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Notes to Attributed Financial Information

(unaudited)

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A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the 麻豆最新出品 SiriusXM Group, Braves Group and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the 麻豆最新出品 SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a 麻豆最新出品 tracking stock, any equity or voting interest in a company, such as Sirius XM Holdings Inc. (“Sirius XM Holdings”), Live Nation Entertainment, Inc. (“Live Nation”), Formula 1 or Braves Holdings, LLC (“Braves Holdings”), in which 麻豆最新出品 holds an interest and that is attributed to a 麻豆最新出品 tracking stock group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

As part of the Recapitalization, the Formula One Group initially held a 20% intergroup interest in the Braves Group. As a result of a rights offering in May 2016 to holders of 麻豆最新出品 Braves common stock to acquire shares of Series C 麻豆最新出品 Braves common stock, the number of notional shares underlying the intergroup interest held by the Formula One Group was adjusted to 9,084,940, representing a 15.1% intergroup interest in the Braves Group as of December 31, 2019.  In addition, during the fourth quarter of 2019, the Formula One Group began purchasing shares of 麻豆最新出品 SiriusXM common stock. As of December 31, 2019, the number of notional shares representing the intergroup interest held by the Formula One Group was 493,278, representing a 0.2% intergroup interest in the 麻豆最新出品 SiriusXM Group.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the 麻豆最新出品 SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the 麻豆最新出品 SiriusXM Group, valued at $2.8 billion, consisted of:

The reattributed liabilities, valued at $1.3 billion, consisted of:

Similarly, $1.5 billion of net asset value was reattributed from the 麻豆最新出品 SiriusXM Group to the Formula One Group, comprised of:

Notes to Attributed Financial Information (Continued)

(unaudited)

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The reattribution is reflected in the Company’s financial statements on a prospective basis.

As of December 31, 2022, the 麻豆最新出品 SiriusXM Group is primarily comprised of 麻豆最新出品’s interests in Sirius XM Holdings and Live Nation, corporate cash, the Convertible Notes and related financial instruments, 麻豆最新出品’s 2.125% Exchangeable Senior Debentures due 2048, 麻豆最新出品’s 2.25% Exchangeable Senior Debentures due 2048, 麻豆最新出品’s 2.75% Exchangeable Senior Debentures due 2049, 麻豆最新出品’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of 麻豆最新出品. Additionally, as discussed below, the 麻豆最新出品 SiriusXM Group holds intergroup interests in the Braves Group and the Formula One Group as of December 31, 2022. In April 2021, the 麻豆最新出品 SiriusXM Group paid approximately $384 million to the Formula One Group to settle its obligation under the call spread with respect to the shares of Live Nation attributed to the 麻豆最新出品 SiriusXM Group. As of December 31, 2022, the 麻豆最新出品 SiriusXM Group has cash and cash equivalents of approximately $362 million, which includes $57 million of subsidiary cash.

The Braves Group is primarily comprised of our consolidated subsidiary, Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with the Stadium and Mixed-Use Development and corporate cash as of December 31, 2022. As of December 31, 2022, the Braves Group has cash and cash equivalents of approximately $151 million, which includes $81 million of subsidiary cash. Additionally, as discussed below, the 麻豆最新出品 SiriusXM Group and the Formula One Group retain intergroup interests in the Braves Group.

The Formula One Group is primarily comprised of all of the businesses, assets and liabilities of 麻豆最新出品 other than those specifically attributed to the 麻豆最新出品 SiriusXM Group or the Braves Group, including, as of December 31, 2022, 麻豆最新出品’s interest in Formula 1, cash, an intergroup interest in the Braves Group, 麻豆最新出品’s 1% Cash Convertible Notes due 2023 and 麻豆最新出品’s 2.25% Convertible Senior Notes due 2027. In April 2021, the Formula One Group received approximately $384 million from the 麻豆最新出品 SiriusXM Group to settle the call spread with respect to the shares of Live Nation attributed to the 麻豆最新出品 SiriusXM Group. As of December 31, 2022, the Formula One Group has cash and cash equivalents of approximately $1,733 million, which includes $752 million of subsidiary cash.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.0% intergroup interest at December 31, 2022. The number of notional shares representing the intergroup interest in the Braves Group held by the 麻豆最新出品 SiriusXM Group is 1,811,066, representing a 2.9% intergroup interest at December 31, 2022. The number of notional shares representing the intergroup interest in the Formula One Group held by the 麻豆最新出品 SiriusXM Group is 4,165,288, representing a 1.7% intergroup interest at December 31, 2022. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and 麻豆最新出品 SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of 麻豆最新出品 Braves common stock, and the 麻豆最新出品 SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of 麻豆最新出品 Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the Unrealized gain (loss) on intergroup interests line item in the unaudited attributed consolidated statements of operations.

