price of the shares of GCI Group common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If the GCI Liberty board determines to issue the shares of Ventures Group common stock, GCI Group common stock will become a tracking stock and a tracking stock structure may cause market confusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If the GCI Liberty board decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the GCI Liberty board may make decisions that could adversely affect only some holders of GCI Liberty's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Holders of shares of stock relating to a particular group may not have any remedies if any action by GCI Liberty's directors or officers has an adverse effect on only that stock, or on a particular series of that stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI Liberty may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or GCI Liberty's restated articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The GCI Liberty board may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of your investment and possibly diluting your economic interest in GCI Liberty, which could result in a loss in value to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our multi-series voting structure and potential tracking stock structure may limit your ability to influence corporate matters and future issuances of GCI Group common stock or Ventures Group common stock may further dilute the voting power of shares of GCI Group common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Holders of the common stock of tracking stock groups will vote together and will have limited separate voting rights.

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#### Ownership Structure
Please refer to the information included in "*Questions and Answers*" above for a summary of the terms and conditions of the separation, including the internal reorganization (including the preferred stock sale), reclassification and distribution.

For ease of reference, set forth below are illustrative diagrams intended to supplement your understanding of our ownership structure prior to and following the spin-off. Please also see "*The Separation.*"

#### Prior to the spin-off
![[MISSING IMAGE: fc_priorspinoff-4c.jpg]](fc_priorspinoff-4c.jpg)

Liberty Broadband's group structure includes other subsidiaries that are not pictured for simplicity.

#### Immediately following completion of the spin-off
![[MISSING IMAGE: fc_immediately-4c.jpg]](fc_immediately-4c.jpg)

Liberty Broadband's group structure and GCI Liberty's group structure will include subsidiaries that are not pictured for simplicity.

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#### Summary Historical Financial Data
The following summary financial data reflect the historical combined operations of GCI Liberty. We derived the summary historical combined statements of operations data for the years ended December 31, 2023 and 2024, and summary historical combined balance sheet data as of December 31, 2023 and 2024, as set forth below, from GCI Liberty's audited historical combined financial statements (which we refer to as the "**year end combined financial statements**") and we derived the summary historical condensed combined statements of operations data for the three months ended March 31, 2025 and 2024, and summary historical condensed balance sheet data as of March 31, 2025 (which we refer to as the "**condensed combined financial statements**" and, together with the year end combined financial statements, the "**financial statements**"), which are included in the "*Index to Combined Financial Statements*" section of this prospectus. The following data should be read in conjunction with GCI Liberty's financial statements contained in this prospectus to ensure a full understanding of this summary historical financial data, you should read the summary financial data presented below in conjunction with "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and the financial statements and accompanying notes included in the "*Index to Combined Financial Statements*" section of this prospectus.

The summary historical financial data does not necessarily reflect what GCI Liberty's results of operations and financial position would have been if it had operated as an independent publicly traded company during the periods presented, including changes that will occur in its operations and capitalization as a result of the separation and distribution. Accordingly, the historical results should not be relied upon as an indicator of its future performance.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **(unaudited)**  |  |  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| *Summary Combined Balance Sheet Data:* |  |  |  |
| Cash and cash equivalents  | $148 | 74 | 79 |
| Property and equipment, net  | $1164 | 1150 | 1053 |
| Intangible assets not subject to amortization  | $1337 | 1337 | 1336 |
| Total assets  | $3432 | 3382 | 3331 |
| Long-term debt, including current portion  | $1073 | 1069 | 1021 |
| Deferred income tax liabilities  | $353 | 359 | 349 |
| Total liabilities  | $1967 | 1953 | 1828 |
| Total equity  | $1450 | 1414 | 1483 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Year ended**  | **Year ended**  |
| | **March 31, <br> 2025**  | **March 31, <br> 2024**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **(unaudited)**  | **(unaudited)**  |  |  |
|  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  |
| *Summary Combined Statement of Operations Data:* |  |  |  |  |
| Total revenue  | $266 | 245 | 1016 | 981 |
|  Operating expense (exclusive of depreciation and amortization)  | $125 | 129 | 539 | 524 |
|  Selling, general and administrative expense (including stock-based compensation)  | $30 | 29 | 130 | 115 |
| Depreciation and amortization  | $53 | 50 | 207 | 230 |
| Operating income (loss)  | $58 | 37 | 140 | 112 |
|  Interest expense (including amortization of deferred loan fees)  | $(10) | (10) | (49) | (51) |
| Income tax benefit (expense)  | $(14) | (8) | (27) | (24) |
| Net earnings (loss)  | $35 | 20 | 70 | 41 |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C GCI Liberty, Inc. shareholders per common share<sup>(1)</sup>  | $1.22 | NA | 2.44 | NA |

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(1) Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss) by 28.7 million common shares, which is the aggregate number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock that would have been issued if the separation had occurred on March 31, 2025, based on the number of shares of each series of Liberty Broadband common stock outstanding as of March 31, 2025, in each case, multiplied by 0.20.

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#### RISK FACTORS
 *An investment in GCI Group common stock involves risks. You should consider carefully the risks described below together with all of the other information included in this prospectus in evaluating us and the GCI Group common stock. Any of the following risks, if realized, could have a material adverse effect on the value of GCI Group common stock. The risks described below and elsewhere in this prospectus are not the only ones that relate to our business or capitalization or the spin-off. The risks described below are considered to be the most material. However, there may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that also could have material adverse effects on us or on an investment in GCI Group common stock. Past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. If any of the events below were to occur, our business, prospects, financial condition, results of operations and/or cash flows could be materially adversely affected. In any such case, the price of GCI Group common stock could decline, perhaps significantly. This prospectus contains forward-looking statements that contain risks and uncertainties. Please refer to the section entitled "Cautionary Statements Concerning Forward-Looking Statements" in connection with your consideration of the risk factors and other important factors that may affect future results described below. For purposes of these risk factors, unless the context otherwise indicates, we have assumed that the spin-off have been completed.* 

#### Factors Relating to Our Corporate History and the Spin-Off
 ***The historical financial information included in this prospectus is not necessarily representative of our future financial position, future results of operations or future cash flows.***

Investors should recognize that the historical financial information included in this prospectus has been extracted from Liberty Broadband's historical consolidated financial statements and does not necessarily reflect what our results of operations, financial condition and cash flows would have been had we been a separate, standalone company pursuing independent strategies during the periods presented.

#### We will incur additional costs as a result of our separation from Liberty Broadband.
We will incur costs and expenses not previously incurred as a result of the spin-off. These increased costs and expenses may arise from various factors, including financial reporting, costs associated with complying with the federal securities laws (including compliance with the Sarbanes-Oxley Act), tax administration and human resources-related functions. Although Liberty Media will provide many of these services for us under the services agreement, neither we nor Liberty Media can assure you that the services agreement will continue or that these costs will not be material to our business.

#### Our inter-company agreements are being negotiated while we are still a subsidiary of Liberty Broadband.
We will enter into a number of inter-company agreements in connection with the completion of the spin-off, covering matters such as tax sharing and allocation of responsibility for certain liabilities previously undertaken by Liberty Broadband and/or Liberty Media. In addition, we will enter into the services agreement with Liberty Media pursuant to which Liberty Media will provide us with certain management, administrative, financial, treasury, accounting, tax, legal and other services, for which we will reimburse Liberty Media on a fixed fee basis. The terms of all of these agreements are being established while we are a wholly owned subsidiary of Liberty Broadband and we have overlapping officers and directors with Liberty Media, and, therefore, our agreements with Liberty Broadband and Liberty Media may not be the result of arms' length negotiations. We believe that the terms of these inter-company agreements are and will be commercially reasonable and fair to all parties under the circumstances; however, conflicts could arise in the interpretation or any extension or renegotiation of the foregoing agreements after the spin-off is consummated. See "*Certain Relationships and Related Party Transactions — Relationships between GCI Liberty and Liberty Broadband*."

#### The distribution may result in uncertain or adverse U.S. federal income tax consequences.
For U.S. federal income tax purposes, the distribution will not be eligible for treatment as a tax-deferred distribution by Liberty Broadband with respect to Liberty Broadband common stock. Accordingly,

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the distribution will generally be treated as a taxable transaction to Liberty Broadband and holders of Liberty Broadband common stock. In connection with the internal reorganization and the distribution, Liberty Broadband and GCI Liberty have agreed to make certain elections to treat such transactions as resulting in deemed sales of, and a resulting "step-up" in the tax basis of, the assets of GCI Liberty's subsidiaries (including GCI, LLC) for U.S. federal income tax purposes. For purposes of determining the U.S. federal income tax consequences of the internal reorganization and the distribution, Liberty Broadband and GCI Liberty have agreed to value the shares of GCI Group common stock distributed based on the volume-weighted average price of such stock over the first 20 trading days following the commencement of regular way trading.

It is possible, however, that the IRS could challenge the position taken by Liberty Broadband and GCI Liberty with respect to the valuation of GCI Group common stock distributed. This valuation is not binding on the IRS, and it is possible that the IRS could assert that the shares of GCI Group common stock distributed have a higher value than that resulting from the methodology agreed to by Liberty Broadband and GCI Liberty. In such case, Liberty Broadband and holders of Liberty Broadband common stock could be required to recognize more gain with respect to the distribution for U.S. federal income tax purposes.

Liberty Broadband and Charter intend to take the position that, for U.S. federal income tax purposes, the distribution and the Charter combination are, together, part of a single, integrated "plan of reorganization" within the meaning of the Code and applicable Treasury regulations, such that the GCI Group common stock received by holders of Liberty Broadband common stock is treated as taxable "boot" received by such holders pursuant to the plan of reorganization with respect to the Charter combination. This position is not dispositive with respect to the U.S. federal income tax treatment of the distribution, however, and there can be no assurance that the IRS will not assert (or that a court would not sustain) a contrary treatment. If the IRS were to disagree with the intended U.S. federal income tax treatment of the distribution, or if the Charter combination were not to occur, the distribution could be taxable as a dividend to holders of Liberty Broadband common stock for U.S. federal income tax purposes. Because the proper characterization of the distribution depends on subsequent events and may not be determinable at the time that the distribution occurs, applicable withholding agents may protectively withhold from the distribution as if it were a dividend for U.S. federal income tax purposes. Applicable withholding agents may satisfy any resulting withholding obligation by retaining and selling a portion of the shares of GCI Group common stock that would otherwise be distributed to non-U.S. holders of Liberty Broadband common stock in the distribution.

Moreover, even if the GCI Group common stock received by holders of Liberty Broadband common stock in the distribution is properly treated for U.S. federal income tax purposes as boot received by such holders pursuant to the plan of reorganization with respect to the Charter combination, the tax consequences of the distribution to a particular holder of Liberty Broadband common stock are expected to depend on facts and circumstances that may not be known to such holder at the time of the distribution, including whether such holder participates in the Charter combination and the total gain or loss realized in connection with the transaction.

It is also possible that the IRS could seek to challenge the validity of the deemed asset sale elections described above notwithstanding that the internal reorganization and the distribution will be taxable to Liberty Broadband. If any such challenge were successful, GCI Liberty may not be entitled to the anticipated step-up in tax basis or any resulting tax benefits. Additionally, to the extent GCI Liberty does obtain a tax basis step-up and ultimately realizes tax benefits in excess of those corresponding to a cash tax liability to Liberty Broadband of $420 million, GCI Liberty has agreed to pay over to Liberty Broadband (and to Charter upon completion of the Charter combination) the cash value of such excess benefits under a tax receivables agreement (as described further below).

Although Charter has agreed that it will be generally liable for taxes incurred by Liberty Broadband in connection with the internal reorganization and the distribution following the consummation of the Charter combination, Liberty Broadband will remain liable for such taxes prior to the Charter combination, and would remain liable for them indefinitely if the Charter combination were not to occur. Moreover, depending on the specific timing of the Charter combination, Liberty Broadband is expected to be required to pay such taxes prior to the consummation of such combination.

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Holders of Liberty Broadband common stock should consult their tax advisors with respect to the particular tax consequences to them of the distribution, including the applicability and effect of any U.S. federal, state and local tax laws, as well as foreign tax laws. For more information regarding the U.S. federal income tax considerations of the distribution, see "*U.S. Federal Income Tax Considerations*."

#### We and/or Liberty Broadband may not realize the potential benefits from the spin-off in the near term or at all.
Liberty Broadband anticipates the realization of strategic and financial benefits to us and Liberty Broadband as a result of our separation from Liberty Broadband. See "*The Separation — Reasons for the Separation*." In particular, the separation of GCI Liberty from Liberty Broadband is intended, among other things, to better position GCI Liberty to pursue opportunities for long-term growth and profitability unique to its own business and to enable it to more effectively implement its own distinct capital structure and capital allocation strategies. However, no assurance can be given that the market will react favorably to the spin-off or that any opportunities for long-term growth and profitability will become available following the spin-off on terms that GCI Liberty finds favorable or at all.

The Liberty Broadband board also considered a variety of risks, uncertainties and other potentially negative factors in its deliberations concerning the separation, including the following (which are not necessarily presented in order of relative importance): the risk of being unable to achieve the benefits expected from the separation; the potential disruption of the businesses of Liberty Broadband, including the GCI Business, as its management and employees devote time and resources to completing the separation; the substantial costs of effecting the separation; while the separation is expected to be completed, there is no assurance that all conditions to the parties' obligations to complete the separation will be satisfied or, if permissible, waived, and as a result, it is possible that the separation might not be completed; the tax liabilities that will arise from the separation, both to Liberty Broadband and its stockholders; and the various other applicable risks associated with Liberty Broadband and the separation.

#### We may not realize the benefits of acquisitions or other strategic investments and initiatives.
Our business strategy and that of our subsidiaries may include selective acquisitions, other strategic investments and initiatives that allow our subsidiaries to expand their business. The success of any acquisition depends upon effective integration and management of acquired businesses and assets into the acquirer's operations, which is subject to risks and uncertainties, including the realization of the growth potential, any anticipated synergies and cost savings, the ability to retain and attract personnel, the diversion of management's attention from other business concerns and undisclosed or potential legal liabilities of acquired businesses or assets.

#### Following the separation, our financial profile will change, and we will be a smaller, less diversified company than Liberty Broadband prior to the separation.
Following the separation, GCI Liberty will be a smaller, less diversified company than Liberty Broadband prior to the distribution. As a result, we may be more vulnerable to changing market conditions, which could have a material adverse effect on our business, financial condition and results of operations. In addition, the diversification of our costs, and cash flows will diminish as a standalone company, such that our results of operations, cash flows, working capital and financing requirements may be subject to increased volatility and our ability to fund capital expenditures and investments and service debt may be diminished.

 ***The aggregate trading value of the Liberty Broadband common stock and the GCI Group common stock following the distribution may not be the same as the trading value of Liberty Broadband common stock had the separation not occurred.***

As a result of the separation, it is expected that the trading price of shares of Liberty Broadband common stock immediately following the distribution will be different from the "regular-way" trading price of such shares immediately prior to the completion of the distribution because the trading price will no longer reflect the value of the GCI Business. There can be no assurance whether the aggregate trading value of the Liberty Broadband common stock and the GCI Group common stock following the distribution

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will be the same as, or higher or lower than, the trading value of Liberty Broadband common stock had the separation not occurred. This means, for example, (i) that the combined trading prices after the distribution of 0.20 of a share of GLIBA and one share of LBRDA, may be equal to, greater than or less than the trading price of one share of LBRDA before the distribution, (ii) that the combined trading prices after the distribution of 0.20 of a share of GLIBB and one share of LBRDB may be equal to, greater than or less than the trading price of one share of LBRDB before the distribution, or (iii) that the combined trading prices after the distribution of 0.20 of a share of GLIBK and one share of LBRDK, may be equal to, greater than or less than the trading price of one share of LBRDK before the distribution.

#### We expect to have overlapping directors and officers with Liberty Broadband, Liberty Media and QVC Group which may lead to conflicting interests.
We expect that certain executive officers of Liberty Broadband, Liberty Media and QVC Group will also serve as our executive officers pursuant to the services agreement that will be entered into between us and Liberty Media in connection with the completion of the spin-off, and certain directors of Liberty Broadband and Liberty Media will also serve on our board of directors following the completion of the spin-off. Our executive officers and members of our board of directors have fiduciary duties to our stockholders. Likewise, any such persons who serve in similar capacities at Liberty Broadband, Liberty Media and QVC Group or any other public company, have fiduciary duties to that company's stockholders. For example, there may be the potential for a conflict of interest when our Company, Liberty Broadband or Liberty Media pursues acquisitions and other business opportunities that may be suitable for each of them. Therefore, such persons may have conflicts of interest or the appearance of conflicts of interest with respect to matters involving or affecting more than one of the companies to which they owe fiduciary duties. Further, as allowed by Nevada law, our restated articles will renounce any interest or expectancy in certain business opportunities involving our directors and officers, which will allow such directors and officers to pursue those business opportunities without being liable to us or our stockholders arising out of any duty or obligation to permit the Company to pursue such opportunities. Liberty Broadband has also renounced its rights to certain business opportunities and its restated certificate of incorporation provides that no director or officer will be liable to the company or its stockholders by reason of the fact that any such individual directs a corporate opportunity to another person or entity instead of the company, or does not refer or communicate information regarding such corporate opportunity to the Company, unless (x) such opportunity was expressly offered to such person solely in his or her capacity as a director or officer of the company or as a director or officer of any of the company's subsidiaries, and (y) such opportunity relates to a line of business in which the company or any of its subsidiaries is then directly engaged.

Moreover, immediately following the completion of the spin-off, our Chairman of the Board, certain other directors and our officers will continue to own Liberty Broadband common stock, RSUs and options to purchase Liberty Broadband common stock. These ownership interests could create, or appear to create, potential conflicts of interest when these individuals are faced with decisions that could have different implications for us or Liberty Broadband.

In addition, any potential conflict that qualifies as a "related party transaction" (as defined in Item 404 of Regulation S-K) is subject to review by the audit committee of our board or another independent body of our board designated to address such actual or potential conflicts. Any other potential conflicts that arise will be addressed on a case-by-case basis, keeping in mind the applicable fiduciary duties owed by the executive officers and directors of each issuer. From time to time, we may enter into transactions with Liberty Broadband, Liberty Media and/or their respective subsidiaries or other affiliates. There can be no assurance that the terms of any such transactions will be as favorable to us, Liberty Broadband, Liberty Media or any of their respective subsidiaries or affiliates, as would be the case where there is no overlapping officer or director.

#### The unfavorable outcome of pending or future legal proceedings could have a material adverse impact on the operations and financial condition of our business.
 *Our subsidiaries are parties to several legal proceedings arising out of various aspects of their businesses, including but not limited to the various matters related to the RHC Program described under "Business — Regulatory Matters — Data Services and Products — RHC Program". The outcome of these* 

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proceedings may not be favorable, and one or more unfavorable outcomes could have a material adverse impact on their respective financial conditions, which can impact our financial performance.

 ***It is expected that Mr. Malone will own shares of GCI Group common stock representing approximately 52.4% of the aggregate voting power of our Company, which may be deemed to put him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to our stockholders.***

Based on Mr. Malone's beneficial ownership of Liberty Broadband common stock as of the record date, immediately following the spin-off, Mr. Malone is expected to beneficially own shares of GCI Group common stock (assuming the distribution of 3,650,938 shares of Series A GCI Group common stock and 400,806 shares of Series B GCI Group common stock based on 18,254,690 shares of Liberty Broadband Series A common stock and 2,004,028 shares of Liberty Broadband Series B common stock outstanding as of the record date) representing the power to direct approximately 52.4% of the aggregate voting power of GCI Group common stock, subject to the Malone nonvoting side letter (as defined below). Therefore, it is expected that Mr. Malone will continue to be deemed to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets due to his ownership of GCI Group common stock. However, in connection with the contemplated separation, on December 31, 2024, Mr. Malone and certain anticipated holders of shares of GCI Group common stock affiliated with Mr. Malone (collectively, the "**Malone GCI group**") entered into a side letter with GCI Liberty (the "**Malone nonvoting side letter**") pursuant to which each member of the Malone GCI group irrevocably and unconditionally agreed that the members of the Malone GCI group, in the aggregate, will not vote any shares of GCI Liberty voting stock beneficially owned by the Malone GCI group that, if voted, would result in the aggregate voting power of the Malone GCI group exceeding the lesser of (a) 49.99% of the aggregate voting power in GCI Liberty and (b) the aggregate voting power of the Malone GCI group in Liberty Broadband, with the determination of the aggregate voting power of the Malone GCI group in Liberty Broadband being made as of immediately prior to the record date established by Liberty Broadband with respect to the distribution and without giving effect to the Malone exchange side letter. The Malone nonvoting side letter will automatically terminate upon the occurrence of certain events, including the receipt of the approval of transfer of control applications by the FCC and the RCA permitting the Malone GCI group to exercise de jure control of GCI Liberty. This concentration of ownership could discourage others from initiating any potential merger, takeover or other change of control transaction that may otherwise be beneficial to our stockholders.

 ***The spin-off may not occur, and, if it occurs, it may not occur on the terms described in this prospectus, and the Liberty Broadband board may abandon the spin-off at any time prior to the declaration of the distribution, or otherwise decide to amend the terms of any agreement Liberty Broadband enters into relating to the spin-off.***

No assurance can be given that the spin-off will occur, or, if it occurs, that it will occur on the terms described in this prospectus. In addition to the conditions to the spin-off described herein (certain of which may be waived by Liberty Broadband and, if the Charter merger agreement has not been terminated, Charter), subject to Liberty Broadband's agreement to consummate the separation pursuant to, and subject to the terms and conditions of, the Charter merger agreement, Liberty Broadband may abandon the spin-off at any time prior to the declaration of the distribution for any reason or for no reason, provided, that, if the Charter merger agreement has not been terminated, such abandonment will require Charter's prior written consent. Additionally, the agreements to be entered into by us with Liberty Broadband in connection with the spin-off (including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement) may be amended or modified prior to the consummation of the spin-off. If any condition to the spin-off is waived or if any material amendments or modifications are made to the terms of the spin-off or to such ancillary agreements prior to the spin-off, Liberty Broadband intends to promptly issue a press release and file a Current Report on Form 8-K informing the market of the substance of such waiver, amendment or modification.

 ***We are a holding company, and we may be unable to obtain cash in amounts sufficient to service our financial obligations or meet our other commitments.***

Our ability to meet our current and future financial obligations and other contractual commitments depends upon our ability to access cash. We are a holding company, and our sources of cash include our

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available cash balances, net cash from the operating activities and indebtedness of our wholly owned subsidiary GCI, LLC and proceeds from any asset sales or other forms of asset monetization we may undertake in the future. In addition, the ability of GCI, LLC to pay dividends or to make other payments or advances to us depends on its operating results and any statutory, regulatory or contractual restrictions to which it may be or may become subject. Some state regulators have imposed, and others may consider imposing, cash management practices on regulated companies, including us, that could limit the ability of such regulated companies to transfer cash between subsidiaries or to the parent company. While none of the existing state regulations materially affect our cash management, any changes to the existing regulations or imposition of new regulations or restrictions may materially adversely affect our ability to transfer cash within our consolidated companies.

 ***Satisfaction by GCI Liberty of its indemnification obligations or the failure of Liberty Broadband or Charter to satisfy their indemnification obligations could have a material adverse effect on GCI Liberty's financial conditions, results of operations and cash flows.***

Pursuant to the separation and distribution agreement that GCI Liberty entered into with Liberty Broadband in connection with the spin-off of the GCI Business by Liberty Broadband, GCI Liberty has agreed to indemnify Liberty Broadband for all losses arising out of, resulting from or in connection with (i) the businesses, assets or liabilities contributed to GCI Liberty in the internal reorganization, (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of GCI Liberty under the separation and distribution agreement or other agreements referenced therein and (iii) any untrue statement of material fact in (A) this registration statement or other disclosure document filed with the SEC in connection with the distribution (other than untrue statements of material fact made by Liberty Broadband or for which Liberty Broadband provided information in writing), or (B) Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution for which the applicable disclosure relates to any member of the Spinco group or for which Spinco group or its predecessors provided information in writing. Further, pursuant to the separation and distribution agreement, Liberty Broadband has agreed to indemnify GCI Liberty for all losses arising out of, resulting from or in connection with (i) the businesses, assets or liabilities retained by Liberty Broadband in the internal reorganization, (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of Liberty Broadband under the separation and distribution agreement or other agreements referenced therein and (iii) any untrue statement of material fact in (A) this registration statement where such untrue statement of material fact is made by Liberty Broadband or for which Liberty Broadband provided information in writing or (B) Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution (other than untrue statements of material fact that arise out of disclosures relating to the Spinco group or for which Spinco group or its predecessors provided information in writing). At the completion of the Charter combination, in accordance with the Charter merger agreement, Charter will execute a joinder agreement to the separation and distribution agreement, pursuant to which, from and after the closing of the Charter combination, Charter will be directly responsible and liable for Liberty Broadband's obligations under the separation and distribution agreement, including Liberty Broadband's indemnification obligations. These indemnification obligations exclude any matters relating to taxes; however, under the tax sharing agreement and tax receivables agreement, GCI Liberty and Liberty Broadband (and after the closing of the Charter combination, Charter) will also have indemnification obligations to each other with respect to taxes, tax-related items and tax benefits allocated between them under these tax agreements. See "*Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Separation and Distribution Agreement*," "— *Tax Sharing Agreement*" and "— *Tax Receivables Agreement*" in this prospectus for more information. GCI Liberty could be negatively affected if it is required to make material payments pursuant to its indemnification obligations to Liberty Broadband.

The indemnity from Liberty Broadband may not be sufficient to protect GCI Liberty against the full amount of such liabilities if, for example, Liberty Broadband fails to fully satisfy its indemnification obligations. Moreover, even if GCI Liberty ultimately succeeds in recovering from Liberty Broadband any amounts for which it is held liable, GCI Liberty may be temporarily required to bear those losses itself, requiring GCI Liberty to divert cash that would otherwise have been used in furtherance of its business operations. In addition, third parties could seek to hold GCI Liberty responsible for any of the liabilities that Liberty Broadband has agreed to retain. Each of these risks could have a material adverse effect on GCI Liberty's financial conditions, results of operations and cash flows.

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#### Factors Relating to the GCI Business
 *We refer to the business operations of the GCI Business as "**GCI**" in the following risk factors relating to the GCI Business.* 

#### GCI faces competition, including from non-geostationary satellites, that may reduce its market share and harm its financial performance.
There is substantial competition in the telecommunications and entertainment industries. Through mergers, various service integration strategies, and business alliances, major providers are striving to strengthen their competitive positions. GCI faces increased wireless services competition from national carriers in the Alaska market who are often able to offer more flexible subscription packages and exclusive content. GCI also faces competition from direct-to-user non-geostationary satellite-based internet providers.

Our Company expects competition to increase as a result of the rapid development of new technologies, services, and products, including the increasing use of artificial intelligence ("**AI**") and machine learning technologies, and the availability of increased federal funding of broadband infrastructure. Our Company cannot predict which of many possible future technologies, products or services will be important to maintain GCI's competitive position or what expenditures will be required to develop and provide these technologies, products or services. GCI's ability to compete successfully will depend on marketing and on its ability to anticipate and respond to various competitive factors affecting the industry, including new services that may be introduced, improvements in network quality and capacity, changes in consumer preferences or habits, demographic trends, economic conditions, and pricing strategies by competitors. To the extent GCI does not keep pace with technological advances or fails to timely respond to changes in competitive factors in its industry and in its markets, GCI could lose market share or experience a decline in its revenue and net income. Competitive conditions create a risk of market share loss and the risk that customers shift to less profitable, lower margin services. Competitive pressures also create challenges for GCI's ability to grow new businesses or introduce new services successfully and execute its business plan. GCI also faces the risk of potential price cuts by our Company's competitors partially driven by federal funding for broadband infrastructure that could materially adversely affect its market share and gross margins.

GCI's wholesale customers, including its major roaming customers, may construct facilities in locations where they currently contract with GCI to use its network to provide service on their behalf. Our Company could experience a decline in revenue and net income if any of GCI's wholesale customers constructed or expanded their existing networks in places where service is currently provided by GCI's network. Some of GCI's wholesale customers have greater access to financial, technical, and other resources than GCI does. GCI expects to continue to offer competitive alternatives to such customers in order to retain significant traffic on GCI's network. Our Company cannot predict whether such customers will continue to see GCI's network as a compelling alternative. GCI's inability to negotiate renewals of such contracts could have a material adverse effect on our Company's business, financial condition, and results of operations.

#### If GCI experiences customer losses or a change in demand for our products and services, our Company's financial performance will be negatively impacted.
GCI is in the business of selling communication services to subscribers, and its economic success is based on its ability to retain current subscribers and attract new subscribers. If GCI is unable to retain and attract subscribers, its and our Company's financial performance will be impaired. GCI's rates of subscriber acquisition and turnover are affected by a number of competitive factors, including the size of its service areas, network performance and reliability issues, changing technologies, its device and service offerings, subscribers' perceptions of its services and the costs thereof, and customer care quality. Managing these factors and subscribers' expectations is essential in attracting and retaining subscribers. Although GCI has implemented programs to attract new subscribers and address subscriber turnover, our Company cannot make assurances that these programs or GCI's strategies to address subscriber acquisition and turnover will be successful. A high rate of turnover or subscriber loss, or a change in demand for our products and services, would reduce revenue and increase the total marketing expenditures required to attract the minimum number of subscribers required to sustain GCI's business plan which, in turn, could have a material adverse effect on our Company's business, financial condition, and results of operations.

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#### Adverse economic conditions in the U.S. and inflationary pressures on input costs and labor could impact GCI's results of operations.
In recent years, varying factors have contributed to significant volatility and disruption of financial markets and global supply chains. Additionally, the U.S. Federal Reserve began decreasing interest rates in 2024 after several years at higher rates but has kept interest rates steady in 2025. The imposition of tariffs and other economic measures which may have an impact on inflation, and inflationary cost pressures and recessionary fears have negatively impacted the U.S. and global economy. Unfavorable economic conditions, such as a recession or economic slowdown in the U.S., or inflation in the markets in which GCI operates, could negatively affect the affordability of, and demand for, GCI's products and services and its cost of doing business. GCI has experienced increased interest expense as a result of higher interest rates, as well as higher labor, information technologies and capital expenditure costs due to inflation. Increased costs to equipment, for example due to increased tariffs, could also impact GCI's results.

The Alaska economy is dependent upon the oil industry, state and federal spending, investment earnings and tourism. A decline in oil prices would put significant pressure on the Alaska state government budget. The Alaska state government has financial reserves that GCI believes may be able to help fund the state government for the next couple of years. In addition, following the 2024 U.S. Presidential election, the new administration has created the Department of Government Efficiency ("**DOGE**"), which is tasked with reducing waste and fraud in U.S. government spending, and reviewing overall U.S. government spending. If the U.S. government were to significantly reduce federal funding, including as a result of DOGE, such a reduction could have a material adverse impact on the state of Alaska and GCI. The potential impact of any reduction in federal spending cannot be predicted as this time. The Alaska economy is subject to recessionary pressures as a result of the economic impacts of volatility in oil prices, inflation, and other causes that could result in a decrease in economic activity. While it is difficult for GCI to predict the future impact of a recession on its business, these conditions have had an adverse impact on its business and could adversely affect the affordability of, and demand for, some of its products and services and cause customers to shift to lower priced products and services or to delay or forgo purchases of its products and services. GCI's customers may not be able to obtain adequate access to credit, which could affect their ability to make timely payments to GCI and could lead to an increase in accounts receivable and bad debt expense. If Alaska experiences a recession or economic slowdown, it could negatively affect GCI's business, including its financial position, results of operations, or liquidity, as well as its ability to service debt, pay other obligations, and enhance shareholder returns.

In addition, during 2024 and continuing in 2025, GCI has experienced the impact of inflation-sensitive items, including upward pressure on the costs of materials, labor, and other items that are critical to GCI's business. GCI continues to monitor these impacts closely and, if costs continue to rise, GCI may be unable to recoup losses or offset diminished margins by passing these costs through to its customers or implementing offsetting cost reductions.

#### GCI may be unable to obtain or maintain the roaming services it needs from other carriers to remain competitive.
Some of GCI's competitors have national networks that enable them to offer nationwide coverage to their subscribers at a lower cost than GCI can offer. The networks GCI operates do not, by themselves, provide national coverage, and GCI must pay fees to other carriers that provide roaming services to it. GCI currently relies on roaming agreements with several carriers for the majority of its roaming services.

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The FCC requires commercial mobile radio service providers to provide roaming, upon request, for voice and SMS text messaging services on just, reasonable, and non-discriminatory terms. The FCC also requires carriers to offer data roaming services. The rules do not provide or mandate any specific mechanism for determining the reasonableness of roaming rates for voice, SMS text messaging or data services and require that roaming complaints be resolved on a case-by-case basis, based on a non-exclusive list of factors that can be taken into account in determining the reasonableness of particular conduct or rates. If GCI were to lose the benefit of one or more key roaming or wholesale agreements unexpectedly, it may be unable to obtain similar replacement agreements and as a result may be unable to continue providing nationwide voice and data roaming services for its customers or may be unable to provide such services on a cost-effective basis. GCI's inability to obtain new or replacement roaming services on a cost-effective basis may limit its ability to compete effectively for wireless customers, which may increase customer turnover and decrease GCI's revenue, which in turn could materially adversely affect our Company's business, financial condition and results of operations.

 ***GCI's business is subject to extensive governmental legislation and regulation. Changes to or interpretations of existing statutes, rules, regulations, or the adoption of new ones, could adversely affect GCI's business, financial position, results of operations, or liquidity.***

As described below under "*Business — Regulatory Matters*," GCI's business is subject to extensive federal and state governmental legislation and regulation. There can be no assurance that future changes or additions to the regulatory system under which GCI operates will benefit or have no adverse effect on GCI. Similarly, these rules and regulations are subject to interpretation by the applicable agencies, and new interpretations, which could impact GCI's operations and have an adverse effect on GCI's business, position, results of operations, or liquidity. There can be no assurance that future regulatory actions taken by Congress, the FCC or other federal, state or local government authorities, by the judiciary or through Executive Branch action, will not have a similar effect.

With respect to wireless services provided by GCI, the licensing, leasing, construction, operation, sale and interconnection arrangements of wireless communications systems are regulated by the FCC, Alaska, and potentially other state and local regulatory agencies. In particular, the FCC grants wireless licenses and imposes significant regulation on licensees of wireless spectrum. There can be no guarantee that GCI's existing licenses will be renewed. In addition, while the FCC does not currently regulate wireless service providers' rates, states may exercise authority over such things as certain billing practices and consumer-related issues. These regulations could increase the costs of GCI's wireless operations, including with respect to the maintenance of existing licenses granted by the FCC, due to a failure to comply with applicable regulations. GCI is also subject to FCC rules relating to E911 capabilities and failure to comply with these rules could subject GCI to significant fines.

With respect to Internet services provided by GCI, GCI could be adversely impacted by the reclassification of Internet service as a telecommunications service under Title II of the Communications Act. In 2015, the FCC classified Internet service as a telecommunication service. The FCC's implementing regulations prohibited broadband providers from blocking or throttling most lawful public Internet traffic, from engaging in paid prioritization of that traffic, and from unreasonably interfering with or disadvantaging end users' and edge providers' ability to send traffic to, from, and among each other. Although a 2018 FCC order returned to a Title I classification of Internet service and eliminated many of the requirements imposed in its initial 2015 order, in 2024 the FCC adopted an order again reclassifying Internet services as a Title II service and adopting "net neutrality" rules regulating the Internet under Title II. On January 2, 2025, the United State Court of Appeals for the Sixth Circuit vacated the FCC's 2024 order. Nonetheless, the new administration, Congress and state legislatures may undertake similar efforts. For example, California and Vermont have undertaken such efforts and some states, such as New York, have adopted rules capping Internet access rates for at least some services or customers. Any such rules could decrease GCI's revenues and could adversely affect the manner and price of providing service, which could have a material adverse effect on GCI's business, financial position, results of operations, or liquidity.

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 ***USF receivables and contributions are subject to change due to regulatory actions taken by the FCC, including the FCC's interpretations of the USF program rules, or legislative actions that change the rules and regulations governing the USF program.***

GCI participates in various USF programs, which provide government subsidies for service to schools, libraries and certain health care providers, to low-income and other eligible households and to support networks in high-cost areas. USF support was 46% and 40% of GCI's revenue for the three months ended March 31, 2025 and 2024, respectively and 42% and 39% of GCI's revenue for the years ended December 31, 2024 and 2023, respectively. GCI had USF net receivables of $108 million and $125 million at March 31, 2025 and December 31, 2024, respectively. In addition, the USF programs require GCI and other telecommunications providers to make contributions, based on certain revenue earned, into a fund used to subsidize nationwide these USF programs. The USF programs in which GCI participates are highly regulated. While the rules and regulations governing the USF programs are fairly robust, there can be no assurance that any new rules or regulations adopted will not impact GCI's USF program anticipated receivables or contribution payments. Further, the FCC and Universal Service Administrative Company ("**USAC**") may interpret or apply the applicable rules and regulations in ways that are unexpected to GCI or other program participants. As a result, material changes to receivables and contributions may occur, which could have an adverse effect on GCI's business and our Company's financial position, results of operations or liquidity. As described below in "*Business — Regulatory Matters*," GCI has experienced material changes to receivables and contributions from the USF programs in recent years. For example, in October 2018, the FCC's Wireline Competition Bureau notified GCI of its decision to reduce rural rates charged to Rural Health Care ("**RHC**") Program customers for the funding year that ended on June 30, 2018 by approximately 26%, resulting in a reduction of total support payments of $28 million, and applied the same cost methodology for the funding years ended on June 30, 2019 and June 30, 2020. In addition, although the FCC has adjusted the RHC Program funding cap and committed to annual adjustments in future years for inflation, there is no guarantee that aggregate funding will be available to pay in full the approved funding for future years. Furthermore, the FCC has adopted a series of changes to the manner in which support issued under the RHC Program will be calculated and approved and has a pending rulemaking to consider additional future changes. Also, in November 2024, the FCC adopted changes to the mechanisms for support of fixed and mobile telecommunications networks in Alaska, with further changes under consideration in a pending rulemaking. Those changes will increase support for service to high-cost areas in 2025 and 2026, but that support may be subject to some reductions thereafter. GCI is currently unable to assess the substance, impact on funding or timing of any such changes to any of the USF programs.

#### Failure to comply with USF program requirements may have an adverse effect on GCI's business and our Company's financial position.
The USF programs in which GCI participates are highly regulated, and, in many cases, require highly technical and nuanced processes and procedures in order to obtain funding and to ensure compliance with the USF programs. For example, telecommunication providers and their customers are subject to regulations that set forth procedures that must be followed by both the provider and the customer, and there are limitations on communications between these parties. If a customer or a provider is found to have not complied with any aspect of these regulations, regardless of whether such noncompliance was unintentional or accidental, the FCC may deny funding and/or require disgorgement of any amounts received under the affected contracts. The FCC may also invalidate any affected contract and impose fines or penalties. Accordingly, failure to comply with these rules and regulations could have a material adverse effect on GCI's business and our Company's financial position, results of operations or liquidity.

#### Loss of GCI's ETC status would disqualify it for high-cost and low-income USF support.
The USF pays support to ETCs to support the provision of facilities-based wireline and wireless telephone service in high-cost areas and to low-income consumers. If GCI were to lose its ETC status in any of the high-cost areas where it is currently an authorized ETC, whether due to legislative or regulatory reform or its failure to comply with applicable laws and regulations, GCI would be ineligible to receive high-cost or low-income USF support for providing service in that area, which would have an adverse effect on our Company's business, financial position, results of operations or liquidity.

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 ***A disruption in the payment of USF support or federal grants on which GCI relies, through Executive Branch action or otherwise, could delay or halt those payments.***

GCI receives a substantial portion of its revenues from federal universal service support to support infrastructure and services, as well as federal grants, whether as a recipient or a subrecipient, that fund infrastructure investments. On January 27, 2025, the Office of Management and Budget ("**OMB**") issued a memorandum directing a pause in federal financial assistance pending review for consistency with presidential executive actions. On January 28, 2025, OMB clarified that this only applied to programs affected by certain specified executive actions, which did not appear to include FCC universal service support programs but may include some grants that GCI receives as a recipient or subrecipient, or for which it has applied. OMB withdrew the memorandum on January 29, 2025, and two federal district courts have subsequently issued preliminary injunctions affecting the memorandum. Further reviews may be ongoing by the FCC, the National Telecommunications and Information Administration or the Rural Utility Service. Any pause or other disruption in USF or grant disbursements, or if any pause were to extend to federal universal service support programs, or to other infrastructure grants GCI receives, or if any such pause were to become extended, could have a material adverse effect on GCI's business and our Company's financial position, results of operations or liquidity.

#### A successful legal challenge to the constitutionality of the USF could disrupt or eliminate GCI's USF support.
There have been a number of legal challenges to the constitutionality of the USF. The U.S. Courts of Appeals for the Sixth and Eleventh Circuits rejected such challenges in 2023, as did a panel of three judges in the Fifth Circuit. However, on July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit sitting *en banc* ruled that the USF program is unconstitutional as currently administered, and remanded the case to the FCC. In its decision, the *en banc* Fifth Circuit concluded that the public delegation of legislative authority to the FCC, combined with the private delegation of authority from the FCC to the USAC resulted in an impermissible and unconstitutional delegation of Congress' Article I authority. The Supreme Court granted petitions for certiorari from the Fifth Circuit's decision and heard the case on March 26, 2025; the Supreme Court reversed the Fifth Circuit's decision and remanded the case on June 27, 2025. It is possible that additional cases and appeals will continue to be filed in relation to the matter. There is significant uncertainty regarding the outcome of any such additional cases or appeals, as well as whether any action taken by the FCC or Congress to resolve the issue would be sufficient and what impact such actions might have on the USF program. A future judicial decision determining that the legislation establishing the USF program is unconstitutional could disrupt or eliminate GCI's USF support unless and until any identified legal defects with the program structure or administration are remedied. Such a ruling would likely result in a material decrease in revenue and accounts receivable, which would have an adverse effect on GCI's business and an adverse effect on the Company's financial position, results of operations or liquidity. USF support was 46% and 40% of GCI's revenue for the three months ended March 31, 2025 and 2024, respectively, and 42% and 39% of GCI's revenue for the years ended December 31, 2024 and 2023, respectively. GCI had USF net receivables of $108 million and $125 million at March 31, 2025 and December 31, 2024, respectively. Without USF support, telecommunications providers, including GCI, may need to consider various actions including, but not limited to, terminating certain high-cost or low profit services, discontinuing rural networks or a reduction in workforce, which could have a negative impact on GCI's business.

#### GCI may not meet its performance plan milestones under the Alaska High Cost Order.
As an ETC, GCI receives support from the USF to support the provision of wireline local access and wireless service in high-cost areas. In 2016, the FCC published the Alaska High Cost Order, which requires GCI to submit to the FCC a performance plan with five-year and ten-year commitments. The FCC approved revised performance obligations in 2021. If GCI is unable to meet the final performance plan milestones approved by the FCC, it will be required to repay 1.89 times the average amount of support per location received over the ten-year term for the relevant number of locations that GCI failed to deploy to, plus potentially ten percent of its total Alaska High Cost Order support received over the ten-year term. In addition, failure to meet the performance plan milestones under the Alaska High Cost Order could result in GCI being disqualified from participating in the Alaska Connect Fund mobile high-cost support, which is a successor plan to the Alaska High Cost Order and would provide high-cost universal service support through 2034. Inability to meet GCI's performance plan milestones with or without disqualification from

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the Alaska Connect Fund could have an adverse effect on its business, financial position, results of operations, or liquidity, and could cause us to incur a fine of approximately $58.6 million dollars and an additional $7,951 per resident missed.

#### GCI may lose USF high-cost support after 2026 if certain competitive conditions are met.
On November 4, 2024, the FCC released an order establishing a new high-cost support mechanism for Alaska, the Alaska Connect Fund Order, to replace the Alaska High Cost Order, which was set to expire at the end of 2026. In the Alaska Connect Fund Order, the FCC increased by 30% the annual support that each Alaska High Cost Order recipient received, starting January 1, 2025, through the end of 2026 for mobile services and through the end of 2028 for fixed services. For mobile services, support may be reduced after 2026 to the extent associated with any areas deemed ineligible for support, and may be further reduced after 2030 in areas served by more than one Alaska Connect Fund Order supported provider, based upon a competitive selection process still pending further FCC consideration in a pending rulemaking proceeding. Because key elements of these processes are still being defined by the FCC, GCI cannot estimate whether or to what extent it will experience a reduction of mobile high-cost universal service support after 2026. Similarly, GCI cannot estimate whether or to what extent it may experience a reduction in fixed broadband support after 2028.

 ***GCI may experience delayed or lost USF high-cost support if the FCC does not approve its mobile performance plan in 2026 or its fixed broadband performance plan in or after 2028.***

Continuation of GCI's high-cost support after 2026, for mobile service, and after 2028, for fixed voice and broadband service, is contingent upon obtaining FCC approval for its performance plan in which it would make commitments as to how support would be used to improve mobile and fixed broadband services, respectively. If GCI cannot obtain FCC approval of its performance plan by the end of 2026, for mobile services, or the end of 2028, for fixed services, it could be subject to a delay or loss of such support.

#### The decline in GCI's Other revenue, which includes video, long-distance, and local access services, may accelerate.
Our Company expects GCI's Other revenue, which includes video, long-distance and local access services, will continue to decline. GCI has experienced declines in video and voice subscribers, consistent with the industry. Video revenue has seen further losses as a result of the transition from traditional linear video delivery to IP delivery and GCI's decision to discontinue selling bulk video packages for multi-dwelling units. GCI Holdings has announced that it plans to exit the video business in 2025, subject to regulatory approvals.

As competition from wireless carriers, as well as competition from GCI's own product offerings, increases, our Company expects GCI's long-distance and local access services' subscribers and revenue will continue to decline and the rate of decline may accelerate. In addition, GCI's success in the local telephone market depends on its continued ability to obtain interconnection, access, and related services from local exchange carriers on terms that are reasonable and that are based on the cost of providing these services. GCI's ability to provide service in the local telephone market depends on its negotiation or arbitration with local exchange carriers to allow interconnection to the carrier's existing local telephone network (in some Alaska markets at cost-based rates), to establish dialing parity, to obtain access to rights-of-way, to resell services offered by the local exchange carrier, and in some cases, to allow the purchase, at cost-based rates, of access to certain unbundled network elements. Future negotiations or arbitration proceedings with respect to new or existing markets could result in a change in GCI's cost of serving these markets via the facilities of the Incumbent Local Exchange Carriers ("**ILECs**") or via wholesale offerings. GCI's local telephone services business faces the risk of unfavorable changes in regulation or legislation or the introduction of new regulations.

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#### Failure to stay abreast of new technology could affect GCI's ability to compete in the industry.
GCI tests and deploys various new technologies and support systems intended to enhance its competitiveness and increase the utility of its services. As GCI's operations grow in size and scope, it must continuously improve and upgrade its systems and infrastructure while maintaining or improving the reliability and integrity of its systems and infrastructure. The emergence of alternative platforms such as mobile or tablet computing devices and the emergence of niche competitors who may be able to optimize products, services, or strategies for such platforms will require new investment in technology. Replacing or upgrading GCI's infrastructure to keep pace with such technological changes could result in significant capital expenditures. Further, current and new wireless internet technologies such as 4G and 5G wireless broadband services continue to evolve rapidly to allow for greater speed and reliability, and our Company expects other advances in communications technology to occur in the future. GCI may not successfully complete the rollout of new technology and related features or services in a timely manner, and they may not be widely accepted by GCI's customers or may not be profitable, in which case GCI could not recover its investment in the technology. There can be no assurance that GCI will be able to compete with advancing technology or introduce new technologies and systems as quickly as it would like or in a cost-effective manner. Deployment of technology supporting new service offerings may also adversely affect the performance or reliability of its networks with respect to both the new and existing services. Any resulting customer dissatisfaction could adversely affect GCI's ability to retain customers and attract new customers and may have an adverse effect on our Company's financial position, results of operations, or liquidity. In addition to introducing new technologies and offerings, GCI must phase out outdated and unprofitable technologies and services. If GCI is unable to do so on a cost-effective basis, GCI could experience reduced profits.

 ***GCI's operations are geographically concentrated in Alaska and are impacted by the economic conditions in Alaska, and GCI may not be able to increase its share of the existing market for its services.***

GCI offers products and services to customers primarily throughout Alaska. Because of this geographic concentration, growth of GCI's business and operations depends upon economic conditions in Alaska, which have been negatively impacted in recent years by a recession and the COVID-19 pandemic.

In addition, the customer base in Alaska is limited, and GCI has already achieved significant market penetration with respect to its service offerings in Anchorage and other locations in Alaska. GCI may not be able to continue to increase its share of the existing markets for its services, and no assurance can be given that the Alaskan economy will grow and increase the size of the markets GCI serves or increase the demand for the services it offers. The markets in Alaska for wireless and wireline telecommunications and video services are unique and distinct within the U.S. due to Alaska's large geographical size, its sparse population located in a limited number of clusters, and its distance from the rest of the U.S.

#### Natural or man-made disasters or terrorist attacks could have an adverse effect on GCI's business.
GCI's technical infrastructure (including its communications network infrastructure and ancillary functions supporting its network such as service activation, billing and customer care) is vulnerable to damage or interruption from technology failures, power surges or outages, natural disasters, fires, human error, terrorism, intentional wrongdoing, or similar events. As a communications provider, there is an increased risk that GCI's technological infrastructure may be targeted in connection with terrorism, either as a primary target, or as a means of facilitating additional attacks on other targets.

In addition, earthquakes, floods, fires, and other unforeseen natural disasters or events could materially disrupt GCI's business operations or its provision of service in one or more markets. Specifically, the majority of GCI's facilities are located in areas with known significant seismic activity. Costs GCI incurs to restore, repair or replace its network or technical infrastructure, as well as costs associated with detecting, monitoring, or reducing the incidence of unauthorized use, may be substantial and increase GCI's cost of providing service. Many of the areas in which GCI operates have limited emergency response services and may be difficult to reach in an emergency situation. Should a natural disaster or other event occur, it could be weeks or longer before remediation efforts could be implemented, if they could be implemented at all. Further, any failure in, or interruption of, systems that GCI or third parties maintain to support ancillary functions, such as billing, point of sale, inventory management, customer care, and financial reporting, could materially impact GCI's ability to timely and accurately record, process, and report information important

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to our Company's business. If any of the above events were to occur, GCI could experience higher churn, reduced revenue, and increased costs, any of which could harm its reputation and have a material adverse effect on our Company's business, financial condition, or results of operations.

Additionally, our Company's insurance may not be adequate to cover the costs associated with a natural disaster or terrorist attack.

#### Cyberattacks or other network disruptions could have an adverse effect on our Company and GCI's business.
Our Company's operations depend upon the transmission of information over the Internet. Unauthorized parties attempt to gain access to our Company's and its vendors' information systems by, among other things, hacking into its systems or those of third parties, through fraud or other means of deceiving our Company's employees or its vendors, burglaries, errors by our Company or its vendors' employees, misappropriation of data by employees, or other irregularities that may result in persons obtaining unauthorized access to its data. The techniques used to gain such access to our Company's or its vendors' information systems, data or customer information, disable or degrade service, or sabotage systems are constantly evolving and continue to become more sophisticated and targeted, may be difficult to detect quickly, and often are not recognized until launched against a target. Further, the use of AI and machine learning by cybercriminals may increase the frequency and severity of cybersecurity attacks against us or our suppliers, vendors and other service providers.

Cyberattacks against GCI's or our Company's vendors' technological infrastructure or breaches of information systems may cause equipment failures, disruption of its or their operations, and potentially unauthorized access to confidential customer or employee data, which could subject our Company to increased costs and other liabilities as discussed further below. Cybersecurity incidents and cybersecurity threats, which include the use of malware, computer viruses, and other means for service disruption or unauthorized access to confidential customer or employee data, have increased in frequency, scope, and potential harm for businesses in recent years. It is possible for such cybersecurity incidents and cybersecurity threats to go undetected for an extended period of time, increasing the potential harm to GCI's or our Company's respective customers, employees, assets, and reputation. For example, third-party service providers, such as telecommunications and cloud services providers, have been subject to increasing cyberattacks from state-sponsored threat actors that could materially impact our information systems and operations.

To date, our Company and GCI have not been subject to cybersecurity incidents or disruptions of information systems that, individually or in the aggregate, have been material to our or GCI's operations or financial condition. Although our Company and GCI have not detected such a material security breach or cybersecurity incident to date, our Company and GCI have been the target of events of this nature and expect to be subject to similar attacks in the future. Our Company and GCI engage in a variety of preventive measures at an increased cost intended to reduce the risk of cyberattacks and safeguard our information systems and confidential customer information, but as with all companies, these measures may not be sufficient for all eventualities, and there is no guarantee that they will be adequate to safeguard against all cybersecurity incidents, system compromises, or misuses of data. Such measures include, but are not limited to, the following practices: application whitelisting, anti-malware, message and spam filtering, encryption, advanced firewalls, threat detection, and URL filtering. Despite these preventive and detective actions, our and GCI's efforts may be insufficient to repel a cybersecurity incident, detect all cybersecurity threats, or prevent disruption of information systems in the future and prevent the risks described above.

In addition, some of the most significant risks to GCI's information systems, networks, and infrastructure include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cyberattacks that disrupt, damage, or allow unauthorized access to GCI's network and computer systems by criminal or terrorist actors, which may result in data breaches or network disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • undesired human actions including intentional or accidental errors, misconfigurations, and break-ins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • malware (including viruses, worms, and Trojan horses), software defects, unsolicited mass advertising, denial of service attacks, ransomware, and other malicious or abusive attacks by third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unauthorized access to GCI's information technology, billing, customer care, and provisioning systems and networks and those of its vendors and other providers.

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If hackers or cybercriminals gain access to our or GCI's information systems, networks, or infrastructure, they may be able to access, steal, publish, delete, misappropriate, modify or otherwise disrupt access to confidential customer or employee data. Moreover, additional harm to customers or employees could be perpetrated by third parties who obtain unauthorized access to the confidential customer data. A network or other disruption of information systems (including one resulting from a cyberattack or other cybersecurity incident) could cause an interruption or degradation of service and diversion of management attention, as well as permit access, theft, publishing, deletion, misappropriation, or modification of confidential customer data. Due to the evolving techniques used in cyberattacks to disrupt or gain unauthorized access to technology networks, our Company or GCI may not be able to anticipate or prevent such disruption or unauthorized access.

The costs imposed on our Company and GCI as a result of a cybersecurity incident or disruption of information systems could be significant. Among others, such costs could include increased expenditures on cybersecurity measures, litigation, regulatory actions, fines, sanctions, lost revenue from business interruption, and damage to our or GCI's reputation and the public's perception regarding GCI's ability to provide a secure service. As a result, a cybersecurity incident could have a material adverse effect on GCI's and our Company's business, financial condition, and operating results. Our Company and GCI also face similar risks associated with security breaches and other cybersecurity incidents affecting third parties with which we affiliate or otherwise conduct business. While GCI maintains cyber liability insurance that provides both third-party liability and first-party insurance coverage, its insurance may not be sufficient to protect against all of its losses from any future disruptions or breaches of its systems or other events as described above.

 ***The processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.***

Through our Company's operations, sales and marketing activities, it collects and stores certain non-public personal information related to its customers. Our Company also gathers and retains information about employees in the normal course of business. Our Company may share information about such persons with vendors, contractors and other third parties that assist with certain aspects of its business. The collection, storage, sharing, use, disclosure and protection of this information are governed by the privacy and data security policies maintained by these businesses. Moreover, there are federal, state and international laws regarding privacy and the collection, storage, sharing, use, disclosure and protection of personally identifiable information and user data, including regulations specific to GCI's operations as a telecommunications carrier or video service provider. Specifically, personally identifiable information is increasingly subject to changing legislation and regulations, in numerous jurisdictions around the world, which are intended to protect the privacy of personal information that is collected, processed and transmitted in or from the governing jurisdiction. Compliance with these laws and regulations may be onerous and expensive and may be inconsistent from jurisdiction to jurisdiction, further increasing the cost of compliance.

For example, California has enacted the California Consumer Privacy Act ("**CCPA**"), which, among other things, allows California consumers to request that certain companies disclose the types of personal information collected by such companies. The CCPA became effective on January 1, 2020. The California Attorney General has issued regulations and guidance regarding the law. In November 2020, California voters approved the California Privacy Rights Act ("**CPRA**"), which amends and expands the CCPA and establishes the California Privacy Protection Agency to implement and enforce consumer privacy laws. Most of the CPRA's provisions became effective on January 1, 2023. In addition, Maine, Virginia, Colorado, Utah, Connecticut, Oregon, Texas, Montana, Delaware, Florida, Iowa, Nebraska, New Hampshire and New Jersey enacted privacy and data protection laws in recent years. New privacy laws enacted in Tennessee, Indiana, Minnesota, Maryland, Kentucky and Rhode Island will take effect over the next two years. Other states in the U.S. are also separately proposing laws to regulate privacy and security of personal data. GCI's failure, and/or the failure by the various third-party vendors and service providers with which GCI does business, to comply with applicable privacy policies or federal or state laws or changes in applicable laws and regulations, or any compromise of security that results in the unauthorized release of personally identifiable information or other user data could damage GCI's and our reputations and the reputation of their third-party vendors and service providers, discourage potential users from trying their products and services and/or result in fines and/or proceedings by governmental agencies and/or consumers, any one or all of

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which could adversely affect GCI's business, financial condition and results of operations and, as a result, our Company. In addition, we, our subsidiaries or our business affiliates may not have adequate insurance coverage to compensate for losses.

