Risk Factors Update Summary

• Formula 1 faces potential adverse effects due to new international taxation rules affecting income taxation.
• The completion of the Transactions may require a termination fee of $450 million in cash.
• Deferred tax asset attributable to interest carryforwards decreased from $547 million to $452 million.
• Formula 1 may be impacted by cancellations of events due to unforeseen circumstances, like severe flooding.
• Costs related to the Transactions include significant financial advisory, legal, and accounting fees.
• Corporate-level indebtedness decreased from $4 billion to $3 billion as of December 31, 2023.
• Sirius XM Holdings' monthly active users for Pandora service declined consistently, impacting revenue.
• Formula 1's ability to exploit opportunities may be disrupted by the departure of key personnel.
• Failure to complete the Transactions could lead to negative market reactions and potential litigation.
• Principal amount of corporate-level debt outstanding decreased from $4.1 billion to $3 billion.
• Sirius XM Holdings' subscription cancellation practices are under scrutiny by New York State.
• Formula 1's financial success is tied to the success of Live Nation, impacting net earnings.
• Outstanding debt under various debentures decreased significantly, e.g., from $387 million to $575 million.
• Sirius XM Holdings' reliance on third parties for IT systems poses risks of interruption or failure.
• Formula 1's risk disclosures have been significantly expanded and detailed in the most recent filing.