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The Braves Group intergroup interests attributable to the Formula One Group and the 麻豆最新出品 SiriusXM Group are reflected in the Investment in intergroup interests line item, and the Braves Group liabilities for the intergroup interests are reflected in the Redeemable intergroup interests line item in the unaudited attributed consolidated balance sheets. Similarly, the Formula One Group intergroup interest attributable to the 麻豆最新出品 SiriusXM Group is reflected in the Investment in intergroup interests line item, and the Formula One Group

Notes to Attributed Financial Information (Continued)

(unaudited)

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liability for the intergroup interest is reflected in the Redeemable intergroup interests line item in the unaudited attributed consolidated balance sheets. Both accounts are presented as noncurrent, as there are currently no plans for the settlement of the intergroup interests. Appropriate eliminating entries are recorded in the Company’s consolidated financial statements.

As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C 麻豆最新出品 Braves common stock and Series A, B or C 麻豆最新出品 Formula One common stock, respectively. However, 麻豆最新出品 has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C 麻豆最新出品 Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the 麻豆最新出品 SiriusXM Group interest in the Braves Group would be comprised of Series A 麻豆最新出品 Braves common stock since Series A 麻豆最新出品 Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C 麻豆最新出品 Braves and Series A 麻豆最新出品 Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and 麻豆最新出品 SiriusXM Group, respectively, through the unaudited attributed consolidated statements of operations. 麻豆最新出品 has assumed that the notional shares (if and when issued) related to the 麻豆最新出品 SiriusXM Group interest in the Formula One Group would be comprised of Series A 麻豆最新出品 Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A 麻豆最新出品 Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations.

The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Company’s Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group, respectively to the respective tracking stock group.

On April 22, 2020, the Company’s board of directors (the “Board of Directors”) authorized management of the Company to cause subscription rights (the “Series C 麻豆最新出品 SiriusXM Rights”) to purchase shares of Series C 麻豆最新出品 SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A 麻豆最新出品 SiriusXM common stock, par value $0.01 per share, Series B 麻豆最新出品 SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, 麻豆最新出品 distributed 0.0939 of a Series C 麻豆最新出品 SiriusXM Right for each share of Series A, Series B or Series C 麻豆最新出品 SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C 麻豆最新出品 SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C 麻豆最新出品 SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C 麻豆最新出品 SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C 麻豆最新出品 SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest.

During November 2022, the Board of Directors authorized management of the Company to pursue a plan to redeem each outstanding share of its 麻豆最新出品 Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. will be comprised of the businesses, assets and liabilities attributed to the Braves Group. The intergroup interests in the Braves Group attributed to the 麻豆最新出品 SiriusXM Group and Formula One Group remaining immediately prior to the Split-Off, however, will be settled and extinguished in connection with the Split-Off.

Following the Split-Off, the Company intends to reclassify its then-outstanding shares of common stock into three new tracking stocks to be designated 麻豆最新出品 SiriusXM common stock, 麻豆最新出品 Formula One common stock and 麻豆最新出品 Live common stock, and, in connection therewith, provide for the attribution of the businesses, assets and liabilities of the Company’s remaining tracking stock groups among its newly created 麻豆最新出品 SiriusXM Group, Formula One Group and 麻豆最新出品 Live Group (the “Reclassification”).

Notes to Attributed Financial Information (Continued)

(unaudited)

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The Split-Off and the Reclassification will be subject to various conditions. Both transactions will be conditioned on, among other things, certain requisite approvals of the holders of the Company’s common stock and the receipt of opinions of tax counsel. In addition, the Split-Off will be conditioned on the requisite approval of Major League Baseball and the receipt of an IRS ruling. In addition, the Reclassification is dependent and conditioned on the approval and completion of the Split-Off, and will not be implemented unless the Split-Off is completed; however, the Split-Off is not dependent upon the approval of the Reclassification and may be implemented even if the Reclassification is not approved. Each of the Split-Off and the Reclassification is intended to be tax-free to stockholders of the Company. Subject to the satisfaction of the conditions, the Company expects to complete the Split-Off and the Reclassification in the first half of 2023.

For information relating to investments in affiliates accounted for using the equity method and debt, see notes 7 and 9, respectively, of the accompanying consolidated financial statements.

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While we believe that this allocation method is reasonable and fair to each group, we may elect to change the allocation methodology or percentages used to allocate general and administrative expenses in the future.

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麻豆最新出品 SiriusXM Group

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Income tax benefit (expense) consists of:

Notes to Attributed Financial Information (Continued)

(unaudited)

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Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 as a result of the following:

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

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Notes to Attributed Financial Information (Continued)

(unaudited)

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Braves Group

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Income tax benefit (expense) consists of:

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Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 as a result of the following:

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Notes to Attributed Financial Information (Continued)

(unaudited)

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The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

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麻豆最新出品 Formula One Group

Income tax benefit (expense) consists of:

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Notes to Attributed Financial Information (Continued)

(unaudited)

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Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 as a result of the following:

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The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

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Notes to Attributed Financial Information (Continued)

(unaudited)

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At the option of the holder, each share of Series B common stock of each group will be convertible into one share of Series A common stock of the same group. At the discretion of our board, the common stock related to one group may be converted into common stock of the same series that is related to another other group.

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