GCI Liberty : 2020 Liberty Investor Meeting Slides

Connecting Alaska

GCI Liberty Investor Day Presentation

ALASKA: Not Just Any State

• 665,000 sq. miles

• 1/5 of total U.S. area

• 740,000 residents
• 1/5 of 1 percent of total U.S. population

OUR NETWORK

GCI owns and operates the most advanced network in Alaska.

Our network is secure, resilient, and vast.

We push the limits of what is possible.

COMPANY HIGHLIGHTS

• Largest communication company in Alaska
• Essential service provider
• State of the art technology:
• • Alaska's first 5G wireless in Anchorage
  • One Gig data available to 75% of Alaska households
• Single integrated IP network
• Bundled products

OUR TOOLKIT

FIBER OPTIC	MICROWAVE	SATELLITE	MOBILE	HYBRID
CABLE			WIRELESS	FIBER/COAX

ALASKA'S FIRST 5G

AU-ALEUTIANS FIBER

• GCI awarded $25 million grant
• $58 million total project cost
• 800 miles of submarine fiber
• Serving five isolated communities and the nation's largest fishing port
• In service in 2022

COVID-19 RESPONSE

• Distributed workforce model
• Network remains resilient despite a 25% increase in traffic and 11,000 new HSD subscribers
• More than 4,000 low-income households receiving connectivity through GCI school partnerships

VIDEO PLACEHOLDER

Liberty Investor Day

Doug Lebda, Chairman & CEO

Forward Looking Statements

Forward Looking Statements

Certain statements herein are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as

amended. Statements contained herein that are not clearly historical in nature are forward-looking. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or the negative of these terms or other comparable

terminology. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond the Company's control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in the presentation. You should consider the risks in the Company's periodic reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including those described under the headings "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements". You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein and we do not intend to update any of these forward-looking statements except as may be required by applicable law.

Non-GAAP Financial Measures

This presentation includes unaudited non-GAAP financial measures, including Adjusted EBITDA, Variable Marketing Margin, and the ratios based on these financial measures. We present non-GAAP measures herein because our management believes that such information provides useful information about our operating performance.

Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in

accordance with GAAP. See the Appendix for a reconciliation of non-GAAP financial measures to the comparable GAAP measures.

Industry Data

This presentation also contains industry data, forecasts and other information that we obtained from industry publications and surveys, public filings and internal company sources. Statements as to our ranking, market position and market estimates are based on independent industry publications, government publications, third-party forecasts and management's estimates and assumptions about our markets and our internal research. While we are not aware of any misstatements regarding our market, industry or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors.

2	2

Leading Platform and Brand Built Over 20+ Years

1996		2000		2003		2008		2012		2013-2018		Today		Tomorrow

Founded

IPO

Sale	Spun
out
to
from
IAC
IAC

Strengthening

Leading

Expanded

the Consumer

Exited

Online

Mortgage

Non-

Relationship

Marketplace

Origination

Mortgage

§ More Options

for financial

Business

Offerings

§ Personalization

services

§ Deeper Engagement

3	3

Industry's Most Comprehensive Offering

Digital Marketplace Enabling Consumers and Providers to Shop for Each Other

Free Credit Scores

Tools & Resources

Ratings & Reviews

P2P

Small

Business

Lenders

Consumers

Access to MultipleOffers

Efficient

Customer

Acquisition

at Scale

Highly Targeted,

Predictable Volume

Clicks, Calls and

Data Referrals

Real-Time

Reporting & Analytics

Mortgage Lenders

Lenders

Insurance Auto

Carriers Lenders

Retail

Banks

Credit Card Student

Issuers Loan

Lenders

Providers

4

3)

54)

Massive Market Opportunity

~2%

Est. share of defined TAM

~4%

Est. share of Served Market

Topline grew at 42% CAGR

from FY'16-FY'19

Adjacent

Opportunities

Defined

Addressable

Market

Served

Market

Core

Market

~$44.1B(1)

U.S. Financial Services and Insurance

Ad Spend

~22.9B(2)

U.S. Financial Services and Insurance

Digital Ad Spend

~$6B(3)

Direct Competitor Referral Revenue

across Core Products

$0.9B(4)

TREE Revenue

1. $28.0bn U.S. financial services ad spend estimated based on eMarketer, digital ad spend / traditional ad spend ratio of 1.4:1 and $16.4bn financial services digital ad spend in 2020. $16.1bn insurance ad spend estimated based on EverQuote report "The Insurance Industry Secular Shift Towards Online Shopping 2019".
2. $16.4bn U.S. financial services digital ad spend estimated based on eMarketer, "U.S. Total Media Ad Spending", "U.S. Digital Ad Spending Update Q2 2020", "U.S. Financial Services Digital Ad Spending 2019" and an assumption that 12.2% of

total ad spend in the financial services sector based on historical data. $6.5bn Insurance digital ad spend estimated based on EverQuote report "The Insurance Industry Secular Shift Towards Online Shopping 2019".

