<SEC-DOCUMENT>0001104659-20-115347.txt : 20201229
<SEC-HEADER>0001104659-20-115347.hdr.sgml : 20201229
<ACCEPTANCE-DATETIME>20201015170314
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-115347
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20201015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Liberty Broadband Corp
		CENTRAL INDEX KEY:			0001611983
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12300 LIBERTY BLVD
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		720-875-5400

	MAIL ADDRESS:	
		STREET 1:		12300 LIBERTY BLVD
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-size: 10pt"><IMG SRC="tm2030627d5_corresp-img001.jpg" ALT=""></TD>
    <TD STYLE="width: 22%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">30 Rockefeller Plaza<BR>
        New York, New York<BR>
        10112-4498</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEL +1 212.408.2500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FAX +1 212.408.2501</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BakerBotts.com</P></TD>
    <TD STYLE="width: 12%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">AUSTIN</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BEIJING</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">BRUSSELS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">DALLAS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">DUBAI</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">HONG KONG</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">HOUSTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">LONDON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">MOSCOW</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>NEW YORK</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">PALO ALTO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">RIYADH</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">SAN FRANCISCO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">WASHINGTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;15, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">VIA EDGAR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities and Exchange Commission<BR> Division of Corporate Finance<BR> 100 F Street, N.E. <BR> Washington, D.C. 20549-3628<BR> Attn: Perry J. Hindin, Special Counsel</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>GCI Liberty,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Amendment No.&nbsp;1 to Schedule 13E-3 filed by
GCI Liberty,&nbsp;Inc., Liberty Broadband Corporation, John C. Malone, et al. (File No.&nbsp;005-38452)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">GCI Liberty,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Amendment No.&nbsp;1 to Preliminary Statement
on Schedule 14A (File No.&nbsp;001-38385)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Liberty Broadband Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Amendment No.&nbsp;1 to Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-248854)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr.&nbsp;Hindin,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereby electronically file: on behalf of GCI Liberty,&nbsp;Inc. (&ldquo;<B>GCI Liberty</B>&rdquo;), Liberty Broadband Corporation
(&ldquo;<B>Liberty Broadband</B>&rdquo;), John C. Malone, et al., under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), Amendment No.&nbsp;1 to the Transaction Statement on Schedule 13E-3, originally filed on September&nbsp;17, 2020
(as amended, the &ldquo;<B>Schedule 13E-3</B>&rdquo;); on behalf of GCI Liberty, under the Exchange Act, its amended Preliminary
Proxy Statement on Schedule 14A (as amended, the &ldquo;<B>Schedule 14A</B>&rdquo;), originally filed on September&nbsp;17, 2020;
and on behalf of Liberty Broadband, under the Securities Act of 1933, as amended, Amendment No.&nbsp;1 to its Registration Statement
on Form&nbsp;S-4 (as amended, the &ldquo;<B>Form&nbsp;S-4</B>&rdquo;), originally filed on September&nbsp;17, 2020. The Schedule
14A and Form&nbsp;S-4 contain the joint proxy statement/prospectus of GCI Liberty and Liberty Broadband (the &ldquo;<B>joint proxy
statement/prospectus</B>&rdquo;). Defined terms used and not otherwise defined in this letter have the meanings ascribed to them
in the </FONT>joint proxy statement/prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><IMG SRC="tm2030627d5_corresp-img002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities and Exchange Commission</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 2 -</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;15, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Set
forth below </FONT>are responses to the comments contained in your letter to Samantha H. Crispin, dated October&nbsp;8, 2020 (the
 &ldquo;<B>SEC Letter</B>&rdquo;), regarding the joint proxy statement/prospectus. For your convenience, each of our responses below
is preceded by the Staff&rsquo;s comment. The numbered paragraphs below correspond to the numbered paragraphs in the SEC Letter.
All section references refer to the corresponding sections of the joint proxy statement/prospectus included in the Schedule 14A
and Form&nbsp;S-4 that are filed herewith unless otherwise noted, and all page&nbsp;references in our responses are to the pages&nbsp;in
the joint proxy statement/prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Joint Proxy Statement/Prospectus</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><I>Comment:</I> We note the disclosure first appearing on page&nbsp;22 of the proxy statement/prospectus that holders of GCI
Liberty Series&nbsp;A common stock will receive non-voting shares of Liberty Broadband Series&nbsp;C common stock as merger consideration.
