Risk Factors Update Summary

• Liberty Sirius XM Holdings Split-Off and Merger may not occur, risking a $450 million termination fee.
• Formula 1 faces potential adverse effects due to new international taxation rules affecting income.
• Formula 1's stockholders may suffer a loss if the Liberty SiriusXM Group, Braves Group, or Liberty Live Group are sold.
• Risks related to tax liabilities from Split-Off Transactions were detailed, impacting Liberty Braves and Liberty Formula One.
• Corporate-level indebtedness decreased from $4 billion to $3 billion as of December 31, 2023.
• Failure to complete Transactions could result in significant financial advisory, legal, and accounting fees.
• Formula 1's financial success is linked to the Braves achieving on-field success.
• Formula 1 may be impacted by changes in tax legislation in various countries.
• Management's attention diverted by Transactions may adversely affect business operations and financial results.
• Principal amount of corporate-level debt outstanding decreased from $4.1 billion to $3 billion.
• Deferred tax asset decreased from $547 million to $452 million as of December 31, 2023.
• Risks related to cybersecurity threats and incidents were expanded upon, emphasizing potential disruptions and data privacy risks.
• Formula 1's ability to attract new lessees and collect rent may be impacted by property maintenance costs.
• Outstanding debt under various notes decreased significantly, e.g., from $387 million to $575 million.
• Potential conflicts due to overlapping directors and management with other entities were disclosed.
• Formula 1's ability to exploit opportunities may be hindered by external factors.
• Formula 1's operations could be disrupted by unforeseen events like power failures or cancellations.