 ***Increases in data usage on GCI's wired and wireless networks may cause network capacity limitations, resulting in service disruptions, reduced capacity, or slower transmission speeds for GCI's customers.***

Video streaming services, artificial intelligence data processing and peer-to-peer file sharing applications use significantly more bandwidth than traditional Internet activity such as web browsing and email. As use of these services continues to grow, GCI's customers will likely use more bandwidth than in the past. Additionally, new wireless handsets and devices may place a higher demand for data on GCI's wireless network. If this occurs, GCI could be required to make significant capital expenditures to increase network capacity in order to avoid service disruptions, service degradation, or slower transmission speeds for its customers. Alternatively, GCI could choose to implement network management practices to reduce the network capacity available to bandwidth-intensive activities during certain times in market areas experiencing congestion, which could negatively affect its ability to retain and attract customers in affected areas. While our Company believes demand for these services may drive customers to pay for faster speeds, competitive or regulatory constraints may preclude GCI from recovering the costs of the necessary network investments, which could result in an adverse impact to its business, financial condition, and operating results.

#### Prolonged service interruptions or system failures could affect GCI's business.
GCI relies heavily on its network equipment, communications providers, data, and software to support all of its functions. GCI relies on its networks and the networks of others for substantially all of its revenue. GCI is able to deliver services and serve its customers only to the extent that it can protect its network systems against damage from power or communication failures, computer viruses, natural disasters, unauthorized access, and other disruptions. While GCI endeavors to account for failures in the network by providing back-up systems and procedures, GCI cannot guarantee that these back-up systems and procedures will operate satisfactorily in an emergency. Disruption to its billing systems due to a failure of existing hardware and backup protocols could have an adverse effect on our Company's revenue and cash flow. Should GCI experience a prolonged failure, it could seriously jeopardize its ability to continue operations. In particular, should a significant service interruption occur, GCI's ongoing customers may choose a different provider, and its reputation may be damaged, reducing its attractiveness to new customers.

 ***If failures occur in GCI's undersea fiber optic cable systems or GCI's TERRA facilities and its extensions, or in terrestrial facilities owned by a third party upon which GCI relies for significant capacity, GCI's ability to immediately restore the entirety of GCI's service may be limited and our Company could incur significant costs.***

GCI's communications facilities include undersea fiber optic cable systems that carry a large portion of its traffic to and from the contiguous Lower 48 states, one of which provides an alternative geographically diverse backup communication facility to the other. GCI's facilities also include TERRA and its extensions some of which are unringed, operating in a remote environment, and are at times difficult to access for repairs. Damage to an undersea fiber optic cable system or TERRA and its extensions could result in significant unplanned expense. For example, in January 2020, a fiber break occurred in GCI's TERRA ring in Alaska's Cook Inlet. Although service was not materially affected and has since been fully restored, and the financial impact was not significant, full functionality was not restored until March 2020 due to the uniquely challenging environmental conditions in the location of the fiber break. Similarly, in June 2023, a fiber break occurred in the network of a third-party provider of terrestrial capacity to GCI. GCI immediately re-routed customer services to be carried by GCI's TERRA facilities, but service quality in several communities was materially impacted until full restoration was completed in September. Another fiber break is currently affecting the network of the third-party provider. GCI has re-routed customer services to be carried by GCI's TERRA facilities and is considering additional alternatives until the network is restored. If a failure of both sides of the ring of GCI's undersea fiber optic facilities or GCI's ringed TERRA facility and its unringed extensions occurs and GCI is not able to secure alternative facilities, some of the communications services GCI offers to its customers could be interrupted, which could have a material adverse effect on our Company's business, financial position, results of operations, or liquidity.

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#### If a failure occurs in GCI's satellite communications systems, GCI's ability to immediately restore the entirety of its service may be limited.
GCI's communications facilities include satellite transponders that GCI uses to serve many rural and remote Alaska locations. Each of GCI's C-band and Ku-band satellite transponders are backed up using on-board transponder redundancy. In the event of a complete spacecraft failure the services are restored using capacity on other spacecraft that are held in reserve. If a failure of GCI's satellite transponders occurs and GCI is not able to secure alternative facilities, some of the communications services GCI offers to its customers could be interrupted, which could have a material adverse effect on our Company's business, financial position, results of operations, or liquidity.

 ***GCI depends on a limited number of third-party vendors to supply communications equipment. If GCI does not obtain the necessary communications equipment, GCI will not be able to meet the needs of its customers.***

GCI depends on a limited number of third-party vendors to supply wireless, Internet, video, and other telephony-related equipment. If GCI's providers of this equipment are unable to meet GCI's specifications or supply, in a timely manner or at all, the equipment necessary to meet GCI's needs or provide them at an acceptable cost, GCI may not be able to satisfy demand for its services and competitors may fulfill this demand. Due to the unique characteristics of the Alaska communications markets (i.e., remote locations, rural, satellite-served, and low-density populations), in many situations GCI deploys and utilizes specialized, advanced technology and equipment that may not have a large market or demand. GCI's vendors may not succeed in developing sufficient market penetration to sustain continuing production and may fail. Vendor bankruptcy, or acquisition without continuing product support by the acquiring company, may require GCI to replace technology before its otherwise useful end of life due to lack of ongoing vendor support and product development. New restrictions on sourcing of equipment utilized in federally-supported projects may further exacerbate these risks.

The suppliers and vendors on which GCI relies may also be subject to litigation with respect to technology on which GCI depends, including litigation involving claims of patent infringement. Such claims have been growing rapidly in the communications industry. Our Company is unable to predict whether GCI's business will be affected by any such litigation. Our Company expects GCI's dependence on key suppliers to continue as they develop and introduce more advanced generations of technology. The failure of GCI's key suppliers to provide products or product support could have a material adverse effect on our Company's business, financial position, and results of operations.

Supply chain disruptions could impact GCI's ability to obtain equipment and other supplies for its business from its key suppliers and vendors on acceptable terms or at all. To date, GCI's supply chain disruptions have been limited, but it may experience more severe supply chain disruptions in the future or supplier inability to manufacture or deliver equipment or parts. Any suspension or delay in GCI suppliers' and vendors' ability to provide us adequate equipment or supplies, or in GCI's ability to procure equipment or supplies from other sources in a timely manner or at all, could impair its ability to meet customer demand and therefore could have a material adverse effect on our Company's business, financial condition, or results of operations.

#### Climate change and increasingly stringent environmental laws, rules and regulations, and customer expectations could adversely affect GCI's business.
There is a heightened public focus on climate change, sustainability, and environmental issues, and customer, regulatory, and shareholder expectations are evolving rapidly, with a focus on companies' climate change readiness, response, and mitigation strategies. This has led to increased government regulation. Our Company expects that the trend of increasing environmental awareness will continue, which will result in higher costs of operations. GCI is committed to incorporating environmentally sustainable practices into its business. While undertaken in a manner designed to be as efficient and cost effective as possible, this may result in increases in GCI's costs of operations relative to its competitors.

The potential impact of climate change on GCI's operations and customers remains uncertain. The primary risk that climate change poses to GCI's business is the potential for increases in severe weather in the areas in which it operates. See the risk factor entitled "*Natural or man-made disasters or terrorist attacks* 

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*could have an adverse effect on GCI's business*" for more information on the impact of severe weather on our business. Potential physical effects of climate change, such as damage to GCI's network infrastructure, could result in increased costs and loss of revenue. In addition, governmental initiatives to address climate change could, if adopted, restrict GCI's operations, require GCI to make capital expenditures to comply with these initiatives, increase GCI's costs, and impact GCI's ability to compete. GCI's inability to timely respond to the risks posed by climate change and the costs of compliance with climate change laws and regulations could have a material adverse impact on GCI.

In addition, there is regulatory uncertainty with respect to the U.S.' climate change policy. On January 20, 2025, President Trump signed an executive order to withdraw the U.S. from the Paris Agreement, marking a significant shift in U.S. climate policy. It remains unclear what further actions President Trump may take with respect to domestic and international programs and initiatives, what support the Trump administration would have for any potential changes to such legislative programs and initiatives in Congress, and what the impacts of such changes may be.

#### GCI does not have insurance to cover certain risks to which it is subject, which could lead to the occurrence of uninsured liabilities.
As is typical in the communications industry, GCI is self-insured for damage or loss to certain of its transmission facilities, including its buried, undersea, and above-ground fiber optic cable systems. If GCI becomes subject to substantial uninsured liabilities due to damage or loss to such facilities, our Company's financial position, results of operations or liquidity may be adversely affected.

 ***GCI uses third-party vendors for its customer billing systems. Any errors, cyber-attacks or other operational disruption could have adverse operational, financial, and reputational effects on our Company's business.***

GCI's third-party billing services vendors may experience errors, cybersecurity incidents, or other operational disruptions of their information systems that could negatively impact GCI and over which GCI may have limited control. Interruptions and/or failure of these billing services systems could disrupt GCI's operations and impact its ability to provide or bill for its services, retain customers, or attract new customers, and negatively impact overall customer experience. Any occurrence of the foregoing could cause material adverse effects on our Company's operations and financial condition, material weaknesses in its internal control over financial reporting and reputational damage.

#### Any significant impairment of GCI's indefinite-lived intangible assets would lead to a reduction in its net operating performance and a decrease in its assets.
GCI had $1.3 billion of indefinite-lived intangible assets as of March 31, 2025, consisting of goodwill of $755 million, cable certificates of $550 million and other intangibles of $41 million. Goodwill represents the excess of cost over fair value of net assets acquired in connection with business acquisitions and the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition. GCI's cable certificates represent agreements or authorizations with government entities that allow access to homes in cable service areas, including the future economic benefits of the right to solicit and service potential customers and the right to deploy and market new services to potential customers. GCI's wireless licenses are from the FCC and give GCI the right to provide wireless service within a certain geographical area.

If GCI makes changes in its business strategy or if market or other conditions adversely affect its operations, it may be forced to record an impairment charge, which would lead to a decrease in its assets and a reduction in its net operating performance. GCI's indefinite-lived intangible assets are tested annually for impairment during the fourth quarter and at any time upon the occurrence of certain events or substantive changes in circumstances that indicate the assets might be impaired. If the testing performed indicates that impairment has occurred, GCI is required to record an impairment charge for the difference between the carrying value and the fair value of the goodwill and/or the indefinite-lived intangible assets, as appropriate, in the period in which the determination is made. The testing of goodwill and indefinite-lived intangible assets for impairment requires GCI to make significant estimates about its future performance and cash flows, as well as other assumptions. These estimates can be affected by numerous factors, including changes in economic, industry, or market conditions, changes in underlying business operations, future

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operating performance, changes in competition, or changes in technologies. Any changes to key assumptions, or actual performance compared with those assumptions, about GCI's business and its future prospects or other assumptions could affect the fair value, resulting in an impairment charge.

#### If we are unable to retain key employees, our ability to manage our business could be adversely affected.
Our operational results have depended, and our future results will depend, upon the retention and continued performance of our management team. Our ability to hire and retain key employees for management positions could be impacted adversely by the competitive environment for management talent in the broadband communications and technology industries. The loss of the services of key members of management and the inability to hire, or a delay in hiring, new key employees could adversely affect our ability to manage our business and our future operational and financial results.

 ***We may have future capital needs and may not be able to obtain additional financing, or refinance or renew our existing indebtedness, on acceptable terms. Further, our ability to service our debt and any other obligations will require access to funds, which may be restricted.***

As of March 31, 2025, we had approximately $1,058 million principal amount of debt outstanding, consisting of (i) GCI, LLC's 4.750% senior notes due 2028 (the "**senior notes**"), (ii) term and revolving loans under GCI, LLC's senior secured credit facility with a syndicate of banks (the "**senior credit facility**") and (iii) a note payable to Wells Fargo originally issued by GCI Holdings (the "**Wells Fargo notes payable**").

Our ability to service our financial obligations will depend on our ability to access cash, and cash flows from operations may be insufficient to satisfy the respective financial obligations under indebtedness outstanding from time to time. Accessing cash at operating subsidiaries will depend on those subsidiaries' individual operating results and any statutory, regulatory or contractual restrictions to which they may be or may become subject. Our other potential sources of cash include available cash balances, dividends and interest from its investments, monetization of public investments, and proceeds from asset sales.

Moreover, our ability to secure additional financing will depend upon our operating performance, general economic and credit market conditions, including interest rate levels and the availability of credit generally, the state of competition in our market, the outcome of certain legislative and regulatory issues and financial, business and other factors, many of which are beyond our control. There can be no assurance that sufficient financing will be available, or that we will be able to renew or refinance existing indebtedness, on desirable terms or at all. If financing is not available when needed or is not available on favorable terms, we may be unable to take advantage of business or market opportunities as they arise, which could have a material adverse effect on our business and financial condition.

#### We have significant indebtedness, which could adversely affect our business and financial condition.
As discussed above, as of March 31, 2025, we had approximately $1,058 million principal amount of debt outstanding. As a result of this significant indebtedness, we may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • experience increased vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be required to dedicate a substantial portion of cash flow from operations to principal and interest payments on our indebtedness, thereby reducing the availability of cash flow to fund working capital, capital expenditures, strategic acquisitions and investments and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be exposed to the risk of increased interest rates with respect to any variable rate portion of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be impeded in our ability to satisfy our obligations with respect to our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be restricted from making strategic acquisitions or required to make non-strategic divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be exposed to the risk of increased interest rates with respect to any variable rate portion of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be limited in our ability to obtain additional financing for working capital, capital expenditures, product and service development, debt service requirements, acquisitions, and general corporate or other purposes; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be limited in planning for, or reacting to, changes in our business or market conditions and placing us, including our subsidiaries, at a competitive disadvantage compared to competitors who are less highly leveraged and who, therefore, may be able to take advantage of opportunities that our leverage may prevent us from exploiting.

In addition, it is possible that we may need to incur additional indebtedness in the future.

 ***We will require a significant amount of cash to service our debt and to meet other obligations. Our ability to generate cash depends on many factors beyond our control. If we are unable to meet our future capital needs it may be necessary for us to curtail, delay or abandon our business growth plans. If we incur significant additional indebtedness to fund our plans, it could cause a decline in our credit rating and could increase our borrowing costs or limit our ability to raise additional capital.***

We will continue to require a significant amount of cash to satisfy our debt service requirements and to meet other obligations. Our ability to make payments on and to refinance our debt and to fund planned capital expenditures and acquisitions will depend on our ability to generate cash and to arrange additional financing in the future. These abilities are subject to, among other factors, our credit rating, our financial performance, general economic conditions, prevailing market conditions, the state of competition in our market, the outcome of certain legislative and regulatory issues and other factors that may be beyond our control. Our business may not generate sufficient cash flow from operations and future borrowings may not be available to us in an amount sufficient to enable us to pay our debt or to fund our other liquidity needs. We may need to refinance all or a portion of our debt on or before maturity. We may not be able to refinance any of our debt on commercially reasonable terms or at all.

 ***The agreements that govern our current and future indebtedness may contain various affirmative and restrictive covenants that will limit our discretion in the operation of our business.***

The agreements governing our indebtedness contain various covenants that could materially and adversely affect our ability to finance future operations or capital needs and to engage in other business activities that may be in our best interest.

We may also enter into certain other indebtedness arrangements in the future. The instruments governing such indebtedness often contain covenants that, among other things, place certain limitations on a borrower's ability to incur more debt, exceed specified leverage ratios, pay dividends, make distributions, make investments, repurchase stock, create liens, enter into transactions with affiliates, merge or consolidate, and transfer or sell assets. Any failure to comply with such covenants could result in an event of default, which, if not cured or waived, could have a material adverse effect on our business and financial condition.

The various covenants in existing or future indebtedness may restrict our ability to expand or to pursue business strategies. Our ability to comply with these covenants may be affected by events beyond our and their control, such as prevailing economic conditions and changes in regulations, and if such events occur, we cannot be sure that we, and our subsidiaries, will be able to comply. A breach of these covenants could result in a default under the indentures and/or the credit agreements. If there were an event of default under the indentures and/or the credit agreements, holders of such defaulted debt could cause all amounts borrowed under these instruments to be due and payable immediately. Additionally, if we fail to repay the debt under any secured indebtedness when it becomes due, the lenders under such indebtedness could proceed against the assets that are pledged to them as security. Our assets or cash flow, and our subsidiaries' assets or cash flow, may not be sufficient to repay borrowings under outstanding debt instruments in the event of a default thereunder.

#### Variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
Our borrowings under the senior credit facility are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness could increase even though the amount borrowed remained the same, and our net income and cash flow could decrease.

In order to manage our exposure to interest rate risk, in the future, we may enter into derivative financial instruments, typically interest rate swaps and caps, involving the exchange of floating for fixed rate

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interest payments. If we are unable to enter into interest rate swaps, it may adversely affect our cash flow and may impact our ability to make required principal and interest payments on our indebtedness and, even if we use these instruments to selectively manage risks, there can be no assurance that we will be fully protected against material interest rate fluctuations.

#### Factors Relating to Ownership of GCI Group Common Stock and the Securities Market
 ***It is not certain that an active trading market will develop or be sustained after the spin-off, and following the spin-off, our stock price may fluctuate significantly.***

There is currently no public market for GCI Group common stock that will be received in the spin-off. Liberty Broadband cannot predict the prices at which GCI Group common stock may trade after the spin-off, the effect of the spin-off on the trading prices of the Liberty Broadband common stock or whether the aggregate market value of the shares of GCI Group common stock and Liberty Broadband common stock after the spin-off will be less than, equal to or greater than the market value of a share of Liberty Broadband's common stock prior to the spin-off.

The market price of GCI Group common stock may fluctuate significantly due to a number of factors (none of which can be guaranteed to occur), some of which may be beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in earnings estimated by securities analysts or our ability to meet those estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating and stock price performance of comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • domestic and foreign economic conditions.

#### Our multi-series structure may depress the trading price of the shares of GCI Group common stock.
Our multi-series structure may result in a lower or more volatile market price of the shares of GCI Group common stock or in adverse publicity or other adverse consequences. Several stockholder advisory firms have announced their opposition to the use of multiple-class structures. As a result, the multi-series structure of GCI Group common stock may cause stockholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the shares of GCI Group common stock.

 ***If the GCI Liberty board determines to issue the shares of Ventures Group common stock, GCI Group common stock will become a tracking stock and a tracking stock structure may cause market confusion.***

Pursuant to the separation, holders of Liberty Broadband common stock on the record date for the distribution will not receive any shares of capital stock other than GCI Group common stock, which will constitute 100% of the issued and outstanding common equity interest in all of GCI Liberty's businesses, assets and liabilities at the time of the distribution, but the GCI Liberty restated articles will authorize the issuance of another group of common stock without the approval of GCI Liberty's stockholders, the Ventures Group common stock. In the event that GCI Liberty issues Ventures Group common stock, GCI Group common stock will become a tracking stock. A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. In the event that the GCI Group common stock and the Ventures Group common stock become tracking stocks, the GCI Group common stock would be intended to track the economic performance of particular businesses, assets and liabilities of GCI Liberty and its subsidiaries (the "**GCI group**") as determined by the GCI Liberty board and the Ventures Group common stock would be intended to track the economic performance of other particular businesses, assets and liabilities of GCI Liberty and its subsidiaries (the "**Ventures group**") as determined by the GCI Liberty board. GCI Liberty would attribute, for financial reporting purposes, all of its consolidated assets, liabilities, revenue, expenses and cash flows between the GCI group and the Ventures group. However, notwithstanding such attribution, GCI Liberty and its subsidiaries would retain legal title

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to all of GCI Liberty's consolidated assets, and GCI Liberty's tracking stock capitalization would not limit GCI Liberty's legal responsibility, or that of GCI Liberty's subsidiaries, for the liabilities included in any set of financial statement schedules.

Holders of GCI Group common stock or Ventures Group common stock would not have any legal rights related to specific assets attributed to their associated group and, in any liquidation, holders of GCI Group common stock and Ventures Group common stock would be entitled to receive a proportionate share of GCI Liberty's available net assets based on their respective number of liquidation units. See "*Description of Our Capital Stock*." Depending on the composition of the assets underlying GCI Liberty's tracking stock groups from time to time, confusion in the marketplace may occur if holders of GCI Liberty's tracking stock mistakenly believe they own stock of a company attributed to the applicable tracking stock group or they have any equity or voting interests with respect to companies attributed to one of GCI Liberty's tracking stock groups.

The GCI Liberty board has discretion to create the Ventures group and to reattribute businesses, assets and liabilities that are attributed to one tracking stock group to another tracking stock group, without the approval of any of GCI Liberty's stockholders. Any such reattribution made by the GCI Liberty board, as well as the existence, in and of itself, of the right to effect a reattribution, may impact the ability of investors to assess the future prospects of the businesses and assets attributed to a tracking stock group, including liquidity and capital resource needs, based on past performance.

In addition, the assets attributed to one group are potentially subject to the liabilities attributed to another group, even if those liabilities arise from lawsuits, contracts or indebtedness that are attributed to such other group. No provision of the GCI Liberty restated articles prevents GCI Liberty from satisfying liabilities of one group with assets of another group, and GCI Liberty's creditors will not in any way be limited by GCI Liberty's tracking stock capitalization from proceeding against any assets they could have proceeded against if GCI Liberty did not have a tracking stock capitalization.

GCI Liberty cannot assure you that the market price of the common stock related to a group will, in fact, reflect the performance of the group of businesses, assets and liabilities attributed to that group. Holders of GCI Group common stock and Ventures Group common stock (if and when issued) will be common stockholders of GCI Liberty as a whole and, as such, will be subject to all risks associated with an investment in GCI Liberty and all of GCI Liberty's businesses, assets and liabilities. As a result, the market price of each tracking stock may, in part, reflect events that are intended to be reflected or tracked by a different tracking stock of GCI Liberty.

 ***If the GCI Liberty board decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the GCI Liberty board may make decisions that could adversely affect only some holders of GCI Liberty's common stock.***

If the GCI Liberty board decides to issue the Ventures Group common stock, such tracking stock structure could give rise to occasions when the interests of holders of stock related to one group might diverge or appear to diverge from the interests of holders of stock of the other group. GCI Liberty's officers and directors owe fiduciary duties to GCI Liberty as a whole and all of GCI Liberty's stockholders, as opposed to only holders of a particular group. Decisions deemed to be in the best interest of GCI Liberty and all of GCI Liberty's stockholders may not be in the best interest of a particular group when considered independently.

 ***Holders of shares of stock relating to a particular group may not have any remedies if any action by GCI Liberty's directors or officers has an adverse effect on only that stock, or on a particular series of that stock.***

If the GCI Liberty board decides to implement a tracking stock capital structure, Nevada law and the provisions of the GCI Liberty restated articles may protect decisions of the GCI Liberty board that have a disparate impact upon holders of shares of stock relating to a particular group, or upon holders of any series of stock relating to a particular group. Under Nevada law, the GCI Liberty board has a duty to act with due care and in the best interests of all of GCI Liberty's stockholders, regardless of the stock, or series, they hold. Under Nevada law and the GCI Liberty restated articles, our board of directors owes fiduciary duties to act in good faith and with a view to the interests of GCI Liberty, including the interests of all

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common stockholders, and does not have separate or additional duties to any subset of those stockholders. There is no statutory or judicial authority in Nevada establishing that decisions by directors or officers involving differing treatment of holders of tracking stocks would be judged by a standard other than Nevada's statutory business judgment rule. In addition, our board of directors, in acting with a view to the interest of the corporation, may consider other relevant facts, circumstances, contingencies or constituencies, which may include interests beyond those of just the stockholders, such as the interests of employees, customers or creditors, as well as considerations about the economy or society, among other interests. In some circumstances, GCI Liberty's directors or officers may be required to make a decision that might be viewed as relatively disadvantageous to the holders of shares relating to a particular group or to the holders of a particular series of that stock. Under the principles of Nevada law, including the business judgment rule referred to above, you may not be able to successfully challenge decisions that you believe have a disparate impact upon the stockholders of one of GCI Liberty's groups if the GCI Liberty board acts through disinterested and independent members, in good faith and with a view to the interests of GCI Liberty, including all of GCI Liberty's stockholders and other constituencies which the board is permitted to consider. Additionally, if the presumption that a director or officer so acted is rebutted, it must also be proven that such breach of a duty involved intentional misconduct, fraud or a knowing violation of law.

 ***GCI Liberty may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or GCI Liberty's restated articles).***

Nevada law requires stockholder approval only for a sale or other disposition of all of the property and assets of GCI Liberty taken as a whole, and the GCI Liberty restated articles do not require a separate class vote in the case of a sale of any amount of assets of the tracking stock groups of GCI Liberty. Pursuant to the GCI Liberty restated articles, GCI Liberty may approve sales and other dispositions of any amount of the assets of a tracking stock group without any stockholder approval unless the GCI Liberty board seeks to classify a group disposition (as defined below) as an exempt disposition (as defined below).

If GCI Liberty disposes of all or substantially all of the assets attributed to any group (which means, for this purpose, assets representing at least 80% of the fair market value of the total assets of the disposing group, as determined by the GCI Liberty board), GCI Liberty would be required under the terms of the GCI Liberty restated articles, if the disposition is not an exempt disposition under the terms of the GCI Liberty restated articles, to choose one or more of the following three alternatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • declare and pay a dividend on the disposing group's common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redeem shares of the disposing group's common stock in exchange for cash, securities or other property; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • convert all or a portion of the disposing group's outstanding common stock into common stock of the other group at a specified premium.

Pursuant to the GCI Liberty restated articles, an "**exempt disposition**" includes the following with respect to each tracking stock group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the disposition of all or substantially all of GCI Liberty's assets in connection with the liquidation, dissolution or winding up of GCI Liberty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dividend, other distribution or redemption in accordance with the GCI Liberty restated articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a disposition of all or substantially all of the assets of such tracking stock group ("**group disposition**") to a party controlled by GCI Liberty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition in connection with any disposition of all or substantially all of the assets of such tracking stock group in which GCI Liberty receives equity securities of the purchaser, if a significant portion of the business of such purchaser is similar or complementary to the businesses attributable to such group prior to such disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition as to which the GCI Liberty board obtains the requisite approval of the applicable voting stockholders to classify such group disposition as an exempt disposition.

See "*Description of Our Capital Stock*."

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In this type of a transaction, holders of the disposing group's common stock may receive less value than the value that a third-party buyer might pay for all or substantially all of the assets of the disposing group.

The GCI Liberty board will decide, in its sole discretion, how to proceed, and it is not required to select the option that would result in the highest value to holders of any stock related to a particular group.

 ***The GCI Liberty board may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of your investment and possibly diluting your economic interest in GCI Liberty, which could result in a loss in value to you.***

The GCI Liberty restated articles will permit the GCI Liberty board, in its sole discretion, to convert all of the outstanding shares of common stock relating to one of GCI Liberty's groups into shares of common stock of the other group on terms described in paragraphs (b)(ii)-(iii) of Article IV, Section A.2 of the GCI Liberty restated articles, the form of which is to be filed as an exhibit to the registration statement of which this prospectus forms a part. The foregoing conversion would be made at a ratio based on the relative trading prices of Series C GCI Group common stock (or another series of GCI Group common stock subject to certain limitations) and Series C Ventures Group common stock (or another series of Ventures Group common stock, subject to certain limitations) over a specified 20-trading day period. A conversion would preclude the holders of stock related to each group involved in such conversion from retaining their investment in a security that is intended to reflect separately the performance of the relevant group. GCI Liberty cannot predict the impact on the market value of GCI Liberty's common stock of (1) the GCI Liberty board's ability to effect any such conversion or (2) the exercise of this conversion right by the GCI Liberty board. In addition, the GCI Liberty board may effect such a conversion at a time when the market value of GCI Liberty's different stocks could cause the stockholders of one group to be disadvantaged.

 ***Our multi-series voting structure and potential tracking stock structure may limit your ability to influence corporate matters and future issuances of GCI Group common stock or Ventures Group common stock may further dilute the voting power of shares of GCI Group common stock.***

GCI Group common stock will be divided into three series of common stock: Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock. Holders of record of Series A GCI Group common stock are entitled, and holders of record of Series A Ventures Group common stock, if issued, will be entitled, to one vote for each share of such stock and holders of record of Series B GCI Group common stock are entitled, and holders of record of Series B Ventures Group common stock, if issued, will be entitled, to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of Series C GCI Group common stock are not entitled, and holders of record of Series C Ventures Group common stock, if issued, will not be entitled, to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of Series C GCI Group common stock or holder of record of Series C Ventures Group common stock will be entitled to 1/100th of a vote per share. Our restated articles will not provide for cumulative voting in the election of directors and will permit future issuances of shares of each series of GCI Group common stock and Ventures Group common stock following consummation of the spin-off. Any future issuances of GCI Group common stock and Ventures Group common stock may dilute your interest in our Company and the GCI Group common stock.

Although Series B GCI Group common stock is expected to be quoted on the OTC Markets, it is expected to be sparsely traded and will not have an active trading market. Only Series A GCI Group common stock shares and Series C GCI Group common stock shares are expected to be listed and traded on the Nasdaq Global Select Market. As a result, your ability to purchase Series B GCI Group common stock shares will be limited. Future issuances of Series B GCI Group common stock or Series B Ventures Group common stock will dilute the aggregate voting power of the issued and outstanding shares of GCI Group common stock or Ventures Group common stock, respectively, and may further concentrate the aggregate voting power of our issued and outstanding shares of common stock among the holders of Series B GCI Group common stock or Series B Ventures Group common stock, respectively. The voting and conversion rights of the Series B GCI Group common stock shares, our ability to issue additional Series B GCI Group common stock shares and your limited ability to purchase Series B GCI Group common stock shares

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may limit your ability to influence corporate matters and adversely affect the value of Series A GCI Group common stock shares and Series C GCI Group common stock shares.

#### Holders of the common stock of tracking stock groups will vote together and will have limited separate voting rights.
Holders of the common stock of tracking stock groups will vote together as a single class, except in certain limited circumstances prescribed by the GCI Liberty restated articles or under Nevada law. If GCI Liberty attributes assets, liabilities and businesses to the Ventures group and issues shares of Ventures Group common stock, each share of Series B common stock of each group will have ten votes per share, and each share of Series A common stock of each group will have one vote per share. Holders of Series C common stock of each group will have no voting rights, other than those required under Nevada law and in such case, will have 1/100th of a vote per share. When holders of GCI Group common stock and the Ventures Group common stock vote together as a single class, holders having a majority of the votes will be in a position to control the outcome of the vote even if the matter involves a conflict of interest among GCI Liberty's stockholders or has a greater impact on one group than another. Except as required under Nevada law, the holders of any shares of any class or series of GCI Liberty capital stock can validly approve a proposal that has been submitted by the GCI Liberty board to the stockholders for approval to amend the GCI Liberty restated articles in any manner that affects one or more classes or series of GCI Group common stock or GCI Liberty non-voting preferred stock (collectively, the "**GCI Liberty capital stock**") that has been authorized even if no shares of such class or series of authorized GCI Liberty capital stock is outstanding as of the date of such approval.

 ***For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including disclosures about our executive compensation, that apply to other public companies.***

We are classified as an "emerging growth company" under the JOBS Act. As a result, we have reduced Sarbanes-Oxley Act compliance requirements, as discussed elsewhere, for as long as we are an emerging growth company, which may be up to five full fiscal years. Unlike other public companies, we will not be required to, among other things, (i) comply with certain audit-related requirements that we would otherwise be subject to but for our status as an emerging growth company, (ii) provide certain disclosures regarding executive compensation required of larger public companies or (iii) hold nonbinding advisory votes on executive compensation.

To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors find GCI Group common stock to be less attractive as a result, there may be a less active trading market for GCI Group common stock and our stock price may be more volatile.

 ***If, following the separation, we are unable to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, or our internal control over financial reporting is not effective, the reliability of our financial statements may be questioned and our stock price may suffer.***

Section 404 of the Sarbanes-Oxley Act requires any company subject to the reporting requirements of the U.S. securities laws to complete a comprehensive evaluation of its and its consolidated subsidiaries' internal control over financial reporting. To comply with this statute, we will be required to document and test our internal control procedures, our management will be required to assess and issue a report concerning our internal control over financial reporting, and our independent auditors will be required to issue an attestation regarding our internal control over financial reporting. However, as an emerging growth company, we will not be required to have our independent auditors attest to the effectiveness of our internal control over financial reporting until our first annual report subsequent to ceasing to be an emerging growth company. As a result, we may not be required to have our independent auditors attest to the effectiveness of our internal control over financial reporting until as late as the annual report for the year ending December 31, 2029. Although Liberty Broadband does not expect the annual costs to comply with Section 404 to be significant (based on Liberty Broadband's preliminary assessments), the rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex, subject

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to change, and require significant documentation, testing and possible remediation to meet the detailed standards under the rules. During the course of its testing, our management may identify material weaknesses or deficiencies which may not be remedied in time to meet the deadline imposed by the Sarbanes-Oxley Act. If our management cannot favorably assess the effectiveness of our internal control over financial reporting when we are required to do so or our auditors identify material weaknesses in our internal control, investor confidence in our financial results may weaken, and our stock price may suffer.

#### It may be difficult for a third party to acquire us, even if doing so may be beneficial to our stockholders.
Certain provisions of our restated articles and bylaws may discourage, delay or prevent a change in control of GCI Liberty that a stockholder may consider favorable. These provisions include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorizing a capital structure with multiple series of common stock of each group: a Series B share that entitles the holders to ten votes per share, a Series A share that entitles the holders to one vote per share, and a Series C share that, except as otherwise required by applicable law, entitles the holders to no voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • classifying our board of directors with staggered three-year terms, which may lengthen the time required to gain control of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limiting who may call special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting stockholder action by written consent (subject to certain exceptions), thereby requiring stockholder action to be taken at a meeting of the stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • requiring stockholder approval by holders of at least 66<sup>2∕3</sup>% of our voting power with respect to certain extraordinary matters, such as removal of directors, a merger or consolidation, a sale of all or substantially all of our assets or an amendment to our restated articles (except in the event approved by at least 75% of our board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing advance notice requirements for nominations of candidates for election to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the existence of authorized and unissued stock, including "blank check" preferred stock, which could be issued by our board of directors to persons friendly to its then-current management, thereby protecting the continuity of its management, or which could be used to dilute the stock ownership of persons seeking to obtain control of our Company.

#### Case law in Nevada may be less likely to provide guidance for specific fact scenarios than in Delaware.
We are a Nevada corporation. Because of Delaware's prominence as a state of incorporation for many large corporations (including Liberty Broadband), the Delaware courts have developed considerable expertise in dealing with corporate issues and a substantial body of case law has developed construing Delaware law under certain sets of facts. While Nevada also has adopted comprehensive, modern and flexible corporate law statutes, because the volume of Nevada case law concerning the effects of its statutes and regulations is more limited, we may experience, and our stockholders may experience, less predictability with respect to the legal requirements in connection with corporate affairs and transactions, and stockholders' rights to challenge them in specific situations where the application of the statute may be open to differing interpretations.

#### Our directors and officers are protected from liability for a broad range of actions.
Nevada law, by default, with certain specific exceptions, eliminates the liability of directors and officers, to a corporation or its stockholders, except where (i) the presumption that such director or officer has acted in good faith, with a view to the interests of the corporation has been rebutted, and (ii) it is proven that such director's or officer's act or failure to act was a breach of his or her fiduciary duties and involved intentional misconduct, fraud or a knowing violation of law. Our restated articles will provide that, to the fullest extent permitted by Nevada law, our Company's directors and officers will not be individually liable to the Company or any of its stockholders or creditors for damages as a result of any act or failure to act in his or her capacity as a director or officer.

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 ***Our restated articles will provide that the Eighth Judicial District Court of the State of Nevada shall be the exclusive forum for certain litigation that may be initiated by our stockholders, and that the federal courts shall be the exclusive forum for claims under the Securities Act; these provisions could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our restated articles will provide that, subject to limited exceptions, the Eighth Judicial District Court of the State of Nevada in Clark County, Nevada (the "**Nevada Eighth Judicial District Court**") (or if the Nevada Eighth Judicial District Court does not have jurisdiction, any other state district court located in the State of Nevada, and if no state district court in the State of Nevada has jurisdiction, any federal court located in the State of Nevada) shall, to the fullest extent permitted by law, be the exclusive forum for certain specified types of "internal actions" as defined under Nevada law, including (a) those brought in the name or right of our Company or on its behalf; (b) those for or based upon a breach of fiduciary duty against any director, officer, employee or agent of our Company in such capacity; (c) those arising pursuant to, or to interpret, apply, enforce or determine the validity of, any provision of the Nevada statutes with respect to business entities, the articles of incorporation or the bylaws of our Company, or certain voting agreements or trusts to which it may be a party.

These choice of forum provisions may otherwise limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents. Stockholders who do bring a claim in the Nevada Eighth Judicial District Court could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near the State of Nevada. The Nevada Eighth Judicial District Court may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments or results may be more favorable to us than to our stockholders. Similarly, the federal district courts may also reach different judgments in Securities Act cases than state courts. Alternatively, if a court were to find the choice of forum provision contained in our restated articles to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business and financial condition.

 ***The holders of any series of GCI Group common stock, or the holders of GCI Group common stock as a whole, may not have any remedies if an action by our directors or officers prioritizes other interests or has a disparate effect on GCI Group common stock or any series thereof.***

Principles of Nevada law and the provisions of our restated articles may protect decisions of our board of directors that weigh interests different from those of the holders of GCI Group common stock, or any series thereof, or that have a disparate impact upon holders of any series of GCI Group common stock. Under Nevada law, the board of directors has the duty to exercise its powers in good faith and with a view to the interests of the corporation. In doing so, the board of directors may consider all relevant facts, circumstances, contingencies or constituencies, including, without limitation, the interests of the corporation's employees, suppliers, creditors or customers; the economy of the state or the nation; the interests of the community or of society; the long-term or short-term interests of the corporation, including the possibility that these interests may be best served by the continued independence of the corporation; or the long-term

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or short-term interests of the corporation's stockholders, including the possibility that these interests may be best served by the continued independence of the corporation. Directors may consider or assign weight to the interests of any particular person or group, or to any other relevant facts, circumstances, contingencies or constituencies and are not required to consider, as a dominant factor, the effect of a proposed corporate action upon any particular group or constituency having an interest in the corporation. Under the principles of Nevada law referred to above and the business judgment rule, you may not be successful in challenging these decisions if a majority of our board of directors, or a committee thereof, is disinterested, independent and adequately informed with respect to decisions of the board and acts in good faith and with a view to the interests of the corporation, including all of our stockholders.

 ***Although Series B GCI Group common stock is expected to be quoted on the OTC Markets, there is no meaningful trading market expected for the stock.***

The shares of Series B GCI Group common stock will not be widely held, with approximately 93.9% of the outstanding shares of Series B GCI Group common stock immediately following the spin-off expected to be beneficially owned by Mr. Malone (based on 2,004,028 shares of Series B Liberty Broadband common stock outstanding as of the record date). Although Series B GCI Group common stock is expected to be quoted on the OTC Markets, it is expected to be sparsely traded and will not have an active trading market. The OTC Markets tend to be highly illiquid, in part, because there is no national quotation system by which potential investors can track the market price of shares except through information received or generated by a limited number of broker-dealers that make markets in particular stocks. There is also a greater chance of market volatility for securities that are quoted on the OTC Markets as opposed to a national exchange or quotation system. This volatility is due to a variety of factors, including a lack of readily available price quotations, lower trading volume, the absence of consistent administrative supervision of "bid" and "ask" quotations, and market conditions. Each share of Series B GCI Group common stock will be convertible, at any time at the option of the holder, into one share of Series A GCI Group common stock, which is expected to be listed and traded on the Nasdaq Global Select Market under the symbol "GLIBA."

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#### THE SEPARATION

#### Overview
GCI Liberty is currently a wholly owned subsidiary of Liberty Broadband. Following the completion of the internal reorganization and prior to the distribution, GCI Liberty's businesses, assets and liabilities will initially consist of the GCI Business. Immediately following the separation, GCI Liberty will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in GCI Liberty.

GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. As part of the separation, and prior to the completion of the distribution, Liberty Broadband and its subsidiaries will complete the internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption by GCI Liberty of the GCI Liberty liabilities (as defined below). The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. The businesses and assets that will remain at Liberty Broadband following the separation will consist of the remainder of its businesses and assets not included in the internal reorganization or the distribution, including Liberty Broadband's interest in Charter. For more information, see "— *Internal Reorganization*."

Following the internal reorganization and after giving effect to the reclassification, which is discussed under "— *Reclassification*," Liberty Broadband will distribute all the shares of GCI Group common stock held by Liberty Broadband to holders of record of Liberty Broadband common stock on the record date for the distribution. As of immediately prior to the time of the distribution, Liberty Broadband will hold all outstanding shares of the common stock of GCI Liberty, and the only outstanding shares of common stock of GCI Liberty will be the GCI Group common stock.

In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other against certain losses that may arise from, among other things, our respective businesses, assets and liabilities.

Simultaneously with the distribution, pursuant to the Malone exchange side letter entered into in connection with the proposed Charter combination, certain holders of LBRDB shares that are persons, entities or trusts affiliated with John C. Malone, the Chairman of the Liberty Broadband board and, following the completion of the spin-off, the Chairman of the GCI Liberty board, will exchange a sufficient number of shares of LBRDB held by such persons for newly issued shares of LBRDK on a one-for-one basis such that, immediately following such exchange, no set of holders comprised of five or fewer individuals, estates or trusts will collectively own (directly or constructively through related persons, entities or trusts) more than 19% of the aggregate voting power of Liberty Broadband to avoid the application of certain related party rules that otherwise could limit the availability of certain tax benefits to GCI Liberty following the separation. For more information see "*Certain Relationships and Related Party Transactions — Charter Combination — Malone Exchange Side Letter*."

#### Reasons for the Separation
Liberty Broadband's management and the Liberty Broadband board periodically review the performance of Liberty Broadband to evaluate and respond to strategic opportunities and to determine if changes to its capital structure or other strategic opportunities would better maximize stockholder value. At the time Liberty Broadband's management and the Liberty Broadband board were evaluating the Charter combination, Liberty Broadband's management and the Liberty Broadband board believed that a significant trading discount applied to Liberty Broadband capital stock. As a result, and with the view that a combination between Charter and Liberty Broadband's interest therein would present a mutually beneficial opportunity to rationalize the capital structure of both companies and reduce the trading discount associated with Liberty Broadband common stock, the Liberty Broadband board determined to effect a change to Liberty Broadband's capital structure by implementing the Charter combination.

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In connection with the review undertaken with respect to the Charter combination, the Liberty Broadband board determined that the separation is advisable, fair to, and in the best interests of, Liberty Broadband and its stockholders. The Liberty Broadband board took into account a number of factors (none of which can be guaranteed to occur) when approving the separation, including that the separation would better position GCI Liberty to pursue opportunities for long-term growth and profitability unique to its own business and to enable it to more effectively implement its own distinct capital structure and capital allocation strategies.

The Liberty Broadband board also took into account the authorization under the GCI Liberty restated articles for the issuance of the GCI Group common stock and the Ventures Group common stock, which may become tracking stocks without the approval of GCI Liberty's stockholders, including that this structure would provide GCI Liberty with the potential for greater operational and financial flexibility in executing its business strategies by permitting the Company, if such tracking stock structure is implemented, to bring greater clarity with respect to its businesses and assets and thereby allow the stock of each group to trade more in line with the fundamentals of the more focused businesses and assets attributed to each of its tracking stock groups. In addition, the Liberty Broadband board took into account that the potential for a tracking stock structure would provide GCI Liberty, if such tracking stock structure is implemented, with stronger acquisition currencies in the tracking stocks and the ability to issue more tailored equity incentives to its management and employees.

The Liberty Broadband board also determined that it was not appropriate to cause to be issued and to distribute shares of Ventures Group common stock in the distribution as the shares of GCI Group common stock to be distributed in the spin-off will constitute 100% of the issued and outstanding common equity interest in all of GCI Liberty's businesses, assets and liabilities at the time of the distribution. As a result, if Ventures Group common stock were to be issued, such shares would have no economic value as such shares would not represent any equity interest in GCI Liberty's businesses, assets and liabilities. At the time of the distribution, all such businesses, assets and liabilities will be represented by the shares of GCI Group common stock and GCI Liberty non-voting preferred stock.

Additionally, the completion of the separation is a condition to the Charter combination under the Charter merger agreement. Accordingly, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed.

The Liberty Broadband board also considered a variety of risks, uncertainties and other potentially negative factors in its deliberations concerning the separation, including the following (which are not necessarily presented in order of relative importance): the risk of being unable to achieve the benefits expected from the separation; the potential disruption of the businesses of Liberty Broadband, including the GCI Business, as its management and employees devote time and resources to completing the separation; the substantial costs of effecting the separation; while the separation is expected to be completed, there is no assurance that all conditions to the parties' obligations to complete the separation will be satisfied or, if permissible, waived, and as a result, it is possible that the separation might not be completed; the tax liabilities that will arise from the separation, both to Liberty Broadband and its stockholders, as discussed further under "*Risk Factors — Factors Relating to Our Corporate History and the Spin-Off — The distribution may result in uncertain or adverse U.S. federal income tax consequences*" and the various other applicable risks associated with Liberty Broadband and the separation, including the risks described in the sections entitled "*Cautionary Statement Concerning Forward-Looking Statements*" and "*Risk Factors*."

The Liberty Broadband board also considered the fact that any tax liabilities incurred by Liberty Broadband as a result of the separation would be assumed by Charter in the Charter combination without any adjustment to the exchange ratio, that certain elections would be made in connection with the separation that are intended to generate a "step-up" in the tax basis of the assets of GCI Liberty's subsidiaries (including GCI, LLC) for income tax purposes which could provide a tax benefit to GCI Liberty on a go-forward basis and that, pursuant to a tax receivables agreement (described further below), GCI Liberty will be required to pay over to Liberty Broadband (and Charter upon completion of the Charter combination) the cash value of tax benefits generated in the separation in excess of those corresponding to a cash tax

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 *liability to Liberty Broadband of $420 million, as discussed further under "Risk Factors — Factors Relating to Our Corporate History and the Spin-Off —The distribution may result in uncertain or adverse U.S. federal income tax consequences."* 

The Liberty Broadband board evaluated the costs and benefits of the transaction as a whole and did not find it necessary to assign relative weights to the specific factors considered. The Liberty Broadband board concluded, however, that the potential benefits of the separation outweighed its potential costs, and that separating GCI Liberty from Liberty Broadband in the form of a distribution to Liberty Broadband's stockholders and effecting the internal reorganization and the reclassification prior to the distribution, is appropriate, advisable and in the best interests of Liberty and its stockholders.

#### When and How You Will Receive Shares of GCI Group Common Stock
If all conditions to the distribution are satisfied or, if permissible, waived, on the distribution date, Liberty Broadband will distribute to each stockholder of record as of the record date, subject to the declaration of the dividend for the distribution, (i) 0.20 of a share of Series A GCI Group common stock for each whole share of Liberty Broadband Series A common stock held of record by such stockholder as of the record date, (ii) 0.20 of a share of Series B GCI Group common stock for each whole share of Liberty Broadband Series B common stock held of record by such stockholder as of the record date, and (iii) 0.20 of a share of Series C GCI Group common stock for each whole share of Liberty Broadband Series C common stock held of record by such stockholder as of the record date. Cash (with no interest) will be paid in lieu of fractional shares of the applicable series of GCI Group common stock.

Prior to the distribution, Liberty Broadband will deliver all of the issued and outstanding shares of GCI Group common stock to the distribution agent. Broadridge Corporate Issuer Solutions, LLC (the "**transfer agent**") will serve as distribution agent in connection with the distribution and as transfer agent and registrar for GCI Liberty.

If your shares are held in "street name," through a bank broker or other nominee, you will receive shares of GCI Group common stock through the same channels that you currently use to hold or trade shares of Liberty Broadband common stock, whether through a brokerage account, 401(k) plan or other channel, except no stockholder will receive physical certificates for their shares of GCI Group common stock. Receipt of shares of GCI Group common stock will be documented for you in the same manner that you typically receive stockholder updates, such as monthly broker statements and 401(k) statements.

If you own shares of Liberty Broadband common stock as of the record date for the distribution, 5:00 p.m. New York City time on June 30, 2025, including shares in certificated form, and if all of the conditions to the distribution are satisfied or, if permissible, waived, Liberty Broadband, with the assistance of the distribution agent, will electronically distribute shares of GCI Group common stock to you, your brokerage firm or your 401(k) plan on your behalf in book-entry form as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Registered stockholders*. If you own your shares of Liberty Broadband common stock directly through Liberty Broadband's transfer agent, Broadridge Corporate Issuer Solutions, LLC, you are a registered stockholder. In this case, the distribution agent will credit the whole shares of GCI Group common stock you receive in the distribution by way of direct registration in book-entry form to a new account with our transfer agent. Book-entry form refers to a method of recording share ownership when no physical stock certificates are issued to stockholders, as is the case in the distribution. You will be able to access information regarding your book-entry account holding shares of GCI Group common stock at Broadridge Corporate Issuer Solutions, LLC. Commencing on or shortly after the distribution date, the distribution agent will mail to you an account statement that indicates the number of whole shares of GCI Group common stock that have been registered in book-entry form in your name. We expect it will take the distribution agent up to two weeks after the distribution date to complete the distribution of the shares of GCI Group common stock and mail statements of holding to all registered stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *"Street name" or beneficial stockholders*. If you own your shares of Liberty Broadband common stock beneficially through a bank, broker or other nominee, including a 401(k) plan, the bank, broker or other nominee holds the shares in "street name" and records your ownership on its books. If you own your shares of Liberty Broadband common stock through a bank, broker or other nominee, your

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bank, broker or other nominee will credit your account with the whole shares of GCI Group common stock that you receive in the distribution on or shortly after the distribution date.

Holders of Liberty Broadband common stock are not required to vote on the separation, including the internal reorganization and distribution, but you are urged to read this entire prospectus carefully. You are not being asked for a proxy and you are not required to send a proxy to Liberty Broadband. You do not need to pay any consideration, exchange or surrender your existing shares of Liberty Broadband common stock or take any other action to receive your shares of GCI Group common stock to the extent you are entitled to receive such shares. Please do not send in your Liberty Broadband stock certificates.

Separately, a vote of holders of LBRDA, LBRDB and LBRDP was obtained to approve the adoption of the Charter merger agreement in connection with the Charter combination. Liberty Broadband had separately made available to holders of Liberty Broadband common stock and Liberty Broadband preferred stock a joint proxy statement/prospectus in connection with the vote and the issuance of shares of Charter capital stock in the merger.

#### Number of Shares You Will Receive
If all conditions to the distribution are satisfied or, if permissible, waived, on the distribution date, you will receive, subject to the declaration of the dividend for the distribution, (i) 0.20 of a share of Series A GCI Group common stock for each whole share of Liberty Broadband Series A common stock you hold as of the record date, (ii) 0.20 of a share of Series B GCI Group common stock for each whole share of Liberty Broadband Series B common stock you hold as of the record date, and (iii) 0.20 of a share of Series C GCI Group common stock for each whole share of Liberty Broadband Series C common stock you hold as of the record date.

Holders of Liberty Broadband common stock will not receive any fractional shares of GCI Group common stock in the distribution. Instead, each holder of record of shares of Liberty Broadband common stock who would otherwise have received a fraction of a share of the applicable series of GCI Group common stock pursuant to the distribution will receive cash in an amount of such holder's pro rata share of the net proceeds from a sale by the distribution agent in the public market of the aggregate fractional shares of the applicable series of GCI Group common stock to be distributed in the distribution to such holders of record. A holder of Liberty Broadband common stock who holds their shares in street name should reach out to their broker or other nominee with any questions, as only DTC participants who would otherwise have received a fraction of a share of the applicable series of GCI Group common stock pursuant to the distribution will receive cash in an amount of such DTC participant's pro rata share of the net proceeds from a sale by the distribution agent in the public market of the aggregate fractional shares of the applicable series of GCI Group common stock to be distributed in the distribution to such DTC participants. As used herein, "**DTC participant**" is defined as brokers and other nominees that are participants in The Depositary Trust Company and hold shares in street name. No interest will be paid on any cash received in lieu of a fractional share. The receipt of cash in lieu of fractional shares will generally be taxable to the recipient stockholders to the extent the amount of cash received exceeds the tax basis of such fractional shares. See "*U.S. Federal Income Tax Considerations*."

#### Internal Reorganization
The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. The internal reorganization is expected to include the contribution of all of the equity interests in GCI, LLC (which directly and indirectly conducts the GCI Business) to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption by GCI Liberty of certain liabilities related to the GCI Business.

Following the completion of the internal reorganization and prior to the completion of the distribution, GCI Liberty will be the parent company of the entities that conduct the GCI Business. The businesses and assets that will remain at Liberty Broadband following the separation will consist of the remainder of its businesses and assets not included in the internal reorganization or the distribution, including Liberty Broadband's interest in Charter.

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In addition, on May 5, 2025, Liberty Broadband entered into the preferred stock purchase agreement, whereby, subject to the terms thereof, Liberty Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million, with such preferred stock sale being a part of the internal reorganization and being completed following the contribution, but prior to the distribution.

 *The closing of the preferred stock sale is conditioned on, among other things, the satisfaction (or, if permissible, waiver) of (i) the absence of any order or law prohibiting the consummation of the preferred stock sale and (ii) the completion of the contribution. For more information, see "Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Separation and Distribution Agreement — Contribution."* 

#### Reclassification
As part of the separation, following the completion of the internal reorganization and prior to the completion of the distribution, GCI Liberty will amend and restate its articles of incorporation to, among other things, reclassify the shares of then-outstanding GCI Liberty common stock, all of which at such time will consist of 1,000 shares of GCI Liberty common stock, par value $0.01 (the "**existing GCI Liberty common stock**"), and be owned by Liberty Broadband, into shares of a new common stock to be designated as the GCI Group common stock (the "**reclassification**"). The GCI Group common stock will have three series, as described below. By amending and restating GCI Liberty's articles of incorporation (the "**GCI Liberty restated articles**"), Liberty Broadband will also authorize a group of common stock to be designated the Ventures Group common stock, which may be issued in three series. No shares of Ventures Group common stock will be outstanding at the time of the separation.

The reclassification will be accomplished by amending and restating GCI Liberty's articles of incorporation as described below and filing the GCI Liberty restated articles with the Nevada Secretary of State. All of the shares of existing GCI Liberty common stock, issued and outstanding at the time the GCI Liberty restated articles filed with the Nevada Secretary of State becomes effective, will, upon the effectiveness of the GCI Liberty restated articles, be automatically reclassified into approximately the following number of shares, based on the number of shares of each series of Liberty Broadband common stock outstanding as of the record date, in each case, multiplied by the distribution ratio, and, on a series by series basis, rounded up to the nearest share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 3,650,938 shares of Series A GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 400,806 shares of Series B GCI Group common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 24,646,041 shares of Series C GCI Group common stock.

The reclassification will not result in any change to the authorized or issued number of shares of GCI Liberty non-voting preferred stock.

#### Effect of the Reclassification
Immediately following the effective time of the reclassification (the "**reclassification effective time**"), the outstanding shares of GCI Liberty shall consist of shares of Series A GCI Group common stock, Series B GCI Group common stock, Series C GCI Group common stock and the GCI Liberty non-voting preferred stock.

Shares of GCI Group common stock delivered in the distribution will be registered in book-entry form. Book-entry form refers to a method of recording stock ownership when no physical share certificates are issued to stockholders.

The reclassification will become effective prior to the distribution on the distribution date.

#### Results of the Separation
Immediately following the separation, we will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in us. Immediately following the separation, we expect to

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have approximately 285 holders of shares of GLIBA, 36 holders of shares of GLIBB and 1,133 holders of shares of GLIBK, based on holders of record of the shares of each series of Liberty Broadband common stock outstanding as of the record date (which amounts do not include the number of stockholders whose shares are held of record by banks, brokers or other nominees, but include each such institution as one holder), and the two holders of shares of GCI Liberty non-voting preferred stock. A significant number of shares of Liberty Broadband common stock are held in either nominee name or street name brokerage accounts, and consequently, we are unable to determine the exact number of beneficial owners of GCI Group common stock.

There is currently no trading market for GCI Group common stock. Following the separation, we expect the Series A GCI Group common stock and Series C GCI Group common stock will be listed on the Nasdaq Global Select Market under the symbols "GLIBA" and "GLIBK," respectively, and we expect the Series B GCI Group common stock will be quoted on the OTC Markets under the symbol "GLIBB."

Before our separation from Liberty Broadband, we intend to enter into a separation and distribution agreement (the "**separation and distribution agreement**") and certain other agreements with Liberty Broadband and Liberty Media related to the spin-off. These agreements will govern the relationship between us and Liberty Broadband up to and after completion of the separation, and the relationship between us and Liberty Media after completion of the separation, and allocate between us and Liberty Broadband various assets, liabilities, rights and obligations, including employee benefits, intellectual property and tax-related assets and liabilities. We describe these arrangements in greater detail under "*Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off*."

#### Conditions to the Distribution
The distribution is subject to the satisfaction or, if applicable, waiver, of the following conditions, subject to Liberty Broadband's agreement to consummate the distribution pursuant to, and subject to the terms and conditions of, the Charter merger agreement and the separation and distribution agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

the receipt of the opinion of Kroll, LLC, operating through its Duff & Phelps Opinions Practice, as to the solvency of Liberty Broadband and GCI Liberty immediately after giving effect to the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the effectiveness under the Securities Act of 1933, as amended (the "**Securities Act**") of the GCI Liberty registration statement, of which this prospectus forms a part, relating to the registration of the shares of GCI Group common stock to be distributed in the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

the effectiveness of the registration of the Series A GCI Group common stock and Series C GCI Group common stock under Section 12(b) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the approval of Nasdaq for the listing of shares of Series A GCI Group common stock and Series C GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

the approval of the OTC Markets for the quotation of shares of Series B GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

the approval of applications by the (A) FCC required under the Communications Act and (B) RCA required by Alaska law for consent to the transfer of control of certain communications licenses held by GCI Liberty or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

the expiration or granting of early termination of any waiting period (and any extension thereof), and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Broadband representative's receipt of GCI Group common stock under the HSR Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

the absence of any law or order entered, enacted, promulgated, enforced or issued by any court or other governmental authority of competent jurisdiction that has the effect of preventing, prohibiting, enjoining or rendering illegal the consummation of the separation, including the internal reorganization (including the preferred stock sale), the reclassification and the distribution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

the termination of all contracts, other than the separation and distribution agreement and certain other agreements referenced therein, between (x) any member of the Liberty Broadband group, on the one hand, and (y) any member of the Spinco group, on the other hand, in each case, without liability to the applicable parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

the effectuation of the internal reorganization, including the preferred stock sale and further including the execution of all such instruments, assignments, documents and other agreements necessary to effect the internal reorganization, including the preferred stock sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)

the receipt of any other regulatory or contractual approvals required to consummate the spin-off under applicable law or pursuant to any material contract to which any member of the Liberty Broadband group or Spinco group is a party.