With a view towards disclosure, please advise what consideration was given to more prominently providing such disclosure to holders
of GCI Liberty Series&nbsp;A common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:</I></FONT>
In response to the Staff&rsquo;s comment, we have revised the disclosure in the joint letter to stockholders, which appears at
the beginning of the joint proxy statement/prospectus to disclose that the holders of GCI Liberty Series A common stock will
receive non-voting shares of Liberty Broadband Series C common stock as merger consideration. We also have included such
disclosure early in the Question and Answer section on page 3 of the joint proxy statement/prospectus and have included
similar disclosure on pages 129 and 165 of the joint proxy statement/prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Joint Letter to Stockholders of Liberty Broadband and GCI
Liberty</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><I>Comment: </I>We note disclosure in the joint letter and on pages&nbsp;2 and 29 that Mr.&nbsp;Malone and the JCM Trust may
exchange a number of shares of Liberty Broadband Series&nbsp;C common stock on a one-for-one basis for the waived shares of Liberty
Broadband Series&nbsp;B common stock in order to preserve the target voting power of approximately 49% following the occurrence
of certain voting dilution events which would result in Mr.&nbsp;Malone&rsquo;s voting power falling below the target voting power
less 0.5% and &ldquo;in certain other circumstances.&rdquo; Please disclose these other circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:</I></FONT>
In response to the Staff&rsquo;s comment to disclose the other circumstances in which Mr. Malone and the JCM Trust may
exchange shares of Liberty Broadband Series C common stock for the waived shares of Liberty Broadband Series B common stock,
we have revised the disclosure in the joint letter to stockholders and on pages&nbsp;2, 30 and 179 of the joint proxy
statement/prospectus to disclose that an exchange may also occur &ldquo;upon
any combination, merger, spin-off, dividend or certain other fundamental events resulting in holders of Liberty Broadband
Series&nbsp;B common stock receiving securities of Liberty Broadband, securities of another person, property or cash or a
combination thereof.&rdquo; Similar disclosure also is included in the Exchange Agreement Summary on page 159.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Special Factors, page&nbsp;21</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD><I>Comment: </I>We note disclosure on the following pages&nbsp;regarding Evercore&rsquo;s discussions with the Special Committee
related to the Rule&nbsp;13e-3 transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">page&nbsp;41 (describing the May&nbsp;12 meeting where Evercore discussed its views as to certain
potential alternative transactions)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><IMG SRC="tm2030627d5_corresp-img002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities and Exchange Commission</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 3 -</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;15, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">page&nbsp;43 (describing the June&nbsp;10 meeting where Evercore discussed the implied premium
of the then proposed exchange ratio, valuation components and a comparison of the historical trading price and historical ratio)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">page&nbsp;43 (describing the June&nbsp;17 meeting where Evercore reviewed with the GCI Liberty
special committee Evercore&rsquo;s preliminary valuation analyses of GCI Liberty and Liberty Broadband, certain preliminary valuation
analyses with respect to the proposed business combination, the discount to market value and various metrics regarding both the
amount and form of consideration)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">page&nbsp;44 (describing the June&nbsp;23 meeting where Evercore reviewed various topics disclosed
in the last paragraph on page&nbsp;44 and the first paragraph on page&nbsp;45)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">page&nbsp;48 (describing the June&nbsp;28 meeting where Evercore reviewed various topics disclosed
in the last paragraph on page&nbsp;48 and the first paragraph on page&nbsp;49)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">page&nbsp;50 (describing the June&nbsp;30 meeting where Evercore reviewed with the GCI Liberty
