1. Alaska's AT&T or Verizon, but on a regional scale.

2. A smaller, regional version of a cable and internet provider like Comcast or Spectrum, but for Alaska.

• Broadband Internet Services: Provides high-speed internet access to residential, business, and government customers.
• Wireless Services: Offers mobile voice, text, and data communication services, primarily in Alaska.
• Video Services: Delivers cable television programming and digital video content to subscribers.
• Voice Services: Provides traditional landline and VoIP telephone services for residential and business customers.
• Managed Business Services: Offers IT solutions including cloud services, data center hosting, and cybersecurity for businesses and government clients.

GCI Liberty (GLIBK), through its subsidiary GCI, is the largest telecommunications provider in Alaska, offering data, video, voice, and managed services. The company sells primarily to a broad base of residential, business, and government customers within Alaska, rather than relying on a few major specific corporate clients.

The company serves the following categories of customers:

• Residential Customers: Individuals and households throughout Alaska subscribing to services such as internet (broadband), mobile wireless, video (cable television), and home phone.
• Business Customers: Small, medium, and large businesses across various industries in Alaska that utilize GCI's internet, voice, data networking, cloud, and managed IT services to support their operations.
• Government & Wholesale Customers: Federal, state, and local government agencies within Alaska requiring communication and IT solutions, as well as other carriers and service providers for wholesale services including network access and interconnection.

• Ciena Corporation (CIEN)

Ronald A. Duncan – Co-Founder, Chief Executive Officer and Director

Mr. Duncan co-founded GCI with Bob Walp in 1979 and initially started a cable television company in Fairbanks in 1978. He served as CEO of GCI's predecessor, General Communication, Inc., from 1988 to March 2018. He has held board positions with the National Business Aviation Association, National Cable and Telecommunications Association, and Cable Labs, and was a past chairman of the Anchorage Economic Development Corporation and the Alaska Science and Technology Foundation. Mr. Duncan holds an undergraduate degree in Economics from Johns Hopkins University and an MBA from Harvard.

Brian J. Wendling – Chief Accounting Officer and Principal Financial Officer

Mr. Wendling serves as Chief Accounting Officer and Principal Financial Officer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation. He has been with these companies and their predecessors since 1999, following his work in the assurance practice at KPMG. Mr. Wendling is a board member of Comscore, Inc., and previously served on the boards of Fun Technologies Inc. and CommerceHub, Inc.. He earned a Bachelor of Science degree in accounting from Indiana University.

Renee L. Wilm – Chief Legal Officer and Chief Administrative Officer

Ms. Wilm holds the titles of Chief Legal Officer and Chief Administrative Officer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation. Her responsibilities include managing legal matters, providing strategic support, and overseeing day-to-day operations for the parent companies. Prior to her current roles, Ms. Wilm was a Senior Partner at Baker Botts L.L.P. for over twenty years, where she specialized in mergers and acquisitions, complex capital structures, and corporate governance for Liberty and its predecessors. She holds a Bachelor of Business Administration in Finance from Hofstra University and a Juris Doctorate degree from St. John's University School of Law.

Ben Oren – Executive Vice President and Treasurer

Mr. Oren serves as Executive Vice President and Treasurer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation. Before joining these companies, he was a Managing Director at Credit Suisse, where he advised Technology, Media, and Telecom companies on capital markets transactions. His tenure at Credit Suisse included roles on the Investment Banking Committee, Corporate Insights Advisory Counsel, Capital Markets Innovation Counsel, and as Americas Head of Liability Management. Mr. Oren was also an Executive Director at UBS Securities, LLC. He received a BS in Economics from the Wharton School of Business at the University of Pennsylvania.

1. Regulatory and Compliance Risks: GCI Liberty operates in a highly regulated industry and has a history of compliance issues. For instance, in May 2023, GCI Communications Corp. agreed to pay over $40 million to resolve allegations that it violated the False Claims Act by inflating prices and violating FCC competitive bidding regulations related to the FCC's Rural Health Care Program between 2013 and 2020. More recently, in August 2025, GCI paid a $10,000 settlement to the Federal Communications Commission for failing to renew a submarine cable license. The company's financial performance is also significantly tied to governmental legislation and regulation, including FCC regulations, and the potential for adverse outcomes from regulatory proceedings. Its participation in the Universal Service Fund (USF) program is substantial, accounting for 42% of its revenue, making it vulnerable to any changes in this program despite a June 2025 Supreme Court ruling upholding the USF.
2. Competition and Customer Attrition: GCI Liberty faces significant competition, which can lead to customer losses and negatively impact its financial performance. The company's ability to retain current subscribers and attract new ones is crucial, and this is influenced by factors such as the size of its service areas, network performance, changing technologies, and customer perceptions. Specifically, the emergence of satellite internet providers like Starlink poses a competitive threat, particularly in rural areas.
3. Operational and Network Reliability: As a telecommunications provider in Alaska, GCI Liberty is susceptible to operational challenges that can affect network performance and customer satisfaction. Issues such as network disruptions, service interruptions, and system failures can have a material adverse impact. An example of this risk occurred in May 2024, when a weeks-long interruption affected incoming calls for GCI mobile customers across Alaska, leading to customer complaints and potential business impact.

