Risk Factors Update Summary

• Addition of "impairments of goodwill and intangible assets" increases financial risk exposure significantly.
• The integration of WWE and UFC businesses under TKO may be more costly than expected.
• Failure to protect IT Systems against cybersecurity risks could result in financial penalties, legal liability, and reputational harm.
• Inclusion of "accelerated amortization expenses" raises operational costs, impacting profitability.
• The completion of the Transactions may not achieve anticipated benefits if integration challenges persist.
• Combining WWE and UFC businesses may be more difficult, time-consuming, or costly than expected.
• Introduction of "20% or below" ownership limit for Restricted Production Entities affects strategic decisions.
• Indemnification obligations for tax liabilities could adversely affect liquidity and financial condition.
• Potential conflicts of interest due to equity interests of TKO's executive officers and directors.
• Amendments to the LLC Agreement allowing tax distribution limitations may result in conflicts of interest.
• Uncertainty in continuing to pay dividends in specified amounts or frequency.
• Expansion from three to four segments, including Sports Data & Technology, with more frequent events.
• Increase in PBR live event attendance to nearly 1.25 million fans in 2023.