special committee its analysis of the market response to the disclosure of the negotiated exchange ratio)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Each presentation, discussion, or report held with
or presented by the financial advisor, whether oral or written, is a separate report that requires a reasonably detailed description
meeting the requirements of Item 1015 of Regulation M-A. This requirement applies to both preliminary and final reports. While
it appears the above pages&nbsp;include summaries of presentations made by Evercore during the special committee&rsquo;s evaluation
of the transaction, please file any written materials, if applicable, as exhibits to the Schedule 13E-3 pursuant to Item 9 of Schedule
13E-3 and Item 1016(c)&nbsp;of Regulation M-A that have not already been filed as exhibits. Refer to Meyers Parking, Rel. 34-26069
(Sep.&nbsp;12, 1980) and Charles Ephraim (Sep.&nbsp;30, 1987).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:</I></FONT>
We note the Staff&rsquo;s comment and respectfully advise the Staff that the Schedule 13E-3 has been amended to include copies
of the written materials prepared by Evercore Group L.L.C. and provided to the GCI Liberty special committee in connection with
the committee&rsquo;s meetings referred to in your comment as Exhibits (c)(5)&nbsp;through (c)(11) thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Position of Liberty Broadband, Merger LLC and Merger Sub
as to the Fairness&hellip;, page&nbsp;61</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><I>Comment:</I> The factors listed in Instruction 2 to Item 1014 of Regulation M-A are generally relevant to each filing person&rsquo;s
fairness determination and should be discussed in reasonable detail. See Question Nos. 20 and 21 of the Exchange Act Release No.&nbsp;34-17719
(April&nbsp;13, 1981). Please revise this section to either include the factor described in clause (vi)&nbsp;of Instruction 2 to
Item 1014 or explain why such factor was not deemed material or relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:</I></FONT>
We respectfully advise the Staff regarding the Liberty Broadband filing persons&rsquo; consideration of the factor described in
clause (vi)&nbsp;of Instruction 2 to Item 1014 of Regulation M-A, that the joint proxy statement/prospectus has been revised on
page&nbsp;64 to clarify that &ldquo;Liberty Broadband, Merger LLC and Merger Sub did not make any purchases of GCI Liberty capital
stock during the past two years.&rdquo; Disclosure with respect to previous purchases by GCI Liberty is included on page&nbsp;64
immediately following this additional disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><IMG SRC="tm2030627d5_corresp-img002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities and Exchange Commission</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 4 -</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;15, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><I>Comment:</I> Refer to the preceding comment. Please revise the disclosure in the section entitled &ldquo;GCI Liberty&rsquo;s
Purpose and Reasons for the Combination; Fairness of the Combination&rdquo; to either include the factors described in clauses
(iii), (iv), (v)&nbsp;and (vi)&nbsp;of Instruction 2 to Item 1014 or explain why such factors were not deemed material or relevant.
Similarly, please revise the disclosure in the section entitled &ldquo;Position of Mr.&nbsp;Malone as to the Fairness of the Combination&rdquo;
to either include the factor described in clause (vi)&nbsp;of Instruction 2 to Item 1014 or explain why such factor was not deemed
material or relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:</I></FONT>
We have revised the disclosure on page 73 of the joint proxy statement/prospectus in response to the Staff&rsquo;s
comment to explain that the GCI Liberty special committee did not consider the factors described in clauses (iii), (iv),
(v)&nbsp;and (vi)&nbsp;of Instruction 2 to Item 1014 of Regulation M-A because they were not deemed relevant or material.
Additionally, we have revised the disclosure on page&nbsp;107 of the joint proxy statement/prospectus in response to the
Staff&rsquo;s comment to explain that Mr.&nbsp;Malone did not consider the factor described in clause (vi)&nbsp;of
Instruction 2 to Item 1014 because he did not consider such factor relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Liberty Broadband Unaudited Prospective Financial Information,
page&nbsp;105</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><I>Comment: </I>Disclosure on page&nbsp;106 indicates that the Liberty Broadband financial projections &ldquo;were based on