The emergence of satellite internet services, particularly Starlink by SpaceX, poses a clear emerging threat to GCI Liberty. Starlink offers a high-speed, low-latency broadband alternative, directly competing with GCI's traditional fixed internet services, especially in the remote and rural areas of Alaska that GCI serves. This disruption mirrors historical examples where new technologies significantly impacted established service providers.

Wireless Telecommunications Services:

• Market Size: $1.1 billion in 2025
• Region: Alaska, U.S.

Wired Telecommunications Services (including Fixed Data/Broadband and Voice):

• Market Size: $337.4 million in 2025
• Region: Alaska, U.S.

Managed Services:

• Market Size: null (A specific addressable market size for managed services in Alaska is not readily available. For context, the U.S. managed services market was estimated at $80.06 billion in 2025, and the global market was estimated to have surpassed $500 billion in 2025.)
• Region: N/A

GCI Liberty (NASDAQ: GLIBK), an independent publicly traded company since its spin-off from Liberty Broadband on July 14, 2025, is primarily focused on providing data, mobile, voice, and managed services across Alaska. The company's future revenue growth over the next 2-3 years is expected to be driven by several key factors:

1. Growth in Wireless Services and Subsidies: GCI Liberty anticipates continued growth in its wireless segment, supported by an increase in federal wireless subsidies. Consumer wireless lines have shown growth, and the company plans to roll out new pricing and packaging offers to further drive wireless product growth and provide 5G wireless service to all Alaskans.
2. Business Segment Expansion: The business segment is a significant driver of revenue growth, propelled by a strong upgrade cycle in schools and healthcare corporations in remote Alaska. This trend, which began in the third quarter of 2024, has led to substantial increases in business revenue, particularly in data services.
3. Network Infrastructure Investments in Rural Alaska: GCI Liberty is focused on expanding its network infrastructure, especially in rural Alaska. The company has planned capital expenditures of approximately $250 million for 2025, earmarked for additional investments in middle and last-mile connectivity, including projects like the Bethel and AU-Aleutians fiber initiatives. A considerable portion of these investments aims to fulfill the build-out requirements of the Alaska Plan and close the digital divide.
4. Leveraging BEAD Grants: GCI Liberty has been provisionally awarded over $140 million in Broadband Equity, Access, and Deployment (BEAD) grants from the Alaska Broadband Office. These grants are expected to play a crucial role in funding future opportunities and further closing the digital divide in Alaska, contributing to revenue growth through network expansion and enhanced connectivity.
5. Potential Strategic Acquisitions: The company is actively exploring out-of-state acquisition opportunities. While there are noted challenges, strategic acquisitions could provide an additional avenue for growth and diversification in the future.

Share Repurchases

• GCI Liberty's equity buyback program, initiated in March 2018, expired on December 18, 2020, concurrently with its acquisition by Liberty Broadband Corporation.

Share Issuance

• GCI Liberty announced a $300 million rights offering for Series C GCI Group common stock on November 5, 2025, which was expected to commence on November 26, 2025.
• The anticipated net proceeds from this rights offering are designated for general corporate purposes, including capital expenditures and the repayment or refinancing of outstanding indebtedness.

Inbound Investments

• On December 18, 2020, Liberty Broadband Corporation completed its acquisition of GCI Liberty through a stock-for-stock merger, integrating GCI Liberty as a subsidiary.

Capital Expenditures

• For the full year 2025, GCI Liberty projects net capital expenditures of approximately $250 million.
• These expenditures are primarily aimed at additional investments in middle and last-mile connectivity and the expansion of its network in rural Alaska.
• A significant portion of the 2025 capital expenditures is allocated to meet the build-out requirements of the Federal Communications Commission's Alaska Plan, with completion targeted by the end of 2026.