The FCC approved the Company's pro forma transfer of control applications on April 2, 2025 and April 7, 2025. Applications for RCA approval of the transfer on an indirect controlling interest in the GCI Liberty licensee subsidiaries were filed with the RCA on December 31, 2024. The Company filed a formal request for an expedited decision on May 16, 2025. If the Company's request for an expedited decision is not granted, we expect to receive the RCA's final order by June 27, 2025.

Liberty Broadband may waive the fifth, seventh and/or eleventh condition set forth above; provided, that, to the extent the Charter merger agreement has not been terminated, the eleventh condition set forth above will require the waiver of Charter. The remaining conditions set forth above are non-waivable. In the event Liberty Broadband (and with respect to the eleventh condition if the Charter merger agreement has not been terminated, Charter) waives the fifth, seventh and/or eleventh condition to the separation, Liberty Broadband intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

#### Indemnification Obligations
The separation and distribution agreement provides for mutual indemnification obligations between Liberty Broadband and GCI Liberty, pursuant to which (a) GCI Liberty indemnifies Liberty Broadband for all losses incurred by Liberty Broadband to the extent arising out of or resulting from or in connection with any of the following (i) the businesses, assets and liabilities, in each case, contributed to GCI Liberty in the internal reorganization (whether before, on or after the closing of the distribution), (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of any member of the Spinco group under the separation and distribution agreement or other agreements referenced therein or (iii) any untrue statement of material fact in this registration statement or other disclosure document filed with the SEC in connection with the distribution (other than those untrue statements of material fact made by Liberty Broadband or for which Liberty Broadband provided information in writing), or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution for which the applicable disclosure relates to any member of the Spinco group or for which the Spinco group or its predecessors provided information in writing and (b) Liberty Broadband indemnifies GCI Liberty for all losses incurred by GCI Liberty to the extent arising out of or resulting from or in connection with any of the following (i) the businesses, assets and liabilities, in each case, retained by Liberty Broadband in the internal reorganization (whether before, on or after the closing of the distribution), (ii) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of any member of the Liberty Broadband group under the separation and distribution agreement or other agreements referenced therein and (iii) any untrue statement of material fact in this registration statement where such untrue statement of material fact is made by Liberty Broadband or for which Liberty Broadband provided information in writing, or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution (other than those untrue statements of material fact that arise out of disclosures in such disclosure documents filed with the SEC relating to the Spinco group or for which Spinco group or its predecessors provided information in writing). At the completion of the Charter combination, in accordance with the Charter merger agreement, Charter will execute a joinder agreement to the separation and distribution agreement, pursuant to which, from and after the closing of the Charter combination, Charter will be directly responsible and liable for Liberty Broadband's obligations under the separation and distribution agreement, including Liberty Broadband's indemnification obligations. These indemnification obligations exclude any matters relating to

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 *taxes. For a description of the allocation of tax-related obligations, please see "Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Tax Sharing Agreement" and "— Tax Receivables Agreement."* 

#### Accounting Treatment
Liberty Broadband and GCI Liberty prepare their financial statements, respectively, in accordance with GAAP. The spin-off will be accounted for at historical cost due to the fact that GCI Group common stock will be distributed pro rata to holders of Liberty Broadband common stock on the record date for the distribution.

#### No Appraisal Rights
Holders of Liberty Broadband common stock are not entitled to appraisal rights in connection with the spin-off.

#### Dividend Policy
GCI Liberty currently intends to retain future earnings, if any, to finance the expansion of its business. As a result, it does not expect to pay any cash dividends in the foreseeable future other than pursuant to the terms of the GCI Liberty non-voting preferred stock. All decisions regarding the payment of dividends by GCI Liberty will be made by the GCI Liberty board, from time to time, in accordance with applicable law.

#### Stock Exchange Listings
GCI Liberty expects to list the shares of Series A GCI Group common stock and Series C GCI Group common stock on the Nasdaq Global Select Market under the symbols "GLIBA" and "GLIBK." GCI Liberty currently expects that the shares of Series B GCI Group common stock will be quoted on the OTC Markets under the symbol "GLIBB." GCI Liberty cannot assure you as to the trading price of any series of common stock after the separation. The approval of Nasdaq for the listing of GLIBA and GLIBK common stock is a condition to the distribution which may not be waived by the Liberty Broadband board. The approval of the OTC Markets of the quotation of shares of Series B GCI Group common stock is a condition to the distribution which may be waived by the Liberty Broadband board. GCI Liberty cannot predict the trading prices for its common stock before, on or after the distribution date.

#### Transferability of Shares You Receive
The shares of GCI Group common stock that will be distributed in connection with the distribution will be transferable without registration under the Securities Act, except for shares received by persons who may be deemed to be GCI Liberty affiliates. Persons who may be deemed to be GCI Liberty affiliates after the distribution generally include individuals or entities that control, are controlled by or are under common control with GCI Liberty, which may include certain of GCI Liberty's executive officers or directors. Securities held by GCI Liberty affiliates will be subject to resale restrictions under the Securities Act. GCI Liberty affiliates will be permitted to sell shares of GCI Group common stock only pursuant to an effective registration statement or an exemption from the registration requirements of the Securities Act, such as the exemption afforded by Rule 144 under the Securities Act.

#### Treatment of Liberty Broadband Equity Awards
Certain current and former employees, nonemployee directors and consultants of Liberty Broadband and its subsidiaries have been granted Liberty Broadband options, Liberty Broadband restricted shares and Liberty Broadband RSUs pursuant to various stock incentive plans of Liberty Broadband. Holders of Liberty Broadband RSUs who are GCI employees will receive, in substitution for such Liberty Broadband RSUs, RSUs that relate to Series C GCI Group common stock, with the number of shares of Series C GCI Group common stock subject to such substituted RSU being determined in a manner to preserve the value of the Liberty Broadband RSU outstanding prior to the distribution. All Liberty Broadband RSUs held by individuals other than GCI employees and all Liberty Broadband options, none of which are held by

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GCI employees, will be adjusted in connection with the distribution to preserve the value of such outstanding Liberty Broadband RSU or Liberty Broadband option, as applicable, prior to the distribution, but will continue to relate to the applicable series of Liberty Broadband common stock. The adjustments made to Liberty Broadband options will also be done in a manner to preserve the ratio of the exercise price to the market price of such Liberty Broadband option prior to the distribution. Any fractional shares resulting from the adjustments to the Liberty Broadband RSUs will be paid in cash (with no interest), subject to applicable tax withholding.

Holders of Liberty Broadband restricted shares outstanding as of the record date will continue to hold their Liberty Broadband restricted shares and will participate in the distribution, with shares of Series C GCI Group common stock received in connection therewith remaining restricted and generally subject to the same terms and conditions of the Liberty Broadband restricted shares. Any fractional shares resulting from the distribution will be paid in cash (with no interest), subject to applicable tax withholding.

#### Liberty Broadband RSUs Held by GCI Employees
Liberty Broadband has the ability to accelerate ten business days prior to the completion of the separation the vesting of a prorated portion of each Liberty Broadband RSU that was outstanding as of November 12, 2024, that remains outstanding as of ten business days prior to the completion of the separation and that is held by a GCI employee (other than such Liberty Broadband RSUs that, by their terms as in effect as of November 12, 2024, would not have vested as of June 30, 2027) and to settle such accelerated Liberty Broadband RSUs prior to the completion of the distribution in the shares of Liberty Broadband Series C common stock underlying the vested portion of such Liberty Broadband RSU. Such shares of Liberty Broadband Series C common stock, after any applicable tax withholding, will be treated in the same manner as an outstanding share of Liberty Broadband Series C common stock as described above in "— *When and How You Will Receive Shares of GCI Group Common Stock*."

Each Liberty Broadband RSU that remains outstanding as of the distribution date that is held by a GCI employee will be substituted with a RSU relating to Series C GCI Group common stock (as substituted, "**GCI Liberty RSUs**") based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Series C GCI Group common stock following the distribution. Any fractional shares resulting from the substitution will be paid in cash (with no interest), subject to applicable tax withholding.

Except as otherwise described above, GCI Liberty RSUs will generally have the same terms (including the vesting requirements) as those of the substituted Liberty Broadband RSU, as applicable, immediately prior to the distribution. The GCI Liberty RSUs will be issued pursuant to the GCI Liberty Transitional Stock Adjustment Plan (the "**transitional plan**"), the form of which is filed with the SEC as an exhibit to this Registration Statement on Form S-1. The transitional plan will govern the terms and conditions of the GCI Liberty RSUs and, as described below, the GCI Liberty restricted shares, but will not be used to make any grants following the separation.

#### Liberty Broadband Stock Options
Each Liberty Broadband option outstanding as of the distribution date will continue to relate to shares of the applicable series of Liberty Broadband common stock immediately following the distribution, but with adjustments made to the number of shares and applicable exercise price (as adjusted, an "**adjusted Liberty Broadband option**") based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of the Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Liberty Broadband Series C common stock following the distribution.

Except as otherwise described herein, adjusted Liberty Broadband options will have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband option immediately prior to the distribution. The adjusted Liberty Broadband options will remain subject to the Liberty Broadband incentive plan pursuant to which they were granted.

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#### Liberty Broadband Restricted Shares
Each Liberty Broadband restricted share that is outstanding as of the record date, in addition to being retained by the holder, will entitle the holder thereof to participate in the distribution and, subject to the declaration of the dividend for the distribution, receive 0.20 of a share of Series C GCI Group common stock, with cash paid in lieu of any resulting fractional shares (with no interest), subject to applicable tax withholding. Except as otherwise described herein, such shares of Series C GCI Group common stock ("**GCI Liberty restricted shares**") will have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband restricted share immediately prior to the distribution. The GCI Liberty restricted shares will be issued pursuant to the transitional plan. Each Liberty Broadband restricted share will continue to have the same terms (including vesting requirements) and will remain subject to the Liberty Broadband incentive plan pursuant to which it was granted.

#### Liberty Broadband RSUs (Other than Those Held by GCI Employees)
Each Liberty Broadband RSU outstanding as of the distribution date that is held by an individual other than a GCI employee will continue to relate to shares of Liberty Broadband common stock immediately following the distribution, but with adjustments made to the number of shares (as adjusted, an "**adjusted Liberty Broadband RSU**") based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Liberty Broadband Series C common stock following the distribution, with cash paid in lieu of any resulting fractional shares (with no interest), subject to applicable tax withholding. Except as otherwise described herein, adjusted Liberty Broadband RSUs will have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband RSU immediately prior to the distribution. The adjusted Liberty Broadband RSUs will remain subject to the Liberty Broadband incentive plan pursuant to which they were granted.

#### Reasons for Furnishing this Prospectus
We are furnishing this prospectus solely to provide information to holders of Liberty Broadband common stock who will hold shares of Liberty Broadband common stock on the record date for the distribution and who will receive shares of GCI Group common stock in the distribution. You should not construe this prospectus as an inducement or encouragement to buy, hold or sell any of our securities or any securities of Liberty Broadband. We believe that the information contained in this prospectus is accurate as of the date set forth on the cover. Changes to the information contained in this prospectus may occur after that date, and neither we nor Liberty Broadband undertakes any obligation to update the information except in the normal course of our and Liberty Broadband's public disclosure obligations and practices and except as required by applicable law.

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#### U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion summarizes the U.S. federal income tax considerations of (i) the distribution by Liberty Broadband of shares of GCI Group common stock to holders of Liberty Broadband common stock pursuant to the distribution, and (ii) the ownership and disposition of GCI Group common stock by stockholders that receive such stock in the distribution. This discussion is limited to holders of Liberty Broadband common stock and holders of GCI Group common stock who hold such stock as a "capital asset" within the meaning of the Code (generally, property held for investment). This discussion is based on the Code, applicable Treasury regulations, judicial interpretations thereof, and administrative rulings and practice, all as in effect as of the date hereof, and all of which are subject to change or differing interpretations, possibly with retroactive effect. Any such change or interpretation could affect the accuracy of the statements and conclusions set forth herein.

This discussion does not purport to address all aspects of U.S. federal income taxation that may be relevant to particular investors in light of their particular facts and circumstances, nor does it apply to investors subject to special rules under the U.S. federal income tax laws (including, for example, banks or other financial institutions, insurance companies, regulated investment companies, real estate investment trusts, mutual funds, dealers in securities or currencies, traders in securities that elect to apply a mark-to-market method of accounting, tax-exempt entities, entities or arrangements treated as partnerships for U.S. federal income tax purposes or other flow-through entities (and investors therein), subchapter S corporations, retirement plans, individual retirement accounts or other tax-deferred accounts, holders liable for any alternative minimum tax, holders having a "functional currency" other than the U.S. dollar, holders who hold shares of Liberty Broadband common stock or GCI Group common stock as part of a straddle, constructive sale, conversion transaction or other integrated or risk reduction transaction, holders required to accelerate the recognition of any item of gross income as a result of such income being recognized on an applicable financial statement, holders that actually or constructively hold 5% or more of the shares of Liberty Broadband capital stock, U.S. expatriates, foreign pension funds, controlled foreign corporations, passive foreign investment companies, and holders who acquired their shares of Liberty Broadband common stock through the exercise of an employee stock option or otherwise as compensation, in connection with the performance of services, or through a retirement plan). This discussion does not address any considerations under any state, local, non-income, or non-U.S. tax laws, nor does it address any alternative minimum tax or tax consequences arising under the unearned income Medicare contribution tax pursuant to the Health Care and Education Reconciliation Act of 2010. Except as specifically set forth below, this summary does not discuss applicable income tax reporting requirements. Investors should consult their tax advisors regarding such matters.

For purposes of this discussion, the term "**U.S. holder**" means a beneficial owner of shares of Liberty Broadband common stock or GCI Group common stock, as applicable, that, for U.S. federal income tax purposes, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust (i) that is subject to the primary supervision of a court within the United States and all of the substantial decisions of which are controlled by one or more U.S. persons, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes.

A "**non-U.S. holder**" is a beneficial owner of shares of Liberty Broadband common stock or GCI Group common stock, as applicable, that is neither a U.S. holder nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes.

If a partnership (or an entity or arrangement treated as a partnership for U.S. federal income tax purposes) receives GCI Group common stock, the tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership. Partners of partnerships that

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receive GCI Group common stock should consult their tax advisors with respect to the particular tax considerations applicable to them.

 **THE FOLLOWING IS ONLY A SUMMARY OF THE U.S. FEDERAL INCOME TAX CONSIDERATIONS GENERALLY APPLICABLE TO THE DISTRIBUTION AND THE OWNERSHIP AND DISPOSITION OF GCI GROUP COMMON STOCK. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES APPLICABLE TO THEM, AS WELL ANY ESTATE, GIFT, STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES RESULTING FROM THE DISTRIBUTION OR THE OWNERSHIP AND DISPOSITION OF GCI GROUP COMMON STOCK.** 

#### U.S. Federal Income Tax Characterization of the Distribution
For U.S. federal income tax purposes, the distribution will not be eligible for treatment as a tax-deferred distribution by Liberty Broadband with respect to its common stock. Accordingly, the distribution will generally be treated as a fully taxable transaction to Liberty Broadband and holders of Liberty Broadband common stock. The discussion below describes the U.S. federal income tax considerations of the receipt of GCI Group common stock by holders of Liberty Broadband common stock in the distribution.

As described in the joint proxy statement/prospectus separately made available by Liberty Broadband in connection with the vote and the issuance of shares of Charter capital stock in the Charter combination, Liberty Broadband and Charter intend that the Charter combination will qualify as a "reorganization" within the meaning of Section 368(a) of the Code, and it is a condition to each of Liberty Broadband's and Charter's obligation to complete the combination that it receive a written opinion from Skadden, Arps, Slate, Meagher & Flom LLP and Wachtell, Lipton, Rosen & Katz, respectively, to the effect that the combination will so qualify. Liberty Broadband and Charter intend to take the position that, for U.S. federal income tax purposes, the distribution and the Charter combination are, together, part of a single, integrated "plan of reorganization" within the meaning of the Code and applicable Treasury regulations, such that the GCI Group common stock distributed in the distribution is treated as property received by holders of Liberty Broadband common stock pursuant to the plan of reorganization with respect to the Charter combination.

This position is not dispositive with respect to the U.S. federal income tax treatment of the distribution. No ruling from the IRS has been or will be requested with respect to such treatment, and there can be no assurance that the IRS will not assert (or that a court would not sustain) a contrary treatment.

If the IRS were to disagree with the intended U.S. federal income tax treatment of the distribution, or if the Charter combination were not to occur, the U.S. federal income tax consequences of the distribution to holders of Liberty Broadband common stock could be materially different than those set forth herein. In such case, the distribution could be treated as a taxable, non-redemptive distribution of shares of GCI Group common stock by Liberty Broadband to holders of Liberty Broadband common stock, with the amount of the distribution generally equal to the fair market value of such shares of GCI Group common stock. Such a distribution would generally be taxable as a dividend to such stockholders to the extent of (i) Liberty Broadband's current earnings and profits for the taxable year in which the distribution occurs, and (ii) Liberty Broadband's accumulated earnings and profits. Any amount of the distribution in excess of such earnings and profits would generally be treated as a return of capital to the extent of a stockholder's tax basis in its Liberty Broadband common stock, and as capital gain thereafter. If the distribution were to be treated as a dividend for U.S. federal income tax purposes, the distribution of shares of GCI Group common stock to a non-U.S. holder would generally be subject to withholding of U.S. federal income tax from the gross amount of the distribution at a rate of 30% (or a reduced rate under an applicable income tax treaty), unless effectively connected with the non-U.S. holder's conduct of a trade or business within the United States. The remainder of this discussion assumes that the Charter combination will occur and that the GCI Group common stock distributed in the distribution will be treated as property received pursuant to the "plan of reorganization" with respect to the Charter combination.

Holders of Liberty Broadband common stock should consult their tax advisors regarding the tax consequences to them of the distribution, including potential characterizations of the distribution if the Charter combination does not occur.

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#### Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock Pursuant to the Distribution
 *Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Receive Charter Class A Common Stock in the Charter Combination* 

The receipt of shares of GCI Group common stock in the distribution by a U.S. holder with respect to shares of Liberty Broadband common stock that the U.S. holder subsequently exchanges for shares of Charter Class A common stock pursuant to the Charter combination (referred to herein as a "**participating U.S. holder**") is generally expected to be treated as the receipt of "other property" under Section 356 of the Code.

A participating U.S. holder is expected to recognize gain (but not loss) with respect to the shares of GCI Group common stock received in the distribution in an amount generally equal the lesser of (i) the amount by which the sum of the fair market value of the shares of Charter Class A common stock received pursuant to the Charter combination (including any fractional shares deemed received and sold for cash) and the fair market value of the shares of GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash), in each case with respect to the stockholder's Liberty Broadband common stock, exceeds the stockholder's tax basis in such Liberty Broadband common stock, and (ii) the fair market value of the GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash) with respect to such Liberty Broadband common stock.

For purposes of determining the U.S. federal tax consequences of the internal reorganization and the distribution, Liberty Broadband and GCI Liberty have agreed to value the shares of GCI Group common stock distributed in the distribution based on the volume-weighted average price of such stock over the first 20 trading days following the commencement of regular way trading. This valuation is not binding on the IRS, and it is possible that the IRS could assert that the shares of GCI Group common stock distributed in the distribution have a higher value than that resulting from the methodology agreed to by Liberty Broadband and GCI Liberty.

It is expected that the distribution will occur in a taxable year prior to the taxable year in which the Charter combination is completed, and a participating U.S. holder may need to determine the tax treatment of the receipt of shares of GCI Group common stock in the distribution before it is possible to ascertain the fair market value of the shares of Charter Class A common stock to be received in the Charter combination. There is limited guidance regarding the proper treatment of the receipt of "other property" in these circumstances. Participating U.S. holders may be able to take the position that the receipt of shares of GCI Group common stock in the distribution is treated as an "open transaction" pending the closing of the Charter combination, such that the recognition of any gain with respect to such GCI Group common stock is deferred until the amount of such gain can be definitively determined when the Charter combination is completed. It is the position of the IRS, however, that open transaction treatment is appropriate only in "rare and extraordinary cases," and other treatments are possible. For example, a participating U.S. holder may be able to take the position (or the IRS may otherwise assert) that the shares of Charter Class A common stock to be received in the Charter combination should be valued based on the trading price of such stock on the date of the distribution for purposes of determining the amount of gain recognized in connection with the distribution or, alternatively, that the stockholder should recognize gain equal to the full value of the GCI Group common stock received in the distribution (irrespective of the value ultimately determined for the Charter Class A common stock received pursuant to the Charter combination). Participating U.S. holders should consult their tax advisors regarding the U.S. federal income tax consequences to them of the receipt of GCI Group common stock in the distribution.

Any gain recognized by a participating U.S. holder upon the receipt of shares of GCI Group common stock in the distribution (including any fractional shares deemed received and sold for cash) will generally be capital gain if the receipt of such shares results in a "meaningful reduction" (determined according to the applicable principles of Section 302 of the Code, as described below under "*Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Do Not Receive Charter Class A Common Stock in the Charter Combination*" below) in the stockholder's percentage ownership in Charter relative to what the stockholder's percentage ownership in Charter would have been if (i) the participating U.S. holder

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had received solely shares of Charter Class A common stock (rather than a combination of GCI Group common stock and Charter Class A common stock) with respect to the stockholder's Liberty Broadband common stock pursuant to the distribution and the Charter combination, and (ii) a portion of such Charter Class A common stock with a value equivalent to the shares of GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash) had been redeemed immediately after the Charter combination. Such capital gain will constitute long-term capital gain if the participating U.S. holder's holding period for its shares of Liberty Broadband capital stock exceeds one year. Long-term capital gains recognized by non-corporate participating U.S. holders are generally subject to U.S. federal income tax at a reduced rate of tax.

Liberty Broadband and Charter have agreed to treat the receipt of shares of GCI Group common stock by a participating U.S. holder as "other property" described in Section 356 of the Code to which Section 356(a)(2) of the Code does not apply, and therefore as meeting the requirements for treatment as a capital gain transaction (as described below under "*Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Do Not Receive Charter Class A Common Stock in the Charter Combination*") for purposes of determining whether any gain recognized by the stockholder is capital gain. However, this determination depends, in part, on a stockholder's particular circumstances, and there can be no assurance that the IRS will not assert (or that a court would not sustain) a contrary treatment. To the extent the receipt of shares of GCI Group common stock by a participating U.S. holder does not meet the requirements for treatment as a capital gain transaction, all or a portion of the gain could be recharacterized as a dividend to the extent of (i) Liberty Broadband's current earnings and profits for the taxable year in which the distribution occurs, and (ii) Liberty Broadband's accumulated earnings and profits. Subject to certain exceptions, and provided certain holding period requirements are met, any such dividend income recognized by a non-corporate participating U.S. holder with respect to the distribution would generally constitute a "qualified dividend" subject to tax at the applicable tax rate accorded to long-term capital gains. Any such dividend income recognized by a corporate participating U.S. holder may qualify for the dividends received deduction if the requisite holding period is satisfied.

A participating U.S. holder's tax basis in the shares of GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash) will generally equal the fair market value of such shares on the date of the distribution, and the holding period for such shares will begin the day after the date of the distribution.

If a participating U.S. holder acquired different blocks of shares of Liberty Broadband common stock at different times or at different prices, any gain recognized with respect to the stockholder's Liberty Broadband common stock will be determined separately with respect to each block of shares of Liberty Broadband common stock. Any such stockholder should consult its tax advisor regarding the manner in which shares of GCI Group common stock received in the distribution should be allocated among different blocks of shares of Liberty Broadband common stock.

A participating U.S. holder that receives cash in lieu of a fractional share of GCI Group common stock will generally be treated as having received the fractional share pursuant to the distribution, and then as having sold such fractional share for cash. As a result, the participating U.S. holder will generally recognize short-term capital gain or loss equal to the difference, if any, between the amount of cash received and the tax basis of such fractional share (determined as described above).

 *Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Do Not Receive Charter Class A Common Stock in the Charter Combination* 

If, following the receipt of shares of GCI Group common stock in the distribution and prior to the Charter combination, a U.S. holder disposes of its shares of Liberty Broadband capital stock and does not exchange such shares for shares of Charter Class A common stock in the Charter combination (referred to herein as a "**non-participating U.S. holder**"), the non-participating U.S. holder may be treated as either (i) receiving such shares of GCI Group common stock in a redemption of a portion of the stockholder's Liberty Broadband common stock in a transaction governed by Section 302 of the Code, or (ii) receiving a non-redemptive distribution of shares of GCI Group common stock from Liberty Broadband.

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Liberty Broadband intends to take the position that the receipt of shares of GCI Group common stock by a non-participating U.S. holder is treated as a redemption of a portion of the stockholder's Liberty Broadband common stock in a transaction governed by Section 302 of the Code, although there can be no assurance that the IRS will not assert (or that a court would not sustain) a contrary treatment. The remainder of this discussion assumes that such treatment will apply.

Under Section 302 of the Code, a redemption is treated as a sale or exchange of stock for U.S. federal income tax purposes (rather than as a distribution) that generally gives rise to capital gain or loss if the redemption (i) is "substantially disproportionate" with respect to the holder of the stock treated as redeemed, (ii) results in a "complete termination" of such stockholder's interest in the issuing corporation, or (iii) is "not essentially equivalent to a dividend" with respect to such stockholder. A redemption will be substantially disproportionate with respect to a stockholder if, among other requirements, the percentage of voting stock actually and constructively owned by the stockholder immediately following the redemption is less than 80% of the percentage of the issued and outstanding voting stock actually and constructively owned by the stockholder immediately before the redemption. There will be a complete termination of a stockholder's interest if either (i) all of the shares of stock actually and constructively owned by the stockholder are redeemed, or (ii) all of the shares of stock actually owned by the holder are redeemed and the stockholder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and does not constructively own any other stock. A redemption will generally be treated as not essentially equivalent to a dividend if the redemption results in a "meaningful reduction" of the stockholder's proportionate interest in the issuing corporation. Whether a redemption results in a meaningful reduction in a stockholder's proportionate interest depends on the particular facts and circumstances; however, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a meaningful reduction. Dispositions of stock by a stockholder as part of a plan that includes a redemption may be taken into account in determining whether these tests are satisfied. If a redemption is not treated as a sale or exchange of the redeemed stock under any of the tests described above, the holder of such stock is treated as receiving a distribution from the issuing corporation, which is generally taxable as a dividend to the extent of the corporation's current and accumulated earnings and profits.

Under the tests described above, a disposition of Liberty Broadband common stock following the distribution and prior to the Charter combination is generally expected to cause a non-participating U.S. shareholder's receipt of shares of GCI Group common stock in the distribution (including any fractional shares deemed received and sold for cash) to be treated as a sale or exchange of a portion of the stockholder's Liberty Broadband common stock having a value equal to the fair market value of the shares of GCI Group common stock received in the distribution. A non-participating U.S. holder will generally recognize capital gain or loss on such deemed sale or exchange equal to the difference between (i) the fair market value of the shares of GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash), and (ii) the non-participating U.S. holder's adjusted tax basis in the shares of Liberty Broadband common stock deemed exchanged. The non-participating U.S. holder's adjusted tax basis in its shares of Liberty Broadband common stock will be reduced by the amount of adjusted tax basis described in clause (ii) of the preceding sentence. Such capital gain or loss will constitute long-term capital gain or loss if the non-participating U.S. holder's holding period for its shares of Liberty Broadband capital stock exceeds one year. Long-term capital gains recognized by non-corporate non-participating U.S. holders are generally subject to U.S. federal income tax at a reduced rate of tax. The deductibility of capital losses is subject to limitations.

If, contrary to the position Liberty Broadband intends to take, the receipt of shares of GCI Group common stock by a non-participating U.S. holder were treated as a non-redemptive distribution of shares of GCI Group common stock from Liberty Broadband, the distribution would generally be taxable as a dividend to the non-participating U.S. holder to the extent of (i) Liberty Broadband's current earnings and profits for the taxable year in which the distribution occurs, and (ii) Liberty Broadband's accumulated earnings and profits. Any amount of the distribution in excess of such earnings and profits would generally be treated as a return of capital to the extent of the stockholder's tax basis in its Liberty Broadband common stock, and as capital gain thereafter. Subject to certain exceptions, and provided certain holding period requirements are met, any such dividend income recognized by a non-corporate non-participating U.S.

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holder with respect to the distribution would generally constitute a "qualified dividend" subject to tax at the applicable tax rate accorded to long-term capital gains. Any such dividend income recognized by a corporate non-participating U.S. holder may qualify for the dividends received deduction if the requisite holding period is satisfied.

A non-participating U.S. holder's tax basis in the shares of GCI Group common stock received in the distribution (including any fractional shares deemed received and sold for cash) will generally equal the fair market value of such shares on the date of the distribution, and the holding period for such shares will begin the day after the date of the distribution.

If a non-participating U.S. holder acquired different blocks of shares of Liberty Broadband common stock at different times or at different prices, any gain or loss recognized with respect to the stockholder's Liberty Broadband common stock will be determined separately with respect to each block of shares of Liberty Broadband common stock. Any such stockholder should consult its tax advisor regarding the manner in which shares of GCI Group common stock received in the distribution should be allocated among different blocks of shares of Liberty Broadband common stock.

A non-participating U.S. holder that receives cash in lieu of a fractional share of GCI Group common stock will generally be treated as having received the fractional share pursuant to the distribution, and then as having sold such fractional share for cash. As a result, the non-participating U.S. holder will generally recognize short-term capital gain or loss equal to the difference, if any, between the amount of cash received and the tax basis of such fractional share (determined as described above).

If, following the receipt of GCI Group common stock in the distribution and prior to the Charter combination, a U.S. holder disposes of some, but not all, of its shares of Liberty Broadband common stock, the stockholder should consult its tax advisor regarding the U.S. federal income tax treatment of the receipt of shares of GCI Group common stock in the distribution. It is possible that, in such circumstances, the shares of GCI Group common stock received by the U.S. holder with respect to the shares of Liberty Broadband common stock disposed of by the stockholder prior to the Charter combination could be treated as described above with respect to non-participating U.S. holders, with the remaining shares of GCI Group common stock received by the stockholder treated as described above under "*Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Receive Charter Class A Common Stock in the Charter Combination*."

#### Receipt of GCI Group Common Stock by Non-U.S. Holders of Liberty Broadband Common Stock Pursuant to the Distribution
 *The receipt of shares of GCI Group common stock in the distribution by a non-U.S. holder with respect to shares of Liberty Broadband common stock that the non-U.S. holder subsequently exchanges for shares of Charter Class A common stock pursuant to the Charter combination is generally expected to be characterized for U.S. federal income tax purposes as described above under "U.S. Holders — Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock Pursuant to the Distribution — Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Receive Charter Class A Common Stock in the Charter Combination."* 

 *If, following the receipt of shares of GCI Group common stock in the distribution and prior to the Charter combination, a non-U.S. holder disposes of its shares of Liberty Broadband capital stock and does not exchange such shares for shares of Charter Class A common stock in the Charter combination, the receipt of GCI Group common stock by the non-U.S. holder in the distribution is generally expected to be characterized for U.S. federal income tax purposes as described above under "U.S. Holders — Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock Pursuant to the Distribution — Receipt of GCI Group Common Stock by U.S. Holders of Liberty Broadband Common Stock That Do Not Receive Charter Class A Common Stock in the Charter Combination."* 

Non-U.S. holders will generally not be subject to U.S. federal income or withholding tax on any capital gain recognized under Sections 356 and 302 of the Code (determined as described above with respect to participating U.S. holders and non-participating U.S. holders, as applicable) with respect to the receipt of shares of GCI Group common stock in the distribution, unless:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such gain is effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by such holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year in which the distribution occurs and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Broadband is or has been a "United States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of the distribution or the period that the non-U.S. holder held its Liberty Broadband common stock, and the stockholder has owned, directly or constructively, more than 5% of the Liberty Broadband common stock at any time within the shorter of such periods.

Gain described in the first bullet point above will generally be subject to tax at generally applicable U.S. federal income tax rates as if the non-U.S. holder were a U.S. resident. Any gains of a corporate non-U.S. holder described in the first bullet point above may also be subject to an additional "branch profits tax" at a 30% rate (or lower applicable treaty rate). Gain described in the second bullet point above will generally be subject to a flat 30% U.S. federal income tax. Based on available information, Liberty Broadband does not believe it currently is, and does not expect to become, a United States real property holding corporation.

To the extent the receipt of shares of GCI Group common stock in the distribution (or any resulting gain) is treated as a dividend to a non-U.S. holder (including under the principles of Section 302 of the Code, as described above), the distribution of shares of GCI Group common stock to the non-U.S. holder would generally be subject to withholding of U.S. federal income tax from the gross amount of the dividend at a rate of 30% (or a reduced rate under an applicable income tax treaty), unless effectively connected with the non-U.S. holder's conduct of a trade or business within the United States. A withholding agent may satisfy any resulting withholding obligation by retaining and selling a portion of the shares of GCI Group common stock that would otherwise be distributed to the non-U.S. holder in the distribution and remitting the proceeds of such sale to the IRS. If the dividend is effectively connected with the non-U.S. holder's conduct of a trade or business within the United States (or, if a tax treaty applies, are attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. holder), the dividend will generally not be subject to U.S. withholding tax. Instead, the dividend will generally be subject to U.S. federal income tax at the same graduated individual or corporate rates applicable to U.S. holders and may also be subject to branch profits tax at a 30% rate (or lower applicable treaty rate). Because the proper characterization of the distribution depends on subsequent events and may not be determinable at the time that the distribution occurs, applicable withholding agents may protectively withhold from the distribution as if it were a dividend for U.S. federal income tax purposes.

#### Tax Considerations of the Ownership and Disposition of GCI Group Common Stock

#### U.S. Holders of GCI Group Common Stock
 *Distributions* 

Distributions of cash or other property (other than certain distributions of GCI Liberty stock or rights to acquire GCI Liberty stock) to U.S. holders of GCI Group common stock will generally constitute dividends for U.S. federal income tax purposes to the extent paid from GCI Liberty's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of GCI Liberty's current and accumulated earnings and profits will generally constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's adjusted tax basis in its shares of GCI Group common stock. Any remaining excess will generally be treated as gain realized on the sale or other disposition of such shares, which will be treated as described below under "*U.S. Holders of GCI Group Common Stock — Gain or Loss on Sale, Exchange, or Other Taxable Disposition of GCI Group Common Stock*."

Dividends paid to a U.S. holder that is a taxable corporation will generally qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions, and provided certain holding period requirements are met, dividends GCI Liberty pays to a non-corporate U.S. holder will

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generally constitute "qualified dividends" that will be subject to tax at the applicable tax rate accorded to long-term capital gains.

 *Gain or Loss on Sale, Exchange, or Other Taxable Disposition of GCI Group Common Stock* 

A U.S. holder will generally recognize gain or loss on the sale, exchange, or other taxable disposition of shares of GCI Group common stock in an amount equal to the difference between (i) the sum of the amount of cash and the fair market value of any property received in such disposition, and (ii) the U.S. holder's adjusted tax basis in such shares of GCI Group common stock.

Long-term capital gains recognized by non-corporate U.S. holders are generally subject to U.S. federal income tax at a reduced rate of tax. Capital gain or loss will constitute long-term capital gain or loss if the U.S. holder's holding period for its shares of GCI Group common stock exceeds one year. The deductibility of capital losses is subject to various limitations that generally depend on each U.S. holder's particular facts and circumstances.

#### Non-U.S. Holders of GCI Group Common Stock
 *Distributions* 

Distributions of cash or other property (other than certain distributions of GCI Liberty stock or rights to acquire GCI Liberty stock) to non-U.S. holders of GCI Group common stock will generally constitute dividends for U.S. federal income tax purposes to the extent paid from GCI Liberty's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Unless effectively connected with the non-U.S. holder's conduct of a trade or business within the United States, such dividends will be subject to withholding of U.S. federal income tax from the gross amount of the dividend at a rate of 30%, or a reduced rate under an applicable income tax treaty. To claim the benefits of a reduced treaty rate, a non-U.S. holder must provide to GCI Liberty or another applicable withholding agent a valid IRS Form W-8 (or applicable successor form) certifying the stockholder's qualification for the reduced rate. Distributions in excess of current and accumulated earnings and profits will generally constitute a return of capital that will be applied against and reduce (but not below zero) the non-U.S. holder's adjusted tax basis in its shares of GCI Group common stock. Any remaining excess will generally be treated as gain realized on the sale or other disposition of such shares, which will be treated as described below under "*Non-U.S. Holders of GCI Group Common Stock — Gain or Loss on Sale, Exchange, or Other Taxable Disposition of GCI Group Common Stock*."

Dividends that are effectively connected with a non-U.S. holder's conduct of a trade or business within the United States (or if a tax treaty applies, are attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. holder) will generally not be subject to U.S. withholding tax as described above, provided the non-U.S. holder complies with certain certification and disclosure requirements (usually by providing an IRS Form W-8ECI). Instead, such dividends will generally be subject to U.S. federal income tax, net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. holders. If the non-U.S. holder is a corporation, dividends that are effectively connected income may also be subject to a "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).

 *Gain or Loss on Sale, Exchange, or Other Taxable Disposition of GCI Group Common Stock* 

A non-U.S. holder will generally not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, exchange, or other taxable disposition of GCI Group common stock, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the gain is effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI Liberty is or has been a "United States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the non-U.S. holder held GCI Group common stock, and, in the case where such stock is regularly traded on an established securities market, the non-U.S. holder has owned, directly or constructively, more than 5% of such stock at any time within the shorter of such periods.

Gain described in the first bullet point above will generally be subject to tax at generally applicable U.S. federal income tax rates as if the non-U.S. holder were a U.S. resident. Any gains of a corporate non-U.S. holder described in the first bullet point above may also be subject to an additional "branch profits tax" at a 30% rate (or lower applicable treaty rate). Gain described in the second bullet point above will generally be subject to a flat 30% U.S. federal income tax. Non-U.S. holders should consult their tax advisors regarding possible eligibility for benefits under income tax treaties.

A domestic corporation is generally classified as a United States real property holding corporation if the fair market value of its "United States real property interests" equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes. GCI Liberty does not believe it currently is, and it does not expect to become, a United States real property holding corporation. If, contrary to such expectation, the third bullet point above were to apply to a non-U.S. holder, gain recognized by the non-U.S. holder on the sale, exchange, or other disposition of GCI Group common stock would be subject to tax at generally applicable U.S. federal income tax rates.

#### Information Reporting and Backup Withholding
The receipt of GCI Group common stock in the distribution, as well as dividends on and proceeds from the sale of GCI Group common stock (including payments of cash in lieu of fractional shares of GCI Group common stock), may be subject to information reporting, unless a stockholder provides proof of an applicable exemption. Such amounts may also be subject to backup withholding, unless a stockholder provides proof of an applicable exemption or furnishes its taxpayer identification number and otherwise complies with all applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against a stockholder's U.S. federal income tax liability, if any, provided that certain required information is timely furnished to the IRS.

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#### USE OF PROCEEDS
We will not receive any proceeds from the distribution of the GCI Group common stock and any expenses incurred in connection with the distribution will be borne by Liberty Broadband.

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#### CAPITALIZATION
The following table sets forth GCI Liberty's cash and cash equivalents and capitalization as of March 31, 2025 assuming the GCI Business had been transferred to GCI Liberty on March 31, 2025 but the reclassification and the distribution have not yet occurred. The table below should be read in conjunction with the accompanying historical condensed combined financial statements of GCI Liberty, including the notes thereto.

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| | |
|:---|:---|
| | **As of <br> March 31, 2025 <br> (amounts in millions)**  |
| Cash and cash equivalents  | $148 |
| Long-term debt, including current portion  | $1058 |
| Equity:<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | $1778 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit)  | $(328) |
| Subtotal  | $2656 |
| Total equity  | $1450 |
| Total capitalization  | $2508 |

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(1) 10,000 shares of GCI Liberty non-voting preferred stock will be issued to Liberty Broadband in connection with the separation.

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#### BUSINESS
GCI Liberty is currently a wholly owned subsidiary of Liberty Broadband. GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC and its subsidiaries. Immediately following the separation, we will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in us.

The separation of GCI Liberty from Liberty Broadband is intended, among other things, to better position GCI Liberty to pursue opportunities for long-term growth and profitability unique to its own business and to enable it to more effectively implement its own distinct capital structure and capital allocation strategies. Additionally, the completion of the separation is a condition to the Charter combination under the Charter merger agreement. Accordingly, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation, the Charter combination will not be completed unless and until the separation is completed. In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other against certain losses that may arise from, among other things, our respective businesses, assets and liabilities.

GCI, LLC, a wholly owned subsidiary of Liberty Broadband prior to the separation and a wholly owned subsidiary of GCI Liberty immediately following the separation, through its wholly owned subsidiary, GCI Holdings, provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions primarily in Alaska under the GCI brand. Due to the unique nature of the markets it serves, including harsh winter weather and remote geographies, its customers rely extensively on its systems to meet their communication, public safety and entertainment needs.

Since its founding in 1979 as a competitive long-distance provider, GCI Holdings has consistently expanded its product portfolio and facilities to become the leading integrated communication services provider in markets it serves. Its facilities include redundant and geographically diverse digital undersea fiber optic cable systems linking its Alaska terrestrial networks to the networks of other carriers in the lower 48 contiguous states and a statewide wireless network.

Throughout its history, GCI Holdings has successfully added and expects to continue to add new products to its product portfolio. GCI Holdings has a demonstrated history of new product evaluation, development and deployment for its customers, and it continues to assess revenue-enhancing opportunities that create value for its customers. Where feasible and where economic analysis supports geographic expansion of its network coverage, it is currently pursuing or expects to pursue opportunities to increase the scale of its facilities, enhance its ability to serve existing customers' needs and attract new customers. Additionally, due to the unique market conditions in Alaska, GCI Holdings, and in some cases its customers, participate in several federally (and to a lesser extent locally) subsidized programs designed to financially support the implementation and purchase of telecommunications services in high-cost areas. With these programs, GCI Holdings has been able to expand its network into previously undeveloped areas of Alaska and offer comprehensive communications services in many rural parts of the state where it would not otherwise be able to construct facilities within appropriate return-on-investment requirements. As part of GCI Holdings' expansion initiatives, it actively pursues government grants designed to help fund rural expansion. In current and prior years, GCI Holdings has been awarded, as either the recipient or subrecipient, federal government grants to construct broadband infrastructure to unserved and underserved communities in rural Alaska. During the years ended December 31, 2024 and 2023, GCI Holdings was awarded a total of $30 million and $38 million, respectively, in federal grants. In the year ended December 31, 2024, GCI Holdings received 5% of the approximately $8.5 billion USF program to support a portion of the cost for services provided to approximately 185 rural health care providers, 230 schools and 139,000 rural wireless residents.

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GCI Holdings' revenue was comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  | **2022**  |
| Data services  | 70% | 67% | 65% |
| Wireless services  | 23% | 25% | 25% |
| Other services  | 7% | 8% | 10% |

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GCI Holdings sells new and enhanced services and products to its existing customer base to achieve increased revenue and penetration of its services. Through close coordination of its customer service and sales and marketing efforts, its customer service representatives suggest to its customers other services they can purchase or enhanced versions of services they already purchase. Many calls into the customer service centers or visits into one of the retail stores result in sales of additional services and products.

GCI Holdings has empowered its customer service representatives to handle most service issues and questions on a single call. GCI Holdings prioritizes its customer services to expedite handling of its most valuable customers' issues, particularly for its largest commercial customers. GCI Holdings believes its integrated approach to customer service, including service set-up, programming various network databases with the customer's information, installation, and ongoing service, allows it to provide a customer experience that fosters customer loyalty.

GCI Holdings continues to expand and evolve its integrated network for the delivery of its services. For its existing network, GCI Holdings' bundled strategy and integrated approach to serving customers creates efficiencies of scale and maximizes network utilization. By offering multiple services, GCI Holdings is better able to leverage its network assets and increase returns on its invested capital. GCI Holdings periodically evaluates its network assets and continually monitors technological developments that it can potentially deploy to increase network efficiency and performance.

GCI Holdings holds a number of federally registered service marks used by its business. It owns two utility patents issued in 2017 pertaining to device diagnostics and network connectivity. The Communications Act gives the FCC the authority to license and regulate the use of the electromagnetic spectrum for radio communications. GCI Holdings holds licenses for its satellite and microwave transmission facilities for provision of long-distance services, and for its submarine cable landings. GCI Holdings holds various licenses for wireless spectrum. These licenses may be revoked and license renewal applications may be denied for cause. However, GCI Holdings expects these licenses to be renewed in due course when, at the end of the license period, a renewal application will be filed.

GCI Holdings has licenses for earth stations that are generally licensed for fifteen years. The FCC also issues a single blanket license for a large number of earth stations operating in specific frequency bands. Its operations may require additional licenses in the future.

GCI Holdings is certified through the RCA to provide local, long-distance, and video service by Certificates of Public Convenience and Necessity ("**CPCN**"). These CPCNs are nonexclusive certificates defining each authorized service area. Although CPCNs have no stated expiration date, they may be revoked due to cause.

*Network Services Facilities.* GCI Holdings operates an advanced, diverse communications network providing data, mobile, video, voice, and managed services to consumer, business, government, and carrier customers throughout Alaska.

GCI Holdings serves urban and rural Alaska utilizing a combination of fiber, microwave, and satellite technologies. GCI Holdings has expanded its fiber network to the Aleutian Chain and is expanding it to the Bethel area and has launched urban-level service in the regions. GCI Holdings' extensive use of microwave and satellite technologies also enables it to deliver connectivity to some of Alaska's most remote communities.

GCI Holdings owns and operates a statewide wireless network providing voice and data services to Alaskans. Its statewide wireless network provides fifth generation ("**5G**") data service, 4G Long Term

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Evolution voice and data service, EVDO, 3G UMTS/HSPA+, 2G CDMA, and 2G GSM/EDGE service. It continues to expand and upgrade these services to provide a modern network for Alaska.

GCI Holdings' dedicated internet access and suite of managed services, including voice, WiFi, firewall, detection and response operate on the highest-capacity backbone in Alaska, with numerous peering partners on the west coast. The availability and quality of service, as well as statistical information on traffic loading, are continuously monitored for quality assurance. The management platform has the capability to remotely access network elements and service end-points, permitting changes in configuration without the need to physically be at the service end-point. This management platform allows GCI Holdings to offer network monitoring and management services to businesses and governmental entities.

GCI Holdings' video businesses are located throughout Alaska. Its facilities include hybrid-fiber-coax plant and head-end distribution equipment. The majority of its locations on the fiber routes are served from head-end distribution equipment in Anchorage. GCI Holdings has announced that it plans to exit the video business in 2025, subject to regulatory approvals.

#### Regulatory Matters
The following summary addresses the key regulatory and legislative developments affecting the cable industry and GCI Holdings' services for both residential and commercial customers and the Enforcement Bureau of the FCC and related inquiries which may have a material adverse impact on GCI's business, financial position, results of operations or liquidity. Cable systems and communications networks and services more generally are extensively regulated by the federal government (primarily the FCC), certain state governments and many local governments. A failure to comply with these regulations could subject GCI Holdings to substantial penalties. The following summary of regulatory issues does not purport to describe all existing and proposed federal, state, and local laws and regulations, or judicial and regulatory proceedings that affect these businesses. These businesses can be dramatically impacted by changes to the existing regulatory framework, whether triggered by legislative, administrative, or judicial rulings. Congress and the FCC have frequently revisited the subject of communications regulation and they are likely to do so again in the future. GCI Holdings could be materially disadvantaged in the future if it is subject to new laws, regulations or regulatory actions that do not equally impact key competitors. For example, Internet-delivered streaming video services compete with traditional video service, but they are not subject to the same level of federal, state, and local regulation. In addition, new Supreme Court decisions in 2024 may increase the likelihood that federal courts could vacate federal agency rules that would have been favorable or unfavorable to GCI Holdings' business. Furthermore, as discussed under "*Risk Factors*," any future cases or appeals considering whether the federal system of universal service subsidies is constitutional could affect GCI Holdings' revenue, as well as the contributions they pay to support federal universal service mechanisms. There is no assurance that the already extensive regulation of GCI Holdings' business will not be expanded in the future.

#### Video Service and Products
*General.* On November 8, 2024, GCI Holdings petitioned the RCA to discontinue its cable television/video service. Depending on if and when the RCA approves the request, GCI Holdings plans to exit the video business in 2025.

<u>Must Carry/Retransmission Consent</u> 

There are two alternative legal methods for carriage of local broadcast television stations on cable systems. Federal "must carry" regulations require cable systems to carry local broadcast television stations upon the request of the local broadcaster. Alternatively, federal law includes "retransmission consent" regulations, by which popular commercial television stations can prohibit cable carriage unless the cable operator first negotiates for "retransmission consent," which may be conditioned on significant payments or other concessions. Popular stations routinely invoke "retransmission consent" and demand substantial compensation increases in their negotiations with cable operators, thereby significantly increasing operating costs. The current rules do not require any cable operator to carry multiple digital programming streams from a single broadcast television station, but should the FCC change this policy, additional cable capacity

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would need to be devoted to carrying additional broadcast television programming streams, a step that could require the removal of other programming services.

<u>Pole Attachments</u> 

The Communications Act requires investor-owned utilities to provide cable systems with access to poles and conduits upon reasonable, non-discriminatory terms and at rates that are subject to either federal or state regulation. Federal regulations, which apply in twenty-seven states, establish cost-based rental rates applicable to pole attachments used for cable or telecommunications services, including when offered together with Internet service, and at times establish mandatory timelines for processing pole access requests and limitations on make-ready costs that pole owners may charge for accommodating attachments. The FCC's approach does not directly affect the rate in the twenty-three states that self-regulate, but many of those states have substantially the same rate for all communications attachments. The federal pole attachment law does not extend to poles owned by electric cooperatives or municipal electric companies, but states are free to regulate these entities, and many do. There can be challenges getting access to poles in rural areas where upfront construction and make ready costs can be higher and where pole owners may be slow to grant permit requests, especially when the FCC pole attachment rules do not apply or when FCC mandatory timelines do not apply, as is the case in most rural builds.

For the state of Alaska, in which GCI Holdings' subsidiaries operate, the RCA does not use the federal formula and instead has adopted its own formula that has been in place since 1987. This formula could be subject to further revisions upon petition to the RCA. In addition, in 2011, the FCC adopted an order to rationalize different pole attachment rates among types of services, and in 2015, took further steps to bring telecommunications and cable pole attachment rates into parity. Though the general purpose of the rule changes was to ensure pole attachment rates as low and as uniform as possible, GCI Holdings does not expect the rules to have an impact on the terms under which it accesses poles. GCI Holdings cannot predict the likelihood of the RCA changing its formula, adopting the federal formula, or relinquishing its oversight of pole attachments to the FCC, any of which could increase the cost of its operations.

<u>Other FCC Regulatory Matters related to Video Services</u> 

The Communications Act and FCC regulations cover a variety of additional areas applicable to GCI Holdings' video services, including, among other things: (1) licensing of systems and facilities, including the grant of various spectrum licenses; (2) equal employment opportunity obligations; (3) customer service standards; (4) technical standards; (5) mandatory blackouts of certain network and syndicated programming; (6) restrictions on political advertising; (7) restrictions on advertising in children's programming; (8) ownership restrictions; (9) posting of certain information on an FCC "public file" website, including but not limited to political advertising records, equal employment opportunity practices, compliance with children's programming requirements, policies for commercial leased access, system information, and channel carriage information including disclosure of ownership interests in channels carried; (10) emergency alert systems; (11) inside wiring and contracts for MDU complexes; (12) accessibility of content, including requirements governing video-description and closed-captioning; (13) competitive availability of cable equipment; (14) the provision of up to 15% of video channel capacity for commercial leased access by unaffiliated third parties; (15) public, education and government entity access requirements; and (16) disclosure of an aggregated monthly "all-in" price on customer bills and advertising materials that include the price of video programming. Each of these regulations restricts GCI Holdings' business practices to varying degrees and may impose additional costs on GCI Holdings' operations.

It is possible that Congress or the FCC will expand or modify its regulation of cable systems or the services delivered over cable systems and competing services in the future. GCI Holdings cannot predict at this time what new requirements may be adopted and how such changes might impact their businesses.

<u>Copyright</u> 

The carriage of television and radio broadcast signals by cable systems are subject to a federal compulsory copyright license. In exchange for filing certain reports and contributing a percentage of their revenue to a federal copyright royalty pool that varies depending on the size of the system, the number of distant broadcast television signals carried, and the location of the cable system, cable operators can

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obtain blanket permission to retransmit copyrighted material included in broadcast signals. The copyright law provides copyright owners the right to audit payments under the compulsory license. On December 16, 2024, the Copyright Office issued an order modifying the license's royalty calculations and reporting obligations, however, GCI Holdings does not believe the impact of such modifications will be material. The possible modification or elimination of this license is the subject of continuing legislative proposals and administrative review and could adversely affect GCI Holdings' ability to obtain desired broadcast programming. Copyright clearances for non-broadcast programming services are arranged through private negotiations.

<u>Franchise Matters</u> 

GCI Holdings' cable systems generally are operated pursuant to nonexclusive franchises, permits, and similar authorizations granted by a municipality or other state or local government entity in order to utilize and cross public rights-of-way. Cable franchises generally are granted for fixed terms and in many cases include monetary penalties for noncompliance and may be terminable if the franchisee fails to comply. The specific terms and conditions of cable franchises vary significantly between jurisdictions. They generally contain provisions governing cable operations, franchise fees, access to and use of rights of way, system construction, maintenance, technical performance, customer service standards, supporting and carrying public, education and government access channels, and changes in the ownership of the franchisee. Although local franchising authorities have considerable discretion in establishing franchise terms, certain federal protections benefit cable operators. For example, federal law imposes a cap on franchise fees of 5% of gross revenue from the provision of cable services over the cable system. The FCC has clarified that the value of in-kind contribution requirements set forth in cable franchises is subject to the statutory cap on franchise fees, and it reaffirmed that state and local authorities are barred from imposing franchise fees on revenue derived from non-cable services, such as Internet services, provided by cable operators over cable systems.

A number of states have adopted franchising laws that provide for state-issued franchising. Generally, state-issued cable franchises are for a fixed term (or in perpetuity), streamline many of the traditional local cable franchise requirements and eliminate local negotiation and enforcement of terms. The RCA is the franchising authority for all of Alaska, and issues CPCNs for communities. GCI Holdings believes that it has generally met the terms of its CPCNs, which do not require periodic renewal. Military franchise requirements also affect its ability to provide video services to military bases.

#### Data Services and Products
*General.* There is no one entity or organization that governs the global operation of the Internet. Each facilities-based network provider that is interconnected with the global Internet controls operational aspects of its own network. Certain functions, such as IP addressing, domain name routing, and the definition of the TCP/IP protocol, are coordinated by an array of quasi-governmental, intergovernmental, and non-governmental bodies. The legal authority of these bodies is not precisely defined.

The vast majority of users connect to the Internet over facilities of existing communications providers. Those communications providers are subject to varying levels of regulation at both the federal and state level. Thus, non-Internet-specific regulatory decisions exercise a significant influence over the economics of the Internet market.

Many aspects of the coordination and regulation of Internet activities and the underlying networks over which those activities are conducted are evolving. Internet-specific and non-Internet-specific changes in the regulatory environment, including changes that affect communications costs or increase competition from ILECs or other communications services providers, could adversely affect the costs and the prices for Internet-based services.

The FCC originally classified broadband Internet access services, such as those GCI Holdings offers, as an "information service," which exempted the service from traditional communications common carrier laws and regulations. In 2015, the FCC reclassified broadband Internet access services as "telecommunications service" and, on that basis, imposed a number of "net neutrality" rules governing the provision of broadband service. In an order released in 2018, the FCC eliminated the 2015 rules, other than a transparency requirement that obligates GCI Holdings to disclose performance statistics and other service information to

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consumers. In 2024, the FCC once again reclassified Internet access services as telecommunications services. The industry challenged the Order in court, and on January 2, 2025, the Court of Appeals for the Sixth Circuit issued a decision invalidating the reclassification and the rules contained in the FCC's order. It is nonetheless possible that the new Administration, Congress or state legislatures could adopt different requirements applicable to Internet access services. The application of new legal requirements to GCI Holdings' Internet services could adversely affect their respective businesses.

In 2024, GCI Holdings became subject to new requirements to post standardized labels disclosing their network management policies and performance of GCI Holdings' broadband Internet access services, similar to the format of food nutrition labels, for each of their currently available consumer Internet offerings. The rules require disclosure of information regarding broadband prices, introductory rates, data allowances, and broadband speeds.

The 2018 FCC order reclassifying Internet access services also ruled that state regulators may not impose obligations similar to federal network neutrality obligations that the FCC eliminated, but this blanket prohibition was vacated by a federal court of appeals in 2019. The court left open the possibility that individual state laws could be deemed preempted on a case-by-case basis if it is shown that they conflict with federal law. Several states have adopted rules similar to the network neutrality requirements that were eliminated by the FCC, and the California rules were upheld in federal court. California has also adopted other regulations, including network resiliency rules to assure backup power is available after natural disasters and other outages, and it is considering the imposition of licensing requirements and service quality metrics on Internet service providers. New York adopted legislation that would require Internet service providers to offer a discounted Internet service to qualifying low-income consumers. A federal district judge enjoined enforcement as likely to be deemed rate regulation of Internet service that would be preempted by federal law, but that injunction was reversed by a federal court of appeals. On December 16, 2024, the Supreme Court denied certiorari for the appeal of that decision, although petitioners have sought rehearing of the denial in light of the Sixth Circuit's decision setting aside the FCC's reclassification of Internet access as telecommunications services. The rules became enforceable by the Attorney General of New York on January 15, 2025. GCI Holdings cannot predict the outcome of that appeal, what other legislation and regulations may be adopted by states or how challenges to such requirements will be resolved.