Company filings and internal estimates.5 LTM as of Q3 2020.

Capitalizing Through Category Expansion

Revenue

($ in millions)

$350

$325

$300

$275

$250

$225 $200

$175

$150 $125 $100 $75 $50 $25

$0

FY '15

30%

70%

Home Consumer

Acquired

Acquired

Acquired

FY'19

2%

	25%		Home
26%		Consumer
			Insurance
	47%		Other

Acquired

Acquired

Acquired Acquired

Minority

AcquiredAcquired Investment

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

Home		Consumer		Insurance		Other	6

6

Evolving the Platform through My LendingTree

From the Old Transaction Model…	…To the New Relationship Model
Episodic transactional interaction	Personalized recommendations across products

BuildingStrong,RecurringUserEngagement

7

Driving Engagement by Promoting Financial Wellness

				my
				Product Breadth & Smart Alerts
				Driving Customer Retention
				Delivering Engaging Consumer Experiences
				Proactive Savings Recommendations Through
Dashboard	Financial			Rich Data & Analytics
	Future			Providing Leverage to Paid Marketing
	Credit Score
	Cash Flow
	Details
Relationship-based Model Gaining Momentum		Creating Significant Value for Users

+15.7M	+500K	+$80M	Credit Lift	Credit Score	Highly Engaged
Total	New	FY 19 Revenue	>50%	>50 pts	>70 pts
Users(1)	Users(1)	Contribution	Customers	Average Improvement	Average Improvement
			Improve Score in the First 6 Months	Achieved in those with Lift	Achieved by High Engagers(2)

1)	As of Q3 2020.	8
2)	Engaged with MyLendingTree more than 20 times in their lifetime.

Robust Growth & Attractive Financial Profile

($ in millions)		Revenue		$1,107	($ in millions)	Variable Marketing Margin
$1,200			$460
								(1)
										80%
$1,000		42%			$400				$396	70%
		CAGR:						41%
$800		3Y	$765		$340		3YCAGR:		60%
		$618			$280			$286		50%
$600	$384				$220	37%	$207			40%
$400						37%	36%	30%
					34%
				$160	$141
								20%
$200					$100					10%
$-					$40					0%
	2016	2017	2018	2019		2016	2017	2018	2019

Growth Rate (%)

51%

61%

24%

		Adjusted EBITDA
($ in millions)	(2)
$250

45%

Growth Rate (%)	49%	47%	38%	38%

Highlights

$200

$150 18%

$100

$70

42% 3YCAGR:

19% $153

$115	20%

$198

18%

25%

23%

21%

19%

17%

15%

ü Highly diversified revenue streams

ü Flexible model enables long-term orientation while

delivering near-term profitability

ü My LendingTree & cross-platform synergies drive

$50

$-

2016 2017 2018

Growth Rate (%)

71%

66%

33%

2019

29%

13%

11%

9%

structural margin improvement over time

1)	Variable Marketing Margin is a non-GAAP metric. See appendix for reconciliation.	9
2)	Adjusted EBITDA is a non-GAAP metric. See appendix for reconciliation.

Weathering the Pandemic

• Flexible model & diversification enable sustained cash generation
• Solid balance sheet and liquidity profile remain unencumbered
• Strong competitive position creates opportunity for market share gains

Segment	COVID-19 Impact	YTD Growth in	Outlook
										Segment Profit(1)
										+32%	• Reduced interest rates, surging refi activity
Home										and home demand drive market strength
									• Expect to further strengthen leading
										competitive position
										(50%)	• Consumer lending remains constrained
Consumer										• Will return with improving employment and
									consumer spending
										• Strengthening partnerships amidst downturn
										+14%	• Brief slowdown in consumer shopping
Insurance										activity is behind us
									• Digital evolution in the category is nascent
											but accelerating

1) Year-over-year VMM growth for the nine months ended 9/30/20.	10

Key Investment Highlights

Market-leading Personal Finance Platform

Massive Market Shifting to Digital

Comprehensive Offering & Dominant Brand Create Sustainable Moat

Diversified Revenue and Flexible Model Provide Durability

Strong Track Record of Strategic Growth and Prudent Capital Allocation

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