Risk Factors Update Summary

• Our businesses are subject to risks of adverse government regulation. This change highlights potential impacts on operations and financial results.
• QVC's total secured debt increased from $4.364 billion in 2022 to $4.515 billion in 2023.
• Increases in labor costs could adversely affect business, financial condition, and results of operations. This change indicates a potential financial impact due to increased labor costs.
• QVC's secured indebtedness under existing notes rose from $3.912 billion to $4.057 billion.
• QVC's deferred tax liabilities related to LI LLC's exchangeable investments increased from $970 million to $1.053 billion.
• Failure of QVC to maintain suitable placement for programming could result in lost customers. This change highlights the importance of programming placement for customer retention.
• QVC's finance lease obligations increased from $2 million to $28 million in 2023.
• QVC disposed of reference shares underlying debentures worth $1.114 billion as of December 31, 2023.
• Certain subsidiaries may fail to protect intellectual property rights, leading to financial risks. This change emphasizes the importance of protecting intellectual property rights.
• QVC's operating lease liabilities rose from $412 million to $515 million.
• QVC's wholly-owned subsidiary LI LLC had $1.906 billion in publicly-traded debt outstanding in 2023.
• Changes in consumer behavior driven by online platforms could negatively affect financial performance. This change highlights the impact of changing consumer behavior on financial results.
• Legislation or regulations related to climate change could impact operations and disclosure of climate-related risks. This change indicates potential regulatory impacts on climate-related disclosures.
• Failure to comply with laws and regulations could result in significant civil penalties. This change emphasizes the importance of legal compliance to avoid penalties.