In October 2024, the Federal Trade Commission ("**FTC**") adopted rules that would make it easier and faster for consumers to terminate subscription services, including all GCI Holdings' services. These rules have been challenged in federal court, and GCI Holdings cannot predict the outcome of those challenges. The rules could be modified or rescinded by the FTC in the new Administration. The application of these rules could adversely affect GCI Holdings' business.

In November 2023, the FCC adopted new rules governing digital discrimination, pursuant to the Infrastructure Investment and Jobs Act of 2021 (the "**IIJA**"), to prevent discrimination of access to broadband Internet services. Most of these rules have become effective, but they are subject to ongoing legal challenges and could be modified or rescinded by the FCC in the new Administration. California adopted digital discrimination rules in November 2024. GCI Holdings cannot predict the outcome of legal challenges or whether the nature of practices that could be subject to enforcement under these rules could adversely affect its business.

The FCC has adopted rules for service providers to report broadband availability, pursuant to the Broadband Data Act. Providers are required to report their service areas twice each year. The service areas reported are subject to challenge and FCC verification requests. A broadband provider that provides inaccurate maps or fails to respond properly to challenges may be subject to enforcement action by the FCC. The FCC can also fine a provider for filing incorrect maps.

*Other Federal Activities*. Congress and certain federal agencies are considering ways to streamline federal permitting obligations and are in the process of providing significant additional financial support for broadband services in areas that are difficult to serve. These activities are continually monitored and it cannot be predicted at this time whether those efforts will make a material difference to the ability to deploy broadband infrastructure.

*Universal Service and Other Infrastructure Subsidies*. In recent years, federal, state and local governments have offered billions of dollars in subsidies to companies deploying broadband to areas

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deemed to be "unserved" or "underserved," using funds from the FCC's RDOF auction in 2020, the Coronavirus Aid, Relief and Economic Security Act (2020), the American Rescue Plan Act of 2021 ("**ARPA**"), and the IIJA. GCI Holdings supports such subsidies, provided they are not directed to areas that are already served, and have sought and expect to continue to seek subsidies for their own broadband construction in unserved and underserved areas through programs including, if regulatory requirements are reasonable, the IIJA.

*Legal Challenges to the Constitutionality of the FCC Universal Service Support Programs.* There have been a number of legal challenges to the constitutionality of the USF. The U.S. Courts of Appeals for the Sixth and Eleventh Circuits rejected such challenges in 2023, as did a panel of three judges in the Fifth Circuit. However, on July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit sitting *en banc* ruled that the USF program is unconstitutional as currently administered, and remanded the case to the FCC. In its decision, the *en banc* Fifth Circuit concluded that there was an impermissible public delegation of legislative authority to the FCC and an impermissible private delegation of authority from the FCC to the Universal Service Administrative Company, the private company responsible for USF administration. The Supreme Court granted petitions for certiorari from the Fifth Circuit's decision and heard the case on March 26, 2025; the Supreme Court reversed the Fifth Circuit's decision and remanded the case on June 27, 2025. It is possible that additional cases and appeals will continue to be filed in relation to the matter. There is significant uncertainty regarding the outcome of any such additional cases or appeals, as well as whether any action taken by the FCC or Congress to resolve the issue would be sufficient and what impact such actions might have on the USF program. A future judicial decision determining that the legislation establishing the USF program or its funding method is unconstitutional could disrupt or eliminate GCI Holdings' USF support unless and until any identified legal defects with the program structure or administration are remedied. Such a ruling would likely result in a material decrease in revenue and accounts receivable, which could likely have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

In the event Congressional action is required to remedy any legal defects with the USF program structure or administration as may be determined by a future case or appeal, GCI Holdings has been liaising with the FCC and applicable Congressional committees to draft and support applicable legislation. GCI Holdings has also developed contingency plans responsive to potential adverse outcomes which it believes would allow it to operate during a period in which GCI Holdings' USF support may be disrupted or eliminated, including plans to obtain adequate liquidity to implement such contingency plans. In the event of any temporary disruption or elimination of USF support, the Company believes that any Congressional action that may be adopted could include repayment of USF support for services provided during such period. However, it is possible that Congressional action would not be in an amount that is sufficient to mitigate the full impact of any disruption or elimination of USF support on GCI Holdings' revenue and accounts receivables or that Congress will not take any action to remedy any legal defects identified by the Supreme Court, which would result in a material decrease in revenue and accounts receivables for GCI Holdings.

*Pause in Federal Financial Assistance*. On January 27, 2025, the OMB issued a memorandum directing a pause in federal financial assistance pending review for consistency with presidential executive actions. On January 28, 2025, OMB clarified that this only applied to programs affected by certain specified executive actions, which do not appear to include FCC universal service support programs. OMB subsequently withdrew the memorandum, which had also been subject to preliminary injunction by two federal district courts. However, if this or another pause were to extend to federal universal service support programs, or to other infrastructure grants that GCI receives, and such a pause were to become extended, it could have a material adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

*RHC Program.* The USF RHC Program provides funding to eligible healthcare providers for telecommunications and broadband services. The RHC Telecommunications Program subsidizes the rates for telecommunications services provided to rural health care providers based on the difference between the urban and rural rates for such services. The Healthcare Connect Fund Program provides support for high-capacity broadband connectivity to eligible health care providers.

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The rates that GCI and other carriers can charge for service provided under the RHC Telecommunications Program are highly regulated by the FCC. FCC rules provide that a telecommunications carrier can only charge a rural rate that is the average of rates actually being charged to commercial customers, other than health care providers, for identical or similar services in the rural area where the health care provider is located. If that is not available, the rural rate must be the average of tariffed or other publicly available rates charged in that area over the same distance by other carriers. If there is no rate available using rates actually being charged by GCI or other carriers, then, through the end of Funding Year 2025, which ends in June 2026, GCI may use a previously approved rural rate. If none of the preceding options are available, then the rate must be determined by a cost study submitted to the FCC or, for jurisdictionally intrastate services, to the state public utility commission. The RHC Telecommunications Program funds the difference between the rural rate and the urban rate, which is the amount that GCI must collect from the health care provider. The FCC has an ongoing rulemaking proceeding addressing the RHC rules, how subsidies are determined and related processes. GCI cannot predict which changes the FCC will adopt, and whether those changes will benefit or adversely affect GCI. The ongoing uncertainty in program funding, as well as the uncertainty associated with the rate review, could have an adverse effect on its business, financial position, results of operations or liquidity.

<u>RHC Program Funding Cap.</u> The RHC Program has a funding cap for each individual funding year that is annually adjusted for inflation, and which the FCC can increase by carrying forward unused funds from prior funding years. In recent years, including the current year, this funding cap has not limited the amount of funding received by participants; however, management continues to monitor the funding cap and its potential impact on funding in future years.

<u>Enforcement Bureau and Related Inquiries.</u> On March 23, 2018, GCI Holdings received a letter of inquiry and request for information from the Enforcement Bureau of the FCC relating to the period beginning January 1, 2015 and including all future periods. This included inquiry into the rates charged by GCI Holdings and other aspects related to the Enforcement Bureau's review of GCI Holdings' compliance with program rules, which are discussed separately below.

In the fourth quarter of 2019, GCI Holdings became aware of potential RHC Program compliance issues related to certain of GCI Holdings' currently active and expired contracts with certain of its RHC customers. The Company and its external experts performed significant and extensive procedures to determine whether GCI Holdings' currently active and expired contracts with its RHC customers would be deemed to be in compliance with the RHC Program rules. GCI Holdings notified the FCC of the potential compliance issues in the fourth quarter of 2019.

On May 28, 2020, GCI Holdings received a second letter of inquiry from the Enforcement Bureau in the same matter noted above. This second letter, which was in response to a voluntary disclosure made by GCI Holdings to the FCC, extended the scope of the original inquiry to also include various questions regarding compliance with the records retention requirements related to the (i) original inquiry and (ii) RHC Program.

On December 17, 2020, GCI Holdings received a Subpoena Duces Tecum from the FCC's Office of the Inspector General requiring production of documents from January 1, 2009 to the present related to a single RHC customer and related contracts, information regarding GCI Holdings' determination of rural rates for a single customer, and to provide information regarding persons with knowledge of pricing practices generally.

On April 21, 2021, representatives of the Department of Justice ("**DOJ**") informed GCI Holdings that a qui tam action had been filed in the Western District of Washington arising from the subject matter under review by the Enforcement Bureau. The DOJ was investigating whether GCI Holdings submitted false claims and/or statements in connection with GCI's participation in the FCC's RHC Program. On July 14, 2021, the DOJ issued a Civil Investigative Demand with regard to the qui tam action.

The FCC's Enforcement Bureau and GCI Holdings held discussions regarding GCI Holdings' potential RHC Program compliance issues related to certain of its contracts with its RHC customers for which GCI Holdings had previously recognized an estimated liability for a probable loss of approximately $12 million in 2019 for contracts that were deemed probable of not complying with the RHC Program rules.

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During the year ended December 31, 2022, GCI Holdings recorded an additional estimated settlement expense of $15 million relating to a settlement offer made by GCI Holdings resulting in a total estimated liability of $27 million.

The DOJ and GCI Holdings held discussions regarding the qui tam action whereby the DOJ clarified that its investigation relates to the years from 2010 through 2019 and alleged that GCI Holdings had submitted false claims under the RHC Program during this time period. During the year ended December 31, 2022, GCI Holdings recorded a $14 million estimated settlement expense to reflect discussions and settlement offers that GCI Holdings made to the DOJ.

Separately, in 2022, GCI Holdings became aware of possible RHC Program compliance issues relating to potential conflicts of interest identified in the historical competitive bidding process with respect to certain of its contracts with its RHC customers. GCI Holdings notified the FCC's Enforcement Bureau of the potential compliance issues; however, the Company is unable to assess the ultimate outcome of the potential compliance issues and is unable to reasonably estimate any range of loss or possible loss.

On May 10, 2023, GCI Holdings entered into a final settlement agreement with both the FCC and the DOJ to resolve all Enforcement Bureau and Related Inquiries discussed above except for the matter that was separately identified during the third quarter of 2022, which continues to remain outstanding. The settlement with the FCC and the DOJ resulted in a total cash payment of $41 million of which $27 million was paid to the FCC and $14 million was paid to the DOJ in 2023, which had been previously recorded as liabilities.

On or about June 11, 2024, GCI Holdings became aware that one of its submarine cable landing licenses had expired on February 1, 2024. On June 28, 2024, GCI Holdings filed a request for Special Temporary Authority to continue to operate the station, which was granted on September 10, 2024. On September 25, 2024, GCI Holdings received a letter of inquiry from the FCC's Enforcement Bureau stating that it was investigating potential violations of the Cable Landing License Act and promulgating questions. GCI Holdings responded to that inquiry on October 25, 2024. The Enforcement Bureau transmitted a set of supplemental questions to which GCI Holdings responded on December 23, 2024. To resolve the Enforcement Bureau's investigation, it has proposed a settlement and consent decree that the parties are currently negotiating.

*Schools and Libraries Program*. In 2014, the FCC adopted orders modernizing the USF Schools and Libraries Program ("**E-Rate**"), which aids schools and libraries in obtaining affordable broadband. These orders, among other things, increased the annual E-Rate cap by approximately $1.5 billion, designated funds for internal connections within schools and libraries, and eliminated funding for certain legacy services, such as voice, to increase the availability of 21st century connectivity to support digital learning in schools nationwide. The FCC has also continued to expand the range of services supported, including dark fiber construction and certain WiFi hotspots, and initiating a pilot for E-Rate support of school and library cybersecurity. These orders did not have a material effect on the overall E-Rate support available to GCI Holdings' schools and libraries customers, and therefore did not materially affect its revenue from such customers. See "*Risk Factors*" above for additional risks related to GCI Holdings' participation in this USF program.

*Universal Service for Fixed Voice and Broadband for Rural and High-Cost Areas.* The USF provides support to ETCs related to their provision of facilities-based wireline telephone service in high-cost areas. Under the Alaska High Cost Order issued by the FCC in 2016, GCI Holdings receives this support for its incumbent local exchange carrier operations, which are ETCs under FCC regulations and RCA Orders. This support is frozen at the 2011 levels for High Cost Loop Support and Interstate Common Line Support, with certain adjustments. The support has a ten-year term, from January 1, 2017 to December 31, 2026. Beginning in January 2025, the support amount increases by 30%. Without ETC status, GCI Holdings would not qualify for USF support in these areas, and its net cost of providing local telephone services in these areas would be materially adversely affected. Pursuant to the Alaska High Cost Order, GCI Holdings must meet certain performance requirements with respect to the offering of broadband services in its incumbent local exchange carrier areas. The FCC directed the Bureau to reassess those performance commitments before December 31, 2021, and the Bureau approved revised performance commitments on December 23,

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2021. If GCI Holdings fails to meet these performance requirements, it will be subject to repayment of a portion of the high-cost support received, as specified in the Alaska High Cost Order, plus potentially an additional penalty.

In 2024, the FCC adopted the Alaska Connect Fund Order, which is the successor to the 2016 Alaska High Cost Order. The Alaska Connect Fund Order for wireline providers maintains their existing funding and performance requirements through 2028. Support levels and obligations starting in 2029 have not yet been set by the FCC and could impact GCI Holdings' ability to continue providing local telephone service in the areas where it relies on high-cost support.

*Universal Service Support for Mobile.* Under FCC regulations and RCA orders, GCI Holdings is an authorized ETC for purposes of providing wireless telephone service in many rural areas throughout Alaska. Without ETC status, GCI Holdings would not qualify for USF support in these areas or other rural areas where it proposes to offer facilities-based wireless telephone services, and its net cost of providing wireless telephone services in these areas would be materially adversely affected.

Per the Alaska High Cost Order, as of January 1, 2017, Remote (as defined by the Alaska High Cost Order) high-cost support payments to Alaska High Cost participants are frozen on a per-company basis at adjusted December 2014 levels for a ten-year term in exchange for meeting individualized performance obligations to offer voice and broadband services meeting the service obligations at specified minimum speeds by five-year and ten-year service milestones to a specified number of locations. Support amounts increase 30% starting January 2025. Remote high-cost support is no longer dependent upon line counts and line count filings are no longer required. Under the terms of the Alaska High Cost Order, the FCC was to initiate a process in 2021 to eliminate duplicate support in areas that were served by more than one subsidized mobile wireless carrier as of December 31, 2020. As part of the Alaska High Cost Order, the FCC issued a Notice of Proposed Rulemaking seeking comment on how to implement that process. The process to eliminate duplicate support in areas has been delayed, and may affect the amount of support GCI Holdings receives to provide wireless services starting in 2030.

In November 2024, the FCC adopted the Alaska Connect Fund Order to succeed the Alaska High Cost Order. The Order may result in GCI Holdings receiving less support for its wireless operations in rural Alaska, and could have a material effect on its ability to continue providing service. The FCC has set milestones for some decisions, such as how to assure that only one provider receives support for a single area and how to calculate any amounts that would be removed as associated with intangible areas, or subject to potential competitive selection in areas with more than one supported mobile provider. The outcome of the FCC decisions and related proceedings could materially impact GCI Holdings' ability to continue providing or upgrading wireless services in rural Alaska.

#### Wireline Voice Services and Products
*General.* The FCC has never classified the VoIP wireline telephone services that GCI Holdings offers as "telecommunications services" that are subject to traditional federal common carrier regulation, but instead has imposed some of these regulatory requirements on a case-by-case basis, such as requirements relating to 911 emergency services ("**E911**"), Communications Assistance for Law Enforcement Act ("**CALEA**") (the statute governing law enforcement access to and surveillance of communications), USF contributions, customer privacy and Customer Proprietary Network Information protections, number portability, network and/or 911 outage reporting, rural call completion, disability access, regulatory fees, back-up power, robocall mitigation and discontinuance of service. Nonetheless, GCI Holdings operates as a common carrier with respect to these services. It is possible that the FCC or Congress will impose additional federal requirements on VoIP telephone services in the future.

GCI Holdings' carrier operations are subject to certain state and local regulatory fees such as E911 fees and contributions to state universal service funds.

As an interexchange carrier, GCI Holdings is subject to regulation by the FCC and the RCA as a non-dominant provider of interstate, international, and intrastate long-distance services. As a state-certificated competitive local exchange carrier, GCI Holdings is subject to regulation by the FCC and the RCA as a non-dominant provider of local communications services. However, as of November 2019, the Alaska

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Legislature eliminated the RCA's regulation of rates but retained its certificate authority for intrastate long-distance and local communications services. Military franchise requirements also affect GCI Holdings' ability to provide communications services to military bases.

*Rural Exemption and Interconnection.* A Rural Telephone Company is exempt from compliance with certain material interconnection requirements under Section 251(c) of the Communications Act, including the obligation to negotiate Section 251(b) and (c) interconnection requirements in good faith, unless and until a state regulatory commission lifts such "rural exemption" or otherwise finds it does not apply. All ILECs in Alaska are Rural Telephone Companies except Alaska Communications Systems Group, Inc. in its Anchorage study area. GCI Holdings participated in numerous proceedings regarding the rural exemptions of various ILECs in order to achieve the necessary interconnection agreements with the remaining ILECs. In other cases, the interconnection agreements were reached by negotiation without regard to the implications of the ILEC's rural exemption.

GCI Holdings has negotiated and will continue to negotiate interconnection agreements as necessary. GCI Holdings has entered all of the major Alaskan markets with local access services.

See "— *Competition — Voice Services and Products*" for more information.

*Access Charges and Other Regulated Fees.* The FCC regulates the fees that local telephone companies charge long-distance companies for access to their local networks. In 2011, the FCC released rules to restructure and reduce over time terminating interstate access charges, along with a proposal to adopt similar reforms applicable to originating interstate access charges. The details of implementation in general and between different classes of technology continue to be addressed by the FCC and could affect the economics of some aspects of GCI Holdings' business. GCI Holdings cannot predict at this time the impact of this implementation or future implementation of adopted reforms, but GCI Holdings does not expect it to have a material adverse impact on its operations.

*Local facilities and services obtained from other providers.* Although GCI Holdings primarily provides communications services over its own facilities, the ability to obtain access to other providers' networks is an important element of its local access services business. Changes in applicable regulations and the wholesale offerings of suppliers could affect GCI Holdings' ability to provide service.

#### Spectrum
The FCC regulates spectrum usage in ways that could impact GCI Holdings' operations, including for microwave backhaul, unlicensed WiFi and CBRS. GCI Holdings also operates its own extensive mobile wireless service networks in Alaska. These businesses' ability to access and use spectrum that may become available in the future is uncertain and may be limited by further FCC auction or allocation decisions. While the FCC currently does not have auction authority, Congressional action to restore the FCC's auction authority could direct spectrum be licensed in a manner beneficial to competitors. New or additional spectrum obtained by other parties could lead to additional wireless competition to these businesses' existing and future services.

#### Wireless Services and Products
*General.* The FCC regulates the licensing, leasing, construction, interconnection, operation, acquisition, and transfer of wireless network systems in the United States pursuant to the Communications Act. GCI Holdings' wireless licensee subsidiaries are subject to regulation by the FCC and must comply with certain build-out and other license conditions, as well as with the FCC's specific regulations governing wireless services. The FCC imposes significant regulation on licensees of wireless spectrum with respect to how radio spectrum is used by licensees, the nature of services licensees may offer and how such services may be offered, and the resolution of issues of interference between spectrum bands. The FCC does not currently regulate rates for services offered by commercial mobile radio service providers (the official legal description for wireless service providers).

Commercial mobile radio service wireless systems are subject to Federal Aviation Administration and FCC regulations governing the location, lighting, construction, modification, and registration of antenna structures on which GCI Holdings' antennas and associated equipment are located and are also subject to

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regulation under federal environmental laws and the FCC's environmental regulations, including limits on radio frequency radiation from wireless handsets and antennas.

*Emergency 911 and 988*.*** The FCC has imposed rules requiring all mobile carriers, including MVNOs, to provide emergency 911 services, including E911 services that provide the caller's phone number and approximate location to local public safety dispatch agencies. Providers are required to transmit the geographic coordinates of the customer's location, for both indoor and outdoor locations, within accuracy parameters revised by the FCC, to be implemented over a phase-in period. The FCC also imposed requirements to allow users to text to 911 if the local public safety dispatch agency requests and is able to receive such texts. Providers may not demand cost recovery as a condition of providing E911, although they are permitted to negotiate cost recovery if it is not mandated by the state or local governments. On June 1, 2020 and subsequently on May 24, 2021, GCI Holdings timely sought waivers from the FCC concerning the percentage of wireless calls required to meet 911 location accuracy benchmarks pursuant to the FCC's phase-in period. In December 2021, GCI Holdings met the 2020 benchmark. GCI Holdings has been able to meet FCC requirements for text to 911 obligations to date. In 2024, the FCC adopted rules requiring carriers to use the geographic coordinates of the customer's location to route 911 calls to the appropriate emergency call centers; GCI Holdings must implement this location-based routing by May 13, 2026. Also in 2024, the FCC adopted rules intended to facilitate the transition to next-generation 911 services. Carriers are required to interconnect with public safety agencies and call centers in IP-based format upon request from those agencies and provided the agencies meet certain technical requirements.

Additionally, on an ongoing basis, GCI Holdings is subject to FCC-imposed rules requiring timely reporting of outages impacting access to emergency 911 services. Failure to comply with reporting requirements could result in the imposition of fines and other administrative remedies.

The FCC has also imposed rules adopting the three-digit short code 988 for calls and texts placed to the 988 Suicide and Crisis Lifeline. All calls and texts to 988 are transmitted to the national Suicide and Crisis Lifeline call center; by December 14, 2026, GCI Holdings will also be required to include georouting location information with these calls.

*State and Local Regulation.* While the Communications Act generally preempts state and local governments from regulating the entry of, and the rates charged by, wireless carriers, it also permits a state to petition the FCC to allow it to impose commercial mobile radio service rate regulation when market conditions fail to adequately protect customers and such service is a replacement for a substantial portion of the telephone wireline exchange service within a state. The State of Alaska currently has no such petition on file.

In addition, the Communications Act does not expressly preempt the states from regulating the "terms and conditions" of wireless service. Several states have invoked this "terms and conditions" authority to impose or propose various consumer protection regulations on the wireless industry. State attorneys general have also become more active in enforcing state consumer protection laws against sales practices and services of wireless carriers. States also may impose their own universal service support requirements on wireless and other communications carriers, similar to the contribution requirements that have been established by the FCC.

States have become more active in attempting to impose new taxes and fees on wireless carriers, such as gross receipts taxes. Where successful, these taxes and fees are generally passed through to customers and result in higher costs to customers.

At the local level, wireless facilities typically are subject to zoning and land use regulation. Neither local nor state governments may categorically prohibit the construction of wireless facilities in any community or take actions, such as indefinite moratoria, which have the effect of prohibiting construction. Pursuant to Section 6409(a) of the Middle Class Tax Relief Act of 2012, state and local governments are further constrained in their regulation of changes to existing wireless infrastructure. Nonetheless, securing federal, state and local government approvals for new antenna structures has been and is likely to continue to be difficult, lengthy, and costly.

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#### Privacy and Information Security Regulation
The Communications Act limits GCI Holdings' ability to collect, use, and disclose customers' personally identifiable information for its Internet, video, mobile and voice services. GCI Holdings is subject to additional federal, state, and local laws and regulations that impose additional restrictions on the collection, use and disclosure of consumer information. All broadband and VoIP providers are also obliged by CALEA to configure their networks in a manner that facilitates the ability of state and federal law enforcement, with proper legal process authorized under the Electronic Communications Privacy Act, to wiretap and obtain records and information concerning their customers, including the content of their communications. Further, the FCC, the FTC, and many states regulate and restrict the marketing practices of communications service providers, including telemarketing and sending unsolicited commercial emails. The FTC currently has the authority, pursuant to its general authority to enforce against unfair or deceptive acts and practices, to protect the privacy of customers of non-common carrier services (e.g., Internet service customers) including GCI Holdings' use and disclosure of certain customer information.

GCI Holdings' operations are also subject to federal and state laws governing information security. All states have data breach notification laws that would require us to inform individuals and regulators in the event of a breach that could impact personal information of customers. In the event of an information security breach, such rules may require consumer and government agency notification and may result in regulatory enforcement actions with the potential of monetary forfeitures. The FCC, the FTC and state attorneys general regularly bring enforcement actions against companies related to information security breaches and privacy violations.

Various security standards provide guidance to telecommunications companies in order to help identify and mitigate cybersecurity risks. One such standard is the voluntary Cybersecurity Framework ("**CSF**") released by the National Institute for Standards and Technology ("**NIST**") in 2014 and updated in 2018 and 2024, in cooperation with other federal agencies and owners and operators of U.S. critical infrastructure. The NIST CSF provides a prioritized and flexible model for organizations to identify and manage cyber risks inherent to their business. It was designed to supplement, not supersede, existing cybersecurity regulations and requirements. Several government agencies have encouraged compliance with the NIST CSF, including the FCC and Department of Homeland Security's Cybersecurity and Infrastructure Security Agency ("**CISA**"). GCI Holdings' overall cybersecurity program is informed by the NIST and other industry standards and best practices. The FCC adopted rules expanding its cybersecurity guidelines and requirements. These rules have been challenged in federal court and GCI Holdings cannot predict the outcome of that appeal or whether the rules could be modified by the new Administration. CISA has sought comment on the development of cyber incident reporting rules, pursuant to 2022 legislative requirements, that require critical infrastructure entities to report substantial cyber incidents within 72 hours of their discovery.

The FTC has an ongoing Advance Notice of Proposed Rulemaking to explore rules related to the collection, analysis, and monetization of consumers' information, as well as companies' data security practices and related disclosures to consumers. The FTC has also warned companies not to misuse consumers' biometric information, with a broad definition of biometrics similar to Washington's My Health My Data Act and the CCPA that treat biometrics as sensitive consumer information, and Illinois and Texas have also adopted laws regulating the use of such information. The new Congress may also adopt new privacy and data security obligations that could supplement or preempt state privacy laws. GCI Holdings cannot predict whether any of the above efforts will be successful, challenged, upheld, vacated, or preempted, or how new legislation and regulations, if any, would affect its business.

#### Environmental Regulations
GCI Holdings undertakes activities that may, under certain circumstances, affect the environment. Accordingly, it may be subject to federal, state, and local laws designed to preserve or protect the environment, including the Clean Water Act and the Emergency Planning and Community Right-to-Know Act. The FCC, Bureau of Land Management, U.S. Forest Service, U.S. Fish and Wildlife Service, U.S. Army Corps of Engineers, Bureau of Indian Affairs, and National Park Service are among the federal agencies required by the National Environmental Policy Act of 1969 and National Historic Preservation Act to consider the environmental impact of actions they authorize, including facility construction.

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The principal effect of GCI Holdings' facilities on the environment would be in the form of construction and operation of facilities and networks at various locations in Alaska and between Alaska, Washington, and Oregon. GCI Holdings' facilities have been constructed in accordance with federal, state and local building codes and zoning regulations whenever and wherever applicable. GCI Holdings obtains federal, state, and local permits, as required, for its projects and operations. GCI Holdings is unaware of any material violations of federal, state, or local regulations or permits.

#### Competition
GCI Holdings operates in an intensely competitive industry and competes with a number of companies that provide a broad range of communication, entertainment, and information products and services. Technological changes are further intensifying and complicating the competitive landscape and consumer behavior.

#### Residential/Consumer Services
GCI Holdings faces intense competition for residential customers, both from existing competitors and, as a result of the rapid development of new technologies, services and products, from new entrants.

#### Internet Competition
The Internet industry is highly competitive, rapidly evolving and subject to constant technological change. Competition is based upon price, service bundles, the services and enhancements offered, the technologies used, customer service, billing services, and perceived quality, reliability and availability.

GCI Holdings' residential Internet services face competition across their footprints from fiber-to-the-home, fixed wireless broadband, Internet delivered via low earth orbit ("**LEO**") or geostationary satellite and digital subscriber line ("**DSL**") services. In several markets, GCI Holdings also faces competition from one or more fixed wireless providers that deliver point-to-point Internet connectivity. Internet services based on LEO technology have been gaining market share. DSL service is offered across a portion of GCI Holdings' footprint, often at prices lower than GCI Holdings' Internet services, although typically at speeds much lower than the minimum speeds offered by GCI Holdings. In addition, commercial areas, such as retail malls, restaurants and airports, offer WiFi Internet service. Numerous local governments are also considering or actively pursuing publicly subsidized WiFi Internet access networks. In addition, providers are constructing open access networks that can deliver services from multiple underlying Internet service providers. These options offer alternatives to cable-based Internet access.

#### Video Competition
GCI Holdings' residential video services faces growing competition across their footprints from a number of other sources, including companies that deliver linear network programming, movies and television shows on demand and other video content over broadband Internet connections to televisions, computers, tablets and mobile devices. Increasingly, exclusive television content, including marquee content like live sporting events, is becoming available from sources other than traditional MVPDs. These competitors include virtual MVPDs such as YouTube TV, Hulu Live, Sling TV, Philo and DirecTV Stream. Other online video business models and products have also developed, some offered by programmers including, (i) subscription video on demand services such as Netflix, Apple TV+, Amazon Prime and Hulu Plus, (ii) programmer streaming applications such as Max, Disney+, Peacock and Paramount+, (iii) ad-supported free online video products, including YouTube and Pluto TV, (iv) pay-per-view products, such as iTunes, and (v) additional offerings from mobile providers which continue to integrate and bundle video services and mobile products.

GCI Holdings' residential video services also face competition from direct broadcast satellite ("**DBS**") service providers. DBS providers offer satellite-delivered pre-packaged programming services that can be received by relatively small and inexpensive receiving dishes. DBS providers offer aggressive promotional pricing and video services that are comparable in many respects to GCI Holdings' residential video service.

GCI Holdings has announced that it plans to exit the video business in 2025, subject to regulatory approvals.

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#### Mobile Competition
GCI Holdings' mobile services face competition from national mobile network operators including AT&T, Inc. ("**AT&T**") and Verizon as well as a variety of regional operators and mobile virtual network operators. Most carriers offer unlimited data packages to customers while some also offer free or highly discounted devices. Various operators also offer wireless Internet services delivered over networks which they continue to enhance to deliver faster speeds. As a regional wireless carrier, GCI Holdings may not have immediate access to some wireless handsets that are available to these national wireless carriers.

AT&T and Verizon continue to expand 5G mobile services, and consolidations in the telecom industry continue to increase competition as they seek to offer converged connectivity services similar to GCI Holdings.

#### Voice Competition
GCI Holdings' residential voice services compete with wireless and wireline phone providers across their footprints, as well as other forms of communication, such as text messaging on cellular phones, instant messaging, social networking services, video conferencing and email. GCI Holdings also competes with "over-the-top" phone providers, as well as companies that sell phone cards at a cost per minute for both national and international service. The increase in the number of different technologies capable of carrying voice services and the number of alternative communication options available to customers as well as the replacement of wireline services by wireless have intensified the competitive environment in which GCI Holdings operates its residential voice services.

GCI Holdings also competes against ILECs, long-distance resellers and certain smaller rural local telephone companies for local access and long-distance. GCI Holdings has competed by offering what it believes is excellent customer service and by providing desirable bundles of services.

#### Additional Competition
In some of GCI Holdings' operating areas, other regional competitors have built networks that offer a combination of Internet, video, mobile and voice services that compete with its services.

GCI Holdings also competes with other sources of news, information and entertainment, including over-the-air television broadcast reception, live events, movie theaters and the Internet. Competition is also posed by fixed wireless and satellite master antenna television systems serving MDUs, such as condominiums, apartment complexes, and private residential communities.

#### Business Services
GCI Holdings faces intense competition across each of its business service product offerings. GCI Holdings' business data, wireless and voice services face similar competition as described above for its consumer products.

#### Advertising
GCI Holdings faces intense competition for advertising revenue across many different platforms and from a wide range of local and national competitors. Advertising competition has increased and will likely continue to increase as new advertising platforms seek to attract the same advertisers. GCI Holdings competes for advertising revenue against, among others, local broadcast stations, national cable and broadcast networks, radio stations, print media, connected device platforms, direct-to-consumer ad-supported applications and online advertising companies and content providers.

#### Human Capital Resources

#### Employees
As described above, upon the completion of the spinoff transactions, GCI Liberty will become party to a services agreement with Liberty Media, pursuant to which 84 Liberty Media corporate employees (as

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of December 31, 2024) will provide certain management services to GCI Liberty for a determined fee. As a result, GCI Liberty is not responsible for the hiring, retention and compensation of these individuals. However, GCI Liberty directly benefits from the efforts undertaken by Liberty Media to attract and retain talented employees. Liberty Media strives to create a workplace with opportunities for its employees to grow and develop in their careers, supported by competitive compensation, benefits and health and wellness programs, and by programs that build connections between its employees and their communities. GCI Liberty fully supports these efforts.

Upon the completion of the spinoff transactions, GCI Liberty and its consolidated subsidiaries expect to have an aggregate of approximately 1,900 full and part-time employees and GCI Liberty is not party to any union contracts with its employees. GCI Liberty believes that its employee relations are good.

 *GCI Holdings* 

GCI Holdings has been operating in Alaska for more than 40 years and most of its employees live in the communities it serves. While most employees live in Alaska, GCI Holdings has employees located throughout the United States, and approximately 70% of GCI Holdings' employees work from home. Many of GCI Holdings' employees have been with the company for decades and, in some cases, their children have joined the GCI Holdings team and have become the next generation of the GCI family. This sense of family and valuing its employees is a strong part of GCI Holdings' culture and is one that generates pride among employees and company leadership. GCI Holdings is committed to creating and maintaining an environment that provides opportunities for excellence and advancements. To that end, GCI Holdings is committed to ensuring its employees, at all levels of the company, are experts in their fields, and provides opportunities for training, including certifications relating to various technical aspects of the GCI Holdings business, training in people skills, management best practices and team-building, as well as tuition reimbursement to employees who are pursuing college or technical schools degrees while working for GCI Holdings.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis provides information regarding the historical combined results of operations and financial condition of GCI Liberty, Inc. ("**GCI Liberty**", the "**Company**," "**us**," "**we**," or "**our**"). This discussion should be read in conjunction with our accompanying condensed combined financial statements and the notes thereto.

 *Overview* 

GCI Liberty is currently a wholly owned subsidiary of Liberty Broadband Corporation ("**Liberty Broadband**"). GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC, GCI Holdings, LLC ("**GCI Holdings**" or "**GCI**") and their subsidiaries (collectively, the "**GCI Business**"). Immediately following the separation (defined below), GCI Liberty will be an independent publicly traded company, and Liberty Broadband will not retain any ownership interest in GCI Liberty.

GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. Liberty Broadband and its subsidiaries will complete the internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption of liabilities related to the GCI Business by GCI Liberty. The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. Following the internal reorganization, GCI Liberty will effect a reclassification of GCI Liberty's existing common stock into a sufficient number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock to complete the divestiture of GCI Liberty pursuant to the distribution (the "**distribution**") by Liberty Broadband to the holders of record of Liberty Broadband common stock, as of the record date for the distribution, of all the shares of GCI Group common stock held by Liberty Broadband immediately prior to the distribution. The internal reorganization, the reclassification and the distribution are collectively referred as the "**separation**."

In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other against certain losses that may arise from, among other things, our respective businesses, assets and liabilities. In addition, we expect to enter into certain agreements, including the services agreement, the facilities sharing agreement and the aircraft time sharing agreement, with Liberty Media Corporation ("**Liberty Media**") and/or its subsidiaries. Pursuant to the services agreement, Liberty Media will provide GCI Liberty with public company support services, including legal, tax, accounting, treasury, internal auditing and investor relations services. GCI Liberty will reimburse Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services and will pay a services fee that will be subject to review and evaluation for reasonableness on a quarterly basis. The fees payable to Liberty Media for the first year of the services agreement are not expected to exceed approximately $5 million. Additionally, we anticipate we may incur other public company costs of up to $5 million.

 *Update on Economic Conditions* 

GCI Holdings offers wireless and wireline telecommunication services, data services, video services, and managed services to customers primarily throughout Alaska. Because of this geographic concentration, growth of GCI Holdings' business and operations depends upon economic conditions in Alaska. Unfavorable economic conditions, such as a recession or economic slowdown in the United States ("**U.S.**"), or inflation in the markets in which GCI operates, could negatively affect the affordability of and demand for GCI's products and services and its cost of doing business. In recent years, varying factors have contributed to significant volatility and disruption of financial markets and global supply chains. Additionally, the U.S. Federal Reserve began decreasing interest rates in 2024 after several years at higher rates but has kept interest rates steady in 2025. Mounting inflationary cost pressures and recessionary fears have negatively impacted the U.S. and global economy. Increased costs to equipment, for example due to increased tariffs, could also impact GCI's results.

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The Alaska economy is dependent upon the oil industry, state and federal spending, investment earnings and tourism. A decline in oil prices would put significant pressure on the Alaska state government budget. The Alaska state government has financial reserves that GCI Holdings believes may be able to help fund the state government for the next couple of years. The Alaska economy is subject to recessionary pressures as a result of the economic impacts of volatility in oil prices, inflation, and other causes that could result in a decrease in economic activity. While it is difficult for GCI Holdings to predict the future impact of a recession on its business, these conditions have had an adverse impact on its business and could adversely affect the affordability of and demand for some of its products and services and cause customers to shift to lower priced products and services or to delay or forgo purchases of its products and services. GCI Holdings' customers may not be able to obtain adequate access to credit, which could affect their ability to make timely payments to GCI Holdings and could lead to an increase in accounts receivable and bad debt expense. If Alaska experiences a recession or economic slowdown, it could negatively affect GCI Holdings' business including its financial position, results of operations, or liquidity, as well as its ability to service debt, pay other obligations and enhance shareholder returns.

In addition, during 2024 and continuing in 2025, GCI Holdings has experienced the impact of inflation-sensitive items, including upward pressure on the costs of materials, labor, and other items that are critical to GCI Holdings' business. GCI Holdings continues to monitor these impacts closely and, if costs continue to rise, GCI Holdings may be unable to recoup losses or offset diminished margins by passing these costs through to its customers or implementing offsetting cost reductions.

 *Federal Universal Service Programs* 

<u>Legal Challenges to the Constitutionality of the</u> <u>Federal Communications Commission ("</u>**<u>FCC</u>**<u>") Universal Service Support Programs.</u> There have been a number of legal challenges to the constitutionality of the Universal Service Fund ("**USF**"). The U.S. Courts of Appeals for the Sixth and Eleventh Circuits rejected such challenges in 2023, as did a panel of three judges in the Fifth Circuit. However, on July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit sitting *en banc* ruled that the USF program is unconstitutional as currently administered, and remanded the case to the FCC. In its decision, the *en banc* Fifth Circuit concluded that there was an impermissible public delegation of legislative authority to the FCC and an impermissible private delegation of authority from the FCC to the Universal Service Administrative Company, the private company responsible for USF administration. The Supreme Court granted petitions for certiorari from the Fifth Circuit's decision and heard the case on March 26, 2025; the Supreme Court reversed the Fifth Circuit's decision and remanded the case on June 27, 2025. It is possible that additional cases and appeals will continue to be filed in relation to the matter. There is significant uncertainty regarding the outcome of any such additional cases or appeals, as well as whether any action taken by the FCC or Congress to resolve the issue would be sufficient and what impact such actions might have on the USF program. A future judicial decision determining that the legislation establishing the USF program or its funding method is unconstitutional could disrupt or eliminate GCI Holdings' USF support unless and until any identified legal defects with the program structure or administration are remedied. Such a ruling would likely result in a material decrease in revenue and accounts receivable, which could likely have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

In the event Congressional action is required to remedy any legal defects with the USF program structure or administration as may be determined by a future case or appeal, GCI Holdings has been liaising with the FCC and applicable Congressional committees to draft and support applicable legislation. GCI Holdings has also developed contingency plans responsive to potential adverse outcomes which it believes would allow it to operate during a period in which GCI Holdings' USF support may be disrupted or eliminated, including plans to obtain adequate liquidity to implement such contingency plans. In the event of any temporary disruption or elimination of USF support, the Company believes that any Congressional action that may be adopted could include repayment of USF support for services provided during such period. However, it is possible that Congressional action would not be in an amount that is sufficient to mitigate the full impact of any disruption or elimination of USF support on GCI Holdings' revenue and accounts receivables or that Congress will not take any action to remedy any legal defects identified by the Supreme Court, which would result in a material decrease in revenue and accounts receivables for GCI Holdings.

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<u>Pause in Federal Financial Assistance.</u> On January 27, 2025, the Office of Management and Budget ("**OMB**") issued a memorandum directing a pause in federal financial assistance pending review for consistency with presidential executive actions. On January 28, 2025, OMB clarified that this only applied to programs affected by certain specified executive actions, which do not appear to include FCC universal service support programs. OMB subsequently withdrew the memorandum, which has also been subject to preliminary injunction by two federal district courts. However, if this or another pause were to extend to federal universal service support programs, or to other infrastructure grants that GCI receives, and such a pause were to become extended, it could have a material adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

 *Rural Health Care ("**RHC**") Program* 

GCI Holdings receives support from various USF programs including the RHC Program. The USF programs are subject to change by regulatory actions taken by the FCC, interpretations of or compliance with USF program rules, or legislative actions. The USF programs have also been subject to legal challenge, which could disrupt or eliminate the support GCI Holdings receives. Changes to any of the USF programs that GCI Holdings participates in could result in a material decrease in revenue and accounts receivable, which could have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity. The following paragraphs describe certain separate matters related to the RHC Program that impact or could impact the revenue earned and receivables recognized by the Company. As of December 31, 2024, the Company had net accounts receivable from the RHC Program in the amount of approximately $69 million, which is included within Trade and other receivables in the combined balance sheets.

The rates that GCI and other carriers can charge for service provided under the RHC Telecommunications Program are highly regulated by the FCC. FCC rules provide that a telecommunications carrier can only charge a rural rate that is the average of rates actually being charged to commercial customers, other than health care providers, for identical or similar services in the rural area where the health care provider is located. If that is not available, the rural rate must be the average of tariffed or other publicly available rates charged in that area over the same distance by other carriers. If there is no rate available using rates actually being charged by GCI or other carriers, then, through the end of Funding Year 2025, which ends in June 2026, GCI may use a previously approved rural rate. If none of the preceding options are available, then the rate must be determined by a cost study submitted to the FCC or, for jurisdictionally intrastate services, to the state public utility commission. The RHC Telecommunications Program funds the difference between the rural rate and the urban rate, which is the amount that GCI must collect from the health care provider. The FCC has an ongoing rulemaking proceeding addressing the RHC rules, how subsidies are determined and related processes. GCI cannot predict which changes the FCC will adopt, and whether those changes will benefit or adversely affect GCI.

<u>RHC Program Funding Cap</u>. The RHC Program has a funding cap for each individual funding year that is annually adjusted for inflation, and which the FCC can increase by carrying forward unused funds from prior funding years. In recent years, including the current year, this funding cap has not limited the amount of funding received by participants; however, management continues to monitor the funding cap and its potential impact on funding in future years.

<u>Enforcement Bureau and Related Inquiries</u>. On March 23, 2018, GCI Holdings received a letter of inquiry and request for information from the Enforcement Bureau of the FCC relating to the period beginning January 1, 2015 and including all future periods. This included inquiry into the rates charged by GCI Holdings and other aspects related to the Enforcement Bureau's review of GCI Holdings' compliance with program rules, which are discussed separately below. The ongoing uncertainty in program funding, as well as the uncertainty associated with the rate review, could have an adverse effect on its business, financial position, results of operations or liquidity.

In the fourth quarter of 2019, GCI Holdings became aware of potential RHC Program compliance issues related to certain of GCI Holdings' currently active and expired contracts with certain of its RHC customers. The Company and its external experts performed significant and extensive procedures to determine whether GCI Holdings' currently active and expired contracts with its RHC customers would be deemed

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to be in compliance with the RHC Program rules. GCI Holdings notified the FCC of the potential compliance issues in the fourth quarter of 2019.

On May 28, 2020, GCI Holdings received a second letter of inquiry from the Enforcement Bureau in the same matter noted above. This second letter, which was in response to a voluntary disclosure made by GCI Holdings to the FCC, extended the scope of the original inquiry to also include various questions regarding compliance with the records retention requirements related to the (i) original inquiry and (ii) RHC Program.

On December 17, 2020, GCI Holdings received a Subpoena Duces Tecum from the FCC's Office of the Inspector General requiring production of documents from January 1, 2009 to the present related to a single RHC customer and related contracts, information regarding GCI Holdings' determination of rural rates for a single customer, and to provide information regarding persons with knowledge of pricing practices generally.

On April 21, 2021, representatives of the Department of Justice ("**DOJ**") informed GCI Holdings that a qui tam action had been filed in the Western District of Washington arising from the subject matter under review by the Enforcement Bureau. The DOJ was investigating whether GCI Holdings submitted false claims and/or statements in connection with GCI's participation in the FCC's RHC Program. On July 14, 2021, the DOJ issued a Civil Investigative Demand with regard to the qui tam action.

The FCC's Enforcement Bureau and GCI Holdings held discussions regarding GCI Holdings potential RHC Program compliance issues related to certain of its contracts with its RHC customers for which GCI Holdings had previously recognized an estimated liability for a probable loss of approximately $12 million in 2019 for contracts that were deemed probable of not complying with the RHC Program rules. During the year ended December 31, 2022, GCI Holdings recorded an additional estimated settlement expense of $15 million relating to a settlement offer made by GCI Holdings resulting in a total estimated liability of $27 million.

The DOJ and GCI Holdings held discussions regarding the qui tam action whereby the DOJ clarified that its investigation relates to the years from 2010 through 2019 and alleged that GCI Holdings had submitted false claims under the RHC Program during this time period. During the year ended December 31, 2022, GCI Holdings recorded a $14 million estimated settlement expense to reflect discussions and settlement offers that GCI Holdings made to the DOJ.

Separately, in 2022, GCI Holdings became aware of possible RHC Program compliance issues relating to potential conflicts of interest identified in the historical competitive bidding process with respect to certain of its contracts with its RHC customers. GCI Holdings notified the FCC's Enforcement Bureau of the potential compliance issues; however, the Company is unable to assess the ultimate outcome of the potential compliance issues and is unable to reasonably estimate any range of loss or possible loss.

On May 10, 2023, GCI entered into a final settlement agreement with both the FCC and the DOJ to resolve all Enforcement Bureau and Related Inquiries discussed above except for the matter that was separately identified during the third quarter of 2022, which continues to remain outstanding. The settlement with the FCC and the DOJ resulted in a total cash payment of $41 million of which $27 million was paid to the FCC and $14 million was paid to the DOJ in 2023, which had been previously recorded as liabilities.

On or about June 11, 2024, GCI Holdings became aware that one of its submarine cable landing licenses had expired on February 1, 2024. On June 28, 2024, GCI Holdings filed a request for Special Temporary Authority to continue to operate the station, which was granted on September 10, 2024. On September 25, 2024, GCI Holdings received a letter of inquiry from the FCC's Enforcement Bureau stating that it was investigating potential violations of the Cable Landing License Act and promulgating questions. GCI Holdings responded to that inquiry on October 25, 2024. The Enforcement Bureau transmitted a set of supplemental questions to which GCI Holdings responded on December 23, 2024. To resolve the Enforcement Bureau's investigation, it has proposed a settlement and consent decree that the parties are currently negotiating.

<u>Universal Service for Fixed Voice and Broadband for Rural and High-Cost Areas</u>. The USF provides support to ETCs related to their provision of facilities-based wireline telephone service in high-cost areas.

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Under the Alaska High Cost Order issued by the FCC in 2016, GCI Holdings receives this support for its incumbent local exchange carrier operations, which are ETCs under FCC regulations and RCA Orders. This support is frozen at the 2011 levels for High Cost Loop Support and Interstate Common Line Support, with certain adjustments. The support has a ten-year term, from January 1, 2017 to December 31, 2026.

Beginning in January 2025, the support amount increases by 30%. Without ETC status, GCI Holdings would not qualify for USF support in these areas, and its net cost of providing local telephone services in these areas would be materially adversely affected. Pursuant to the Alaska High Cost Order, GCI Holdings must meet certain performance requirements with respect to the offering of broadband services in its incumbent local exchange carrier areas. The FCC directed the Bureau to reassess those performance commitments before December 31, 2021, and the Bureau approved revised performance commitments on December 23, 2021. If GCI Holdings fails to meet these performance requirements, it will be subject to repayment of a portion of the high-cost support received, as specified in the Alaska High Cost Order, plus potentially an additional penalty.

In 2024, the FCC adopted the Alaska Connect Fund Order, which is the successor to the 2016 Alaska High Cost Order. The Alaska Connect Fund Order for wireline providers maintains their existing funding and performance requirements through 2028. Support levels and obligations starting in 2029 have not yet been set by the FCC and could impact GCI Holdings' ability to continue providing local telephone service in the areas where it relies on high-cost support.

<u>Universal Service Support for Mobile</u>. Under FCC regulations and RCA orders, GCI Holdings is an authorized Eligible Telecommunications Carrier ("**ETC**") for purposes of providing wireless telephone service in many rural areas throughout Alaska. Without ETC status, GCI Holdings would not qualify for USF support in these areas or other rural areas where it proposes to offer facilities-based wireless telephone services, and its net cost of providing wireless telephone services in these areas would be materially adversely affected.

Per the Alaska High Cost Order, as of January 1, 2017, Remote (as defined by the Alaska High Cost Order) high cost support payments to Alaska High Cost participants are frozen on a per-company basis at adjusted December 2014 levels for a ten-year term in exchange for meeting individualized performance obligations to offer voice and broadband services meeting the service obligations at specified minimum speeds by five-year and ten-year service milestones to a specified number of locations. Support amounts increase 30% starting January 2025. Remote high cost support is no longer dependent upon line counts and line count filings are no longer required. Under the terms of the Alaska High Cost Order, the FCC was to initiate a process in 2021 to eliminate duplicate support in areas that were served by more than one subsidized mobile wireless carrier as of December 31, 2020. As part of the Alaska High Cost Order, the FCC issued a Notice of Proposed Rulemaking seeking comment on how to implement that process. The process to eliminate duplicate support in areas has been delayed, and may affect the amount of support GCI Holdings receives to provide wireless services starting in 2030.

In November 2024, the FCC adopted the Alaska Connect Fund Order to succeed the Alaska High Cost Order. The Alaska Connect Fund Order may result in GCI Holdings receiving less support for its wireless operations in rural Alaska, and could have a material effect on its ability to continue providing service. The FCC has set milestones for some decisions, such as how to assure that only one provider receives support for a single area and how to calculate any amounts that would be removed as associated with intangible areas, or subject to potential competitive selection in areas with more than one supported mobile provider. The outcome of the FCC decisions and related proceedings could materially impact GCI Holdings' ability to continue providing or upgrading wireless services in rural Alaska.

#### Results of Operations — Combined — Three Months Ended March 31, 2025 and 2024
***General.*** Provided in the tables below is information regarding the historical Combined Operating Results and Other Income and Expense of GCI Liberty.

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---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $266 | 245 |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Operating expense (exclusive of depreciation and amortization)  | 125 | 129 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expense  | 28 | 26 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 2 | 3 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 53 | 50 |
| Operating income (loss)  | 58 | 37 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense (including amortization of deferred loan fees)  | (10) | (10) |
| &nbsp;&nbsp;&nbsp; Other, net  | 1 | 1 |
|  | (9) | (9) |
| Earnings (loss) before income taxes  | 49 | 28 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (14) | (8) |
| Net earnings (loss)  | $35 | 20 |
| Adjusted OIBDA  | $113 | 90 |

---

***Revenue.*** Combined revenue increased $21 million for the three months ended March 31, 2025, as compared to the corresponding prior year period. The following table highlights selected key performance indicators used in evaluating GCI Holdings.

---

| | | |
|:---|:---|:---|
| | **March 31,**  | **March 31,**  |
| | **2025**  | **2024**  |
| Consumer |  |  |
| &nbsp;&nbsp;&nbsp; Data:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable modem subscribers<sup>(1)</sup>  | 155800 | 160800 |
| &nbsp;&nbsp;&nbsp; Wireless:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless lines in service<sup>(2)</sup>  | 202300 | 202600 |

---

(1) A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber.

(2) A wireless line in service is defined as a wireless device with a monthly fee for services.

The components of revenue are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Consumer |  |  |
| &nbsp;&nbsp;&nbsp; Data  | $61 | 62 |
| &nbsp;&nbsp;&nbsp; Wireless  | 50 | 47 |
| &nbsp;&nbsp;&nbsp; Other  | 10 | 11 |
| Business |  |  |
| &nbsp;&nbsp;&nbsp; Data  | 128 | 106 |
| &nbsp;&nbsp;&nbsp; Wireless  | 10 | 12 |
| &nbsp;&nbsp;&nbsp; Other  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue  | $266 | 245 |

---

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***Consumer data revenue*** decreased $1 million for the three months ended March 31, 2025, as compared to the same period in 2024. The decrease was primarily driven by a decrease in the number of subscribers.

***Consumer wireless revenue*** increased $3 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase was driven by an increase in wireless USF support for high cost areas.

***Consumer other revenue*** decreased $1 million for the three months ended March 31, 2025, as compared to the same period in 2024. Consumer other revenue consists of consumer video and voice revenue. The decrease was primarily due to decreased local and long distance voice revenue due to a decrease in voice traffic. During the fourth quarter of 2024, it was announced that GCI Holdings plans to exit the video business in 2025, subject to regulatory approvals.

***Business data revenue*** increased $22 million for the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to increased rates with health care and education customers due to service upgrades with existing customers.

***Business wireless revenue*** decreased $2 million for the three months ended March 31, 2025, as compared to the same period in 2023, primarily due to a decrease in roaming revenue due to contractual changes.

***Business other revenue*** remained flat for the three months ended March 31, 2025, as compared to the same period in 2024. Business other revenue consists of business video and voice revenue. Historically, GCI Holdings has seen declines in video and voice subscribers and revenue and has not focused business efforts on growth in these areas. During the fourth quarter of 2024, it was announced that GCI Holdings plans to exit the video business in 2025, subject to regulatory approvals.

#### Operating expense

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Business direct costs  | $26 | 31 |
| Consumer direct costs  | 36 | 37 |
| Technology expense  | 63 | 61 |
| &nbsp;&nbsp;&nbsp; Total operating expenses  | $125 | 129 |

---

***Business direct costs*** consists of network distribution costs, largely to healthcare and education customers, as well as internal and outside labor costs for managing relationships with business customers. This expense decreased $5 million for the three months ended March 31, 2025, as compared to the same period in 2024, due to a decrease in distribution costs for health care and education customers, some of which related to temporary cost savings from a fiber break on a third party network in which GCI Holdings uses capacity.

***Consumer direct costs*** consists of wireless handset inventory costs, video programming, wireless distribution costs, marketing and advertising expenses, bad debt expense, credit card and other transactional fees, and internal and external labor costs for managing relationships with consumer customers. This expense decreased $1 million for the three months ended March 31, 2025, as compared to the same period in 2024, due to a decrease in distribution costs, some of which related to temporary cost savings from a fiber break on a third party network in which GCI Holdings uses capacity.

***Technology expense*** consists of field and technology operations costs incurred to manage the Company's network, including internal and external labor costs, software related costs, lease expenses, maintenance costs, as well as utility costs. Technology expenses increased $2 million for the three months ended March 31, 2025, as compared to the same period in 2024, due to an increase in software costs, maintenance, and internal labor costs, partially offset by a decrease in outside labor costs.

***Selling, general and administrative expense*** consists of corporate overhead costs largely consisting of internal and external labor costs, software costs, insurance expense, property taxes and professional service

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fees. Selling, general and administrative expense increased $2 million for the three months ended March 31, 2025, as compared to the same period in 2024, due to an increase in internal and external labor costs.

***Stock-based compensation*** was relatively flat for the three months ended March 31, 2025, as compared to the corresponding prior year period.

***Depreciation and amortization*** was relatively flat for the three months ended March 31, 2025, as compared to the corresponding prior year period.

***Operating Income (Loss).*** Combined operating income increased $21 million for the three months ended March 31, 2025, as compared to the same period in 2024. Operating income was impacted by the above explanations.

***Adjusted OIBDA.*** To provide investors with additional information regarding our financial results, the Company also discloses Adjusted OIBDA, which is a non-GAAP financial measure. The Company defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, and impairment charges. The Company's chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. The Company believes this is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles. The following table provides a reconciliation of operating income (loss) to Adjusted OIBDA:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Operating income (loss)  | $58 | 37 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 53 | 50 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 2 | 3 |
| Adjusted OIBDA  | $113 | 90 |

---

Combined Adjusted OIBDA increased $23 million during the three months ended March 31, 2025, as compared to the same period in 2024, due to the items discussed above.

#### Other Income and Expense
Components of Other income (expense) are presented in the table below.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | $(10) | (10) |
| &nbsp;&nbsp;&nbsp; Other, net  | 1 | 1 |
|  | $(9) | (9) |

---

***Interest Expense.*** Combined interest expense remained flat during the three months ended March 31, 2025, as compared to the same period in 2024.

***Other, net.*** Other, net income remained flat for the three months ended March 31, 2025, as compared to the same period in 2024.

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***Income taxes.*** Earnings (losses) before income taxes and income tax (expense) benefit are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Earnings (loss) before income taxes  | $49 | 28 |
| Income tax (expense) benefit  | (14) | (8) |
| Effective income tax rate  | 29% | 29% |

---

For both the three months ended March 31, 2025 and 2024 the income tax expense was in excess of the expected federal tax expense primarily due to state income taxes.

***Net earnings (loss).*** The Company had net earnings of $35 million and $20 million for the three months ended March 31, 2025 and 2024, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses, and other income and expenses.

#### Results of Operations — Combined — Years Ended December 31, 2024 and 2023
***General.*** Provided in the tables below is information regarding the historical Combined Operating Results and Other Income and Expense of GCI Liberty.

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $1016 | 981 |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Operating expense (exclusive of depreciation and amortization)  | 539 | 524 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expense  | 117 | 96 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 13 | 19 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 207 | 230 |
| Operating income (loss)  | 140 | 112 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense (including amortization of deferred loan fees)  | (49) | (51) |
| &nbsp;&nbsp;&nbsp; Other, net  | 6 | 4 |
|  | (43) | (47) |
| Earnings (loss) before income taxes  | 97 | 65 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (27) | (24) |
| Net earnings (loss)  | $70 | 41 |
| Adjusted OIBDA  | $360 | 361 |

---

***Revenue.*** Combined revenue increased $35 million for the year ended December 31, 2024, as compared to the corresponding prior year period. The following table highlights selected key performance indicators used in evaluating GCI Holdings.