numerous variables and assumptions&rdquo; and that the Liberty Broadband financial projections &ldquo;also reflect numerous variables,
expectations and assumptions available at the time they were prepared&hellip;&rdquo; Disclosure on page&nbsp;107 indicates that
the Skyhook standalone projections &ldquo;were based on numerous variables and assumptions.&rdquo; Similar disclosure is found
on page&nbsp;108 regarding the Liberty Broadband standalone cost projections, pro forma corporate cost synergies and pro forma
NOL estimates. Please revise to disclose such variables and assumptions with specificity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:
</I></FONT>We have revised the disclosure on pages&nbsp;109 through 112 of the joint proxy statement/prospectus in response
to the Staff&rsquo;s comment to disclose the primary variables and assumptions included in the Skyhook standalone projections,
Liberty Broadband standalone cost projections, Liberty Broadband pro forma corporate cost synergies and Liberty Broadband pro forma
net operating loss utilization estimates. As described therein, such variables and assumptions primarily related to, among other
things, future operating expenses and customer growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><I>Comment:</I> Refer to the preceding comment. Similar disclosure appears in the last paragraph on page&nbsp;110 with respect
to the GCI Liberty projections. Please revise to disclose such variables and assumptions with specificity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Response:
</I></FONT>We have revised the disclosure on page&nbsp;114 of the joint proxy statement/prospectus in response to the Staff&rsquo;s
comment to disclose the primary variables and assumptions with respect to the GCI Liberty projections, which related to, among
other things, growth or decline in certain business segments and future operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><IMG SRC="tm2030627d5_corresp-img002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities and Exchange Commission</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 5 -</FONT></TD>
    <TD STYLE="width: 42%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;15, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions with respect to
the foregoing or require further information, please contact the undersigned at (212) 408-2572.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Beverly B. Reyes</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Beverly B. Reyes</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Liberty Broadband Corporation</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>GCI Liberty,&nbsp;Inc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Renee L. Wilm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Brittany A. Uthoff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Debevoise&nbsp;&amp; Plimpton LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jeffrey J. Rosen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Michael A. Diz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Baker Botts L.L.P.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Samantha H. Crispin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nicole Perez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2030627d5_corresp-img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2030627d5_corresp-img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  < -,# 2(  A$! Q$!_\0
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M/!?B_P"$_P 6M'-TK:#KWERK<26I(N(4E3!$T>UBR.B\(Q!.#7XR_P#!J_\
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M/%?I?^Q3_P F:_"3_L3-'_\ 2&&OP!_X/)?^4H?P1_[$NT_].UY0!^J_A/\
MX+.>,?!,7B?7/CS^S-\0_@'\//"6A7&M7_BO6-3M]0M"\;1I%:1K"GS3S/(%
MC7=\S<=ZY+P1_P %BOVD_CO\#O\ A<7PV_8SU#7_ (1SP/J&G3:AX_M+'Q#K
M-BA.ZXAL%@DZA253>6?'R[LJ3Z__ ,%V_P!ASQ3_ ,%#O^"9'CSX<>")(O\
MA+9FM-5TNUEE$4>HRVLZ3?9F8D*ID56"EB%#[,D#)'XM?\$YO^#CGXT_\$?;
M+1_@)^T-\+=8U/PKX,4:?:PW-LVE^(]#M@QPB"0".ZB7H@;;\N )2H4  _HL
M_9B^-,W[1O[/7@WQ[/X:UKP=)XOTFWU;^Q=755OM/69 ZI*%) ;:0<<$9Y .
M0.[KSS]E7]J;P1^VG\ _#OQ+^'>LQZYX3\3VYGM+@(4=&5BDD4B'E)8W5D93
MT93]:Z'X?_%WPK\6-"O-4\+^)-"\1:;IUW-875UIM]'=0VUQ"<2PNZ$A70_>
M4G([T =%17,^!OC1X0^)WPY7QAX<\4>']>\)O'+*NLZ?J$5S8,D3,LK"9&*8
M0HX8YX*G/2N?^$G[7WPI^/FMG3/!'Q)\"^+M2%O]K^R:1KEM>3M#G'FA(W+%
M,\;@,9XS0!Z-1110!^17_!Y7X-UCQO\ \$XO -KHNDZIK%ROQ"M9&BL;22Y=
M%_L^_&XA 2!D@9/&2!WKYM\-?\%,O"OA_P#X-S](_9I\/^!_B9XY^-&O>$;K
MPI)X?L_!6I&/39KBXF/GO,\(C?RT<.HB+DN$&!RP_H'HH _EO_9D_8G^)OP7
M^!GPX_9'\?6^O^$;[]J3XD:3KWC;3T@E9O#7ART^2WANF4%(;J\F+N(RVY%L
MX/,"^9@?M!XC_P"#:7]C+7/#%]IL/PC;3S=VKVT<\/B;5RUJ64JKHK713*G!
