Liberty Capital (GLIBA) Acquisition presentation summary

Strategic rationale and benefits

• Integration of networks will improve resiliency, reducing risk of regional isolation from fiber breaks and enhancing continuity of connectivity.

• Combined network increases reliability and capacity, positioning to address new market realities such as LEO satellite competition.

• Strengthened infrastructure supports first responders and national security in Alaska's challenging environment.

• Local workforce enables faster deployment, maintenance, and restoration of essential services.

• Approximately $20 million in run-rate cost synergies expected, enabling reinvestment in network improvements.

Transaction structure and financial terms

• Acquisition of 100% of Quintillion for an adjusted enterprise value of $360 million, including up to $50 million for qualifying capex on the Nome-to-Homer Express project.

• GCI to provide a $160 million unsecured loan to Quintillion at S + 8.50% shortly after signing, subject to lender consent.

• Transaction funded with operating company cash and revolver availability; estimated pro forma net leverage of 2.8x at closing.

• Additional earnout payments possible in 2028, 2029, and 2031 based on financial performance.

• Existing customer relationships and service arrangements to continue unchanged post-close.

Quintillion network and operational highlights

• State-of-the-art fiber network with 3,316 route miles, including 1,800+ miles of subsea fiber and 1,500 miles of planned expansion.

• Unique network serves rural Alaska communities, carriers, education, and healthcare organizations.

• Average customer tenure is 57 months, indicating stable, long-term relationships.

• Fiber asset is future-proofed for growing capacity demands.