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
| Consumer |  |  |
| &nbsp;&nbsp;&nbsp; Data:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable modem subscribers<sup>(1)</sup>  | 156700 | 161400 |
| &nbsp;&nbsp;&nbsp; Wireless:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless lines in service<sup>(2)</sup>  | 202500 | 202400 |

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(1) A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber.

(2) A wireless line in service is defined as a wireless device with a monthly fee for services.

The components of revenue are as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Consumer |  |  |
| &nbsp;&nbsp;&nbsp; Data  | $247 | 245 |
| &nbsp;&nbsp;&nbsp; Wireless  | 192 | 194 |
| &nbsp;&nbsp;&nbsp; Other  | 44 | 46 |
| Business |  |  |
| &nbsp;&nbsp;&nbsp; Data  | 460 | 415 |
| &nbsp;&nbsp;&nbsp; Wireless  | 45 | 49 |
| &nbsp;&nbsp;&nbsp; Other  | 28 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue  | $1016 | 981 |

---

***Consumer data revenue*** increased $2 million for the year ended December 31, 2024, as compared to the same period in 2023. The increase was primarily driven by subscribers' selection of plans with higher recurring monthly charges.

***Consumer wireless revenue*** decreased $2 million for the year ended December 31, 2024, as compared to the same period in 2023. The decrease was driven by a decrease in the number of handset sales and a decrease in prepaid data plans.

***Consumer other revenue*** decreased $2 million for the year ended December 31, 2024, as compared to the same period in 2023. Consumer other revenue consists of consumer video and voice revenue. The decrease was due to a decrease in video revenue primarily driven by decreased video subscribers. Historically, GCI Holdings has seen declines in video and voice subscribers and revenue and expects a continued decrease as customers make decisions to move to alternative services. During the fourth quarter of 2024, it was announced that GCI Holdings plans to exit the video business in 2025, subject to regulatory approvals.

***Business data revenue*** increased $45 million for the year ended December 31, 2024, as compared to the same period in 2023, primarily due to increased rates with health care and education customers due to service upgrades with existing customers. These increases were partially offset by decreases in business data subscribers.

***Business wireless revenue*** decreased $4 million for the year ended December 31, 2024, as compared to the same period in 2023, primarily due to changes in the number of subscribers.

***Business other revenue*** decreased $4 million for the year ended December 31, 2024, as compared to the same period in 2023. Business other revenue consists of business video and voice revenue. The decrease was primarily due to decreased local and long distance voice revenue as a result of decreased subscribers. Historically, GCI Holdings has seen declines in video and voice subscribers and revenue and has not focused business efforts on growth in these areas. During the fourth quarter of 2024, it was announced that GCI Holdings plans to exit the video business in 2025, subject to regulatory approvals.

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#### Operating expense

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Business direct costs  | $127 | 120 |
| Consumer direct costs  | 152 | 152 |
| Technology expense  | 260 | 252 |
| &nbsp;&nbsp;&nbsp; Total operating expenses  | $539 | 524 |

---

***Business direct costs*** consists of network distribution costs, largely to healthcare and education customers, as well as internal and outside labor costs for managing relationships with business customers. This expense increased $7 million for the year ended December 31, 2024, as compared to the same period in 2023, due to an increase in distribution costs relating to increased sales volume for healthcare and education customers, as well as labor costs related to revenue earning projects.

***Consumer direct costs*** consists of wireless handset inventory costs, video programming, wireless distribution costs, marketing and advertising expenses, bad debt expense, credit card and other transactional fees, and internal and external labor costs for managing relationships with consumer customers. This expense remained flat for the year ended December 31, 2024, as compared to the same period in 2023.

***Technology expense*** consists of field and technology operations costs incurred to manage the Company's network, including internal and external labor costs, software related costs, lease expenses, maintenance costs, as well as utility costs. Technology expenses increased $8 million for the year ended December 31, 2024, as compared to the same period in 2023, due to an increase in internal labor and software costs, partially offset by a decrease in outside labor costs.

***Selling, general and administrative expense*** consists of corporate overhead costs largely consisting of internal and external labor costs, software costs, insurance expense, property taxes and professional service fees. Selling, general and administrative expense increased $21 million for the year ended December 31, 2024, as compared to the same period in 2023, due to an increase in internal and external labor costs, and insurance expense.

***Stock-based compensation*** decreased $6 million for the year ended December 31, 2024, as compared to the same period in 2023, due to multi-year grants fully vesting in the prior year. As of December 31, 2024, the total unrecognized compensation cost related to unvested Awards (as defined in note 9 to the accompanying combined financial statements) was approximately $9 million. Such amount will be recognized in the Company's combined statements of operations over a weighted average period of approximately 1 year.

***Depreciation and amortization*** decreased $23 million for the year ended December 31, 2024, as compared to the same period in 2023. The decrease was due to lower depreciation and amortization expense as certain fixed and intangible assets became fully depreciated and amortized during 2023.

***Operating Income (Loss).*** Combined operating income increased $28 million for the year ended December 31, 2024, as compared to the same period in 2023. Operating income was impacted by the above explanations.

***Adjusted OIBDA.*** To provide investors with additional information regarding our financial results, the Company also discloses Adjusted OIBDA, which is a non-GAAP financial measure. The Company defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, and impairment charges. The Company's chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. The Company believes this is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view

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operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles. The following table provides a reconciliation of operating income (loss) to Adjusted OIBDA:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Operating income (loss)  | $140 | 112 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 207 | 230 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 13 | 19 |
| Adjusted OIBDA  | $360 | 361 |

---

Combined Adjusted OIBDA decreased $1 million during the year ended December 31, 2024, as compared to the same period in 2023, due to the items discussed above.

#### Other Income and Expense
Components of Other income (expense) are presented in the table below.

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | $(49) | (51) |
| &nbsp;&nbsp;&nbsp; Other, net  | 6 | 4 |
|  | $(43) | (47) |

---

***Interest Expense.*** Combined interest expense decreased $2 million during the year ended December 31, 2024, as compared to the same period in 2023. The decrease was driven by lower interest rates on the Company's variable rate debt, partly offset by higher amounts outstanding on the Senior Credit Facility (as defined in note 5 to the accompanying combined financial statements).

***Other, net.*** Other, net income increased $2 million for the year ended December 31, 2024, as compared to the same period in 2023, primarily due to increased dividend and interest income.

***Income taxes.*** Earnings (losses) before income taxes and income tax (expense) benefit are as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Earnings (loss) before income taxes  | $97 | 65 |
| Income tax (expense) benefit  | (27) | (24) |
| Effective income tax rate  | 28% | 37% |

---

For the year ended December 31, 2024, the income tax expense was in excess of the expected federal tax expense primarily due to the effect of state income taxes, partially offset by federal tax credits.

For the year ended December 31, 2023, the income tax expense was in excess of the expected federal tax expense primarily due to state income taxes, certain non-deductible expenses and non-deductible executive compensation.

***Net earnings (loss).*** The Company had net earnings of $70 million and $41 million for the years ended December 31, 2024 and 2023, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses, and other income and expenses.

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#### Off-Balance Sheet Arrangements and Material Cash Requirements
We have contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible we may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made, except for any matters disclosed in notes 7 and 11 to the accompanying combined financial statements.

Information concerning the amount and timing of current and long-term material cash requirements, both accrued and off-balance sheet, excluding loss contingencies and uncertain tax positions, if any, where it is indeterminable when payments will be made, is summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  |
| | **Total**  | **Less than <br> 1 year**  | **2 – 3 years**  | **4 – 5 years**  | **After <br> 5 years**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| *Material Cash Requirements* |  |  |  |  |  |
| Debt<sup>(1)(3)</sup> | $1051 | 3 | 446 | 602 |  |
| Interest expense<sup>(2)(3)</sup>  | 178 | 58 | 97 | 23 |  |
| Finance and operating lease obligations  | 123 | 51 | 47 | 12 | 13 |
| Tower obligations, including interest  | 114 | 7 | 15 | 16 | 76 |
| Purchase obligations  | 224 | 130 | 60 | 21 | 13 |
| &nbsp;&nbsp;&nbsp; Total  | $1690 | 249 | 665 | 674 | 102 |

---

(1) Amounts are reflected in the table at the outstanding principal amount at December 31, 2024, assuming the debt instrument will remain outstanding until the stated maturity date and may differ from the amounts stated in our combined balance sheets to the extent debt instruments were issued at a discount or premium. Amounts do not assume additional borrowings or refinancings of existing debt.

(2) Amounts (i) are based on our outstanding debt at December 31, 2024, (ii) assume the interest rates on our variable rate debt remain constant at the December 31, 2024 rates and (iii) assume that our existing debt is repaid at contractual maturity.

(3) See discussion in note 5 to the accompanying condensed combined financial statements regarding an amendment to the Senior Credit Facility on March 25, 2025 that has not been reflected in the table above.

#### Liquidity and Capital Resources
The following are potential sources of liquidity: available cash balances, cash generated by the operating activities, outstanding or anticipated debt facilities (as discussed in note 5 to the accompany condensed combined financial statements), and dividend and interest receipts and debt borrowings under the New Senior Credit Facility (as discussed in note 5 to the accompanying condensed combined financial statements).

As of March 31, 2025, GCI Liberty had a cash and cash equivalents balance of $148 million, which was substantially held in cash. When applicable, cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| **Cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | $119 | 87 |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities  | $(46) | (46) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | $1 | (62) |

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The increase in cash provided by operating activities during the three months ended March 31, 2025, as compared to the same period in 2024, was primarily driven by increased operating income.

During the three months ended March 31, 2025 and 2024, net cash flows used in investing activities were primarily related to capital expenditures, net of grant proceeds, of $49 million and $46 million, respectively.

During the three months ended March 31, 2024, net cash flows used in financing activities were primarily for repayments of $62 million primarily related to the Prior Senior Credit Facility (as defined in note 5 to the accompanying condensed combined financial statements).

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| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| **Cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | $278 | 276 |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities  | $(193) | (214) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | $(107) | (76) |

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The slight increase in cash provided by operating activities in 2024, as compared to the same period in 2023, was primarily driven by increased operating income and timing differences in working capital accounts (including litigation payments in 2023).

During the years ended December 31, 2024 and 2023, net cash flows used in investing activities were primarily related to capital expenditures, net of grant proceeds, of $193 million and $216 million, respectively.

During the year ended December 31, 2024 and 2023, net cash flows used in financing activities were primarily for dividends paid to Liberty Broadband of $150 million and $65 million, respectively, and net borrowings in 2024 of approximately $55 million on the Senior Credit Facility (as defined in note 5 to the accompanying combined financial statements).

The projected uses of our cash and restricted cash are debt repayments, net capital expenditures of approximately $200 million, approximately $50 million for interest payments on outstanding debt, to reimburse Liberty Media for amounts due under various agreements and to fund potential investment opportunities at GCI Liberty. We expect corporate cash and other available sources of liquidity as discussed above to cover corporate expenses for the foreseeable future.

GCI, LLC is in compliance with all debt maintenance covenants as of March 31, 2025. See note 5 to the accompanying condensed combined financial statements for a description of all indebtedness obligations.

#### Critical Accounting Estimates
The preparation of our financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accompanying combined financial statements and the reported amounts of revenue and expenses during the reporting period. Listed below are the accounting estimates and accounting policies that we believe are critical to our financial statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset, liability, revenue or expense being reported. All of these accounting estimates and assumptions, as well as the resulting impact to our financial statements, have been discussed with our audit committee.

***Fair Value of Non-Financial Instruments.*** The Company's non-financial instrument valuations are primarily comprised of its determination of the estimated fair value allocation of net tangible and identifiable intangible assets acquired in business combinations, the Company's annual assessment of the recoverability of its goodwill and other nonamortizable intangibles, and the Company's evaluation of the recoverability of its other long-lived assets upon certain triggering events.

The Company periodically reviews the carrying value of its intangible assets with definite lives and other long-lived assets to be used in operations whenever events or changes in circumstances indicate that

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the carrying amount of the assets or asset groups might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset group, or a significant decline in the observable market value of an asset group, among others. If such facts indicate a potential impairment, the recoverability of the asset group is assessed by determining whether the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the asset group over the remaining economic life of the asset group. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, including its ultimate disposition, an impairment adjustment is recognized.

If the carrying value of the Company's amortizing intangible or long-lived assets exceeds their estimated fair value, the Company is required to write the carrying value down to fair value. Any such write down is included in impairment expense in the Company's combined statements of operations. A high degree of judgment is required to estimate the fair value of the Company's amortizing intangible and long-lived assets. The Company may use quoted market prices, prices for similar assets, present value techniques and other valuation techniques to prepare these estimates. The Company may need to make estimates of future cash flows and discount rates as well as other assumptions in order to implement these valuation techniques. Due to the high degree of judgment involved in our estimation techniques, any value ultimately derived from the Company's amortizing intangible or long-lived assets may differ from its estimate of fair value.

The Company utilizes the cost approach as the primary method used to establish fair value for its property and equipment in connection with business combinations. The cost approach considers the amount required to replace an asset by constructing or purchasing a new asset with similar utility, then adjusts the value in consideration of physical depreciation and functional and technological obsolescence as of the appraisal date. The cost approach relies on management's assumptions regarding current material and labor costs required to rebuild and repurchase significant components of the Company's property and equipment along with assumptions regarding the age and estimated useful lives of its property and equipment.

The accounting guidance permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company's indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed.

The Company utilizes an income approach as the primary method used to establish fair value for its customer relationships and cable certificates in connection with business combinations and annual impairment testing when deemed necessary. The income approach quantifies the expected earnings of the Company's customer relationships and cable certificates, by isolating the after tax cash flows attributable to the respective asset and then discounting the cash flows to their present value. The income approach relies on management's assumptions such as projected revenue, market penetration, expenses, capital expenditures, customer trends, and a discount rate applied to the estimated after tax cash flows.

The Company performs an annual assessment of the recoverability of its goodwill during the fourth quarter, or more frequently, if events and circumstances indicate impairment may have occurred. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of its reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior year for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test.

The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. The estimated fair value of a reporting unit has historically been determined using an income

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approach, when deemed necessary. The Company's income approach model used for its reporting unit valuation is consistent with that used for the cable certificates except that cash flows from the entire business enterprise are used.

***Income Taxes.*** We are required to estimate the amount of tax payable or refundable for the current year and the deferred income tax liabilities and assets for the future tax consequences of events that have been reflected in our financial statements or tax returns for each taxing jurisdiction in which we operate. This process requires our management to make judgments regarding the timing and probability of the ultimate tax impact of the various agreements and transactions that we enter into. Based on these judgments we may record tax reserves or adjustments to valuation allowances on deferred tax assets to reflect the expected realizability of future tax benefits. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which we operate, our inability to generate sufficient future taxable income or unpredicted results from the final determination of each year's liability by taxing authorities. These changes could have a significant impact on our financial position.

#### Quantitative and Qualitative Disclosures about Market Risk
We are exposed to market risk in the normal course of business due to our ongoing investing and financial activities. Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks.

We are exposed to changes in interest rates primarily as a result of our borrowing and investment activities, which could include investments in fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations. The nature and amount of our long-term and short-term debt are expected to vary as a result of future requirements, market conditions and other factors. We manage our exposure to interest rates by maintaining what we believe is an appropriate mix of fixed and variable rate debt. We believe this best protects us from interest rate risk. We could achieve this mix by (i) issuing fixed rate debt that we believe has a low stated interest rate and significant term to maturity, and (ii) issuing variable rate debt with appropriate maturities and interest rates.

As of March 31, 2025, our debt is comprised of the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Variable rate debt**  | **Variable rate debt**  | **Fixed rate debt**  | **Fixed rate debt**  |
| **Principal <br> amount**  | **Weighted avg <br> interest rate**  | **Principal <br> amount**  | **Weighted avg <br> interest rate**  |
| **dollar amounts in millions**  | **dollar amounts in millions**  | **dollar amounts in millions**  | **dollar amounts in millions**  |
| $458  | 6.2% | $600 | 4.8% |

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#### MANAGEMENT
 *The following section discusses the expected management of GCI Liberty immediately following the separation, including its directors and its executive officers, as well as certain related matters as required by the rules and regulations of the Securities and Exchange Commission. Following the separation, GCI Liberty expects that all matters relating to the management and oversight of the day-to-day business operations of GCI, LLC and GCI Holdings will remain as they presently exist and generally will not change.* 

#### Directors
The following sets forth certain information concerning persons who are expected to serve as the directors of GCI Liberty immediately following the separation, including their ages, directorships held and a description of their business experience, including, if applicable, current positions held with Liberty Broadband.

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| | |
|:---|:---|
| **Name**  | **Positions**  |
| **John C. Malone <br> Age: 84**  | Chairman of the Board of GCI Liberty. <br> Mr. Malone has also served as Chairman of the Board of Liberty Broadband since November 2014, Director and Chairman of the Board of Liberty Media since December 2010 and August 2011, respectively, Director of Warner Bros. Discovery since April 2022, Chairman of the Board of Liberty Global plc since June 2013, Director, Chairman of the Board and Chief Executive Officer of QVC Group, Inc., a Delaware corporation (formerly, Qurate Retail, Inc.) ("**QVC Group**") from 1994 until May 2025, 1994 until March 2018 and August 2005 until February 2006, respectively, Chairman of the Board of the prior GCI Liberty, Inc. ("**prior GCI Liberty**") from March 2018 until December 2020, Chairman of Liberty Expedia from November 2016 until July 2019, Director of Liberty Latin America Ltd. from December 2017 until December 2019, Director of Discovery from September 2008 until April 2022, Director and Chairman of the Board of DHC from March 2005 until September 2008 and May 2005 until September 2008, respectively, Chairman of the Board of LGI from June 2005 until June 2013, Director of LMI from March 2004 until June 2005, Director of UnitedGlobalCom, Inc. from January 2002 until June 2005, Director of Lions Gate Entertainment Corp. from March 2015 until September 2018, Director of Charter from May 2013 until July 2018, Director of Expedia from August 2005 until November 2012 and from December 2012 until December 2017, Director of Liberty TripAdvisor Holdings, Inc. ("**Liberty TripAdvisor**") from August 2014 until June 2015, Director of Sirius XM from April 2009 until May 2013, Director of Ascent Capital Group, Inc. from January 2010 until September 2012, Director of Live Nation from January 2010 until February 2011, Chairman of the Board of DIRECTV (including predecessors) from February 2008 until June 2010 and Director of IAC/InterActiveCorp from May 2006 until June 2010. Mr. Malone is not standing for re-election to the board of directors at Warner Bros. Discovery upon the expiration of his term at its annual meeting. <br> Mr. Malone, as President of Tele-Communications, Inc., co-founded Liberty Media's predecessor and is considered one of the preeminent figures in the media and telecommunications industry. He is well known for his sophisticated problem solving and risk assessment skills.  |
| **Ronald A. Duncan <br> Age: 72**  | President, Chief Executive Officer and Director of GCI Liberty. <br> Mr. Duncan has also served as the Chief Executive Officer of GCI Holdings since March 2018, and served as a Director of prior GCI Liberty  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | from 2018 until its acquisition by Liberty Broadband in 2020. Additionally, Mr. Duncan was a co-founder of prior GCI Liberty's predecessor, General Communication, Inc., an Alaska corporation, and served as a director on its board from 1978 until 2018. Mr. Duncan served as Chief Executive Officer of prior GCI Liberty's predecessor from 1988 to March 2018 and its President from January 1988 to August 2017. He has served as a Director of the National Business Aviation Association since 2006, a Director of the National Cable Television Association since 2001 and a Director of CableLabs since 2006. <br> Mr. Duncan's decades-long leadership of prior GCI Liberty and its predecessor provides GCI Liberty with important telecommunications industry and regional expertise.  |
| **Brian M. Deevy <br> Age: 70**  | Director of GCI Liberty. <br> Mr. Deevy has also served as a director of Liberty Media since June 2015. Mr. Deevy previously served as the head of Royal Bank of Canada ("RBC") Capital Markets' Communications, Media & Entertainment Group until June 2015, where he was responsible for strategic development of the group's business (including mergers & acquisitions, private equity and debt capital formation and financial advisory engagements). Mr. Deevy also served as Chairman and Chief Executive Officer of Daniels & Associates, the investment banking firm that provided financial advisory services to the communications industry until it was acquired by RBC in 2007. Prior to joining Daniels & Associates, Mr. Deevy was with Continental Illinois National Bank. Mr. Deevy has served as a director of Atlanta Braves Holdings, Inc. since July 2023 and as a director of the Daniels Fund since 2003. Mr. Deevy previously served as a director of the U.S. Olympic and Paralympic Foundation from 2016 to 2024, Trine II Acquisition Corp. from November 2021 to May 2023, Ascent Capital Group, Inc. from November 2013 to May 2016 and Ticketmaster Entertainment, Inc. from August 2008 to January 2010. <br> Mr. Deevy brings in-depth knowledge of the communications, media and entertainment industries to the GCI Liberty board. He has an extensive background in mergers and acquisitions, investment banking and capital formation and will be able to provide strategic insights to the GCI Liberty board in these areas.  |
| **Richard R. Green <br> Age: 87**  | Director of GCI Liberty. <br> Dr. Green has also served as a director of Liberty Broadband since November 2014. He was President and Chief Executive Officer of CableLabs<sup>®</sup>, the cable industry's research and development consortium, for over 20 years, before retiring in December 2009, Senior Vice President at PBS, a public broadcaster and free-to-air television network, from 1984 to 1988, a director of CBS's Advanced Television Technology Laboratory, a non-profit consortium that develops technology and standards to enable growth and trust in the digital media industry, from 1980 to 1983, and a director of Jones/NCTI, a Jones Knowledge Company, a workforce performance solutions company for individuals and broadband companies. Dr. Green has served as director at Liberty Global plc ("LGP") and its predecessors since December 2008. He served as director of prior GCI Liberty from March 2018 to December 2020 and of Shaw Communications, Inc. from 2010 to May 2023.  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | Dr. Green has an extensive professional and executive background and particular knowledge and experience in the complex and rapidly changing field of technology for broadband communications services, which will contribute to the Company's evaluation of technological initiatives and challenges and strengthens the GCI Liberty board's collective qualifications, skills and attributes. |
| **Larry E. Romrell <br> Age: 85**  | Director of GCI Liberty. <br> Mr. Romrell has also served as a director of Liberty Media since September 2011 and QVC Group since December 2011, having previously served as a director of QVC Group from March 1999 to September 2011. Mr. Romrell has served as a director of LGP since June 2013, having previously served as a director of Liberty Global, Inc. from June 2005 to June 2013, as a director of Liberty TripAdvisor from August 2014 to April 2025 and as a director of Liberty Media International, Inc. from May 2004 to June 2005. Mr. Romrell held numerous executive positions with Tele-Communications, Inc. ("TCI") from 1991 to 1999. Previously, Mr. Romrell held various executive positions with Westmarc Communications, Inc., a subsidiary of TCI engaged in the cable television and common carrier microwave communications businesses. <br> Mr. Romrell brings extensive experience, including venture capital experience, in the telecommunications industry to the GCI Liberty board and is an important resource with respect to the management and operations of companies in the media and telecommunications sector.  |

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#### Executive Officers
The following sets forth certain information concerning persons (other than Mr. Duncan who is also expected to serve as a director of GCI Liberty and is described above) who are expected to serve as the executive officers of GCI Liberty immediately following the separation, including their ages, directorships held and a description of their business experience, including, if applicable, current positions held with Liberty Broadband.

Mr. Wendling and Ms. Wilm also serve as officers at Liberty Broadband and also provide services to QVC Group and Liberty Media pursuant to existing services agreements between such entities and Liberty Media. Notwithstanding the multiple roles to be served by these persons at GCI Liberty, Liberty Broadband and these other companies immediately following the separation, GCI Liberty and Liberty Broadband believe the officers described below are the most qualified and appropriate to serve in the roles set forth below immediately following the separation given such person's in-depth knowledge of and experience with the business of GCI Liberty.

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|:---|:---|
| **Name**  | **Positions**  |
| **Brian J. Wendling <br> Age: 52**  | Chief Accounting Officer and Principal Financial Officer of GCI Liberty. <br> Mr. Wendling has also served as Principal Financial Officer and Chief Accounting Officer of Liberty Broadband and Liberty Media since July 2019 and January 2020, respectively. <br> Mr. Wendling has held various positions with certain of these companies and their predecessors since 1999. Mr. Wendling also previously served as Principal Financial Officer and Chief Accounting Officer at QVC Group from July 2019 and January 2020, respectively, until March 2025, Senior Vice President and Chief Financial Officer of Liberty TripAdvisor from January 2016 to April 2025 and Principal Financial Officer and Chief Accounting Officer of ABHI from December 2022 to August 2024, LMAC from November 2020 to December 2022 and prior GCI Liberty from  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | July 2019 and January 2020, respectively, to December 2020. <br> Mr. Wendling has served on the board of comScore, Inc. since March 2021.  |
| **Renee L. Wilm <br> Age: 51**  | Chief Legal Officer and Chief Administrative Officer of GCI Liberty. <br> Ms. Wilm has also served as Chief Legal Officer and Chief Administrative Officer of Liberty Broadband and Liberty Media since September 2019 and January 2021, respectively, and Chief Legal Officer of QVC Group since September 2019. Ms. Wilm also previously served as Chief Administrative Officer of QVC Group from January 2021 until March 2025, and as Chief Executive Officer of Las Vegas Grand Prix, Inc., a wholly owned subsidiary of Liberty Media and Formula 1, from January 2022 to February 2025. <br> Prior to September 2019, Ms. Wilm was a Senior Partner with the law firm Baker Botts L.L.P., where she represented Liberty TripAdvisor, Liberty Media, QVC Group, Liberty Broadband and prior GCI Liberty and their predecessors for over twenty years, specializing in mergers and acquisitions, complex capital structures and shareholder arrangements, as well as securities offerings and matters of corporate governance and securities law compliance. At Baker Botts, Ms. Wilm was a member of the Executive Committee, the East Coast Corporate Department Chair and Partner-in-Charge of the New York office. Ms. Wilm also served as Chief Legal Officer and Chief Administrative Officer of Liberty TripAdvisor from September 2019 and January 2021, respectively, until April 2025, ABHI from December 2022 to August 2024 and LMAC from November 2020 to December 2022 and January 2021 to December 2022, respectively, a director of LMAC from January 2021 to December 2022 and the Chief Legal Officer of prior GCI Liberty from September 2019 to December 2020.  |

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GCI Liberty's executive officers will serve in such capacities until the first annual meeting of the GCI Liberty board, or until their respective successors have been duly elected and have been qualified, or until their earlier death, resignation, disqualification or removal from office. There is no family relationship between any of GCI Liberty's executive officers or directors, by blood, marriage or adoption.

During the past ten years, none of the above persons has had any involvement in such legal proceedings as would be material to an evaluation of his or her ability or integrity.

#### Classification of Directors
Concurrently with the reclassification, the GCI Liberty board will be classified and divided into three classes, designated Class I, Class II and Class III. Immediately following the separation, the Class I director is expected to be Mr. Green and he will initially serve for a term expiring at the first annual meeting of stockholders held following the separation. Immediately following the separation, the Class II directors are expected to be Messrs. Romrell and Deevy and they will initially serve for a term expiring at the second annual meeting of stockholders held following the separation. Immediately following the separation, the Class III directors are expected to be Messrs. Malone and Duncan and they will initially serve for a term expiring at the third annual meeting of stockholders held following the separation. The members of each class will serve for a staggered three-year term. The GCI Liberty board is authorized to assign members of the board of directors already in office to their respective class. At each annual meeting of stockholders held after the separation, successors to the class of directors whose term expires at that annual meeting will be elected for a term expiring at the annual meeting of stockholders held in the third year following the year of their election and until the election and qualification of their respective successors.

#### Director Independence
It will be GCI Liberty's policy that a majority of the members of its board will be independent of its management. For a director to be deemed independent, the GCI Liberty board must affirmatively determine

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that the director has no direct or indirect material relationship with the company. To assist the GCI Liberty board in determining which of its directors will qualify as independent, the nominating and corporate governance committee of GCI Liberty's board is expected to follow the Corporate Governance Rules of Nasdaq on the criteria for director independence.

In accordance with these criteria, it is expected that the GCI Liberty board will determine that each of Messrs. Deevy, Green and Romrell qualifies as an independent director of GCI Liberty.

#### Board Committees
It is expected that the GCI Liberty board will form the following committees: audit committee, compensation committee, nominating and corporate governance committee and executive committee, which will have comparable responsibilities to the corresponding committees of the Liberty Broadband board.

Messrs. Deevy, Green, and Romrell are each expected to serve on the audit committee, the compensation committee, and the nominating and corporate governance committee immediately following the separation. Messrs. Malone and Duncan are expected to serve on the executive committee immediately following the separation. Mr. Deevy is expected to serve as the chair of the audit committee, Mr. Romrell is expected to serve as the chair of the compensation committee, and Mr. Green is expected to serve as the chair of the nominating and corporate governance committee, each immediately following the separation. In addition, Mr. Deevy has been designated the "audit committee financial expert" for purposes of the Exchange Act and the rules and regulations of Nasdaq, and will serve on the audit committee in such capacity immediately following the separation.

#### Board Composition
The GCI Liberty board will be comprised of directors with a broad range of backgrounds and skill sets, including in communications. Detailed information on GCI Liberty's policies with respect to board candidates will be available following the establishment of the board's nominating and corporate governance committee.

#### Compensation Committee Interlocks and Insider Participation
The GCI Liberty board does not currently have a compensation committee. It is expected that no member of GCI Liberty's compensation committee (once formed) will be or will have been, during 2025, an officer or employee of GCI Liberty or Liberty Broadband. It is expected that no interlocking relationship will exist between the GCI Liberty board and its compensation committee and the board of directors or compensation committee of any other company.

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#### EXECUTIVE COMPENSATION
The initial executive officers of GCI Liberty will be comprised of Ronald A. Duncan as Chief Executive Officer and President, Brian J. Wendling as Principal Financial Officer and Chief Accounting Officer, and Renee L. Wilm as Chief Legal Officer and Chief Administrative Officer. We are a newly formed company, and therefore, have not paid any compensation to any of our executive officers. Compensation decisions with respect to compensation to be paid by us to our executive officers following the separation will be made by the GCI Liberty compensation committee. As a GCI employee, Mr. Duncan's Liberty Broadband RSUs that are outstanding as of the distribution date will be substituted for RSUs relating to GCI Group common stock, as described above in "*The Separation — Treatment of Liberty Broadband Equity Awards — Liberty Broadband RSUs Held by GCI Employees*," and will be issued pursuant to the transitional plan, which is described under "— *Equity Incentive Plans*" below. Equity incentive awards granted by us to our executive officers following the separation will be granted pursuant to the GCI Liberty, Inc. 2025 Omnibus Incentive Plan, which is described under "— *Equity Incentive Plans*" below.

#### Chief Executive Officer Employment Agreement
GCI Communication Corp. ("**GCI Corp**"), which will become one of our subsidiaries in connection with the separation, is party to an employment agreement with Mr. Duncan (the "**Duncan Employment Agreement**"), which has a term that began on December 22, 2022 and which is scheduled to end on January 5, 2026. Pursuant to the Duncan Employment Agreement, Mr. Duncan is paid an annual base salary of $990,000 and has been, or is, eligible to participate in GCI Corp's discretionary annual target cash incentive program (the "**Target Cash IC Program**") pursuant to which Mr. Duncan is eligible to receive annual target cash incentive compensation of $1,252,741 in each calendar year from 2022 through 2025 (the "**Duncan Annual Target Cash IC**" or the "**Duncan Cash IC**") and annual performance-based restricted stock unit grants with a target grant value of $626,371 in each of 2023, 2024 and 2025 (the "**Duncan Annual Target Equity IC**" or the "**Duncan Equity IC**"). Each of the Duncan Cash IC and Duncan Equity IC are subject to the achievement of annual performance metrics established annually by, prior to the separation, Liberty Broadband's compensation committee and, immediately following the separation, our compensation committee.

Pursuant to the Duncan Employment Agreement, Mr. Duncan is eligible to participate in all health, welfare and retirement plans that are generally available to other similarly situated executives of GCI Corp. The Duncan Employment Agreement, together with the aircraft agreement (as defined below in "*Certain Relationships and Related Party Transactions — Related Party Agreements Relating to GCI Liberty — Duncan Aircraft Agreement*"), provides that Mr. Duncan is entitled to 100 hours per year of personal flight time on an aircraft leased by GCI Corp through the first to occur of (i) the date that Mr. Duncan ceases to be employed by GCI Corp or any of its subsidiaries and (ii) the date that GCI Corp ceases to own or lease any aircraft. In the event of Mr. Duncan's termination of employment other than for "cause" (as defined in the Duncan Employment Agreement) or due to Mr. Duncan's death, Mr. Duncan would remain entitled to use up to one-third of such flight hours during the 120-day period following his termination. For additional information regarding the aircraft agreement, see "*Certain Relationships and Related Party Transactions — Related Party Agreements Relating to GCI Liberty — Duncan Aircraft Agreement*" below. In addition, pursuant to the Duncan Employment Agreement, Mr. Duncan may also access GCI Corp's remote fishing retreat (the "**retreat**") for occasional personal use and has limited contract rights to purchase the retreat at fair market value. In the event Mr. Duncan's employment is terminated for any reason other than for cause or due to Mr. Duncan's death, Mr. Duncan also would receive certain post-employment benefits for ten years, such as paid health insurance premiums, continued access to the retreat and continued ability to purchase the retreat on the same terms as described above. Mr. Duncan also would be provided office space and IT support for ten years post-employment.

*Termination without "Cause" or for "Good Reason."* If, prior to December 31, 2025, Mr. Duncan's employment is terminated by him for "good reason" or by GCI Corp without "cause" (each as defined in the Duncan Employment Agreement), then Mr. Duncan would receive cash severance equal to the sum of, (A) if not otherwise eligible to receive such amounts pursuant to the terms of program or award agreement under which such incentive compensation was granted, the Duncan Annual Target Cash IC and the Duncan Annual Target Equity IC for the year of termination (prorated based on his employment during the year),

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paid in a lump sum, and (B) the sum of his base salary, the Duncan Annual Target Cash IC and the Duncan Annual Target Equity IC, paid in twelve equal installments. As a condition to his receipt of any cash severance payments as a result of his termination, Mr. Duncan must execute a release in favor of our company in accordance with the terms of his compensation arrangement.

*Termination at the end of the Term*. If Mr. Duncan's employment is terminated at or following December 31, 2025 for any reason, Mr. Duncan will remain eligible to receive the amount payable under the Target Cash IC Program for 2025.

*Post-Termination Obligations*. Mr. Duncan will be subject to certain confidentiality, non-competition and non-solicitation obligations following his termination under the Duncan Employment Arrangement.

#### Our Other Executive Officers
Liberty Media is a party to services agreements with each of QVC Group and Liberty Broadband (each a "**service company**"), pursuant to which Liberty Media's employees, including Mr. Wendling and Ms. Wilm, provide certain administrative and management services to each service company. In connection with the separation, GCI Liberty and Liberty Media will enter into a services agreement pursuant to which GCI Liberty will pay Liberty Media a monthly management fee on a fixed fee basis, the amount of which will be subject to quarterly review by GCI Liberty's audit committee and at least annual review by GCI Liberty's compensation committee, in exchange for the provision of certain administrative and management services by Liberty Media and its employees, including the services of Mr. Wendling and Ms. Wilm. For more information regarding the services agreement to be entered into between GCI Liberty and Liberty Media, please see "*Certain Relationships and Related Party Transactions — Agreements Relating to the Spin-Off — Services Agreement*." GCI Liberty anticipates that the named executive officers of GCI Liberty will be Messrs. Duncan and Wendling and Ms. Wilm. Because Mr. Wendling and Ms. Wilm are officers of Liberty Media, and Mr. Duncan was an officer of Liberty Broadband's subsidiary, historical compensation paid to Messrs. Duncan and Wendling and Ms. Wilm prior to the separation has been for his or her services to Liberty Media and the other service companies, or a subsidiary of Liberty Broadband, as applicable, and is not described in this registration statement.

#### Directors
GCI Liberty has not yet paid any compensation or made any determinations with respect to the compensation of the non-employee directors who will serve on its board of directors. Compensation decisions with respect to compensation to be paid by us to our non-employee directors following the separation will be made by the GCI Liberty board. Equity incentive awards granted by us to non-employee directors of GCI Liberty following the separation will be granted pursuant to the GCI Liberty, Inc. 2025 Omnibus Incentive Plan, which is described under "— *Equity Incentive Plans*" below.

#### Equity Incentive Plans

#### GCI Liberty 2025 Omnibus Incentive Plan
In connection with the separation, GCI Liberty will adopt the GCI Liberty, Inc. 2025 Omnibus Incentive Plan (the "**incentive plan**"). The incentive plan is designed to provide additional remuneration to GCI Liberty's non-employee directors and to officers, employees and independent contractors of GCI Liberty, GCI Liberty's subsidiaries or Liberty Media for exceptional service and to encourage their investment in GCI Liberty. Non-qualified stock options, stock appreciation rights, restricted shares, RSUs, cash awards, performance awards or any combination of the foregoing may be granted under the incentive plan (collectively, "**awards**"). The maximum number of shares of GCI Group common stock and Ventures Group common stock with respect to which awards may be granted will be 5 million, subject to anti-dilution and other adjustment provisions of the incentive plan. No nonemployee director will be permitted to be granted during any calendar year awards having a value (as determined on the grant date of such award) in excess of $1 million. Shares of GCI Group common stock and Ventures Group common stock issuable pursuant to awards will be made available from either authorized but unissued shares or shares that have been issued but reacquired by GCI Liberty. The incentive plan will be administered by GCI Liberty's compensation committee with regard to all awards granted under the incentive plan and GCI Liberty's compensation

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committee will have full power and authority to determine the terms and conditions of such awards (provided that awards granted to the nonemployee directors may also be administered by the full GCI Liberty board).

#### GCI Liberty Transitional Stock Adjustment Plan
Immediately following the time of the separation, GCI Liberty will also have equity awards outstanding under the transitional plan as described under "*The Separation — Treatment of Liberty Broadband Equity Awards*."

#### Equity Compensation Plan Information
At the time of the separation, GCI Liberty will have two equity compensation plans, each of which is listed below. The following table reflects the equity awards that would have been outstanding as of March 31, 2025, assuming (i) the separation and the distribution had occurred on that date and (ii) the treatment of the outstanding Liberty Broadband RSUs, including the prorated acceleration of Liberty Broadband RSUs held by GCI employees, as described under "*The Separation — Treatment of Liberty Broadband Equity Awards*."

---

| | | | |
|:---|:---|:---|:---|
| | **Number of securities <br> to be issued upon <br> exercise of <br> outstanding options, <br> warrants and rights or <br> settlement of <br> restricted stock units <br> (a)**  | **Weighted average <br> exercise price of <br> outstanding options, <br> warrants and rights <br> (b)**  | **Number of securities <br> available for future <br> issuance under equity <br> compensation plans <br> (excluding securities <br> reflected in column (a)) <br> (c)<sup>(2)</sup>**  |
|  *Equity compensation plans approved by security holders<sup>(1)</sup>*  |  |  |  |
| &nbsp;&nbsp;&nbsp; **GCI Liberty, Inc. 2025 Omnibus Incentive Plan**  |  |  | **5000000**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBK  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; **GCI Liberty, Inc. Transitional Stock Adjustment Plan**  |  |  | —(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLIBK  | 236514(4) |  |  |

---

<sup>(1)</sup>

Each plan will be approved by Liberty Broadband in its capacity as the sole stockholder of GCI Liberty prior to the separation.

<sup>(2)</sup>

Each plan permits grants of, or with respect to, shares of any series of GCI Group common stock, subject to a single, aggregate limit.

<sup>(3)</sup>

The GCI Liberty, Inc. Transitional Stock Adjustment Plan will govern the terms and conditions of equity awards with respect to GCI Group common stock that will be granted in connection with the adjustments to equity awards relating to the Liberty Broadband common stock granted prior to the distribution, as described under "*The Separation — Treatment of Liberty Broadband Equity Awards*." As a result, GCI Liberty does not anticipate further grants will be permitted under this plan.

<sup>(4)</sup>

This amount reflects shares of GLIBK issuable upon the settlement of RSUs, based on the number of Liberty Broadband RSUs outstanding as of March 31, 2025, and assuming (i) the separation and the distribution had occurred on that date and (ii) the treatment of the outstanding Liberty Broadband RSUs, including the prorated acceleration of Liberty Broadband RSUs held by GCI employees, as described under "*The Separation — Treatment of Liberty Broadband Equity Awards*."

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#### SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

#### Pro Forma Security Ownership of Certain Beneficial Owners
Prior to the distribution, all of the outstanding shares of GCI Group common stock will be owned by Liberty Broadband. The following table sets forth information concerning the estimated beneficial ownership of each person or entity who is expected to beneficially own more than five percent of the outstanding shares of any class or series of GCI Liberty's voting stock following the distribution, assuming a distribution ratio of 0.20 and that the distribution had occurred at 5:00 p.m., New York City time, on March 31, 2025. All of such information is based on publicly available filings, unless otherwise known to GCI Liberty from other sources.

Unless otherwise indicated, the pro forma security ownership information for GCI Liberty voting stock has been estimated based upon outstanding stock information for the Liberty Broadband common stock as of March 31, 2025, and, in the case of percentage ownership information, assumes 3,650,483 shares of GLIBA, 401,261 shares of GLIBB and 24,617,458 shares of GLIBK will be outstanding immediately following the distribution, based upon the outstanding stock information for the Liberty Broadband common stock as of March 31, 2025 and the assumed distribution ratio of 0.20. The estimated percentage voting power is presented on an aggregate basis for all shares of GLIBA and GLIBB. Shares of GLIBK are, however, non-voting (except as otherwise required by Nevada law) and, therefore, in the case of percentage of voting power, are not included.

Assuming a distribution date of March 31, 2025 and a distribution ratio of 0.20, Series C GCI Group common stock received with respect to acceleration of a portion of Mr. Duncan's Liberty Broadband RSUs in connection with the distribution is included in the outstanding share number above.

For purposes of the following presentation, beneficial ownership of shares of GLIBB, though convertible on a one-for-one basis into shares of GLIBA, is reported as beneficial ownership of GLIBB only, and not as beneficial ownership of GLIBA. So far as is known to us, the persons indicated below have sole voting and dispositive power with respect to the shares indicated as owned by them, except as otherwise stated in the notes to the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner**  | **Title of Series**  | **Amount and Nature <br> of Beneficial Ownership**  | **Percent <br> of Series <br> (%)**  | **Voting <br> Power <br> (%)**  |
|  **John C. Malone** <br> c/o GCI Liberty, Inc. <br> 12300 Liberty Boulevard <br> Englewood, CO 80112  | &nbsp;&nbsp; GLIBA | 248233(1) | 6.8 | 52.4 |
|  **John C. Malone** <br> c/o GCI Liberty, Inc. <br> 12300 Liberty Boulevard <br> Englewood, CO 80112  | &nbsp;&nbsp; GLIBB | 376534(1) | 93.8 |  |
|  **John C. Malone** <br> c/o GCI Liberty, Inc. <br> 12300 Liberty Boulevard <br> Englewood, CO 80112  | &nbsp;&nbsp; GLIBK | 1147799(1) | 4.7 |  |
|  **Aristeia Capital, L.L.C.** <br> One Greenwich Plaza, Suite 300 <br> Greenwich, CT 06830  | &nbsp;&nbsp; GLIBA | 335089(2) | 9.2 | 4.4 |
|  **Aristeia Capital, L.L.C.** <br> One Greenwich Plaza, Suite 300 <br> Greenwich, CT 06830  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Aristeia Capital, L.L.C.** <br> One Greenwich Plaza, Suite 300 <br> Greenwich, CT 06830  | &nbsp;&nbsp; GLIBK | 1295339(3) | 5.3 |  |
|  **The Vanguard Group** <br> 100 Vanguard Blvd. <br> Malvern, PA 19355  | &nbsp;&nbsp; GLIBA | 292558(4) | 8.0 | 3.8 |
|  **The Vanguard Group** <br> 100 Vanguard Blvd. <br> Malvern, PA 19355  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **The Vanguard Group** <br> 100 Vanguard Blvd. <br> Malvern, PA 19355  | &nbsp;&nbsp; GLIBK | 2212883(5) | 9.0 |  |

---

(1) Information with respect to shares of our capital stock expected to be beneficially owned by Mr. Malone, our expected Chairman of the Board, is also set forth in "— *Security Ownership of Management*."

(2) GCI Liberty expects, based on Amendment No. 2 to Schedule 13G, filed February 14, 2025 by Aristeia with respect to LBRDA,that Aristeia will have sole voting power and sole dispositive power over 335,089 shares of GLIBA.

(3) GCI Liberty expects, based on a Form 13F, filed February 14, 2025 by Aristeia with respect to LBRDK, that Aristeia will have sole voting power and sole investment discretion over 1,295,339 shares of GLIBK.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) GCI Liberty expects, based on a Form 13F, filed February 11, 2025 by Vanguard, with respect to itself and certain related institutional investment managers, including Vanguard Fiduciary Trust Co., Vanguard Investments Australia, Ltd. and Vanguard Global Advisers, LLC, with respect to LBRDA, that Vanguard will have sole investment discretion over 287,289 shares of GLIBA; Vanguard Fiduciary Trust Co. will have shared voting power and shared investment discretion over 474 shares of GLIBA; Vanguard Investments Australia, LLC will have shared voting power and shared investment discretion over 844 shares of GLIBA; and Vanguard Global Advisers, LLC will have shared investment discretion over 3,951 shares of GLIBA.

(5) GCI Liberty expects, based on a Form 13F, filed February 11, 2025 by Vanguard with respect to itself and certain related institutional investment managers, including Vanguard Fiduciary Trust Co., Vanguard Investments Australia, Ltd., Vanguard Global Advisers, LLC and Vanguard National Trust Co., with respect to LBRDK, that Vanguard will have sole investment discretion over 2,176,378 shares of GLIBK; Vanguard Fiduciary Trust Co. will have shared voting power and shared investment discretion over 3,487 shares of GLIBK; Vanguard Investments Australia, Ltd. will have shared voting power and shared investment discretion over 5,203 shares of GLIBK; Vanguard Global Advisers, LLC will have shared investment discretion over 27,446 shares of GLIBK; and Vanguard National Trust Co. will have sole voting power and shared investment discretion over 369 shares of GLIBK.

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#### Pro Forma Security Ownership of Management of GCI Liberty
The following table sets forth information concerning the estimated beneficial ownership by each person who is expected to serve as a director or named executive officer of GCI Liberty and all of the expected directors and executive officers as a group of shares of GLIBA, GLIBB and GLIBK, in each case, immediately following the distribution, assuming a distribution ratio of 0.20 and that the distribution had occurred at 5:00 p.m., New York City time, on March 31, 2025.

Unless otherwise indicated, the pro forma security ownership information for GCI Liberty voting stock has been estimated based upon outstanding stock information for the Liberty Broadband common stock as of March 31, 2025, and, in the case of percentage ownership information, assumes 3,650,483 shares of GLIBA, 401,261 shares of GLIBB and 24,617,458 shares of GLIBK will be outstanding immediately following the distribution, based upon the outstanding stock information for the Liberty Broadband common stock as of March 31, 2025 and the assumed distribution ratio of 0.20. The estimated percentage voting power is presented on an aggregate basis for all shares of GLIBA and GLIBB. Shares of GLIBK are, however, non-voting (except as otherwise required by Nevada law) and, therefore, in the case of percentage of voting power, are not included.

Assuming a distribution date of March 31, 2025 and a distribution ratio of 0.20, Series C GCI Group common stock received with respect to acceleration of a portion of Mr. Duncan's Liberty Broadband RSUs in connection with the distribution is included in the ownership information provided in the table below and the outstanding share number above. All outstanding shares of GCI Liberty non-voting preferred stock will be held by two holders, neither of whom will serve as executive officers or directors of GCI Liberty and are therefore not included below.

For purposes of the following presentation, beneficial ownership of shares of GLIBB, though convertible on a one-for-one basis into shares of GLIBA, is reported as beneficial ownership of GLIBB only, and not as beneficial ownership of GLIBA. So far as is known to us, the persons indicated below have sole voting and dispositive power with respect to the shares indicated as owned by them, except as otherwise stated in the notes to the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Title of Series**  | **Amount and Nature <br> of Beneficial Ownership <br> (in thousands)**  | **Percent <br> of Series <br> (%)**  | **Voting <br> Power <br> (%)**  |
|  **John C. Malone <br> Chairman of the Board**  | &nbsp;&nbsp; GLIBA | 248(1)(2) | 6.8 | 52.4(3) |
|  **John C. Malone <br> Chairman of the Board**  | &nbsp;&nbsp; GLIBB | 377(1)(4)(5)(6) | 93.8 |  |
|  **John C. Malone <br> Chairman of the Board**  | &nbsp;&nbsp; GLIBK | 1148(1)(4)(5)(6)(7) | 4.7 |  |
|  **Ronald A. Duncan** <br> President, Chief Executive Officer and Director  | &nbsp;&nbsp; GLIBA |  |  |  |
|  **Ronald A. Duncan** <br> President, Chief Executive Officer and Director  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Ronald A. Duncan** <br> President, Chief Executive Officer and Director  | &nbsp;&nbsp; GLIBK | 107(8) | \* |  |
|  **Brian M. Deevy <br> Director**  | &nbsp;&nbsp; GLIBA |  |  |  |
|  **Brian M. Deevy <br> Director**  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Brian M. Deevy <br> Director**  | &nbsp;&nbsp; GLIBK |  |  |  |
|  **Richard R. Green <br> Director**  | &nbsp;&nbsp; GLIBA | \*\*(9) | \* | \* |
|  **Richard R. Green <br> Director**  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Richard R. Green <br> Director**  | &nbsp;&nbsp; GLIBK | 2(9) | \* |  |
|  **Larry E. Romrell <br> Director**  | &nbsp;&nbsp; GLIBA |  |  |  |
|  **Larry E. Romrell <br> Director**  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Larry E. Romrell <br> Director**  | &nbsp;&nbsp; GLIBK |  |  |  |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial Officer  | &nbsp;&nbsp; GLIBA |  |  |  |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial Officer  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial Officer  | &nbsp;&nbsp; GLIBK | 3 | \* |  |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | &nbsp;&nbsp; GLIBA |  |  |  |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | &nbsp;&nbsp; GLIBB |  |  |  |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | &nbsp;&nbsp; GLIBK | 2 | \* |  |
|  **All directors and executive officers as a group (7 persons)**  | &nbsp;&nbsp; GLIBA | 248(1)(2)(9) | 6.8 | 52.4(3) |
|  **All directors and executive officers as a group (7 persons)**  | &nbsp;&nbsp; GLIBB | 377(1)(4)(5)(6) | 93.8 |  |
|  **All directors and executive officers as a group (7 persons)**  | &nbsp;&nbsp; GLIBK | 1261(1)(4)(5)(6)(7)(8)(9) | 5.1 |  |

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\*

Less than one percent

\*\*

Less than 1,000 shares

(1) Expected to include 5,088 GLIBA shares, 11,528 GLIBB shares and 71,421 GLIBK shares expected to be held in a revocable trust with respect to which Mr. Malone and Mr. Malone's wife, Mrs. Leslie Malone (**"Mrs. Malone**"), are trustees. Mrs. Malone has the right to revoke such trust at any time. Mr. Malone has disclaimed beneficial ownership of the shares held by such trust.

(2) Expected to include 12,500 GLIBA shares expected to be held by The Malone Family Land Preservation Foundation as to which shares Mr. Malone has disclaimed beneficial ownership.

(3) Pursuant to the Malone nonvoting side letter (as defined and described below under "Certain Relationships and Related Party Transactions — Related Party Agreements Relating to GCI Liberty — Malone Nonvoting Side Letter"), each member of the Malone GCI group (as defined below), including Mr. Malone, irrevocably and unconditionally agreed that at any meeting of the GCI Liberty stockholders (as defined below) and in connection with any written consent of the GCI Liberty stockholders, the members of the Malone GCI group, in the aggregate, will not vote any shares of GCI Liberty voting stock beneficially owned by the Malone GCI group that, if voted, would result in the aggregate voting power of the Malone GCI group exceeding the lesser of (a) 49.99% of the aggregate voting power of GCI Liberty and (b) the aggregate voting power of the Malone GCI group in Liberty Broadband, as of immediately prior to the record date for the distribution and without giving effect to the Malone exchange side letter (as defined below). Assuming that the distribution had occurred at 5:00 p.m., New York City time, on March 31, 2025, the Malone GCI group would be entitled to vote shares of GCI Liberty voting stock beneficially owned by them representing 49.99% of the voting power in GCI Liberty.

(4) Expected to include 3,388 GLIBB shares and 4,463 GLIBK shares expected to be held by a trust which is managed by an independent trustee and Mr. Evan Malone, one of Mr. Malone's adult children, of which the beneficiary is Mr. Evan Malone and in which Mr. Malone has no pecuniary interest. Mr. Malone retains the right to substitute assets held by the trust and has disclaimed beneficial ownership of the shares held by the trust.

(5) Expected to include 2,045 GLIBB shares and 3,271 GLIBK shares expected to be held by a trust managed by an independent trustee, of which the beneficiary is one of Mr. Malone's adult children and in which Mr. Malone has no pecuniary interest. Mr. Malone retains the right to substitute assets held by the trust and has disclaimed beneficial ownership of the shares held by the trust.

(6) Expected to include 24,529 GLIBB shares and 42,666 GLIBK shares expected to be held by two trusts with respect to which Mr. Malone is the sole trustee and, with his wife, retains a unitrust interest in the trusts.

(7) Expected to include an aggregate of 280,000 GLIBK shares expected to be held by Mr. Malone which are expected to be pledged to a financial institution in connection with certain loan facilities and "zero-cost collars" extended by such financial institution.

(8) Based on the information available to us, the ownership figures include the following: (a) 77,365 shares of GLIBK to which Mr. Duncan is expected to have a direct pecuniary interest; (b) 557 shares of GLIBK expected to be allocated to Mr. Duncan under the GCI 401(k) Plan; (c) 1,461 shares of GLIBK expected to be held by Missy, LLC, which is 25% owned by a limited liability company for which Mr. Duncan serves as the managing member; (d) 5,431 shares of GLIBK expected to be held by Dani Bowman, Mr. Duncan's wife, of which Mr. Duncan has disclaimed beneficial ownership; (e) 14,870 shares of GLIBK expected to be held by 560 Company, Inc. ("**560 Company**"), which is 55% owned by Mr. Duncan and for which Mr. Duncan has voting and dispositive power; (f) 3,212 shares of GLIBK expected to be held by a foundation over which Mr. Duncan has voting control; (g) 839 shares of GLIBK expected to be held by a limited liability company of which Mr. Duncan is the controlling member; and (h) 3,102 shares of GLIBK expected to be received with respect to acceleration of a portion of Mr. Duncan's Liberty Broadband RSUs in connection with the distribution. Expected to include 61,815 shares of GLIBK expected to be pledged as security for certain margin loan facilities as of March 31, 2025.

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(9) Expected to include 33 GLIBA shares and 126 GLIBK shares expected to be held by Dr. Green's wife, as to which Dr. Green has disclaimed beneficial ownership.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In connection with the separation, GCI Liberty expects that its board will adopt a formal written policy for the review, approval or ratification of any transactions or arrangements involving related parties. All of GCI Liberty's directors, executive officers and employees will be subject to the policy and will be asked to promptly report any such related party transaction. GCI Liberty expects that the formal written policy will provide that, if a director or executive officer has an actual or potential conflict of interest (which includes being a party to a proposed "related-party transaction" (as defined by Item 404 of Regulation S-K)), the director or executive officer should promptly inform the person designated by its board to address such actual or potential conflicts. GCI Liberty expects that the formal written policy will also provide that no related party transaction may be effected by GCI Liberty without the approval of the audit committee of its board or another independent body of its board designated to address such actual or potential conflicts. GCI Liberty also expects that directors will be asked to recuse themselves from any discussion or decision by the board or a board committee that involves or affects their personal, business or professional interests.

#### Relationships Between GCI Liberty and Liberty Broadband
Immediately following the separation, GCI Liberty and Liberty Broadband will operate independently, and neither will have any ownership interest in the other. In order to govern certain of the ongoing relationships between GCI Liberty and Liberty Broadband after the separation and to provide mechanisms for an orderly transition, GCI Liberty and Liberty Broadband are entering into certain agreements, the terms of which are summarized in the section "— *Agreements Relating to the Spin-Off*" below. GCI Liberty does not expect these agreements to be impacted by the completion of the Charter combination and, in connection with such completion, Charter will sign a joinder to each of the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement.

Prior to the separation, Liberty Broadband owns a 100% equity interest in GCI Liberty. Immediately following the separation, Liberty Broadband will not own any equity interest in GCI Liberty.

#### Relationships Between GCI Liberty and Liberty Media
In connection with the separation, GCI Liberty and Liberty Media (and/or one or more of their subsidiaries) will also enter into certain agreements pursuant to which Liberty Media will provide certain services or otherwise share certain resources with GCI Liberty, the terms of which are summarized in the section "— *Agreements Relating to the Spin-Off*" below. In addition, GCI Liberty anticipates entering into, from time to time, agreements and arrangements with Liberty Media and certain of its related entities, in connection with, and in the ordinary course of, its business.