M *D9 XK[PHH _FM_X-H_C;XH_P""9G_!43Q[\"O&<&J?\(-XXU&X\-_VL+.;
M^S1K%C/)':7*2;2HCG'FQ!LX)EA).%S3?^"._P #G\1_\''WQJL/&OA*_G\&
M^-+OQQI4J:GIDHL-6AN+J8F$LR[&62(/QGD#CM7]*9&12T ?SJV7PW^(?_!K
MC_P5Z23PKIOBGQK^S1\61ONK2RMI;Z>"P$N"'5 ?]+L6DRC'_6Q.1D&1MG/_
M /!VI;7GQI_;Y^!?C'P?I>M>*/#4_@*SOHK_ $O3I[F)XCJ5W(.57AMO.TX8
M9&0*_I*HH ^ O!O_  <;_ WXB?$KPQX3T'PG\;]1U3Q5JUIHUJ[>![BVMX)+
MB9(5DEDF9 D:E]S'G !X-?EEH/@S4+C_ (/&+K6+G1M1D\-W'CJ\M);R2QD-
MG+OTB6W*,Y7807/ED$X).*_I*HH _F8_:)^"OQ&_X-L?^"W$'C7X2>'?$'B3
MX2>+D.HC1]-MY9X[G1KB8BYTN0J"%D@D3,+-_=@8YRXK^A&Q^.'AW]IO]CS4
M/&G@ZZFU'0_$GANZN;0O;O#<+NMWS%)$P#QRJ?E9& 8,",5ZM10!_,%_P:\_
MM9^&O^"97Q0^,&M_&'2_'GA^U\2Z)8VVDI;>$=2OY+^6*:5WC40PL%.&7!<J
MO/6O6?\ @F#^P[\6O^"@_P#P7IUS]JZ?X:>)?A?\'_\ A(M1UX2>(;!K&758
M9K:6VCM8XG ,KS+)NF908P&E&XDJ&_HDHH _G2^$G[)WQ6_X-B?^"K6J?$4>
M!O%?Q"_9G\617.D7.M>'K-KZ;3],GE6:(7"+S'<6SQ1YW[4E57V,"^%_3'Q]
M_P ','[).@?#5]7\,>/;_P"(/B&: MIWA30="OI-9OY\96#RGA41-G@F0J![
M]#]^53M/#]A87;3P65I#._WI(X55V^I S0!^$/\ P2"_X) _&/\ ;9_X*:ZG
M^VI^TEX7NO 5A)KS^*/#_AG4(S'?7UW_ ,N>Z)P'AMK5!'M,@5W:&/Y=N2:G
M_![%X'UOQ]XG_9Y@T+1=7UJ:SM=>DG2PLI;DP*SV 4ML4[<E6QGKM/I7[ZT4
M >8_L3-N_8T^$G##_BC-'!#*58'[##D$'D'V-?@G_P '@?@_6?%W_!3KX07&
MDZ/K&JP:7X+L_M<MG8RW"6W_ !-+QL,44@';SCKC'J*_HZHH \*_X*'?MK1?
ML%_L?>(/BNGAC6?'(T4VGE:5I$+RSWBS3QQLP*J0JI&SR%FPN$QD9%?G1_P5
MH_X*@?L?_P#!3W_@GYXC\'>$%N/C%\6?$.G-%X)\.Z7X5O9_$6DZJPQ%)_J=
MUN(WQYGS;74,HW[L']C*JV6BV>FS226]I;6\DOWVCB52_P!2!S0!\2_\&[W[
M"'C/_@GI_P $R/#/@OX@I]C\7:OJ-WXBO]-\P2?V.;DILMBP)!=4C0N 2 [N
M 3C)\:_X((?'+PG\/_V:OBS\/]:U:/2_&=]\5/$\\&CW,$L=S)'<W(2W<*5^
M[(P(4]#CVK]2:* /R2_X(6_&WPGHW_!!VR^%]QJB6OC^VT;Q3;S^'Y;::.]@
MEGFU:ZA1D*##/!$\@'=1ZD"F?\$"?V';7XG?#3]FOXP>)_%Z'Q'\$/ ]WHND
H^%+'16L)=-74Y;DF74+AW9[AFC9RB*L:)D-@DG/ZX44 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2030627d5_corresp-img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2030627d5_corresp-img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  - (<# 2(  A$! Q$!_\0
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MP_\ \)S<+JWEZE<W.J^(RZ0>?)<RAQ)<3RY;N.6VJ%& .I_X*(^'?A#\-_\
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%@H __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
