GCI Liberty, Inc.

On each of September 12, 2019 and September 14, 2021 (as amended on March 29, 2023), John C. Malone, Chairman of the board of directors of the Company, entered into “zero-cost collar” arrangements (the “Existing Collar Transactions”) pursuant to which Mr. Malone wrote European call options and purchased European put options referencing shares of Liberty Broadband’s Series C common stock. In connection with the Separation, on July 15, 2025, Bank of America, N.A., the dealer counterparty to the Existing Collar Transactions, adjusted such transactions pursuant to their terms to cause Mr. Malone to be automatically deemed to have entered into the same “zero-cost collar” arrangements (the “Adjusted Collar Transactions”) with respect to 200,000 shares of GCI Liberty’s Series C GCI Group common stock, and 80,000 shares of GCI Liberty’s Series C GCI Group common stock, respectively. The Adjusted Collar Transactions constitute a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, and are not intended to satisfy the affirmative defense of Rule 10b5-1(c). For each Adjusted Collar Transaction, only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire. If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The Adjusted Collar Transactions will be settled in cash unless Mr. Malone elects physical settlement. The Adjusted Collar Transactions with respect to the 200,000 shares of GCI Liberty’s Series C GCI Group common stock have expiration dates ranging from August 18, 2026 to September 8, 2026, and the Adjusted Collar Transactions with respect to the 80,000 shares of GCI Liberty’s Series C GCI Group common stock have expiration dates ranging from August 21, 2028 through August 25, 2028.

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