#### Charter Combination
On November 12, 2024, Liberty Broadband entered into the Charter merger agreement with Charter, Merger LLC and Merger Sub, whereby subject to the terms thereof, (i) (A) Merger Sub will merge with and into Liberty Broadband (the "**merger**"), with Liberty Broadband surviving the merger as the surviving corporation in the merger and a wholly owned subsidiary of Merger LLC; and (B) the merger will be immediately followed by the merger of Liberty Broadband, as such surviving corporation, with and into Merger LLC (the "**upstream merger**", and together with the merger, the "**Charter combination**"), with Merger LLC surviving the upstream merger as the surviving company in the upstream merger and a wholly owned subsidiary of Charter. On May 16, 2025, Liberty Broadband entered into a side letter (the "**Charter side letter**") with Charter and certain of its subsidiaries, whereby, subject to the terms thereof, the parties thereto agreed that completion of the Charter combination will occur on the earlier of (a) immediately prior to the closing of the transactions contemplated by that certain Transaction Agreement, dated as of May 16, 2025 (the "**Cox transaction agreement**"), by and among Charter, Cox Enterprises, Inc. and Charter Communications Holdings, LLC (the "**Cox transactions**"), (b) the later of (i) June 30, 2027 and (ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement, and (c) solely if the Cox transaction agreement is terminated in accordance with its own terms (the "**Cox transaction termination**"), at Liberty Broadband's election, the later of (i) the tenth (10th) business day after the Cox transaction termination and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) the third (3rd) business day after all conditions are satisfied or waived (to the extent waivable), or at such other date and time as agreed to by the parties or such date in connection with certain tax law changes that may be proposed following the date of the Charter merger agreement. The Charter combination is conditioned on, among other things, the completion of the separation, unless validly waived by Charter or unless Liberty Broadband determines in good faith, no later than December 31, 2025, that the separation is not reasonably capable of being achieved prior to June 30, 2027 on the agreed terms solely as a result of certain specified events, and Liberty Broadband and Charter mutually agree on an alternative to the separation. However, the separation is not conditioned on the completion of the Charter combination and, accordingly, the separation may occur even if the Charter merger agreement is terminated or the Charter combination will otherwise not be consummated.

#### Malone Exchange Side Letter
Simultaneously with the distribution, pursuant to the Malone exchange side letter entered into in connection with the proposed Charter combination, certain holders of LBRDB shares that are entities or trusts affiliated with John C. Malone, the Chairman of the Liberty Broadband board and, following the completion of the spin-off, the Chairman of the GCI Liberty board (the "**Malone exchange holders**") will exchange a sufficient number of shares of LBRDB held by such persons for newly issued shares of LBRDK on a one-for-one basis (the "**Malone exchange**") such that, immediately following such Malone exchange, no set of holders comprised of five or fewer individuals, estates or trusts will collectively own (directly or constructively through related persons, entities or trusts) more than 19% of the aggregate voting power of Liberty Broadband to avoid the application of certain related party rules that otherwise could limit the availability of certain tax benefits to GCI Liberty following the separation. If the Charter merger agreement is terminated without the closing having occurred but following the consummation of the Malone exchange (the "**Malone exchange closing**"), and unless otherwise agreed to in writing by the Malone exchange holders and Liberty Broadband, the Malone exchange will be automatically rescinded and treated as if neither the Malone exchange nor the Malone exchange closing had ever occurred.

Further, pursuant to the terms of the Malone exchange side letter, the parties thereto agreed to amend certain provisions of that certain Exchange Agreement, dated as of June 13, 2022, by and among Liberty Broadband and certain of the Malone exchange holders (the "**Malone exchange agreement**"), to provide that (i) solely in connection with the separation, Malone Series C Exchangeable Shares (as defined in the Malone exchange agreement) will not be exchanged for shares of LBRDB and the holders of such Malone Series C Exchangeable Shares will receive the same per share distribution received by holders of shares of LBRDK, (ii) Liberty Broadband waives its right to obligate the Malone exchange holders to enter into an exchange agreement with GCI Liberty in connection with the separation, (iii) the Malone exchange agreement would not be terminated as a result of the Malone exchange holders falling below 20% voting power in connection with the separation, and (iv) following the exchange and prior to any termination of the Charter merger agreement, none of the Malone Series C Exchangeable Shares will be exchanged for shares of LBRDB.

#### Malone Voting Agreement
In connection with the transactions contemplated by the Charter merger agreement, on November 12, 2024, holders of shares of LBRDA, LBRDB and Liberty Broadband preferred stock affiliated with Mr. Malone (collectively, the "**Malone Group**") entered into a voting agreement with Liberty Broadband and Charter (the "**Malone voting agreement**") pursuant to which the Malone Group agreed to vote, at the Liberty Broadband special meeting, shares of LBRDA, LBRDB and Liberty Broadband preferred stock owned by them representing approximately 48.5% of the aggregate voting power of such shares of Liberty Broadband capital stock as of November 12, 2024, (i) in favor of the adoption of the Charter merger agreement and transactions contemplated thereby, including the merger, (ii) in favor of any properly made adjournment proposal, (iii) against any action or proposal in favor of any alternative company transaction or (iv) against any actions, proposals, transactions, agreements or amendments that would reasonably be expected to result in certain breaches of the Charter merger agreement or the Malone voting agreement or otherwise prevent, impede, interfere with, delay, postpone, or adversely affect the consummation of the combination. On February 26, 2025, the stockholders of Liberty Broadband approved the adoption of the Charter merger agreement, pursuant to which the transactions contemplated by the Charter merger

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agreement, including the merger, will be consummated. Pursuant to the Malone voting agreement, each member of the Malone group also agreed to (i) certain restrictions on transfers of the shares of LBRDA, LBRDB and Liberty Broadband preferred stock owned by them, (ii) subject to certain exceptions, certain restrictions on conversions of its shares of LBRDB into shares of LBRDA or LBRDK and (iii) waive any appraisal rights to which it may be entitled pursuant to applicable law in connection with the merger.

#### Agreements Relating to the Spin-Off

#### Separation and Distribution Agreement
 *A copy of the "form of" separation and distribution agreement is to be filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" separation and distribution agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" separation and distribution agreement that is important to you. We encourage you to read the "form of" separation and distribution agreement carefully in its entirety for a more complete understanding of the separation and distribution agreement that the parties expect to enter into.* 

#### Contribution
Prior to the distribution, and subject to the satisfaction or, if permissible, waiver of the conditions set forth in the separation and distribution agreement and as described below, Liberty Broadband will, in exchange for GCI Liberty stock, including GCI Liberty non-voting preferred stock, and the assumption by GCI Liberty of certain GCI Liberty liabilities, (a) cause all of its (and its subsidiaries) rights, title and interest in and to all assets used or held for use solely or primarily in GCI or any of its subsidiaries (collectively, the "**GCI Liberty assets**") and the GCI Business and (b) cause all of the liabilities incurred or accrued by GCI Liberty, GCI or any of its subsidiaries in, or any liabilities to the extent solely or primarily arising out of or relating to, the operation of the GCI Business (collectively, the "**GCI Liberty liabilities**") to be assigned, directly or indirectly, to or to be incurred by, GCI Liberty or its subsidiaries; provided, that all fees, costs and expenses incurred, accrued, paid or payable by or on behalf of Liberty Broadband, GCI Liberty or any of their respective subsidiaries in connection with the spin-off (excluding any indemnity obligations under the separation and distribution agreement) will not constitute GCI Liberty liabilities and are expressly retained by Liberty Broadband. Once the contribution is complete, but prior to completing the distribution, GCI Liberty will own and be obligated for all of the GCI Liberty assets and GCI Liberty liabilities. Liberty Broadband is contributing all such assets and businesses to GCI Liberty on an "as is, where is" basis.

On May 5, 2025, Liberty Broadband entered into the preferred stock purchase agreement, whereby, subject to the terms thereof, Liberty Broadband has agreed to sell all 10,000 shares of GCI Liberty non-voting preferred stock it will hold as of such time to the preferred purchasers for $10 million, with such preferred stock sale being a part of the internal reorganization and being completed following the contribution, but prior to the distribution.

The closing of the preferred stock sale is conditioned on, among other things, the satisfaction (or, if permissible, waiver) of (i) the absence of any order or law prohibiting the consummation of the preferred stock sale and (ii) the completion of the contribution.

#### Reclassification
As part of the separation, following the completion of the internal reorganization and prior to the completion of the distribution, GCI Liberty will file the GCI Liberty restated articles with the Nevada Secretary of State. Upon the effectiveness of the GCI Liberty restated articles, all of the shares of existing GCI Liberty common stock will be automatically reclassified into (a) a number of shares of Series A GCI Group common stock equal to the product of the number of shares of Liberty Broadband Series A common stock outstanding as of the record date, multiplied by the distribution ratio, rounded up to the nearest whole share; (b) a number of shares of Series B GCI Group common stock equal to the product of the number of shares of Liberty Broadband Series B common stock outstanding as of the record date, multiplied by the distribution ratio, rounded up to the nearest whole share; and (c) a number of shares of

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Series C GCI Group common stock equal to the product of the number of shares of Liberty Broadband Series C common stock outstanding as of the record date, multiplied by the distribution ratio, rounded up to the nearest whole share.

#### Distribution
Following the contribution, and subject to the satisfaction or, if permissible, waiver of the conditions set forth in the separation and distribution agreement, Liberty Broadband will cause the distribution agent to effect the distribution pursuant to which, subject to the declaration of the dividend for the distribution, (i) each holder of record of a share of Liberty Broadband Series A common stock as of the record date will receive 0.20 of a share of Series A GCI Group common stock, (ii) each holder of record of a share of Liberty Broadband Series B common stock as of the record date will receive 0.20 of a share of Series B GCI Group common stock and (iii) each holder of record of a share of Liberty Broadband Series C common stock as of the record date will receive 0.20 of a share of Series C GCI Group common stock, in each case, with cash (without interest) being paid in lieu of any fractional shares of GCI Group common stock being distributed.

Accounts holding shares of Liberty Broadband common stock in book-entry form will, at the effective time of the distribution, be automatically credited with the applicable number of shares of GCI Group common stock. No action will need to be taken by any holders of shares of Liberty Broadband common stock in order for such holders to receive their shares of GCI Group common stock in the distribution. No shares of GCI Group common stock to be distributed in the distribution will be certificated.

#### Treatment of Fractional Shares
Holders of record of Liberty Broadband common stock will not receive fractional shares in connection with the distribution. Instead, the distribution agent will separately aggregate all fractional shares of GCI Group common stock that (i) holders of record of shares of Liberty Broadband common stock would be entitled to receive into whole shares, separately by series of GCI Group common stock and (ii) for purposes of the procedures of The Depositary Trust Company, DTC participants would be entitled to receive into whole shares, separately by series of GCI Group common stock, and, in each case, sell the whole shares at prevailing market prices on behalf of those holders and those DTC participants, respectively, who would otherwise be entitled to receive a fractional share. The distribution agent will determine, in its sole discretion, when, how and through which broker-dealers such sales will be made without any influence by Liberty Broadband or GCI Liberty. Liberty Broadband and GCI Liberty anticipate that these sales will occur as soon as practicable after the distribution is completed. Those holders of record and those DTC participants, respectively, will then receive a cash payment in the form of a check in an amount equal to (A) in the case of the applicable holders of record, such holder's pro rata share of the total net proceeds from such separate sales of the applicable series of GCI Group common stock, less any applicable withholding taxes (with no interest, rounded down to the nearest cent) and (B) in the case of the applicable DTC participants, such DTC participant's pro rata share of the total net proceeds from such separate sales of the applicable series of GCI Group common stock, less any applicable withholding taxes (with no interest, rounded down to the nearest cent); provided, all amounts owed to DTC participants will be paid to The Depositary Trust Company (on behalf of and for further distribution to the DTC participants) and the DTC participants shall look only to The Depositary Trust Company for such payment. If such holders of record physically hold stock certificates or hold stock through the Transfer Agent's Direct Registration System, the check for any cash that such holders of record may be entitled to receive instead of fractional shares of GCI Group common stock will be mailed to such holders separately.

#### Treatment of Equity Awards
GCI employees will receive, in substitution for their Liberty Broadband RSUs, GCI Liberty RSUs, with the number of shares of Series C GCI Group common stock subject to such GCI Liberty RSU being determined in a manner to preserve the value of the Liberty Broadband RSU outstanding prior to the distribution based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Series C GCI Group common stock following the

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distribution. Any fractional shares resulting from the substitution will be paid in cash (with no interest), subject to applicable tax withholding. GCI Liberty RSUs will generally have the same terms (including the vesting requirements) as those of the substituted Liberty Broadband RSU immediately prior to the distribution. The GCI Liberty RSUs will be issued pursuant to the transitional plan.

Each Liberty Broadband RSU outstanding as of the distribution date that is held by an individual other than a GCI employee will continue to relate to Liberty Broadband common stock immediately following the distribution, and the number of shares underlying each such Liberty Broadband RSU will be adjusted to preserve the value of such outstanding Liberty Broadband RSU prior to the distribution, based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Liberty Broadband Series C common stock following the distribution, with cash paid in lieu of any resulting fractional shares (with no interest), subject to applicable tax withholding. Except as otherwise described herein, adjusted Liberty Broadband RSUs will have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband RSU immediately prior to the distribution. The adjusted Liberty Broadband RSUs will remain subject to the Liberty Broadband incentive plan pursuant to which they were granted.

Each Liberty Broadband option outstanding as of the distribution date will continue to relate to shares of Liberty Broadband common stock immediately following the distribution, but with appropriate adjustments made to the number of shares and applicable exercise price to preserve the value of the Liberty Broadband option prior to the distribution, based on (1) the sum of (i) the value of Liberty Broadband Series C common stock following the distribution plus (ii) the product of the value of the Series C GCI Group common stock following the distribution multiplied by 0.20 compared to (2) the value of Liberty Broadband Series C common stock following the distribution. The adjustments made to Liberty Broadband options will also be done in a manner to preserve the ratio of the exercise price to the market price of such Liberty Broadband option prior to the distribution. Except as otherwise described herein, adjusted Liberty Broadband options will have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband option immediately prior to the distribution. The adjusted Liberty Broadband options will remain subject to the Liberty Broadband incentive plan pursuant to which they were granted.

Holders of Liberty Broadband restricted shares outstanding as of the record date will continue to hold their Liberty Broadband restricted shares and will participate in the distribution and receive 0.20 of a GCI Liberty restricted share for each Liberty Broadband restricted share, with cash paid in lieu of any resulting fractional shares (with no interest), subject to applicable tax withholding. Such GCI Liberty restricted shares will generally have the same terms (including the vesting requirements) as those of the corresponding Liberty Broadband restricted share immediately prior to the distribution. The GCI Liberty restricted shares will be issued pursuant to the transitional plan. Each Liberty Broadband restricted share will continue to have the same terms (including vesting requirements) and will remain subject to the Liberty Broadband incentive plan pursuant to which it was granted.

#### Representations and Warranties
The separation and distribution agreement contains a number of representations and warranties made by the parties thereto that are subject in some cases to exceptions and qualifications. The representations and warranties made by Liberty Broadband and GCI Liberty relate to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • organization and qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorization and validity of agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no conflict with instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no other reliance.

The representations and warranties contained in the separation and distribution agreement will not survive the effective time of the distribution or the termination of the separation and distribution agreement.

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#### Conditions to Completion of the Distribution
The obligations of Liberty Broadband and, with respect to the sixth bullet point below, GCI Liberty to effect the distribution are subject to the satisfaction or, if permissible, waiver of the following conditions on or prior to the effective time of the distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

the receipt of the opinion of Kroll, LLC, operating through its Duff & Phelps Opinions Practice, as to the solvency of Liberty Broadband and GCI Liberty immediately after giving effect to the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the effectiveness under the Securities Act of the GCI Liberty registration statement, of which this prospectus forms a part, relating to the registration of shares of GCI Group common stock to be distributed in the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

the effectiveness of the registration of the Series A GCI Group common stock and Series C GCI Group common stock under Section 12(b) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the approval of Nasdaq for the listing of shares of Series A GCI Group common stock and Series C GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

the approval of the OTC Markets for the quotation of shares of Series B GCI Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

the approval of applications by the (a) FCC required under the Communications Act and (b) RCA required by Alaska law for consent to the transfer of certain communications licenses held by GCI Liberty or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

the expiration or granting of early termination of any waiting period (and any extension thereof), and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Broadband representative's receipt of GCI Group common stock under the HSR Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

the absence of any law or order entered, enacted, promulgated, enforced or issued by any court or other governmental authority of competent jurisdiction that has the effect of preventing, prohibiting, enjoining or rendering illegal the consummation of the separation, including the internal reorganization, the reclassification and the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

the termination of all contracts, other than the separation and distribution agreement and certain other agreements referenced therein, between (x) any member of the Liberty Broadband group, on the one hand, and (y) any member of the Spinco group, on the other hand, in each case, without liability to the applicable parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

the effectuation of the internal reorganization, including the preferred stock sale and the execution of all such instruments, assignments, documents, and other agreements necessary to effect the internal reorganization and preferred stock sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)

the receipt of any other regulatory or contractual approvals required to consummate the spin-off under applicable law or pursuant to any material contract to which any member of the Liberty Broadband group or Spinco group is a party.

Liberty Broadband may waive the fifth, seventh and/or eleventh conditions set forth above; provided, that, to the extent the Charter merger agreement has not been terminated, the eleventh condition set forth above will require the waiver of Charter. The remaining conditions set forth above are non-waivable.

Additionally, each party's obligations to complete the distribution is further conditioned upon (a) the performance in all material respects by the other party of its covenants and agreements contained in the separation and distribution agreement to the extent such are required to be perform at or prior to the distribution date and (b) the representations and warranties of the other party being true and complete in all material respects as of the distribution date with the same force and effect as if made at and as of the distribution date.

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#### Closing Deliverables
At or before the completion of the distribution, each of Liberty Broadband and GCI Liberty must deliver to the other party (a) the tax sharing agreement, executed by such party, (b) the tax receivables agreement, executed by such party, (c) agreements to effect the internal reorganization and preferred stock sale, executed by such party, (d) a customary secretary's certificate, executed by such party and (e) such other documents that the other party may reasonably request. In addition, at or before the completion of the distribution, GCI Liberty must deliver to Liberty Broadband a copy of GCI Liberty's restated articles filed with the Secretary of State of the State of Nevada.

#### Mutual Indemnification Obligations
The separation and distribution agreement provides for mutual indemnification obligations between Liberty Broadband and GCI Liberty. Following the completion of the distribution, GCI Liberty will indemnify the Liberty Broadband indemnified parties from and against all losses incurred by the Liberty Broadband indemnified parties to the extent arising out of, resulting from or in connection with (a) the conduct of the businesses of GCI and its subsidiaries, (b) the GCI Liberty assets and GCI Liberty liabilities, (c) any breach of, or failure to perform or comply with, any covenant, undertaking or obligation of any member of the Spinco group under the separation and distribution agreement or certain other agreements referenced therein or (d) any untrue statement of material fact in this registration statement or other disclosure document filed with the SEC in connection with the distribution (other than those untrue statements of material fact made by Liberty Broadband or for which Liberty Broadband provided information in writing), or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution for which the applicable disclosure relates to any member of the Spinco group or for which the Spinco group or its predecessors provided information in writing.

In addition, following the completion of the distribution, Liberty Broadband will indemnify the GCI Liberty indemnified parties for all losses incurred by the GCI Liberty indemnified parties from and against all losses incurred by the GCI Liberty indemnified parties to the extent arising out of, resulting from or in connection with (a) the conduct of the businesses retained by Liberty Broadband in accordance with the separation and distribution agreement, (b) the assets and liabilities retained by Liberty Broadband in accordance with the separation and distribution agreement, (c) any breach of, or failure to perform of comply with, any covenant, undertaking or obligation of any member of the Liberty Broadband group under the separation and distribution agreement or certain other agreements referenced therein, or (d) any untrue statement of material fact in this registration statement where such untrue statement of material fact is made by Liberty Broadband or for which Liberty Broadband provided information in writing, or Liberty Broadband's disclosure documents filed with the SEC prior to the effective time of the distribution (other than those untrue statements of material fact that arise out of disclosures in such disclosure documents filed with the SEC relating to the Spinco group or for which the Spinco group or its predecessors provided information in writing).

At the completion of the Charter combination, in accordance with the Charter merger agreement, Charter will execute a joinder agreement to the separation and distribution agreement, pursuant to which, from and after the closing of the Charter combination, Charter will be directly responsible and liable for Liberty Broadband's obligations under the separation and distribution agreement, including Liberty Broadband's indemnification obligations.

These indemnification obligations exclude any matters relating to taxes.

#### Other Covenants and Agreements
The separation and distribution agreement contains additional covenants and agreements relating to, among other matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • execution and delivery, and taking commercially reasonable actions, to complete and give effect to the transactions contemplated by the separation and distribution agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • information and access rights for specified purposes and confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • payments of certain expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no rights under the other party's insurance policies with respect to claims following the distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entry into the services agreement, facilities sharing agreement and aircraft time sharing agreement and taking reasonably necessary steps to terminate any intercompany agreements.

#### Termination
The separation and distribution agreement and the transactions contemplated thereby may be amended, modified or supplemented at any time prior to the effective time of the distribution or abandoned at any time prior to the declaration of the distribution, in each case, by and in the sole and absolute discretion of Liberty Broadband without approval of GCI Liberty and without any compensation to GCI Liberty; provided, that, if the Charter merger agreement has not been terminated, any amendment, modification, supplementation or abandonment will require the prior written consent of Charter. From and after the effective time of the distribution, the separation and distribution agreement may not be terminated without the written agreement of all the parties and, if the Charter merger agreement has not been terminated, the prior written consent of Charter.

#### Effect of Termination
If the separation and distribution agreement is terminated it will immediately become void and the parties thereto will have no liability to each other with respect to the transactions contemplated by the separation and distribution agreement.

#### Governing Law; Dispute Resolution; Waiver of Jury Trial
 *Governing Law; Dispute Resolution* 

The separation and distribution agreement and the legal relations among the parties will be governed in all respects by the laws of the State of Delaware.

The parties have agreed to a multi-step dispute resolution process pursuant to which the parties will first attempt to initially resolve all issues, claims, disputes or controversies that may arise under, out of or in connection with the separation and distribution agreement (each, a "**separation dispute**") by a meeting of a committee, which will consist of representatives of each party (the "**transition committee**"). In the event that the separation dispute cannot be resolved by the transition committee, each of the parties will cause one or more of their respective executive officers to engage in good faith negotiations with the other party's designated executive officers to resolve such separation dispute. If the designated executive officers cannot resolve the separation dispute, either party will have the right to submit such separation dispute to non-binding mediation. If the separation dispute remains unresolved following the non-binding mediation, either party may commence binding arbitration to resolve the separation dispute.

 *Waiver of Jury Trial* 

The parties have agreed to waive all rights to trial by jury in any action arising out of the separation and distribution agreement.

#### Release
The separation and distribution agreement provides that as of the distribution date, each party agrees to release and discharge the other party with respect to any and all liabilities to the extent arising out of or in any way relating to events, facts, circumstances or actions taken prior to the distribution date, subject to certain exceptions.

#### Amendments and Waivers
Any provision of the separation and distribution agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment by each of Liberty

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Broadband and GCI Liberty, or in the case of a waiver, by the party against whom the waiver is to be effective; provided, that, if the Charter merger agreement has not been terminated, such amendment or waiver (except waivers with respect to certain conditions of the distribution) will require the prior written consent of Charter.

#### Tax Sharing Agreement
 *A copy of the "form of" tax sharing agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" tax sharing agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" tax sharing agreement that is important to you. We encourage you to read the "form of" tax sharing agreement carefully in its entirety for a more complete understanding of the tax sharing agreement that the parties expect to enter into.* 

In connection with the distribution, GCI Liberty and Liberty Broadband will enter into the tax sharing agreement. The tax sharing agreement generally allocates to GCI Liberty taxes, tax benefits, tax items, and tax-related losses attributable to the business conducted by GCI Liberty, GCI, LLC, and their respective subsidiaries, and generally allocates to Liberty Broadband taxes, tax benefits, tax items, and tax-related losses attributable to the business conducted by Liberty Broadband and its subsidiaries (other than GCI Liberty, GCI, LLC, and their respective subsidiaries). In addition, subject to the tax receivables agreement (described below), the tax sharing agreement generally allocates (i) to Liberty Broadband, taxes arising as a result of the separation (and certain tax elections made in connection with such transactions), and (ii) to GCI Liberty, tax benefits resulting from certain tax elections made in connection with such transactions. The tax sharing agreement also includes provisions addressing the filing of tax returns, control of tax audits, cooperation on tax matters, retention of tax records, indemnification, and other tax matters. Upon Charter's execution of a joinder agreement to the tax sharing agreement at the completion of the Charter combination, Charter will become entitled to exercise and enforce all of the rights of, and become jointly and severally liable for all of the obligations and liabilities of, Liberty Broadband under the tax sharing agreement.

References in this summary to the "GCI Liberty group" mean, with respect to any post-distribution period, GCI Liberty and its subsidiaries, and references to the "GCI Liberty business" generally mean, (i) with respect to any pre-distribution period, the business conducted by GCI Liberty, GCI, LLC and their respective subsidiaries, and (ii) with respect to any post-distribution period, the business conducted by the GCI Liberty group. References in this summary to the "Liberty Broadband group" mean, with respect to any post-distribution period, Liberty Broadband and its subsidiaries, and references to the "Liberty Broadband business" generally mean, (i) with respect to any pre-distribution period, the business conducted by Liberty Broadband and its subsidiaries (other than the GCI Liberty business), and (ii) with respect to any post-distribution period, the business conducted by the Liberty Broadband group.

In addition, references in this summary (a) to the term "contribution" mean the contribution by Liberty Broadband of all of the outstanding equity interests of GCI, LLC to GCI Liberty in exchange for GCI Liberty stock, including GCI Liberty non-voting preferred stock, and the assumption by GCI Liberty of certain liabilities, (b) to the term "transactions" mean the contribution, the distribution, the reclassification and the preferred stock sale, (c) to the term "Section 338(h)(10) entities" mean GCI, LLC and any of GCI, LLC's subsidiaries treated as U.S. corporations for U.S. federal income tax purposes, (d) to the term "Section 338(h)(10) elections" mean, with respect to the contribution, elections provided for by Section 338(h)(10) of the Code (and any corresponding elections under state, local or non-U.S. tax law) to be jointly made by Liberty Broadband and GCI Liberty with respect to the Section 338(h)(10) entities, (e) to the term "Section 336(e) entities" mean GCI Liberty, GCI, LLC and any of GCI, LLC's subsidiaries treated as U.S. corporations for U.S. federal income tax purposes, (f) to the term "Section 336(e) elections" mean, with respect to the distribution, elections provided for by Section 336(e) of the Code (and any corresponding elections under state, local or non-U.S. tax law) to be made by Liberty Broadband with respect to the Section 336(e) entities, (g) to the term "transaction taxes" mean any taxes imposed on any member of the Liberty Broadband group or GCI Liberty group as a result of the transactions (including as a result of the Section 336(e) elections and Section 338(h)(10) elections) and/or the Charter combination, including any taxes imposed on any payments made between the parties under the tax sharing agreement, the

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tax receivables agreement, or the separation and distribution agreement, (h) to the term "combined return" mean any tax return with respect to a pre-distribution period that includes tax items of both the Liberty Broadband business and the GCI Liberty business, determined in accordance with the allocation rules of the tax sharing agreement, and any tax return with respect to a post-distribution period that includes one or more members of the Liberty Broadband group and one or more members of the GCI Liberty group, (i) to the term "separate return" mean any tax return that is not a combined return, (j) to the term "controlling party" mean, with respect to any tax return, the party responsible under the tax sharing agreement for the filing of such tax return, and (k) to the term "non-controlling party" mean, with respect to any tax return, the party that is not responsible under the tax sharing agreement for the filing of such tax return.

GCI, LLC and certain of its subsidiaries currently join with Liberty Broadband in the filing of a consolidated return for U.S. federal income tax purposes and also join with Liberty Broadband in the filing of certain consolidated, combined, and unitary returns for state, local, and foreign tax purposes. However, generally for tax periods beginning after the distribution, these subsidiaries of GCI Liberty will not join with Liberty Broadband in the filing of U.S. federal, state, local or foreign consolidated, combined or unitary tax returns.

Under the tax sharing agreement, Liberty Broadband is liable for the taxes (initially determined without regard to tax benefits) allocated to it, as reduced first by any tax benefits allocated to it and then by any tax benefits allocated to GCI Liberty (to the extent such benefits are not first used by GCI Liberty), and must pay such taxes, as so reduced, to the applicable tax authority or to GCI Liberty (if required to indemnify GCI Liberty for such taxes). Similarly, GCI Liberty is liable for the taxes (initially determined without regard to tax benefits) allocated to GCI Liberty, as reduced first by any tax benefits allocated to it and then by any tax benefits allocated to Liberty Broadband (to the extent such benefits are not first used by Liberty Broadband), and must pay such taxes, as so reduced, to the applicable tax authority or to Liberty Broadband (if required to indemnify Liberty Broadband for such taxes).

Generally, the tax sharing agreement allocates to GCI Liberty all taxes, tax items and tax benefits that are attributable to or arise from the GCI Liberty business (including the operation and activities thereof) for any tax period (or portion thereof), and allocates to Liberty Broadband all taxes and tax items of the Liberty Broadband business, and all tax benefits not attributable to or arising from (x) the GCI Liberty business, (y) the Section 338(h)(10) elections, or (z) the Section 336(e) elections. Subject to the tax receivables agreement, all transaction taxes are allocated to Liberty Broadband, and all tax benefits resulting from the Section 338(h)(10) elections and Section 336(e) elections are allocated to GCI Liberty. All payments in respect of taxes made by GCI, LLC or any of its subsidiaries to Liberty Broadband or any of its subsidiaries (other than GCI, LLC or its subsidiaries) with respect to any pre-distribution period reduce the amount of any taxes allocated to GCI Liberty, except to the extent such a payment is attributable to a payment of taxes for which Liberty Broadband is entitled to a tax refund that is allocated to GCI Liberty under the terms of the tax sharing agreement. Each party is generally entitled to any refunds of taxes allocated to it under the tax sharing agreement.

If a tax benefit arises in any post-distribution period, the relevant member of the GCI Liberty group shall waive the carryback of such tax benefit to the fullest extent permitted under applicable tax law. If, however, a tax benefit attributable to or arising from the GCI Liberty business is required to be carried back from a post-distribution period to generate a tax benefit on a combined tax return filed with respect to a tax period beginning in a pre-distribution period then, upon the request of GCI Liberty, Liberty Broadband shall use its commercially reasonable efforts to obtain a tax refund in respect of such tax benefit, and shall pay the amount of such tax benefit (net of any taxes or expenses) over to GCI Liberty.

Liberty Broadband and GCI Liberty have agreed in the tax sharing agreement to make Section 338(h)(10) elections with respect to the Section 338(h)(10) entities, and section 336(e) elections with respect to the Section 336(e) entities, which elections will generally allow GCI Liberty and its subsidiaries to obtain a fair market value basis in the assets contributed by Liberty Broadband to GCI Liberty in the contribution. GCI Liberty is responsible for preparing draft forms to effect such elections, and for preparing an allocation of the consideration deemed for U.S. federal income tax purposes to have been paid in connection with such elections among the assets of the Section 338(h)(10) entities and Section 336(e) entities, each of which shall be provided to Liberty Broadband for review and comment. Any disagreements between the parties regarding such allocations not resolved after good faith negotiations shall be resolved according to dispute resolution

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procedures set forth in the tax sharing agreement. The parties are generally obligated to file all tax returns consistent with such allocations, and not take any inconsistent position on a tax return, in a tax proceeding, or otherwise.

With respect to other tax returns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GCI Liberty is responsible for preparing a pro forma draft of the portions of any combined return reflecting tax items of the GCI Liberty business (together with any supporting documentation), and Liberty Broadband is responsible for preparing the other portions of any combined return and filing such completed returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Broadband is responsible for preparing and filing all separate returns of the Liberty Broadband group or with respect to the Liberty Broadband business, and GCI Liberty is responsible for preparing and filing all separate returns of the GCI Liberty group or with respect to the GCI Liberty business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The non-controlling party with respect to a tax return is generally obligated under the tax sharing agreement to provide information about its group necessary for the preparation of that tax return to the controlling party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To the extent that a tax return reflects the transactions, or reflects any information that could reasonably be expected to impact the tax liability of the non-controlling party under the tax sharing agreement, the controlling party shall submit a draft of such tax return to the non-controlling party for its review and comment, with any disputes resolved according to dispute resolution procedures set forth in the tax sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The controlling party with respect to any tax return that reflects information that could reasonably be expected to impact the tax liability of the non-controlling party under the tax sharing agreement is generally obligated to file such tax return consistent with past practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All tax returns of both groups are required to be consistent with the intended tax treatment of the transactions.

The parties must indemnify each other for taxes allocated to them under the tax sharing agreement and for taxes and losses arising from a breach by them of their respective covenants and obligations under the tax sharing agreement. Except as described below, any reimbursements or indemnity payments will initially be made between Liberty Broadband and GCI Liberty on the basis of the tax returns as filed or, if the tax is not reported on a tax return, on the basis of the amount of tax initially paid to the tax authority. Additional payments will then be made if additional taxes are subsequently paid, refunds or tax benefits are subsequently received or utilized or the amount or character of any tax item is adjusted or redetermined.

To the extent permitted by applicable tax law, Liberty Broadband and GCI Liberty will treat any payments made under the tax sharing agreement or the separation and distribution agreement (other than payments of interest) as an adjustment to the purchase price in a taxable transaction deemed to occur as a result of the Section 338(h)(10) elections or the Section 336(e) elections.

Liberty Broadband and GCI Liberty shall not, and shall cause members of their respective groups not to, take any action or fail to take any action that would be inconsistent with the qualification of the transactions for their intended tax treatment.

The controlling party with respect a tax return generally has the right under the tax sharing agreement to control any tax proceeding relating to such tax return. However, Liberty Broadband has the right to control any tax proceeding related to transaction taxes, provided that it must keep GCI Liberty informed, and shall consult with GCI Liberty in good faith regarding any such tax proceeding. To the extent a tax proceeding related to transaction taxes could reasonably be expected to result in a payment by GCI Liberty to Liberty Broadband under the tax receivables agreement, GCI Liberty has the right to participate in such proceeding, and Liberty Broadband shall not settle or compromise any tax item in excess of $1 million without GCI Liberty's prior written consent (not to be unreasonably withheld, conditioned or delayed). If any other tax proceeding (not related to transaction taxes) involves a tax item allocated to the non-controlling party, (i) the non-controlling party has the right to participate in such proceeding insofar as the liabilities of the non-controlling party or any of its subsidiaries are concerned, (ii) the controlling party must keep the

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non-controlling party informed, and shall consult with the non-controlling party, with respect to the tax item, and (iii) the controlling party shall not settle or compromise any such item in excess of $1 million without the non-controlling party's prior written consent (not to be unreasonably withheld, conditioned or delayed). The parties are generally obligated to cooperate as necessary with respect to tax proceedings.

The tax sharing agreement further provides for the exchange of information with respect to tax matters, confidentiality protections related to such exchanged information, the retention of records that may affect the tax liabilities of the parties to the agreement, and cooperation between Liberty Broadband and GCI Liberty with respect to tax matters.

This summary is qualified by reference to the full text of the tax sharing agreement, a form of which is filed as an exhibit to GCI Liberty's registration statement of which this prospectus forms a part.

#### Tax Receivables Agreement
 *A copy of the "form of" tax receivables agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" tax receivables agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" tax receivables agreement that is important to you. We encourage you to read the "form of" tax receivables agreement carefully in its entirety for a more complete understanding of the tax receivables agreement that the parties expect to enter into.* 

In connection with the distribution, GCI Liberty and Liberty Broadband will enter into the tax receivables agreement, which obligates GCI Liberty to pay to Liberty Broadband the value of a portion of the tax benefits realized by GCI Liberty and its subsidiaries if certain conditions are met. More specifically, if the cash taxes payable by Liberty Broadband from the separation exceed $420 million, GCI Liberty must pay to Liberty Broadband the value of the portion of U.S. federal, state and local income tax benefits realized by GCI Liberty as a result of certain tax elections made with respect to the separation that correspond to taxes from the separation in excess of $420 million. Upon Charter's execution of a joinder agreement to the tax receivables agreement at the completion of the Charter combination, Charter will become entitled to exercise and enforce all of the rights of, and become jointly and severally liable for all of the obligations and liabilities of, Liberty Broadband under the tax receivables agreement.

References in this summary to the terms "contribution," "Section 338(h)(10) entities," "Section 338(h)(10) elections," "Section 336(e) entities," "Section 336(e) elections," and "GCI Liberty group" have the meanings ascribed to them in the summary of the tax sharing agreement above. In addition, references in this summary (a) to the term "determination" mean the final resolution of liability for any tax for any tax period, (b) to the term "net positive basis adjustment" mean the actual or hypothetical basis adjustments resulting from the Section 338(h)(10) elections and the Section 336(e) elections, without duplication, (c) to the term "excess aggregate basis adjustment amount" mean the excess of the actual net positive basis adjustment over the hypothetical net positive basis adjustment amount that would have resulted if the cash taxes payable by Liberty Broadband, GCI Liberty and their respective subsidiaries from the separation (and for which Liberty Broadband is liable under the tax sharing agreement) had equaled $420 million, (d) to the term "total realized tax benefit" mean, with respect to any taxable year, the reduction in U.S. federal, state and local income tax liability of the GCI Liberty group as a result of the actual net positive basis adjustments, and (e) to the term "excess realized tax benefit" mean, with respect to any taxable year, the product of (i) the total realized tax benefit multiplied by (ii) the ratio of (A) the excess aggregate basis adjustment amount over (B) the actual net positive basis adjustment.

Generally, GCI Liberty's obligations to make payments under the tax receivables agreement depend on whether the net positive basis adjustment in the assets of the GCI Liberty group as a result of (i) the contribution and the Section 338(h)(10) elections and (ii) without duplication, the distribution and the Section 336(e) elections, exceeds the hypothetical net positive basis adjustment that would have resulted from such transactions and elections if the fair market value of the Section 338(h)(10) entities' assets and Section 336(e) entities' assets were such that the resulting cash taxes payable from the separation by Liberty Broadband, GCI Liberty and their respective subsidiaries (and for which Liberty Broadband is liable under the tax sharing agreement) were $420 million. To the extent there is such an excess aggregate basis

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adjustment amount, GCI Liberty must pay to Liberty Broadband, for any taxable year, an amount equal to the excess realized tax benefit for such taxable year.

For any taxable year in which GCI Liberty has an excess realized tax benefit subject to the tax receivables agreement, GCI Liberty must provide Liberty Broadband a schedule showing the computation of the excess realized tax benefit and the corresponding payment required under the tax receivables agreement (if any) within one hundred and twenty calendar days after the due date (including extensions) for the U.S. federal income tax return of the GCI Liberty group. Such schedule shall become final thirty calendar days after its delivery to Liberty Broadband unless Liberty Broadband provides written notice of material objections. If the parties, negotiating in good faith, are unable to successfully resolve any issues raised in such notice within fifteen calendar days, the parties shall employ certain dispute resolution procedures set forth in the tax receivables agreement. Computations of excess realized tax benefits and the corresponding required payments are generally adjusted under the tax receivables agreement as necessary to reflect subsequent determinations regarding the amount of net positive basis adjustments, any carryback or carryforward of a loss or other tax item, or an amended tax return.

Within three business days of the tax schedule for a given taxable year becoming final as described above, GCI Liberty shall pay to Liberty Broadband a tax benefit payment consisting of the excess realized tax benefit for that taxable year, increased or decreased as necessary for adjustments to the excess realized tax benefits computed and paid in prior taxable years, and increased by interest calculated at an agreed rate from the due date (without extensions) for GCI Liberty's U.S. federal income tax return for that taxable year. To the extent that there is a determination that reduces the excess realized tax benefit taken into account in computing a prior tax benefit payment, Liberty Broadband shall promptly (i) reimburse GCI Liberty for the portion of such prior payment attributable to such reduction and (ii) without duplication, indemnify GCI Liberty and hold it harmless with respect to the allocable portion of any interest, penalties or other losses in respect of the disallowance of such deductions. GCI Liberty is generally required to notify Liberty Broadband if it receives notice from a tax authority of any adjustment that would, if sustained, reduce the amount of any prior or future year excess realized tax benefit.

To the extent permitted by applicable tax law, Liberty Broadband and GCI Liberty will treat any payments made under the tax receivables agreement (other than payments of interest) as an adjustment to the purchase price in a taxable transaction deemed to occur as a result of the Section 338(h)(10) elections or the Section 336(e) elections.

The tax receivables agreement may be terminated if GCI Liberty pays Liberty Broadband an amount that the parties agree represents the value of future payments to be made under the tax receivables agreement. The tax receivables agreement will also terminate automatically if either (i) there is a determination that results in no excess aggregate basis adjustment amount, or (ii) upon the expiration of the applicable statutes of limitation with respect to the taxable year of GCI Liberty that includes the separation, there is no excess aggregate basis adjustment amount. If GCI Liberty determines that either of the events described in (i) or (ii) has occurred, it shall promptly notify Liberty Broadband.

The tax receivables agreement also provides that GCI Liberty must notify Liberty Broadband and keep Liberty Broadband reasonably informed with respect to the portion of any audit of GCI Liberty and its subsidiaries which is reasonably expected to affect Liberty Broadband's rights under the tax receivables agreement. Liberty Broadband must generally cooperate with GCI Liberty, including furnishing information, documents and other materials and making representatives and advisors available, for purposes of making computations under the tax receivables agreement, preparing tax returns, or defending any tax proceeding.

This summary is qualified by reference to the full text of the tax receivables agreement, a form of which is filed as an exhibit to GCI Liberty's registration statement of which this prospectus forms a part**.** 

#### Services Agreement
 *A copy of the "form of" services agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" services agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" services agreement that is important to you. We encourage you to read the* 

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 *"form of" services agreement carefully in its entirety for a more complete understanding of the services agreement that the parties expect to enter into.* 

In connection with the distribution, GCI Liberty will enter into the services agreement with Liberty Media, pursuant to which, following the distribution, Liberty Media will provide GCI Liberty with specified services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurance administration and risk management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other services typically performed by Liberty Media's legal, investor relations, tax, accounting, treasury and internal audit departments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such other services as Liberty Media may obtain from its officers, employees and consultants in the management of its own operations that GCI Liberty may from time to time request or require.

In addition, Liberty Media will provide to GCI Liberty certain technical and information technology services, including management information systems, computer, data storage, network and telecommunications services.

GCI Liberty will pay Liberty Media a services fee, payable in monthly installments, which GCI Liberty and Liberty Media will review and evaluate for reasonableness on a quarterly basis. In addition, the services will be subject to quarterly review by GCI Liberty's audit committee and at least annual review by GCI Liberty's compensation committee. The fees payable to Liberty Media for the first year of the services agreement are not expected to exceed approximately $5 million. In addition, GCI Liberty will reimburse Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services.

The services agreement will generally continue in effect from the distribution date until terminated (1) at any time on at least 30 days' prior written notice by either party, (2) by Liberty Media upon written notice to GCI Liberty following a change in control or certain bankruptcy or insolvency-related events affecting GCI Liberty or (3) by GCI Liberty, upon written notice to Liberty Media, following certain changes in control of Liberty Media or Liberty Media being the subject of certain bankruptcy or insolvency-related events.

This summary is qualified by reference to the full text of the services agreement, a form of which is filed as an exhibit to GCI Liberty's registration statement of which this prospectus forms a part.

#### Facilities Sharing Agreement
 *A copy of the "form of" facilities sharing agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" facilities sharing agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" facilities sharing agreement that is important to you. We encourage you to read the "form of" facilities sharing agreement carefully in its entirety for a more complete understanding of the services agreement that the parties expect to enter into.* 

In connection with the distribution, GCI Liberty will enter into the facilities sharing agreement with Liberty Media and Liberty Property Holdings, Inc. ("**LPH**"), a wholly owned subsidiary of Liberty Media, pursuant to which, following the distribution, GCI Liberty will share office facilities with Liberty Media located at 12300 Liberty Boulevard, Englewood, Colorado. GCI Liberty will pay a sharing fee for use of the office based on a comparable fair market rental rate and an estimate of the usage of the office facilities by or on behalf of GCI Liberty. The facilities sharing agreement will generally continue in effect for an initial three-year term, unless earlier terminated (1) by GCI Liberty at any time on at least 30 days' prior written notice, (2) concurrently with the termination of the services agreement, (3) by LPH upon written notice to GCI Liberty following a default by GCI Liberty of any of its material obligations under the facilities sharing agreement, which default remains unremedied for 30 days after written notice of such default is provided, (4) by GCI Liberty upon written notice to LPH, following certain changes in control of Liberty Media or Liberty Media being the subject of certain bankruptcy or insolvency-related events or (5) by LPH upon written notice to GCI Liberty, following certain changes in control of GCI Liberty or GCI Liberty being the subject of certain bankruptcy or insolvency-related events.

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This summary is qualified by reference to the full text of the facilities sharing agreement, a form of which is filed as an exhibit to GCI Liberty's registration statement of which this prospectus forms a part.

#### Aircraft Time Sharing Agreement
 *A copy of the "form of" aircraft time sharing agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The provisions of the "form of" aircraft time sharing agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" aircraft time sharing agreement that is important to you. We encourage you to read the "form of" aircraft time sharing agreement carefully in its entirety for a more complete understanding of the aircraft time sharing agreement that the parties expect to enter into.* 

In connection with the distribution, GCI Liberty (Lessee) will enter into the aircraft time sharing agreement with Liberty Media for the aircraft owned by Liberty Media. The aircraft time sharing agreement will provide that Liberty Media will lease the aircraft to GCI Liberty and provide or arrange for a fully qualified flight crew for all operations on a periodic, non-exclusive time sharing basis. GCI Liberty will pay Liberty Media an amount equal to the actual expenses of each flight conducted under the aircraft time sharing agreement to the maximum extent permitted under Federal Aviation Administration rules (which GCI Liberty estimates will be a de minimis amount for the first year under the aircraft time sharing agreement). Such expenses may include fuel, oil, lubricants and other additives (plus an additional charge of 100% thereof), travel expenses of the crew, hanger and tie down costs, insurance obtained for a specific flight, landing fees, airport taxes and similar assessments, customs and similar fees, in-flight food and beverage costs, ground transportation, flight planning and weather contact services. The aircraft time sharing agreement will continue in effect until the close of business on the first anniversary of the distribution, and then will be automatically renewed on a month-to-month basis, unless terminated earlier by either party upon at least 30 days' prior written notice or upon a sale of the aircraft.

This summary is qualified by reference to the full text of the aircraft time sharing agreement, a form of which is filed as an exhibit to GCI Liberty's registration statement of which this prospectus forms a part.

#### Related Party Agreements Relating to GCI Liberty

#### Malone Nonvoting Side Letter
In connection with the contemplated separation, on December 31, 2024, Mr. Malone and certain anticipated holders of shares of GCI Group common stock affiliated with Mr. Malone (collectively, the "**Malone GCI group**") entered into the Malone nonvoting side letter pursuant to which each member of the Malone GCI group irrevocably and unconditionally agreed that at any meeting of the holders of GCI Liberty capital stock ("**GCI Liberty stockholders**"), however called, and in connection with any written consent of the GCI Liberty stockholders, the members of the Malone GCI group, in the aggregate, will not vote any shares of GCI Liberty voting stock beneficially owned by the Malone GCI group that, if voted, would result in the aggregate voting power of the Malone GCI group exceeding the lesser of (a) 49.99% of the aggregate voting power in GCI Liberty and (b) the aggregate voting power of the Malone GCI group in Liberty Broadband, with the determination of the aggregate voting power of the Malone GCI group in Liberty Broadband being made as of immediately prior to the record date established by Liberty Broadband with respect to the separation and distribution and without giving effect to the Malone exchange side letter. The Malone nonvoting side letter will automatically terminate upon the earliest of (a) such date and time as the Charter merger agreement shall have been validly terminated in accordance with its own terms prior to the completion of the separation and distribution, (b) such date and time Liberty Broadband in good faith determines that the separation and distribution is not reasonably capable of being achieved in accordance with Section 5.24(f) of the Charter merger agreement, (c) the approval by the FCC of the transfer of control applications required under the Communications Act, permitting the Malone GCI group to exercise de jure control of GCI Liberty and the approval by the RCA of the transfer of control applications permitting the Malone GCI group to exercise de jure control of GCI Liberty, and (d) the written agreement of GCI Liberty and the Malone GCI group to terminate the Malone nonvoting side letter.

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#### Duncan Aircraft Agreement
Pursuant to the Second Amended and Restated Aircraft Lease Agreement, dated as of May 9, 2011 and as amended through the date hereof, between GCI Corp, an indirect wholly owned subsidiary of GCI Liberty, and 560 Company, which is 55% owned by Mr. Duncan, GCI Corp leases a Challenger aircraft from 560 Company for $60,000 per month. Pursuant to a July 1, 2020 letter agreement (the "**aircraft agreement**") between GCI Corp and Mr. Duncan, President, Chief Executive Officer and Director of GCI Liberty, Chief Executive Officer and Director of GCI Corp and President of 560 Company, Mr. Duncan is entitled to 100 hours per year of personal flight time on such aircraft through the first to occur of (i) the date that Mr. Duncan ceases to be employed by GCI Corp or any of its subsidiaries or, in the case of certain types of termination of employment as provided in the Duncan Employment Agreement, with respect to up to one-third of such hours, the 120<sup>th</sup> day following such termination or (ii) the cessation of ownership or lease of any aircraft by GCI Corp.

Mr. Duncan incurs taxable income, calculated in accordance with the Standard Industry Fare Level rates, for all personal use of the aircraft under the aircraft agreement.

#### Duncan Lease Agreement
GCI Corp, an indirect wholly owned subsidiary of GCI Liberty, entered into a long-term capital lease agreement, dated September 30, 1991 and amended on September 20, 2002 and April 8, 2008, with Mr. Duncan and his spouse, Janice Duncan, dba RDB Company, an Alaska general partnership, for an office building occupied by GCI Corp. The leased asset was capitalized in 1991 at RDB Company's cost of $0.9 million and the related obligation was recorded. GCI Corp's existing capital lease asset and liability increased by $1.3 million to record the extension of this capital lease. Total payments made to RDB Company under the lease agreement in 2024 were $385,584. The lease terminates on September 30, 2026.

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#### DESCRIPTION OF OUR CAPITAL STOCK
 *GCI Liberty's articles of incorporation will be amended and restated following the internal reorganization and prior to the completion of the distribution. The following briefly summarizes the material terms of GCI Liberty's capital stock that will be contained in the GCI Liberty restated articles. These summaries do not describe every aspect of these securities or the document and are subject to all the provisions of the GCI Liberty restated articles that will be in effect at the time of the distribution, and are qualified in their entirety by reference to the document, which you should read (along with the applicable provisions of Nevada law) for complete information on GCI Liberty's capital stock as of the time of the distribution. The GCI Liberty restated articles, in a form expected to be in effect at the time of the distribution, will be included as an exhibit to this registration statement, of which this prospectus forms a part. The following also summarizes certain relevant provisions of Nevada law. Since the terms of the Nevada laws are more detailed than the general information provided below, you should read the actual provisions of the laws for complete information.* 

#### General
GCI Liberty's authorized capital stock will consist of 557.5 million shares of common stock, par value $0.01 per share, and 50 million shares of preferred stock, par value $0.01 per share.

GCI Liberty is authorized to issue up to 203.75 million shares of GCI Group common stock, of which 100 million shares are designated as Series A GCI Group common stock, 3.75 million shares are designated as Series B GCI Group common stock, and 100 million shares are designated as Series C GCI Group common stock. Further, GCI Liberty is authorized to issue up to 353.75 million shares of Ventures Group common stock (as defined below), of which 100 million shares are designated as Series A Ventures Group common stock, par value $0.01 per share (the "**Series A Ventures Group common stock**"), 3.75 million shares are designated as Series B Ventures Group common stock, par value $0.01 per share (the "**Series B Ventures Group common stock**"), and 250 million shares are designated as Series C Ventures Group common stock (the "**Series C Ventures Group common stock**," and together with the Series A Ventures Group common stock and the Series B Ventures Group common stock, the "**Ventures Group common stock**").

Any discussion in this summary that reflects the existence of the Ventures group, unless the context otherwise indicates, assumes Ventures Group common stock has been issued. Immediately following the separation, GCI Liberty expects that approximately 3,650,938 shares of Series A GCI Group common stock, 400,806 shares of Series B GCI Group common stock and 24,646,041 shares of Series C GCI Group common stock will be issued and outstanding, based on the number of shares of each series of Liberty Broadband common stock outstanding as of the record date, and 10,000 shares of GCI Liberty non-voting preferred stock will be issued and outstanding. Immediately following the separation, no shares of Ventures Group common stock or any other series of preferred stock of GCI Liberty will have been issued.

#### Common Stock
The following is a description of the terms of the GCI Group common stock which will be newly authorized under the GCI Liberty restated articles. The GCI Liberty restated articles anticipate that each series of GCI Group common stock and the corresponding series of Ventures Group common stock, if and when issued, in each case, except as otherwise specified, will have equal rights, powers and privileges. Further, where one or more series of GCI Group common stock is discussed in relation to one or more series of Ventures Group common stock (whether with respect to securities distributions, conversions, redemptions, intergroup interests or otherwise), the equivalent will be true with respect to the Ventures Group common stock in relation to the GCI Group common stock.

*Dividends and Securities Distributions.* Subject to the terms of any series of preferred stock, GCI Liberty is permitted to pay dividends on GCI Group common stock out of the lesser of its assets legally available for the payment of dividends under Nevada law and the "GCI Group Available Dividend Amount" (defined generally as the excess of the total assets less total liabilities of the GCI group over the par value of, or any greater amount determined to be capital in respect of, all outstanding shares of GCI Group common stock or, if there is no such excess, an amount equal to the earnings or loss attributable to the GCI group (if positive) for the fiscal year in which such dividend is to be paid and/or the preceding fiscal year).

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If dividends are paid on any series of GCI Group common stock, an equal per share dividend will be concurrently paid on the other series of GCI Group common stock.

GCI Liberty is permitted to make (i) share distributions of (A) Series C GCI Group common stock to holders of all series of GCI Group common stock, on an equal per share basis; and (B) Series A GCI Group common stock to holders of Series A GCI Group common stock, Series B GCI Group common stock to holders of Series B GCI Group common stock and Series C GCI Group common stock to holders of Series C GCI Group common stock, in each case, on an equal per share basis and subject to certain limitations; and (ii) share distributions of (A) Series C Ventures Group common stock to holders of all series of GCI Group common stock, on an equal per share basis, subject to certain limitations; and (B) Series A Ventures Group common stock to holders of Series A GCI Group common stock, Series B Ventures Group common stock to holders of Series B GCI Group common stock and Series C Ventures Group common stock to holders of Series C GCI Group common stock, in each case, on an equal per share basis and subject to certain limitations; and (iii) share distributions of any other class or series of GCI Liberty's securities or the securities of any other person to holders of all series of GCI Group common stock, on an equal per share basis, subject to certain limitations.

*Conversion at Option of Holder.* Each share of Series B GCI Group common stock is convertible, at the option of the holder, into one share of Series A GCI Group common stock. Shares of Series A GCI Group common stock and Series C GCI Group common stock are not convertible at the option of the holder.

*Conversion at Option of Issuer*. GCI Liberty can convert each share of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock into a number of shares of the corresponding series of Ventures Group common stock at a ratio based on the relative trading prices of Series C GCI Group common stock (or another series of GCI Group common stock subject to certain limitations) and Series C Ventures Group common stock (or another series of Ventures Group common stock, subject to certain limitations) over a specified 20-trading day period.

*Optional Redemption for Stock of a Subsidiary.* GCI Liberty may redeem outstanding shares of GCI Group common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the GCI group (and may or may not hold assets and liabilities attributed to the Ventures group), provided that the GCI Liberty board seeks and receives the approval to such redemption of holders of a majority of the aggregate voting power of the outstanding GCI Group common stock, voting together as a separate class.

If GCI Liberty were to effect a redemption as described above with stock of a subsidiary that also holds assets and liabilities of the Ventures group, shares of Ventures Group common stock shall also be redeemed in exchange for shares of that subsidiary, and the entire redemption would be subject to the voting rights of the holders of GCI Group common stock described above as well as the separate class vote of the holders of Ventures Group common stock, as the case may be.

*Mandatory Dividend, Redemption and Conversion Rights on Disposition of Assets*. If GCI Liberty disposes, in one transaction or series of transactions, of all or substantially all of the assets of the GCI group, it is required to choose one of the following four alternatives, unless the GCI Liberty board obtains the requisite approval of the holders of Series A GCI Group common stock and Series B GCI Group common stock (together, "**GCI Group Voting Securities**") not to take such action or the disposition otherwise qualifies as an exempt disposition (as described below) (in which case GCI Liberty will not be required to take any of the following actions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay a dividend to holders of GCI Group common stock out of the available net proceeds of such disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if there are legally sufficient assets and the "GCI Group Available Dividend Amount" (as such term is defined in Article IV, Section A.2.(i) of the GCI Liberty restated articles) would have been sufficient to pay a dividend, then: (i) if the disposition involves all of the properties and assets of the GCI group, redeem all outstanding shares of GCI Group common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition, or (ii) if the disposition involves substantially all (but not all) of the properties and assets of the GCI

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group, redeem a portion of the outstanding shares of GCI Group common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • convert each outstanding share of each series of GCI Group common stock into a number of shares of the corresponding series of Ventures Group common stock at a specified premium; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • combine a conversion of a portion of the outstanding shares of GCI Group common stock into a number of shares of the corresponding series of Ventures Group common stock with either the payment of a dividend on or a redemption of shares of GCI Group common stock, subject to certain limitations.

Pursuant to the GCI Liberty restated articles, an exempt disposition includes the following with respect to each tracking stock group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the disposition of all or substantially all of GCI Liberty's assets in one transaction or series of related transactions in connection with the liquidation, dissolution or winding up of GCI Liberty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dividend, other distribution or redemption in accordance with the GCI Liberty restated articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition to one or more persons that following the group disposition, GCI Liberty controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition in connection with any disposition of all or substantially all of the assets of such tracking stock group in which GCI Liberty receives as proceeds of such disposition primarily capital stock or other equity securities of the purchaser, acquiror or third party issuer, if a significant portion of the business of such purchaser, acquiror or third party issuer is engaged or proposes to engage consists of one or more businesses similar or complementary to the businesses attributable to such group prior to such disposition, as determined in good faith by the GCI Liberty board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition as to which the GCI Liberty board obtains the requisite approval of the applicable voting stockholders to classify such group disposition as an exempt disposition.

*Voting Rights.* Holders of Series A GCI Group common stock are entitled to one vote for each share of such stock held and holders of Series B GCI Group common stock are entitled to ten votes for each share of such stock held on all matters submitted to a vote of stockholders. Holders of Series C GCI Group common stock are not entitled to any voting powers (including with respect to any class votes taken in accordance with the terms of the GCI Liberty restated articles), except as otherwise required by Nevada law. When so required, holders of Series C GCI Group common stock will be entitled to 1/100th of a vote for each share of such stock held.

Holders of GCI Group Voting Securities will vote as one class with holders of Series A Ventures Group common stock and Series B Ventures Group common stock (together, "**Ventures Group Voting Securities**") and the holders of any shares of preferred stock that is designated as a voting security (together with the GCI Group Voting Securities and the Ventures Group Voting Securities, the "**Voting Securities**"), on all matters that are submitted to a vote of stockholders unless a separate class vote is required by the terms of the GCI Liberty restated articles or Nevada law. Except as required under Nevada law, the holders of any shares of any class or series of GCI Liberty capital stock can validly approve a proposal that has been submitted by the GCI Liberty board to the stockholders for approval to amend the GCI Liberty restated articles in any manner that affects one or more classes or series of GCI Liberty capital stock that has been authorized even if no shares of such class or series of authorized GCI Liberty capital stock is outstanding as of the date of such approval. In connection with certain dispositions of GCI group assets as described above, the GCI Liberty board may determine to seek approval of the GCI Group Voting Securities, voting together as a separate class, to avoid effecting a mandatory dividend, redemption or conversion under the GCI Liberty restated articles.

GCI Liberty may not redeem outstanding shares of GCI Group common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the GCI group unless the GCI Liberty board seeks and receives the approval to such redemption of a requisite number of holders of GCI Group Voting Securities, voting together as a separate class, and, if such subsidiary also holds assets and liabilities of

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the Ventures group, the approval of holders of Ventures Group Voting Securities, to the corresponding Ventures Group common stock redemption, with each affected group voting as a separate class.

The GCI Liberty restated articles impose supermajority voting requirements in connection with certain articles amendments and other extraordinary transactions which have not been approved by 75% of the directors then in office. When these requirements apply, the threshold vote required is 66<sup>2</sup>∕3% of the aggregate voting power of the then outstanding Voting Securities, voting together as a single class.

*Intergroup Interest*. From time to time, the GCI Liberty board may determine to create an intergroup interest in the GCI group in favor of the Ventures group, subject to the terms of the GCI Liberty restated articles and applicable Nevada law. Upon the effectiveness of the GCI Liberty restated articles, no intergroup interests will exist.

If the GCI group has an intergroup interest in the Ventures group at such time as any extraordinary action is taken with respect to the Ventures Group common stock (such as the payment of a dividend, a share distribution, the redemption of such stock for stock of a subsidiary or an action required to be taken in connection with a disposition of all or substantially all of the Ventures group assets), the GCI Liberty board will consider what actions are required, or permitted, to be taken under the GCI Liberty restated articles with respect to the GCI group intergroup interest in the Ventures group. For example, in some instances, the GCI Liberty board may determine that a portion of the aggregate consideration that is available for distribution to holders of Ventures Group common stock must be allocated to the GCI group to compensate the GCI group on a pro rata basis for its interest in the Ventures group. All such board determinations will be made in accordance with the GCI Liberty restated articles and applicable Nevada law.

*Liquidation.* Upon GCI Liberty's liquidation, dissolution or winding up, whether voluntary or involuntary, the holders of shares of GCI Group common stock will be entitled to receive in respect of such stock their proportionate interests in GCI Liberty's assets, if any, remaining for distribution to holders of GCI Liberty common stock (regardless of the group to which such assets are then attributed) in proportion to their respective number of liquidation units per share.

Each share of GCI Group common stock will have one liquidation unit. From and after the first date following the distribution date that shares of Ventures Group common stock have been issued and are outstanding (the "**Ventures issuance date**"), each share of Ventures Group common stock will have a number of liquidation units (including a fraction of one liquidation unit) equal to the amount (calculated to five decimal places) obtained (I) if the Ventures Group common stock is issued in connection with a transaction (including, without limitation, a share distribution, dividend or redemption) resulting in the Ventures Group Reference Share (as defined in the GCI Liberty restated articles) being publicly traded following the Ventures issuance date, by dividing (x) the average of the daily volume weighted average prices of the Ventures Group Reference Shares over the 20-trading day period commencing on (and including) the first trading day on which the Ventures Group Reference Shares trade in the "regular way" market by (y) the average of the daily volume weighted average prices of the GCI Group Reference Share (as defined in the GCI Liberty restated articles) over the 20-trading day period referenced in clause (x) or (II) if clause (I) is not applicable because the Ventures Group Reference Shares are not publicly traded following the Ventures issuance date, by dividing (x) the fair value of a share of Ventures Group common stock as of the Ventures issuance date by (y) the average of the daily volume weighted average prices of the GCI Group Reference Share over the 20-day trading day period commencing on (and including) the Ventures issuance date. After the initial determination of the number of liquidation units applicable to the Ventures Group common stock, the number of liquidation units per share of GCI Group common stock or Ventures Group common stock is subject to adjustment for certain anti-dilutive events.

#### Preferred Stock
The GCI Liberty restated articles will authorize the GCI Liberty board to establish one or more series of preferred stock and to determine, with respect to any series of preferred stock, the terms and rights of the series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the designation of the series;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of authorized shares of the series, which number the GCI Liberty board may subsequently increase or decrease but not below the number of such shares of such series of preferred stock then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dividend rate or amounts, if any, and, in the case of cumulative dividends, the date or dates from which dividends on all shares of the series will be cumulative and the relative preferences or rights of priority or participation with respect to such dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights of the series in the event of GCI Liberty's voluntary or involuntary liquidation, dissolution or winding up and the relative preferences or rights of priority of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights, if any, of holders of the series to convert into or exchange for other classes or series of stock or indebtedness and the terms and conditions of any such conversion or exchange, including provision for adjustments within the discretion of the GCI Liberty board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the voting power, if any, of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms and conditions, if any, for GCI Liberty to purchase or redeem the shares of the series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other relative rights, preferences, restrictions and limitations of the series.

GCI Liberty believes that the ability of the GCI Liberty board to issue one or more series of its preferred stock will provide it with flexibility in structuring possible future financings and acquisitions, and in meeting other corporate needs that might arise. The authorized shares of preferred stock, as well as shares of common stock, will be available for issuance without further action by stockholders, unless such action is required by applicable law or the rules of any stock exchange or automatic quotation system on which GCI Liberty's securities may be listed or traded.

As part of the separation, and prior to the completion of the distribution, Liberty Broadband and its subsidiaries will complete the internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption by GCI Liberty of the GCI Liberty liabilities. As a part of the internal reorganization, and prior to the distribution, Liberty Broadband will consummate the preferred stock sale. Prior to the internal reorganization, GCI Liberty will file a certificate of designations for the GCI Liberty non-voting preferred stock (the "**certificate of designations**"), which will designate the GCI Liberty non-voting preferred stock and will establish its preferences, limitations, voting powers and relative rights. The certificate of designations will become effective upon filing with the Secretary of State of the State of Nevada.

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|:---|:---|
| *Priority:*  | The GCI Liberty non-voting preferred stock ranks senior to the shares of common stock of GCI Liberty (including shares of GCI Group common stock and Ventures Group common stock) (collectively, "**junior stock**"), with respect to dividend rights, rights of redemption and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of GCI Liberty's affairs. |
| *Dividends:*  | Holders of shares of GCI Liberty non-voting preferred stock will be entitled to receive preferential dividends that will accrue and cumulate as provided in the certificate of designations. Dividends on each share of GCI Liberty non-voting preferred stock will accrue on a daily basis at a rate of 12.00% per annum of the liquidation price (as described below) from (and including) the date the shares of GCI Liberty non-voting preferred stock are issued to Liberty Broadband in the internal reorganization (the "**original issuance date**"). <br> If declared by the GCI Liberty board, accrued dividends will be payable quarterly on each dividend payment date, beginning October 15, 2025 and thereafter on each January 15, April 15, July 15, and October 15 (or, if such date is not a business day, the next business day after such date). If GCI Liberty fails to pay cash dividends or the redemption price with respect to any mandatory redemption within 30 calendar days after the applicable dividend payment or redemption date, as applicable, the dividend rate will increase as provided by the certificate of designations. Accrued  |

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|  | dividends that are not paid within 30 days after the applicable dividend payment date will be added to the liquidation price until paid together with all dividends accrued thereon, which will be deemed to satisfy GCI Liberty's obligation to pay the applicable dividend amount. <br> Subject to certain exceptions, so long as any shares of GCI Liberty non-voting preferred stock are outstanding, GCI Liberty may not declare or pay any dividend or make any distribution whatsoever with respect to, or purchase, redeem, or otherwise acquire, any of its junior stock or any other stock ranking on parity with the GCI Liberty non-voting preferred stock ("**parity stock**"), unless and until (i) all accrued and unpaid dividends (whether or not declared) to which holders of shares of GCI Liberty non-voting preferred stock are entitled for all current and all previous dividend periods have been paid (or appropriately set aside), and (ii) GCI Liberty shall have paid, in full, or set aside the consideration sufficient for the payment thereof, all redemption payments with respect to the GCI Liberty non-voting preferred stock that it is then obligated to pay as of such time.  |
| *Distributions upon Liquidation, Dissolution or Winding Up:*  | Subject to the prior payment in full of liabilities owed to GCI Liberty's creditors and the preferential amounts to which any stock senior to the GCI Liberty non-voting preferred stock is entitled, upon GCI Liberty's liquidation, winding-up or dissolution, each holder of shares of GCI Liberty non-voting preferred stock will be entitled to receive, before any distribution is made to the holders of junior stock, an amount equal to the liquidation price plus all unpaid dividends (whether or not declared) accrued to, but excluding, the date of distribution of amounts payable to holders of GCI Liberty non-voting preferred stock since the immediately preceding dividend payment date, which payment shall be made pari passu with any such payment made to holders of any parity stock. <br> As of any date of determination, the "**liquidation price**" of each share of GCI Liberty non-voting preferred stock is equal to the sum of (i) $1,000, plus (ii) all accrued and unpaid dividends (whether or not declared) that have been added to and then remain part of the liquidation price as of such date.  |
| *Mandatory and Optional Redemption:*  | The GCI Liberty non-voting preferred stock is subject to mandatory redemption on the date that is 7 years after the original issuance date (the "**scheduled redemption date**") at a price equal to the liquidation price plus all unpaid dividends (whether or not declared) on such shares accrued from (and including) the most recent dividend payment date to (but not including) (i) the scheduled redemption date or (ii) in the case of shares of GCI Liberty non-voting preferred stock that remain outstanding following the scheduled redemption date, the date on which such shares are redeemed pursuant to the certificate of designations. <br> At the option of GCI Liberty by action of the GCI Liberty board, on or after the fifth anniversary of the original issuance date and prior to the scheduled redemption date, GCI Liberty may redeem all or a portion of the outstanding shares of GCI Liberty non-voting preferred stock (an "optional redemption"), at a price per share equal to the sum of the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date but not including the date of such optional redemption (the "**optional redemption price**"). <br> The certificate of designations provides certain mechanisms for partial redemption and places certain restrictions on GCI Liberty in the event it does not have funds legally available to satisfy its redemption obligations.  |
| *Change in Control Transaction Prior to Fifth Anniversary of the Original Issuance Date:*  | In the event of any Change in Control Transaction (as defined in the certificate of designations) occurring prior to the fifth anniversary of the original issuance date pursuant to which the shares of GCI Liberty non-voting preferred stock outstanding immediately prior to the consummation of such Change in Control Transaction shall not remain outstanding immediately following the consummation of such Change in |

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|  | Control Transaction, the shares of GCI Liberty non-voting preferred stock outstanding immediately prior to the consummation of such Change in Control Transaction shall be converted into shares of mirror preferred stock (as defined below), provided, that the optional redemption price applicable to such shares of mirror preferred stock shall instead equal one hundred and five percent (105%) of the optional redemption price in the event of an optional redemption (the "**optional redemption price increase**"). <br> In the event of any Change in Control Transaction occurring prior to the fifth anniversary of the original issuance date other than as described above, then the shares of GCI Liberty non-voting preferred stock then outstanding shall remain outstanding; provided, that the optional redemption price under the certificate of designations shall be increased to the optional redemption price increase.  |
| *Change in Control Transaction At or After the Fifth Anniversary of the Original Issuance Date:*  | In the event of any Change in Control Transaction occurring on or after the fifth anniversary of the original issuance date, each holder of shares of GCI Liberty non-voting preferred stock shall be entitled to have all of the shares of GCI Liberty non-voting preferred stock then held by such holder redeemed (a "**change in control transaction redemption**") at a price per share equal to one hundred and five percent (105%) of the liquidation price of such share plus one hundred and five percent (105%) of all unpaid dividends (whether or not declared) on such share accrued from (and including) the most recent dividend payment date to (but not including) the date of the change in control transaction redemption. <br> The certificate of designations provides certain mechanisms for GCI Liberty to provide a holder of shares of GCI Liberty non-voting preferred stock an offer to redeem (an "**offer of redemption**") such holder's shares upon a change in control transaction redemption and such holder's delivery of a written notice irrevocably electing (a "**redemption election notice**") to have such holder's shares of GCI Liberty non-voting preferred stock be redeemed in connection with a Change in Control Transaction. <br> If the offer of redemption is delivered by GCI Liberty to a holder of GCI Liberty non-voting preferred stock prior to the consummation of the Change in Control Transaction and a redemption election notice has not been timely delivered in accordance with the certificate of designations prior to the consummation of such Change in Control Transaction, and (i) if the shares of GCI Liberty non-voting preferred stock outstanding immediately prior to the consummation of such Change in Control Transaction shall not remain outstanding immediately following the consummation of such Change in Control Transaction, then the shares of GCI Liberty non-voting preferred stock held by such holder immediately prior to the consummation of the Change in Control Transaction shall be converted into and exchanged for shares of mirror preferred stock upon the consummation of such Change in Control Transaction, or (ii) if there is a Change in Control Transaction other than as described in the foregoing clause (i), then the shares of GCI Liberty non-voting preferred stock held by such holder shall remain outstanding from and following the consummation of such Change in Control Transaction until otherwise redeemed in accordance with the certificate of designations. <br> If a Change in Control Transaction is terminated prior to its consummation or is otherwise not consummated, each of the offer of redemption and any redemption election notices shall automatically be deemed void and of no force or effect.  |
| *Protective Provisions:*  | For so long as any shares of GCI Liberty non-voting preferred stock remain outstanding, GCI Liberty may not take the following actions without the written consent or affirmative vote of the holders of at least a majority of the then outstanding shares of GCI Liberty non-voting preferred stock, consenting or voting separately as a series: |

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|  | &nbsp;&nbsp;&nbsp; • amend, alter or repeal any provision of the certificate of designations, whether by merger, share exchange, consolidation or otherwise (except for any Change in Control Transaction), in a manner that adversely affects the powers, preferences or rights of the GCI Liberty non-voting preferred stock, unless each share of GCI Liberty non-voting preferred stock (x) shall remain outstanding without a material and adverse change to the powers, preferences or rights of the GCI Liberty non-voting preferred stock or (y) shall be converted into or exchanged for preferred stock of the surviving or resulting entity or a direct or indirect parent entity of such surviving or resulting entity having powers, preferences and rights substantially identical to that of a share of GCI Liberty non-voting preferred stock (the "**mirror preferred stock**"); or <br>• increase or decrease the authorized number of shares of the GCI Liberty non-voting preferred stock. <br>|
| *Transfer Restrictions:*  | Until the date that is 2 years from the original issuance date, all proposed transfers of the GCI Liberty non-voting preferred stock will be subject to the prior written approval of GCI Liberty. The foregoing restriction will not apply to the transfer of GCI Liberty non-voting preferred stock in the preferred stock sale. |
| *Voting; Convertibility:*  | Holders of GCI Liberty non-voting preferred stock are not entitled to any voting powers, except as specified in the certificate of designations. Shares of GCI Liberty non-voting preferred stock are not convertible into GCI Group common stock or Ventures Group common stock. |

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#### Appraisal Rights/Dissenter's Rights
A stockholder of a Nevada corporation may be entitled to dissent from, and obtain payment of the fair value of his or her shares in connection with, certain transactions involving the Nevada corporation, including, among others, most mergers, conversions in which the stockholder's interests will be converted, and exchanges in which the stockholder's shares are to be acquired.

However, there is no right of dissent in favor of stockholders of: (i) any class or series which is a "covered security" under section 18(b)(1)(A) or (B) of the Securities Act of 1933, as amended; (ii) any class or series which is traded in an organized market, has at least 2,000 stockholders and has a market value of at least $20,000,000, exclusive of the value of such shares held by the corporation's subsidiaries, senior executives, directors and beneficial stockholders owning more than 10% of such shares; or (iii) certain securities issued by an open end management investment company registered with the SEC.

Notwithstanding the limitations on rights of dissent in the foregoing paragraph, dissenter's rights are available if stockholders are required by the terms of the corporate action to accept for their shares anything other than (i) cash, (ii) securities or other proprietary interests of any other entity that will satisfy the marketability standards set forth in the prior paragraph, or (iii) any combination of clauses (i) and (ii).

A stockholder who wishes to assert dissenter's rights, to the extent available, must comply with all of the requirements for asserting and preserving their dissenter's rights under the NRS Section 92A.300 – 92A.500, including, among others, delivering a statement of intent with respect to the corporate action prior to the taking of the vote at a meeting (or the date set in an advance notice statement given by the company in the case of an action to be taken by written consent of the stockholders for which the corporation gives an advance notice statement), and delivering a written demand for payment by the date set in a dissenter's notice given by the corporation.

#### Anti-Takeover Provisions
Business Combinations: Sections 78.411 through 78.444 of the NRS (the "**Nevada Combinations Statute**") generally prohibit "combinations" including mergers, consolidations, sales and leases of assets, issuances of securities and similar transactions by a Nevada corporation having a requisite number (which GCI Liberty expects to have) of stockholders of record, with any person who beneficially owns (or any affiliate or associate of the corporation who within the previous two years owned), directly or indirectly,

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10% or more of the voting power of the outstanding voting shares of the corporation (an "**interested stockholder**"), within two years after such person first became an interested stockholder unless (i) the board of directors of the corporation approved the combination or transaction by which the person first became an interested stockholder before the person first become an interested stockholder or (ii) the board of directors of the corporation has approved the combination in question and, at or after that time, such combination is approved at an annual or special meeting of the stockholders of the target corporation, and not by written consent, by the affirmative vote of holders of stock representing at least 60% of the outstanding voting power of the target corporation not beneficially owned by the interested stockholder or the affiliates or associates of the interested stockholder.

Beginning two years after the date the person first became an interested stockholder, a combination may also be permitted if the interested stockholder satisfies certain requirements with respect to the aggregate consideration to be received by holders of outstanding shares in the combination. The Nevada Combinations Statute does not apply to combinations with an interested stockholder after the expiration of four years from when the person first became an interested stockholder.

GCI Liberty has elected not to be governed by the Nevada Combination Statute in its articles of incorporation as currently in effect. The GCI Liberty restated articles will also elect not to be governed by the Nevada Combination Statute.

Acquisitions of a Controlling Interest: Sections 78.378 through 78.3793, inclusive, of the NRS (the "**Nevada Control Share Statute**"), pertaining to the acquisition of controlling interests, apply to "issuing corporations" that are Nevada corporations doing business, directly or through an affiliate, in Nevada and having at least 200 stockholders of record, including at least 100 of whom have addresses in Nevada appearing on the stock ledger of the corporation. Under those provisions, any person who acquires a controlling interest in a corporation may not exercise voting rights of any "control shares" unless such voting rights are conferred by a majority vote of the disinterested stockholders of the issuing corporation at a special meeting of such stockholders held upon the request, and at the expense, of the acquiring person. The statute applies to acquisition of a "controlling interest" in ownership of outstanding voting shares of an issuing corporation sufficient to enable the acquiring person, individually or in association with others, directly or indirectly, to exercise (i) one-fifth or more but less than one third, (ii) one third or more but less than a majority or (iii) a majority or more of the voting power of the issuing corporation in the election of directors, and voting rights must be conferred by a majority of the disinterested stockholders as each threshold is reached and/or exceeded. "Control shares" also include shares acquired by persons acting in association with an acquiring person and those acquired within 90 days immediately preceding the date of the acquisition triggering the statute. In the event that the control shares are accorded full voting rights and the acquiring person acquires control shares with a majority or more of all the voting power, any stockholder, other than the acquiring person, who does not vote in favor of authorizing voting rights for the control shares is entitled to demand payment for the fair value of such person's shares pursuant to the Nevada dissenter's rights statute.

The Nevada Control Share Statute does not apply to any acquisition of a controlling interest in an issuing corporation if the articles of incorporation or bylaws of the corporation in effect on the 10th day following the acquisition of a controlling interest by the acquiring person provide that the provisions of those sections do not apply to the corporation or to an acquisition of a controlling interest specifically by types of existing or future stockholders, whether or not identified. Therefore, the board of directors of a Nevada corporation usually may unilaterally avoid the imposition of burdens imposed by the control share statute by promptly amending the bylaws of the corporation in connection with a transaction. A Nevada corporation may impose stricter requirements if it so desires.

GCI Liberty has opted out of the provisions of the Nevada Control Share Statute in its articles of incorporation as currently in effect. The GCI Liberty restated articles will opt out of the provisions of the Nevada Control Share Statute.

#### Limitation on Liability and Indemnification of Directors and Officers
Under Nevada law, unless otherwise provided in the articles of incorporation or pursuant to certain statutory exceptions, a director or officer is not individually liable to the corporation's stockholders or

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creditors for damages as a result of an act or failure to act in his or her capacity as a director or officer unless a statutory presumption that such person acted in good faith and with a view to the interests of the corporation has been rebutted. In addition, it must be proven both that the act or failure to act constituted a breach of a fiduciary duty as a director or officer and that such breach involved intentional misconduct, fraud or a knowing violation of law. The GCI Liberty restated articles will provide that, to the fullest extent permitted by Nevada law, GCI Liberty's directors and officers will not be individually liable to GCI Liberty or any of its stockholders or creditors for damages as a result of any act or failure to act in his or her capacity as a director or officer.

The GCI Liberty restated articles will provide that, to the fullest extent permitted by applicable law, GCI Liberty will indemnify any person who was or is a party or is threatened to be made a party or is otherwise involved in any investigation, threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person, or a person for whom such person is the legal representative, is or was a director or officer of GCI Liberty, or is or was serving at the request of GCI Liberty as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to nonprofit entities or employee benefit plans, against all expenses, including reasonable attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the investigation, action, suit or proceeding.

#### Board of Directors
The GCI Liberty restated articles will provide that, subject to any rights of the holders of any series of preferred stock to elect additional directors, the number of directors will not be less than three and the exact number will be fixed from time to time by a resolution of the GCI Liberty board. The members of the GCI Liberty board, other than those who may be elected by holders of any preferred stock, are divided into three classes. Each class consists, as nearly as possible, of a number of directors equal to one-third of the then authorized number of board members.

The term of office of the Class I directors expires at the first annual meeting of stockholders held following the separation. The term of office of the Class II directors expires at the second annual meeting of stockholders held following the separation. The term of office of the Class III directors expires at the third annual meeting of stockholders held following the separation.

At each annual meeting of stockholders, the successors of the class of directors whose term expires at that meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. The directors of each class will hold office until their respective successors are elected and qualified or until such director's earlier death, resignation or removal.

The GCI Liberty restated articles will provide that, subject to the rights of the holders of any series of preferred stock, directors may be removed from office only for cause upon the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of GCI Liberty's capital stock generally entitled to vote upon all matters submitted to stockholders, voting together as a single class.

The GCI Liberty restated articles will provide that, subject to the rights of the holders of any series of preferred stock, vacancies on the GCI Liberty board resulting from death, resignation, removal, disqualification or other cause, and newly created directorships resulting from any increase in the number of directors on the GCI Liberty board, will be filled only by the affirmative vote of a majority of the remaining directors then in office (even though less than a quorum) or by the sole remaining director. Any director so elected will hold office for the remainder of the full term of the class of directors in which the vacancy occurred or to which the new directorship is apportioned, and until that director's successor will have been elected and qualified or until such director's earlier death, resignation or removal. No decrease in the number of directors constituting the GCI Liberty board will shorten the term of any incumbent director, except as may be provided in any certificate of designation with respect to a series of preferred stock with respect to any additional director elected by the holders of that series of preferred stock.

These provisions, in addition to our classified board provisions described above, would preclude a stockholder or group of stockholders holding a majority of the voting power of GCI Liberty from removing

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#### No Stockholder Action by Written Consent; Special Meetings
The GCI Liberty restated articles will provide that (except as otherwise provided in the terms of any series of preferred stock), any action required to be taken or which may be taken at any annual meeting or special meeting of stockholders may not be taken without a meeting and may not be effected by any consent in writing by such holders. Except as otherwise required by law and subject to the rights of the holders of any series of GCI Liberty non-voting preferred stock, special meetings of GCI Liberty stockholders for any purpose or purposes may be called only by its Secretary (i) upon the written request of the holders of not less than 66<sup>2</sup>∕3% of the aggregate voting power of GCI Liberty's capital stock generally entitled to vote upon all matters submitted to stockholders, or (ii) at the request of at least 75% of the members of the GCI Liberty board then in office.

#### Amendments
The GCI Liberty restated articles will go beyond the general Nevada law requirement of approval by stockholders holding shares in the corporation representing at least a majority of the voting power and will provide that, subject to the rights of the holders of any series of its preferred stock, the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of GCI Liberty's outstanding capital stock generally entitled to vote upon all matters submitted to stockholders, voting together as a single class, is required to adopt, amend or repeal any provision of the GCI Liberty restated articles or to add or insert any provision therein, provided, that the foregoing enhanced voting requirement will not apply to any adoption, amendment, repeal, addition or insertion (i) as to which the laws of the State of Nevada, as then in effect, do not require the consent of GCI Liberty stockholders or (ii) which has been approved by at least 75% of the members of the GCI Liberty board then in office, in which case the general Nevada majority approval requirement will apply.

The GCI Liberty restated articles will further provide that the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of its outstanding capital stock generally entitled to vote upon all matters submitted to its stockholders, voting together as a single class, is required to adopt, amend or repeal any provision of its bylaws, provided that the foregoing enhanced voting requirement will not apply to (and no stockholder approval will be required for) any adoption, amendment or repeal approved by the affirmative vote of not less than 75% of the members of the GCI Liberty board then in office.

#### Supermajority Voting Provisions
In addition to the voting provisions discussed under "— *Description of GCI Liberty's Common Stock Under the GCI Liberty Restated Articles — GCI Group Common Stock Under the GCI Liberty Restated Articles — Voting Rights*" above and the supermajority voting provisions discussed under "— *Amendments*" above, the GCI Liberty restated articles provide that, subject to the rights of the holders of any series of its preferred stock, an enhanced requirement of the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of its outstanding capital stock generally entitled to vote upon all matters submitted to its stockholders, voting together as a single class, is required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the merger or consolidation of GCI Liberty with or into any other corporation, provided, that the foregoing enhanced voting requirement will not apply to any such merger or consolidation (1) as to which the laws of the State of Nevada, as then in effect, do not require the vote of GCI Liberty stockholders, or (2) that at least 75% of the members of the GCI Liberty board then in office have approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sale, lease or exchange of all, or substantially all, of GCI Liberty's assets, provided, that the foregoing enhanced voting requirement will not apply to any such sale, lease or exchange that at least 75% of the members of the GCI Liberty board then in office have approved; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dissolution of GCI Liberty, provided, that the foregoing enhanced voting requirement will not apply to such dissolution if at least 75% of the members of the GCI Liberty board then in office have approved such dissolution.

Where the enhanced voting requirement does not apply, stockholder approval will be as required by Nevada Statute (generally, approval by a majority of the voting power of the stockholders, subject to rights of classes or series of stock).

#### Inspection of Books and Records
Nevada law grants any person who has been a stockholder of record of a corporation for at least six months immediately preceding the demand, or any person holding, or thereunto authorized in writing by the holders of, at least 5% of all of its outstanding shares, upon at least five days' written demand, the right to inspect in person or by agent or attorney, during usual business hours (i) the articles of incorporation and all amendments thereto, (ii) the bylaws and all amendments thereto and (iii) a stock ledger or a duplicate stock ledger, revised annually, containing the names, alphabetically arranged, of all persons who are stockholders of the corporation, showing their places of residence, if known, and the number of shares held by them respectively. A stockholder or person seeking such records must furnish the corporation with an affidavit that such inspection is not desired for a purpose other than the business of the corporation and that the stockholder or other person seeking the records has not at any time sold or offered for sale any list of stockholders of any corporation, or aided or abetted any person in procuring any such record of stockholders for any such sale or offer for sale.

In addition, Nevada law grants certain stockholders the right to inspect, copy and audit other books of account and records of a corporation for any proper purpose. The right to inspect the books of account and all financial records of a corporation, to make copies of records and to conduct an audit of such records is granted only to a stockholder who owns at least 15% of the issued and outstanding shares of a Nevada corporation, or who has been authorized in writing by the holders of at least 15% of such shares. Such right of inspection is subject to such stockholder's delivery of an affidavit that such inspection, copy or audit is not desired for any purpose not related to his or her interest as a stockholder and the stockholder's entry into, and compliance with, a confidentiality agreement reasonably protecting the legitimate interests of the corporation. However, these inspection rights do not apply to any corporation that furnishes to its stockholders a detailed, annual financial statement or any corporation that has filed during the preceding 12 months all reports required to be filed pursuant to Section 13 or Section 15(d) of the Exchange Act.

#### Exclusive Forum

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#### Group Policies
If and when GCI Liberty issues shares of the Ventures Group common stock, the GCI Group common stock and Ventures Group common stock will become tracking stocks of GCI Liberty, and it is expected that the GCI Liberty board will adopt management and allocation policies designed to assist it in managing and separately presenting the businesses and operations attributed to the tracking stock groups, and allocating among those groups other items (such as debt, corporate overhead, taxes, corporate opportunities and other charges and obligations) in a manner it deems reasonable after taking into account all material factors. The GCI Liberty board will be able to, without stockholder approval, modify, change, rescind or create exceptions to these policies, or adopt additional policies. Any such modifications, changes, rescissions, exceptions or additional policies would be binding and conclusive unless otherwise determined by the GCI Liberty board.

If and when GCI Liberty issues shares of the Ventures Group common stock, because the GCI group and the Ventures group will continue to be part of a single company, GCI Liberty's directors and officers will have the same fiduciary duties to stockholders of our company as a whole (and not the holders of any particular tracking stock). If and when there are conflicting interests between the GCI group and Ventures group, GCI Liberty's directors will use good faith business judgment to resolve such conflicts. In cases where a material corporate opportunity may appropriately be viewed as one that could be pursued by more than one group, the GCI Liberty board may, independently or at the request of management, review the allocation of that corporate opportunity to one of, or between or among, such groups. In accordance with Nevada law, the GCI Liberty board will make its determination with regard to the allocation of any such opportunity and the benefit of such opportunity in accordance with their good faith business judgment of GCI Liberty's best interests and the best interests of its stockholders as a whole.

#### Stock Transfer Agent and Registrar
Broadridge will be the transfer agent and registrar for all series of the GCI Group common stock.

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#### LEGAL MATTERS
Certain legal matters in connection with the distribution of GCI Group common stock in the distribution described in this prospectus will be passed upon for us by O'Melveny & Myers, LLP. Certain matters with respect to Nevada law will be passed upon for us by Greenberg Traurig, LLP.

#### EXPERTS
The combined financial statements of GCI Liberty as of December 31, 2024 and 2023, and for the years then ended, have been included herein and in the registration statement, in reliance upon the report of KPMG LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of such firm as experts in accounting and auditing.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement on Form S-1 with the SEC under the Securities Act with respect to the shares of our common stock being distributed in the distribution, as contemplated by this prospectus. This prospectus is a part of, and does not contain all of the information set forth in, the registration statement and the exhibits and schedules to the registration statement. For further information with respect to our company and our common stock, please refer to the registration statement, including its exhibits and schedules. Statements made in this prospectus relating to any contract or other document are not necessarily complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract or document.

Upon the effectiveness of the registration statement on Form S-1, of which this prospectus forms a part, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with the Exchange Act, we will file periodic reports, proxy statements and other information with the SEC. You may inspect any document that we file with the SEC, including the registration statement on Form S-1, including its exhibits and schedules, on the Internet website maintained by the SEC at www.sec.gov. Information contained on any website referenced in this prospectus is not incorporated by reference in this prospectus.

 **The information contained on or accessible through our website or Liberty Broadband's website shall not be deemed to be a part of this prospectus or the registration statement on Form S-1, of which this prospectus is a part.** 

You may request a copy of any of our filings with the SEC at no cost, by writing or telephoning the office of:

GCI Liberty, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5900

Attention: Investor Relations

We intend to furnish holders of our common stock with annual reports containing consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles and audited and reported on, with an opinion expressed, by an independent public accounting firm.

For additional information regarding Liberty Broadband and its subsidiaries, you may read and copy Liberty Broadband's periodic reports, proxy statements and other information publicly filed by Liberty Broadband at the SEC's Public Reference Room or on the SEC's website, and you may contact Liberty Broadband at the contact information set forth therein.

You may request a copy of any of Liberty Broadband's filings with the SEC at no cost, by writing or telephoning the office of:

Liberty Broadband Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5700

Attention: Investor Relations

If you have any questions relating to Liberty Broadband or GCI Liberty, you should contact:

Liberty Broadband Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5700

Attention: Investor Relations

After the distribution, holders of GCI Group common stock who have any questions relating to GCI Liberty should contact GCI Liberty at:

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GCI Liberty, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

(720) 875-5900

Attention: Investor Relations

You should rely only on the information contained in this prospectus or to which we have referred you. We have not authorized any person to provide you with different information or to make any representation not contained in this prospectus.

This prospectus includes information concerning Liberty Broadband, which is a public company and files reports and other information with the SEC in accordance with the requirements of the Securities Act and the Exchange Act. Information included in this prospectus concerning Liberty Broadband has been derived from the reports and other information filed by it with the SEC. Those reports and such other information filed by Liberty Broadband with the SEC are not incorporated by reference in this prospectus. You may read and copy any reports and other information filed by these companies as set forth above.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| Unaudited Financial Statements |  |
| [Condensed Combined Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)](#tCCBS)  | [F-2](#tCCBS) |
|  [Condensed Combined Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)](#tCCBS1)  | [F-3](#tCCBS1) |
|  [Condensed Combined Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)](#tCCSCF1)  | [F-4](#tCCSCF1) |
|  [Condensed Combined Statements of Equity for the three months ended March 31, 2025 and 2024 (unaudited)](#tCCSE1)  | [F-5](#tCCSE1) |
| [Notes to Condensed Combined Financial Statements (unaudited)](#NTCS1)  | [F-6](#NTCS1) |
| Audited Financial Statements |  |
| [Report of Independent Registered Public Accounting Firm](#ROIP)  | [F-14](#ROIP) |
| [Combined Balance Sheets as of December 31, 2024 and 2023](#tCBS)  | [F-15](#tCBS) |
| [Combined Statements of Operations for the years ended December 31, 2024 and 2023](#tCSOF)  | [F-16](#tCSOF) |
| [Combined Statements of Cash Flows for the years ended December 31, 2024 and 2023](#tCSOC)  | [F-17](#tCSOC) |
| [Combined Statements of Equity for the years ended December 31, 2024 and 2023](#tCSOE)  | [F-18](#tCSOE) |
| [Notes to Combined Financial Statements](#NTCS)  | [F-19](#NTCS) |

---

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#### GCI LIBERTY, INC.

#### Condensed Combined Balance Sheets (unaudited)

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| *Assets* |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $148 | 74 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables, net of allowance for credit losses of $4 million and $4 million, respectively  | 163 | 184 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | 54 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 365 | 319 |
| Property and equipment, net  | 1164 | 1150 |
| Intangible assets not subject to amortization (note 4) |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill  | 746 | 746 |
| &nbsp;&nbsp;&nbsp; Cable certificates  | 550 | 550 |
| &nbsp;&nbsp;&nbsp; Other  | 41 | 41 |
|  | 1337 | 1337 |
| Intangible assets subject to amortization, net (note 4)  | 401 | 411 |
| Other assets, net  | 165 | 165 |
| &nbsp;&nbsp;&nbsp; Total assets  | 3432 | 3382 |
| *Liabilities and Equity* |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | $97 | 110 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Current portion of debt (note 5)  | 4 | 3 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 79 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 201 | 192 |
| Long-term debt, net (note 5)  | 1069 | 1066 |
| Obligations under tower obligations and finance leases, excluding current portion  | 71 | 72 |
| Long-term deferred revenue  | 130 | 113 |
| Deferred income tax liabilities  | 353 | 359 |
| Other liabilities  | 143 | 151 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 1967 | 1953 |
| Redeemable noncontrolling interest in equity of subsidiary  | 15 | 15 |
| *Equity* |  |  |
| Member's equity: |  |  |
| &nbsp;&nbsp;&nbsp; Member's investment  | 1778 | 1777 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit)  | (328) | (363) |
| &nbsp;&nbsp;&nbsp; Total equity  | 1450 | 1414 |
| Commitments and contingencies (note 7) |  |  |
| &nbsp;&nbsp;&nbsp; Total liabilities and equity  | $3432 | 3382 |

---

See accompanying notes to condensed combined financial statements.

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#### GCI LIBERTY, INC.

#### Condensed Combined Statements of Operations (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  |
| Revenue  | $266 | 245 |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Operating expense (exclusive of depreciation and amortization)  | 125 | 129 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expense (including stock-based compensation)  | 30 | 29 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 53 | 50 |
|  | 208 | 208 |
| Operating income (loss)  | 58 | 37 |
| Other income (expense):  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense (including amortization of deferred loan fees)  | (10) | (10) |
| &nbsp;&nbsp;&nbsp; Other, net  | 1 | 1 |
|  | (9) | (9) |
| Earnings (loss) before income taxes  | 49 | 28 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (14) | (8) |
| Net earnings (loss)  | $35 | 20 |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C GCI Liberty, Inc. shareholders per common share (note 2)  | $1.22 | NA |

---

See accompanying notes to condensed combined financial statements.

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#### GCI LIBERTY, INC.

#### Condensed Combined Statements of Cash Flows (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $35 | 20 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings (loss) to net cash from operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 53 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense (benefit)  | (5) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in operating assets and liabilities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current and other assets  | 33 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities  | 2 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | 119 | 87 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Capital expenditures  | (65) | (61) |
| &nbsp;&nbsp;&nbsp; Grant proceeds received for capital expenditures  | 16 | 15 |
| &nbsp;&nbsp;&nbsp; Other investing activities, net  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities  | (46) | (46) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings of debt  | 451 |  |
| &nbsp;&nbsp;&nbsp; Repayment of debt, tower obligations and finance leases  | (449) | (62) |
| &nbsp;&nbsp;&nbsp; Other financing activities, net  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | 1 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash, cash equivalents and restricted cash  | 74 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash, beginning of period  | 75 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash, end of period  | $149 | 76 |

---

The following table reconciles cash and cash equivalents and restricted cash reported in the Company's combined balance sheets to the total amount presented in its combined statements of cash flows:

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Cash and cash equivalents  | $148 | 74 |
| Restricted cash included in other long-term assets  | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Total cash and cash equivalents and restricted cash at end of period  | $149 | 75 |

---

See accompanying notes to condensed combined financial statements.

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#### GCI LIBERTY, INC.

#### Condensed Combined Statements of Equity (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Member's <br> investment**  | **Retained <br> earnings <br> (deficit)**  | **Total <br> equity**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Balances at December 31, 2024  | $1777 | (363) | 1414 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp; Other  | (1) |  | (1) |
| Balances at March 31, 2025  | $1778 | (328) | 1450 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Member's <br> investment**  | **Retained <br> earnings <br> (deficit)**  | **Total <br> equity**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Balances at December 31, 2023  | $1766 | (283) | 1483 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 3 |  | 3 |
| Balances at March 31, 2024  | $1769 | (263) | 1506 |

---

See accompanying notes to condensed combined financial statements.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
(1) Basis of Presentation

GCI Liberty, Inc. ("GCI Liberty") is currently a wholly owned subsidiary of Liberty Broadband Corporation ("Liberty Broadband"). GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC, GCI Holdings, LLC ("GCI Holdings" or "GCI") and their subsidiaries (collectively, the "GCI Business") following the separation (defined below). The GCI Business was acquired as a result of the combination of a predecessor of Grizzly Merger Sub 1, LLC and Liberty Broadband that was completed on December 18, 2020 (the "Original Combination").

These financial statements refer to the combination of GCI Holdings and certain other assets and liabilities as the "Company", "us", "we" and "our." All significant intercompany accounts and transactions have been eliminated in the condensed combined financial statements.

The accompanying (a) condensed combined balance sheet as of December 31, 2024, which has been derived from audited financial statements, and (b) the interim unaudited condensed combined financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed combined financial statements should be read in conjunction with the combined financial statements and notes thereto contained in the GCI Liberty, Inc. Annual Report on Form S-1 for the year ended December 31, 2024.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. GCI Liberty considers (i) fair value of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Through its ownership of interests in subsidiaries and other companies, the Company is primarily engaged in providing a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities and educational and medical institutions primarily in Alaska under the GCI brand.

#### Loans from Member
Broadband Holdco, LLC ("Broadband Holdco"), a wholly owned subsidiary of GCI, LLC, entered into a Master Revolving Subordinated Promissory Note with Grizzly Merger Sub 1, LLC (its former sole member) where it could borrow up to $500 million on a revolving basis (the "Subordinated Revolving Note"). The Subordinated Revolving Note matured on December 16, 2024. The interest rate on the Subordinated Revolving Note converted to 4% per annum after the Original Combination was completed and was adjusted to 5.16% per annum in December 2023. The Subordinated Revolving Note had an outstanding balance of zero prior to maturity on December 16, 2024.

#### Dividends Paid to Parent
During both the three months ended March 31, 2025 and 2024, GCI, LLC did not pay any dividends to its parent, Liberty Broadband.

#### Separation of GCI Liberty from Liberty Broadband
GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. Liberty Broadband and its subsidiaries will complete the internal reorganization in order for Liberty

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption of liabilities related to the GCI Business by GCI Liberty. The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. Following the internal reorganization, GCI Liberty will effect a reclassification of GCI Liberty's existing common stock into a sufficient number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock to complete the divestiture of GCI Liberty pursuant to the distribution (the "distribution") by Liberty Broadband to the holders of record of Liberty Broadband common stock, as of the record date for the distribution, of all the shares of GCI Group common stock held by Liberty Broadband immediately prior to the distribution. The internal reorganization, the reclassification and the distribution are collectively referred as the "separation."

In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other against certain losses that may arise from, among other things, our respective businesses, assets and liabilities. In addition, we expect to enter into certain agreements, including the services agreement, the facilities sharing agreement and the aircraft time sharing agreement, with Liberty Media Corporation ("Liberty Media") and/or its subsidiaries. Pursuant to the services agreement, Liberty Media will provide GCI Liberty with public company support services, including legal, tax, accounting, treasury, internal auditing and investor relations services. GCI Liberty will reimburse Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services and will pay a services fee that will be subject to review and evaluation for reasonableness on a quarterly basis. The fees payable to Liberty Media for the first year of the services agreement are not expected to exceed approximately $5 million.

(2) Pro Forma Earnings Per Share

Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss) by 28.7 million common shares, which is the aggregate number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock that would have been issued if the separation had occurred on March 31, 2025, based on the number of shares of each series of Liberty Broadband common stock outstanding as of March 31, 2025, in each case, multiplied by 0.20.

---

| | |
|:---|:---|
| | **Three months ended <br> March 31, 2025**  |
|  | **amounts in millions, except <br> per share amounts**  |
| Net earnings (loss)  | $35 |
| Pro Forma shares outstanding  | 28.7 |
| &nbsp;&nbsp;&nbsp; Unaudited pro forma net earnings (loss) per share  | $1.22 |

---

(3) Revenue Recognition

 *Contracts with Customers* 

The Company expects to recognize revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) of $247 million in the remainder of 2025, $222 million in 2026, $112 million in 2027, $28 million in 2028 and $21 million in 2029 and thereafter.

The Company applies certain practical expedients as permitted and does not disclose information about remaining performance obligations that have original expected durations of one year or less, information about revenue remaining from usage based performance obligations that are recognized over time as-invoiced, or variable consideration allocated to wholly unsatisfied performance obligations. The

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
Company excludes variable consideration from its remaining performance obligations that are unsatisfied for certain of its business data contracts that have an original expected duration greater than one year. Such contracts are associated with GCI Holdings' participation in the Rural Health Care ("RHC") Program because the rates charged under those contracts are highly regulated by the FCC and must be approved annually. Beyond the variability in the rate to be determined annually, the RHC Program is also subject to funding caps that could potentially limit the amount of funding for the RHC Program, which would also reduce the amount of funding available to GCI Holdings. The RHC Program contracts typically have a term that ranges from three to five years.

The Company had receivables of $175 million and $193 million at March 31, 2025 and December 31, 2024, respectively, the long-term portion of which are included in Other assets, net. The Company had deferred revenue of $32 million and $33 million at March 31, 2025 and December 31, 2024, respectively. The receivables and deferred revenue are only from contracts with customers. GCI Holdings' customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying combined statements of operations as the services are provided. Changes in the contract liability balance for the Company during 2025 was not materially impacted by other factors.

Revenue by segment from contracts with customers, classified by customer type and significant service offerings follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| GCI Holdings |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Revenue  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data  | $61 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless  | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 9 | 11 |
| &nbsp;&nbsp;&nbsp; Business Revenue  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data  | 127 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless  | 8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 3 | 3 |
| Lease, grant, and revenue from subsidies  | 24 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total  | $266 | 245 |

---

 *Government Assistance* 

In current and prior years, the Company has been awarded, as either the recipient or subrecipient, federal government grants to construct broadband infrastructure to unserved and underserved communities in rural Alaska. During the three months ended March 31, 2025 and 2024, the Company received approximately $16 million and $15 million, respectively, for grants awarded in current and/or prior years.

For accounting purposes, these grants are accounted for using a grant accounting model by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance. These grants were recorded as deferred revenue since the primary conditions for the receipt of the grant are the build out and operation of the broadband services over the established time frames, which range from 11 to 17 years for assets already placed in service and will be based on the property's useful life for assets currently being constructed. During the three months ended March 31, 2025 and 2024, revenue recorded in the combined financial statements was not material. Both short-term and long-term deferred

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
revenue have been recorded for the amounts of the grants received, with approximately $3 million and $2 million recorded as short-term deferred revenue, and approximately $108 million and $55 million recorded as long-term deferred revenue, respectively, as of March 31, 2025 and 2024.

(4) Goodwill and Intangible Assets

 *Intangible Assets Subject to Amortization, net* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2025**  | **March 31, 2025**  | **March 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Customer relationships  | $515 | (184) | 331 | 515 | (173) | 342 |
| Other amortizable intangible assets  | 170 | (100) | 70 | 165 | (96) | 69 |
| Total  | $685 | (284) | 401 | 680 | (269) | 411 |

---

Intangible assets are being amortized generally on an accelerated basis as reflected in amortization expense and in the future amortization table below.

Amortization expense for intangible assets with finite useful lives was $14 million and $15 million for the three months ended March 31, 2025 and 2024, respectively. Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in millions):

---

| | |
|:---|:---|
| Remainder of 2025  | $42 |
| 2026  | $53 |
| 2027  | $51 |
| 2028  | $49 |
| 2029  | $43 |

---

(5) Debt

Debt is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Outstanding <br> principal <br> March 31, <br> 2025**  | **Carrying value**  | **Carrying value**  |
| | **Outstanding <br> principal <br> March 31, <br> 2025**  | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Senior Notes  | $600 | 618 | 619 |
| Senior Credit Facility  | 454 | 454 | 447 |
| Wells Fargo Note Payable  | 4 | 4 | 4 |
| Deferred financing costs  |  | (3) | (1) |
| &nbsp;&nbsp;&nbsp; Total debt  | $1058 | 1073 | 1069 |
| &nbsp;&nbsp;&nbsp; Debt classified as current  |  | (4) | (3) |
| &nbsp;&nbsp;&nbsp; Total long-term debt  |  | $1069 | 1066 |

---

#### Senior Notes
On October 7, 2020, GCI, LLC issued $600 million aggregate principal amount of 4.75% senior notes due 2028 (the "Senior Notes"). The Senior Notes are unsecured and interest on the Senior Notes is payable

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
semi-annually in arrears. The Senior Notes are redeemable at the Company's option, in whole or in part, at a redemption price defined in the indenture, and accrued and unpaid interest (if any) to the date of redemption. The Senior Notes are stated net of an aggregate unamortized premium of $18 million at March 31, 2025. Such premium is being amortized to interest expense in the accompanying combined statements of operations.

#### Senior Credit Facility
On March 25, 2025, GCI, LLC entered into the Ninth Amended and Restated Credit Agreement (as amended, the "Senior Credit Facility"), which refinanced in full and replaced the Prior Senior Credit Facility (as defined below) with (x) a new $450 million revolving credit facility, with a $35 million sublimit for letters of credit, that matures on March 25, 2030 (or, to the extent the Senior Notes remains outstanding, the date that is 91 days prior to the maturity date of the Senior Notes or the date that is 91 days prior to the maturity date of any indebtedness with a maturity date that is 91 days prior to March 25, 2030 that is used to refinance any of the Senior Notes) and (y) a $300 million Term Loan A ("Term Loan A") that matures on March 25, 2031 (or, to the extent the Senior Notes remains outstanding, the date that is 91 days prior to the maturity date of the Senior Notes). The revolving credit facility borrowings under the Senior Credit Facility that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.25% depending on GCI, LLC's total leverage ratio. The revolving credit facility borrowings under the Senior Credit Facility that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a margin that varies between 1.50% and 2.25% depending on GCI, LLC's total leverage ratio. Term Loan A borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00% and 1.75% depending on GCI, LLC's total leverage ratio. Term Loan A borrowings that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a margin that varies between 2.00% and 2.75% depending on GCI, LLC's total leverage ratio. Principal payments are due quarterly on the Term Loan A equal to 0.25% of the original principal amount, which may step up to 1.25% of the original principal amount of the Term Loan A depending on GCI, LLC's secured leverage ratio. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. The Senior Credit Facility also has a commitment fee that accrues at a per annum rate between 0.300% and 0.375% on the daily unused amount of the revolving credit facility depending on GCI, LLC's total leverage ratio. The interest rate on the Senior Credit Facility was 6.2% at March 31, 2025.

Prior to the amendment in March 2025, GCI, LLC was party to the Eighth Amended and Restated Credit Agreement (as amended by Amendment No. 1 to the Eighth Amended and Restated Credit Agreement, the "Prior Senior Credit Facility") which included a $550 million revolving credit facility, with a $25 million sublimit for standby letters of credit and a $250 million Term Loan A (the "Prior Term Loan A"). The revolving credit facility borrowings under the Prior Senior Credit Facility that were alternate base rate loans bore interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.75% depending on GCI, LLC's total leverage ratio. The revolving credit facility borrowings under the Prior Senior Credit Facility that were SOFR loans bore interest at a per annum rate equal to the applicable SOFR plus a Credit Spread Adjustment (as defined in the Prior Senior Credit Facility) plus a margin that varies between 1.50% and 2.75% depending on GCI, LLC's total leverage ratio. Prior Term Loan A borrowings that were alternate base rate loans bore interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00% and 2.25% depending on GCI, LLC's total leverage ratio. Prior Term Loan A borrowings that were SOFR loans bore interest at a per annum rate equal to the applicable SOFR plus a margin that varies between 2.00% and 3.25% depending on GCI, LLC's total leverage ratio. Principal payments were due quarterly on the Prior Term Loan A equal to 0.25% of the original principal amount, which could step up to 1.25% of the original principal amount of the Term Loan A depending on GCI, LLC's secured leverage ratio. The Prior Senior Credit Facility also had a commitment fee that accrued at a per annum rate between 0.375% and 0.500% on the daily unused amount of the revolving

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
credit facility depending on GCI, LLC's total leverage ratio. The interest rate on the Prior Senior Credit Facility was 7.3% at March 31, 2024.

GCI, LLC's first lien leverage ratio may not exceed 4.00 to 1.00.

The terms of the Senior Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default. At any time after the occurrence of an event of default under the Senior Credit Facility, the lenders may, among other options, declare any amounts outstanding under the Senior Credit Facility immediately due and payable and terminate any commitment to make further loans under the Senior Credit Facility. The obligations under the Senior Credit Facility are secured by a security interest on substantially all of the assets of GCI, LLC and the subsidiary guarantors, as defined in the Senior Credit Facility, and on the stock of GCI Holdings.

As of March 31, 2025, there was $299 million outstanding under the Term Loan A, $155 million outstanding under the revolving portion of the Senior Credit Facility and $3 million in letters of credit under the Senior Credit Facility, leaving $292 million available for borrowing.

#### Wells Fargo Note Payable
GCI Holdings issued a note to Wells Fargo that matures on July 15, 2029 and is payable in monthly installments of principal and interest (the "Wells Fargo Note Payable"). Outstanding borrowings on the Wells Fargo Note Payable were $4 million as of both March 31, 2025 and December 31, 2024. The interest rates on the Wells Fargo Note Payable were 6.1% and 7.1% at March 31, 2025 and 2024, respectively.

The Wells Fargo Note Payable is subject to similar affirmative and negative covenants as the Senior Credit Facility. The obligations under the Wells Fargo Note Payable are secured by a security interest and lien on the building purchased with the note.

#### Fair Value of Debt
The fair value of the Senior Notes was $557 million at March 31, 2025 (Level 2).

Due to the variable rate nature of the Senior Credit Facility and Wells Fargo Note Payable, the Company believes that the carrying amount approximates fair value at March 31, 2025.

(6) Stock-Based Compensation

Subsequent to the Original Combination, Liberty Broadband granted RSUs to certain employees of its subsidiaries under the Liberty Broadband 2019 Omnibus Incentive Plan, as amended, until its expiration on May 23, 2024 and then subsequently grants RSUs under the Liberty Broadband 2024 Omnibus Incentive Plan. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSUs) based on the grant-date fair value ("GDFV") of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and re-measures the fair value of the Award at each reporting date. Awards generally vest over 1-5 years. Liberty Broadband issues new shares upon vesting of equity awards.

#### Restricted Stock Units
During the three months ended March 31, 2025, there were no Series C Liberty Broadband common stock ("LBRDK") RSUs granted to subsidiary employees. During the three months ended March 31, 2024, the Company granted 66 thousand LBRDK RSUs with a weighted average GDFV of $56.20 per share to subsidiary employees. As of March 31, 2025, the total unrecognized compensation cost related to unvested

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
Awards was approximately $7 million. Such amount will be recognized in the Company's combined statements of operations over a weighted average period of 1.2 years.

The following table presents the number and weighted average GDFV of RSUs granted to employees of GCI Holdings.

---

| | | |
|:---|:---|:---|
| | **LBRDK <br> (000's)**  | **Weighted <br> Average <br> GDFV**  |
| RSUs outstanding at January 1, 2025  | 255 | $93.95 |
| &nbsp;&nbsp;&nbsp; Granted  |  | $— |
| &nbsp;&nbsp;&nbsp; Vested  | (37) | $55.98 |
| &nbsp;&nbsp;&nbsp; Cancelled  | (1) | $89.81 |
| RSUs outstanding at March 31, 2025  | 217 | $100.45 |

---

The aggregate fair value of all RSUs that vested during the three months ended March 31, 2025 and 2024 was $3 million and $926 thousand, respectively.

(7) Commitments and Contingencies

#### Guaranteed Service Levels
Certain customers have guaranteed levels of service with varying terms. In the event the Company is unable to provide the minimum service levels, it may incur penalties or issue credits to customers.

#### Litigation, Disputes, and Regulatory Matters
The Company is involved in various lawsuits, billing disputes, legal proceedings, and regulatory matters that have arisen from time to time in the normal course of business. Management believes there are no proceedings from asserted and unasserted claims which if determined adversely would have a material adverse effect on the Company's financial position, results of operations or liquidity other than as discussed below.

#### RHC Program
GCI Holdings receives support from various Universal Service Fund ("USF") programs including the RHC Program. The USF programs are subject to change by regulatory actions taken by the Federal Communications Commission, interpretations of or compliance with USF program rules, or legislative actions. The USF programs have also been subject to legal challenge, which could disrupt or eliminate the support GCI Holdings receives. Changes to any of the USF programs that GCI Holdings participates in could result in a material decrease in revenue and accounts receivable, which could have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity.

(8) Segment Information

GCI Liberty's chief operating decision maker ("CODM"), the Chief Executive Officer, assesses performance and allocates resources based on the Company's combined statements of operations, as the converged network requires the CODM to manage and evaluate the results of the business in a consolidated manner to drive efficiencies and develop uniform strategies. Accordingly, key components and processes of the Company's operations are managed centrally, including capital and new technology development and deployment, customer service, marketing and advertising, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. Under this organizational and reporting structure, the Company has one reportable segment.

As a single reportable segment entity, the Company's segment performance measure is net earnings (loss). See Note 3 for a description of the Company's disaggregated revenue by customer type and significant

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements (unaudited) March 31, 2025 and 2024
service offerings. Significant segment expenses that are not separately presented on the combined statements of operations but are reviewed by the CODM are presented below:

#### Operating expenses

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Business direct costs  | $26 | 31 |
| Consumer direct costs  | 36 | 37 |
| Technology expense  | 63 | 61 |
| &nbsp;&nbsp;&nbsp; Total operating expenses  | $125 | 129 |

---

Business direct costs consists of network distribution costs, largely to healthcare and education customers, as well as internal and outside labor costs for managing relationships with business customers. Consumer direct costs consists of wireless handset inventory costs, video programming, wireless distribution costs, marketing and advertising expenses to consumer customers, bad debt expense, credit card and other transactional fees, and internal and external labor costs for managing relationships with consumer customers. Technology expense consists of field and technology operations costs incurred to manage the Company's network, including internal and external labor costs, software related costs, lease expenses, maintenance costs, as well as utility costs.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders

Liberty Broadband Corporation:

 *Opinion on the Combined Financial Statements* 

We have audited the accompanying combined balance sheets of GCI Liberty, Inc. and subsidiaries (the Company) (as defined in note 1) as of December 31, 2024 and 2023, the related combined statements of operations, cash flows, and equity for the years then ended, and the related notes (collectively, the combined financial statements). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

 *Basis for Opinion* 

These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2018.

Denver, Colorado

March 31, 2025

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#### GCI LIBERTY, INC.

#### Combined Balance Sheets December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| *Assets* |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $74 | 79 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables, net  | 184 | 169 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | 61 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 319 | 314 |
| Property and equipment, net (note 2)  | 1150 | 1053 |
| Intangible assets not subject to amortization (note 4) |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill  | 746 | 746 |
| &nbsp;&nbsp;&nbsp; Cable certificates  | 550 | 550 |
| &nbsp;&nbsp;&nbsp; Other  | 41 | 40 |
|  | 1337 | 1336 |
| Intangible assets subject to amortization, net (note 4)  | 411 | 461 |
| Other assets, net  | 165 | 167 |
| &nbsp;&nbsp;&nbsp; Total assets  | 3382 | 3331 |
| *Liabilities and Equity* |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | $110 | 82 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 21 | 30 |
| &nbsp;&nbsp;&nbsp; Current portion of debt (note 5)  | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 58 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 192 | 170 |
| Long-term debt, net (note 5)  | 1066 | 1018 |
|  Obligations under tower obligations and finance leases, excluding current portion <br> (note 6)  | 72 | 83 |
| Long-term deferred revenue  | 113 | 65 |
| Deferred income tax liabilities (note 7)  | 359 | 349 |
| Other liabilities  | 151 | 143 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 1953 | 1828 |
| Redeemable noncontrolling interest in equity of subsidiary (note 8)  | 15 | 20 |
| *Equity* |  |  |
| Member's equity: |  |  |
| &nbsp;&nbsp;&nbsp; Member's investment  | 1777 | 1766 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit)  | (363) | (283) |
| &nbsp;&nbsp;&nbsp; Total equity  | 1414 | 1483 |
| Commitments and contingencies (note 11) |  |  |
| &nbsp;&nbsp;&nbsp; Total liabilities and equity  | $3382 | 3331 |

---

See accompanying notes to combined financial statements.

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#### GCI LIBERTY, INC.

#### Combined Statements of Operations December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in millions, <br> except per share amounts**  | **amounts in millions, <br> except per share amounts**  |
| Revenue  | $1016 | 981 |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Operating expense (exclusive of depreciation and amortization)  | 539 | 524 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expense (including stock-based compensation)  | 130 | 115 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 207 | 230 |
|  | 876 | 869 |
| Operating income (loss)  | 140 | 112 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense (including amortization of deferred loan fees)  | (49) | (51) |
| &nbsp;&nbsp;&nbsp; Other, net  | 6 | 4 |
|  | (43) | (47) |
| Earnings (loss) before income taxes  | 97 | 65 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (27) | (24) |
| Net earnings (loss)  | $70 | 41 |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C GCI Liberty, Inc. shareholders per common share (note 2)  | $2.44 | NA |

---

See accompanying notes to combined financial statements.

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#### GCI LIBERTY, INC.

#### Combined Statements of Cash Flows December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $70 | 41 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings (loss) to net cash from operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 207 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 13 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense (benefit)  | 10 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in operating assets and liabilities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current and other assets  | 27 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities  | (45) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | 278 | 276 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Capital expenditures  | (247) | (222) |
| &nbsp;&nbsp;&nbsp; Grant proceeds received for capital expenditures  | 54 | 6 |
| &nbsp;&nbsp;&nbsp; Other investing activities, net  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities  | (193) | (214) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings of debt  | 155 |  |
| &nbsp;&nbsp;&nbsp; Repayment of debt, tower obligations and finance leases  | (107) | (6) |
| &nbsp;&nbsp;&nbsp; Dividends paid to parent  | (150) | (65) |
| &nbsp;&nbsp;&nbsp; Other financing activities, net  | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | (107) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash, cash equivalents and restricted cash  | (22) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash, beginning of period  | 97 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash, end of period  | $75 | 97 |

---

See accompanying notes to combined financial statements.

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#### GCI LIBERTY, INC.

#### Combined Statements of Equity December 31, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
| | **Member's <br> investment**  | **Retained <br> earnings <br> (deficit)**  | **Total <br> equity**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Balances at December 31, 2022  | $1750 | (259) | 1491 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 19 |  | 19 |
| &nbsp;&nbsp;&nbsp; Dividends paid to parent  |  | (65) | (65) |
| &nbsp;&nbsp;&nbsp; Other  | (3) |  | (3) |
| Balances at December 31, 2023  | 1766 | (283) | 1483 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp; Dividends paid to parent  |  | (150) | (150) |
| &nbsp;&nbsp;&nbsp; Other  | (2) |  | (2) |
| Balances at December 31, 2024  | $1777 | (363) | 1414 |

---

See accompanying notes to combined financial statements.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
(1) Basis of Presentation

GCI Liberty, Inc. ("**GCI Liberty**") is currently a wholly owned subsidiary of Liberty Broadband Corporation ("**Liberty Broadband**"). GCI Liberty's businesses, assets and liabilities will initially consist of 100% of the outstanding equity interests in GCI, LLC, GCI Holdings, LLC ("**GCI Holdings**" or "**GCI**") and their subsidiaries (collectively, the "**GCI Business**") following the separation (defined below). The GCI Business was acquired as a result of the combination of a predecessor of Grizzly Merger Sub 1, LLC and Liberty Broadband that was completed on December 18, 2020 (the "**Original Combination**").

The accompanying combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("**GAAP**") and represent a combination of the historical financial information of GCI Liberty. These financial statements refer to the combination of GCI Holdings and certain other assets and liabilities as the "**Company**", "**us**", "**we**" and "**our**." All significant intercompany accounts and transactions have been eliminated in the combined financial statements.

Through its ownership of interests in subsidiaries and other companies, the Company is primarily engaged in providing a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities and educational and medical institutions primarily in Alaska under the GCI brand.

#### Loans from Member
Broadband Holdco, LLC ("**Broadband Holdco**"), a wholly owned subsidiary of GCI, LLC, entered into a Master Revolving Subordinated Promissory Note with Grizzly Merger Sub 1, LLC (its former sole member) where it could borrow up to $500 million on a revolving basis (the "**Subordinated Revolving Note**"). The Subordinated Revolving Note matured on December 16, 2024. The interest rate on the Subordinated Revolving Note converted to 4% per annum after the Original Combination was completed and was adjusted to 5.16% per annum in December 2023. The Subordinated Revolving Note had an outstanding balance of zero as of December 31, 2023 and prior to maturity on December 16, 2024.

#### Dividends Paid to Parent
During the years ended December 31, 2024 and 2023, GCI, LLC paid dividends of $150 million and $65 million, respectively, to Liberty Broadband.

#### Separation of GCI Liberty from Liberty Broadband
GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. Liberty Broadband and its subsidiaries will complete the internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption of liabilities related to the GCI Business by GCI Liberty. The internal reorganization will result in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. Following the internal reorganization, GCI Liberty will effect a reclassification of GCI Liberty's existing common stock into a sufficient number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock to complete the divestiture of GCI Liberty pursuant to the distribution (the "**distribution**") by Liberty Broadband to the holders of record of Liberty Broadband common stock, as of the record date for the distribution, of all the shares of GCI Group common stock held by Liberty Broadband immediately prior to the distribution. The internal reorganization, the reclassification and the distribution are collectively referred as the "**separation**."

In connection with the separation, we expect to enter into certain agreements, including the separation and distribution agreement, the tax sharing agreement and the tax receivables agreement, with Liberty Broadband, pursuant to which, among other things, we and Liberty Broadband will indemnify each other

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
against certain losses that may arise from, among other things, our respective businesses, assets and liabilities. In addition, we expect to enter into certain agreements, including the services agreement, the facilities sharing agreement and the aircraft time sharing agreement, with Liberty Media and/or its subsidiaries. Pursuant to the services agreement, Liberty Media will provide GCI Liberty with public company support services, including legal, tax, accounting, treasury, internal auditing and investor relations services. GCI Liberty will reimburse Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services and will pay a services fee that will be subject to review and evaluation for reasonableness on a quarterly basis. The fees payable to Liberty Media for the first year of the services agreement are not expected to exceed approximately $5 million.

(2) Summary of Significant Accounting Policies

#### Cash and Cash Equivalents
Cash consists of cash deposits held in global financial institutions. Cash equivalents, when held, consist of highly liquid investments with original maturities of three months or less at the time of acquisition. Cash that has restrictions upon its usage has been excluded from cash and cash equivalents. Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and corporate debt securities. The Company maintains some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. As of December 31, 2024 and 2023, the Company had no cash equivalents.

#### Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable are recorded at the invoiced amount and interest is not billed to the customer. For financed device contracts with customers, which is included within trade accounts receivable and other assets, the Company imputes interest and records the imputed interest as a reduction to the related accounts receivable. Interest is recognized over the financed device payment term. The allowance for credit losses is the Company's best estimate of the amount of expected credit losses in its existing accounts receivable. The Company bases its estimates on the aging of its accounts receivable balances, financial health of specific customers, regional economic data, changes in its collections process, regulatory requirements and its customers' compliance with the Federal Communications Commission ("**FCC**") rules.

Depending upon the type of account receivable, the Company's allowance is calculated using a pooled basis using a percentage of related accounts, or a specific identification method. When a specific identification method is used, potentially uncollectible accounts due to bankruptcy or other issues are reviewed individually for collectability. Write-offs of accounts receivable balances occur when the Company deems the receivables are uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers.

A summary of activity in the allowance for credit losses for the years ended December 31, 2024 and 2023 is as follows (amounts in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Additions**  | **Deductions**  | |
| | **Balance at <br> beginning of <br> year**  | **Charged to <br> costs and <br> expenses**  | **Write-offs net <br> of recoveries**  | **Balance at <br> end of <br> year**  |
| 2024  | $5 | 4 | (5) | 4 |
| 2023  | $4 | 5 | (4) | 5 |

---

#### Property and Equipment
Property and equipment is stated at depreciated cost less impairments, if any. Construction costs of facilities are capitalized. Construction in progress represents equipment, distribution facilities, fiber and

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
other capital assets not yet placed in service on December 31, 2024 or 2023, that management intends to place in service when the assets are ready for their intended use. Depreciation is computed using the straight-line method based upon the shorter of the estimated useful lives of the assets or the lease term, if applicable.

Net property and equipment consists of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Land  | $13 | 16 |
| Buildings (25 years)  | 114 | 108 |
| Telephony transmission equipment and distribution facilities (5 – 20 years)  | 899 | 832 |
| Cable transmission equipment and distribution facilities (5 – 30 years)  | 156 | 118 |
| Support equipment and systems (3 – 20 years)  | 128 | 112 |
| Fiber optic cable systems (15 – 25 years)  | 130 | 128 |
| Other (2 – 20 years)  | 87 | 72 |
| Construction in progress  | 302 | 197 |
|  | 1829 | 1583 |
| &nbsp;&nbsp;&nbsp; Accumulated depreciation  | (679) | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net  | $1150 | 1053 |

---

Depreciation of property and equipment under finance leases is included in Depreciation and amortization expense in the combined statements of operations. Depreciation expense of $147 million and $166 million was recorded for the years ended December 31, 2024 and 2023, respectively.

Repairs and maintenance are charged to expense as incurred. Expenditures for major renewals and betterments are capitalized. Accumulated depreciation is removed and gains or losses are recognized at the time of sales or other dispositions of property and equipment.

Material interest costs incurred during the construction period of non-software capital projects are capitalized. Interest is capitalized in the period commencing with the first expenditure for a qualifying capital project and ending when the capital project is substantially complete and ready for its intended use. Capitalized interest costs were $10 million and $7 million for the years ended December 31, 2024 and 2023, respectively.

#### Impairment of Long-lived Assets
The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangible assets) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, including its ultimate disposition, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds its fair value. The Company generally measures fair value by considering sale prices for similar asset groups or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023

#### Asset Retirement Obligations
The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred in Other liabilities in the combined balance sheets. When the liability is initially recorded, the Company capitalizes a cost by increasing the carrying amount of the related long-lived asset. In periods subsequent to initial measurement, changes in the liability for an asset retirement obligation resulting from revisions to either the timing or the amount of the original estimate of undiscounted cash flows are recognized. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss upon settlement.

The majority of the Company's asset retirement obligations are the estimated cost to remove telephony transmission equipment and support equipment from leased property. The asset retirement obligation is in Other liabilities in the combined balance sheets. Following is a reconciliation of the beginning and ending aggregate carrying amounts of the liability for asset retirement obligations (amounts in millions):

---

| | |
|:---|:---|
| Balance at December 31, 2022  | $81 |
| &nbsp;&nbsp;&nbsp; Liability incurred  | 1 |
| &nbsp;&nbsp;&nbsp; Accretion expense  | 2 |
| &nbsp;&nbsp;&nbsp; Liability settled  |  |
| Balance at December 31, 2023  | 84 |
| &nbsp;&nbsp;&nbsp; Liability incurred  | 1 |
| &nbsp;&nbsp;&nbsp; Accretion expense  | 3 |
| &nbsp;&nbsp;&nbsp; Liability settled  |  |
| Balance at December 31, 2024  | $88 |

---

Certain of the Company's network facilities are on property that requires it to have a permit and the permit contains provisions requiring the Company to remove its network facilities in the event the permit is not renewed. The Company expects to continually renew its permits and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that the Company would not be able to successfully renew a permit, which could result in it incurring significant expense in complying with restoration or removal provisions.

#### Intangible Assets
Internally used software, whether developed or purchased and installed as is, is capitalized and amortized using the straight-line method over an estimated useful life of three to five years. The Company capitalizes certain costs associated with internally developed software such as payroll costs of employees devoting time to the projects, external direct costs for materials and services, and interest costs incurred. Costs associated with internally developed software to be used internally are expensed until the point the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of software requires judgment in determining when a project has reached the development stage.

The Company has Software as a Service ("**SaaS**") arrangements which are accounted for as service agreements and are not capitalized. Internal and other third party costs for SaaS arrangements are capitalized or expensed in accordance with the internal use software guidance as discussed in the preceding paragraph.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment upon certain triggering events. Intangible assets with estimable useful lives are being amortized over three to 25 year periods with a weighted-average life of 12 years.

Goodwill, cable certificates (certificates of convenience and public necessity) and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Cable certificates represent agreements or authorizations with government entities that allow access to homes in cable service areas, including the future economic benefits of the right to solicit and service potential customers and the right to deploy and market new services to potential customers. Goodwill represents the excess of cost over fair value of net assets acquired in connection with a business acquisition. The Company's annual impairment assessment of its indefinite-lived intangible assets is performed during the fourth quarter of each year.

The accounting guidance allows entities the option to perform a qualitative impairment test for goodwill. The entity may resume performing the quantitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it was more likely than not that an indicated impairment exists for any of its reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current year and prior year for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test.

The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value and to the extent the carrying value is greater than the fair value, the difference is recorded as an impairment in the combined statements of operations. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in the Company's valuation analyses are based on management's best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts.

The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset, other than goodwill, is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company's indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

#### Revenue Recognition
Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. GCI Holdings recognizes revenue when it satisfies a performance obligation by transferring control of a product or service to a customer. Substantially all of GCI Holdings' revenue is earned from services transferred over time. If at contract inception, GCI Holdings determines the time period between when it transfers a promised good or service to a customer and

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
when the customer pays for that good or service is one year or less, it does not adjust the promised amount of consideration for the effects of a significant financing component.

Substantially all of GCI Holdings' consumer customers have month-to-month contracts and can cancel at any time without significant penalty. The most common contractual term for our business customers ranges from one to five years. GCI Holdings' business customer contracts can generally be canceled at any time but there is usually an early termination fee that can range from the equivalent of one month of service up to the remaining contractual amount due under the contract.

Certain of GCI Holdings' customers have guaranteed levels of service. If an interruption in service occurs, GCI Holdings does not recognize revenue for any portion of the monthly service fee that will be refunded to the customer or not billed to the customer due to these service level agreements.

Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction that are collected by GCI Holdings from a customer, are excluded from revenue from contracts with customers.

 *Nature of Services and Products* 

 *Data* 

Data revenue is generated by providing data network access, high-speed internet services, and product sales. Monthly service revenue for data network access and high-speed internet services is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer. Internet service excess usage revenue is recognized when the services are provided. GCI Holdings recognizes revenue for product sales when a customer takes possession of the equipment. GCI Holdings provides telecommunications engineering services on a time and materials basis. Revenue is recognized for these services as-invoiced.

 *Wireless* 

Wireless revenue is generated by providing access to, and usage of GCI Holdings' network by consumer, business, and wholesale carrier customers. Additionally, GCI Holdings generates revenue by selling wireless equipment such as handsets and tablets. In general, access revenue is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer. Equipment sales revenue associated with the sale of wireless devices and accessories is generally recognized when the products are delivered to and control transfers to the customer. Consideration received from the customer is allocated to the service and products based on stand-alone selling prices when purchased together.

New and existing wireless customers have the option to purchase certain wireless devices in installments over a period of up to 36 months. Under the Upgrade Now program, participating customers have the right to trade-in the original equipment for a new device after making the equivalent of 50% of total installment payments due provided their handset is in good working condition. Upon upgrade, the outstanding balance of the wireless equipment installment plan is exchanged for the used handset. GCI Holdings accounts for this upgrade option as a right of return with a reduction of Revenue and Operating expense for handsets expected to be upgraded based on historical data.

 *Other* 

Other revenue consists of video and voice revenue. Video revenue is generated primarily from residential and business customers that subscribe to GCI Holdings' cable video plans. Video revenue is billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer. GCI Holdings has announced that it plans to exit the video business in 2025, subject to

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
regulatory approvals. Voice revenue is for fixed monthly fees for voice plans as well as usage based fees for long-distance service usage. Voice plan fees are billed in advance, recorded as deferred revenue on the balance sheet, and recognized as the associated services are provided to the customer. Usage based fees are recognized as services are provided.

 *Arrangements with Multiple Performance Obligations* 

Contracts with customers may include multiple performance obligations as customers purchase multiple services and products within those contracts. For such arrangements, revenue is allocated to each performance obligation based on the relative standalone selling price for each service or product within the contract. Standalone selling prices are generally determined based on the prices charged to customers.

 *Significant Judgments* 

Some contracts with customers include variable consideration and may require significant judgment to determine the total transaction price, which impacts the amount and timing of revenue recognized. GCI Holdings uses historical customer data to estimate the amount of variable consideration included in the total transaction price and reassess its estimate at each reporting period. Any change in the total transaction price due to a change in the estimated variable consideration is allocated to the performance obligations on the same basis as at contract inception. Any portion of a change in transaction price that is allocated to a satisfied or partially satisfied performance obligation is recognized as revenue (or a reduction in revenue) in the period of the transaction price change. Variable consideration has been constrained to reduce the likelihood of a significant revenue reversal.

Often contracts with customers include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Judgment is required to determine the standalone selling price for each distinct performance obligation. Services and products are generally sold separately, which helps establish standalone selling price for services and products GCI Holdings provides.

 *Remaining Performance Obligations* 

The Company expects to recognize revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024 of $369 million in 2025, $223 million in 2026, $113 million in 2027, $27 million in 2028 and $21 million in 2029 and thereafter.

The Company applies certain practical expedients as permitted and does not disclose information about remaining performance obligations that have original expected durations of one year or less, information about revenue remaining from usage based performance obligations that are recognized over time as-invoiced, or variable consideration allocated to wholly unsatisfied performance obligations.

The Company excludes variable consideration from its remaining performance obligations that are unsatisfied for certain of its business data contracts that have an original expected duration of greater than one year. Such contracts are associated with GCI Holdings' participation in the Rural Health Care ("**RHC**") Program because the rates charged under those contracts are highly regulated by the FCC and must be approved annually. Beyond the variability in the rate to be determined annually, the RHC Program is also subject to funding caps that could potentially limit the amount of funding for the RHC Program, which would also reduce the amount of funding available to GCI Holdings. The RHC Program contracts typically have a term that ranges from three to five years.

 *Contract Balances* 

The Company had receivables of $193 million and $181 million at December 31, 2024 and 2023, respectively, the long-term portion of which are included in Other assets, net. The Company had deferred

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
revenue of $33 million and $43 million at December 31, 2024 and 2023, respectively. The receivables and deferred revenue are only from contracts with customers. GCI Holdings' customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying combined statements of operations as the services are provided. Changes in the contract liability balance for the Company during 2024 was not materially impacted by other factors.

 *Assets Recognized from the Costs to Obtain a Contract with a Customer* 

Management expects that incremental commission fees paid to intermediaries as a result of obtaining customer contracts are recoverable and therefore the Company capitalizes them as contract costs.

Capitalized commission fees are amortized based on the transfer of goods or services to which the assets relate which typically range from two to five years, and are included in Operating expense (exclusive of depreciation and amortization).

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that otherwise would have been recognized is one year or less. These costs are included in Operating expense (exclusive of depreciation and amortization).

Revenue from contracts with customers, classified by customer type and significant service offerings, is as follows:

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| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| GCI Holdings |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Revenue  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data  | $246 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless  | 142 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 44 | 45 |
| &nbsp;&nbsp;&nbsp; Business Revenue  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data  | 457 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 11 | 14 |
| Lease, grant, and revenue from subsidies  | 76 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total  | $1016 | 981 |

---

#### Government Assistance
In current and prior years, the Company has been awarded, as either the recipient or subrecipient, federal government grants to construct broadband infrastructure to unserved and underserved communities in rural Alaska. During the years ended December 31, 2024 and 2023, the Company received approximately $54 million and $6 million, respectively, for grants awarded in current and/or prior years.

For accounting purposes, these grants are accounted for using a grant accounting model by analogy to International Accounting Standard 20, *Accounting for Government Grants and Disclosure of Government Assistance.* These grants were recorded as deferred revenue since the primary conditions for the receipt of the grant are the build out and operation of the broadband services over the established time frames, which range from 11 to 17 years for assets already placed in service and will be based on the property's useful

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
life for assets currently being constructed. During the years ended December 31, 2024 and 2023, revenue recorded in the combined financial statements was not material. Both short-term and long-term deferred revenue have been recorded for the amounts of the grants received, with approximately $3 million and $2 million recorded as short-term deferred revenue, and approximately $92 million and $41 million recorded as long-term deferred revenue, respectively, as of December 31, 2024 and 2023.

#### Advertising Costs
Advertising costs generally are expensed as incurred. Advertising costs aggregated $7 million and $5 million for the years ended December 31, 2024 and 2023, respectively. Advertising costs are reflected in the Operating expense (exclusive of depreciation and amortization) line item in our combined statements of operations.

#### Stock-Based Compensation
As more fully described in note 9, Liberty Broadband may grant to employees of subsidiaries, restricted shares ("**RSAs**"), restricted stock units ("**RSUs**") and options to purchase shares of parent company common stock (collectively, "**Awards**"). The Company measures the cost of employee services received in exchange for equity classified Awards (such as stock options, RSAs and RSUs) based on the grant-date fair value of the Awards, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Awards). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. The Company recognizes forfeitures as they occur.

Stock compensation expense was $13 million and $19 million for the years ended December 31, 2024 and 2023, respectively, and was included in Operating expense (exclusive of depreciation and amortization) in the accompanying combined statements of operations.

#### Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not that such net deferred tax assets will not be realized. We consider all relevant factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to us for tax reporting purposes, as well as assessing available tax planning strategies. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in the combined statements of operations in the period that includes the enactment date. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law, tax sharing agreements or variances between our actual and anticipated operating results, we make certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates.

When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in Interest expense in the accompanying combined statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in Other, net in the accompanying combined statements of operations.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
We recognize in our combined financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position.

#### Certain Risks and Concentrations
GCI Holdings offers wireless and wireline telecommunication services, data services, video services, and managed services to customers primarily throughout Alaska. Because of this geographic concentration, growth of GCI Holdings' business and operations depends upon economic conditions in Alaska.

GCI Holdings receives support from each of the various Universal Service Fund ("**USF**") programs: rural health care, schools and libraries, high-cost, and lifeline. The programs are subject to change by regulatory actions taken by the FCC or legislative actions, therefore, changes to the programs could result in a material decrease in revenue that the Company has recorded. Historical revenue recognized from the programs was 42% and 39% of GCI Holdings' revenue for the years ended December 31, 2024 and 2023, respectively. The Company had USF net receivables of $125 million at December 31, 2024. See note 11 for more information regarding the rural health care receivables.

#### Loss Contingencies
Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. When it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated, we record the estimated loss in our combined statements of operations. We provide disclosure in the notes to the combined financial statements for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying combined financial statements.

#### Pro Forma Earnings per Share
Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss) by 28.7 million common shares, which is the aggregate number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock that would have been issued if the separation had occurred on December 31, 2024, based on the number of shares of each series of Liberty Broadband common stock outstanding as of December 31, 2024, in each case, multiplied by 0.20.

---

| | |
|:---|:---|
| | **Year ended December 31,**  |
| | **2024**  |
|  | **amounts in millions, except <br> per share amounts**  |
| Net earnings (loss)  | $70 |
| Pro Forma shares outstanding  | 28.7 |
| &nbsp;&nbsp;&nbsp; Unaudited pro forma net earnings (loss) per share  | $2.44 |

---

#### Reclassifications
Reclassifications have been made to the prior years' combined financial statements to conform to the classifications used in the current year. Additionally, the Company has reclassified Operating expenses on the combined statement of operations to separately break out selling, general, and administrative expenses.

#### Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) non-recurring fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

#### Recently Adopted Accounting Pronoucements
In November 2023, the Financial Accounting Standards Board ("**FASB**") issued Accounting Standards Update ("**ASU**") 2023-07, *Improvements to Reportable Segment Disclosures*, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this guidance for the year ended December 31, 2024 and has applied it retrospectively to all prior periods presented in the financial statements. See note 12 for segment disclosures.

#### Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures*, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the impact of the new standard on the related disclosures.

 *In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of the new standard on the related disclosures.* 

(3) Supplemental Disclosures to Combined Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest, net of amounts capitalized  | $56 | 56 |
| &nbsp;&nbsp;&nbsp; Cash paid for taxes, net  | $24 | 3 |
| Noncash activity: |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment expenditures incurred but not yet paid  | $27 | 15 |

---

The following table reconciles cash and cash equivalents and restricted cash reported in the Company's combined balance sheets to the total amount presented in its combined statements of cash flows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Cash and cash equivalents  | $74 | 79 |
| Restricted cash included in other current assets  |  | 16 |
| Restricted cash included in other long-term assets  | 1 | 2 |
| &nbsp;&nbsp;&nbsp; Total cash and cash equivalents and restricted cash at end of period  | $75 | 97 |

---

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
Restricted cash primarily relates to cash restricted for use on GCI Holdings' various arrangements to help fund projects that extended terrestrial broadband service for the first time to rural Alaska communities via a high capacity hybrid fiber optic and microwave network (see note 8).

(4) Goodwill and Intangible Assets

 *Goodwill and Indefinite Lived Assets* 

There have been no changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023.

As presented in the accompanying combined balance sheets, cable certificates are the majority of the other significant indefinite lived intangible assets.

 *Intangible Assets Subject to Amortization, net* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  |
| | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Customer relationships  | $515 | (173) | 342 | 515 | (132) | 383 |
| Other amortizable intangible assets  | 165 | (96) | 69 | 156 | (78) | 78 |
| Total  | $680 | (269) | 411 | 671 | (210) | 461 |

---

Intangible assets are being amortized generally on an accelerated basis as reflected in amortization expense and in the future amortization table below.

Amortization expense for intangible assets with finite useful lives was $60 million and $64 million for the years ended December 31, 2024 and 2023, respectively. Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in millions):

---

| | |
|:---|:---|
| 2025  | $56 |
| 2026  | $53 |
| 2027  | $50 |
| 2028  | $49 |
| 2029  | $42 |

---

 *Impairments* 

The Company recorded no impairments during the years ended December 31, 2024 and 2023.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
(5) Debt

Debt is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Outstanding <br> principal <br> December 31, <br> 2024**  | **Carrying value**  | **Carrying value**  |
| | **Outstanding <br> principal <br> December 31, <br> 2024**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Senior notes  | $600 | 619 | 623 |
| Senior credit facility  | 447 | 447 | 394 |
| Wells Fargo note payable  | 4 | 4 | 5 |
| Deferred financing costs  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp; Total debt  | $1051 | 1069 | 1021 |
| &nbsp;&nbsp;&nbsp; Debt classified as current  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp; Total long-term debt  |  | $1066 | 1018 |

---

#### Senior Notes
On October 7, 2020, GCI, LLC issued $600 million aggregate principal amount of 4.75% senior notes due 2028 (the "**Senior Notes**"). The Senior Notes are unsecured and interest on the Senior Notes is payable semi-annually in arrears. The Senior Notes are redeemable at the Company's option, in whole or in part, at a redemption price defined in the indenture, and accrued and unpaid interest (if any) to the date of redemption. The Senior Notes are stated net of an aggregate unamortized premium of $19 million at December 31, 2024. Such premium is being amortized to interest expense in the accompanying combined statements of operations.

#### Senior Credit Facility
On October 15, 2021, GCI, LLC entered into an Eighth Amended and Restated Credit Agreement, which includes a $550 million revolving credit facility, with a $25 million sublimit for standby letters of credit, that matures on October 15, 2026 and a $250 million Term Loan A (the "**Term Loan A**") that matures on October 15, 2027. On June 12, 2023, GCI, LLC entered into Amendment No. 1 to the Eighth Amended and Restated Credit Agreement (as amended, the "**Senior Credit Facility**") which modified the interest rates to reference the Secured Overnight Financing Rate ("**SOFR**") instead of the London Interbank Offered Rate ("**LIBOR**").

Following the amendment in June 2023, the revolving credit facility borrowings under the Senior Credit Facility that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.75% depending on GCI, LLC's total leverage ratio. The Senior Credit Facility has several leverage ratios defined in the Senior Credit Facility that are referenced throughout. The revolving credit facility borrowings under the Senior Credit Facility that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a Credit Spread Adjustment (as defined in the Senior Credit Facility) plus a margin that varies between 1.50% and 2.75% depending on GCI, LLC's total leverage ratio. Term Loan A borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00% and 2.25% depending on GCI, LLC's total leverage ratio. Term Loan A borrowings that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR plus a margin that varies between 2.00% and 3.25% depending on GCI, LLC's total leverage ratio. Principal payments are due quarterly on the Term Loan A equal to 0.25% of the original principal amount, which may step up to 1.25% of the original principal amount of the Term Loan A depending on GCI, LLC's secured leverage ratio. Each loan may be prepaid at any time and from

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
time to time without penalty other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. Prior to the amendment in June 2023, all rates indexed to SOFR were previously indexed to LIBOR. The Senior Credit Facility also has a commitment fee that accrues at a per annum rate between 0.375% and 0.500% on the daily unused amount of the revolving credit facility depending on GCI, LLC's total leverage ratio. The interest rates on the Senior Credit Facility were 6.3% and 7.3% at December 31, 2024 and 2023, respectively.

GCI, LLC's first lien leverage ratio may not exceed 4.00 to 1.00.

The terms of the Senior Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default. At any time after the occurrence of an event of default under the Senior Credit Facility, the lenders may, among other options, declare any amounts outstanding under the Senior Credit Facility immediately due and payable and terminate any commitment to make further loans under the Senior Credit Facility. The obligations under the Senior Credit Facility are secured by a security interest on substantially all of the assets of GCI, LLC and the subsidiary guarantors, as defined in the Senior Credit Facility, and on the stock of GCI Holdings.

As of December 31, 2024, there was $242 million outstanding under the Term Loan A, $205 million outstanding under the revolving portion of the Senior Credit Facility and $3 million in letters of credit under the Senior Credit Facility, leaving $342 million available for borrowing.

Subsequent to December 31, 2024, GCI, LLC entered into a Ninth Amended and Restated Credit Agreement on March 25, 2025, which refinanced in full and replaced the Senior Credit Facility with (x) a new $450 million revolving credit facility, with a $35 million sublimit for letters of credit, that matures on March 25, 2030 (or, to the extent the Senior Notes remains outstanding, the date that is 91 days prior to the maturity date of the Senior Notes or the date that is 91 days prior to the maturity date of any indebtedness with a maturity date that is 91 days prior to March 25, 2030 that is used to refinance any of the Senior Notes) and (y) a $300 million Term Loan A ("**New Term Loan A**") that matures on March 25, 2031 (or, to the extent the Senior Notes remains outstanding, the date that is 91 days prior to the maturity date of the Senior Notes). The revolving credit facility borrowings under the New Senior Credit Facility that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.25% depending on GCI, LLC's total leverage ratio. The revolving credit facility borrowings under the Senior Credit Facility that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR rate plus a margin that varies between 1.50% and 2.25% depending on GCI, LLC's total leverage ratio. New Term Loan A borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00% and 1.75% depending on GCI, LLC's total leverage ratio. Term Loan A borrowings that are SOFR loans bear interest at a per annum rate equal to the applicable SOFR rate plus a margin that varies between 2.00% and 2.75% depending on GCI, LLC's total leverage ratio. Principal payments are due quarterly on the New Term Loan A equal to 0.25% of the original principal amount, which may step up to 1.25% of the original principal amount of the New Term Loan A depending on GCI, LLC's secured leverage ratio. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. The New Senior Credit Facility also has a commitment fee that accrues at a per annum rate between 0.300% and 0.375% on the daily unused amount of the revolving credit facility depending on GCI, LLC's total leverage ratio.

The New Senior Credit Facility includes representations and warranties, customary affirmative and negative covenants and customary events of default that are similar to those contained in the Senior Credit Facility. The New Senior Credit Facility is secured on the same assets that secure the Senior Credit Facility.

#### Wells Fargo Note Payable
GCI Holdings issued a note to Wells Fargo that matures on July 15, 2029 and is payable in monthly installments of principal and interest (the "**Wells Fargo Note Payable**"). On May 1, 2023, the Wells Fargo

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
Note Payable was amended to update the interest rate to reference SOFR instead of LIBOR. After this amendment, the interest rate is variable at SOFR plus 1.75%. Prior to the amendment, the interest rate was variable at one month LIBOR plus 2.25%. The interest rates on the Wells Fargo Note Payable were 6.1% and 7.1% at December 31, 2024 and 2023, respectively.

The Wells Fargo Note Payable is subject to similar affirmative and negative covenants as the Senior Credit Facility. The obligations under the Wells Fargo Note Payable are secured by a security interest and lien on the building purchased with the note.

#### Debt Covenants
GCI, LLC is subject to covenants and restrictions under its Senior Notes and Senior Credit Facility.

#### Five Year Maturities
The annual principal maturities of debt, based on stated maturity dates, for each of the next five years is as follows (amounts in millions):

---

| | |
|:---|:---|
| 2025  | $3 |
| 2026  | $208 |
| 2027  | $238 |
| 2028  | $601 |
| 2029  | $2 |

---

#### Fair Value of Debt
The fair value of the Senior Notes was $560 million at December 31, 2024 (Level 2).

Due to the variable rate nature of the Senior Credit Facility and Wells Fargo Note Payable, the Company believes that the carrying amount approximates fair value at December 31, 2024.

(6) Leases

In 2016 and 2017, GCI Holdings sold certain tower sites and entered into a master lease agreement in which it leased back space on those tower sites. GCI Holdings determined that it is precluded from applying sales-leaseback accounting.

GCI Holdings has entered into finance lease agreements with satellite providers for transponder capacity to transmit voice and data traffic in rural Alaska. GCI Holdings is also party to finance lease agreements for an office building and certain retail store locations. GCI Holdings also leases office space, land for towers and communication facilities, satellite transponders, fiber capacity, and equipment. These leases are classified as operating leases. Operating lease right-of-use ("**ROU**") assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate at the commencement date of the lease. If lease terms are modified, the ROU assets and operating lease liabilities are adjusted to reflect the updated future lease payments and changes in the incremental borrowing rate.

The Company has leases with remaining lease terms that range from less than one year up to 26 years. Certain of the Company's leases may include an option to extend the term of the lease with such options to extend ranging from one year up to 34 years. The Company also has the option to terminate certain of its leases early with such options to terminate ranging from as early as 30 days up to 13 years from December 31, 2024.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
The components of lease cost during the years ended December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Operating lease cost<sup>(1)</sup>  | $61 | 62 |
| Finance lease cost |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of leased assets  | $1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total finance lease cost  | $1 | 1 |

---

(1) Included within operating lease costs were short-term lease costs and variable lease costs, which were not material to the combined financial statements.

The remaining weighted-average lease term and the weighted average discount rate were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
| Weighted-average remaining lease term (years): |  |  |
| &nbsp;&nbsp;&nbsp; Finance leases  | 1.6 | 2.5 |
| &nbsp;&nbsp;&nbsp; Operating leases  | 3.7 | 4.1 |
| Weighted-average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp; Finance leases  | 4.3% | 4.3% |
| &nbsp;&nbsp;&nbsp; Operating leases  | 7.4% | 7.7% |

---

Supplemental balance sheet information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Operating leases: |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease ROU assets, net<sup>(1)</sup>  | $109 | 105 |
| &nbsp;&nbsp;&nbsp; Current operating lease liabilities<sup>(2)</sup>  | $48 | 45 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities<sup>(3)</sup>  | 60 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating lease liabilities  | $108 | 101 |
| Finance Leases: |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, at cost  | $8 | 8 |
| &nbsp;&nbsp;&nbsp; Accumulated depreciation  | (3) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net  | $5 | 6 |
| &nbsp;&nbsp;&nbsp; Current obligations under finance leases<sup>(4)</sup>  | $1 | 1 |
| &nbsp;&nbsp;&nbsp; Obligations under finance leases  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total finance lease liabilities  | $1 | 2 |

---

(1) Operating lease ROU assets, net are included within the Other assets, net line item in the accompanying combined balance sheets.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
(2) Current operating lease liabilities are included within the Other current liabilities line item in the accompanying combined balance sheets.

(3) Operating lease liabilities are included within the Other liabilities line item in the accompanying combined balance sheets.

(4) Current obligations under finance leases are included within the Other current liabilities line item in the accompanying combined balance sheets.

Supplemental cash flow information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash outflows from operating leases  | $56 | 59 |
| &nbsp;&nbsp;&nbsp; Financing cash outflows from finance leases  | $1 | 1 |
| ROU assets obtained in exchange for lease obligations |  |  |
| &nbsp;&nbsp;&nbsp; Operating leases  | $61 | 41 |

---

Future lease payments under finance leases, operating leases and tower obligations with initial terms of one year or more at December 31, 2024 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Finance <br> Leases**  | **Operating <br> Leases**  | **Tower <br> Obligations**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| 2025  | $1 | 50 | 7 |
| 2026  |  | 36 | 7 |
| 2027  |  | 11 | 8 |
| 2028  |  | 8 | 8 |
| 2029  |  | 4 | 8 |
| Thereafter  |  | 13 | 76 |
| &nbsp;&nbsp;&nbsp; Total payments  | 1 | 122 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: imputed interest  |  | 14 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | $1 | 108 | 75 |

---

(7) Income Taxes

The Company is included in the federal combined income tax return of Liberty Broadband and its subsidiaries during the periods presented. The income tax provision included in these financial statements has been prepared on a stand-alone basis, as if GCI Liberty was not part of the combined Liberty Broadband tax group.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
Income tax (expense) benefit consists of:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp; Federal  | $(12) |  |
| &nbsp;&nbsp;&nbsp; State and local  | (5) | (2) |
|  | (17) | (2) |
| Deferred: |  |  |
| &nbsp;&nbsp;&nbsp; Federal  | (6) | (16) |
| &nbsp;&nbsp;&nbsp; State and local  | (4) | (6) |
|  | (10) | (22) |
| Income tax (expense) benefit  | $(27) | (24) |

---

Income tax benefit (expense) differs from the amounts computed by applying the applicable U.S. federal income tax rate of 21% as a result of the following:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Computed expected tax benefit (expense)  | $(20) | (14) |
| State and local income taxes, net of federal income taxes  | (7) | (6) |
| Executive compensation  | (1) | (3) |
| Stock compensation  |  | (1) |
| Non-deductible expenses  |  | (4) |
| Federal income tax credits  | 2 | 3 |
| Other, net  | (1) | 1 |
| Income tax (expense) benefit  | $(27) | (24) |

---

For the year ended December 31, 2024, the significant reconciling items, as noted in the table above, are primarily due to state income taxes, partially offset by federal tax credits.

For the year ended December 31, 2023, the significant reconciling items, as noted in the table above, are primarily due to state income taxes, certain non-deductible expenses and non-deductible executive compensation.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp; Tax loss and credit carryforwards  | $2 | 31 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 44 | 27 |
| &nbsp;&nbsp;&nbsp; Operating lease liability  | 30 | 28 |
| &nbsp;&nbsp;&nbsp; Other accrued liabilities  | 8 | 7 |
| &nbsp;&nbsp;&nbsp; Asset retirement obligations  | 25 | 24 |
| &nbsp;&nbsp;&nbsp; Other future deductible amounts  | 23 | 26 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets  | 132 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance  | (1) | (1) |
| &nbsp;&nbsp;&nbsp; Net deferred tax assets  | 131 | 142 |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Fixed assets  | 207 | 196 |
| &nbsp;&nbsp;&nbsp; Intangible assets  | 252 | 266 |
| &nbsp;&nbsp;&nbsp; Operating lease ROU assets  | 31 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities  | 490 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax liabilities  | $359 | 349 |

---

During the year ended December 31, 2024, there was no change in the valuation allowance.

At December 31, 2024, the Company had a deferred tax asset of $2 million for federal and state net operating loss ("**NOL**") carryforwards. The future use of the $2 million carryforwards are subject to limitation and expire at certain future dates. Based on current projections, $1 million of these carryforwards may expire unused and accordingly are subject to a valuation allowance. The carryforwards that are expected to be utilized will begin to expire in 2028.

As of December 31, 2024 and 2023, the Company had not recorded tax reserves related to unrecognized tax benefits for uncertain tax positions.

Certain of the entities that will be subsidiaries of the Company were part of a previous parent's combined federal tax group until the date of the Original Combination and have been part of the Liberty Broadband combined federal tax group subsequent to the Original Combination. As of December 31, 2024, all of the Company's federal tax years prior to 2021 are closed. However, because the Company generated NOLs in tax years prior to 2020, utilization of the NOLs in future years are subject to adjustment. Liberty Broadband's 2023 and 2024 tax years are being examined currently as part of the IRS's Compliance Assurance Process program.

(8) Variable Interest Entities

#### New Markets Tax Credit Entities
GCI entered into several arrangements under the New Markets Tax Credit ("**NMTC**") program to help fund various projects that extended terrestrial broadband service for the first time to rural western Alaska

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
communities via a high capacity hybrid fiber optic and microwave network. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (the "**Act**") to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities ("**CDEs**"). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments.

Each of the transactions has an investment fund, which is a special purpose entity created to effect the financing arrangement. In each of the transactions, the Company loaned money to the investment fund and a bank invested money in the investment fund. The investment fund would then contribute the funds from the Company's loan and the bank's investment to a CDE. The CDE, in turn, would loan the funds to the Company's wholly owned subsidiary, Unicom, Inc. ("**Unicom**") as partial financing for the projects.

The bank is entitled to substantially all of the benefits derived from the NMTCs. All of the loan proceeds to Unicom, net of syndication and arrangement fees, were restricted for use on the projects. Restricted cash of $1 million and $18 million was held by Unicom at December 31, 2024 and 2023, respectively, and is included in the Company's combined balance sheets. The Company has completed construction of the projects partially funded by these transactions.

These transactions include put/call provisions whereby the Company may be obligated or entitled to repurchase the bank's interest in each investment fund for a nominal amount. The Company believes that the bank will exercise the put option at the end of the compliance periods for each of the transactions resulting in the possible redemption of the investment fund shares for a nominal amount. The NMTCs are subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code of 1986, as amended. The Company is required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangements. Non-compliance with applicable requirements could result in projected tax benefits not being realized by the bank. As of December 31, 2024, the Company has agreed to indemnify the bank in each of the NMTC transactions for any loss or recapture totaling $23 million until such time as its obligation to deliver tax benefits is relieved. There have been no tax credit recaptures as of December 31, 2024. The value attributed to the put/call is nominal for each of the NMTC transactions.

 *Redeemable Noncontrolling Interests* 

The Company concluded that the put provision is embedded in the noncontrolling interest ("**NCI**") shares of the investment fund and is not a freestanding financial instrument. The NCI is not mandatorily redeemable as the redemption by GCI Liberty is predicated on the NCI holder exercising its put option right. Accordingly, the NCI is optionally redeemable and therefore recognized in temporary equity within the combined balance sheets.

 *Variable Interest Entities* 

The Company has determined that each of the investment funds are variable interest entities ("**VIEs**"). The combined financial statements of each of the investment funds include the CDEs. The ongoing activities of the VIEs — collecting and remitting interest and fees and NMTC compliance — were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIEs. Management considered the contractual arrangements that obligate the Company to deliver tax benefits and provide various other guarantees to the bank; the bank's lack of a material interest in the underlying economics of the project; and the fact that the Company is obligated to absorb losses of the VIEs. The Company concluded that it is the primary beneficiary of each and combined the VIEs in accordance with the accounting standard for consolidation.

In April 2024 and December 2024, the bank exercised its put option for the NMTC transactions that were entered into in March 2017 and December 2017, respectively. The exercise of the put options resulted

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
in the Company obtaining ownership of the investment funds. Upon obtaining ownership of the investment funds, the Company settled the loans and obtained legal ownership of the VIEs associated with those respective NMTC transactions.

The assets and liabilities of the combined VIEs were $59 million and $42 million, respectively, as of December 31, 2024 and $84 million and $59 million, respectively, as of December 31, 2023.

The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. The bank does not have recourse to the Company or its other assets, with the exception of customary representations and indemnities it has provided. The Company is not required and does not currently intend to provide additional financial support to these VIEs. While these subsidiaries are included in its combined financial statements, these subsidiaries are separate legal entities and their assets are legally owned by them and not available to the Company's creditors.

The following table summarizes the key terms of each of the NMTC transactions:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transaction Date**  | **Loan to <br> Investment <br> Fund <br> (in millions)**  | **Interest <br> Rate on <br> Loan to <br> Investment <br> Fund**  | **Maturity Date**  | **Bank <br> Investment <br> (in millions)**  | **Loan to <br> Unicom <br> (in millions)**  | **Interest <br> Rate on <br> Loan(s) to <br> Unicom**  | **Expected Put <br> Option Exercise**  |
| March 21, 2017  | $6.7 | 1.0% | March 21, 2040  | $3.3 | $9.8 | 0.7%  | March 2024<sup>(1)</sup>  |
| December 22, 2017  | $10.4 | 1.0% | December 22, 2047  | $5.1 | $14.7 | 0.7% to 1.2%  | December 2024<sup>(2)</sup>  |
| October 2, 2019  | $4.8 | 1.0% | October 2, 2049  | $2.2 | $6.7 | 1.8%  | October 2026  |
| November 24, 2020  | $11.5 | 1.0% | November 24, 2050  | $4.9 | $15.8 | 0.8%  | November 2027  |
| March 29, 2022  | $13.2 | 1.0% | March 29, 2052  | $5.6 | $18.2 | 0.7% to 1.4%  | March 2029  |
| December 21, 2022  | $5.9 | 1.0% | December 21, 2052  | $2.6 | $8.2 | 1.4%  | December 2029  |
| May 2, 2023  | $6.4 | 1.3% | May 2, 2053  | $2.8 | $9 | 1.0%  | May 2030  |

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(1) Exercised in April 2024 as there is an 180 day window for the put to be exercised after the seventh anniversary

(2) Exercised in December 2024

(9) Stock-Based Compensation

Subsequent to the Original Combination, Liberty Broadband granted RSUs to certain employees of its subsidiaries under the Liberty Broadband 2019 Omnibus Incentive Plan, as amended, until its expiration on May 23, 2024 and then subsequently grants RSUs under the Liberty Broadband 2024 Omnibus Incentive Plan. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSUs) based on the grant-date fair value ("**GDFV**") of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and re-measures the fair value of the Award at each reporting date. Awards generally vest over 1-5 years. Liberty Broadband issues new shares upon vesting of equity awards.

#### Restricted Stock Units
During the years ended December 31, 2024 and 2023, the Company granted 96 thousand and 160 thousand Series C Liberty Broadband common stock ("**LBRDK**") RSUs, respectively, with a weighted average GDFV of $57.07 per share and $86.62 per share, respectively, to subsidiary employees. As of December 31, 2024, the total unrecognized compensation cost related to unvested Awards was approximately

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
$9 million. Such amount will be recognized in the Company's combined statements of operations over a weighted average period of approximately one year.

The following table presents the number and weighted average GDFV of RSUs granted to employees of GCI Holdings.

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| | | |
|:---|:---|:---|
| | **Series C <br> (000's)**  | **Weighted <br> Average <br> GDFV**  |
| RSUs outstanding at December 31, 2023  | 298 | $105.81 |
| &nbsp;&nbsp;&nbsp; Granted  | 96 | $57.07 |
| &nbsp;&nbsp;&nbsp; Vested  | (106) | $91.32 |
| &nbsp;&nbsp;&nbsp; Cancelled  | (33) | $101.94 |
| RSUs outstanding at December 31, 2024  | 255 | $93.95 |

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The aggregate fair value of all RSUs that vested during the years ended December 31, 2024 and 2023 was $9 million and $10 million, respectively.

(10) Employee Benefit Plans

Subsidiaries of the Company sponsor 401(k) plans, which provide their employees an opportunity to make contributions to a trust for investment. The Company's subsidiaries make matching contributions to their plans based on a percentage of the amount contributed by employees. Employer cash contributions to all plans aggregated $14 million and $11 million for the years ended December 31, 2024 and 2023, respectively.

(11) Commitments and Contingencies

#### Guaranteed Service Levels
Certain customers have guaranteed levels of service with varying terms. In the event the Company is unable to provide the minimum service levels, it may incur penalties or issue credits to customers.

#### Litigation, Disputes, and Regulatory Matters
The Company is involved in various lawsuits, billing disputes, legal proceedings, and regulatory matters that have arisen from time to time in the normal course of business. Management believes there are no proceedings from asserted and unasserted claims which if determined adversely would have a material adverse effect on the Company's financial position, results of operations or liquidity other than as discussed below.

#### RHC Program
GCI Holdings receives support from various USF programs including the RHC Program. The USF programs are subject to change by regulatory actions taken by the FCC, interpretations of or compliance with USF program rules, or legislative actions. The USF programs have also been subject to legal challenge, which could disrupt or eliminate the support GCI Holdings receives. Changes to any of the USF programs that GCI Holdings participates in could result in a material decrease in revenue and accounts receivable, which could have an adverse effect on GCI Holdings' business and the Company's financial position, results of operations or liquidity. The following paragraphs describe certain separate matters related to the RHC Program that impact or could impact the revenue earned and receivables recognized by the Company. As of December 31, 2024, the Company had net accounts receivable from the RHC Program in the amount of approximately $69 million, which is included within Trade and other receivables in the combined balance sheets.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
The rates that GCI and other carriers can charge for service provided under the RHC Telecommunications Program are highly regulated by the FCC. FCC rules provide that a telecommunications carrier can only charge a rural rate that is the average of rates actually being charged to commercial customers, other than health care providers, for identical or similar services in the rural area where the health care provider is located. If that is not available, the rural rate must be the average of tariffed or other publicly available rates charged in that area over the same distance by other carriers. If there is no rate available using rates actually being charged by GCI or other carriers, then, through the end of Funding Year 2025, which ends in June 2026, GCI may use a previously approved rural rate. If none of the preceding options are available, then the rate must be determined by a cost study submitted to the FCC or, for jurisdictionally intrastate services, to the state public utility commission. The RHC Telecommunications Program funds the difference between the rural rate and the urban rate, which is the amount that GCI must collect from the health care provider. The FCC has an ongoing rulemaking proceeding addressing the RHC rules, how subsidies are determined and related processes. GCI cannot predict which changes the FCC will adopt, and whether those changes will benefit or adversely affect GCI.

<u>RHC Program Funding Cap.</u> The RHC Program has a funding cap for each individual funding year that is annually adjusted for inflation, and which the FCC can increase by carrying forward unused funds from prior funding years. In recent years, including the current year, this funding cap has not limited the amount of funding received by participants; however, management continues to monitor the funding cap and its potential impact on funding in future years.

<u>Enforcement Bureau and Related Inquiries.</u> On March 23, 2018, GCI Holdings received a letter of inquiry and request for information from the Enforcement Bureau of the FCC relating to the period beginning January 1, 2015 and including all future periods. This included inquiry into the rates charged by GCI Holdings and other aspects related to the Enforcement Bureau's review of GCI Holdings' compliance with program rules, which are discussed separately below. The ongoing uncertainty in program funding, as well as the uncertainty associated with the rate review, could have an adverse effect on its business, financial position, results of operations or liquidity.

In the fourth quarter of 2019, GCI Holdings became aware of potential RHC Program compliance issues related to certain of GCI Holdings' currently active and expired contracts with certain of its RHC customers. The Company and its external experts performed significant and extensive procedures to determine whether GCI Holdings' currently active and expired contracts with its RHC customers would be deemed to be in compliance with the RHC Program rules. GCI Holdings notified the FCC of the potential compliance issues in the fourth quarter of 2019.

On May 28, 2020, GCI Holdings received a second letter of inquiry from the Enforcement Bureau in the same matter noted above. This second letter, which was in response to a voluntary disclosure made by GCI Holdings to the FCC, extended the scope of the original inquiry to also include various questions regarding compliance with the records retention requirements related to the (i) original inquiry and (ii) RHC Program.

On December 17, 2020, GCI Holdings received a Subpoena Duces Tecum from the FCC's Office of the Inspector General requiring production of documents from January 1, 2009 to the present related to a single RHC customer and related contracts, information regarding GCI Holdings' determination of rural rates for a single customer, and to provide information regarding persons with knowledge of pricing practices generally.

On April 21, 2021, representatives of the Department of Justice ("**DOJ**") informed GCI Holdings that a qui tam action had been filed in the Western District of Washington arising from the subject matter under review by the Enforcement Bureau. The DOJ was investigating whether GCI Holdings submitted false claims and/or statements in connection with GCI's participation in the FCC's RHC Program. On July 14, 2021, the DOJ issued a Civil Investigative Demand with regard to the qui tam action.

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
The FCC's Enforcement Bureau and GCI Holdings held discussions regarding GCI Holdings potential RHC Program compliance issues related to certain of its contracts with its RHC customers for which GCI Holdings had previously recognized an estimated liability for a probable loss of approximately $12 million in 2019 for contracts that were deemed probable of not complying with the RHC Program rules. During the year ended December 31, 2022, GCI Holdings recorded an additional estimated settlement expense of $15 million relating to a settlement offer made by GCI Holdings resulting in a total estimated liability of $27 million.

The DOJ and GCI Holdings held discussions regarding the qui tam action whereby the DOJ clarified that its investigation relates to the years from 2010 through 2019 and alleged that GCI Holdings had submitted false claims under the RHC Program during this time period. During the year ended December 31, 2022, GCI Holdings recorded a $14 million estimated settlement expense to reflect discussions and settlement offers that GCI Holdings made to the DOJ.

Separately, during the third quarter of 2022, GCI Holdings became aware of possible RHC Program compliance issues relating to potential conflicts of interest identified in the historical competitive bidding process with respect to certain of its contracts with its RHC customers. GCI Holdings notified the FCC's Enforcement Bureau of the potential compliance issues; however, the Company is unable to assess the ultimate outcome of the potential compliance issues and is unable to reasonably estimate any range of loss or possible loss.

On May 10, 2023, GCI entered into a final settlement agreement with both the FCC and the DOJ to resolve all Enforcement Bureau and Related Inquiries discussed above except for the matter that was separately identified during the third quarter of 2022, which continues to remain outstanding. The settlement with the FCC and the DOJ resulted in a total cash payment of $41 million of which $27 million was paid to the FCC and $14 million was paid to the DOJ in 2023, which had been previously recorded as liabilities.

(12) Segment Information

GCI Liberty's chief operating decision maker ("**CODM**"), the Chief Executive Officer, assesses performance and allocates resources based on the Company's combined statements of operations, as the converged network requires the CODM to manage and evaluate the results of the business in a consolidated manner to drive efficiencies and develop uniform strategies. Accordingly, key components and processes of the Company's operations are managed centrally, including capital and new technology development and deployment, customer service, marketing and advertising, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. Under this organizational and reporting structure, the Company has one reportable segment.

As a single reportable segment entity, the Company's segment performance measure is net earnings (loss). See Note 2 for a description of the Company's disaggregated revenue by customer type and significant service offerings. Significant segment expenses that are not separately presented on the combined statements of operations but are reviewed by the CODM are presented below:

#### Operating expenses

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| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Business direct costs  | $127 | 120 |
| Consumer direct costs  | 152 | 152 |
| Technology expense  | 260 | 252 |
| &nbsp;&nbsp;&nbsp; Total operating expenses  | $539 | 524 |

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#### GCI LIBERTY, INC.

#### Notes to Combined Financial Statements December 31, 2024 and 2023
Business direct costs consists of network distribution costs, largely to healthcare and education customers, as well as internal and outside labor costs for managing relationships with business customers. Consumer direct costs consists of wireless handset inventory costs, video programming, wireless distribution costs, marketing and advertising expenses to consumer customers, bad debt expense, credit card and other transactional fees, and internal and external labor costs for managing relationships with consumer customers. Technology expense consists of field and technology operations costs incurred to manage the Company's network, including internal and external labor costs, software related costs, lease expenses, maintenance costs, as well as utility costs.

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